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<a href="#fintech">Fintech and Digital Asset Companies Announce New Blockchains, Payment Networks</a>

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<a href="#stock">U.S. Stock Market Proposes Trading of Tokenized Securities</a>

<a href="#tokenized">U.S. Companies Announce Tokenized Product Launches</a>

<a href="#sec">SEC Publishes Agenda Noting Multiple Crypto Activities</a>

<a href="#wolfsberg">Wolfsberg Group Publishes Guidance for Banks Servicing Stablecoin Issuers</a>

<a href="#crypto">Crypto Platform Hacked for $41.5M; Crypto Malware Reported in NPM Packages </a>

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Fintech and Digital Asset Companies Announce New Blockchains, Payment Networks

By <a href="https://www.bakerlaw.com/KeithRMurphy">Keith R. Murphy</a>

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According to a recent press release, a crypto investment firm and a major U.S. payments and fintech company have jointly developed a “payments-first blockchain” called Tempo.&nbsp;As noted in the release, while “[m]uch of today’s crypto stack … caters to trading,” Tempo is “purpose-built for stablecoins and real-world payments.” The release notes that Tempo was created with input from many leading companies in the AI, e-commerce and financial services industries and will focus on use cases such as global payments and payroll, tokenized deposits for 24/7 settlement and embedded financial accounts.

In related news, a major digital asset infrastructure company recently announced its new Network for Payments, described as “a neutral and active network of stablecoin on/off-ramps, <a>OTC Providers</a>, banks and more.” According to a press release,&nbsp;the goal of the new network is to help enable institutions to effectuate global payment flows, including cross-border treasury and remittance and merchant settlements, across fiat and blockchain rails.

For more information, please refer to the following links:

<a href="https://www.paradigm.xyz/2025/09/tempo-payments-first-blockchain?utm_source=substack&amp;utm_medium=email">Tempo: The Blockchain Designed for Payments</a>

<a href="https://www.fireblocks.com/blog/the-fireblocks-network-for-payments-is-here/">The Fireblocks Network for Payments Is Here</a>

US Stock Market Proposes Trading of Tokenized Securities

By <a href="https://www.bakerlaw.com/professionals/jonathan-cardenas/">Jonathan Cardenas</a>

On Sept. 8, a major U.S. stock exchange announced that it submitted a filing to the U.S. Securities and Exchange Commission (SEC) proposing to amend the exchange’s rules to enable the trading of tokenized securities on the exchange’s public stock market. According to a press release, the exchange’s proposed rule change would enable its member firms and investors to trade tokenized equity securities and tokenized exchange-traded products (ETPs) on its U.S. stock markets. In a statement, the company’s senior vice president of North American markets stated that its goal is to “integrate digital assets into [the exchange’s] current infrastructure and systems, which will advance financial innovation while maintaining stability, fairness, and investor protection.” The proposed rule change would allow investors to choose whether they want a traded equity or traded ETP to be represented in traditional digital form or in tokenized form, with tokenized trades cleared and settled by the same third-party institution that currently clears and settles trades for the exchange.

<a href="https://www.law360.com/fintech/articles/2385403?nl_pk=269c598f-8e37-49e3-bf43-b88e05d4215b&amp;utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=fintech&amp;utm_content=2025-09-09&amp;read_main=1&amp;nlsidx=0&amp;nlaidx=0">Nasdaq Seeks SEC Nod To Trade Tokenized Securities</a>

<a href="https://www.reuters.com/business/finance/nasdaq-makes-push-launch-trading-tokenized-securities-2025-09-08/">Nasdaq makes push to launch trading of tokenized securities</a>

<a href="https://www.nasdaq.com/newsroom/qa-nasdaqs-new-proposal-tokenized-securities">Q&amp;A: Nasdaq’s New Proposal for Tokenized Securities</a>

<a href="https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2025-072.pdf">Proposal to amend the Exchange’s rules to enable the trading of securities on the Exchange in tokenized form</a>

US Companies Announce Tokenized Product Launches

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a><a href="https://www.bakerlaw.com/VeronicaReynolds"></a>

A major U.S. financial services firm recently announced a partnership with Ondo Finance to launch FDIT, “a new onchain tokenized money market fund.” According to a press release, the “Ondo Short-Term US Treasuries Fund (<a href="https://ondo.finance/ousg?ref=blog.ondo.finance">OUSG</a>) serves as the sole anchor and largest investor, currently representing over 99% of FDIT’s assets.”

In related news, a major U.S. digital assets platform and publicly traded company recently announced that it has partnered with Superstate to allow stockholders to tokenize and hold its GLXY shares onchain.&nbsp;According to a press release, this “marks the first time a public company has tokenized its SEC-registered equity directly on a major blockchain.” The press release notes that “[e]ffective immediately, stockholders can now tokenize their GLXY shares through Superstate’s&nbsp;<a href="https://superstate.com/opening-bell">Opening Bell</a>&nbsp;platform.”

In another related item, Streamex, “an RWA tokenization company,” recently announced a strategic partnership with Monetary Metals “to launch a groundbreaking up to 4% yield generating gold product supported by Streamex’s tokenization and treasury platforms.” According to a press release, “Through the partnership, Streamex expects to offer investors an opportunity to earn an estimated four percent (4%) return on the tokenized gold bullion products that the Company will offer, as well as earning a return on the Company’s own gold treasury holdings.”

