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Home | BakerHostetler

BakerHostetler Attorneys Featured in Law360 for Guiding Tubos Reunidos Group Through Chapter 15

Brian McEvoy Co-Chairs, Moderates Panel at ABA 12th Annual Southeastern White Collar Crime Institute

The Bargaining Table

I’ve Got a Proposal for You: NLRB Says Bargaining Proposals Don’t Independently Violate Employee Rights

John Lehrer, Brian Davis Present at TEI 2026 US International Tax Course

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<a href="#stablecoin">New U.S. Stablecoin Launches, Banks Continue Stablecoin Integrations</a>

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<a href="#occ">Financial Institutions Launch Tokenized Deposit Initiatives, Obtain OCC Charters</a>

<a href="#ethereum">Financial Company Launches L2, Ethereum Featured in R&amp;D and POC Efforts</a>

<a href="#rwa">Tokenization Companies Announce New RWA Initiatives</a>

<a href="#ofac">OFAC Adds 134 Crypto Addresses to SDN List</a>

<a href="#crypto">Crypto Enforcement Actions Announced by SEC, CFTC, DOJ</a>

<a href="#coinex">Analysis Provides Details on CoinEx Illicit Activity</a>

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New U.S. Stablecoin Launches, Banks Continue Stablecoin Integrations

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a>

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On June 30, a group of over 140 businesses, including multiple major U.S. financial and crypto firms, announced the launch of Open USD, “a new stablecoin for global money movement.” According to a press release, Open USD introduces three key design principles: (1) businesses can mint and redeem Open USD at no cost and with no artificial limits on volume; (2) partners receive all the earnings from Open USD’s reserves, less a small management fee to cover Open USD’s operational costs; and (3) Open USD will be operated by Open Standard, an independent company with a board made up of Open USD’s partners, ensuring decisions are made for the collective interest, not a single entity. The press release notes that “Open USD will be live later this year.”

In related developments, two major U.S. banks recently announced initiatives with Circle, the issuer of the USDC stablecoin. One bank “announced an expanded relationship with Circle … as part of new stablecoin enablement capabilities for institutional clients.” According to a press release, USDC will be the first stablecoin on the bank’s digital asset custody platform, enabling the bank’s clients to store, transfer, mint and burn USDC. Similarly, another bank announced “the launch of its capability enabling institutional clients to access USDC minting and redemption.”

In more stablecoin news, U.S.-based <a href="https://bank.telco.in/" target="_blank" rel="noreferrer noopener">Telcoin Digital Asset Bank</a> announced that its U.S. users can now open a bank account on its “<a href="https://www.telco.in/lt/wallet" target="_blank" rel="noreferrer noopener">Telcoin Wallet</a> that is natively tied to bank-issued eUSD stablecoins.” According to a press release, “Telcoin Wallet is focused on the underlying architecture that connects banking rails directly to Telcoin Digital Asset Bank’s eUSD Digital Cash stablecoin.”

For more information, please refer to the following links:

<a href="https://joinopenstandard.com/blog/introducing-open-usd">Introducing Open USD</a>

<a href="https://www.bny.com/corporate/global/en/about-us/newsroom/press-release/bny-expands-relationship-circle-adds-institutional-grade-stablecoin-enablement-services.html">[] Expands Relationship with Circle and Adds to Institutional-Grade Stablecoin Enablement Services</a>

<a href="https://www.sc.com/en/press-release/standard-chartered-and-circle-launch-first-g-sib-led-integrated-access-to-usdc-minting-and-redemption">Standard Chartered and Circle launch first G-SIB-led integrated access to USDC minting and redemption</a>

<a href="https://www.prnewswire.com/news-releases/telcoin-launches-first-regulated-on-chain-bank-accounts-in-the-us-302807972.html">Telcoin Launches First Regulated On-Chain Bank Accounts in the US</a>

Financial Institutions Launch Tokenized Deposit Initiatives, Obtain OCC Charters

By <a href="https://www.bakerlaw.com/AmosKim">Amos Kim</a>

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) recently announced that its blockchain-based ledger is ready for initial use, enabling early adopter financial institutions to pioneer 24/7 cross-border payments with tokenized deposits. According to a press release, 17 banks across six continents are preparing to pilot live transactions using the new platform. The press release notes that the shared ledger provides a secure orchestration layer for bank-issued tokenized deposits, enabling participating banks to move funds for customers before completing final settlement through existing systems.

In related news, a major U.S. bank announced that it has expanded its global tokenized deposit network by adding five new Asia-Pacific currencies: the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi, and Singapore dollar. According to the announcement, the expansion allows multinational corporations and financial institutions to execute on-chain foreign exchange transactions and leverage programmable payments to automate treasury and liquidity management across both new and existing currency rails.

