Crypto State of Play
State of Play
Crypto State of Play
The house verdict on where this frontier stands.
Time-sensitiveUpdated
Market
The market
Bitcoin traded at $80,586 and Ether at $2,335.67 at 17:40 UTC on 28 October. CoinGecko’s separately timed global snapshot valued the crypto market at about $2.72tn. Bitcoin was about 36% below its October 2025 record.
- $80,586
- BTC · 28 Oct, 17:40 UTC
- $2,335.67
- ETH · 28 Oct, 17:40 UTC
- -36%
- BTC from record
- 28 OctBitcoin traded at $80,586 and Ether at $2,335.67 at 17:40 UTC on 28 October. CoinGecko’s separately timed global snapshot valued the crypto market at about $2.72tn. Bitcoin was about 36% below its October 2025 record. Read more →
- 25 OctBitcoin traded at $80,242 and Ether at $2,328.92 at 13:29 UTC on 25 October. CoinGecko’s separately timed global snapshot valued the crypto market at about $2.71tn. Bitcoin was about 36% below its October 2025 record. Read more →
- 20 OctBitcoin traded at $81,428 and Ether at $2,382.43 at 11:57 UTC on 20 October. CoinGecko valued the whole crypto market at about $2.74tn in its separately timed global snapshot. Bitcoin stood about 35% below its October 2025 record. Read more →
- 15 OctBitcoin traded at $81,286 and Ether at $2,374 at 08:34 UTC on 15 October. CoinGecko valued the whole crypto market at about $2.71tn in its separately timed global snapshot. Bitcoin stood about 36% below its October 2025 record. Read more →
- 13 OctBitcoin traded at $82,281 and Ether at $2,456 at 01:46 UTC on 13 October. CoinGecko valued the whole crypto market at about $2.78tn in its separately timed global snapshot. Bitcoin stood about 35% below its October 2025 record. Read more →
- 11 OctBitcoin traded at $82,976 and Ether at $2,500 at 09:43 UTC on 11 October. CoinGecko valued the whole crypto market at about $2.79tn in its separately timed global snapshot. Bitcoin stood about 34% below its October 2025 record. Read more →
- 10 OctBitcoin traded at $83,008 and Ether at $2,506 at 22:44 UTC on 10 October. CoinGecko valued the whole crypto market at about $2.82tn in its separately timed global snapshot. Bitcoin stood about 34% below its October 2025 record. Read more →
- 8 OctBitcoin traded at $82,569 and Ether at $2,544 at 11:06 UTC on 8 October. CoinGecko valued the whole crypto market at about $2.80tn in its separately timed global snapshot. Bitcoin stood about 35% below its October 2025 record. Read more →
Stablecoins
Digital dollars
DefiLlama’s 28 October daily series records $303.23bn across all stablecoin pegs, including $301.50bn in dollar-pegged tokens. Ripple says the OCC granted final approval for Ripple National Trust Bank on 26 October. Its approved role includes RLUSD reserve management and acting as collateral trustee. Standard Custody & Trust Company continues as the New York-regulated issuer, and BNY remains the primary reserve custodian.
