Blockchain Developments Over the Last Two Days: 14 Major Updates

The integration of Solana into the DTCC Tokenization Service, which launched on October 28, is scheduled for the second half of 2027. DTCC has emphasized that tokenized assets will retain their existing ownership rights, investor protections, and regulatory safeguards. The announcement does not mean that a new service has already become operational on Solana. Nevertheless, the decision by one of the world's most important financial infrastructure organizations to explore public blockchain networks demonstrates the growing scale of institutional interest in tokenization.

2. Three Central Banks Test Blockchain-Based Foreign Exchange Settlement

The Bank of England, the Monetary Authority of Singapore, and the Bank of Thailand published the results of a joint experiment conducted under Project Meridian FX APAC on November 13. The initiative examined interoperability between conventional real-time gross settlement systems and infrastructure based on distributed ledger technology (DLT). The experiment tested whether foreign exchange transactions could be settled simultaneously across central bank systems operating in different countries.

Partior, which contributed to the technical infrastructure, developed a prototype capable of coordinating money transfers across different systems. The experiments employed a payment-versus-payment (PvP) mechanism, ensuring that a transfer in one currency could only be completed if the corresponding transfer in another currency was executed simultaneously. Multilateral netting transactions were also successfully tested. The results demonstrated that settlement systems built on different technologies can be interconnected. However, the project also identified areas requiring further work, including legal liability, operational resilience, and governance. The Bank of England plans to introduce a live synchronization interface in 2028.

3. BlackRock's BUIDL Fund Gains Access to $100 Million Liquidity Facility

Securitize and Ethena Labs launched a liquidity service on November 12 offering up to $100 million in capacity for BlackRock's tokenized USD Institutional Digital Liquidity Fund (BUIDL). The new system allows eligible investors to convert BUIDL shares into supported stablecoins, including USDC, or conduct transactions in the opposite direction. These transactions can also take place outside traditional financial market operating hours.

The service initially launched with $50 million in liquidity, consisting of $25 million in USDC and another $25 million in BUIDL assets. Depending on liquidity utilization, an additional $50 million in capacity is expected to become available within one hour. The mechanism therefore supports liquidity access during weekends as well. However, the full capacity is not guaranteed to remain available under all market conditions. Beyond enabling traditional investment funds to operate on blockchain networks, allowing investors to convert tokenized assets into liquid funds when needed is an important factor in the continued development of the tokenization market.

Banks and Payment Networks Accelerate Stablecoin Adoption

4. SoFi's Bank-Issued Stablecoin Expands to Polygon

SoFiUSD, a stablecoin issued by the banking subsidiary of U.S.-based financial technology company SoFi, became available on Polygon on November 12. The expansion of the digital dollar, which already supports Ethereum and Solana, enables payment and settlement transactions across multiple blockchain networks. SoFiUSD is issued by SoFi Bank, a nationally chartered bank in the United States, and is redeemable at a rate of one U.S. dollar for each SoFiUSD.

According to Polygon Labs, SoFi's more than 17 million members can buy, sell, hold, and convert the stablecoin through the SoFi application. The integration aims to connect digital wallets, traditional money transfer channels, and blockchain networks through Polygon's Open Money Stack infrastructure. Following the availability of USDC, USDT, and PYUSD, the addition of a bank-issued stablecoin to the same ecosystem highlights the growing variety of blockchain-based dollar services.

5. Visa Adds Western Union's USDPT Stablecoin to Settlement Infrastructure

Under a partnership between Visa and Anchorage Digital, Western Union's USDPT stablecoin has been added to the digital assets eligible for certain settlement transactions on VisaNet. Announced by Anchorage Digital on November 12, the development allows eligible Visa partners to settle their obligations using a digital dollar issued by another banking institution.

USDPT is issued by Anchorage Digital Bank, a federally regulated financial institution in the United States. The organizations are also developing a framework to potentially support other eligible stablecoins issued by Anchorage through Visa's infrastructure in the future. An important distinction is that the stablecoin is being integrated into settlement processes between financial institutions rather than being introduced primarily for direct consumer spending. The announcement did not specify which blockchain network would be used for USDPT settlement. Consequently, it is not yet possible to determine whether the development will directly increase transaction activity on any particular blockchain.

