# Settlement Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Settlement", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

24/7 Unstoppable Derivatives Wave: Cryptocurrency Is Forcing Traditional Finance to 'Change Time Zones'

The article discusses how the 24/7 nature of the cryptocurrency market is compelling traditional finance to adapt its operating hours and infrastructure. The key catalyst is the CME Group's planned launch of nearly round-the-clock trading for regulated crypto derivatives, a move driven by strong institutional demand for continuous risk management. This shift highlights a fundamental change: derivatives, not spot trading, now dominate crypto market activity and price discovery. However, integrating continuous trading into traditional finance reveals structural tensions. While execution times can be extended, settlement, clearing, and regulatory reporting largely remain bound to traditional business-day cycles. This creates a lag where weekend price movements can impact risk exposures before traditional control systems are fully active. Furthermore, the article explores new challenges arising from this always-on environment. The inherent transparency of public blockchains, while ensuring auditable settlement, also exposes sensitive corporate information like treasury flows to competitors in real-time. This has elevated privacy from a feature to a core requirement for institutional adoption. The next phase hinges on building systems that balance this necessary privacy with regulatory accountability and compliance. In conclusion, the move towards 24/7 trading signifies more than crypto becoming institutionalized. It represents traditional finance beginning to adopt the temporal structure of crypto-native markets. The future will be defined by how successfully traditional risk, identity, privacy, and settlement frameworks can operate at the continuous speed cryptocurrency markets demand.

marsbit06/01 10:36

24/7 Unstoppable Derivatives Wave: Cryptocurrency Is Forcing Traditional Finance to 'Change Time Zones'

marsbit06/01 10:36

Bit Digital Saw Ethereum’s Strategic Value Before Institutions Caught On

Bit Digital recognized Ethereum's strategic value as a core balance sheet asset years before institutional consensus caught on. The company based its thesis on Ethereum's expanding role as the primary settlement layer for decentralized finance, stablecoins, and tokenized real-world assets (RWAs), even while its price remained compressed. Bit Digital has been building its ETH position over multiple cycles, viewing market weakness as a strategic accumulation opportunity. This view is supported by data showing large holders (with 100,000+ ETH) have increased their collective balance to a 9-week high, now holding roughly 22% of the circulating supply. The next phase of tokenization is expected to be defined by credible, compliant settlement infrastructure—a role Ethereum is increasingly dominating—rather than by speed or market narratives.

bitcoinist05/30 21:01

Bit Digital Saw Ethereum’s Strategic Value Before Institutions Caught On

bitcoinist05/30 21:01

Paxos Becomes First Blockchain-Native SEC-Approved Clearing Agency

Paxos has become the first blockchain-native company to be approved and registered as a clearing agency by the U.S. Securities and Exchange Commission (SEC). Its subsidiary, Paxos Securities Settlement Company, is now authorized to act as a central securities depository in the United States. This registration is the culmination of seven years of work with the SEC, including a 2019 No-Action Letter and a settlement pilot involving major financial institutions. The approval marks a significant step in the convergence of blockchain technology with traditional capital markets. A registered blockchain clearinghouse reduces the need for banks and brokerages to build their own crypto-based infrastructure. Paxos's earlier pilot demonstrated that blockchain-based post-trade infrastructure could enable same-day settlement, lower costs, and improve operational efficiency within a regulated framework. Paxos is also known as a stablecoin issuer, with products like Pax Gold (PAXG) and PayPal USD (PYUSD).

TheNewsCrypto05/29 09:30

Paxos Becomes First Blockchain-Native SEC-Approved Clearing Agency

TheNewsCrypto05/29 09:30

Bit Digital CEO: Why I Bought More ETH

Bit Digital CEO Sam Tabar explains his recent decision to purchase more Ethereum (ETH). He emphasizes that his investment is not based on market cycles or popular narratives, but on data-driven analysis identifying a pricing discrepancy in the asset. The article critiques the "ETH as money" framework, arguing it is an incorrect lens for evaluating Ethereum. Unlike Bitcoin's singular focus on becoming a monetary asset, Ethereum prioritizes utility by serving as a programmable settlement layer for global development. This practical focus, while precluding it from winning a "money" coordination game, has created unique value. Tabar counters criticism about Ethereum's fragmented ecosystem by highlighting that substantial, real-world value is already being settled on-chain. This includes the issuance of stablecoins, tokenization of assets like U.S. Treasuries, and transactions for AI agents. He sees Ethereum, combined with computational layers, as providing the core primitives—computation and settlement—necessary for institutional finance to migrate on-chain. He believes the catalyst for ETH's value re-rating will come from this institutional demand, which follows its own, slower regulatory and operational timeline, not retail narrative cycles. Tabar concludes by stating his purchase fulfills a fiduciary duty to make sound capital allocation decisions. He views ETH as a yield-generating asset (citing 94.7% gross margins from staking in Q1) that secures the world's dominant smart contract platform, which processes trillions in transactions annually. He does not need ETH to become a global reserve currency; its current utility and discounted valuation relative to the infrastructure it powers are sufficient reasons to buy and hold.

