Telegram has launched Mira, its first blockchain-based artificial intelligence assistant, marking a significant expansion of the messaging platform’s technology stack into AI-driven services. Developed by The Open Platform, Mira operates within Telegram chats and is built on the Cocoon network, a framework introduced in late 2025 to support privacy-focused and anonymous AI interactions.

The assistant is designed to perform common consumer tasks, including answering questions, searching for information, and generating text, images, and videos. Basic interactions are free, while more advanced features require credits purchased using Telegram Stars, the app’s internal currency. The rollout reflects Telegram’s broader effort to embed advanced digital services directly into its messaging interface rather than through standalone applications.

Privacy Architecture and Multi-Model Design

Mira is structured around two operating modes that emphasize user choice around data handling. In private mode, the assistant does not store memory, and interactions are encrypted and discarded after completion. In standard mode, Mira retains contextual information, allowing it to remember preferences and adapt responses over time. This dual structure positions privacy as a configurable feature rather than a fixed default.

Technically, Mira relies on a multi-model architecture that routes tasks to different AI systems based on function. Text-based queries are handled by large language models, while image and video generation are powered by specialized third-party systems available to paid users. This approach allows Telegram to combine external AI capabilities within a single interface, avoiding reliance on a proprietary model while accelerating feature development.

Near-term updates are expected to expand Mira beyond one-on-one chats. Planned integrations include group conversations, channels, automated summaries, and AI personas designed to interact with users in distinct styles. These features would move Mira closer to a persistent layer across Telegram’s social graph.

Blockchain, Payments, and Competitive Context

Mira’s launch aligns with Telegram’s parallel push into blockchain-based commerce. The Open Network Foundation recently introduced TON Pay, a payments software development kit that enables cryptocurrency transactions directly inside Telegram Mini Apps. The system allows merchants to accept Toncoin and supported stablecoins through a wallet-agnostic checkout flow embedded in chats.

TON Pay is designed for scale, targeting Telegram’s estimated 1.1 billion monthly active users. According to the foundation, transactions are expected to settle in under a second, with typical fees below one cent. Initial use cases focus on in-app commerce, with future support planned for subscriptions, gasless transactions, and regional fiat off-ramps to address compliance requirements.

Together, Mira and TON Pay position Telegram more firmly in the emerging “everything app” landscape, where messaging, payments, and digital services converge. Competitors such as X and Coinbase are pursuing similar strategies by integrating financial tools and AI into consumer platforms. While Telegram and TON continue to face scrutiny over governance and decentralization, the company is betting that tightly integrated AI and payment infrastructure can differentiate its ecosystem from traditional messaging and fintech models.

Michael Saylor’s Strategy, the world’s largest publicly listed corporate holder of Bitcoin, disclosed a new $90 million purchase of the cryptocurrency, adding 1,142 BTC to its balance sheet. The acquisition was completed at an average price of approximately $78,815 per coin, according to a filing with the US Securities and Exchange Commission.

The purchase came during a period of heightened market volatility, with Bitcoin trading below Strategy’s average acquisition price for much of the week and briefly dipping to around $60,000 on major exchanges. Despite the drawdown, the company did not time the local lows, instead continuing its incremental accumulation strategy. The latest transaction brings Strategy’s total holdings to 714,644 BTC, acquired for roughly $54.35 billion at an average price of $76,056 per Bitcoin.

Accumulation Strategy amid Market Weakness

By purchasing Bitcoin above its existing cost basis, Strategy avoided lowering its average entry price, a dynamic that has drawn attention from market participants. Bitcoin has remained below the company’s average purchase price since the acquisition, underscoring the near-term unrealized losses embedded in Strategy’s position.

This approach is consistent with Strategy’s historical behavior during prior market cycles. In 2022, when Bitcoin traded below the firm’s average cost near $30,600, the company slowed the pace of large acquisitions but continued to add smaller amounts. The current purchase marks only the second time this cycle that Strategy has added Bitcoin while prices remained below its overall cost basis, reinforcing its stated long-term conviction rather than a tactical trading posture.

Institutional Context and Market Implications

Strategy’s continued buying comes as institutional sentiment toward Bitcoin remains mixed. Spot Bitcoin exchange-traded funds have seen uneven flows in recent weeks, while macro uncertainty around interest rates and liquidity conditions has pressured risk assets broadly. Against this backdrop, Strategy’s balance-sheet-driven accumulation stands out as one of the largest single sources of consistent demand in the Bitcoin market.

The company’s equity has continued to track Bitcoin’s volatility. Strategy shares fell sharply alongside the broader crypto market before rebounding with a late-week recovery, reflecting the tight linkage between its stock performance and Bitcoin price movements. As mining economics tighten and corporate treasuries reassess digital asset exposure, Strategy remains a distinct case of concentrated, long-duration Bitcoin allocation at an institutional scale.

