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Paxos has acquired institutional wallet provider Fordefi in a bid to strengthen its regulated custody stack as demand from financial institutions grows. The deal, announced Tuesday, was not formally disclosed, but a Paxos spokesperson said it exceeded $100 million, a figure also reported by Fortune.

Paxos Buys Fordefi to Expand Institutional Custody

Paxos, the New York–based blockchain infrastructure firm behind PayPal’s PYUSD stablecoin and a limited purpose trust regulated by the New York Department of Financial Services, said the acquisition will deepen its custody capabilities for enterprise and institutional clients.

Fordefi, a New York–based startup, provides institutional-grade custody and wallet technology. Its platform features multi-party computation (MPC) wallets, granular policy controls, and integrations with decentralized finance (DeFi) protocols. Paxos said combining its qualified custody and regulated infrastructure with Fordefi’s MPC architecture and policy engine will deliver secure, modular solutions for institutions operating on-chain.

What Fordefi Brings: MPC Wallets and Institutional Controls

• MPC wallet architecture: Splits key management across multiple parties to reduce single points of failure and mitigate operational risk.
• Policy and approvals engine: Enables enterprises to set transaction rules, workflows, and role-based controls for on-chain operations.
• DeFi integrations: Connects custody workflows to DeFi venues and applications while preserving institutional compliance requirements.

Paxos has long provided custodial infrastructure and tokenization services to financial institutions entering digital assets. The company said the Fordefi acquisition aligns with accelerating market adoption, where clients increasingly require configurable, secure wallets tied to regulated custody.

Stablecoin Push: USDG0 Launch Targets Cross-Chain DeFi

Alongside the deal, Paxos Labs announced USDG0, an omnichain version of its USDG stablecoin designed for DeFi environments. USDG0 uses LayerZero’s Omnichain Fungible Token (OFT) standard to move dollar-backed liquidity across multiple blockchains while maintaining compliance safeguards.

The rollout will begin on Hyperliquid, followed by Plume and Aptos. USDG is already live on Solana; USDG0 is intended to extend regulated stability to new networks and allow ecosystem partners to share in stablecoin-driven economic activity.

Why It Matters

The acquisition underscores a broader institutional shift toward on-chain finance, where regulated custody, secure wallet infrastructure, and compliant stablecoins are converging. By pairing qualified custody with MPC wallets and expanding its stablecoin framework across chains, Paxos aims to provide end-to-end infrastructure that meets institutional standards while tapping DeFi liquidity.

Terms of the Fordefi deal remain undisclosed beyond confirmation that the price was above $100 million.

Khurram Dara, a former policy lawyer at Coinbase and regulatory and policy principal at Bain Capital Crypto, has launched a Republican campaign for New York State Attorney General in 2026. The 36-year-old attorney is positioning himself as a law-and-order candidate focused on affordability and improving the state’s business climate, setting up a potential contest with Democratic incumbent Letitia James, whose office has taken a hard line on digital-asset firms.

Dara’s Background

Dara previously served on Coinbase’s policy team and later worked at Bain Capital Crypto, where he focused on regulatory and policy issues in the digital-asset sector. He announced his bid on Nov. 21 in a social media post, highlighting his experience navigating complex financial and technology regulations, including those affecting cryptocurrency markets.

Campaign Priorities

• Law and order
• Affordability for New Yorkers
• Improving the state’s business and innovation climate
• Applying regulatory experience to emerging technologies, including crypto

Dara argues that his policy and regulatory background equips him to balance consumer protection with a more predictable environment for businesses operating in New York, particularly in fintech and digital assets.

Why It Matters for Crypto Policy

New York is a pivotal jurisdiction for crypto, home to the BitLicense regime and aggressive enforcement under state securities and consumer-protection laws, including the Martin Act. Attorney General Letitia James has pursued multiple actions against crypto platforms and advocated stricter oversight, making the office a key force in shaping the industry’s operating conditions.

Dara’s entry underscores how digital-asset policy is becoming a visible campaign issue. His bid comes amid broader debate about the influence of the crypto industry in policymaking and the political dynamics of a state that leans strongly Democratic.