marsbit05/29 02:54

marsbit05/29 02:54

Circle’s Stablecoin Infrastructure Just Got A Major European Upgrade — And It’s Already Processing Trillions

Orbital, a global payment orchestration platform, has partnered with Banking Circle, a fully MiCA-compliant bank, as its primary European banking partner to expand stablecoin settlement and multi-currency payment capabilities. This integration connects Orbital's platform directly to Banking Circle's infrastructure, which processes over €1.5 trillion annually. The partnership provides Orbital's clients with instant, 24/7 two-way conversion between fiat currencies and stablecoins like USDC, USDG, and EURI. It also consolidates access to SEPA, named IBANs, and compliance checks into a single layer. Banking Circle's unique simultaneous holding of banking, electronic money token, and Crypto-Asset Service Provider licenses in Luxembourg positions it as a comprehensively regulated EU digital asset settlement bank. This collaboration arrives as Europe's MiCA regulation is enforced, offering institutional clients a unified regulatory framework for both stablecoin and traditional payment operations.

bitcoinist05/28 19:01

Circle’s Stablecoin Infrastructure Just Got A Major European Upgrade — And It’s Already Processing Trillions

bitcoinist05/28 19:01

PhotonPay Upgrades Embedded Wallet API: Building an "Invisible Yet Indispensable" Stablecoin Payment Infrastructure Foundation

PhotonPay announces a major upgrade to its Embedded Wallet API, enabling traditional businesses to integrate stablecoin payments rapidly without managing private keys or complex compliance burdens. This "hands-off" infrastructure aims to make blockchain settlement invisible to both enterprises and end-users, offering a structural alternative to costly and slow traditional cross-border payments, which average 6.36% in fees. Key features include rapid developer integration, built-in regulatory compliance (AML/CFT, KYC), high-security key management, and seamless interoperability between fiat and stablecoins. The company argues that in an era of increasing regulatory clarity (e.g., MiCA) and mature institutional infrastructure (Visa, Stripe), "compliance-first" design is a competitive moat. PhotonPay's solution targets platform businesses like B2B marketplaces and SaaS providers, helping them tap into the growing $28 trillion (adjusted) stablecoin transaction volume driven by global demand for efficient settlements.

链捕手05/27 06:44

PhotonPay Upgrades Embedded Wallet API: Building an "Invisible Yet Indispensable" Stablecoin Payment Infrastructure Foundation

链捕手05/27 06:44

FTX Lawyers Pay $54M In Settlement Over Services Rendered To Exchange – Details

U.S. law firm Fenwick & West has agreed to pay $54 million to settle claims from FTX customers who alleged the firm facilitated the crypto exchange's fraud. The settlement, pending court approval, resolves accusations that the lawyers helped craft regulatory and operational structures tied to the misuse of customer funds. Fenwick denied any knowledge of FTX's illicit activities. This marks the largest settlement in a second wave of FTX-related class actions, following the exchange's 2022 collapse and the conviction of founder Sam Bankman-Fried. The FTX bankruptcy estate has meanwhile distributed billions to reimburse creditors.

bitcoinist05/25 12:41

FTX Lawyers Pay $54M In Settlement Over Services Rendered To Exchange – Details

bitcoinist05/25 12:41

Understanding Bound in One Article: The "Multi-signature + Timelock" Escape Mechanism and the Off-Chain Matching Black Box

