Cryptoccino — Sunday 25 October 2026

Pump.fun edges past Hyperliquid in daily protocol revenue. The memecoin launchpad pulled in approximately $2 million in fees over a single 24-hour period, briefly ranking it above Hyperliquid in revenue league tables. The data point is a useful temperature gauge: retail appetite for speculative token creation has not cooled in line with spot prices. cryptobriefing

Strategy and Strive face a capital-allocation squeeze as preferred dividends compete with BTC purchases. Both firms have issued preferred equity to fund bitcoin buying, but growing dividend obligations now create a structural tension between servicing shareholders and deploying into spot. The dynamic matters for how the market models treasury-company bitcoin demand going forward. coindesk

Wealthy bitcoin holders shifting toward loans and yield rather than outright sales. Xapo’s CEO says the firm is seeing high-net-worth clients increasingly use BTC as collateral for credit rather than liquidating to fund spending, a behavioural shift that could reduce structural sell pressure at the top of the wealth curve. How deep that trend runs across custodians is unverified. coindesk

HSBC activates an HKD stablecoin inside PayMe for 3 million users. Hong Kong’s largest bank switched on the token inside its PayMe app on Friday, marking one of the first bank-issued stablecoins deployed at consumer scale in Asia. The move is a live test of whether regulated, fiat-backed tokens can function as everyday payment rails rather than a trading instrument. decrypt

Franklin Templeton parks $150 million in fund shares on the XRP Ledger in a single wallet. The asset manager has extended its on-chain fund tokenisation programme to XRPL, concentrating the entire position in one address for now. It follows earlier deployments on Stellar and Polygon and reinforces the multi-chain tokenised-fund strategy the firm has been executing quietly for two years. coindesk

OKX’s tokenised stock plan draws objections from Wells Fargo, Cisco and Marvell. The growing list of publicly traded firms filing opposition to OKX-ICE’s proposal to list tokenised versions of their equity signals that corporate IR departments are now actively tracking crypto-native secondary markets for their shares. McDonald’s, Microsoft and Google had already objected; the roster now covers financial services, enterprise tech and semiconductors. coindesk

Solana co-founder Anatoly Yakovenko floats a validator stake-weighted oracle to back SOL minting against tokenised collateral. The proposal would let validators act as price attestors for a native oracle feeding a SOL-minting mechanism, bypassing third-party oracle dependencies. It is at the discussion stage, but if it moves forward it would affect oracle providers operating on Solana and alter how SOL supply can be programmatically expanded. cryptobriefing

Keystone Hardware Wallet website breach leaked customer data. The hardware wallet vendor confirmed its website was compromised and that customer information was exposed. No loss of funds from devices has been reported, but phishing risk for the affected customer base is elevated immediately. cryptobriefing

Argentine judge clears Milei and ten co-defendants in the LIBRA memecoin case. A 60-page ruling found that Milei’s promotional post for the LIBRA token did not, on its own, constitute criminally relevant deception, ending the formal criminal probe. Civil and political fallout from the token’s collapse remains unresolved, and the ruling does not address the losses incurred by retail buyers. theblock coindesk

Circle’s Allaire says the GENIUS Act has enough bipartisan support to survive any Democratic reversal attempt. Speaking publicly, the Circle CEO argued that the stablecoin framework has now cleared a political threshold that makes it durable regardless of future congressional composition. For issuers planning infrastructure around the Act, it is a confidence signal, though Allaire is an interested party. cryptobriefing

IRS signals a voluntary disclosure path for crypto tax non-compliance. The agency is moving to let holders with unreported crypto positions come forward through a structured programme rather than face audit-driven enforcement. The terms and penalty framework have not been finalised, but the direction of travel is towards administrative resolution over litigation. cryptobriefing

Apex Group CEO argues the stalled US Digital Asset Clarity Act hands a competitive window to Asia and the Middle East. With the Act’s passage uncertain, jurisdictions that have moved faster on frameworks, including the UAE, Singapore and Hong Kong, are positioned to capture institutional flow that might otherwise have settled in the US. The argument is not new, but the operational evidence behind it is accumulating. coindesk

What else is grinding?

• Morgan Stanley has expanded its credit facility for bitcoin miner and data centre operator TeraWulf to $400 million, led by the bank’s infrastructure lending desk. cryptobriefing
• Anthropic is reportedly targeting a November IPO, with Polymarket traders already speculating on a $ANT ticker. cryptobriefing
• Nvidia H200 GPU rental rates have climbed roughly 160% since January, a data point relevant to anyone modelling AI infrastructure costs into mining or validator economics. cryptobriefing
• Block’s new voice AI product is drawing comparisons to human speech close enough that fraud researchers are already flagging social-engineering risk. coindesk
• Sweden’s government offices are blocking ChatGPT and Claude on staff machines from Monday, with Microsoft Copilot the only AI tool cleared after a security review. decrypt cryptobriefing

Last sip. The evacuations that moved the market have not stopped, and no one is certain yet what they precede.