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PoR (Proof of Reserves) is a verification mechanism used by cryptocurrency exchanges or financial institutions to prove the amount of asset reserves they hold. Through PoR, institutions can demonstrate the transparency and security of their assets to users and regulators, typically achieved through third-party audits or cryptographic proofs. The implementation of PoR helps to enhance user trust in the platform and prevent financial risks caused by insufficient assets.
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first_img TRM Report: The trading volume of the x402 protocol comes mostly from AI agents

A report released by the blockchain intelligence company TRM Labs shows that most of the transaction volume on the x402 payment protocol launched by Coinbase does not come from AI agents. The report analyzed 198.9 million settlements processed by known x402 facilitators on Base, Solana, and Polygon since May 2025, involving an amount of approximately $52.7 million.After excluding self-payments and other anomalous fund flows, about $25.62 million was identified as potential commercial transactions, of which only 0.6% to 7.5% by amount came from AI agents. TRM pointed out that ordinary scripts, scheduled tasks, and self-trading can also generate the same on-chain records, so the total transaction volume of the protocol is insufficient to measure agent commerce; their model identifies addresses that repeatedly pay for the same service as scripts, which may underestimate the actual scale of single-use agents. During the reporting period, USDC accounted for 99.6% of the settlement value, approximately $52.47 million.Meanwhile, Binance's Agent OS launched in August has integrated the x402 payment layer, Coinbase's Base supports agents and payment startups through a $1 million accelerator, and Amazon also launched AgentCore Payments in May in collaboration with Coinbase and Stripe. TRM recommends improving the on-chain agent registration mechanism, establishing a verifiable counterparty reputation system for agents, and building a monitoring framework suitable for small, high-frequency payments, stating that "agent commerce requires agent compliance."

European Securities and Markets Authority report: Tokenized stocks may lead to liquidity fragmentation

According to Ledger Insights, the European Securities and Markets Authority (ESMA) recently published the "Trends, Risks, and Vulnerabilities Report for the First Half of 2026," in which digital assets and prediction markets occupy three chapters. Regarding crypto assets, the report warns that the increasing ties between cryptocurrencies and the traditional financial sector pose risks. Concerning tokenization, the report points out that issuing different tokenized versions of the same stock may lead to fragmented liquidity.As for prediction markets, the report believes that prediction markets have not yet seen significant development in Europe. This is because major platforms do not yet hold EU licenses, and in most cases, they need to obtain licenses. The European Securities and Markets Authority (ESMA) outlines some potential advantages of tokenization, including increased efficiency, expanded investor access, programmability, and atomic settlement. On the other hand, ESMA also questions how much these advantages are actually realized within these encapsulated structures.Since the ownership of the underlying stocks is off-chain, there is no single data source on-chain, and self-custody can only be achieved indirectly through these structures. Tokenization structures also introduce additional layers of intermediaries, leading to complexity and risk. The settlement advantages are also difficult to realize. Even if token transfers occur on-chain, the cash portion of the transaction is usually settled separately, whether through bank payments or other channels. This means that for certain transactions, the promised atomic settlement (i.e., simultaneous delivery of securities and cash) has not yet been achieved.

first_img Ripple executives claim that corporate treasuries present a $13 trillion opportunity, with RLUSD circulation rising to $2.4 billion

Jack McDonald, Senior Vice President of Ripple Stablecoin, stated in an interview with CoinDesk that corporate treasuries represent a significant growth opportunity for the RLUSD stablecoin, with Ripple Treasury clients processing approximately $13 trillion in transactions annually. This business is built on Ripple's acquisition of financial management software provider GTreasury for $1 billion last year, providing Ripple with a vast customer pool of around 1,200 corporate treasurers and CFOs who transfer funds across borders, between subsidiaries, and domestically.McDonald pointed out that the circulating supply of RLUSD has increased by over 50% in the past month, reaching $2.4 billion, with about $1 billion on the XRP Ledger and $1.4 billion on Ethereum. However, he emphasized that he values the token's utility and daily activity more than its market capitalization, noting that RLUSD's daily active volume has more than doubled since the beginning of the year, rising from about $200 million last month to approximately $750 million. Payments and capital markets are currently the two main application areas, and Ripple has collaborated with institutions such as Franklin Templeton and DBS in tokenized money market funds and lending.In the European market, Ripple plans to introduce RLUSD locally through a dual issuance structure compliant with the EU MiCA framework and has already obtained regulatory authorization in Luxembourg.

CATGPT surged again, briefly breaking through 20 million USD before retreating, with a current market value reported at 15.62 million USD

According to GMGN market data, after an afternoon of consolidation and fluctuations, the Robinhood ecosystem Meme coin CATGPT surged again, briefly breaking through 20 million USD before retreating, with a current market value of 15.62 million USD and a nearly 1-hour increase of 41%. CATGPT is paired for trading with OPENAIx1L (OPENAI 1x Long tokenized position) through the Long.xyz platform.Long.xyz is a meme coin issuance platform on the Robinhood chain, focusing on the innovative model of "coin-stock Meme," directly binding traditional Meme coins with tokenized US stocks, forming a dual-driven mechanism of "sentiment speculation + real asset anchoring." The platform allows users to issue Meme tokens and directly form trading pairs with on-chain US stock tokens (such as NVDA, TSLA, AAPL, etc.) instead of traditional USDT or ETH pairs, while a portion of the trading fees is returned to the community treasury to accumulate corresponding US stock tokens, creating a unique value capture model.Currently, OPENAI has high IPO expectations, but it is difficult to go long in the traditional market before it goes public. This type of tokenized long + Meme pairing provides speculative exposure on-chain. It is an upgraded version of the previous Meme pairing with stock tokens like NVDA. According to market news, the prices of related tokens are highly volatile and carry significant uncertainty, so users should invest cautiously.
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