**Title**: Understanding Bound: The Escape Mechanism of "Multi-Sig + Time Lock" and the Off-Chain Matching Black Box **Summary**: Bound Exchange, evolved from the earlier radFi platform, introduces a novel approach to Bitcoin trading by combining self-custody security with exchange-like speed. Its core mechanism relies on a 2-of-2 multi-signature (multi-sig) address for user deposits. One private key is held by the user via a passkey, and the other is held by Bound. This setup requires both keys to sign any transaction, preventing Bound from unilaterally accessing user funds (non-custodial). To address the risk of Bound becoming unavailable, a 3-month timelock is integrated into the Bitcoin script. After this period, users can withdraw their assets with just their single signature, ensuring an escape hatch. For trading, Bound operates a concentrated liquidity AMM. However, as Bitcoin L1 lacks smart contracts, the AMM curve, liquidity management, and trade price calculations occur off-chain in Bound's backend database. On-chain Bitcoin transactions serve only as final settlement receipts for pre-determined amounts. This creates a centralization point: the critical sequence of trade execution—which determines the exact price along the curve for each order—is managed off-chain by Bound in a non-transparent "black box." While the 2-of-2 setup protects user本金 (principal), the pricing and ordering of trades introduce potential operational MEV risks, as the order processing is invisible and unverifiable on-chain. In practice, users can also connect external wallets (like Unisat) for fully self-custodied trading, but this requires manually signing every transaction. The platform currently supports deposits of BTC and Runes only.

marsbit05/25 09:11

Understanding Bound in One Article: The "Multi-signature + Timelock" Escape Mechanism and the Off-Chain Matching Black Box

marsbit05/25 09:11

Putting Markets On-Chain: Canton Network Quietly Becoming the New Backbone for Institutional Finance

Canton Network: A New Institutional Financial Infrastructure Emerges Visa's rapid three-day approval as a super-validator on Canton Network in March 2026 marks a significant institutional endorsement. Unlike public blockchains like Ethereum, which prioritize transparency, Canton is designed for regulated financial institutions. Its core innovation is built-in data visibility control, where transaction details are only visible to direct participants. This enables institutions like Goldman Sachs, JPMorgan, and DTCC to conduct private, secure business on-chain without exposing sensitive strategies or positions. Canton, developed by Wall Street-focused Digital Asset, emphasizes slow, methodical development to meet stringent institutional requirements. Current on-chain activity, exceeding $9 trillion monthly, involves real balance-sheet operations like tokenized repos, treasury settlements, and collateral movement—not retail speculation. Key applications include JPMorgan's deposit token (JPM Coin), DTCC's U.S. Treasury tokenization, and Visa-enabled atomic settlement, aiming to synchronize asset delivery and payment instantly. The network's CC token is a utility asset, with value tied to real financial activity volume. It features no pre-mine or VC allocations, aligning with institutional preferences for transparency. Canton's 3–5 year vision is to become an "invisible" foundational layer for global finance—facilitating real-time cross-border capital flows, institutional stablecoin settlement, and native on-chain operations for major asset classes. While regulatory harmonization and legacy system integration remain challenges, Canton represents a pragmatic shift towards embedding markets themselves into blockchain infrastructure.

Odaily星球日报05/21 17:50

Putting Markets On-Chain: Canton Network Quietly Becoming the New Backbone for Institutional Finance

Odaily星球日报05/21 17:50

Evernorth Says RLUSD Is Not An XRP Killer: Here’s Why

Evernorth's Chief Business Officer Sagar Shah argues that Ripple's new stablecoin RLUSD is not a replacement for XRP, as they serve fundamentally different purposes in on-chain finance. RLUSD is designed as a high-quality digital dollar, functioning as a specific asset leg in transactions. In contrast, XRP acts as a neutral "routing" or "bridge" asset on the XRP Ledger, facilitating trades between diverse tokenized assets (like treasury bills and euro stablecoins) without requiring direct matching counterparties. Shah outlines three key reasons why RLUSD cannot replace XRP's role: 1) **Issuer Risk**: RLUSD, like all stablecoins, carries the risk of its issuing entity facing regulatory or operational problems, making it unsuitable as a mandatory routing asset for all trades. 2) **Neutrality**: Stablecoins must comply with sanctions and restrictions, whereas XRP's censorship-resistant design allows it to serve as a global, permissionless router. 3) **Market Structure**: Efficient liquidity requires a common bridge asset to connect hundreds of tokenized assets, a role for which XRP's liquidity, protocol integration, and lack of issuer make it uniquely suited. The conclusion is that the growth of on-chain finance requires both a reliable digital dollar (RLUSD) and a neutral routing asset (XRP), with both functions being complementary rather than competitive.

bitcoinist05/21 15:32

Evernorth Says RLUSD Is Not An XRP Killer: Here’s Why