<a href="https://blog.ondo.finance/fidelity-unveils-onchain-money-market-fund-anchored-by-ondo-finance/">Fidelity Unveils Onchain Money Market Fund—Anchored by Ondo Finance</a>

<a href="https://www.galaxy.com/newsroom/galaxy-superstate-launch-glxy-tokenized-public-shares?utm_source=substack&amp;utm_medium=email">Galaxy and Superstate Launch GLXY Tokenized Public Shares on Solana</a>

<a href="https://www.globenewswire.com/news-release/2025/09/08/3146210/22558/en/Streamex-Exchange-Corp-NASDAQ-BSGM-Creates-a-Tokenized-Yield-Bearing-Gold-Product-Generating-up-to-4-through-Exclusive-Partnership-with-Monetary-Metals.html">Streamex Exchange Corp NASDAQ-BSGM Creates a Tokenized Yield-Bearing Gold Product Generating up-to 4% through Exclusive Partnership with Monetary Metals</a>

SEC Publishes Agenda Noting Multiple Crypto Activities

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a>

On Sept. 4, the U.S. Securities and Exchange Commission released its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions. Several of the actions listed in the agenda address crypto assets as described in the regulatory information number (RIN) abstract descriptions. These include the RINs titled Crypto Assets, Amendments to the Custody Rules, Transfer Agents, Amendments to Broker-Dealer Financial Responsibility and Recordkeeping and Reporting Rules, and Crypto Market Structure Amendments.

<a href="https://www.sec.gov/newsroom/speeches-statements/atkins-2025-regulatory-agenda-090425">Statement on the Spring 2025 Regulatory Agenda</a>

<a href="https://www.reginfo.gov/public/do/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&amp;currentPub=true&amp;agencyCode=&amp;showStage=active&amp;agencyCd=3235">Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions</a>

Wolfsberg Group Publishes Guidance for Banks Servicing Stablecoin Issuers

By <a href="https://www.bakerlaw.com/AmosKim">Amos Kim</a>

The Wolfsberg Group has issued guidance on how financial institutions (FIs) should approach providing banking services to <a>fiat-backed </a>stablecoin issuers. The guidance applies the Wolfsberg Group’s established financial crime risk principles to relationships in which an FI provides operating accounts, reserve management and settlement services to stablecoin issuers. The guidance emphasizes a&nbsp;risk-based approach&nbsp;tailored to the unique features and risks associated with fiat-backed stablecoins and describes the degree to which an FI may monitor the compliance obligations of a stablecoin issuer on the blockchain. Other notable provisions from the guidance include the following:

The guidance notes that FIs should distinguish between the issuer’s direct clients  and the “users” who may ultimately receive stablecoins through those intermediaries.

In understanding the maturity of a stablecoin issuer’s financial crime risk management program, among other things, FIs should consider the jurisdictions where the issuer is established and the strength of the corresponding regulatory regimes; the issuer’s AML/CFT, sanctions, anti-corruption and bribery frameworks, and procedures for engagement with law enforcement; the degree to which the issuer relies on third parties to satisfy certain elements of its financial crime risk management program; the degree to which the issuer conducts due diligence on the blockchains where it decides to issue stablecoins; the issuer’s use of blockchain analytics solutions and the degree to which the risk rules applied within these solutions are customized to align with the issuer’s specific business model; the issuer’s compliance testing and oversight approach; and the issuer’s strategy on training and education.

The FI should understand the expected reserve management activity, including the issuer’s approach to reserve management and whether internal and external audits have been mandated, in order to tailor a monitoring approach aimed at identifying unusual or unexpected activity. 

Settlement accounts present the greatest financial crime risk to an FI, as the fund flows to/from different clients of the issuer will demonstrate the degree to which the issuer is operating within the financial crime risk appetite shared and agreed with the FI.

Should the FI decide to establish its own risk-based, on-chain account activity review (AAR) process to monitor the issuer’s on-chain transactions, the AAR should be established (and assessed) on the basis of the issuer’s client base and corresponding control framework.

For more information, please refer to the following link:

<a href="https://wolfsberg-group.org/news/guidance-on-the-provision-of-banking-services-to-fiat-backed-stablecoin-issuers/">Wolfsberg Group Guidance on the Provision of Banking Services to Fiat-backed Stablecoin issuers</a>

Crypto Platform Hacked for $41.5M; Crypto Malware Reported in NPM Packages

By <a href="https://www.bakerlaw.com/professionals/john-e-robertson/">John E. Robertson</a>

Recent reports indicate that approximately $41.5 million in SOL was stolen from a Swiss digital asset management platform through a security breach. The reports indicate that the platform has pledged to cover its users’ losses from the platform’s own SOL reserves. The breach is said to have impacted 1 percent of the platform’s user base and 2 percent of the platform’s total assets.

In other news, reports have warned of a recent software supply chain attack that diverts crypto transactions to an attacker-controlled wallet. The attack is reported to have phished access to a major npm maintainers’ accounts before using the account to publish rogue versions of npm packages to the npm registry. Once downloaded, it is said the fraudulent npm packages divert cryptocurrency transactions to an attacker-controlled wallet instead of the true destination. In total, the attack appears to have affected 28 npm packages split between two maintainers: Qix and duckdb_admin.

<a href="https://www.ccn.com/news/crypto/swissborg-breach-41-5m-solana-stolen-recovery-plan-details/">SwissBorg Breach: $41.5M in Solana Stolen, Recovery Plan Details</a>

<a href="https://thehackernews.com/2025/09/20-popular-npm-packages-with-2-billion.html">20 Popular npm Packages With 2 Billion Weekly Downloads Compromised in Supply Chain Attack</a>

<a href="https://www.forbes.com/sites/digital-assets/2025/09/08/new-security-breach-threatens-crypto-and-everyday-apps/">New Security Breach Threatens Crypto And Everyday Apps</a>

Weekly Blockchain Blog – September 15, 2025