6. Jupiter Launches USDGO Lending Market on Solana

Jupiter, one of the decentralized finance platforms operating within the Solana ecosystem, announced the creation of a new lending market for the USDGO stablecoin on November 12. Issued by Anchorage Digital Bank and distributed by OSL Group, USDGO can now be used not only for payments and trading but also for blockchain-based lending and borrowing activities.

According to Jupiter, outstanding loans on the Jupiter Lend platform exceed $1 billion. The new integration allows users to supply USDGO to lending markets and potentially earn interest based on demand or borrow against eligible collateral. These returns are not equivalent to fixed interest rates on traditional bank deposits. Instead, they may fluctuate depending on market conditions, liquidity, smart contract security, and borrowing demand. The introduction of USDGO into DeFi lending markets illustrates efforts to expand the use of newer stablecoins beyond established assets such as USDT and USDC.

7. Thailand Proposes Daily Limits on Stablecoin Transfers

Thailand's Securities and Exchange Commission (SEC) opened a new regulatory proposal concerning stablecoin transactions for public consultation on November 12. Under the proposal, daily stablecoin inflows and outflows at regulated digital asset service providers would each be capped at 5 million Thai baht per customer, subject to certain exceptions. The amount is equivalent to approximately $148,000.

One of the most significant elements of the proposal would require stablecoins entering or leaving digital asset platforms to be transferred only between verified accounts and wallets belonging to the same individual. The proposed rules also aim to prevent transfers involving third-party wallets and strengthen the monitoring of high-risk addresses through blockchain analytics tools. The regulation has not yet entered into force. If adopted, it could substantially change the scope of stablecoin usage and transfer practices on licensed digital asset platforms in Thailand.

Ethereum and Other Networks Intensify Technological Competition

8. Ethereum Researchers Propose 2027 Quantum Security Target

Ethereum research organization Ethlabs has proposed accelerating preparations to protect the network against security threats associated with quantum computing and advanced artificial intelligence. The approach, known as pqai27, emerged in Ethereum developer discussions in November, with additional details appearing in industry publications on November 12. Its objective is to prepare Ethereum for post-quantum cryptography and emerging security requirements by 2027.

Under the proposal, Ethlabs announced that it would remove the quick slots initiative, which aims to reduce block production times, from the planned Hegotá upgrade and redirect resources toward quantum security. Discussions focus on new cryptographic signature methods, account infrastructure, and validator security. The development suggests that Ethereum researchers want to address the potential long-term threat posed by quantum computers to existing encryption and signature systems at an earlier stage. However, the proposed 2027 target does not represent a finalized network upgrade schedule approved by the entire Ethereum community.

9. XRP Ledger Lending Protocol Moves Closer to Validator Approval

Validator support has increased for the proposed Lending Protocol on the XRP Ledger, which aims to support institutional lending activities. According to data reported on November 12, the number of validators supporting the LendingProtocol and LendingProtocolV1_1 amendments reached 22. Meanwhile, support for the SingleAssetVault amendment, which would enable the creation of lending pools, reportedly increased to 23 validators.

The proposed amendments are evaluated against the XRP Ledger's default Unique Node List of 35 validators. For activation, they must maintain support from at least 29 validators for two consecutive weeks. The proposed system would allow users to deposit XRP or other eligible assets into lending pools, enabling credit intermediaries to lend those assets for specified periods. Under the design, borrowers would not necessarily be required to provide collateral directly on-chain. Instead, credit assessments and risk management procedures would take place off-chain. Although the structure could create opportunities for new financial products, credit defaults and intermediary-related risks would require careful evaluation.

10. Injective Opens Governance Voting for Veyra Mainnet Upgrade

Governance proposal No. 717 was submitted on November 12 for Injective's v1.21.0 network upgrade, known as Veyra. The proposal aims to strengthen institutional real-world asset (RWA) tokenization, asset transfers between different blockchain networks, and advanced financial trading infrastructure.

The proposed technical improvements include enhanced cross-chain interoperability within Injective's MultiVM architecture, the introduction of request-for-quote (RFQ) mechanisms, and expanded atomic swap capabilities. The upgrade is also designed to prepare the network for CypherOS infrastructure, which is expected to support confidential financial transactions in the future. If the governance proposal receives approval, the mainnet upgrade is scheduled for November 24, 2026. Therefore, the new Veyra features have not yet been activated, and the implementation schedule remains dependent on the outcome of the governance process.

