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first_img Apyx postponed the APYX token TGE, and the Season 2 allocation was raised to 9%

The digital credit protocol Apyx announced on September 23 that the TGE of the governance token APYX has been postponed to after the originally scheduled date of October 13, 2026, when rewards were planned to be distributed to Season 1 and Season 2 participants. The reasons for the delay are twofold: the core reserve asset STRC has experienced the deepest and longest drawdown in its brief history, the protocol has not been interrupted, and the Chainlink on-chain NAV, proof cadence, minting, and redemption are still operating under existing terms, but the volatility of digital credit exceeds the range shown by its short history, requiring more time to address; multiple institutions have proactively reached out, hoping to use their infrastructure to bring their assets on-chain.The additional time will be used to strengthen the core protocol and to build a broader RWA platform V1 before the TGE. Digital credit remains the reserve anchor and source of yield for apyUSD, with custody, proof, on-chain NAV, redemption, and compliance frameworks being opened to other issuers and asset types. Apyx stated that the zero-fee, instant redemption, government bond-backed aptUSD has been launched, making it the first asset in the ecosystem not derived from digital credit. The Pips plan will continue, and Season 2 will no longer end on the originally scheduled date of October 11; the accumulation under the existing multiplier will remain uninterrupted, and positions, commitments, Curve and Pendle positions, and lending positions will continue to score without any action required.Due to the extended accumulation period, the airdrop allocation for Season 2 has increased from 6% of the total supply to 9%. The new end date will be confirmed along with the new TGE date, and it will not end without prior notice. The allocations for Season 1 and Season 2 will still be fully unlocked at the TGE.

first_img Kraken's parent company Payward has postponed its IPO to the second quarter of 2027

According to two informed sources, Payward, the parent company of cryptocurrency exchange Kraken, has postponed its highly anticipated initial public offering (IPO) to as early as the second quarter of 2027. CoinDesk reported in March this year that the company had shelved its multi-billion dollar IPO plans due to a challenging market environment; this delay further extends the much-watched listing process.Payward confidentially submitted its S-1 registration statement draft to the U.S. Securities and Exchange Commission in November 2025, shortly after the company completed an $800 million funding round at a $20 billion valuation, which included a $200 million investment from Citadel Securities. After Circle and Bullish successfully went public last year, the cryptocurrency industry originally expected a wave of listings in 2026, but weak coin prices and trading volumes, along with the lackluster market performance of some newly listed digital asset companies, dampened investor enthusiasm, leading companies like Grayscale, Consensys, and Ledger to also postpone their listing plans.During the IPO hiatus, Payward continued to expand beyond its core exchange business, venturing into traditional and crypto derivatives, tokenized stocks, and payment infrastructure through a series of acquisitions and product launches. The company's adjusted revenue for the second quarter was $508 million, a 17% year-over-year increase, with the number of funded accounts rising to 6.6 million and platform assets reaching $40 billion.

first_img The Clarity Act has been postponed to September, and banks are still accelerating their layout of tokenized deposits

Vassilis Tziokas from Matter Labs pointed out in a CoinDesk article that the U.S. Senate has postponed the Clarity Act until September. This market structure bill failed to complete the final vote before the August recess, meaning that regulatory rules for the digital asset market will take weeks to be implemented. Meanwhile, banks are not waiting for regulation; JPMorgan has processed over $30 trillion in transactions through the Kinexys platform and launched the deposit token JPMD, while Citigroup operates cross-border Treasury token services. A clearinghouse, in collaboration with 17 major financial institutions, plans to achieve on-chain tokenized deposit clearing by 2027.The article argues that the interoperability of interbank tokenized deposits does not come from messaging standards or token bridges, but is realized through clearing mechanisms: the sending bank redeems tokens, the receiving bank issues its own tokens, inter-institutional obligations are recorded and netted, and ultimately settled in central bank currency. The engineering challenge lies in simultaneously satisfying privacy, neutrality, and verifiability; each institution must operate its own ledger, prove transfers through cryptography without exposing underlying data, and anchor to a neutral settlement facility owned by no participants.The author notes that the Clarity Act will not directly regulate tokenized deposits, but it can clarify the boundaries of the digital asset market and improve the stablecoin framework established by the GENIUS Act. The Global Financial Markets Association's report in April 2026 lists unresolved gaps such as unified processing of cross-border tokenized deposits and guidelines for off-network transfers, which are regulatory unlocking points for interbank tokenized fund interoperability. In the face of regulatory uncertainty, banks rationally choose to isolate, and each month of delay rewards closed gardens.
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