What has been happening this week in the world of blockchain and cryptocurrencies? Current events and background reports in our weekly review.
Selected articles of the week:
The world’s largest asset manager BlackRock has listed its third crypto product on Nasdaq with the iShares Staked Ethereum Trust ETF (ETHB). For the first time, US investors can directly participate in Ethereum staking yields through an exchange-traded BlackRock product. These yields stand at an annualized rate of approximately 3%. Between 70 and 95% of the held Ether is staked, with the remainder serving as a liquidity buffer for redemptions. The crypto exchange Coinbase handles both custody and staking coordination. Of the gross staking yields, 18% goes to BlackRock and Coinbase, while the remaining 82% is distributed as a dividend at least quarterly. ETHB follows the Bitcoin fund IBIT and the Ethereum spot ETF ETHA as BlackRock’s next crypto ETF. In total, the firm now manages approximately 130 billion USD in crypto-related products.
BlackRock launches ETHB, the first Ethereum staking ETF in the US, offering around 3% yield and staking up to 95% of its ETH holdings.
Wells Fargo secures trademark rights for its own stablecoin
It is not only in ETFs that traditional finance is pushing deeper into the crypto market. US major bank Wells Fargo has filed an application for “WFUSD” with the US Patent and Trademark Office. The ticker follows the naming convention of established stablecoins such as USDC and USDT, which is why market observers interpret the filing as preparation for a dollar-pegged stablecoin. Notable is the broad scope: the application covers not only the stablecoin itself but also crypto trading, digital wallets, payment processing, and blockchain-based settlement. Wells Fargo belongs to a group of major banks that, together with JPMorgan Chase, Bank of America, and Citigroup, are exploring a joint stablecoin project. This initiative, however, is still in an early phase. The legal foundation comes from the GENIUS Act, signed in July 2025, which for the first time establishes a federal framework for payment stablecoins in the US. Wells Fargo brings blockchain experience dating back to 2019, when the bank launched “Digital Cash” on the R3 Corda platform.
Wells Fargo files WFUSD trademark with the USPTO – the application covers crypto trading, payment processing, and stablecoin settlement.
Hong Kong approves HSBC and Standard Chartered as stablecoin issuers
The Hong Kong Monetary Authority (HKMA) is issuing stablecoin licenses to banks for the first time, making the special administrative region one of the first jurisdictions worldwide to take this step. Among the recipients are the two major banks HSBC and Standard Chartered as well as the crypto exchange OSL. From a total of 36 applications, the authority is initially approving only three to four licenses. The HKMA deliberately favors bank-led issuers due to their strong capitalization and lower systemic risk. Standard Chartered is pursuing a consortium approach and established a joint venture called Anchorpoint Financial with blockchain company Animoca Brands for a Hong Kong dollar stablecoin. The foundation is the Stablecoins Ordinance, in effect since August 2025, which requires full backing with highly liquid assets and redemption at par value within one business day.
Hong Kong grants first stablecoin licenses to HSBC and Standard Chartered: HKMA selects only 3-4 issuers from 36 applicants.
US Senate embeds CBDC ban in bipartisan housing bill
While governments worldwide promote private stablecoins, the US is taking the opposite path with the state-backed counterpart. The US Senate has advanced the “21st Century ROAD to Housing Act” for further deliberation with a surprisingly decisive majority of 84 to 6 votes. Hidden within the 303-page housing bill is a clause that prohibits the Federal Reserve from issuing a central bank digital currency until 2030. Both direct issuance and indirect issuance through financial institutions are excluded. The tactical embedding in a popular housing market bill secured broad bipartisan support that a standalone CBDC ban would hardly have received. As early as January 2025, an executive order by President Trump prohibited all federal agencies from developing a CBDC. The legislation aims to close this gap, since a future administration could revoke the executive order at any time. The US is thereby positioning itself clearly against the global trend: the ECB plans the digital euro for 2029, and China is already operating a fully functional system with the digital yuan. Private stablecoins are explicitly exempt from the ban.
US Senate advances a CBDC ban with an 84-to-6 vote, embedded in a housing bill – a clause prohibits Fed-issued digital currency until 2030.
Ripple buys back 750 million USD in its own shares
In addition: Blockchain payments company Ripple has launched a new share buyback program of up to 750 million USD. The tender offer targets existing investors and employees and is based on a company valuation of 50 billion USD. This represents a 25% premium over the last funding round from November 2025. Ripple has employed this instrument regularly since 2024 and has since conducted buyback programs totaling over 2.7 billion USD. In parallel, the company pursued acquisitions worth approximately 2.45 billion USD in total during 2025, including prime broker Hidden Road for 1.25 billion USD. Despite the aggressive capital strategy, Ripple has no plans for a near-term IPO. The XRP token is currently trading at approximately 1.39 USD, more than 60% below its all-time high. A structural asymmetry persists: shareholders benefit indirectly from the value of XRP reserves, while token holders have no claims whatsoever on the company itself.
Ripple launches a $750 million share buyback at a $50 billion valuation. Employees and investors gain liquidity.
