Morning News | Invesco acquires a $900 million on-chain fund from Superstate; ParaFi has raised $125 million for its new fund; Solana Foundation launches developer platform SDP

整理：ChainCatcher

Important News:

• YZi Labs accuses CEA Industries of systemic governance failures
• Ethereum Foundation publishes article explaining the collaborative vision between L1 and L2, clarifying the roles of each layer
• Digital asset management firm ParaFi has raised $125 million for its new fund
• Invesco acquires Superstate's $900 million on-chain fund, entering the tokenized treasury bond sector
• WSJ: New York Stock Exchange partners with Securitize to develop a tokenized securities platform
• Solana Foundation announces the launch of the developer platform SDP for the AI era
• Nasdaq plans to integrate its collateral and monitoring systems with Talos's institutional trading system

What important events have occurred in the past 24 hours?

Invesco acquires Superstate's $900 million on-chain fund, entering the tokenized treasury bond sector

According to ChainCatcher, Invesco, a U.S.-based asset management company managing $2.2 trillion in assets, will take over Superstate's tokenized U.S. Treasury bond fund, marking a further deepening of large traditional asset management institutions into the blockchain finance sector.

The USTB fund holds short-term U.S. Treasury assets, exceeding $900 million, making it one of the largest tokenized U.S. Treasury bond funds. This niche market is rapidly growing, aiming to bring money market funds onto the blockchain. The transition is expected to be completed by the second quarter of 2026, at which point the fund will be renamed Invesco Short Duration US Government Securities Fund while retaining its original code and token structure.

This move also marks Invesco's official entry into the approximately $12 billion tokenized U.S. Treasury bond market, competing with global asset management giants such as BlackRock, Franklin Templeton, and Fidelity.

WSJ: New York Stock Exchange partners with Securitize to develop a tokenized securities platform
According to ChainCatcher, the New York Stock Exchange is collaborating with Securitize to develop a tokenized securities platform.

The Central Committee of the Communist Party of China issues "Regulations on the Integrity of State-owned Enterprise Leaders": Prohibiting the acceptance of "virtual currencies" and other assets

According to ChainCatcher, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council recently issued the "Regulations on the Integrity of State-owned Enterprise Leaders."

Article 7 explicitly prohibits leaders of state-owned enterprises from using their power or position to seek personal gain, specifically including: accepting gifts, money, and virtual currencies from related enterprises; buying and selling real estate and vehicles at unfair prices as a disguised acceptance of assets; entrusting others to invest in securities and futures without contributing capital but benefiting; engaging in power-for-money transactions through anonymous shareholding or holding shares on behalf of others; obtaining large returns through financial activities such as private lending; using insider information or trade secrets for personal gain; embezzling or illegally occupying company assets; and pocketing discounts, intermediary fees, and rewards. Violators will be dealt with according to regulations and laws.

YZi Labs accuses CEA Industries of systemic governance failures

According to ChainCatcher, YZi Labs has accused CEA Industries of systemic governance failures, condemning it for paying nearly $1.98 million in severance to the departing CEO.

YZi Labs issued a statement in response to CEA Industries (Nasdaq: BNC) regarding its 10-Q and 8-K filings submitted on March 16, 2026. The statement pointed out that BNC's SEC filings disclosed significant deficiencies in internal controls over financial reporting, noting that the previous CEO also held the position of Chief Financial and Accounting Officer, and that the company lacked adequate verification controls in key areas such as revenue, taxes, and equity compensation.

YZi Labs estimates that the total value of the departing CEO David Namdar's transition agreement is approximately $1.98 million, including $375,000 in retroactive consulting fees, approximately $276,000 in future monthly consulting fees, approximately $434,300 in cash payments in lieu of an unapproved equity plan, and a $900,000 one-time payment tied to restrictive clauses. YZi Labs believes that the restrictive clauses in the agreement prohibit Namdar from assisting shareholders in making any claims or taking actions that influence management, effectively serving as a tool for control disputes.

The statement also noted that BNC paid $2 million in fees to an asset management entity controlled by sitting director Hans Thomas this quarter, totaling $3.8 million since June 7, 2025. Additionally, there is a discrepancy in the 10-Q regarding the exercise data for 17,648 stock warrants.

YZi Labs investment partner Alex Odagiu stated that the board has transferred millions of dollars to related parties without holding an annual shareholder meeting or obtaining shareholder approval. YZi Labs demands that the board publicly explain the rationale for the severance compensation, release a significant defect rectification plan, and disclose the complete applicability of the restrictive clauses in the transition agreement.

