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<a href="#bankchain">Banks Announce BankChain Alliance, Tokenized Deposit, Stablecoin Initiatives</a>

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<a href="#tokenized">U.S. Companies Announce Tokenized Securities Initiatives</a>

<a href="#crypto">Reports Provide New Data, Analyses on U.S. Crypto Market</a>

<a href="#blockchain">Blockchain Analytics Company Previews Crypto Tax Report Findings</a>

<a href="#iran">Treasury Iran Sanctions Campaign Targets Digital Assets</a>

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Banks Announce BankChain Alliance, Tokenized Deposit, Stablecoin Initiatives

By <a href="https://www.bakerlaw.com/professionals/robert-a-musiala-jr/">Robert A. Musiala Jr.</a>

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According to an Aug. 25 press release, “39 state bankers associations announced the formation of BankChain Alliance to provide customers across the country secure, modern banking services at financial institutions of all sizes.” The BankChain Alliance network is “creating an industry-owned, industry-designed and industry-governed network built on a common blockchain platform” that “will allow participating financial institutions the ability to provide emerging banking capabilities while maintaining the regulatory standards, security, and trust that customers expect from their banks,” according to the press release. The press release also notes that the new network will enable “smart payment tools, tokenized deposits, stablecoins, automated settlement, and other innovations.”

In related news, two major global banks recently announced “the successful completion of bank-to-bank tokenised deposit interoperability through the execution of the first live cross-border transaction on Swift’s blockchain-based ledger.” According to a press release, the event “marks a milestone in the use of tokenised deposits by regulated financial institutions to issue, transfer, record and settle tokenised deposits through Swift’s blockchain-based ledger, not only demonstrating interbank interoperability, but helping advance industry progress on 24/7 cross-border payments.”

One of the same banks also recently announced “that it has become an authorised distributor of HKDAP (“HKD At Par”), the first regulated Hong Kong Dollar-backed stablecoin.” According to a press release, the bank “is ready to support use cases and actively engaging with eligible institutional clients and partners to integrate HKDAP into their business activities.”

For more information, please refer to the following links:

<a href="https://bankchainalliance.com/press/state-bankers-associations-announce-industry-owned-blockchain-network">State Bankers Associations Announce Industry-Owned Blockchain Network</a>

<a href="https://www.sc.com/en/press-release/standard-chartered-and-hsbc-execute-first-live-tokenised-deposit-transaction-on-swifts-blockchain-based-ledger/">[] and [] execute first live tokenised deposit transaction on Swift’s blockchain-based ledger</a>

<a href="https://www.sc.com/en/press-release/standard-chartered-becomes-first-bank-distributor-of-hkdap-to-unlock-real-economy-benefits-of-hkd-stablecoins/">[] becomes first bank distributor of HKDAP to unlock real-economy benefits of HKD stablecoins</a>

U.S. Companies Announce Tokenized Securities Initiatives

By <a href="https://www.bakerlaw.com/professionals/robert-a-musiala-jr/">Robert A. Musiala Jr.</a>

A major U.S. crypto exchange recently announced the launch of “tokenized stocks” issued by the exchange and available on the Base Ethereum Layer-2 network. According to a company blog post, “These are real shares, held 1:1 by a regulated custodian, owned outright by whoever holds the token.” The blog post further notes that “[u]sers can now hold tokenized, fractional shares” of major U.S. public companies “directly in their self-custody wallets” and use the tokenized stock “across the Base DeFi ecosystem.” The same crypto exchange also recently announced support for “crypto-backed mortgages” that allow users to “pledge your crypto without selling it to fund the down payment on a home purchase.”

In related news, a major U.S. asset tokenization company, Securitize, recently announced “the launch of the Neuberger Securitize High Income Tokenized Fund ("HINC").” According to a press release, Securitize and its affiliates will “offer[] interests in the fund to eligible investors” and “provide&nbsp;tokenization, fund administration and related operational services.”

