XRP in the repo market

A Charles Schwab money market fund reported holding nearly $4.8 million of XRP ETF shares as repurchase-agreement collateral. That is a small number in a multi-trillion-dollar market, but it is a first: a crypto ETF sitting inside the plumbing of one of the most conservative instruments in finance. It suggests broker-dealers are already posting crypto ETF shares to fund overnight positions.

Flows: second day of outflows

US spot Bitcoin ETFs lost $120.2 million on Wednesday. ARKB shed $78 million, GBTC $27.2 million and IBIT $19.5 million. Ethereum ETFs, meanwhile, kept attracting money; the rotation from BTC to ETH vehicles became the week's institutional theme. Bitcoin traded near $79,000 with sentiment still in "greed."

Stellar lands U.S. Bank

Stellar CEO Denelle Dixon discussed the network's role in U.S. Bank's stablecoin work, as the network's tokenised real-world-asset market approaches $4 billion after more than quadrupling this year.

Metaplanet backs down on options

After shareholder pushback, Japan's Metaplanet cut 131 million potential shares from its Series 10 executive option plan, delayed unvested exercises to 2029–31 and scrapped its planned employee warrant pool. Bitcoin treasury companies are learning that holders want the Bitcoin exposure without the dilution.

Also this week

Banking regulator OSFI said Canadian banks can launch blockchain-based deposit products in 2026. Binance delisted a $100 million FDV USD stablecoin.

Why this matters

Crypto is showing up in places it was never designed for: money market funds, bank deposit products, wholesale bond settlement. Each one is incremental. Together they are how this corner of finance actually changes.