Pop music icon Justin Bieber has seen the valuation of his Bored Ape Yacht Club (BAYC) NFT decline by more than 99% relative to its purchase price. In January 2022, Bieber acquired Bored Ape #3001 for 500 ETH, which was valued at approximately $1.3 million at the time of the transaction. By early 2026, the asset is estimated to be worth less than 6 ETH, or roughly $12,000, as the broader digital collectibles market continues its multi-year correction.

The asset, which lacks rare visual attributes, was widely criticized by the NFT community at the time of acquisition for its significant premium over the collection’s floor price. While the BAYC floor price briefly rallied to a peak of $429,000 in April 2022, the subsequent “NFT winter” has substantially eroded the market capitalization of even the most prominent collections. This trend reflects a broader cooling of celebrity-driven speculative activity in favor of assets with tangible utility or institutional backing.

Structural Shifts in Digital Asset Liquidity

The structural decline in NFT valuations coincides with a fundamental shift in the global digital asset landscape. Institutional liquidity has increasingly migrated toward regulated investment vehicles, such as spot Bitcoin and Ethereum exchange-traded funds (ETFs). According to recent reports from the World Economic Forum, 2026 represents an “institutional era” where market participants prioritize infrastructure maturity over speculative hype.

This realignment has reduced the capital available for high-risk digital art, leading to a flight to quality among collectors. As the market matures, the distinction between historical assets and common speculative tokens has become more pronounced. Analysts observe that liquidity is now concentrated in a handful of projects that have demonstrated long-term resilience or successful brand extensions.

Competitive Pressures and Ecosystem Evolution

The competitive hierarchy within the NFT sector has also experienced significant volatility since 2022. Bored Ape Yacht Club, once the undisputed leader in market capitalization, now faces intense pressure from collections such as Pudgy Penguins. By early 2026, Pudgy Penguins has occasionally surpassed BAYC in market cap, driven by successful physical merchandising and the launch of its native token.

In contrast, legacy collections like CryptoPunks have maintained higher floor prices, often trading near $60,000, due to their perceived status as digital “antiquities.” The rebalancing of portfolios toward yield-bearing assets and real-world asset (RWA) tokenization has further limited the secondary market demand for non-utility-based NFTs. This diversification suggests that investors are seeking value preservation over purely visual assets.

To counter these headwinds, BAYC creator Yuga Labs has pivoted toward an ecosystem-centric strategy. The company officially launched its Otherside metaverse in late 2025 and is currently constructing a physical clubhouse in Miami to foster community engagement. These initiatives represent a move away from pure digital speculation toward an integrated social and gaming platform. However, the success of these long-term infrastructure plays remains subject to broader market adoption and the evolving preferences of the digital-native generation.

Tether reported record growth in both users and reserves for its USDT stablecoin during the fourth quarter of 2025, even as the broader crypto market experienced one of its sharpest downturns in recent years. According to Tether’s quarterly market report, USDT market capitalization rose by $12.4 billion during the quarter to a new high of $187.3 billion, extending its lead as the world’s largest stablecoin.

The company estimated that USDT added 35.2 million new users in Q4, bringing its global user base to approximately 534.5 million. This marked the eighth consecutive quarter in which USDT added more than 30 million users, underscoring continued adoption despite heightened volatility following the October market liquidation event.

User Adoption Outpaces Broader Market

On-chain data showed continued expansion in wallet usage, with the number of on-chain USDT holders increasing by 14.7 million to 139.1 million during the quarter. USDT wallets accounted for roughly 70.7% of all stablecoin wallets, reinforcing its dominant position in the sector. Tether also estimated that more than 100 million users hold USDT on centralized platforms, highlighting the token’s role as a liquidity and settlement tool beyond decentralized networks.

Monthly active on-chain users averaged a record 24.8 million during the quarter, reflecting sustained transactional demand. Tether attributed this growth to USDT’s utility across payments, remittances, and value storage, particularly in regions where access to traditional banking remains limited or where local currencies face volatility.

Reserves Expand amid Institutional Focus

Tether’s total reserves grew by $11.7 billion in the fourth quarter to $192.9 billion, strengthening the balance sheet behind USDT issuance. Reserve assets included $141.6 billion in US Treasuries, 96,184 Bitcoin, and 127.5 metric tons of gold, reflecting a diversified reserve strategy that blends traditional financial instruments with select digital and commodity exposure.

The expansion came despite a challenging macro backdrop. Crypto markets suffered a major liquidation cascade in October 2025, followed by elevated volatility through year-end. Bitcoin prices declined sharply and were trading near $71,200 by early February 2026, marking the lowest levels since October 2024. Over the same period, the total crypto market capitalization fell by more than one-third.