- $303.23bn
- all pegs · 28 Oct
- $301.50bn
- USD pegs · 28 Oct
- 12 Jan 2027
- Noble redemption deadline
- 26 OctRipple says the OCC granted final approval for Ripple National Trust Bank on 26 October. Its approved role includes RLUSD reserve management and acting as collateral trustee. Standard Custody & Trust Company continues as the New York-regulated issuer, and BNY remains the primary reserve custodian. Read more →
- 28 OctDefiLlama’s 28 October daily series records $303.23bn across all stablecoin pegs, including $301.50bn in dollar-pegged tokens. Circle Mint’s Noble redemption-only period runs from 13 October to 12 January 2027. Existing USDC remains transferable until the January pause. Read more →
- 25 OctDefiLlama’s 25 October daily series records $304.38bn across all stablecoin pegs, including $302.61bn in dollar-pegged tokens. Circle Mint’s Noble redemption-only period runs from 13 October to 12 January 2027. Existing USDC remains transferable until the January pause. Read more →
- 20 OctDefiLlama's 20 October daily series records $305.45bn across all stablecoin pegs, including $303.73bn in dollar-pegged tokens. Circle's published timetable places Noble in its redemption-only Circle Mint period from 13 October to 12 January 2027. Existing USDC remains transferable until the January pause. Read more →
- 15 OctDefiLlama’s 15 October daily series records $307.24bn across all stablecoin pegs, including $305.52bn in dollar-pegged tokens. Circle’s published timetable places Noble in its redemption-only Circle Mint period from 13 October to 12 January 2027. Existing USDC remains transferable until the January pause. Read more →
- 13 OctDefiLlama’s 13 October daily series records $312.72bn across all stablecoin pegs, including $311.03bn in dollar-pegged tokens. Circle’s published schedule ends new USDC minting on Noble through Circle Mint on 13 October; redemptions continue through 12 January 2027. Read more →
- 11 OctDefiLlama’s 11 October daily series records $312.78bn across all stablecoin pegs, including $311.07bn in dollar-pegged tokens. Circle will stop new USDC minting on Noble through Circle Mint on 13 October; redemptions remain scheduled through 12 January 2027. Read more →
- 10 OctStablecoins were worth $312.67bn in DefiLlama’s 10 October daily record, including $310.97bn of dollar-pegged tokens. Circle will stop new USDC minting on Noble through Circle Mint on 13 October; redemptions remain scheduled through 12 January 2027. Read more →
- 8 OctCircle’s scheduled 13 October end of new USDC minting on Noble through Circle Mint. Redemptions continue to 12 January 2027; CCTP V1 burn limits start reducing on 31 October. Read more →
DeFi
DeFi protocols held $88.14bn in DefiLlama’s daily record for 28 October. A protocol’s value locked changes with deposits, withdrawals and asset prices. Uniswap’s Arc fee expansion was executed on 5 October, and Solana’s 200-millisecond slot target took effect on 9 October.
- $88.14bn
- DeFi value locked · 28 Oct
- 200 ms
- Solana slot target
- 5 Oct
- Uniswap Arc execution
- 28 OctDeFi protocols held $88.14bn in DefiLlama’s daily record for 28 October. A protocol’s value locked changes with deposits, withdrawals and asset prices. Uniswap’s Arc fee expansion was executed on 5 October, and Solana’s 200-millisecond slot target took effect on 9 October. Read more →
- 22 OctThe Ethereum Foundation postpones Hoodi’s planned 26 October Glamsterdam activation and removes its scheduled 200M gas-limit increase. No replacement date is announced; Sepolia’s completed activation is a separate milestone. Read more →
- 25 OctDeFi protocols held $88.90bn in DefiLlama’s daily record for 25 October. A protocol’s value locked changes with deposits, withdrawals and asset prices. Uniswap’s Arc fee expansion was executed on 5 October, and Solana’s 200-millisecond slot target took effect on 9 October. Read more →
- 20 OctDeFi protocols held $88.80bn in DefiLlama's daily record for 20 October. Uniswap's Arc fee expansion was executed on 5 October. Solana's 200-millisecond slot target took effect on mainnet on 9 October. Read more →
- 15 OctDeFi protocols held $88.32bn in DefiLlama’s daily record for 15 October. Uniswap’s Arc fee expansion was executed on 5 October. Solana’s 200-millisecond slot target took effect on mainnet on 9 October. Read more →
- 13 OctDeFi protocols held $90.26bn in DefiLlama’s daily record for 13 October. Uniswap’s Arc fee expansion was executed on 5 October. Solana’s 200-millisecond slot target took effect on mainnet on 9 October, halving its former 400-millisecond interval. Read more →
- 11 OctDeFi protocols held $91.90bn in DefiLlama’s daily record for 11 October. Uniswap’s Arc fee expansion was executed on 5 October. Solana’s 200-millisecond slot target took effect on mainnet on 9 October, halving its former 400-millisecond interval. Read more →
- 10 OctDeFi protocols held $92.27bn in DefiLlama’s daily record for 10 October. Uniswap’s Arc fee expansion was executed on 5 October. Solana’s 200-millisecond slot target took effect on mainnet on 9 October, halving its former 400-millisecond interval. Read more →
Rules
The rules
The OCC has published its final GENIUS stablecoin rule, effective 18 January 2027. The Fed’s proposals still have a 30 November comment deadline. The SEC custody proposal’s deadline is 7 December, and the CFTC’s advance notice closes on 14 December. These are separate rulemaking stages.