Political Landscape and Timeline

The New York Attorney General election is slated for 2026. Dara’s Republican candidacy will first need to navigate the primary process before a potential general-election matchup with James. If successful, the race could test voter sentiment on public safety, affordability, and the state’s posture toward emerging financial technologies.

Exodus Movement has signed a definitive agreement to acquire W3C Corp, the parent company of payments firms Monavate and Baanx, in a $175 million transaction designed to bring card issuing and processing in-house and build an end-to-end crypto payments stack. The deal, financed with cash on hand and a facility from Galaxy Digital secured by Exodus’ Bitcoin holdings, is expected to close in 2026 pending regulatory approvals in the U.S., U.K., and EU.

Deal terms and financing

• Purchase price: $175 million
• Financing: Cash on hand and financing from Galaxy Digital, secured by Exodus’ Bitcoin holdings
• Regulatory timeline: Closing projected in 2026, subject to approvals in the U.S., U.K., and EU
• Card networks: Exodus expects to issue payment cards via Visa, Mastercard, and Discover once integrated

Building an end‑to‑end payments stack

Exodus said the acquisition would enable it to control card issuing and processing capabilities “from wallets to cards,” reducing reliance on third parties and bringing payments infrastructure in-house. W3C’s subsidiaries, Monavate and Baanx, provide card issuance and payments processing that Exodus plans to integrate with its self-custody wallet and exchange offerings.

The company aims to expand support for additional digital assets after the deal closes, with a focus on major payment stablecoins. By integrating issuing and processing across the U.S., U.K., and EU, Exodus expects to broaden its geographic reach and offer consumers and businesses more ways to store and spend payment stablecoins.

Stablecoin demand and enterprise use

Exodus cited rising demand for on-chain payments, noting that stablecoin payment volumes increased by 70% from February to August 2025, with nearly two-thirds of that volume driven by B2B transactions. The company said a broader payments offering is intended to diversify revenue with more recurring, usage-based income aligned with everyday digital dollar activity.

For enterprise clients, Exodus plans to extend W3C capabilities to its XO Swap infrastructure, enabling features such as embedded programmable payouts and turnkey card issuance. XO Swap, which supports partners including MetaMask and Ledger, accounted for 37% of all exchange provider volume in October 2025, unchanged from September.

Analyst view and market context

Brokerage firm Benchmark called the transaction Exodus’ most transformational move to date and said it could position the company as a first self-custody crypto wallet with a full end-to-end payments stack. The deal comes as major payment networks increase their focus on stablecoins and blockchain-based settlement, and as crypto-native firms compete with fintechs by embedding programmable payouts and on-chain payment rails.

Crypto markets swung sharply this week, with broad-index gains midweek giving way to a late-week pullback, while Aptos (APT) showed mixed signals across price action and on-chain activity.

Market Overview: Index Gains Fade Into Sell-Off

The CoinDesk 20, a benchmark of large, liquid digital assets, rose to 2,954.76 on Wednesday, up 4.4% from 4 p.m. ET the prior day. By Thursday, the index fell to 2,667.21, down 4.0% from 4 p.m. ET, reflecting renewed risk-off sentiment across crypto.

Bitcoin’s retreat to its lowest level since April underscored the risk backdrop, with broader equities also softening as global technology leaders warned of potential “irrationality” in parts of the AI boom. Within digital assets, Bitcoin Cash (BCH) fell 7% and Ripple (XRP) dropped 4.7%, leading the index lower during the latest leg down.

Recent drawdowns erased more than $1 trillion in total crypto market value over a span of weeks, according to multiple market trackers, highlighting the sector’s continued sensitivity to macro conditions and liquidity.

Aptos: Price Action Diverges From On-Chain Momentum

Aptos (APT) featured among notable movers. The token gained 5.3% from Monday at one point this week, yet price context remained fragile after earlier losing support near $3.50 and dipping toward $2.30. In recent trading, APT was quoted around $2.96, placing it at No. 43 by market capitalization with approximately 733.5 million APT in circulation and a market value near $2.17 billion, based on recent market data.