Competitive and Macro Context

Against this backdrop, USDT’s growth contrasted with declines seen among competing stablecoins. Tether reported that while USDT grew approximately 3.5% following the October liquidation event, the second- and third-largest stablecoins saw declines of 2.6% and 57%, respectively. The divergence highlights a consolidation trend within the stablecoin market, with liquidity gravitating toward issuers perceived as systemically important.

Separately, reports this week indicated that Tether has revised its potential fundraising plans, with advisers discussing a raise of around $5 billion, down from earlier figures. While no formal transaction has been announced, the adjustment reflects a more cautious capital environment as regulatory scrutiny and macro uncertainty continue to shape the digital asset sector.

Bhutan has made its second Bitcoin transfer in a week, moving roughly $22 million worth of the cryptocurrency to a market maker as prices remain under pressure and mining economics deteriorate. Blockchain analytics firm Arkham shows the country transferred 184 Bitcoin on Wednesday, following a 100.8 Bitcoin transfer late last week. Both transactions were sent to QCP Capital, a move that typically signals preparation for liquidation.

The transfers mark a continued reduction in Bhutan’s national Bitcoin reserves, which have fallen from a peak of 13,295 BTC in October 2024 to about 5,700 BTC. Since launching its state-backed mining initiative in 2019, powered largely by hydroelectric energy, Bhutan has accumulated approximately $765 million in Bitcoin. However, Arkham data indicates the cost to mine one Bitcoin has nearly doubled since the 2024 halving, significantly reducing mining output compared with 2023 levels.

Mining Economics and Reserve Management

Rising operational costs appear to be reshaping Bhutan’s approach to managing its digital asset reserves. In 2023, the country mined roughly 8,200 BTC, but production has slowed materially as lower prices and greater difficulty compress margins. Arkham noted that Bhutan has historically sold Bitcoin in batches of around $50 million, suggesting the latest transfers fit a recurring treasury management pattern rather than an abrupt policy shift.

As a result of the drawdown, Bhutan has slipped to seventh place among nation-state Bitcoin holders, trailing the United States, China, the United Kingdom, Ukraine, El Salvador, and the United Arab Emirates. The state-owned investment arm Druk Holding and Investments has not publicly commented on the latest transfers, maintaining a low profile around its crypto strategy amid volatile market conditions.

Broader Market and Macro Pressures

The reduction in Bhutan’s holdings comes as Bitcoin trades more than 42% below its October all-time high of $126,080, with prices hovering under $72,000. Market sentiment has weakened to levels last seen in mid-2022, reflecting broader risk aversion across global markets. Investors have increasingly favored traditional safe havens such as gold and silver despite elevated global liquidity.

Macro uncertainty has compounded crypto market stress, with concerns ranging from U.S. government shutdowns and renewed trade tensions to stalled digital asset legislation in Washington. Additional narratives, including quantum computing risks and a recent dip in Bitcoin network hashrate below one zetahash per second, have further weighed on sentiment. Against this backdrop, Bhutan’s latest Bitcoin transfers underscore how even sovereign holders are reassessing exposure as structural and macro pressures converge.

Canada’s top investment industry regulator has unveiled a new framework designed to strengthen how crypto assets are held and safeguarded, marking a significant step in the country’s effort to curb losses linked to fraud, hacks, and operational failures. The Canadian Investment Regulatory Organization, or CIRO, published its Digital Asset Custody Framework on February 3, setting out interim standards for dealer members that operate crypto trading platforms.

The framework will be enforced through CIRO membership terms and conditions rather than formal rulemaking, allowing regulators to respond more quickly to emerging risks in fast-moving digital asset markets. CIRO said the measures draw on lessons from past failures, including the 2019 collapse of QuadrigaCX, which exposed gaps in custody practices and left thousands of customers unable to recover funds.

Tiered Custody and Risk Limits

At the center of the new regime is a tiered, risk-based approach to crypto custody. Custodians are classified into four tiers based on factors such as capital strength, regulatory oversight, insurance coverage, and operational resilience. Under the framework, top-tier custodians may hold up to 100% of client crypto assets, while lower-tier providers face progressively tighter limits, with Tier 4 custodians capped at 40%.

Dealer members that choose to self-custody assets are subject to even stricter constraints, limited to holding no more than 20% of the total value of client crypto. CIRO said these limits are intended to reduce concentration risk and ensure that weaker or less regulated custodians do not hold disproportionate amounts of client funds.

The framework also introduces enhanced governance and operational requirements. Custodians must establish formal policies for private key management, cybersecurity, incident response, and third-party risk oversight. Insurance coverage, independent audits, security compliance reports, and regular penetration testing are now mandatory components of custody operations.