- 18 Jan 2027
- OCC final rule effective
- 7 Dec
- SEC custody comments
- 14 Dec
- CFTC advance-notice comments
- 23 OctThe OCC’s final GENIUS implementation rule is published, effective 18 January 2027. Its second application-form information-collection notice also appears, with comments due 23 November. Read more →
- 1 OctThe SEC proposes custody rules for investment advisers and regulated funds holding crypto: an adviser could hold a client's crypto itself when it finds no permitted custodian is available, re-checked quarterly, keeping each client's assets at addresses holding only that client's crypto and requiring two people to authorise any transaction, and state trust companies could serve as custodians. Comments run 60 days from Federal Register publication (sec.gov). Read more →
- 1 OctNew York's Department of Financial Services and Wyoming's Division of Banking sign a memorandum of understanding on virtual currency and digital asset firms: shared licensing analysis for firms applying in both states, coordinated examination schedules working towards joint exams, and protocols for sharing supervisory reports and notice of potential enforcement actions (dfs.ny.gov). Read more →
- 30 SepThe FCA opens its gateway: crypto firms can now apply for authorisation under the full UK regime through its Connect system, and firms that intend to keep operating in the UK should apply by 28 February 2027, ahead of commencement on 25 October 2027 (fca.org.uk). Read more →
- 30 SepESMA answers the Commission's MiCA review consultation on the day it closes, asking for stricter rules on crypto marketing by influencers and third parties, powers to block fraudulent websites and freeze crypto assets, explicit rules stopping regulated firms offering services linked to stablecoins outside MiCA, clearer criteria for what counts as genuinely decentralised, a new regulated service for firms giving access to DeFi protocols, and binding ESMA opinions on token classification (ESMA75-113276571-1721). Read more →
- 30 SepTreasury issues an interim final rule, in force the same day, on how the Stablecoin Certification Review Committee will approve or deny state regulators' certifications under the GENIUS Act; certifications are accepted only after Paperwork Reduction Act approval, and comments close on 30 November 2026 (Federal Register). Read more →
- 30 SepOFAC designates ten targets tied to Tren de Aragua, among them an ATM jackpotting network Treasury says launders its proceeds through cryptocurrency; seven of the new sanctions entries list Tron addresses, and Treasury cites $40.73m of reported US jackpotting losses across more than 1,500 attacks to August 2025 (ofac.treasury.gov). Read more →
- 29 SepThe Federal Reserve's two GENIUS Act proposals are published in the Federal Register with comments due by 30 November 2026. The main rule carries a rebuttable presumption, taken from the OCC's March draft, that an issuer paying yield through an affiliate or related third party is breaking the yield ban (Federal Register). Read more →
- 29 SepHong Kong's government prices about HK$20bn (roughly $2.6bn) of digital green bonds in Hong Kong dollar, renminbi, US dollar and euro tranches on HSBC Orion, and the HKMA says the Hong Kong dollar tranche is the world's first digital bond to settle with tokenised deposits, through its Ensemble TX platform (hkma.gov.hk). Read more →
- 25 SepThe SEC's Division of Corporation Finance issues nine staff answers on crypto assets: once a network is functional, announcing a token buyback, or funding its maintenance and upgrades, sits outside the managerial effort the Howey test looks for; before that point, a buyback presented as yield for holders could count. The answers are staff guidance (sec.gov). Read more →
- 25 SepThe OCC's 60-day comment period on its GENIUS Act application forms for stablecoin issuers closes; a second notice with a 30-day comment period follows (Federal Register). Read more →
- 24 SepThe Federal Reserve Board proposes two GENIUS Act rules for the stablecoin issuers it supervises: full backing with short-term Treasury bills and other high-quality liquid assets, standardised capital and risk-management requirements and custody rules, plus an application process for Board-supervised banks that want to issue. Comments close 60 days after Federal Register publication (federalreserve.gov). Read more →
- 24 SepCFTC staff update their crypto FAQs: futures brokers and clearing houses may invest customer funds in tokenised forms of assets they are already permitted to hold, and registered firms may keep required records on a blockchain. The 73 registered futures brokers held $666.5bn of customer funds on 31 July 2026 (cftc.gov). Read more →
