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8 May 2026, 08:20

USD/JPY Recovery Stalls Below 157.00 as Intervention Fears Persist

BitcoinWorld USD/JPY Recovery Stalls Below 157.00 as Intervention Fears Persist The USD/JPY currency pair has seen its recovery stall below the 157.00 level during Wednesday’s trading session, as lingering fears of Japanese intervention continue to cap upside momentum. After briefly touching a low of 156.50 earlier in the week, the pair attempted a rebound but failed to sustain momentum above the psychological 157.00 mark. Intervention Risks Weigh on Yen Sentiment Market participants remain on edge following recent warnings from Japanese officials about excessive yen weakness. The Ministry of Finance has repeatedly signaled readiness to intervene if speculative moves threaten the currency’s stability. This persistent threat has created a cautious environment where traders are reluctant to push the pair significantly higher. Japan’s top currency diplomat, Masato Kanda, reiterated earlier this week that authorities are watching the market with a high sense of urgency. While no direct intervention has occurred since late 2024, the mere possibility has been enough to keep USD/JPY within a relatively tight range. Interest Rate Differentials Remain the Core Driver Despite the intervention overhang, the fundamental driver of yen weakness remains the wide interest rate differential between Japan and the United States. The Bank of Japan has maintained its ultra-loose monetary policy, while the Federal Reserve continues to hold rates at elevated levels. This divergence makes the yen a funding currency for carry trades, putting sustained downward pressure on the currency. Recent US economic data has shown resilience, reinforcing expectations that the Fed will keep rates higher for longer. Strong retail sales and labor market figures have pushed back against early rate cut bets, providing underlying support for the dollar against the yen. Technical Levels to Watch From a technical perspective, the 157.00 level now acts as immediate resistance, with the next key barrier at 157.50. On the downside, support is seen at 156.50, followed by the 156.00 handle. A break below 156.00 could open the door for a move toward the 155.50 region, where the 50-day moving average sits. Traders are closely monitoring the upcoming US GDP revision and personal consumption expenditures (PCE) data, which could provide fresh directional cues. Any upside surprise in inflation would likely strengthen the dollar further, potentially testing the Bank of Japan’s patience. Conclusion The USD/JPY pair remains trapped between fundamental dollar strength and the threat of official intervention. While the rate differential favors further yen depreciation, the risk of sudden government action limits the upside. The market is likely to remain range-bound until either the BOJ shifts its policy stance or the Fed signals a clear pivot. For now, traders are navigating a cautious environment where every move above 157.00 invites speculation of intervention. FAQs Q1: Why is the USD/JPY recovery stalling at 157.00? The recovery is stalling because traders are wary of potential Japanese intervention. The Ministry of Finance has repeatedly warned it may step in to curb excessive yen weakness, creating a psychological barrier at this level. Q2: What is the main driver of yen weakness? The primary driver is the wide interest rate differential between Japan’s ultra-loose monetary policy and the Federal Reserve’s high-rate environment. This encourages carry trades where investors borrow yen to buy higher-yielding currencies. Q3: Could Japan actually intervene in the currency market? Yes, Japan has a history of intervening when it deems yen moves excessive or speculative. The Ministry of Finance has the authority to conduct intervention, and officials have signaled readiness. However, intervention is typically used as a last resort and its effects are often short-lived. This post USD/JPY Recovery Stalls Below 157.00 as Intervention Fears Persist first appeared on BitcoinWorld .

