Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Web3, Decentralization, DAOs
Jupiter DAO Vote Targets Net Zero Emissions
Feb 23, 2026 | NCFA Market Activity | DAOs
Net Zero Emissions Vote and Buyback First Treasury
On February 22 2026, Jupiter DAO closes the Net Zero Emissions option vote, moving JUP toward a supply tightening direction and a buyback first treasury posture. On chain reporting shows about 75% support for the Net Zero Emissions option and states the vote concluded at 7:00 PM ET. During the voting window, on chain analysis reports more than 24.5k votes recorded within the first 48 hours, with more than 13k individual voters backing the Proceed with Jupuary option by raw voter count, while the Net Zero Emissions option leads by voting weight at more than 73.9% during that same early period, on a voting distribution analysis that breaks down wallet counts and voting weight.
See: Planetary Health Check 2024 and Canadian Climate Tech
The proposal says net new emissions move from about 1.2B JUP to effectively zero, if the DAO approves the package. The proposal also states it postpones Jupuary and returns 700M tokens to the Community Cold Multisig, and it states Jupiter routes 50% of on chain revenues to open market buybacks. Jupiter already burns 3B tokens and it states founders lock tokens, including a founder lock to 2030.
Comparative DeFi Examples Buybacks And Supply Control
Legacy allocations shape why the DAO focuses on offsets. On chain analysis reports Mercurial stakeholders receive 5% of total supply or 350m tokens, with about 182m vested by February 2026 and 168m remaining to unlock, also on the voting distribution analysis that quantifies the Mercurial allocation and vesting status.
Maker uses surplus auctions where the system auctions surplus Dai for MKR and then burns the MKR received from the winning bid, which contracts MKR supply, as described in Maker Protocol documentation on the Flapper surplus auction mechanism.
Aave documentation states the Aave DAO operates a buyback program funded by protocol revenue with a $50 million annual budget and weekly purchases that range from $250,000 to $1.75 million, with tokens sent to the DAO Ecosystem Reserve rather than burned, on Aave protocol documentation describing the buyback program budget and execution.
Implications
The proposal turns token governance into capital policy that stakeholders can measure. It targets a defined dilution outcome by moving net new emissions from about 1.2B JUP to effectively zero, and it pairs that supply stance with a stated rule that routes 50% of on chain revenues to buybacks. That combination gives the market a simple scoreboard, emissions near zero plus ongoing buy pressure funded by revenue, not inflation.
Early vote analysis shows more than 24.5k votes within 48 hours and it shows a divergence where the Jupuary option leads by raw voter count while Net Zero Emissions leads by voting weight. Token weighted voting aligns outcomes with economic exposure, but it can widen the gap between how many people show up and who decides. Fintech builders can reduce that gap with delegation tooling, transparent quorum logic, and reporting practices that make governance outcomes feel earned.
See: Apex Group Pilots WLFI USD1 Stablecoin for Tokenized Funds
Offsets move sell pressure from the open market to treasury management. The proposal describes a treasury approach that aims to neutralize known future sell flows tied to vesting and distribution decisions, which creates a new execution test, the treasury must manage price, timing, and credibility in public. That's the same category of operational accountability that capital markets packaging requires.
Canada adds a practical lens because Canadian fintechs increasingly package products for institutional distribution where buyers demand explicit mechanics and predictable governance. Ledn’s Bitcoin backed ABS deal entering institutional markets shows how an institutional wrapper forces defined rules and clear investor expectations. Tokenized finance teams can apply that same discipline to emissions rules, treasury authority, and public reporting so partners can underwrite the model rather than debate it.
Talking Point
If a token stops emitting, who pays for growth and liquidity next, users through fees, builders through treasury, or the market through higher risk premiums?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Ledn Bitcoin Backed ABS Deal Enters Institutional Markets
Feb 23, 2026 | NCFA Fintech Market Activity | Digital Assets Blockchain And Tokenization
Crypto Secured Credit Packages Reach Rated Bond Buyers
On February 20 2026, Ledn announced the first ever investment grade asset backed securities transaction in the digital asset industry, placing Bitcoin secured consumer loans into a capital markets format designed for institutional fixed income buyers.
Reporting on presale ratings and collateral detail indicates the transaction totalled about $188M and referenced a collateral pool of 5,441 Bitcoin backed consumer loans secured by 4,078.87 Bitcoin with an aggregate presale collateral value near $330M. S&P Global Ratings assigned preliminary ratings to two tranches, signalling that crypto secured loan performance can be assessed within traditional credit frameworks.