In a final notable development, the U.S. Office of the Comptroller of the Currency (OCC) granted Connectia Trust, National Association, preliminary conditional approval to establish a cryptocurrency-focused U.S. trust company. According to the reports, Connectia Trust, owned by a Japanese retail bank, will focus its operations primarily on dollar-backed stablecoin issuance, reserve maintenance in a nonfiduciary capacity, stablecoin custody services, certain transactional services for custody customers, and fiduciary asset management services. The OCC corporate decision further notes that before the trust can open for business, it must satisfy several regulatory requirements, including applying for stock in a Federal Reserve Bank, meeting specific capital requirements, and maintaining 180 days of operating expenses.

<a href="https://www.businesswire.com/news/home/20260708432053/en/Swifts-Blockchain-Ledger-Ready-for-Use-as-17-Banks-Set-to-Pioneer-Tokenised-Cross-Border-Payments-on-Trusted-Global-Infrastructure">Swift’s Blockchain Ledger Ready for Use as 17 Banks Set to Pioneer Tokenised Cross-Border Payments on Trusted Global Infrastructure</a>

<a href="https://www.jpmorgan.com/payments/newsroom/kinexys-apac-blockchain-deposit-accounts">[] expands Blockchain Deposit Accounts with five new Asia-Pacific currencies</a>

<a href="https://www.law360.com/fintech/articles/2498046?nl_pk=ca4d46e5-1b13-4225-b14f-c8b2b5d2e478&amp;utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=fintech&amp;utm_content=2026-07-08&amp;read_main=1&amp;nlsidx=0&amp;nlaidx=1">Sony Bank’s Crypto Charter Bid Clears 1st OCC Hurdle</a>

Financial Company Launches L2, Ethereum Featured in R&amp;D and POC Efforts

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a><a href="https://www.bakerlaw.com/VeronicaReynolds"></a>

A major U.S. financial services company recently announced the “Public Mainnet” launch of its Arbitrum Layer 2 blockchain network. According to a press release, the newly launched network “features fast block times and out-of-the-box DeFi primitives like lending and borrowing” and is “purpose-built for real-world assets.”

In more network news, “[a] coordinated group of Ethereum ecosystem stewards … announced the launch of Ethlabs, an independent, nonprofit research and development organization formed to ready Ethereum for the next phase of institutional adoption.” According to a press release, “Ethlabs exists to ensure the network is ready to absorb [increased] demand at scale, advancing a faster Ethereum with trustworthy interoperability, so institutions building on Ethereum can do so with the neutrality, resilience, privacy and security they require.”

In a related development, a major global bank recently announced that it has “completed two joint proofs of concept (PoC) showing that the public Ethereum network can support the operational and compliance needs of regulated financial institutions.” According to a press release, the POCs “demonstrate[] an important step forward in making Ethereum infrastructure easier for heavily regulated financial institutions to use.”

<a href="https://robinhood.com/us/en/newsroom/robinhood-accelerates-global-expansion-robinhood-chain-mainnet-stock-tokens-agentic-trading">Robinhood Accelerates Global Expansion with Robinhood Chain Mainnet, Stock Tokens, Agentic Trading and New Suite of DeFi Products</a>

<a href="https://www.prnewswire.com/news-releases/ethlabs-founded-by-former-ethereum-foundation-contributors-and-funded-by-bitmine-sharplink-and-joe-lubin-launches-to-accelerate-ethereums-institutional-supercycle-302806705.html">Ethlabs, Founded by Former Ethereum Foundation Contributors and Funded by Bitmine, Sharplink and Joe Lubin, Launches to Accelerate Ethereum’s Institutional Supercycle</a>

<a href="https://www.ubs.com/global/en/media/display-page-ndp/en-20260623-nethermind.html">UBS and Nethermind Complete Compliance Proofs of Concept on Ethereum</a>

Tokenization Companies Announce New RWA Initiatives

Following its initial public offering, Securitize, a company focused on tokenizing real-world assets (RWAs), recently announced that “it is bringing its own common stock onchain at the start of its life as a public company.” According to a press release, eligible U.S. investors will be able to access tokenized versions of Securitize’s publicly traded stock, SECZ, through the company’s regulated platform.

Another RWA tokenization company, Centrifuge, recently announced that it is partnering with a major U.S. cryptocurrency exchange “to bring tokenized real-world assets into qualified custody, beginning with the Janus Henderson Anemoy AAA CLO Fund (JAAA).” According to a press release, through the partnership “[i]nstitutional clients can now hold tokenized fund interests in qualified custody while earning the underlying fund return and using those positions across borrowing, trading, and treasury strategies through a single custody relationship.”

Centrifuge also recently announced a partnership with one of the world’s largest asset managers to launch the asset manager’s first tokenized offering. According to a press release, eligible investors can now access the asset manager’s “established, institutional-quality high yield strategy on Centrifuge’s platform for the first time — pairing institutional credit investing with global onchain access.”

In a final notable item, Ondo Finance, another RWA company, recently announced “the first live solution of third-party tokenized U.S. securities operating entirely within the existing regulatory perimeter in the U.S. … to provide full voting rights for tokenized equity holders.” According to a press release, the product is designed to follow the custodial model described in the U.S. Securities and Exchange Commission’s January 2026 <a href="https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities">statement</a> on tokenized securities.