8 May 2026, 08:15

DXY Holds Firm as Hawkish Fed Repricing Drives Yield Support: Deutsche Bank

BitcoinWorld DXY Holds Firm as Hawkish Fed Repricing Drives Yield Support: Deutsche Bank The U.S. Dollar Index (DXY) is finding renewed support as markets continue to reprice expectations for a more hawkish Federal Reserve, according to a recent analysis from Deutsche Bank. The shift in rate expectations is providing a tailwind for U.S. Treasury yields, which in turn is underpinning the greenback against a basket of major currencies. Hawkish Repricing Gathers Pace Deutsche Bank strategists note that the recent repricing of Federal Reserve policy has been particularly pronounced in the short end of the yield curve. Market participants are now pricing in a higher probability of additional rate hikes or a prolonged period of elevated rates, reflecting sticky inflation data and resilient economic activity. This repricing has lifted two-year and ten-year Treasury yields, creating a favorable backdrop for the dollar. The DXY, which measures the dollar against six major peers including the euro, yen, and pound, has responded by consolidating near recent highs. Analysts point out that the correlation between DXY and real yields has strengthened, a classic sign that monetary policy expectations are driving currency movements. Implications for Currency Markets The hawkish repricing has broad implications for currency markets. A stronger dollar typically pressures emerging market currencies and commodities priced in USD, such as gold and oil. For developed market pairs, EUR/USD has slipped back toward the 1.05 handle, while USD/JPY has tested levels above 150, a zone that has historically prompted verbal intervention from Japanese authorities. What This Means for Traders For traders, the key takeaway is that the dollar’s strength is not merely a technical bounce but is backed by fundamental shifts in rate expectations. Deutsche Bank’s analysis suggests that until the Fed signals a clear pivot toward easing, the dollar may remain bid. However, the pace of repricing could slow if economic data begins to soften, introducing a risk of profit-taking in long dollar positions. The report also highlights that the market is now pricing in a terminal rate that is higher than the Fed’s own dot plot projections, a discrepancy that could either narrow through a correction in market pricing or widen if the Fed delivers more hawkish guidance. Conclusion Deutsche Bank’s assessment underscores the central role of Fed policy expectations in driving DXY and broader FX markets. As long as inflation remains above target and the labor market stays tight, the hawkish repricing is likely to persist, offering continued support for the dollar. Investors should monitor upcoming U.S. economic data and Fed speeches for further clues on the policy path. FAQs Q1: What is DXY and why does it matter? DXY is the U.S. Dollar Index, which measures the value of the dollar against a basket of six major foreign currencies. It is a widely used benchmark for USD strength and impacts global trade, commodity prices, and emerging market debt. Q2: What does ‘hawkish Fed repricing’ mean? It refers to financial markets adjusting their expectations toward a more aggressive Federal Reserve stance, meaning higher interest rates for longer than previously anticipated. This repricing affects bond yields, currency values, and asset prices. Q3: How does Deutsche Bank’s analysis affect trading decisions? Deutsche Bank’s report provides institutional-level insight into the fundamental drivers of DXY. Traders use such analysis to align their positions with macroeconomic trends, particularly the relationship between Fed policy, yields, and currency strength. This post DXY Holds Firm as Hawkish Fed Repricing Drives Yield Support: Deutsche Bank first appeared on BitcoinWorld .