On-chain and activity metrics for Aptos have softened. Decentralized exchange (DEX) volume fell from $4.77 billion in October to $1.52 billion in November, coinciding with price pressure. Activity indicators point to weakening user engagement and ebbing on-chain demand into late Q4.

Network performance metrics also reflected a slower cadence through 2025, with reports indicating reduced throughput versus midyear levels. Market participants continue to monitor planned network upgrades and security improvements as potential catalysts for a stabilization or recovery in usage and fees, though timelines and impacts remain uncertain.

Rotation and Relative Performance Across Majors

Performance dispersion remained pronounced across large-cap tokens. In a recent stress period, Sui (-1.32%) and Ethereum (-6.92%) saw comparatively modest declines, while Solana (-37.43%), Ton (-32%), BNB Chain (-31.25%) and Aptos (-27.98%) posted steeper drops. The skew highlights ongoing rotation as liquidity consolidates in higher-conviction narratives and away from higher-beta assets during sell-offs.

Institutional infrastructure continues to develop around digital assets. CoinDesk Indices, an FCA-authorized benchmark administrator, has expanded regulated crypto benchmarks designed for professional workflows, providing advisors and institutions with structured pathways beyond Bitcoin. More broadly, the integration of crypto into corporate balance sheets accelerated in 2025, with participation most visible across Financials, DeFi, and AI-related blockchain projects.

Outlook and Risk Considerations

Market sentiment remains fragile following the recent broad-based decline. Forecasts for individual tokens vary widely: for example, some third-party models estimate TNSR could trade in a $0.06–$0.11 range in 2025, underscoring the high uncertainty around price targets for newer assets. Forward-looking estimates should be treated cautiously given crypto’s volatility, evolving liquidity conditions, and the potential for regulatory or macro catalysts to quickly change market direction.

Near term, investors are watching whether index heavyweights stabilize and if on-chain activity in ecosystems like Aptos can recover from November’s lows. Sustained improvements in network usage, liquidity, and risk appetite would be needed to support a broader rebound across digital assets.

TON, the native token of the Telegram-affiliated The Open Network, jumped 8.33% to $1.60 over the past 24 hours, outpacing the broader crypto market as measured by the CoinDesk 20 (CD20) index, which rose about 4% in the same period. The move came alongside rising trading volumes and a stream of ecosystem developments aimed at expanding TON’s reach inside and beyond the Telegram app.

Price Action and Market Context

TON’s rally lifted the token above the $1.60 level amid renewed momentum across select large-cap assets. The outperformance versus the CD20 suggests investor interest is concentrating in networks posting tangible user-facing integrations and new liquidity channels.

Ecosystem Milestones

October saw a series of updates highlighted in TON’s ecosystem recap, including the introduction of the Confidential Compute Open Network (COCOON), a decentralized AI network announced by Telegram founder Pavel Durov. Integrated directly into Telegram, COCOON aims to connect financial applications and AI tools across the app’s reported 900 million users, positioning TON as a potential hub for AI-powered decentralized finance.

Additional developments include:

• Support for trading tokenized U.S. stocks via Telegram wallets.
• Lamborghini launching digital collectibles on the network, as shared via the TON community’s Telegram channel (link).
• Chainlink adding TON as a cross-chain standard, facilitating easier data and oracle integrations for applications built on TON.
• Rising total value locked (TVL) and trading volumes on STON.fi, TON’s leading decentralized exchange, supported by new yield farming programs.

More details on October’s developments are available in the TON ecosystem update (link).

Liquidity and Institutional Support

Liquidity and market access continued to improve as Bitstamp listed TON, complementing earlier backing and integrations tied to major industry players such as Coinbase Ventures and Gemini. Expanded exchange support and infrastructure partnerships typically enhance price discovery and lower friction for both retail and institutional participants.

Technical Picture

From a technical perspective, TON appears to have confirmed a breakout from a double-bottom formation, with trading volumes up roughly 15% and the relative strength index rebounding from oversold territory, according to CoinDesk Research’s technical analysis model. Sustained closes above recent resistance levels would strengthen the bullish structure, though volatility remains a factor across crypto markets.