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• IOTA is apparently about to go live in Kenya in the second quarter.
• The launch would be a first step for IOTA’s digital trading strategy in Africa.

According to the IOTA Foundation, Kenya is on the verge of taking a decisive step towards fully digitalized trade processing. After a steering committee meeting of the TWIN Foundation in Nairobi explained Jens Munch Lund-Nielsen, Head of Global Trade & Supply Chains at the IOTA Foundation:

“This week we met in Nairobi for the TWIN Foundation Steering Committee with our partners Dave Beer, Philippe Isler, Tim Stekkinger, Frank Matsaert MBE, Marco Forgione MCIEx, Erick Sirali, Dr. Anja Raden, Yves Jobin and Wambui Wanjiku.”

The participants at the meeting were convinced of the system and declared the second quarter as the target to go live with the pilot project:

“We heard contributions from the Kenya Trade Network Agency (KenTrade) (operator of the central trading portal), the Kenya Revenue Authority (KRA), the Kenya Crop Protection Service Kephis and the freight forwarding company AiRFLOW. The unanimous opinion was: the system is working and everyone is looking forward to having it operational in the second quarter.”

This would turn a multi-year pilot project into an operational rollout for IOTA for the first time. Lund-Nielsen wrote in a LinkedIn post on February 26 that Kenya is “on track to become the world’s most digital frontier,” further stating:

“Once launched, Kenya will be a global leader as all government-issued trade documents will be digitized, verifiable and shareable with foreign partners. As electronic trade documents (ETDs) become more widespread, Kenyan traders will be the first to operate fully digitized, end-to-end supply chains.”

IOTA’s path to the first major Africa rollout

The goal of the project is to connect TLIP and TWIN. According to TradeMark Africa, TLIP, the Trade Logistics Information Pipeline, was founded together with IOTA in 2016. The system was tested on flower exports from Nairobi to the Netherlands. So far, six documents and releases from several authorities have had to be coordinated there. TLIP eliminates exactly these paper-based processes.

TWIN is the next step. TWIN is an open, decentralized infrastructure for verifiable real-time data in global supply chains. While TLIP is aimed at improving specific trade processes in East Africa, TWIN forms the technological base layer.

The TWIN Foundation was officially launched on May 8, 2025 in Lusaka. In addition to IOTA, the six founding organizations also include TradeMark Africa, the World Economic Forum and the Tony Blair Institute for Global Change.

The fact that Kenya is now about to go live fits into a broader Africa strategy that has become much more concrete in recent months. In June 2025, IOTA and the Tony Blair Institute signed a memorandum of understanding to develop trusted digital public infrastructure around commerce, identity and data sharing. The collaboration begins in Africa but is intended to expand worldwide.

The biggest step to date followed in November 2025 with ADAPT. Led by the AfCFTA Secretariat, the initiative is supported by IOTA, the Tony Blair Institute and the World Economic Forum and aims to bring together identity, trade structure and financial flows on the African continent. The rollout started with pilot projects in Kenya and Ghana and is expected to integrate all 55 countries in the free trade zone by 2035.

• AllUnity, backed by Deutsche Bank, issues the stablecoin CHFAU. It is tied to the Swiss franc and covered by liquid CHF reserves.
• The issue takes place under the EU’s E-Money Institution license as a MiCAR-compliant, transparent instrument for digital financial markets.

The COFFEE will initially be issued as an ERC 20 token on Ethereum. The reserves are stored at several banks, while issuance and redemption are carried out exclusively via AllUnity’s Mint service.

Customers can deposit francs, have CHFAU minted and redeem them at any time. AllUnity plans to bring its stablecoin to additional blockchains by the end of the year to expand its use in DeFi applications, institutional settlement systems and other trading infrastructures. At the same time, we are cooperating with crypto trading to spread the CHFAU in the market.

Importance in the EU and Switzerland

With the CHFAU, AllUnity is expanding its offering in addition to the already established Euro stablecoin EURAU. The combination of EU regulation, Swiss currency and institutional infrastructure is intended to set a new standard for digital payment methods in the European Economic Area.