8 May 2026, 07:45

Gold Holds Above $4,700 as US Dollar Weakens Ahead of Nonfarm Payrolls Report

BitcoinWorld Gold Holds Above $4,700 as US Dollar Weakens Ahead of Nonfarm Payrolls Report Gold prices maintained their position above the $4,700 mark during Asian trading hours on Wednesday, as the US dollar softened against a basket of major currencies. Market participants are now squarely focused on the upcoming US Nonfarm Payrolls (NFP) report, which is expected to provide fresh cues on the trajectory of Federal Reserve interest rate policy. Safe-Haven Demand Supports Gold The precious metal has found support from a combination of factors, including a weaker US dollar and ongoing geopolitical uncertainties. The dollar index (DXY) drifted lower, giving ground to the euro, yen, and pound, which in turn made dollar-denominated gold more attractive to international buyers. Additionally, persistent concerns over global economic growth and trade tensions have sustained safe-haven flows into bullion. NFP Report in Focus The US Bureau of Labor Statistics is scheduled to release the January Nonfarm Payrolls data on Friday. Economists expect the economy to have added around 185,000 jobs, a slowdown from the previous month’s robust gain of 256,000. The unemployment rate is forecast to remain steady at 4.1%, while average hourly earnings are expected to rise 0.3% month-over-month. A stronger-than-expected jobs report could reignite expectations for a hawkish Fed, potentially lifting the dollar and weighing on gold. Conversely, a weaker print may reinforce bets on rate cuts, providing further upside for the yellow metal. Market Implications For traders, the NFP release represents a key volatility event. Gold has been trading in a relatively tight range between $4,680 and $4,730 over the past week, suggesting market participants are awaiting a catalyst. A break above the $4,730 resistance level could open the door toward the $4,800 region, while a failure to hold $4,680 may trigger a pullback toward $4,600. Central bank buying activity, particularly from emerging market economies, has also provided a structural floor for gold prices. Data from the World Gold Council shows that central banks added over 1,000 tonnes of gold to their reserves in 2024, and the trend is expected to continue in 2025. Conclusion Gold’s resilience above $4,700 reflects a market balancing dollar weakness, safe-haven demand, and anticipation of key US labor data. The NFP report on Friday will be the next major test for the precious metal, with potential implications for both short-term price direction and broader monetary policy expectations. FAQs Q1: Why is gold price moving with the US dollar? Gold is priced in US dollars, so when the dollar weakens, gold becomes cheaper for buyers using other currencies, which tends to increase demand and push prices higher. Q2: How does the Nonfarm Payrolls report affect gold? The NFP report is a key indicator of US labor market health. Strong job growth can lead to expectations of higher interest rates, which typically strengthens the dollar and pressures gold. Weak data can have the opposite effect. Q3: What is the outlook for gold in 2025? Analysts remain broadly bullish on gold, citing continued central bank purchases, geopolitical risks, and potential Fed rate cuts. However, near-term volatility is expected around key economic data releases. This post Gold Holds Above $4,700 as US Dollar Weakens Ahead of Nonfarm Payrolls Report first appeared on BitcoinWorld .

8 May 2026, 07:30

Coinbase Buys $88 Million Worth of Bitcoin in Q1 2026

Coinbase disclosed during its Q1 2026 earnings call that it purchased $88 million worth of bitcoin during the quarter, marking a significant addition to the publicly listed exchange’s corporate treasury. Strong Accumulation Signal Coinbase, the only major U.S.-listed cryptocurrency exchange, added bitcoin to its corporate treasury during the first quarter of 2026, disclosing a purchase

