OpenSea is defending its focus on NFTs while expanding its reach across digital assets. Ondo Finance is pushing back on Nasdaq’s blockchain ambitions, and Japan’s biggest banks are stepping into the stablecoin race. Here’s a look at the top crypto stories shaping the markets today.
OpenSea Expands Vision Beyond NFTs
OpenSea CEO Devin Finzer has pushed back against claims that the company is turning away from NFTs. Instead, he said the platform is growing into a marketplace for all onchain assets. In a post on X, Finzer revealed that OpenSea’s October trading volume exceeded $2.6 billion, with over 90 percent of that driven by token trading.
He described this momentum as the start of a transformation. “We’re building the universal interface for the entire onchain economy, tokens, collectibles, culture, digital and physical,” Finzer said. He added that users should be able to trade any blockchain-based asset across different networks while keeping full control of their holdings.
Launched in 2017, OpenSea was the pioneer NFT marketplace, hosting millions of digital collectibles before facing a slowdown in 2023 amid an NFT market crash and fierce competition from Blur. Now, the company’s broader focus suggests a pivot toward the evolving world of tokenized assets, positioning it as a multi-chain trading hub for the onchain economy.
Ondo Finance Urges SEC to Delay Nasdaq’s Tokenized Securities Plan
Ondo Finance has asked the US Securities and Exchange Commission to delay or reject Nasdaq’s plan to enable trading of tokenized securities. In a letter sent Wednesday, the blockchain firm argued that the proposal lacks transparency and could give large market players an unfair advantage.
Ondo raised concerns that the plan hinges on non-public details about how the Depository Trust Company (DTC), the central depository for US securities, will manage blockchain settlements. The company said this lack of clarity makes it difficult for investors and competitors to assess the full impact of Nasdaq’s proposal.
While supporting Nasdaq’s broader push toward tokenization, Ondo urged regulators to wait until DTC’s settlement system is fully defined. It called for “open collaboration and transparent standards” before any approval is granted.
Nasdaq first filed its request with the SEC on September 8, seeking to amend its rules to include tokenized securities. If approved, the proposal would allow digital versions of traditional stocks to trade alongside regular shares. The SEC’s review period runs through early November but can be extended to December.
Japan’s Biggest Banks Join Forces for Yen-Based Stablecoin
Three of Japan’s leading banks are reportedly working together to issue a yen-pegged stablecoin by the end of the year. According to Nikkei, Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corp. (SMBC), and Mizuho Bank plan to use MUFG’s Progmat platform to develop a digital currency for corporate settlements.
The project aims to modernize payment systems and cut transaction costs by introducing a standardized, interoperable stablecoin. Together, the three banks serve more than 300,000 corporate clients, giving the project significant reach.
Mitsubishi Corp. is expected to be the first to adopt the stablecoin for internal use, integrating it into settlements for dividends, acquisitions, and customer payments across its 240 subsidiaries worldwide. The system is expected to reduce fees and streamline administrative processes.
If successful, the collaboration could create Japan’s first unified, bank-backed stablecoin network — a major step toward mainstream adoption of blockchain in the country’s financial infrastructure.
ETF Filings Continue Despite US Government Shutdown
Despite the ongoing US government shutdown, more than five new crypto exchange-traded fund (ETF) applications were submitted this week. The filings signal that interest in regulated crypto investment products remains high even amid political and economic uncertainty.
While the SEC’s operations have been limited, market participants continue to push forward with new products aimed at retail and institutional investors. The continued momentum highlights how traditional finance players are increasingly seeking regulated exposure to the digital asset sector.
The Bigger Picture
From OpenSea’s expansion to Japan’s bank-backed stablecoin and Ondo’s regulatory challenge, today’s developments reflect how traditional finance and blockchain are increasingly intersecting. The ongoing race to define standards, compliance, and interoperability will shape the next phase of crypto adoption globally.
