U.S. securities regulators moved to accelerate the launch of additional crypto exchange-traded funds, unveiling a process to streamline listings across exchanges. The policy shift, coming amid the administration’s broader push to normalize digital-asset market structure, is expected to open the door to a wave of spot and thematic products beyond the existing Bitcoin and Ether funds. Exchanges would be able to list qualifying products after meeting standardized disclosure and surveillance rules rather than seeking one-off, bespoke approvals. Industry participants say the move could deepen liquidity and broaden investor access, while critics urge caution around market integrity and investor protections.

China tells brokers to pause RWA tokenization in Hong Kong

China’s securities regulator has asked some mainland-linked brokerages to suspend real-world-asset (RWA) tokenization activities conducted via Hong Kong units, according to sources cited by Reuters. The guidance, framed as a risk-management step, comes as several firms explored issuing or dealing in tokenized instruments to serve regional investors. The pause underscores Beijing’s continued caution over rapid digital-asset liberalization, even as Hong Kong courts favoring policies designed to attract crypto business. Market observers say the move could slow near-term RWA rollouts and push firms to reassess compliance frameworks and cross-border operational risk.

UK and US outline plans to smooth capital-markets access and deepen crypto cooperation

Officials from the United Kingdom and United States signaled closer coordination on capital-markets access and digital-asset policy, according to statements reported by Reuters. The agenda includes efforts to reduce frictions for cross-border listings and to share insights on crypto policy developments as both jurisdictions update rulebooks. While details remain limited, the cooperation aims to improve regulatory clarity around tokenized instruments, trading venues and market surveillance. Industry groups view the transatlantic engagement as a potential catalyst for harmonization that could benefit compliant issuers and institutions seeking standardized frameworks.

Custom Stablecoins for Credit Unions: Shaping the Future of Payments.

Metallicus CEO, Marshall Hayner and Irina Berkon CFO will lead a breakout session at America’s Credit Unions OME & Technology Council Conference in Phoenix. Topic: “Custom Stablecoins for Credit Unions: Shaping the Future of Payments.” They’ll cover design, compliance, and real-world pilots moving toward production. If you’re attending, join the discussion.

Bitcoin ETF Flows

Monday saw heavy net outflows of about $363m, led by sizeable redemptions at Fidelity’s FBTC, with ARK’s ARKB and WisdomTree’s HODL also negative while BlackRock’s IBIT was flat. On Tuesday, outflows eased to roughly $104m as IBIT inched positive but FBTC and several peers remained in the red. Midweek strength arrived Wednesday with the week’s largest net inflow of about $241m, driven by IBIT (~$129m) alongside FBTC, BITB and ARKB turning positive. Thursday flipped back to notable outflows near $253m despite IBIT’s ~$80m intake, as FBTC, BITB, ARKB and GBTC redemptions outweighed gains. Overall, the week to Thursday closed mixed and volatile, with leadership concentrated in IBIT while broad issuer selling kept totals negative.

Ethereum ETF Flows

Monday opened with net outflows of about $76m, with Fidelity’s FETH and Bitwise’s ETHW among the largest decliners and BlackRock’s ETHA modestly negative. Tuesday worsened to roughly $141m of outflows as FETH led redemptions, joined by ETHW and Grayscale’s ETHE. Wednesday remained weak with about $79m leaving the complex, including additional redemptions at ETHA and FETH. Thursday marked the steepest day, with net outflows near $251m led by heavy selling in FETH and continued withdrawals from ETHE and others. In aggregate, Ether ETFs faced persistent redemptions through Thursday, signaling softer demand versus Bitcoin peers during the risk-off stretch.

Top Gainers (Coins Available on Metal Pay)

A risk-off week left the board in the red, with Bitcoin (BTC) the relative outperformer at −5.3% as it held up best during broad deleveraging. Ethereum (ETH) lagged at −10.0% amid persistent ETF outflows, while Litecoin (−9.5%) and XRP (−7.4%) also softened alongside weaker liquidity. Metal Blockchain (−6.0%) tracked the market’s drawdown. Macro uncertainty around U.S. inflation data and rising outflows from crypto ETFs likely added pressure across majors.

These assets, and more are available for trading on Metal Pay.