8 May 2026, 07:10

DXY: NFP-Driven Upside Likely Measured, Says MUFG

BitcoinWorld DXY: NFP-Driven Upside Likely Measured, Says MUFG The US Dollar Index (DXY) has seen some upward momentum following the latest Non-Farm Payrolls (NFP) data, but analysts at MUFG caution that the rally may be limited. In a note to clients, the Japanese banking giant described the NFP-driven upside as likely “measured,” suggesting that the market’s reaction may already be priced in and that further gains depend on additional catalysts. What the NFP Data Showed The January NFP report came in stronger than expected, with the US economy adding 353,000 jobs versus the consensus estimate of 185,000. The unemployment rate held steady at 3.7%, while average hourly earnings rose 0.6% month-over-month, exceeding forecasts. The data reinforced the narrative of a resilient labor market, which typically supports the US dollar by keeping the Federal Reserve on a hawkish footing. However, MUFG strategists argue that the dollar’s positive reaction may be tempered by several factors. First, the market had already priced in a strong jobs number after recent upbeat economic indicators. Second, the Fed has signaled it is in no rush to cut rates, but the peak of the tightening cycle is widely seen as behind us. This limits the scope for sustained dollar strength purely on labor data. Why the Upside Is Measured MUFG points to a few key reasons why the DXY rally may not extend far beyond current levels: Market positioning: Long dollar positions are already elevated, reducing the room for fresh buying. Rate cut expectations: Despite strong NFP, the market still expects rate cuts later in 2024, which caps dollar upside. Global risk appetite: A robust US economy can boost risk sentiment, which tends to weigh on the safe-haven dollar. Technical resistance: The DXY faces resistance near the 104.50–105.00 zone, where previous rallies have stalled. What This Means for Traders For forex traders, the MUFG analysis suggests that chasing the dollar higher after NFP may carry limited reward. Instead, the focus should shift to upcoming data such as CPI inflation and retail sales, as well as Fed commentary, for clearer directional signals. The dollar could remain range-bound in the near term, with any breakout requiring a significant shift in the economic outlook. Conclusion The NFP report provided a short-term boost to the DXY, but MUFG’s measured outlook reflects a broader consensus that the dollar’s upside is constrained. The labor market remains strong, but the Fed’s next move—and the market’s reaction to it—will depend on a wider set of data. For now, the dollar may trade in a familiar range, with investors waiting for the next major catalyst. FAQs Q1: What is the DXY? The DXY, or US Dollar Index, measures the value of the US dollar against a basket of six major currencies: the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc. Q2: Why does NFP data affect the dollar? Non-Farm Payrolls data is a key indicator of US labor market health. Strong job growth typically supports the dollar by signaling economic strength and increasing the likelihood of tighter Fed policy. Q3: What does MUFG mean by ‘measured upside’? MUFG means that while the dollar may rise after NFP, the gains are likely to be limited or moderate rather than a sustained rally, due to factors like existing market positioning, rate cut expectations, and technical resistance. This post DXY: NFP-Driven Upside Likely Measured, Says MUFG first appeared on BitcoinWorld .

