Nasdaq is integrating Talos' digital asset infrastructure with its Calypso risk and collateral platform and Trade Surveillance suite, aiming to let institutions manage tokenized and traditional collateral in a single environment with one consistent risk view. Nasdaq said 25% of institutional collateral is currently tied up in corrective or non-interest-bearing positions, leaving more than $35B idle. Tokenized collateral is designed to improve real-time mobility of securities and cash equivalents across platforms and jurisdictions. Under the partnership, Talos will support the digital asset workflow including execution, portfolio construction, settlement and custody connectivity. Calypso will cover traditional markets functions such as risk, margin and collateral management across bonds, equities and derivatives. Talos clients will also gain access to Nasdaq Trade Surveillance tools to detect spoofing, layering, wash trading and cross-market manipulation across digital asset venues. Talos CEO Anton Katz said: "The two worlds are starting to truly converge."

Digital asset investment products attracted $230 million in inflows last week, pointing to a sharp loss of momentum versus prior weeks.

Report: Arrest Made in Violent Kidnapping Case Targeting Ledger Founder Over Crypto Ransom

Marc Syz has split from the Banque Syz sphere after the bank's leadership, led by his father Eric Syz, declined to integrate Future Holdings AG and its 5,000 BTC treasury into the group's alternative-asset platform. Future Holdings, which holds roughly $450 million worth of Bitcoin, is now being readied for a dual listing on Nasdaq and the SIX Swiss Exchange later this year. The disagreement was not about branding. It was about balance-sheet exposure. Marc Syz had argued that folding Future Holdings into the bank would create a MicroStrategy-style Bitcoin treasury profile for the institution. During his time leading Syz Capital, where he oversaw CHF 1.2 billion in alternative assets, he also recruited Richard Byworth, formerly of HSBC and Ripple, to help build the structure. In Marc Syz's view, Bitcoin could serve as a strategic hedge and an investable institutional product. For Banque Syz management, the volatility was a non-starter. The split is now moving from internal debate to capital-markets execution. FINMA filings dated March 15 set out plans for the dual Nasdaq and SIX listing, with an aim to raise CHF 500 million later this year to expand the Bitcoin treasury. Beyond the Syz name, the episode highlights a broader fault line in Swiss private banking as client demand for crypto grows. Banque Syz, founded in 1995 and overseeing about CHF 24 billion, has stuck to a traditional modernization path and avoided direct balance-sheet exposure to crypto swings. Industry figures point to rising momentum: 28% of private banks plan crypto allocations by 2027. By taking Future Holdings public, Marc Syz is effectively asking markets to price his Bitcoin-centric strategy against his father's more conservative stance.

Goldman Sachs has lifted its estimated probability of a U.S. recession to 30%.

Resolv has paused its protocol after a private key compromise allowed an attacker to mint about $80 million of uncollateralized USR, triggering a steep depeg and renewed scrutiny of the stablecoin's accounting. In a team update, Resolv said the attacker gained unauthorized access to its infrastructure and issued new USR without backing. The protocol's smart contracts were paused quickly, and roughly 9 million USR held by the attacker has since been burned. Resolv added that the collateral pool itself was not directly compromised. The only confirmed loss to date is about $0.5 million from redemptions processed before the pause. Supply inflation, not collateral theft Unlike many DeFi incidents that drain protocol assets, this event primarily inflated USR supply. Resolv said about 102 million USR was in circulation before the exploit. Afterward, an additional roughly 71 million USR was minted without collateral, diluting backing and pushing total supply well above the value of the protocol's assets. Minting permissions draw scrutiny While Resolv attributed the incident to infrastructure access tied to a compromised key, the episode has highlighted the protocol's minting design. A privileged role could authorize issuance without sufficient onchain verification of collateral, enabling large-scale minting once access was obtained. The structure effectively depended on trusted offchain controls to enforce limits. USR breaks the peg The market repriced USR sharply following the supply shock. USR was trading near $0.19 at the time of writing, down more than 56% over the past 24 hours, according to CoinMarketCap. Trading activity also weakened as users reduced exposure during the recovery. Redemptions and recovery plans Resolv said it is preparing to reopen redemptions for pre-incident USR holders, starting with allowlisted users. The protocol currently holds about $141 million in assets, and the team said it is working with partners, analytics firms, and law enforcement to trace and contain illicitly minted tokens. Users have been advised not to trade USR or related assets during the recovery phase, noting that post-exploit activity could affect outcomes. Broader implications The incident underscores a recurring DeFi risk: critical safeguards that rely on offchain controls rather than onchain-enforced limits. Even with collateral intact, the ability to mint unbacked tokens has damaged confidence in USR's backing. Restoring trust will hinge on isolating the illicit supply and reestablishing credible accounting. Final Summary Resolv's exploit expanded USR supply by roughly $80 million without directly draining collateral, exposing vulnerabilities tied to offchain control mechanisms. USR's depeg reflects a sharp loss of confidence, and recovery now depends on containing the illicit issuance and restoring the integrity of the stablecoin's backing.

Goldman Sachs has raised its estimate for the likelihood of a U.S. recession over the next 12 months to 30%, up 5 percentage points, citing a sharp rise in oil and natural gas prices, Odaily Planet Daily reported. The bank said the energy price shock, tighter financial conditions linked to the Middle East conflict, and the waning boost from last summer's major tax law changes under President Trump have worsened the outlook. Chief economist Jan Hatzius also lifted his baseline projection for the year-end unemployment rate to 4.6%. Goldman still expects the Federal Reserve to cut interest rates in September and December. It forecasts that U.S. GDP growth in the second half of this year will run below trend, with annualized growth seen at 1.25% to 1.75%. Earlier Monday, the bank raised its oil price forecast for this year, pointing to ongoing disruptions to energy transport through the Strait of Hormuz. Goldman said the conflict could push up global inflation and trim global GDP growth by 0.4 percentage points; in a worst-case scenario, the hit to GDP could be two to three times larger. (Jin10)

Goldman Sachs has raised its estimate of the probability of a US recession to 30%.