TON Foundation Launches Society DAO Governance

TON Foundation Launches Society DAO Governance

TON Foundation introduced Society DAO, a governance model enabling community-led decision-making and resource allocation, designed to decentralize the TON ecosystem. Society DAO authorizes members to propose strategic initiatives, aiming to boost TON's presence in app markets and expand developer involvement.

The DAO will publish key objectives biannually, with initial goals focused on decentralized growth and integrating community feedback. Under this model, Society DAO organizes the ecosystem through TON Core for blockchain development, TON Studio for developer support, and TON Society for community engagement.

Approved proposals will receive funding, with progress monitored to ensure alignment with TON and Toncoin's overarching objectives. The new structure improves decentralization and transparency, aiming to create a self-sustaining, community-driven framework.

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21Shares Files for US XRP ETF Amid Legal Battle

Swiss ETF issuer 21Shares filed an S-1 with the SEC to launch a US XRP ETF, aiming to expand American investor access. The proposed fund, 21Shares Core XRP Trust, would track XRP’s price through daily trading shares. This comes during Ripple’s ongoing legal clash with the SEC, which accuses Ripple of unregistered securities sales tied to XRP.

Ripple recently achieved a partial legal victory, as a court ruled retail XRP sales did not violate securities laws, though institutional sales were deemed otherwise. Ripple’s CEO remains optimistic about SEC approval for XRP ETFs following approval of Bitcoin and Ethereum ETFs. Bitwise and Grayscale are also pursuing XRP-related ETFs, as there is growing market interest despite regulatory hurdles.

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Paxos Launches USDG Stablecoin in Singapore

Paxos introduced Global Dollar (USDG), a new US dollar-backed stablecoin tailored for Singapore’s regulatory framework, marking its second region-specific stablecoin. Supported by DBS Bank, USDG will be issued on Ethereum and aims to meet the Monetary Authority of Singapore’s standards, including stable backing and liquidity.

Paxos emphasizes USDG as a compliance-focused solution for enterprises, seeking to stimulate stablecoin adoption within a regulated environment. The MAS framework aims to establish stablecoins as credible digital mediums for exchange, furthering Singapore’s leadership in digital finance. With USDG joining Paxos’s portfolio, the firm now operates multiple localized stablecoins.

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Mt. Gox Transferred $35M in Bitcoin to Cold Storage

Mt. Gox moved $35 million in Bitcoin to cold storage as it continues gradual repayments to creditors. The transfer followed an extension of the repayment deadline to October 2025, allowing the exchange additional time to settle outstanding claims. While previous asset movements raised selloff concerns, Bitcoin’s price remained relatively stable following the latest transfer.

Top exchanges, including Kraken and Bitstamp, are responsible for distributing recovered assets to former Mt. Gox clients. The lengthy repayment process follows a 2021 court-approved rehabilitation plan after authorities recovered 140,000 of the 850,000 Bitcoin lost in the 2014 hack. This ongoing distribution is a slow resolution for affected investors, who have awaited compensation for a decade.

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Data of the Day

With Bitcoin hovering around $70,000, CryptoQuant CEO Ki Young Ju emphasized that the stablecoin supply on exchanges is too low to drive substantial price increases. Ju noted that only 21% of stablecoins are held on exchanges for trading, a shift from 2021 when over 50% were exchange-bound.

Despite stablecoin growth, they are increasingly used as a store of value, particularly in inflation-prone regions like Turkey and Latin America. According to Ju, Bitcoin ETF inflows and US dollar liquidity on exchanges like Coinbase will be essential in supporting Bitcoin’s price trajectory.

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More Breaking News

• Trump’s odds on prediction markets Kalshi and Polymarket have dropped 10% from recent highs, though he still leads Kamala Harris as Election Day nears.
• Ethereum researchers Justin Drake and Dankrad Feist resigned as advisors to EigenLayer, citing conflicts over their substantial token-based compensation.
• UBS launched uMINT, a tokenized money market fund on Ethereum, marking its blockchain entry alongside other major financial institutions.
• The US government has extended negotiations over the return of $13.25 million in political donations tied to FTX’s former executives.
• ZetaChain faced a six-hour outage due to a consensus failure from a validator update, later resuming block production with delayed cross-chain transactions.

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