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Singapore Bank DBS Completes Fixed Income Trade on JPMorgan's Blockchain Network Onyx
DBS said it is the first Asian bank to use Onyx network to complete a trade.
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DBS (D05), Singapore's largest bank by market cap, said it has become the first Asian bank to use JPMorgan's (JPM) blockchain-based fixed income trading network Onyx, joining international heavyweights including Goldman Sachs (GS) and BNP Paribas (EPA).
The Onyx Digital Assets network uses tokens for short-term trading in fixed income markets, enabling investors to lend assets for a period of hours without them leaving their balance sheets.
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Trades on the repurchase – also known as "repo" – market are for the most part backed by government bonds, making it a vital source of source of collateral for banks to fund their balance sheets.
The aim of the Onyx network is to allow banks to settle such transactions in a matter of hours, as opposed to the one or two working day-period it has taken historically.
Over $300 billion of intraday repo deals have been carried out on Onyx since JPMorgan launched it in 2020.
Read more: Singapore’s DBS Explains How Big Banks Can Implement DeFi, Too
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Stablecoins moved $35 trillion last year but only 1% of it was for 'real world' payments
While stablecoins settled around $35 trillion last year, only around 1% of that represented genuine payments like remittances and payroll, a new report found.
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- Stablecoins processed more than $35 trillion in transactions last year, but only about 1% of that reflected real-world payments, a report by McKinsey and Artemis Analytics found.
- The study estimated that roughly $390 billion in genuine stablecoin payments, such as vendor payments, payrolls, remittances and capital markets settlements.
- Despite rapid growth and increasing interest from traditional payment firms like Visa and Stripe, true stablecoin payments still account for just a tiny fraction of the more than $2 quadrillion global payments market, the report said.
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