What Is ABS Format
An asset backed security (ABS) pools loans and converts expected borrower payments into tradable bonds. In this structure, the underlying assets are Bitcoin collateralized consumer loans, which places operational emphasis on custody safeguards, liquidation triggers, valuation discipline, and reporting transparency.
See: BC Supreme Court Ends $1.2M Bitcoin Loan Dispute
For additional background on how crypto backed loans operate at the borrower level, this Fintech Fridays episode, Bitcoin backed loans and putting your crypto to work, provides context with Ledn Co-founder Mauricio Di Bartolomeo.
The Ledn issuance positions securitization as a funding diversification path. Instead of relying only on balance sheet capital or warehouse facilities, loan originators can distribute credit risk to bond investors, expanding lending capacity without requiring traditional bank balance sheet support.
Implications For Crypto Credit And Capital Markets
Structure changes market access. A crypto lending desk can fund loans directly, but a rated ABS wrapper introduces buyers who operate under fixed income mandates and portfolio risk frameworks. That development moves crypto secured credit closer to mainstream credit market infrastructure.
The transaction also reinforces operational expectations. Securitization forces clarity around collateral custody, margin maintenance, liquidation speed, valuation timing, and stress scenario performance. If these controls prove reliable in market cycles, securitized crypto credit could evolve into a recognized institutional allocation sleeve.
Ledn represents a Canadian founded crypto finance platform now operating globally. Prior milestones include Tether investing in Ledn to expand crypto credit access and Ledn receiving VASP regulatory approval in the Cayman Islands, which together strengthen its institutional positioning and reporting posture.
If institutional investors begin treating crypto secured ABS pools as a defined allocation sleeve, Canadian originated platforms that demonstrate transparent collateral management and disciplined underwriting could gain access to funding channels that operate beyond domestic banking constraints.
Talking Point
If securitized crypto credit continues to mature, the competitive edge may hinge less on yield and more on collateral governance, transparency, and investor distribution relationships.
Crypto secured lending is beginning to compete not only on returns, but on structure, reporting discipline, and institutional investability.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Apex Group Pilots WLFI USD1 Stablecoin for Tokenized Funds
Feb 18, 2026 | NCFA Fintech Market Activity | Tokenization and Digital Assets
Image: Freepik
Apex Group And WLFI Test USD1 Stablecoin Rails For Tokenized Funds
On February 18 2026, WLFI announced a strategic collaboration with Apex Group covering over $3.5 trillion in serviced assets, with a planned pilot to explore using WLFI’s USD1 stablecoin for tokenized asset subscriptions, distributions, and redemptions.
Apex Group operates in 52 countries and explains the work and partnership as a way to bring regulated stablecoin infrastructure into fund administration workflows, with the stated goal of streamlining settlement and improving operational efficiency for institutional clients.
See: VersaBank Becomes Banking Partner For QCAD Stablecoin
The collaboration also extends beyond cash movement. Parties will evaluate ways to make WLFI assets, including real estate and infrastructure holdings, available on the London Stock Exchange Group Digital Market Infrastructure platform, subject to applicable regulations and requirements. The Apex Group will also explore making assets tokenized using Apex Digital 3.0 available through WLFI’s planned mobile app, which the release says will support digital asset management and connections to bank accounts and wallets.
Zach Witkoff, Chief Executive Officer and Co Founder, World Liberty Financial:
“Working with Apex Group allows us to demonstrate USD1’s tremendous utility within capital markets infrastructure. This collaboration accelerates our mission to make WLFI assets accessible at the most established financial services platforms globally.”
The release also describes WLFI as inspired by President Donald J. Trump. The link to a political brand raises the stakes for how market participants evaluate governance, oversight, counterparty risk, and reputational exposure, especially when the use case touches institutional fund servicing rather than retail trading. Early WLFI token sales generated significant investor demand and capital commitments, positioning the ecosystem as both a funding vehicle and an emerging digital asset platform.
For tokenized funds, the operational promise is clear. Subscriptions and redemptions create predictable and repetitive money movement. A stablecoin rail can compress settlement timelines, tighten reconciliation loops, and reduce dependency on multi step bank handoffs, if the controls meet the standard that allocators and regulators expect.
If administrators can run clean tokenized fund flows on stablecoin rails, other administrators, custodians, and infrastructure providers will feel pressure to offer equivalent settlement options, or to partner with providers that already can. That competition will centre on who can deliver reliability, auditability, safeguards, and integration speed.