8 May 2026, 06:20

The Rise Of Corporate Blockchains

Summary Blockchain rails are displacing the deposit layer - tokenization compresses settlement time and expands trading hours, while GENIUS Act stablecoins create a compliant crypto rail that bypasses traditional deposits. Corporations are building their own chains to defend core economics rather than pay 'protocol taxes' to public networks. Many public crypto projects will lose substantial value if they cannot assert their revenue-generating use cases in a world awash in corpchains. Corporations are building their own blockchains to capture settlement economics previously flowing to public chains. We examine the $60B+ opportunity. The Rise of Corporate Blockchains: Settlement Goes Onchain, Value Capture Goes In-House Since the beginning of 2025, altcoins like ETH and SOL have fallen by -32% and -57%, while an index of crypto equities (MVDAPPP) is up +48% . The divergence reflects a deeper shift: corporations are capturing the settlement economics that previously flowed to public-chain tokens. Even with a more permissive regulatory environment under a “Bitcoin President,” value is migrating from protocol tokens to the equities and infrastructure providers building corporate blockchains (“corpchains”). L1 Blockchain Tokens Are Down -49% Since the Start of 2025; Crypto Equities +48% Crypto Equities Outperformed L1 Tokens by Nearly 100 Percentage Points Source: Bloomberg as of 5/06/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Three forces are converging to drive this shift: economic incentives from faster onchain settlement, the GENIUS Act formalizing compliant stablecoin issuance, and direct integration with Federal Reserve rails through new banking charters. Together, they enable corporations to run regulated blockchain settlement systems while bypassing the traditional deposit layer. We unpack each below. One major reason is that stablecoins and real-world asset (RWA) tokenization have achieved some measure of regulatory clarity. Meanwhile, many public blockchain tokens are stuck in an uncomfortable legal limbo in which they can neither provide strong value accrual nor offer important investor protections via a functioning disclosure regime. The competitive landscape has also materially widened to include banks, fintechs, financial entities, and newly public infrastructure providers. Some of these companies even have substantial advantages, including special-purpose bank charters. The blockchain revolution is here, but enterprises are capturing the value while many tokens get left behind. Corporate Blockchains Use Case Legacy Incumbent Public Chain Challengers Corp / Permissioned Chain 2030 Opportunity Size Cross-Border Payments SWIFT / banks ETH / Tron / Base Kinexys / Fnality / Tempo / XRPL $20B of annual revenue$7.5T/day in FX volumes5-10% on chain5-10bps take rate Collateral & Settlement DTCC / LCH / Euroclear ETH / Base / BUIDL Canton / Kinexys / XRPL $10B of annual revenue$2.3 Quadrillion settled$5T onchain10-30bps take rate Securitization Goldman / JPM / Citi Ethereum / Ondo / Securitize / Base Provenance ( FIGR ) / Canton / XRPL $15B of annual revenue$3T-$4T securitized10-20% onchain50-300bps take rate Derivatives Trading CME / ICE / LCH Hyperliquid / dYdX Canton / Kinexys $12B of annual revenue$800T trading volume5-10% onchain1-3bps take rate Cash Securities Trading NYSE / Nasdaq / LSE Ondo / Robinhood Chain / Base Canton / DTCC / Nasdaq / NYSE / Tradeweb $5B of annual revenue$130T trading volume5-10% onchain3-7bps take rate Source: VanEck Research, BIS , DTCC as of 3/30/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. While public blockchains excel at innovation, they struggle with governance, compliance, and service guarantees required by regulated financial players. Most importantly, value accrues to onchain traders and tokenholders. These incumbent-built “corpchains” will move regulated value (cash, collateral, securities) with controlled validator sets, privacy, and fee capture. Why Corpchains Now: Three Forces Converging 1) Economic Incentives: Faster Settlement Unlocks Idle Capital When ownership transfer completes in seconds rather than days, capital can move faster. This enables more trading turnover in existing securities and allows new trading venues and financial markets to spawn. Market makers, for example, gain capacity to build deeper liquidity in prediction markets. An estimated >$1T of initial margin was held at clearing houses at the end of 2025. Moving from T+2 days to T+12 seconds (or less) will enable working capital to more efficiently stream across trading venues. Tens of trillions more in assets and commodities also rest in systems in which they cannot be used as collateral. 