Strategy's troubles turned legal. The Rosen Law Firm opened a securities investigation and began soliciting shareholders for a potential class action, as MSTR hit a two-year low below $100 and its STRC preferred traded about 26% below par. Three company officials posted coordinated reassurances about the balance sheet within hours, with bitcoin near $59,600.

At the other end of the market, the buildout accelerated. Chainlink and a consortium of more than 50 banks across 16 countries launched Project Pangea for real-time FX settlement on the $9.6 trillion-a-day currency market. Ripple's RLUSD went live in Japan as the first foreign stablecoin cleared under the country's payment law, while Kalshi drew talks at a $40 billion valuation, double its raise seven weeks ago. The caveat came from the data: tokenized real-world asset value slipped to about $31.5 billion even as holders rose 14%, the first monthly decline of the institutional run.

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WATCH

Bitcoin Has a Strategy Problem. The Rest of Crypto Doesn't

Today's split has a thesis, argued by one of the voices in the Strategy story. Jeff Dorman, CIO of Arca, argues the blockchain innovation layer is growing without Bitcoin — stablecoins, DeFi, and tokenized assets — and that owning Bitcoin now is a pure store-of-value bet. The Strategy unwind, in his read, only speeds that separation.

MARKETS

Securities Probe Lands on Strategy as MSTR Sinks and STRC Slips Below Par

Strategy's selloff drew its first legal overhang Friday. The Rosen Law Firm, a shareholder-rights firm, opened a securities investigation and is soliciting investors for a potential class action. The move landed as MSTR hit a two-year low below $100 and the STRC preferred traded about 26% below its $100 par. Three executives issued coordinated reassurances the same day, with bitcoin near $59,600.

Securities Probe Lands on Strategy as MSTR Sinks and STRC Slips Below Par

A securities law firm is probing Strategy as MSTR hits a two-year low and STRC trades 26% below par amid $13B in unrealized bitcoin losses.

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Why this matters: A shareholder investigation adds legal risk on top of the balance-sheet strain. The coordinated executive response shows the company is now managing confidence as much as price.

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TRADFI AND FINTECH

Chainlink Launches Project Pangea With 50+ Banks Across 16 Countries for T+0 FX Settlement

Chainlink and a consortium of more than 50 banks across 16 countries launched Project Pangea at Zurich's Point Zero Forum, aiming at real-time atomic settlement for the $9.6 trillion-a-day foreign-exchange market. The design routes Swift messaging and regulated EUR and KRW stablecoins over Chainlink rails, collapsing today's multi-day FX settlement toward T+0.

Why this matters: FX settlement is one of TradFi's largest and slowest plumbing problems. A 50-bank consortium testing onchain T+0 puts real institutional weight behind the rails.

TRADFI AND FINTECH

Ripple Launches RLUSD in Japan via SBI as Circle and Nomura Join Stablecoin Race

Ripple's RLUSD stablecoin went live in Japan after clearing the Financial Services Agency, becoming the first foreign-issued stablecoin classified under the country's revised Payment Services Act. Distribution runs through SBI VC Trade, and the approval arrives as Circle and Nomura move into the same Japanese stablecoin market.

Why this matters: Japan is the first major economy to slot a foreign stablecoin into a national payment law. The regulatory template matters more than the single launch.

TRADFI AND FINTECH

Tokenized Asset Value Stalls Even as Stock Token Holders Surge

Tokenized real-world asset value slipped about 1.4% over the past month to roughly $31.5 billion, the first monthly decline of its institutional-led run, even as the number of holders climbed 14%, led by tokenized stocks, per rwa.xyz data. Adoption is broadening while the dollars on-chain flatten.

Why this matters: The holder-count surge and the value dip point in opposite directions. Tokenization is winning users faster than it is winning assets under management.

CEFI

Kalshi Seeks $40B Valuation Seven Weeks After $22B Raise

Kalshi is in talks to raise at a roughly $40 billion valuation, the Financial Times reported, nearly double the $22 billion price tag from a round that closed seven weeks ago. The jump tracks a surge in prediction-market volume and interest from larger financial players.

Why this matters: A valuation doubling in seven weeks prices prediction markets as the fastest-repricing venue in the sector. The capital is chasing volume that keeps setting records.