CoinDesk

Morgan Stanley has set up a Digital Asset Lab, a dedicated facility for employees to test stablecoins, tokenization and DeFi applications. The lab gives the bank's staff a contained environment to explore blockchain technology without risking its core systems.

• The lab is designed to let teams experiment without exposing the bank's main infrastructure to new technology.
• It is the latest example of a major U.S. bank building internal capacity around tokenized assets and onchain finance.

Ethereum's upcoming Glamsterdam upgrade will activate on the Sepolia testnet on October 6, bringing built-in proposer-builder separation (ePBS), block-level access lists and gas pricing adjustments, with mainnet timing still to be confirmed. The test network previously raised its per-block work limit toward 200 million gas, a step developers frame as a large jump in network capacity.\n\n- Developers warn that free test ether lets "fake" builders outbid real ones and withhold transaction payloads, which could stall the chain during testing.\n- Client teams are getting half the usual review time before the Sepolia deployment, adding pressure to the verification window.

Blockchain.com, the London-based crypto services company, confidentially filed for an initial public offering with the SEC earlier this year and now aims to raise about $500 million at a valuation of up to $6 billion. The company would list its shares this year alongside its separate NYSE partnership to distribute tokenized equities and ETFs to its 44 million-plus accounts.

• The filing is confidential and still subject to market conditions and regulatory review.
• Blockchain.com operates a wallet, exchange and custody business across retail and institutional markets.

The CFTC has approved Coinbase Clearing LLC as a registered clearinghouse, making Coinbase the first crypto firm to hold all three core CFTC registrations — exchange, broker and clearinghouse — in one entity. The clearinghouse uses $USDC as native collateral and operates with 24/7 settlement.

The SEC has clarified that token buyback announcements from issuers of decentralized crypto assets do not constitute a promise of "essential managerial efforts" under the Howey test. However, the agency said the same kind of buyback tied to yield on a non-functional network could tip a token into being treated as a security.

The Bitget hack, now cited at roughly $387.5 million, has driven an ongoing fight over whether services will freeze or route the stolen funds. THORChain declined Bitget's request to stop serving addresses tied to the theft, while Near Intents' swap service identified more than $50 million in attempted transfers from the hacker — though most of the rejected funds subsequently moved through other providers, underlining how hard it is to fully contain a cross-chain liquidation without stablecoin freeze rails.

• Much of the haul sits in ether and XRP, which cannot be blocked; Circle and Tether did blacklist one wallet holding roughly $318,000 in USDT and USDC.
• Bitget reopened BTC withdrawals after a four-day freeze it says stemmed from a third-party security product exposing internal credentials, without stealing private keys.
• CEO Gracy Chen has said user funds were safe as the exchange assessed the incident.

Anthropic's IPO prospectus, seen by Reuters, shows the AI lab plans to spend $518 billion on AI infrastructure despite heavy losses. The figure underscores the enormous capital outlay required for frontier-model training and data-center buildout.

• Pre-IPO perpetual contracts on cryptocurrency exchanges barely moved on the news, reflecting a muted market reaction.
• The spending plan comes as Anthropic separately faces scrutiny over the pace and risk of autonomous AI development.

Goldman Sachs' roughly $100 billion Treasury fund, FTIXX, is now live on Lynq, the settlement network built on a permissioned Avalanche Layer 1 — the first outside asset manager on the network. The fund is not being tokenized; Lynq instead serves as a new distribution channel giving institutional digital-asset firms a place to park cash between trades and earn yield until they need to deploy it.

• Lynq has 30+ institutional firms onboarded and $89M+ in assets, with trades handled by SEC-registered broker-dealer tZERO Securities.
• Access is restricted to eligible U.S. clients; network participants include B2C2, Wintermute, Galaxy, FalconX, Crypto.com and Fireblocks.
• Lynq CEO Jerald David, announcing the fund on CoinDesk's Public Keys show at the NYSE, said builders with TradFi-grade risk management "are finding themselves in a good place."

Goldman Sachs is making its roughly $100 billion Treasury fund, FTIXX, available to institutional digital-asset firms through Lynq, a settlement network that runs on a private, permissioned Avalanche Layer 1. Unlike BlackRock's BUIDL and Franklin Templeton's BENJI, FTIXX is not being tokenized — Lynq instead serves as a new distribution channel letting crypto firms park cash between trades and earn yield until they need to deploy it.

• FTIXX is the first outside fund offered on Lynq, which has 30+ institutional firms onboarded and $89 million+ in assets; trades are handled by SEC-registered broker-dealer tZERO Securities.
• Access is restricted to U.S. clients, who must also have a relationship with tZERO Securities and pass eligibility checks.
• Lynq's network includes firms such as B2C2, Wintermute, Galaxy, FalconX, Crypto.com and Fireblocks, which needed to modify their tech and integrate with Mosaic to add the fund.

CoinDesk's daily briefing rounds up three developments. California Gov. Gavin Newsom signed AB 2409, banning the state's public officials from issuing memecoins as part of an 11-bill anti-corruption package — a direct rebuke of President Trump's $TRUMP token, which Nansen data shows left roughly 989,000 buyers down a combined $3.81 billion.

Separately, the hacker behind the Bitget exchange breach is moving millions in stolen XRP that cannot be frozen. Much of the roughly $387.5 million haul sits in ether and XRP, which lack the freeze mechanisms available for stablecoins, letting the attacker keep shifting funds even as Bitget urged THORChain to block the linked addresses.

Finally, Ethereum co-founder Vitalik Buterin published his vision for Ethereum's 2030 architecture — the "cryptographic world computer" — combining the blockchain with cryptographic proofs and networks of off-chain computers to process transactions in parallel and extend privacy.