See: Stablecoin Interest and Rewards A Regulatory Fault Line
Peter Hughes, Founder and Chief Executive Officer, Apex Group:
“Our clients are increasingly interested in blockchain based solutions that deliver tangible benefits and cost savings. This collaboration with World Liberty Financial lets us examine how USD1 and stablecoin infrastructure can modernize our platform and services, while providing the edge to support our clients as digital asset integration becomes standard practice.”
Talking Point
If stablecoins start handling fund subscriptions and redemptions at scale, do administrators become the main gatekeepers that decide which stablecoin rails earn institutional trust?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Figure Markets 4.23M Blockchain Shares In Secondary Offer
Feb 13, 2026 | NCFA Fintech Market Activity | Digital Assets and Capital Markets
Image: Freepik
Figure Opens Secondary Sale Of Blockchain Common Stock
On February 13 2026, Figure Technology Solutions’ started marketing secondary offering for up to 4,230,000 shares of its Series A Blockchain Common Stock.
Figure also intends to repurchase up to $30 million of its Class A common stock from the underwriters at the offering price, funded with cash on hand, conditional on completing the offering. It named Goldman Sachs, Morgan Stanley, and Cantor as lead joint book running managers and sales agents.
This announcement puts the tokenized equity idea into real distribution asking public market buyers to get comfortable with a blockchain-based common stock wrapper, while it simultaneously uses a buyback to manage float and pricing pressure during the deal window.
See: Tokenized Infrastructure Is Changing How Markets Operate
Figure also made one constraint explicit. Its registration statement has been filed but is not yet effective, so the shares cannot be sold until the SEC process clears.
Figure confirmed that more than 200 partners use its loan origination system and capital marketplace, and that Figure and its partners have originated over $22 billion of home equity to date. It also listed parts of its ecosystem that connect capital markets plumbing to tokenized rails, including Figure Connect, Democratized Prime, DART for custody and lien perfection, and $YLDS as an SEC registered yield bearing stablecoin that operates as a tokenized money market fund.
Talking Point
If tokenized common stock starts trading like any other public equity, what becomes the harder problem to solve, market structure and custody, or investor comfort and liquidity?
Tokenized equity only counts currently if it's allowed to live inside the daily reality of public markets. That means underwriting, prospectus distribution, broker workflows, shareholder recordkeeping, and secondary liquidity all need to work without drama. If this offering clears cleanly, other issuers will copy the playbook fast, because it offers a path to modernize market infrastructure without waiting for a full system rebuild.
Once the SEC process clears, buyers will decide whether blockchain common stock feels like a better wrapper or an extra moving part. If trading holds up and operational friction stays low, tokenized equity moves from category theory to a repeatable financing tool.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Atkins Testimony Targets IPO Burden And Crypto Rules
Feb 12, 2026 | NCFA Fintech Market Activity | Capital Markets and Digital Assets
Image: Freepik/jcstudio
IPO Burden And Market Structure Costs
On February 11, 2026, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission, delivered committee testimony to the U.S. House Financial Services Committee.
The testimony puts numbers behind a push to cut the cost of being public. It cites $2.7 billion in annual costs to file annual reports and links that burden to a decline in listed companies. It notes more than 7,800 listed companies shortly after Atkins left the SEC in the mid 1990s, then a roughly 40% drop by the time he returned as Chairman. A footnote lists 4,761 exchange listed companies as of September 30, 2025.
Atkins testimony backs the CLARITY Act and testified that the SEC and CFTC intend to now use joint Project Crypto as a bridge while Congress works through legislation, including considering token taxonomy and exemptions for on chain transactions.
Market Oversight Cost Review
The testimony also targets the cost floor of U.S. market oversight. It orders a comprehensive review of the Consolidated Audit Trail (CAT), a market surveillance system created under Rule 613 that helps regulators track activity across U.S. markets. The review covers governance, funding, scope, security, and retiring duplicative systems.
His testimony put figures on the record. It cited a 2016 estimate of up to about $55 million a year. It also stated the SEC reduced the originally approved 2025 CAT budget, which included about $249 million in annual operating costs, by about $92 million over the course of the year. He also mentioned that amendments to self-regulatory organizations could save an estimate of about $7 million to $9 million annually.
See: Tokenized Infrastructure Is Changing How Markets Operate
The SEC looks interested in lowering the cost of becoming and staying public, while it reworks how surveillance cost and scope get set in U.S. markets. Fintechs with IPO plans should expect more scrutiny around what truly counts as material disclosure and what becomes removable. Trading, brokerage, and market data firms should expect CAT related requirements and cost allocation to remain under pressure while the review runs.
