Incrypted Online Conference 2026 continues expanding its speaker lineup, adding key industry leaders from major Web3 ecosystems. The newly announced speakers include representatives from Binance, Base, NEAR, and Limitless Labs. They will share insights on ecosystem growth and the direction of the industry in 2026.

Online Speakers. K. Khomiakov (Binance), CJ Hetherington (Limitless Labs), S. Saxena (Base), A. Shevchenko (NEAR Intents), A. Maslov (Mantle), N. Taalaibekov (CertiK), T. Martykan (Trezor), S. Kunz (1inch), A. Shinkarevsky (OKX), and K. Jenke (Optimism Foundation).

The conference will also feature dedicated fireside chats with leading industry players. Kraken executives Ivan Paskar and Mayur Gupta will join one session, while Solana Foundation’s Vibhu Norby and SolanaFloor’s Jack Dunham will take part in another.

The conference is structured as a global online & offline event, featuring keynote talks and thematic sessions across leading blockchain ecosystems. It aims to connect builders, founders, and industry executives to discuss real-world adoption and infrastructure evolution in crypto markets.

Prediction markets generated $27.4M in revenue last month, led by Polymarket International at $18.2M. The fastest-growing platform this month was Limitless, up +141% MoM, now ranking #2 across all on-chain platforms by monthly revenue generated.

The vault opens real-world asset yield to ether fi's customer base of more than $6B in deposits, accessible directly inside the ether fi app without leaving the interface.

The product is built on Plume Nest Vaults, Plume's flagship vaults that standardize institutional assets and yield into compliant, non-custodial onchain structures.

The allocation scales up a relationship that began in March 2026, when ether fi made an initial $25 million allocation to Plume's Nest protocol via the nBASIS vault tied to Superstate's USCC fund.

Korea's institutional digital asset market has stopped looking like a set of isolated experiments and started looking like a full financial stack. Exchanges sit at the front, custody and settlement occupy the middle, and a contested race for tokenized securities infrastructure is forming at the top. The structure now mirrors traditional capital markets, with banks, brokerages, and the country's core market operators each claiming a layer.

This piece breaks the stack down layer by layer, then examines the two consortia fighting to set the standard for tokenized securities and the pending won-stablecoin legislation that will shape settlement.

The Four Layers of Korea's Institutional Stack

Exchanges and Retail

The retail-facing layer remains the most mature and consolidated part of the market. Upbit, operated by Dunamu, dominates domestic volume, followed by Bithumb, with Korbit and Coinone holding smaller shares. These venues are the entry point for most Korean users and the reference price source for the rest of the stack, but their role is increasingly upstream of a much larger institutional buildout rather than the center of it.

Custody and Distribution

Custody is where Korea's largest banks and financial groups have moved fastest. The layer includes specialist custodians KODA and KDAC, the local arm of BitGo, and major banks KB, Shinhan, and Hana, alongside Hanwha I&S. Bank participation matters because Korean regulation has historically tied institutional digital asset access to qualified custody, making this layer a gatekeeper for everything built above it.

Settlement Layer

The settlement layer is the most technically active and the least settled in terms of winners. It spans banks such as Woori and K-bank, the fintech platform Toss, and a group of blockchain infrastructure providers including BDACS, InfiniteBlock, Lambda 256, and Altus. LG CNS anchors this layer with deep permissioned-blockchain experience, having served as lead contractor on the Bank of Korea's CBDC project and as a partner in building tokenized securities issuance infrastructure. The unresolved question here is how settlement finality will work once tokenized securities and a won stablecoin go live together.

Tokenization and Issuance

The top of the stack is the most crowded and the most strategically important. It includes the country's core market operator Koscom, major brokerages Mirae Asset, Shinhan I&S, KB Securities, NH I&S, Samsung Securities, Kiwoom Securities, and Eugene I&S, content-rights platform MusicCow, infrastructure provider Galaxia Moneytree, and banks NH, BNK, and IM. This is the layer where the market's competitive structure is being decided, because whoever sets issuance and distribution standards controls the rails everyone else must use.

The Battle for the Top: Two Consortia, One Standard

Korea's tokenized securities, or STO, market has split into two camps, with one major brokerage opting out of both.

The first camp is led by Koscom, the core financial network operator in which Korea Exchange holds a 76.6% stake. Koscom is pursuing a neutral infrastructure model consistent with its mandate to provide shared infrastructure for securities firms. Rather than signing exclusive deals with individual issuers, it has integrated roughly a dozen securities firms onto a common platform, aiming to set issuance and distribution standards and to stay compatible with Korea Securities Depository custody management requirements. Its work spans an issuance platform built with LG CNS, a Korea Securities Depository testbed for total-volume management, a proof of concept for stablecoin-based atomic settlement, and participation in the Korea Exchange's KDX consortium for a fractional-investment trading venue.