Ethereum Foundation publishes article explaining the collaborative vision between L1 and L2, clarifying the roles of each layer

According to ChainCatcher, the Ethereum Foundation today released a systematic explanation of the evolution of roles between L1 and L2. The core point indicates that as the ecosystem matures, L2's primary goal has shifted from "scaling Ethereum" to "providing differentiated functions, customized services, and autonomous controllable areas," with scaling becoming a secondary priority.

The foundation redefines the roles of L1 and L2 as follows:

· L1: As a permissionless, highly resilient global settlement layer, it assumes the functions of shared state, liquidity, and DeFi hub, and must continue to scale while maintaining censorship resistance, open-source, privacy, and security.

· L2: While developing its own on-chain economy, it will extend Ethereum's core attributes to a broader user base, forming a "full-spectrum" ecosystem.

The foundation clarifies that the L2 with the highest integration with L1 should pursue synchronous composability, complete interoperability, shared liquidity, and Stage 2 mechanisms. A large number of L2s with diverse business models and technical expertise will continue to play important roles, providing functions that L1 does not possess.

The Ethereum Foundation stated it will continue to invest in technology to help L2 smoothly extend L1's core attributes and securely access cross-layer liquidity, while emphasizing that L2 must maintain transparency and verifiability of security attributes.

Solana Foundation launches new privacy framework for institutions: enterprise-level adoption requires flexible privacy controls

According to ChainCatcher, the Solana Foundation released a report titled "Privacy on Solana: A Comprehensive Approach for Modern Enterprises," proposing that enterprise-level adoption requires flexible privacy controls and positioning privacy as a customizable feature rather than a trade-off.

The report argues that the next phase of crypto adoption will depend more on allowing enterprises to control the subjects and content of information disclosure, rather than relying solely on transparency. The Solana Foundation proposes that privacy encompasses four different modes: pseudonymity, confidentiality, anonymity, and complete privacy systems. Pseudonymity hides identity while transaction data is visible; confidentiality allows participants to be known but encrypts sensitive information; anonymity hides participant identities while transaction data is visible; and complete privacy systems obscure both identity and transaction data through technologies such as zero-knowledge proofs and multi-party computation.

The report emphasizes that there is no single privacy model suitable for all scenarios, and enterprises can mix different tools according to their needs. It points out that Solana's high throughput and low latency enable advanced privacy technologies to operate at near-network speeds, making applications such as crypto order books or private credit risk calculations possible. The Solana Foundation also proposed mechanisms like "audit keys" that allow designated parties to decrypt transactions when needed, thus achieving coexistence of privacy and regulation.

Tether has hired one of the Big Four accounting firms to complete its first comprehensive audit

According to ChainCatcher, Tether announced that it has officially signed an agreement with one of the Big Four accounting firms to initiate its first complete independent financial statement audit. This audit is considered the largest initial audit in financial market history, covering complex asset structures such as digital assets, traditional reserves, and tokenized liabilities. Currently, the market capitalization of USD₮ has exceeded $184 billion, with over 550 million global users.

Tether stated that this audit aims to go beyond the "attestation" standard commonly adopted in the industry, moving towards a full audit to prove that USD₮ is fully backed, has sufficient liquidity, and meets international top-level risk management standards. Tether CEO Paolo Ardoino stated, "Trust is built on actions rather than promises, and this audit represents the culmination of years of system reinforcement work."

Solana Foundation announces the launch of the developer platform SDP for the AI era

According to ChainCatcher, the Solana Foundation today announced the launch of the Solana Developer Platform (SDP), a developer platform designed for the AI era, specifically for enterprises and financial institutions to easily build and launch financial products on Solana via API.

SDP integrates top-tier infrastructure from the Solana ecosystem into a unified interface, helping institutions quickly enter the market in an efficient, compliant, and scalable manner. The platform includes three core API modules that support various application scenarios: the issuance module allows users to issue tokenized deposits, GENIUS-compliant stablecoins, or tokenized real-world assets (RWA); the payment module supports the flow of funds between fiat and stablecoins, including fiat exchange and on-chain stablecoin transactions, covering various payment scenarios such as business-to-business (B2B), business-to-consumer (B2C), and peer-to-peer (P2P); the trading module supports financial operations such as atomic swaps and liquidity pools.

Currently, the issuance and payment modules have officially launched, while the trading module is expected to be released later in 2026. With these modules, enterprises can more conveniently design, deploy, and scale institutional-grade blockchain solutions.

