vault

The founder of Morpho, Paul Frambot, proposed a classification scheme suggesting that on-chain vaults be divided into "noncustodial" and "discretionary" categories to clearly define their nature to regulatory authorities.This proposal was immediately opposed by Aave founder Stani Kulechov, who called the classification "self-serving." Several vault developers also raised concerns, arguing that the timelock mechanism does not truly eliminate the role of the manager.

Bitwise announced the launch of the Bitwise Premium+ RWA Vault (PPLUS) on the Ember Protocol. PPLUS holds a curated portfolio of real-world assets (RWA) and employs a leveraged strategy, targeting a net yield of over 10%.Its assets include PST from Huma Finance, sUSDai from USDai, and PRIME from HastraFi, corresponding to cross-border payment financing, AI GPU loans, and tokenized debt secured by high-quality residential equity, respectively.It is reported that Bitwise is responsible for the strategy design of assets, positions, and leverage parameters, while Ember is responsible for vault operations and trade execution. PPLUS is open only to non-U.S. persons, and Bitwise warns that the vault involves leveraged credit strategies, and deposited assets may face the risk of partial or total loss.

The latest report from the on-chain data analysis platform Glassnode, titled "The Week Onchain," shows that in 2026, publicly listed companies only increased their holdings by about 5,900 BTC, which is less than 7% of the single-month increase in July 2025 (89,000 BTC). Currently, corporate treasuries are overall in an unrealized loss state, with an average cost basis of $80,500, which is about 6% higher than the spot price.Glassnode pointed out that in 2026, Bitcoin's price attempted to recover this cost level only twice, both of which were unsuccessful. "Buyers who stop buying and hold onto unrealized losses cannot provide support; recovering $80,500 is necessary for corporate treasuries to return to profitability and eliminate a layer of supply pressure above." Meanwhile, the Federal Reserve implemented its first interest rate hike since July 2023 on Wednesday, which may initiate a tightening cycle and put pressure on liquidity in the cryptocurrency market.The U.S. spot Bitcoin ETF saw a net outflow of $462.7 million over five trading days ending September 11, reversing the trend of net inflows over the previous three weeks. Bitcoin's realized market cap has started to decline since September 15, currently around $1.069 trillion, indicating a lack of new buying interest at the current price level. Strategy, a business intelligence company holding the world's largest Bitcoin treasury, completed its latest increase at the end of August, purchasing 4,603 BTC, with a cost basis of $75,412 for its 845,050 BTC holdings.

According to CoinDesk, digital asset financial services company Two Prime has launched a Bitcoin lending vault on Pareto, targeting an annual yield of 1.5% to 2% for institutional lending, with a minimum deposit amount of $250,000 equivalent in WBTC.Two Prime has committed approximately $10 million as first-loss capital. Ice Digital Trust and Copper provide custody services, and the BitGo Earn platform plans to participate in distribution.

Virtuals Protocol announced the launch of Occupy, a product that serves as a launch platform deployed on Base. Each token on Occupy is paired with a tokenized stock, and all tokens corresponding to the same stock are collectively injected into the same treasury, which is managed by a ten-seat AI Senate elected by the holders.40% of each fee is used to purchase the paired stock and inject it into the treasury. The Senate can decide to hold the stock, allocate stock to holders, or repurchase tokens, and operate the community X account. Candidates must publish their ideas and declarations, and holders vote to decide the seats. Creators can receive 30% of each fee.