In a final notable item, the issuer of the USD1 stablecoin recently announced that USD1 is now available on the Canton Network. According to a press release, “On Canton, USD1 is available to support collateralization for derivatives and institutional lending, instant cross-border payments with 24/7 settlement, onchain asset issuance, funding and redemption, and financing across institutions and markets.”

<a href="https://blog.base.org/tokenized-stocks">Stocks just got updated.</a>

<a href="https://cointelegraph.com/news/coinbase-taps-chainlink-for-tokenized-stock-data-on-base">[] tokenized stocks go live on Base with Chainlink price feeds</a>

<a href="https://help.coinbase.com/en/coinbase/mortgages/crypto-backed-mortgages">Crypto-backed mortgages</a>

<a href="https://www.prnewswire.com/news-releases/securitize-and-neuberger-launch-new-tokenized-fixed-income-fund-302853551.html">Securitize and Neuberger Launch New Tokenized Fixed Income Fund</a>

<a href="https://www.businesswire.com/news/home/20260825271361/en/World-Liberty-Financial-Launches-USD1-on-Canton-Network-to-Accelerate-RWA-Tokenization">[] USD1 on Canton Network to Accelerate RWA Tokenization</a>

Reports Provide New Data, Analyses on U.S. Crypto Market

Multiple recent reports provide new data and analyses on the U.S. crypto asset market. In one report, a major U.S. crypto exchange published its 2026 Institutional Investor Digital Assets Survey. Among its many findings were: (1) 49 percent of institutions surveyed have strengthened their emphasis on risk management, liquidity and position sizing; (2) nearly three‑quarters of respondents plan to increase crypto allocations and 74 percent expect crypto prices to rise over the next 12 months; (3) 66 percent of respondents reported exposure via spot crypto exchange-traded products and 81 percent through a registered vehicle; and (4) institutions report using stablecoins to manage cash, move money and settle trades in near real time.

In another report, a major U.S. financial institution published its Q2 2026 Signals Report. Key findings from the report include: (1) BTC continues to anchor market resilience, with unrealized profits and dominance metrics indicating capital remains concentrated in BTC; (2) momentum and profitability indicators signal an ongoing corrective phase, suggesting the market is stabilizing; and (3) network activity increasingly diverges from price, particularly across Ethereum and Solana, highlighting sustained utility at the protocol level.

Finally, zerohash recently published its 2026 Stablecoin Momentum Report. Notable statistics cited in the report include:

By the end of 2025, total stablecoin market capitalization surpassed $300 billion, with annual transaction volumes reaching approximately $46 trillion, signaling scale comparable to major global payment networks.

From Q4 2024 to Q4 2025, the number of customers actively transacting with stablecoins increased 55 percent, while transaction count grew 195 percent over the same period.

The market cap of all USD stablecoins has increased from $200 billion at the beginning of 2025 to $292 billion as of Jan. 14, 2026.

USD stablecoins remain dominant, accounting for approximately 95 percent of all total stablecoins.

Major U.S. retailers have reportedly been exploring issuance of their own dollar-backed stablecoins that would bypass traditional card networks.

<a href="https://www.coinbase.com/institutional/research-insights/research/insights-reports/2026-institutional-investor-survey-e-and-y">2026 Institutional Investor Digital Assets Survey</a>

<a href="https://www.fidelitydigitalassets.com/research-and-insights/q2-2026-signals-report">Q2 2026 Signals Report</a>

<a href="https://zerohash.com/resources/the-2026-stablecoin-momentum-report">The 2026 Stablecoin Momentum Report</a>

Blockchain Analytics Company Previews Crypto Tax Report Findings

By <a href="https://www.bakerlaw.com/professionals/keith-r-murphy/">Keith R. Murphy</a>