Russia will allow major cryptocurrencies such as Bitcoin, Ethereum, and Solana to enter its market

According to ChainCatcher, the Legislative Activity Committee of the Russian government has approved a bill regulating cryptocurrency trading, allowing the country's crypto exchanges to list the largest digital assets by market capitalization and trading volume.

According to the bill, cryptocurrencies permitted for trading must meet the criteria of an average market capitalization exceeding 5 trillion rubles (approximately $600 million) over the past two years, an average daily trading volume of at least 1 trillion rubles (approximately $120 million), and have at least five years of trading history. Major cryptocurrencies such as Bitcoin, Ethereum, and Solana meet these standards. The bill grants the Central Bank of Russia the authority to determine the list of digital assets allowed for circulation and empowers the financial intelligence agency to blacklist specific cryptocurrencies, with privacy coins being prohibited from trading.

Cryptocurrencies and stablecoins are classified as "monetary assets," and the annual investment amount for ordinary Russian citizens will be limited to below $4,000. The bill also stipulates that violating crypto exchanges will face fines of up to 1 million rubles, while illegal mining entities could face fines of up to 2.5 million rubles, and large-scale illegal mining may result in up to five years of imprisonment.

Latest draft of the CLARITY Act: Prohibiting earning income solely from holding stablecoins

According to ChainCatcher, crypto industry practitioners saw the latest provisions regarding stablecoin earnings in the revised version of the Senate's "Digital Asset Market Clarity Act" during a closed-door review meeting on Capitol Hill on Monday, with initial impressions indicating that the language is too narrow and unclear.

The new provision was announced last Friday by Senators Angela Alsobrooks and Thom Tillis. According to a person familiar with the current draft, the new provision will prohibit earning income solely from holding stablecoins, while restricting any practices that equate this scheme with interest-bearing bank deposits, and setting further limitations on other potentially permissible activities, with the specific identification mechanism for activity-based stablecoin rewards remaining unclear.

This compromise stems from the lobbying struggle between the crypto industry and the banking sector: the banking sector insists that stablecoin rewards should not resemble interest-bearing bank deposits, arguing that such competing products could harm the banking industry and suppress lending. The final compromise allows for reward programs based on user stablecoin activities but prohibits rewards based on balances.

This closed-door review aims to push the Senate Banking Committee to arrange a hearing, which is an important step toward a full Senate vote on the bill. A similar version of the Clarity Act was passed in the House last year, and another version has also passed the Senate Agriculture Committee's marking process. However, the bill's advancement still faces other obstacles: all parties need to reach an agreement on the DeFi regulatory framework, and Democrats insist on including provisions that prohibit senior government officials from profiting personally from the crypto industry, which is clearly aimed at President Trump.

Digital asset management firm ParaFi has raised $125 million for its new fund

According to ChainCatcher, ParaFi, a New York-based digital asset management firm, raised $125 million for its new fund in March, supported by KKR co-founder Henry Kravis.

ParaFi stated that since the beginning of 2025, the company has raised $325 million for its existing digital asset-related investment strategies. Currently, the company manages approximately $2 billion in assets. Founder Ben Forman stated that ParaFi is already an investor in projects such as the prediction market giant Polymarket, asset management firm Bitwise, and crypto custodian Anchorage, and is currently focused on companies active in stablecoins, tokenization, and institutional on-chain finance.

Polymarket will expand its fee structure on March 30, no longer limited to cryptocurrencies and sports
According to ChainCatcher, the prediction market platform Polymarket will expand its fee structure starting March 30, covering finance, politics, economics, culture, weather, and technology, rather than being limited to cryptocurrencies and sports. The new fee structure will adopt variable rates.
The Japanese Liberal Democratic Party launches an on-chain finance working group to promote a national blockchain finance strategy
According to ChainCatcher, the Japanese Liberal Democratic Party today established the "Next Generation AI and On-Chain Finance Vision Project Group," founded by former Digital Minister Hirai Masaki, with former Ministry of Finance official and current chairman of the LDP Blockchain Promotion Parliamentary Alliance Kihara Seiji serving as director, aiming to develop a national-level AI-driven on-chain finance framework, marking the formal inclusion of blockchain finance into structural economic issues in Japanese politics.

Hirai Masaki stated in an interview that the integration of AI and blockchain will first impact the financial industry within a few years, "this is not something that will happen in 5 to 10 years." He pointed out that while Japan already has infrastructure such as the JPYC stablecoin, joint stablecoin projects by Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho banks, and tokenized deposits by Japan Post Bank, there is a lack of a unified blueprint among the components.