According to The Defiant, Kraken has launched three xStocks vaults, allowing eligible customers to deposit SPYx, QQQx, and NVDAx into the vaults while earning floating returns while retaining exposure to tokenized stocks or ETFs. The vault initially shows an estimated net APY of 2% for SPYx and QQQx, and 1.8% for NVDAx. Kraken charges a 25% performance fee on vault earnings, and the displayed interest rate has already deducted this fee; rewards will be converted into the same type of xStock and automatically reinvested into the customer's balance.The strategy is designed by Sentora and is responsible for risk management, while Veda provides the vault infrastructure. After customers deposit xStock, Kraken transfers it to an embedded self-custody wallet on Ink, packages it, and deposits it into the Veda vault; Sentora then cross-chain transfers the packaged xStock to Solana and deposits it as collateral in the Kamino lending market. After borrowing stablecoins, it is deployed into selected DeFi strategies, and the returns are ultimately converted back into the deposited xStock. Customers do not need an external wallet or mnemonic phrase but can export the private key; redemption requires a three-day wait for funds to arrive.Kraken's documentation shows that the strategy uses leverage to generate returns by borrowing stablecoins and lists risks such as smart contracts, liquidity, bad debts, liquidation, cross-chain execution, and downstream assets, with losses shared proportionally among vault users. xStock holders do not have voting rights, dividend rights, or legal claims to the underlying stocks. The vault is currently available to the European Economic Area and other supported markets, while users from the United States, United Kingdom, Canada, Australia, the United Arab Emirates, and sanctioned countries cannot use it.

According to Forward Industries (NASDAQ: $FWDI) in a public letter, the company's General Counsel Georgia Quinn officially responded to SEC Commissioner Hester Peirce's statement on July 22, 2026, titled "Headstands and Summervaults," and proposed a three-tier vault regulatory framework centered on "management freedom" as a core variable:• Type I - Use: Developers provide out-of-the-box software, and users configure parameters themselves without registration;• Type II - Follow: Referencing the SEC's 2013 no-action letter regarding AngelList, Angels set strategies for others to follow, meeting conditions such as co-investment and information disclosure, without needing to register as investment advisors;• Type III - Advised: Involves active management, requiring registration or applicable exemptions, suggesting that the SEC and CFTC jointly regulate to avoid dual compliance conflicts.The article also presents five baseline requirements applicable to all vaults, including conflict of interest disclosure, code public audit, exclusion of disqualified persons, applicability of anti-fraud rules, and state law preemption. The article specifically notes that Peirce's statement did not mention the CFTC, and the inter-agency regulatory issues regarding mixed-asset vaults urgently need to be addressed by the SEC and CFTC.

According to Bitcoin News monitoring, Coldcard thieves are prioritizing the emptying of the largest portion of the third wave vaults. Galaxy Research indicates that these wallets have transferred out 97.09 BTC, worth approximately 7.7 million dollars, accounting for about 45% of the assets in this batch.The attackers created 293 2/2 vaults themselves, and had transferred some tokens through THORChain on September 2, subsequently moving them into multiple rounds of CoinJoin over the weekend. The vulnerability originated from a firmware flaw in 2021, which reduced the seed entropy to a minimum of 40 bits. Of the tokens stolen in this exploit, approximately 82% have not yet been transferred.

According to Businesswire, Nasdaq-listed company Datavault AI announced that it will officially launch the asset tokenization trading platform Information Data Exchange (IDE) on September 15, 2026.The platform supports the identification, certification, scoring, valuation, tokenization, and monetization of data and other real-world assets (RWA), while allowing data owners to retain ownership and control of the underlying data.

According to Decrypt, Michael Gubbins, the head of the Criminal Assets Bureau in Ireland, revealed to the Sunday Independent that organized crime gangs are renting private vaults to store cryptocurrency wallet private keys and mnemonic phrases along with cash, luxury watches, passports, and other valuables. This situation has been reported to the government's Anti-Money Laundering Steering Committee, which is preparing to implement new EU anti-money laundering rules in Ireland.The new EU regulations will take effect next summer, prohibiting cash transactions over 10,000 euros and requiring businesses to identify individuals for cash expenditures of 3,000 euros and above. Gubbins stated that crime gangs believe cryptocurrency offers anonymity, but the use of cryptocurrency in Ireland is still quite primitive, with cash remaining the primary form of payment for criminal activities such as drug trafficking.The bureau is handling its largest cryptocurrency seizure in history, involving 6,000 bitcoins confiscated from a cannabis grower in 2019, with the private keys written on paper and hidden in a tackle box, which was later lost. With the assistance of Europol, the bureau has cracked the first of 12 wallets in March, with over 130 million euros already liquidated from assets totaling 360 million euros.

