15 crypto companies still plan to go public, and the biggest names are in no hurry. Kraken ($20B) now looks at 2027, Grayscale's public S-1 hasn't moved since January, and Consensys and Bitpanda are on hold.

The fast lane is SPACs: tZERO ($350M), First Digital ($250M) and Abra ($750M) are all heading to US exchanges. October brought 8 US IPOs against a 10-year average of 22, and not one was crypto.

The Depository Trust & Clearing Corporation switched on its Tokenization Service (DTS) on October 28, and Morgan Stanley is among the first banks to use it, converting US equities and US Treasurys into tokenized form.

DTS creates tokenized representations of securities held in custody at DTC, the core settlement layer of the US securities market. The stated goals are greater liquidity, collateral mobility and capital efficiency for traditional instruments.

The bank is separately preparing to support tokenized equities in Q1 2027.

The move puts tokenization inside Wall Street's existing settlement plumbing rather than alongside it, a step that could pull more traditional collateral onchain as other DTC participants follow.

The US just held midterm elections for Congress. Crypto super PACs spent $56.6M in Ohio to keep Sherrod Brown, a known crypto critic, out of the Senate. Sherrod Brown won anyway.

His party also took the Senate: Democrats won 7 seats from Republicans, lost none and now hold 54 of 100.

What it means for crypto: Elizabeth Warren, one of the industry's toughest critics, is in line to run the Senate Banking Committee.

The CLARITY market structure bill has until January 3 to pass, or it starts over next year.

Nine early-stage projects that hit our radar, real products rather than memecoins. The theme: the boring parts of finance. Crypto spent years inventing new ways to trade. This week's names rebuild the services a normal economy actually runs on: a loan, a shop till, a team budget, a fund manager, a will and a risk report. Each one swaps a back office for rules written onchain. Follower counts are small on purpose, you are seeing these early. With a link to each.

1/ Unlloo (Reputation Lending)

Almost every loan in DeFi asks you to lock up more than you borrow. Unlloo lends USDC, USDT and DAI with no collateral at all. A borrower posts a request with a maximum APR, lenders compete with offers at or below it, up to 200 per loan, and an onchain reputation score decides who gets credit. Funds sit in onchain escrow until the loan is filled. Live on Ethereum mainnet. With no collateral, lenders can lose money, and the project says so on its front page.

2/ Birch Hill (RWA Credit)

Most onchain yield still comes from lending to other traders. Birch Hill lends against real buildings. Its first vault, live on Base through Morpho since October 13, offers USDC lending backed by Groma's apartment buildings in Boston and Providence, with the asset value published onchain by Chronicle. Access can be restricted depending on who you are. On October 28 it announced a $4M seed led by Multicoin, with ParaFi, Castle Island and Nascent joining.

3/ Ibis (Private Credit)

Businesses in frontier economies are among the hardest borrowers to reach from Wall Street. Ibis is building institutional private credit for them. It came out of stealth on October 28 with a $250M structured credit facility from FalconX, which also led its pre-seed with Anchorage and Innovating Capital. The product is on testnet and access is by request. Three posts in, this is as early as it gets.

4/ Kova (Payments)

A small shop that wants to take stablecoins usually needs a card machine and a processor. Kova turns a phone into the till: the shop taps or scans, the customer pays in digital dollars, and the money settles on Monad in about a second, straight to the shop's own wallet. Since November 2 users also get a free virtual Mastercard funded from their balance. The numbers are real and still tiny: 70 people, 158 transactions, $3,396 moved, 7 shops open and payouts to Nigerian bank accounts. The iPhone app runs on TestFlight.

5/ Nuntio (Team Spending)

Give an AI agent a company card and you find out what it bought later. Nuntio is one shared onchain account for a team, where every person and every AI agent gets its own spending limit. An agent proposes a payment, the contract checks the limit, and anything above it waits for a human to approve. Teams already use it to buy AI compute and Claude with AUSD. Live on Monad with agents in beta, and 50 active users in the last 30 days.

6/ Buoy (Trading Vaults)

Handing money to a trader usually means trusting them with it. Buoy runs non-custodial vaults on Hyperliquid's HyperEVM: a lead trader manages pooled USDC, depositors hold redeemable shares as tokens, and the trader earns a fee only when the vault hits a new profit high. Live on mainnet, with Pear Protocol's trading engine plugged in since October 9. By October 1 its profitable vaults had made depositors $9,000+. No token. One vault's good month says little about the next one.

7/ Heres (Inheritance)

If you die tomorrow, your seed phrase most likely dies with you. Heres is a succession protocol on Solana: you create a capsule that sets who gets which assets and when, and it settles onchain. Its site counts 170 capsules created, 139 already delivered and about 54 SOL secured. Built with MagicBlock, it took second place at the MagicBlock Blitz hackathon and is in Alchemy's Solana fund program.