The project group's recent goal is to publish a white paper covering regulatory reform proposals such as trust law, deposit insurance, and KYC frameworks, and to incorporate them into the LDP's growth strategy and the government's annual fiscal policy guidelines, while pressuring the Financial Services Agency and the Ministry of Finance to accelerate action.

Nasdaq plans to integrate its collateral and monitoring systems with Talos's institutional trading system

According to ChainCatcher, Nasdaq plans to integrate its Calypso risk and collateral platform and trading monitoring systems with the institutional trading tools of digital asset infrastructure company Talos.

This integration aims to provide institutional clients with a "unified" workflow for managing tokenized collateral and monitoring for market manipulation in cryptocurrencies and traditional assets. This move aims to alleviate bottlenecks in institutional tokenization and bring "institutional-grade" compliance standards into the digital asset market.

Nasdaq cited internal research indicating that approximately $35 billion in collateral is frozen in "corrective and non-interest-bearing measures."

Ledger completes a $50 million secondary equity sale

According to ChainCatcher, Paris-based digital asset company Ledger has completed a $50 million secondary equity sale, with its CEO stating that the company currently has no immediate plans for an initial public offering (IPO).

Pascal Gauthier led this transaction, which was completed in the fourth quarter of last year, with an early investor selling their stake in this transaction. He stated in an interview but declined to disclose the company's valuation.

Circle froze the USDC balances of 16 business hot wallets yesterday

According to ChainCatcher, market news indicates that Circle froze the USDC balances of 16 crypto business hot wallets the previous evening, with affected parties stating it stemmed from a U.S. civil case whose details have not been disclosed.

ZachXBT stated that these addresses appear to belong to wallets operated by exchanges, casinos, and forex platforms, with no obvious connections between them, and this move has impacted the operations of the related businesses.

Meme Popularity Rankings

According to the meme token tracking and analysis platform GMGN, as of March 25, 09:00,

The top five popular tokens on ETH in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO

The top five popular tokens on Solana in the past 24 hours are: Punch, neet, Buttcoin, WOJAK, testicle

The top five popular tokens on Base in the past 24 hours are: PEPE, BASED, B3, SKYA, TOSHI

What are some great articles worth reading in the past 24 hours?

When Backpack backstabs the community

On March 23, Backpack (also known as the backpack) officially launched its native token $BP and opened the channel for point airdrop claims. This event, originally seen as a landmark event in the Solana ecosystem, carrying the hopes of countless users, unexpectedly triggered a strong earthquake in the community, falling into a whirlpool of public opinion.

The core reason is still the issue of airdrop token distribution. Well-known KOLs such as Ice Frog, He Bi, Australian Lion Brother, Professor Feng Wuxiang, Meta Ape, and anymose all stated that their accounts and those of their studios were judged by the platform as "witches," resulting in airdrop earnings far below expectations and significant losses.

CZ's Washington Dialogue: Crypto entrepreneurs are accelerating their return to the U.S.

CZ connected with the DC Blockchain Summit: his prison memoir is about to be published, sharply criticizing the inaccurate reports of traditional media, and pointing out that if the U.S. wants to become the "global crypto capital," it urgently needs to introduce more market competition to lower trading costs.

When gold is no longer a safe haven, and Bitcoin continues to panic

In chaotic times, buying gold has been one of the deeply ingrained logics in every investor's cognition over the past few decades. However, in the past few weeks, this logic has completely failed.

Spot gold has fallen for nine consecutive trading days, recording the largest weekly decline since 1981 last week, and has now lost all gains made this year.

Meanwhile, global stock markets have fallen, and the crypto market is still in panic, with industrial metals such as copper, aluminum, and zinc also not spared.

Almost all assets are being indiscriminately sold off, with only crude oil rising.

When the valuation logic of various assets collapses simultaneously, the boundary between safe-haven assets and risk assets also disappears.

Dragonfly Partner: Most agents will not engage in autonomous trading, how can crypto payments win?

Recent discussions around "agent commerce" are no exception. The market has formed a consensus: the number of agents is surging; agents need to trade; agents cannot hold bank accounts but can hold e-wallets; card organizations charge 2-3% fees; therefore, stablecoins win.

This chain of logic has flaws on many levels. Agents can hold bank accounts under the FBO (Financial Operator) structure. Moreover, the 2-3% fee reflects credit risk and fraud risk, which blockchain cannot solve.

However, the debate over "which payment method will win?" actually stems from a premise question that has been largely overlooked in discussions: Will most agents really engage in trading?

The scale of the agent economy will be enormous, but the actual proportion of agents engaging in trading will not be that high.