11. Blockstream and Thales Introduce Institutional Digital Asset Custody Solution

Bitcoin infrastructure company Blockstream announced a new institutional digital asset custody solution developed in collaboration with French technology and cybersecurity company Thales on November 13. The system combines the cryptographic infrastructure of the Blockstream Enterprise platform with Thales' hardware security modules (HSMs). Its primary objective is to reduce the risk of private key compromise when financial institutions store digital assets.

The solution uses a secure multiparty computation approach known as Secure-MPC. Rather than relying on general-purpose servers, transaction signing takes place within the protected environment of hardware security modules. FROST threshold signature technology also enables multiple authorized parties to approve transactions without assembling a private key in a single location. Blockstream maintains that this approach will strengthen institutional custody security. However, the announcement did not disclose how many banks have started using the solution or provide details about the results of independent security assessments.

New Cybersecurity Partnerships and Major Enforcement Operations

12. TRON, Tether, and Chainalysis Join Forces Against Digital Crime

TRON, Tether, and blockchain analytics company Chainalysis announced a new joint initiative called the Digital Crime Task Force on November 12. The partnership's primary objective is to identify illicit activities involving USDT transactions on the TRON network at an earlier stage and help prevent suspicious funds from being transferred to additional addresses.

The three organizations aim to analyze blockchain transaction data, provide actionable intelligence to law enforcement agencies, and accelerate asset-freezing procedures where necessary. The initiative will focus on threats including investment fraud, social engineering attacks, ransomware, and organized cybercrime. The new partnership follows the termination of the T3 Financial Crime Unit collaboration established by TRON, Tether, and TRM Labs in 2024. Although the traceability of blockchain transactions offers significant advantages, the actual freezing of digital assets remains dependent on the technical capabilities and legal authority of the relevant issuer or service provider.

13. TRM Labs Accelerates Efforts to Freeze Stolen Cryptocurrency

Blockchain analytics company TRM Labs launched a new service called Beacon Concierge on November 12. The system enables verified law enforcement agencies to trace illicit cryptocurrency funds moving across different blockchain networks and communicate more quickly with exchanges and stablecoin issuers. According to the company, agencies do not need to be existing TRM Labs customers to use the service.

The Beacon Network has more than 200 members, which reportedly account for approximately 80% of cryptocurrency transaction volume. TRM Labs stated that network participants have helped stop the movement of more than $200 million in suspicious funds to date. Through Beacon Concierge, the company has also supported the freezing of more than $35 million in assets across 15 investigations involving 14 agencies from 10 countries. The service is particularly significant because it centralizes the technical work required to track funds rapidly dispersed across multiple blockchain networks. However, identifying or freezing funds does not necessarily mean that those assets have been returned to their rightful owners.

14. U.S. Authorities Secure Legal Authority Over $1.2 Billion Linked to Binance Hack

The U.S. Department of Justice announced new legal actions on November 12 involving assets connected to the major cryptocurrency attack targeting Binance in late October 2026. U.S. authorities have attributed the theft of more than $6 billion to TraderTraitor, a group linked to North Korea. According to the department, cooperation between government agencies and private-sector organizations resulted in the freezing of more than $2.7 billion in digital assets. Court-authorized seizure or restraint measures were obtained for assets worth more than $1.2 billion.

The same announcement also highlighted a North Korea-linked social engineering operation known as FaceStealer. U.S. officials stated that the campaign was connected to cryptocurrency thefts exceeding $400 million over the previous 18 months. The attackers reportedly used fabricated identities, manipulated images, and malicious software to compromise their targets. Meanwhile, assets stolen during the Binance attack continued to move through blockchain bridges, mixing services, and various exchanges. The incident demonstrates that blockchain security depends not only on network infrastructure but also on user access controls and the security procedures implemented by trading platforms.

The defining trend across the blockchain industry over the past two days was the expanding connection between traditional financial infrastructure and blockchain-based systems. DTCC's tokenization plans and the central banks' settlement experiments highlighted progress in institutional adoption, while stablecoin integrations increasingly focused on practical payment and liquidity services. At the same time, network security, post-quantum cryptography, and the tracking of illicit funds remain essential challenges that the industry must address as blockchain adoption continues to expand.