The second camp is the fractional-investment alliance led by Shinhan Investment & Securities, which moved quickly to build its own STO ecosystem rather than wait for shared infrastructure. Shinhan has aligned with the Nextrade consortium, the trading venue built around the alternative exchange that launched to challenge the Korea Exchange monopoly, and its role includes managing investor accounts and providing the distributed ledger layer for converting existing fractional investments into security tokens.

Mirae Asset Securities has taken a third path entirely, leveraging overseas operations rather than waiting on domestic infrastructure to mature. The result is a market where the eventual standard is not yet fixed, and where positioning now determines who captures issuance flow later.

The Missing Piece: KRW Stablecoin Legislation

The settlement question cannot be fully answered until Korea finalizes the rules for a won-denominated stablecoin. Discussion around won stablecoins and the broader institutionalization of digital assets has expanded rapidly, with banks reviewing custody and payments roles and securities firms preparing for tokenized assets. Early activity is already visible: the first won stablecoin began acquiring tokenized Korean government bonds held at Shinhan Securities, marking the first time tokenized Korean government debt has been used to back a won stablecoin.

Until the legislative framework is complete, the settlement and tokenization layers are building toward a standard that does not yet legally exist. That gap is the single largest variable in how the rest of the stack resolves.

What Is at Stake

Korea is assembling one of the most complete institutional digital asset stacks of any major market, with regulated custody, bank-backed settlement, and brokerage-led tokenization developing in parallel rather than in sequence. The competitive question is no longer whether institutions will participate but which infrastructure they will standardize on.

With the market split between the Koscom-led consortium and the Shinhan-led alliance, Mirae Asset pursuing an independent route, and won-stablecoin legislation still pending, the contest for Korea's digital asset stack is in its early stages. The layers are in place. The standards, and the winners, are not.

Capital rotated defensively this week as yields held elevated, pressuring crypto ETF flows while accumulation continued off-exchange.

BTC ETF Flows:

10-day outflow streak closed with $1.42B pulled over the week (May 26–29). May 27 was the worst session, $733.4M in a single day, with IBIT alone accounting for $527.8M, the fund’s second-largest daily exit on record. 

ETH ETF:

12-day outflow streak, $241.6M pulled over the week, with May 28 the heaviest day at $121.4M. 

Treasury activity:

- Strategy sold 32 BTC for $2.5M

- Bit Digital picked up 8,568 ETH ($20.0M)

- Strive added ~1,109 BTC (~$85.4M)

- Bitmine stacked 111,942 ETH (~$237M)

Gravity Bridge was drained of ~$5.4M early Saturday after an attacker pushed unauthorized withdrawals through the bridge’s signing layer. The team halted operations while investigating.

Stolen funds include ~$4.3M USDC, $553k in wrapped ETH, $434k USDT, and $64k PAXG. Part of the haul moved through ChangeNow and Binance, with ~2,100 ETH (~$4.23M) still in the attacker’s wallet.

Researchers suspect a compromised signing key with no contract bug involved. April logged the most crypto exploits in a single month on record, with bridge key failures as a primary driver.

👉 x.com/coinbureau/status/2060945616751235512?s=20

Binance opened commission-free access to 7,000+ U.S. stocks and ETFs for non-U.S. users, with fractional shares from $5 via USDT, USDC, or BNB. Nest Trading handles brokerage, Alpaca manages custody and corporate actions.

The exchange also announced bStocks, a coming feature letting users tokenize holdings on BNB Chain for 24/7 trading, near-instant settlement, and DeFi use cases including lending and liquidity provision.

Available exclusively to non-U.S. customers due to regulatory constraints, as Coinbase, Kraken, and Robinhood push into the same space.

👉 x.com/binance/status/2061384128856244525?s=20

Upbit and Bithumb listed SLX for trading on KRW, BTC and USDT markets. Solstice is a DeFi platform building Solana-native financial products for institutions, anchored by USX, a collateralized Solana stablecoin backed by $100M+ in liquid assets.

SLX Current Price: $0.425

SLX Price Growth, 24H: +128%

Current FDV: $425M

Plume expanded its RWA reach, with nOPAL going live on Pendle's Ethereum mainnet through a 120-day market offering a current fixed APY of roughly 11% for Principal Token buyers.

nOPAL is minted natively on Nest, Plume's real-world yield product, and backed by Brazilian credit card receivables settled through Visa and Mastercard rails. The launch routes entirely through Plume infrastructure: users mint nOPAL on Nest with pUSD or USDC, with no KYC and no redemption fees.

Plume also anchors the incentive layer, with liquidity providers earning PLUME incentives alongside swap fees and PENDLE emissions from Pendle's AIM program.

The product is Kalshi's largest expansion in history, marking its move from prediction market operator to full-service derivatives exchange. Pending regulatory review, Kalshi plans to offer crypto perpetuals across more than a dozen currencies.

Offshore perpetual volume grew from $28 trillion annually in 2023 to over $90 trillion in 2025, a market that had been closed to American institutions until now.