2) The GENIUS Act Formalized “Narrow-Bank-Like” Stablecoin Issuance GENIUS creates a legal framework for stablecoins to act as “narrow banking” or “skinny” entities that only hold safe, liquid reserves and do not make loans (except to the US Treasury). This codifies stablecoins as a regulated, nimbler form of transferable demand deposits. The result is a federal framework for payment stablecoins with 100% reserve backing, required disclosures and attestations, and full Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance. Predictably, banks are trying to constrain stablecoins by seeking regulation that prohibits yield incentives and also labels stablecoins as a “systemic risk.” However, banks are quickly adopting stablecoins themselves and linking them to their existing business franchises. Going forward, stablecoins give both consumers and institutions more freedom by acting as important payment mechanisms and more dynamic collateral. Visa is processing $3.5B annualized, Fiserv has made the FIUSD stablecoin available to more than 10,000 financial institutions, and stablecoin supply currently sits at $310B . 3) Direct Fed-Rail Integration Is Happening A major milestone for crypto entities has been to link the blockchain financial system to the banking rails that run directly to the Federal Reserve. A banking charter enables a crypto-linked firm to connect crypto with global settlement and payment systems and could allow blockchain finance to tap into Federal Reserve liquidity. More than 21 crypto entities have applied for state and national banking charters since 2020 1 , and approvals could lead to direct Fed connections. To date, 9 bank national charters have been approved and 4 of them are effective. Another 4 crypto entities have been granted state bank charters in Wyoming. Payward, the owner of Kraken, was granted a limited-purpose Fed master account through the Kansas City Fed. These banking licenses are key enablers for corpchains. If the cash leg can clear through regulated stablecoin issuers or limited-purpose chartered entities with privileged Fed connectivity, corporations can run blockchain settlement systems without relying on the traditional deposit layer or the correspondent banking system. Private networks can manage identity, permissions, privacy, and governance while still settling in compliant dollars that move faster and sit closer to the Fed’s core infrastructure. The result: corporate adoption of blockchains for settlement + regulated reserve institutions (GENIUS) + direct integration with Fed rails. Collectively, we believe corporate blockchains could create $60B+ in revenue by 2030. Corpchain Valuation Snapshot Quantitative snapshot: economic value hosted on each chain today, current annual fee capture, and estimated market value of the operator. Chain Economic Value Hosted Today Annual Current Value Capture Market Value XRP Ledger (XRPL) $88B mkt cap; $47M DeFi TVL $365k (Chain Fees) $88B (Market Value XRP) BASE $18B (stablecoins + bridge TVL) $256M (Chain Fees + Stablecoin Float) $11B (Est.) Provenance/FIGR $21B HELOCs $514M (Corp + Chain Rev) $7.8B (Market Value FIGR + Provenance) Canton $300B in Repo $800M (Chain Fees/Token Burn, last 60 days, annualized) $5.6B (Market Value Canton) Tempo/Bridge/Stripe Pre-launch Pre-Launch $5B (Est.) Kinexys/JPM $5B/day Repo Internalized into JPM revenues $2.6B (Est.) Fnality GBP live; USD/EUR pending Small Scale Usage $1.25B (Est.) ARC Pre-Launch Pre-Launch $400M (Est.) Robinhood Chain Pre-launch Pre-Launch $250M (Est.) Source: VanEck Research as of 4/14/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. Note: Valuations were based on comps and assumptions about blockchain’s impact on revenues within the next 2-3 years. Why Corporations Aren’t Embracing Public Chains If enforcement eases but market structure clarity lags, the perceived “wild west” problem for crypto won’t disappear. Public blockchains carry real risks for regulated users: service disruptions, potential interaction with prohibited parties, and volatile blockspace pricing. As such, it gets harder for public companies to justify relying on open networks for regulated value. The lack of a clear market structure bill makes this worse as companies are uncertain about the legal definitions of activity types or how to treat various crypto tokens. So instead of adopting open-source chains (and “giving up the tolls”), many firms are building corpchains that let them: Control validators and counterparty participation Prevent asset leakage Offer privacy, compliance, and auditability Capture value Guarantee deterministic performance and costs The result: corpchains offer strong value propositions to regulated, corporate clients that also deliver significant bottom-line impact for corpchain builders. This does not mean public chains do not have a place, but it suggests that they need to assert their contributions to the emerging, regulated digital assets regime or they will be left behind. The substantial valuations of public chains such as Ethereum and Solana are premised on a future in which serious financial activity takes place on these blockchains. If corpchains absorb the majority of this projected financial activity, public-chain valuations may need to de-rate considerably . Corpchain Qualitative Scorecard Qualitative scorecard: each chain’s institutional adoption, use case focus, regulatory clarity, revenue model, and overall standing. Chain Institutional Adoption Use Case Specificity Regulatory Clarity Revenue Model Verdict and Adoption Score Canton GS, Nasdaq, Tradeweb, Broadridge; $280B