8/ Pegana (Peg Risk)

Pegs rarely break all at once, the gap widens first. Pegana watches 67 Solana stablecoins, liquid staking tokens and yield-bearing dollars against their market and intrinsic value, and every change of state comes with a hashed receipt anyone can replay. The oracle went open source on October 26, with an API and an MCP server for AI agents. So far it is funded by a Superteam Brazil grant.

9/ Branchpoint (Conditional Markets)

Every big event splits the future in two, and your portfolio has to live in both. Branchpoint splits an asset into conditional versions, one for each possible outcome, so you can trade, lend and borrow inside each branch, then recombine or settle once reality is known. Instead of betting on one world, you price all of them. Testnet is live, the beta is closed and the waitlist is open.

The pattern this week: crypto is finally rebuilding the dull core of finance. A loan without collateral, credit backed by apartment buildings, a till on a phone, a budget an AI agent cannot overspend, a trader who never touches your keys, a will that settles itself and a peg report with receipts. None of this trends on the timeline, and that is the point. These are early-stage projects, several still on testnet, in beta or on TestFlight, so higher upside comes with higher risk. Do your own research, nothing here is financial advice.

Which one are you watching?

Russia's largest bourse is opening what it describes as the country's first organized digital currency market, with Bitcoin, Ether and Tether's USDT trading set to start on December 1. Pilot trades will begin as participants join the platform.

Trading will run on the existing stock-market infrastructure from 6:50 am to 11:50 pm Moscow time, with same-day and next-day settlement plus swap transactions, all cleared through the National Clearing Center (NCC).

Non-qualified investors must pass a test before buying and are capped at 300,000 rubles (about $3,700) per year through each broker.

The market operates under Russia's crypto law, in force since September 1, 2026, which allows regulated trading but keeps the ban on crypto payments for goods and services. Moscow Exchange and the NCC have been under US and UK sanctions since June 2024, and the EU added the exchange to its list in July 2026, which raises questions about demand and spreads.

While pushing ahead with its closure, restructuring and liquidation, BitMart has also had to deal with a security incident: founder Sheldon Xia confirmed the exchange was attacked by hackers a day earlier.

The amount involved was described as relatively small. The team launched an investigation and strengthened the platform's security defenses.

Preliminary findings point to the same group that attacked Brazilian exchange Mercado Bitcoin on the same day.

The breach comes in the middle of BitMart's wind-down, adding a security investigation to the ongoing restructuring and liquidation.

The EU institution behind a suspected crypto theft that drained multiple centralized exchange accounts on November 1 now has a name. On-chain investigator ZachXBT identified the victim as French bank Crédit Mutuel Arkéa, a lender with $235B in assets. The bank's role remains unconfirmed.

The attacker withdrew USDC and USDT from accounts at Kraken, Crypto.com and OKX. Estimated losses grew from $106M to $133M after another $27M in exchange withdrawals was identified, some of them made after the first public alert.

$62.98M in stablecoins was converted into 27,553 ETH within roughly four hours, then pushed through instant exchanges, Monero swaps and cross-chain bridges.

Kraken restricted the linked accounts and Crypto.com blocked related funds, while Tether froze $1.1M in USDT. ZachXBT argues the incident was covered up and that the missing disclosure let more than $30M be laundered before law enforcement could act. Laundering patterns do not match North Korea's Lazarus Group.

Canton Coin (CC), the native token of the institutional Canton Network, received a no-action letter from the SEC Division of Corporation Finance that treats it as a digital commodity.

The division said it would not recommend enforcement action if CC keeps being created and distributed through the network's automated processes without securities registration. The relief covers tokens earned by validators and application providers for helping operate the blockchain.

Staff reasoning: CC's value comes from the network's programmatic operation and supply and demand, not from the managerial efforts of others, and the network has no centralized controlling party.

The letter reflects a staff enforcement position based on facts submitted by Canton, not a legal conclusion on whether CC is a security. It still gives validators and institutional users on the network a clearer US compliance footing.

Gelephu Mindfulness City, Bhutan's special administrative region in the south of the country, is turning its financial regulator into a full central bank. King Jigme Khesar Namgyel Wangchuck signed a Royal Decree granting central banking powers to the Gelephu Financial Services Office, which will become the Gelephu Central Bank.

The new institution will run monetary policy, foreign reserves, payment systems and financial supervision within GMC. The decree also opens a path to a GMC currency, including a possible digital form, subject to the King's concurrence.

The Gelephu Central Bank will be authorised to invest reserves in digital assets and cryptocurrencies alongside conventional assets.

The authority does not commit the bank to any specific token, and rules on custody, risk and reserve composition are still to be published. The transition timetable and coordination with the Royal Monetary Authority, Bhutan's national central bank, have not been outlined yet.

Everything that moved crypto today, in one card.

Today's headliners: CFTC, SEC, New Jersey, South Korea, Hong Kong, Binance, Arbitrum, Kraken, NEAR, Blockstream