- 17 SepTreasury's OFAC designates Tehran-based BITBANK and Pishtaz Simorgh Electronic Trade Company under a release titled 'Operation Economic Outcast Disrupts Digital Asset Exchange Enabling the Iranian Regime'; the designation record classifies both under financial and insurance activities (ofac.treasury.gov). Read more →
- 16 SepThe FCA publishes PS26/18, its cryptoasset perimeter guidance: five regulated activities from issuing qualifying stablecoins to arranging staking, the 30 September to 28 February application window confirmed, commencement on 25 October 2027, and developing software stays outside the perimeter on its own. Read more →
- 15 SepThe Senate votes 49-50 against cloture on the motion to proceed to the CLARITY Act, short of the 60 needed. Collins, Hawley, Moran and Tillis vote no, with Tillis switching to preserve a motion to reconsider, filed at 3:01pm the same day (dailypress.senate.gov). Read more →
- 15 SepThe UK Financial Services and Markets Bill completes Lords third reading and has its Commons first reading the same day; second reading is to be scheduled (bills.parliament.uk). Read more →
- 14 SepSEC chairman Paul Atkins tells the Solana Policy Institute summit that Congress should pass the CLARITY Act 'as soon as possible', and frames Project Crypto as the agency's own rulebook effort, 'built rule by rule on a lawful foundation' (sec.gov). Read more →
- 14 SepLummis, Boozman and Scott release the final CLARITY Act substitute text ahead of the cloture vote: 126 changes made at Democrats' request, with the Tillis-Gallego ethics language folded in and a role for state attorneys general in enforcement. Read more →
- 10 SepESMA's second 2026 risk report holds market, contagion and operational risk at their highest classification and flags 'the growing linkage between increasingly vulnerable crypto-asset markets and the broader financial system', with recent DeFi exploits renewing spillover concerns. Read more →
- 9 SepThe Lords complete report stage: a new clause requiring the Treasury to publish a digital-assets strategy within 12 months of Royal Assent passes 194 to 138, and the government amendments creating the Bank's secondary innovation objective are agreed without a division (Hansard). Read more →
- 10 SepParliament’s stage record lists Lords third reading for 15 September following report stage from 7 September. The proposed legislation remains subject to the remaining parliamentary process. Read more →
- 7 SepParliament records the start of report stage on 7 September, following committee stage from 22 June. The earlier calendar entry is now a completed stage-start milestone. Read more →
- 27 AugHM Treasury announces a new secondary statutory objective for the Bank of England: supporting innovation in payment systems and digital money, stablecoins included, via government amendments to the Financial Services and Markets Bill. The Lords debate them on 7 and 9 September, financial stability stays primary, and the Bank will report annually to Parliament (gov.uk).
- 21 AugRegulation Crypto Assets is published in the Federal Register; public comment closes 20 October 2026 (SEC's own rulemaking page).
- 20 AugThe CFTC's Innovation Advisory Committee holds its inaugural meeting: 43 industry members in Washington, the commodities regulator moving while Congress waits, with Mike Selig styled chairman in the commission's own follow-up release. Read more →
- 18 AugThe SEC proposes Regulation Crypto Assets: 402 pages, approved 3-0 by Atkins, Peirce and Uyeda, the full current roster of a five-seat commission, five days after cancelling the meeting called to vote on it. Two fundraising tiers at $20m and $75m a year, a one-time $5m startup exemption, and a safe harbour once an issuer's promised work is finished or ceased. Read more →
- 15 AugThe SEC pulls its 14 August open meeting the day before, cancelling the vote on proposing Regulation Crypto Assets; the tokenisation exemption is reported delayed again. Read more →
- 11 AugCoinbase opens crypto derivatives to UK professional investors: futures, perpetuals and options across more than 170 contracts at up to 50x leverage, on the MiFID permission won in July. The 2021 ban still keeps every retail saver out. Read more →
- 8 AugSenate Majority Leader Thune files cloture on the motion to proceed to the CLARITY Act, and the chamber leaves for recess without voting. The motion ripens at 2:15pm on 15 September.
