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Crypto financial infrastructure Cycles announced the completion of a $6.4 million seed round, led by Blockchange Ventures, with participation from an exchange, Compound VC, Primitive Ventures, and others. With this round, the total funding has reached $8.7 million. The company aims to build a private clearing network for the crypto market and seeks to improve capital efficiency through a "clearing network" mechanism. By leveraging zero-knowledge proofs and trusted execution environments to achieve multi-party net settlement, it aims to reduce counterparty risk and minimize liquidity usage.

Foresight News reported that hardware wallet manufacturer Foundation has completed a $6.4 million funding round, led by Fulgur Ventures with participation from Arche Capital. This new funding brings Foundation's total fundraising to $16.5 million, but the structure of this round and the post-money valuation have not yet been disclosed. The company also announced on Thursday the official launch of its flagship product, Passport Prime, a device that integrates a Bitcoin hardware wallet, FIDO security key, two-factor storage, secret vault, and 50GB of encrypted storage. In addition, Foundation has expanded access to its KeyOS developer platform, making Passport Prime available to developers building secure applications via its SDK. The company stated that it plans to launch the KeyOS app store for users by the end of Q2. Cake Wallet is the first external team to build on KeyOS, and Foundation indicated it expects further integrations throughout 2026 in areas such as Bitcoin, identity, and AI agent workflows.

JPMorgan's latest report indicates that despite the earning potential of tokenized money market funds, they only account for about 5% of the broader 'stablecoin system', and the core position of stablecoins in the crypto ecosystem is unlikely to be replaced in the short term. JPMorgan analysts expect that, barring significant changes in the regulatory environment, the market size of tokenized money market funds will struggle to exceed 10%–15% of the overall stablecoin market. Current demand is primarily concentrated among crypto-native investors seeking yields and institutional funds looking to balance on-chain settlement with traditional asset protection. In the absence of regulatory easing, such products will find it difficult to challenge the infrastructure-level status of stablecoins in the crypto market.