repo/day Collateral + settlement; single focus HIGH Transaction fees TOP TIER (9/10): deepest TradFi buy-in Provenance ( FIGR ) Figure anchor; 15 of top 20 mortgage lenders; $21B+ HELOCs Mortgage/HELOC origination; proven HIGH Originations and trading fees BEST REVENUE MODEL (9/10): best adoption, $1B revenue pathway Kinexys ( JPM ) JPM balance sheet + Axis Bank live; $3T+ processed since 2020 Interbank payments + collateral mobility VERY HIGH Embedded in JPM fee structure TOP TIER (8/10): captive bank distribution Tempo Paradigm, Stripe backing, live in March 2026; Nubank, Visa, Shopify Cross-border B2B payments; EM-focused MED-HIGH Transaction fees EMERGING (8/10): strong distribution, neutrality Circle Arc ( CRCL ) Visa, Mastercard, JPMorgan, Intuit, Interactive Brokers, XYZ Settlement + payments + tokenization VERY HIGH Reserve yield/Transaction fees/Bridge Fees STABLECOIN LEADER (8/10): deepest regulatory moat Base (Coinbase) Coinbase backing; 100M+ Coinbase verified users Payments, DeFi, tokenized assets, stablecoins MED-HIGH Transaction Fees; possible token CONSUMER BRIDGE (7/10): best on-ramp from TradFi Fnality BofA, Citi, Barclays, Lloyds, Temasek; testnet Wholesale interbank payments; central bank flows HIGH Not yet generating revenue; long to production LONG RUNWAY (5/10): early, but strong consortium Source: VanEck Research, Canton, Provenance, JPM as of 3/30/2026. Past performance is not a guarantee of future results. Not intended as a recommendation to buy or sell any securities named herein. (The key differentiator isn’t “blockchain or not.” It’s: who controls validators, who gets the economics, and whether ownership finality lives onchain or remains an offchain entitlement.) Implications if the CLARITY Act Is Passed Alt-token prices may mean-revert higher , but this may prove short-lived as investors recognize most value does not accrue to crypto projects. Equities of companies adopting blockchain technology may instead see multiple re-ratings. If CLARITY allows for compliant financial products, some activity can migrate back to open networks where it’s economically rational. Even with CLARITY, corpchains may have already won the “regulated value” lane because they’re pairing legal/compliance posture with direct rail access . The OCC’s conditional trust-charter approvals for major digital-asset firms reinforce that direction of travel. What to Watch Next Stablecoin scale growth : Stablecoin supply is ~$322B with +23% CAGR since 2022; accelerated to +29% CAGR over the last year. Tokenized security pilots graduating to production, especially DTCC/Canton Network programs. The first truly meaningful onchain equity event such as an IPO being entirely on blockchain. More “skinny” Fed access precedents after Payward and the limits placed on Payward’s master account by the Fed. How VanEck Is Positioned We have not responded to this cycle by throwing single-token spaghetti at the wall. Instead, we've been deliberate: launching a small number of differentiated exposures and adding staking where appropriate, while pivoting our most flexible mandates away from tokens in 4Q2024 and toward crypto-linked equities as the corpchain thesis gained traction. Our active strategies designed for this environment can own both tokens and equities, but have been meaningfully overweight equities, reflecting where we believe value is accruing. In parallel, our venture efforts are focused on early-stage companies building the infrastructure to enable tokenization and onchain settlement at scale. We don't pretend to know how this ultimately resolves. If the CLARITY Act passes or open public blockchains begin to demonstrate durable economic advantages in regulated finance, we will adapt. But absent market-structure clarity, we remain tilted toward the equities enabling the corpchain future rather than the tokens that may not capture its economics. Frequently Asked Questions What is a corporate blockchain? A corporate blockchain (or “corpchain”) is a permissioned distributed ledger operated by or for regulated institutions such as banks, exchanges, or fintechs. Unlike public blockchains like Ethereum or Solana, corpchains feature controlled validator sets, privacy, compliance tooling, and direct value capture for the operator. Examples include Canton, Provenance, Kinexys (JPMorgan), Tempo, Circle Arc, Fnality, and Base. How does the GENIUS Act affect stablecoins? The GENIUS Act creates a federal framework for payment stablecoins with 100% reserve backing, required disclosures and attestations, and full Bank Secrecy Act and anti-money laundering compliance. It effectively codifies regulated stablecoin issuers as “narrow-bank-like” entities that hold only safe, liquid reserves. As of early 2026, stablecoin supply sits at roughly $310B, with Visa processing $3.5B annualized in USDC payments and Fiserv distributing FIUSD through more than 10,000 financial institutions. Why are financial institutions building their own blockchains instead of using Ethereum or Solana? Institutions build corpchains to control validators, prevent asset leakage, ensure privacy and compliance, capture fee economics, and guarantee