Term Labs released a technical report on the security incident, confirming that all fixed-rate loan positions in the affected vault have been restored as of August 25. The incident was limited to the liquid balance within the Term vault, and Term V1 and V2 contracts were not compromised, with the direct lending market remaining open.Attack process: From August 17 to 18, the attacker funded an operational wallet through Tornado Cash and submitted a malicious proposal disguised as a governance proposal, setting the governance delay parameter to zero and removing the window for LP blocking changes. On August 23, the attacker executed two batches of attacks, extracting assets from the ETH and USDC strategies and transferring them to the attacker's wallet. Term Labs stated that it has cooperated with law enforcement, the affected vault and strategies have been closed, and the contracts have been upgraded and migrated before expiration.

Bitwise announced the launch of the Bitwise Premium RWA Vault (PAPY) on Morpho, in collaboration with the Agora stablecoin AUSD.Users can deposit AUSD into PAPY, and the vault will programmatically lend out the funds, secured by over-collateralized tokenized RWAs to generate on-chain lending yields.The collateral assets of PAPY include PST launched by Huma Finance, used for providing short-term cross-border payment financing to institutions; sUSDai launched by USDai, supported by AI computing GPU-related loans; and PRIME launched in collaboration with HastraFi and Figure, consisting of tokenized debt backed by high-quality residential equity.AUSD is fully backed by liquid assets such as short-term U.S. Treasury bonds, overnight and reverse repurchase agreements. Bitwise is responsible for screening the collateral acceptable for PAPY and setting programmatic risk parameters. The vault is now officially launched on Morpho.

Dialectic Meccanico announced plans to launch the on-chain vault Starloop based on Makina on Base, expected to go live in September 2026, for eligible tokenized SpaceX exposure holders to put their positions to use.After users deposit tokenized SpaceX exposure, the vault will borrow USDC against it as collateral and deploy it to approved on-chain opportunities, with net earnings flowing back to depositors while retaining exposure to the underlying assets. Dialectic is the first operator of Makina and has operated public vaults such as DUSD and DETH.

On-chain financial privacy infrastructure Primus announced that it has received investment from YZi Labs to support its ongoing work in on-chain financial privacy infrastructure. Primus also thanks YZi Labs and EASYResidency for their investment, support, and trust.Primus Confidential Vault is now live on the BNB Chain, providing private asset transfer and yield features for on-chain finance through FHE.

The development team of Term Finance, Term Labs, announced that after the governance attack incident, all Term Meta Vaults have been permanently closed, DAO governance rights have been revoked, but the withdrawal channel remains open. In an update on August 23, Term stated that this closure is irreversible and permanently prevents subsequent deposits, but did not disclose the scale of the remaining assets in the vault, only indicating that it will "explore pathways" to address any gaps, and the amount that depositors can recover remains undecided.Blockchain security company PeckShield estimates that the attacker stole approximately 2,843 ETH (worth about $6.87 million at the time) and 1.68 million USDC (which was later exchanged for about 1.68 million DAI), with total losses estimated at around $8.5 million. On-chain records confirm the related transfers: one transaction transferred 2,841.74 WETH to an address labeled "Term Finance Exploiter 1" by Etherscan, while another transaction transferred 1.68 million USDC to an address labeled "Term Finance Exploiter 2".Yearn stated that Term's vault contract uses its V3 architecture, but the attack occurred on Term's custom governance wrapper, which is not applicable to standard Yearn vaults. Term indicated that, according to the current investigation, its underlying protocol and direct lending market were not affected and is working with external security teams for remediation and recovery, but did not provide any compensation commitments or timelines.

