What has happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, as well as interesting background reports, are summarized concisely in this weekly review.
Selected articles of the week:
The major bank JPMorgan launched its deposit token JPM Coin this week. Like a stablecoin, it is intended to serve as a tokenized dollar unit. The token can bear interest and represents a digital claim against bank deposits. It is therefore not a traditional stablecoin. CVJ.CH has already highlighted these structural differences in similar projects from UBS, PostFinance and Sygnum. Stablecoins are fully backed by liquid assets such as government bonds and cash equivalents. The new US regulation GENIUS Act requires strict 1:1 backing. In practice, reserves typically consist of short-term government securities, whose redemption is secured directly through the Federal Reserve. A deposit token works differently. It tokenizes payment instructions and deposits at a bank that are only partially backed by real assets. In a stress event such as a bank run, holders of a traditional stablecoin would likely be better protected. Stablecoin issuers must back every digital dollar with liquid assets. This requirement does not apply to bank deposits. In addition, the government bonds held by stablecoins are kept off-balance sheet and carry the central bank’s guarantee. In Switzerland, bank deposits are only insured up to 100,000 francs. In the United States, the threshold is 250,000 dollars.
JPMorgan launches “JPM Coin,” a tokenized deposit token for institutional clients – built on the Base blockchain.
First central bank acquires Bitcoin
The Czech National Bank has built a pilot portfolio of Bitcoin and other digital assets worth around 1 million US dollars. The purchase was made via a regulated crypto exchange. The portfolio consists mainly of Bitcoin, supplemented by stablecoins and a tokenized deposit. The central bank is testing the entire operational chain – from trading and custody to compliance and risk analysis – under real conditions. The ČNB emphasizes that these are not official reserves and no expansion is planned. The program runs for two to three years. During this time, the bank will assess the potential role of digital assets in future state financial structures. This positions the Czech monetary authority far earlier than its international counterparts.
The Czech central bank is testing USD 1 million in Bitcoin and digital assets to evaluate custody, risks, and practical applicability.
Hedge funds become more active in digital assets
A new AIMA survey with PwC shows that 55 percent of hedge funds invested in cryptocurrencies in the first half of 2025. In the previous year, the figure was 47 percent. The survey included 122 global funds managing nearly one trillion USD in assets. The average crypto allocation is around 7 percent, but more than half invest less than 2 percent. The main drivers are rising crypto prices and increasingly crypto-friendly US regulation. More than 60 percent of crypto-active funds come from North America, followed by Europe with 25 percent and Asia with 10 percent. US funds benefit particularly from new laws such as the CLARITY Act and the Stablecoin Innovation Framework. Most funds focus on liquid, established tokens: Bitcoin and Ethereum account for over 80 percent of allocations. In addition, 45 percent plan to invest in tokenized bonds and real-world assets once regulation is fully in place.
More than half of hedge funds are investing in crypto assets in 2025 – primarily in Bitcoin and Ethereum through regulated channels.
A new wave for DeFi?
This week, the development team behind leading decentralized exchange Uniswap announced the activation of the fee switch. For the first time, fees will be redirected to tokenholders, who previously did not participate in the financial success of the platform. The model aims to better balance the interests of tokenholders, users and liquidity providers. According to the roadmap, the rollout could already be completed in the first quarter of 2026. The market reacted immediately and the UNI token rose significantly.
UNI token jumps over 30% after Uniswap reform: fee model activated and token burn planned – token holders stand to benefit.
Market fails to find a bottom
In addition: Around a year ago, Bitcoin crossed the 100,000 US dollar mark for the first time. What initially seemed like a stepping stone on the way to new highs has turned into a stubborn price anchor. Despite the strategic US reserve, billions in ETF inflows and clearer regulation, the largest cryptocurrency remains at nearly the same level twelve months later. The question remains what has happened since and where the market goes from here.
The price discovery of Bitcoin and crypto markets has been slowed by the US government shutdown.