A major blockchain analytics company, Chainalysis, recently published blog posts previewing its report titled The Crypto Tax Report: Mapping Global Taxable Activity with On-Chain Data (Report).&nbsp;As noted in the posts, potentially taxable on-chain crypto activity worldwide – including trading gains, on-chain income and digital payments – amounted to more than $457 billion in 2025, with the United States accounting for approximately $112 billion of that amount.&nbsp;The posts suggest that in the absence of blockchain intelligence to complement traditional reporting, taxing authorities risk having insight into only a fraction of crypto activity that is relevant to tax calculations and risk assessment.&nbsp;Among other things, the Report notes the following:

Trading, staking and lending conducted inside centralized exchanges are not visible on-chain and Chainalysis’ estimates likely understate total economic income. 

In order to address reported shortfalls of voluntary declarations of crypto transactions, the <a href="https://web-archive.oecd.org/pdfViewer?path=/2022-10-10/642425-crypto-asset-reporting-framework-and-amendments-to-the-common-reporting-standard.pdf">OECD released</a> the Crypto-Asset Reporting Framework (CARF) in late 2022, but while CARF, the European Union’s DAC 8 and domestic information reporting reforms are positive steps forward, material portions of DeFi, peer-to-peer transfers, private wallet holdings and historic activity fall outside their scope.

The Report covers on-chain activity across the Bitcoin, Ethereum, Solana, Tron, BNB Smart Chain and Base blockchains.

The Report maps activity across regions and countries, providing taxing authorities with a geolocated view of potentially taxable activity within their jurisdictions.

Case prioritization insights in the Report show how on-chain intelligence may assist tax authorities in identifying high-value, high-risk wallets and focus enforcement where it matters most.

<a href="https://www.chainalysis.com/blog/crypto-tax-reporting-carf/">What Blockchain Data Tell Us About $457+ Billion in Potentially Taxable Crypto Activity</a>

<a href="https://www.chainalysis.com/reports/crypto-tax-report/">The Crypto Tax Report: Mapping Global Taxable Activity with On-Chain Data</a>

Treasury Iran Sanctions Campaign Targets Digital Assets

By <a href="https://www.bakerlaw.com/professionals/amos-kim/">Amos Kim</a>

According to a recent press release, the U.S. Department of the Treasury recently began Operation Economic Outcast, describing it as an unprecedented, whole-of-government economic campaign against the Islamic Republic of Iran and its enablers. The press release notes that the Office of Foreign Assets Control (OFAC) sanctioned nearly 60 entities, individuals and vessels spanning networks involved in nuclear and missile technology procurement, cyber operations and oil-revenue generation. The Treasury also announced that OFAC issued five sectoral sanctions determinations expanding categories of Iran-related activity subject to secondary sanctions to include the digital assets, technology, gold, aviation and shipping sectors.

In a related development, a recent report by TRM Labs highlighted that five individuals named in the OFAC designations were also charged in a superseding indictment by the U.S. Department of Justice relating to the Mabna Institute, an Iran-based company that conducted cyber intrusions as a hacking-for-hire group on behalf of the government and other clients. The report notes that OFAC identified 30 cryptocurrency addresses controlled by four of the defendants across the Bitcoin, Ethereum and TRON networks. According to TRM Labs’ analysis of the 30 addresses, the wallets received approximately $16.8 million in total funds, with 92 percent of the on-chain volume concentrated in one defendant’s addresses.

<a href="https://home.treasury.gov/news/press-releases/sb0613">Treasury Launches Unprecedented Campaign Against Iranian Regime on Economic D-Day</a>

<a href="https://www.trmlabs.com/resources/blog/operation-economic-outcast-treasury-sanctions-nearly-60-iran-linked-targets-and-names-digital-assets-a-sanctionable-sector">Operation Economic Outcast: Treasury Sanctions Nearly 60 Iran-linked Targets and Names Digital Assets a Sanctionable Sector</a>

Weekly Blockchain Blog – August 31, 2026