Implications for Firms
For Canadian fintechs, this testimony is important for three practical reasons. (1) Many Canadian scaleups raise capital, list, or trade in U.S. markets, so any push to narrow disclosure to material items can change IPO planning and ongoing reporting work. (2) Firms that run U.S. broker dealer, ATS, or market data relationships can expect changing surveillance cost and scope expectations as the Consolidated Audit Trail review progresses. (3) Canadian crypto and tokenized finance firms that serve U.S. customers or counterparties should expect token classification and control evidence to become a harder gate if Project Crypto produces a taxonomy and on chain exemptions.
Talking Point
If token taxonomy becomes the bridge before Congress finishes crypto legislation, what becomes the first trust test for builders, asset classification discipline, market integrity controls, or operational readiness under stress?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Levl Raises $7M To Connect Bank And Stablecoin Rails
Feb 11, 2026 | NCFA Fintech Market Activity | Stablecoins and Payments
Stablecoin Infrastructure Reaches Enterprise Scale
On February 11 2026, Levl raised $7M in seed funding to expand its platform that connects traditional banking infrastructure with stablecoin-powered cross border payments.
The round was led by Galaxy Ventures with participation from Protagonist, Deus X, Blockchain Builders Fund, OpenFX, FalconX, CMCC, Variant Fund, and a strategic angel network that includes leaders from Revolut, Brex, and Comun.
Levl reports that it reached an annualized global transaction volume of $1B within its first four months of operation. The company says it supports payouts in 75+ countries and serves more than 1 million end users through its client and partner network, including TerraPay, TapTap Send, and Nala.
See: Canada Releases The First Draft Of The Stablecoin Act
The company positions itself as a unified platform that allows businesses to collect, store, convert, and move currencies across borders using both fiat rails and stablecoins such as USDC and USDT. It claims same day settlement while replacing the 3 to 5 day delays typical in correspondent banking.
J P Morgan projects that cross border transaction volumes could reach about $320T by 2032. If volumes continue expanding at that scale, faster settlement and tighter FX execution become competitive requirements, not optional upgrades.
Jaisel Sandhu, Chief Executive Officer, Levl:
“Global businesses see the potential of stablecoins to make payments faster and cheaper, but they need solutions that are compliant and easy to use—ones that fit into how they already operate,”
Levl says it removes the need for businesses to build blockchain infrastructure in house, integrating digital asset settlement into existing operational workflows. The question is not whether stablecoins can move money. It is whether platforms can embed them into enterprise processes without adding compliance risk or operational friction.
Talking Point
If stablecoin settlement becomes operationally invisible inside enterprise payments, does the advantage sit with the fastest rail, the strongest compliance wrapper, or the deepest distribution into banks and payment platforms?
See: Stablecoin Payments Have Wings – Are You Ready?
Levl now needs to prove it can scale liquidity, corridor coverage, and regulatory coordination as volumes grow. Enterprise buyers will measure performance on reliability, auditability, and FX efficiency, not marketing language.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Stablecoins Power Prediction Market Settlement
Feb 5, 2026 | NCFA Fintech Market Activity | Digital Assets and Market Infrastructure
Image: Unsplash/Carlos Muza
Circle And Polymarket Connect USDC To Live Event Markets
On February 5 2026, Circle and Polymarket announced a partnership to strengthen onchain financial markets using USDC settlement infrastructure. The agreement connects USDC directly into Polymarket’s prediction market platform, allowing market participants to fund, trade, and settle positions using a regulated dollar backed digital currency rather than relying on fragmented crypto rails.
This matters because prediction markets are not just betting platforms. They function as real time price discovery engines where participants assign probabilities to real world events. When settlement moves onto stablecoin infrastructure, these markets begin to resemble financial exchanges more than niche Web3 applications.
Polymarket has grown into one of the most active prediction platforms globally, often pricing geopolitical events, elections, macroeconomic outcomes, and policy decisions faster than traditional analysts. Bringing USDC into that environment links regulated stablecoin liquidity to live market intelligence flows.
See: Coinbase Prediction Markets Face State Gaming Challenge
Circle positions USDC as compliant digital cash designed for payments, treasury use, and financial market settlement. This partnership places that infrastructure directly into a market where capital moves continuously based on information, not merchant payments or remittances.
For fintech builders and investors, this shows where stablecoins begin to matter beyond transfers. They start acting as the settlement layer for new types of markets that operate continuously, globally, and without traditional clearing houses.
This partnership shows the financial plumbing behind that evolution maturing in parallel.
Talking Point
If stablecoins become the default settlement layer for real time information markets, how long before similar infrastructure appears in capital markets, insurance pricing, and risk trading?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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