The crypto market saw a wave of movement today across regulation, tokenization, and blockchain infrastructure. Ripple’s stablecoin has been adopted for fund redemptions by BlackRock and VanEck.
Blockchain payments firm Fnality secured major funding from global banks. In the U.S., lawmakers continued to press for crypto access in retirement plans. Meanwhile, Europe saw the launch of a new regulated stablecoin through the Bullish exchange. Here’s a breakdown of the key stories.
Ripple Stablecoin RLUSD Adopted by BlackRock and VanEck for Fund Conversions
Ripple and Securitize have partnered to create a smart contract that gives investors in tokenized funds from BlackRock and VanEck the ability to convert their holdings into Ripple’s stablecoin, RLUSD.
This setup allows investors in BlackRock’s BUIDL fund and VanEck’s VBILL fund to redeem their tokenized shares at any time, directly on-chain, without needing a traditional off-ramp. The smart contract is built to enable fast redemptions, offering flexibility to large fund holders.
Carlos Domingo, CEO of Securitize, said the partnership brings automation to fund liquidity.
“Partnering with Ripple to integrate RLUSD into our tokenization infrastructure is a major step forward,” he said.
RLUSD, launched earlier this year, is aimed at enterprise users. It has already received regulatory approval in Dubai and is being used in a government-backed real estate tokenization project. The stablecoin is pegged to the U.S. dollar and designed for consistent, regulated use.
Fnality Raises $136 Million to Expand Blockchain Settlement System
Fnality, a UK-based blockchain payments firm, has raised $136 million in a funding round backed by major global financial players. The round was led by Bank of America, Citi, KBC Group, Temasek, Tradeweb, and WisdomTree. Existing investors including Goldman Sachs, Santander, Barclays, and UBS also joined.
Fnality runs a blockchain-based settlement network designed to operate using central bank funds. Its infrastructure is aimed at enabling real-time settlement across financial institutions, 24 hours a day.
Michelle Neal, Fnality’s CEO, said the new funding would be used to launch dollar and euro-based systems, pending approvals. The company’s sterling settlement system is already live in the UK.
With this latest round, Fnality is pushing toward offering its network in more regions and currencies. Its goal is to make cross-bank payments faster and more secure by replacing legacy systems with blockchain rails directly tied to central bank money.
U.S. Lawmakers Push SEC on Crypto in Retirement Plans
Nine members of Congress are asking the Securities and Exchange Commission to act on a White House order that could expand access to crypto within retirement plans. The lawmakers sent a letter to SEC Chair Paul Atkins on Monday, encouraging cooperation with the Department of Labor.
The request follows an executive order signed by President Donald Trump in August, calling for broader access to alternative assets in 401(k) plans. The letter suggests that current restrictions block millions of Americans from including crypto in their retirement savings.
The lawmakers, including House Financial Services Chair French Hill, want the SEC to help remove regulatory barriers and allow participant-directed retirement plans to include digital assets.
“We are hopeful that such actions will help the 90 million Americans that are currently restricted from investing in alternative assets to secure a dignified, comfortable retirement,” the letter stated.
The move reflects growing political support for including digital assets in long-term financial products, though agencies have yet to release updated rules.
Senate Democrats Open to Working with Republicans on Crypto Rules
Twelve Democratic senators released a statement saying they are ready to collaborate with Republicans on a digital asset market structure bill. The proposal, which could come to a vote soon, is being led by GOP lawmakers.
The Democratic group includes members of both the Senate Banking and Agriculture Committees. They said legislation on this scale should be written jointly and urged Republicans to allow room for edits and additions during the process.
“We hope our Republican colleagues will agree to a bipartisan authorship process, as is the norm for legislation of this scale,” the senators wrote.
The group also laid out seven areas they want the bill to address, including illicit finance controls and clearer definitions for digital assets that don’t fall under securities law. They also asked for stronger anti-abuse measures.
While Republicans currently hold control of both chambers, some level of bipartisan support will likely be needed to move forward on major crypto-related legislation.
Bullish Becomes First Platform to List Regulated USDCV Stablecoin in Europe
Bullish has become the first trading platform to offer Société Générale-Forge’s new stablecoin, USD CoinVertible (USDCV). The listing is fully compliant with MiCA and BaFin regulations, providing EU users with access to a regulated digital dollar.
USDCV is pegged to the U.S. dollar and backed by real reserves, with custody provided by Bank of New York Mellon. The stablecoin is structured to serve both retail and institutional use, and can be used for payments, foreign exchange, and digital savings.
The launch follows Société Générale’s earlier release of a euro-backed stablecoin, EUR CoinVertible (EURCV), in 2023. Both tokens qualify as e-money under MiCA rules and are fully redeemable.
A spokesperson from Société Générale-Forge said USDCV is part of the bank’s larger strategy to bring secure, regulated digital finance tools to market. With Bullish now listing the token, access to stablecoins backed by licensed financial institutions is growing in the EU.