- DiaryTreasury’s 19 October issuance-proposal deadline and the SEC’s 20 October Regulation Crypto Assets deadline have passed. Comments on the OCC’s second forms notice close 23 November, the Fed’s GENIUS proposals and Treasury’s certification procedure on 30 November, the SEC custody proposal on 7 December, and the CFTC advance notice on 14 December. Read more →
- DiaryThe FCA’s application window runs to 28 February 2027, with full commencement scheduled for 25 October 2027. Singapore’s MAS consultation on stablecoin amendments closed on 16 October. The existing September CLARITY account retains its dated legislative context. Read more →
- DiaryThe Bank of England's systemic stablecoin consultation closed on 22 September: individual holding limits are dropped in favour of a temporary £40bn per-coin issuance guardrail, with the Code of Practice due to be finalised by end-2026. The innovation objective announced on 27 August will sit above the same regime once the Bill passes. Read more →
- StandingThe SEC’s Regulation Crypto Assets remains proposed after its 20 October comment deadline. Adoption and commencement require further action. The OCC’s final stablecoin rule has its own 18 January 2027 effective date.
Flows
The flows
US spot Bitcoin funds received $176.0m in net inflows on 27 October, following $110.3m on 26 October. Farside’s 28 October row still contains unreported fund entries; its displayed zero is an incomplete-session placeholder. Strategy’s 26 October filing reports 848,517 BTC held on 25 October.
- +$176.0m
- 27 Oct · completed reports
- +$286.3m
- 26–27 Oct · net inflows
- 848,517 BTC
- Strategy · 25 Oct
- 28 OctUS spot Bitcoin funds received $176.0m in net inflows on 27 October, following $110.3m on 26 October. Farside’s 28 October row still contains unreported fund entries; its displayed zero is an incomplete-session placeholder. Strategy’s 26 October filing reports 848,517 BTC held on 25 October. Read more →
- 25 OctUS spot Bitcoin funds reported $137.9m in net outflows on 23 October. Farside’s table still has an unreported HODL entry for that day. Reported flows for 19–23 October add up to $301.2m in net inflows. Strategy’s cited filing reports 848,517 BTC held on 18 October. Read more →
- 20 OctRWA.xyz’s dashboard displayed $38.95bn in distributed asset value, excluding stablecoins, up 0.50% over 30 days. Represented asset value is a separate measure. Read more →
- 20 OctUS spot Bitcoin ETFs received $526.7m on 19 October, after $228.4m in net outflows over 12–16 October. Cumulative net inflows reached $57.476bn. Strategy reported 848,517 BTC and Bitmine 6,041,481 ETH held on 18 October. Read more →
- 14 OctUS spot Bitcoin ETFs recorded $261.4m of net outflows. The three completed sessions from 12 to 14 October totalled $151.1m of outflows. Read more →
- 10 OctUS spot Bitcoin ETFs received $21.1m on 9 October, while the week ended with $678.9m in net outflows. Cumulative net inflows stood at $57.18bn. Strategy’s latest reported holdings remain 848,000 BTC on 4 October; Bitmine reported 6,016,414 ETH for the same date. Read more →
- 8 OctRWA.xyz’s distributed asset value reached $38.88bn, excluding stablecoins, down 0.99% over 30 days. Read more →
- 8 OctUS spot Bitcoin ETFs lost $484.9m on 7 October, leaving cumulative net inflows of $57.40bn. Ether ETFs lost $160.9m that day, leaving $13.42bn of cumulative inflows. Those are the latest completed rows in Farside’s tables. Strategy reported 848,000 BTC held on 4 October; Bitmine reported 6,016,414 ETH for the same date. Read more →