Solana launchpad Pump.fun has switched on PreStocks trading on its platform, bringing tokenized exposure to private companies into the same venue used for memecoin launches. The integration is powered by PreStocks.

Eight pre-IPO tokens are live at launch: OpenAI, Anthropic, Anduril, Neuralink, Figure AI, Kalshi, Polymarket and Oura.

Users can trade these tokens directly and also launch new coins paired with them. That turns pre-IPO names into base assets for new token launches on Pump.fun.

All eight companies are still private, so there is no listed share price to anchor these tokens. Their value rests on the PreStocks structure and on-chain liquidity.

Everything that moved crypto today, in one card.

Today's headliners: JPMorgan, Deutsche Bank, Mastercard, BNB, Sparkassen, Revolut, Hyperliquid, Metaplanet, Qubic, Binance

The fight over US crypto perps moved deeper into court on Friday, when the Commodity Futures Trading Commission filed a brief against CME Group's legal challenge to its perpetual futures policy. The agency argues that claims of more competition, without any plausible imminent financial injury, do not give CME standing to sue.

The CFTC opened the door to perps in May by approving Kalshi's first bitcoin perpetual and said it would regulate such products case by case as futures. CME insists contracts with no expiry are swaps, which would put them under a different regulatory regime. The CFTC already asked a federal judge to dismiss the case in September.

The CFTC noted that CME's own crypto futures volume has risen since the policy shift, and accused the exchange of telling investors on earnings calls that perps are not substitutes for its futures.

TD Cowen policy analyst Jaret Seiberg said CME may still hold the edge on both standing and the swaps argument. The outcome will decide how fast a domestic perps market can grow.

Most crypto cards still ask users to preload a balance before they can pay. Mesh and Visa announced a partnership at Money20/20 that removes that step: users will pay straight from crypto and stablecoin balances held in participating wallet apps, without selling or transferring assets first.

Mesh provisions a Visa credential in the background, so checkout works like any contactless or online Visa payment. Mesh handles funding, conversion and routing in real time at the moment of purchase, and merchants receive fiat as usual.

The setup gives wallet balances access to Visa's network of 175 million merchant locations in more than 200 countries.

Initial availability, supported devices and participating wallet platforms have not been announced yet. Mesh, founded in 2020, says more than 200 enterprises already use its payments network.

Banks moving into stablecoin payments now get a pre-settlement check from Mastercard: the card network unveiled Stablecoin Security at Money20/20 USA, a risk intelligence service that scores a payment before funds move onchain.

The tool traces where money came from and flags links to fraud, scams and sanctions violations across the payment lifecycle. Results are delivered via API, so institutions can plug the score into their existing fraud and compliance stacks. Borderless.xyz and Keyrails are the first partners.

Nearly 60% of stablecoin transfer events happen inside complex, multi-step transactions rather than simple one-to-one payments, per a BIS study of 593M transfers cited by Mastercard.

The service launches first in North America, with worldwide availability expected in 2027. It extends Mastercard's stablecoin push after the BVNK acquisition (a deal worth up to $1.8B) and last week's Global Money Platform launch.

The two chains have traded places several times since early September, when Hyperliquid L1 first moved ahead of Solana in USDC supply by chain. A year ago the gap was wide: about $4.57B on Hyperliquid against $10.04B on Solana.

Hyperliquid L1 now holds about $6.97B of USDC versus $6.78B on Solana, with only Ethereum ahead at $44.7B.

Total USDC circulation across chains stands near $72.4B, which gives Ethereum roughly 62% and Hyperliquid about 9.6%. Base ($4.3B) and Arbitrum ($2.3B) round out the top five.

Most USDC on Hyperliquid serves as margin for its perpetuals exchange, so the balance tracks trading demand and can swing quickly. The lead over Solana is under $200M and has flipped back and forth through October.

The Solana treasury company, formerly Sharps Technology, has liquidated all 2,077,799 SOL on its balance sheet, a stake valued at about $218.5M, and now sits on $223.8M in cash.

The proceeds fund a cash tender offer of up to $201M at $3.00 per share for as much as 95% of its common stock and warrants. The price is a 65% premium to the October 9 close, and the offer requires at least 50% of each security class to be tendered. The company has reportedly dropped an earlier condition that SOL stay above $100 during the offer period.

SkyAI holds $223.8M in cash and zero SOL after the sale.

The buyback follows the board's unanimous rejection of an unsolicited all-stock acquisition proposal from Forward Industries, which the special committee said undervalued the company at a 0.306 exchange ratio. The sale takes one of the larger corporate SOL holders out of the Solana treasury segment, with SOL trading near $105 at the time of the report.

Several crypto venture firms, including Paradigm, Framework Ventures and Haun Ventures, have been expanding into AI. Multicoin Capital is staying with crypto instead, and its general partner Spencer Applebaum said the firm sees no reason to shift focus just to follow the AI investment boom.

HYPE, the token of Hyperliquid, is currently the largest position in Multicoin's hedge fund, and all of it was bought on the open market.

Multicoin manages about $2.7B. The size of the HYPE holding was not disclosed.

The move puts one of crypto's larger funds behind a single trading venue token at a time when peers are moving capital out of the sector, which also means the fund carries concentrated exposure to Hyperliquid's performance.

After nearly two years of operations, the Bitcoin liquidity protocol announced it will wind down and conclude operations. Lending no longer accepts new deposits or borrows and interest accrual has stopped, while Strategy deposits and new LSD staking are closed.

Borrowers must repay outstanding loans by November 14, 2026. The final deadline for repayments, withdrawals and unstaking is November 19, 23:59 UTC.

Unpaid loans after the deadline face collateral liquidation, with proceeds going toward lender obligations; liquidation and distribution dates are still to be confirmed. The Aptos-to-B² bridge will stay available for aBTC redemptions.

The shutdown follows a May 18 incident in which an attacker used a compromised admin key on Monad to mint 1,000 unbacked eBTC, nominally worth about $76.7M. Realized losses were far smaller, around 11.29 WBTC (roughly $867K) borrowed through Curvance.

This week's six have Paradigm, a16z, Polychain and Hack VC money behind them. All live right now:

• PopDEX: Perp DEX · open beta, weekly 150,000 USDT prize draw

• GTE: Perps Exchange · Paradigm-led, waitlist points

• Zodl Vault: Privacy Wallet · beta for shielded ZEC savings

• Fhenix: Encrypted L2 · OnlyFhens credits and badges

• Doma: DomainFi · points for .sol and .agent priority

• DogeOS: Dogecoin L2 · Grand Heist quests

Full step-by-step breakdown for each 👇

cryptodiffer.com/feed/project-updates/we-filtered-the-noise-6-crypto-activities-worth-your-time-step-by-step-oct-19