AllUnity CEO Alexander Höptner speaks of a decisive step in enabling digital value transfer with bankable quality. For Switzerland, the CHFAU is a digital instrument that can function independently of possible digital central bank currencies.

Fields of application and perspectives

The stablecoin is aimed at international payments, treasury management and institutional settlement. Companies should be able to move liquidity in real time, without FX risks or delays caused by classic banking processes.

For DeFi protocols, CHFAU offers a stable, regulated CHF equivalent that was previously rarely available. AllUnity will expand the stablecoin system around the CHFAU through partnerships with banks, FinTechs and exchanges and establish the stablecoin as an integral part of the European digital financial infrastructure in the long term.

• Speculation is growing on X that Jane Street may have deliberately depressed the Bitcoin price via spot ETFs and futures markets.
• Reliable evidence of this is still missing, while critics tend to point to structural weaknesses in the ETF architecture.

The conspiracy theory that Jane Street is manipulating the Bitcoin price has gained momentum again on X in recent days. The trigger was the lawsuit filed by the insolvency administrator of Terraform Labs against Wall Street giant Jane Street over a possible insider trade in the collapse of the Terra ecosystem.

The theory: Jane Street is manipulating Bitcoin

In a viral one X-Post Roberto Rios (on X: @peruvian_bull) refers to the lawsuit filed in Manhattan, as CNF reported. Rios writes that the Terra lawsuit must be seen in context. He refers to a procedure by the Indian stock exchange regulator SEBI. In July 2025, Jane Street accused Jane Street of deliberately manipulating the Bank Nifty index on 18 days between January 2023 and March 2025.

According to the agency, the company aggressively bought stocks and futures in the morning, then pushed the market lower again later. Jane Street thus benefited from massive short option positions. The SEBI speaks of the equivalent of around 580 million US dollars in ill-gotten gains and of a “deliberately designed instrument to manipulate settlement prices”.

The Bitcoin price development since November 2025 should be viewed against this background. The Bitcoin price repeatedly crashed at around 10:00 a.m. Eastern time, i.e. at the start of US stock trading. Rios and others cite countless trading days in which Bitcoin fell sharply within minutes of the start of the US stock exchange.

Suspicion was primarily directed at Jane Street because the company is one of the authorized participants of the BlackRock ETF IBIT and therefore has direct access to the issuance and redemption process of ETF shares. On the other hand, Rios argues that Jane Street is the second largest holder of the BlackRock Spot Bitcoin ETF IBIT after Millennium Management LLC, according to 13F filings.

His thesis: Sell spot Bitcoin and ETF-related products in the morning, depress the market, flush leveraged longs out of the market, buy them back later at a cheaper price. With Terraform Labs’ lawsuit against Jane Street, the pattern has suddenly stopped. Bitcoin rose more than 7% yesterday because the “10am dump” didn’t happen. Jane Street has been exposed, or so the theory goes.

Why there is probably no “manipulation”.

ProCap CIO and Bitwise advisor Jeff Park contradicts the theory, but sees a different structural problem. For him, the “billion-dollar question” is not whether a single Wall Street firm is actively “pushing” Bitcoin, but rather whether the ETF architecture can distort pricing. He wrote via X on February 25th:

“The short answer is that no Authorized Participant explicitly suppresses the Bitcoin price. What the AP structure can suppress is the integrity of the price discovery mechanism itself. That is not the same thing – but the latter may be more consequential.”

Park argues that Authorized Participants are structurally privileged through regulatory exemptions under Reg SHO. They could create and short sell ETF shares as part of creation and redemption processes in a way that is not possible for other market participants.

It is also crucial that a short in IBIT does not necessarily have to be hedged with spot Bitcoin. If futures are used instead, there is no immediate buying pressure in the spot market. With the recent approval of in-kind creations and redemptions, this flexibility has become even greater. He writes:

“Each AP on the IBIT list operates within the same structural framework, with the same exceptions, and thus with the same theoretical capacity. Whether any of them utilize that capacity in a manner bordering on coordinated activity is a question […] for the SEC. Whether these arrangements are sufficient to capture conduct that simultaneously spans spot, futures and ETF markets – including offshore trading venues – remains an open question.”