According to official news, Mantle Vault has officially expanded from CeFi to DeFi, collaborating with Grove, CIAN, and Fluxion to launch a non-custodial yield vault aimed at stablecoin holders. Users can deposit USDC/USDT into Mantle to obtain institutional-level floating yields through the underlying strategy of sUSDS, along with incentives of Fluxion Points and 5.14 million GROVE tokens (with a target APY of up to 6.5%).The vault adopts a conservative non-leveraged structure, with strategies built by CIAN, capital base provided by Grove's Sky Savings Rate, and liquidity entry managed by Fluxion. Previously, Mantle Vault's AUM on Bybit had exceeded $200 million, and Mantle RWA TVL increased from $22 million to $257 million within the year, with DeFi TVL surpassing $755 million.Mantle stated that by expanding into the DeFi space through Mantle Vault, Mantle and its collaborators are committed to enabling all stablecoin holders to access institutional-level yields without borders, free from geographical restrictions and without the need for intermediary access, and all these components can be combined within Mantle's open financial network.

On August 24, the multi-chain decentralized over-collateralized stablecoin USDD announced the official launch of the Vault feature on Ethereum, allowing users to mint USDD using ETH and WBTC as core collateral assets. This upgrade is a further expansion based on the previous TRON chain Vault, meaning the USDD Vault module has officially entered the dual-chain driven phase and the ETH + BTC dual core mainstream asset collateral stage, providing more entry points for mainstream asset holders to participate in the USDD ecosystem.In April of this year, USDD successfully launched the WBTC Vault on the TRON network, achieving the first Bitcoin collateralized minting of USDD, opening the channel for BTC assets to enter the USDD yield system. The launch of this new Vault extends this capability to the Ethereum chain and expands the range of collateral assets from BTC to ETH and a broader range of mainstream digital assets, forming a dual-chain parallel structure with the original Vault on the TRON chain, further enriching the minting methods and funding application scenarios of USDD.

The multi-chain decentralized over-collateralized stablecoin USDD has officially announced the launch of the Vault feature on Ethereum, allowing users to mint USDD using ETH and WBTC as core collateral assets.This upgrade is a further expansion based on the previous TRON chain Vault, meaning that the USDD Vault module has officially entered the dual-chain drive and ETH + BTC dual-core mainstream asset collateral stage, providing more entry points for mainstream asset holders to participate in the USDD ecosystem.

DeFi protocol Term Labs updates on the progress of the attack incident, disclosing that the affected entity is the Term Vault governance mechanism, rather than the underlying Term protocol and its direct lending market. All Meta Vaults have now been closed and DAO governance permissions revoked to prevent further inflow of funds. This closure operation is irreversible and will permanently block new deposits.Currently, the withdrawal function remains open, and they are working with external security teams to conduct repairs and recovery. If a funding gap is ultimately confirmed, corresponding solutions will be explored. Term Labs reminds users to pay attention only to information released by official accounts and to be wary of impersonators and fraud. Previously, it was reported that Term Labs suffered a governance attack resulting in losses of approximately $8.5 million.

According to Cointelegraph, the European Commission is assessing whether to include crypto lending (including DeFi vaults) in the Markets in Crypto-Assets Regulation (MiCA). The relevant targeted consultation was launched on May 20, 2026, with a feedback deadline of September 30. MiCA originally excluded crypto lending and completely decentralized activities, but Brussels is currently reviewing these gaps.EU digital asset lawyer Yuriy Brisov stated that there is no category of "vault" in EU law, and lawyers need to define by function rather than label. Vaults decentralize economic functions such as lending across smart contracts and multiple participants (such as owners, curators, distributors, and sentinels in Morpho Vault V2), making it difficult to correspond to a single regulated entity. Cahill partner Jonathan Galea cautioned against treating "DeFi lending" as a single label, as products with different structures may be subject to a one-size-fits-all approach. Curve founder Michael Egorov noted that if included in regulation, they should be treated differently, as DeFi does not require all the protections of traditional lending and may need different rules.