deterministic performance. Public blockchains struggle with governance, service guarantees, blockspace volatility, and potential interaction with prohibited parties, which makes them difficult to justify for regulated value transfer. More than 21 crypto entities have applied for state or national banking charters since 2020, reinforcing the trend toward compliant, institution-run infrastructure. Important Disclosures 1 VanEck Research, Wyoming Banking Division, as of 4/23/2026. This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are valid as of the date of this communication, and are subject to change without notice. Information provided by third party sources is believed to be reliable and has not been independently verified for accuracy or completeness and cannot be guaranteed. Definitions Index performance is not representative of fund performance. It is not possible to invest directly in an index. MVIS Global Digital Assets Equity Index (MVDAPPP) is designed to track the performance of the largest and most liquid companies in the digital assets segment. Companies must generate at least 50% of their revenues from digital assets projects or have projects that have the potential to generate at least 50% of their revenues from digital assets in the future to be eligible. Bitcoin ((BTC)) is a decentralized digital currency without a central bank or single administrator. It can be sent from user to user on the peer-to-peer Bitcoin network without intermediaries. Ethereum ((ETH)) is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Solana (SOL) is a high-performance public blockchain that uses a proof-of-stake consensus mechanism. Its native token, SOL, is used for transaction fees and staking. XRP is the native digital asset of the XRP Ledger, an open-source, permissionless, and decentralized blockchain technology designed for cross-border payments and settlement. Risk Considerations The information, valuation scenarios and price targets presented on any digital assets in this blog are not intended as financial advice, a recommendation to buy or sell these digital assets, or any call to action. There may be risks or other factors not accounted for in these scenarios that may impede the performance of these digital assets; their actual future performance is unknown, and may differ significantly from any valuation scenarios or projections/forecasts herein. Any projections, forecasts or forward-looking statements included herein are the results of a simulation based on our research, are valid as of the date of this communication and subject to change without notice, and are for illustrative purposes only. Please conduct your own research and draw your own conclusions. Index performance is not representative of fund performance. It is not possible to invest directly in an index. Investments in digital assets and Web3 companies are highly speculative and involve a high degree of risk. These risks include, but are not limited to: the technology is new and many of its uses may be untested; intense competition; slow adoption rates and the potential for product obsolescence; volatility and limited liquidity, including but not limited to, inability to liquidate a position; loss or destruction of key(s) to access accounts or the blockchain; reliance on digital wallets; reliance on unregulated markets and exchanges; reliance on the internet; cybersecurity risks; and the lack of regulation and the potential for new laws and regulation that may be difficult to predict. Moreover, the extent to which Web3 companies or digital assets utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material increase in the value of such companies or digital assets. Digital asset prices are highly volatile, and the value of digital assets, and the companies that invest in them, can rise or fall dramatically and quickly. If their value goes down, there’s no guarantee that it will rise again. As a result, there is a significant risk of loss of your entire principal investment. Digital assets are not generally backed or supported by any government or central bank and are not covered by FDIC or SIPC insurance. Accounts at digital asset custodians and exchanges are not protected by SPIC and are not FDIC insured. Furthermore, markets and exchanges for digital assets are not regulated with the same controls or customer protections available in traditional equity, option, futures, or foreign exchange investing. Digital assets include, but are not limited to, cryptocurrencies, tokens, NFTs, assets stored or created using blockchain technology, and other Web3 products. Web3 companies include but are not limited to, companies that involve the development, innovation, and/or utilization of blockchain, digital assets, or crypto technologies. All investing is subject to risk, including the possible loss of the money you invest. As with any investment strategy, there is no guarantee that investment objectives will be met and investors may lose money. Diversification does not ensure a profit or protect against a loss in a declining market. Past performance is no guarantee of future results. © Van Eck Associates Corporation. Original Post