However, macro analyst Alex Krüger contradicts the basic assumption that there is a significant “10am dump” based on the data. For him, the theory is “another flawed conspiracy theory.” He writes today via X:

“I checked the data and that’s not true. Since January 1, IBIT’s cumulative return is +0.9% in the 10:00 to 10:30 a.m. window and -1% in the 10:00 to 10:15 a.m. window. So these are fluctuations, not a systematic fall in prices.

Even more interesting: the performance in both time windows largely corresponds to that of the Nasdaq. The alleged “10 o’clock dump” is just a general reassessment of risk assets. The conventional wisdom is wrong.”

• Timothy Stebbing wants to turn Dogecoin from a memecoin into an RWA platform in the long term.
• The plan initially calls for a sidechain before implementation on Dogecoin’s Layer 1 could come.

Dogecoin could gain a completely new use case in the next two to three years. Timothy Stebbing, Director of the Dogecoin Foundation and CTO of House of Doge, revealed today on

Dogecoin plans evolution: from memecoin to RWA platform

According to Stebbing, the infrastructure should initially not be developed on the Dogecoin Layer 1 itself, but on a sidechain infrastructure:

“This is a plan I have been working on for 12 months: to make Dogecoin an asset-backed currency over the next two to three years by moving the market for tokenization of real-world assets to the Fractal Engine – a purpose-built Dogecoin-denominated rules engine for RWAs.”

First, the tokenization of real assets will run via the Fractal Engine, which he describes as a tailor-made RWA rules engine for Dogecoin. Only when this model proves successful will the next step follow: moving RWA tokenization from the sidechain to the Dogecoin main chain via protocol upgrades.

“Once the model is proven, we plan to work on migrating RWA tokenization from the sidechain to Layer 1 – via protocol upgrades. This would result in Dogecoin becoming the leading platform for tokenization of assets denominated in Dogecoin.”

From the plan you can derive a bullish narrative for the Dogecoin price, which Stebbing himself explains. According to him, DOGE would not just be an accompanying asset, but the central exchange and settlement medium for real-world assets.

“This would give Dogecoin a direct use as a medium of exchange for RWAs – a market that is seen worldwide as the next stage of the financial system’s evolution. Not the tokenization of another inconsequential meme coin with no real value living parasitically on another chain. No – it’s about the tokenization of real assets: hotels, companies, minerals, oil and gas. And if you want to trade them, do it with Dogecoin.”

Stebbing is therefore aiming for a fundamental change of plan for Dogecoin: away from the mere meme internet currency, towards an infrastructure in which real assets are valued and traded in DOGE.

• Binance is now listing Ondo Finance tokenized stocks and ETFs in its Alpha trading section. The crypto exchange is thus reactivating a segment that has been on hold since 2021.
• The new products will be regulated in the Arabic crypto hub Abu Dhabi. They are tokenized shares from Apple, Nvidia, Tesla and others that are covered by the original shares and reflect their price development.

The tokenized assets are traded in the alpha area of ​​the Binance wallet. Settlement takes place on-chain, while the price is set via central liquidity pools. Investors can place market and limit orders, sometimes without trading or gas fees.

Ownership of the tokens does not constitute voting rights or dividend entitlement. US investors have no access because the products are not approved in the USA.

Ondo Finance as an RWA growth engine

Ondo Finance has developed into a sought-after provider of tokenized financial instruments in recent years. Hundreds of millions of dollars in tokenized assets are now managed, with sales in the double-digit billion range.

The cooperation with Binance follows integrations into MetaMask, Blockchain.com and Trust Wallet and strengthens Ondo’s position as one of the leading issuers in the RWA segment.

Through the collaboration, Binance can expand its own range of digitalized financial instruments. It already includes the tokenization of money market funds and US Treasury products.

Global significance and market response

With the introduction of securities tokenized by Ondo, Binance is creating direct access to US stocks and US ETFs that does not require traditional brokers.

This creates an additional opportunity for investors in Europe and Asia to participate in the price development of renowned US securities.

The market reacted immediately: the ONDO token rose noticeably after the new offer was announced before stabilizing.

At Binance, RWA tokenization will apparently play a larger role in the future than before, under clear regulation and in a structure that is designed for long-term stability.