<a href="https://www.prnewswire.com/news-releases/tokenizing-secz-securitize-brings-its-own-public-stock-onchain-at-listing-day-302816978.html">Tokenizing SECZ: Securitize Brings Its Own Public Stock Onchain at Listing Day</a>

<a href="https://centrifuge.io/blog/kraken-centrifuge">Kraken Institutional partners with Centrifuge to bring tokenized assets into qualified custody</a>

<a href="https://centrifuge.io/blog/nylim-centrifuge">New York Life Investment Management Partners with Centrifuge to Tokenize U.S. High Yield Corporate Bond Strategy</a>

<a href="https://www.prnewswire.com/news-releases/ondo-finance-launches-first-ever-custodial-tokenized-securities-in-the-us-broadridge-partners-to-integrate-world-class-governance-302816716.html">Ondo Finance Launches First-Ever Custodial Tokenized Securities in the U.S., Broadridge Partners to Integrate World Class Governance</a>

OFAC Adds 134 Crypto Addresses to SDN List

On July 1, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) added 134 cryptocurrency wallet addresses to OFAC’s Specially Designated Nationals (SDN) List. The wallet addresses are reportedly associated with ISIS-K, which according to reports is a regional branch of the Islamic State that is active throughout Afghanistan, Pakistan and several former Soviet Union countries in Central Asia, and that has been responsible for numerous terror attacks. Tether has reportedly frozen the funds in 131 of the wallets.

<a href="https://ofac.treasury.gov/recent-actions/20260701">Counter Narcotics Designations; Counter Terrorism Designations and Designation Update</a>

<a href="https://www.chainalysis.com/blog/isis-designation-crypto-addresses-july-2026/">OFAC Updates ISIS-Khorasan Sanctions with Over 100 Cryptocurrency Wallets</a>

Crypto Enforcement Actions Announced by SEC, CFTC, DOJ

The U.S. Securities and Exchange Commission (SEC) recently announced a final judgment by default against four entities and two individuals in connection with “a relationship investment scam involving the alleged fake crypto asset trading platform NanoBit.” According to the release, the SEC alleged the defendants “solicited investors via social media apps, lied to them to gain their trust and confidence, and then stole their money” by encouraging investors to put their money into the supposed NanoBit crypto asset trading platform. The release notes that through the scheme, the fraudsters “wired more than $2 million to bank accounts in Hong Kong and misappropriated hundreds of thousands of dollars’ worth of investors’ crypto assets.”

In another enforcement action, the U.S. Commodity Futures Trading Commission (CFTC) announced charges against an individual and his company alleging the defendants “operated a fraudulent commodity pool that traded equity index futures contracts, options on equity index futures, and crypto assets, among other purported investments.” According to a CFTC press release, the defendants fraudulently solicited over $14 million from at least 60 participants and misappropriated participants’ funds.

And the U.S. Department of Justice (DOJ) recently announced that the CEO of Goliath Ventures has pleaded guilty to conspiracy to commit wire fraud, wire fraud and money laundering in relation to a Ponzi scheme involving false and fraudulent promises of monthly returns generated through cryptocurrency “liquidity pools.” According to the DOJ press release, the defendant admitted to causing a minimum of $250 million in losses to investors.

<a href="https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26576">SEC Obtains Final Judgment Against Four Entities and Two Individuals in Alleged Relationship Investment Scam</a>

<a href="https://www.cftc.gov/PressRoom/PressReleases/9264-26">CFTC Charges North Carolina Commodity Pool Operator and His Company with Fraud</a>

<a href="https://www.justice.gov/usao-mdfl/pr/goliath-ventures-ceo-pleads-guilty-cryptocurrency-fraud-scheme-conspiracy">Goliath Ventures CEO Pleads Guilty to Cryptocurrency Fraud Scheme Conspiracy</a>

Analysis Provides Details on CoinEx Illicit Activity

Blockchain analytics firm TRM Labs recently published a report providing its analysis of the links between the CoinEx cryptocurrency exchange and various sanctioned Iranian entities. Among its many findings, the analysis identified the following:

USD 2.7 billion flowed between CoinEx and Nobitex, Iran’s largest domestic cryptocurrency exchange, at an average rate of approximately USD 1 million per day since 2018.

Every major Iranian domestic exchange routes approximately 5 percent to 10 percent of its total volume through CoinEx, indicating a coordinated arrangement rather than organic adoption.

CoinEx’s share of illicit transaction volume is nearly 8 percent – far above the 0.3 percent threshold typical of compliant exchanges.

CoinEx has direct on-chain exposure to the IRGC (USD 6 million), Palestinian Islamic Jihad (USD 374,000) and Hezbollah.

For more information, please refer to the following link:

<a href="https://www.trmlabs.com/resources/blog/how-coinex-became-irans-primary-gateway-to-global-cryptocurrency-markets">How CoinEx Became Iran’s Primary Gateway to Global Cryptocurrency Markets</a>

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Weekly Blockchain Blog -July 13, 2026

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