Enforcement and Global Context

Custody agreements must clearly define liability in cases where losses result from negligence or preventable failures, reinforcing accountability across the custody chain. CIRO emphasized that the rules are designed to be proportionate, aiming to improve investor protection without unduly restricting innovation or competition in Canada’s crypto sector. The regulator said the framework was developed in consultation with industry participants and benchmarked against international standards.

The move comes amid heightened enforcement activity across Canada’s digital asset market. In recent months, the country’s financial intelligence agency, FINTRAC, has issued substantial penalties against both domestic and offshore crypto platforms for compliance failures related to anti-money laundering controls. As a self-regulatory organization, CIRO has the authority to investigate member misconduct and impose sanctions, including fines and suspensions.

Canada’s tighter custody standards also align with broader regulatory momentum globally, as jurisdictions seek to reinforce market infrastructure following high-profile crypto failures. Alongside custody reforms, Canadian authorities are preparing a comprehensive framework for fiat-backed stablecoins under the 2025 federal budget, signaling a more structured and institutionally focused approach to digital asset regulation.

GameStop has raised fresh questions about the future of its Bitcoin treasury after transferring its entire digital asset position to Coinbase Prime and signaling that corporate acquisitions now rank higher than crypto on its strategic agenda. The move places the video game retailer at a crossroads as public companies reassess digital asset exposure amid tighter liquidity and rising capital discipline.

Chief Executive Officer Ryan Cohen said in a recent interview that GameStop is pursuing a “transformative” acquisition strategy that he described as more compelling than holding Bitcoin. While Cohen declined to confirm whether the company plans to sell its holdings, his remarks marked a notable shift in tone from earlier positioning that framed Bitcoin as a long-term balance-sheet asset.

GameStop currently holds 4,710 Bitcoin, valued at roughly $360 million following recent market declines. The company returned to profitability in recent quarters, giving management greater flexibility in how it deploys capital as equity markets remain volatile.

Bitcoin Treasury Strategy Under Review

The transfer of GameStop’s Bitcoin to Coinbase Prime does not in itself indicate an imminent sale, as companies often use institutional custodians for security and operational efficiency. However, the timing has fueled speculation that the firm is preparing to redeploy capital toward acquisitions rather than maintaining exposure to crypto price swings.

GameStop formally updated its investment policy last year to allow Bitcoin as a treasury reserve, joining a wave of public companies that adopted digital assets during the 2024-2025 bull cycle. That trend coincided with rising institutional inflows, looser financial conditions, and strong equity market performance.

More recently, falling crypto prices and tighter monetary conditions have altered the calculus. Bitcoin has retraced toward levels where many corporate buyers entered the market, increasing pressure on treasurers to justify continued exposure. Analysts note that Bitcoin’s volatility can complicate balance-sheet planning, particularly for companies pursuing capital-intensive transactions.

Institutional Context and Market Implications

Market participants view GameStop’s pivot as part of a broader normalization in corporate crypto strategies. Unlike firms such as Strategy, which financed Bitcoin purchases with long-duration debt, GameStop retains the flexibility to reallocate capital without forced selling pressures. That distinction may limit broader market impact if the company ultimately reduces its holdings.

GameStop shares rose following Cohen’s comments, suggesting equity investors welcomed the emphasis on operational growth and acquisitions over asset speculation. Institutional investors have increasingly favored clearer capital allocation frameworks as equity valuations face scrutiny across sectors.

The episode also highlights a competitive shift in how public companies engage with crypto. While Bitcoin remains a treasury asset for some firms, others are prioritizing cash-generative strategies, mergers, and platform expansion as financial conditions tighten.

Whether GameStop ultimately sells its Bitcoin or maintains a reduced allocation remains uncertain. What is clearer is that corporate enthusiasm for large crypto treasuries is becoming more selective, shaped less by ideology and more by balance-sheet efficiency and strategic optionality.

Tether has expanded support for its flagship USDT stablecoin and its tokenized gold product, Tether Gold, within Opera’s MiniPay wallet, marking a further push into mobile-first financial services across emerging markets. The integration allows MiniPay users to hold, send, and receive both digital dollars and gold-backed tokens through a self-custodial wallet built on the Celo blockchain.

The partnership is aimed at regions where access to traditional banking remains limited and demand for dollar-denominated savings tools continues to rise. Tether said the initiative targets users in Africa, Latin America, and Southeast Asia, where stablecoins are increasingly used for remittances, peer-to-peer transfers, and inflation protection.

Mobile Wallet Adoption in Emerging Markets

Opera’s MiniPay wallet is embedded directly into the Opera Mini browser and requires only a mobile phone number for activation, lowering onboarding barriers for first-time crypto users. According to Opera, MiniPay is now active in more than 60 countries, with 12.6 million activated wallets and over 350 million transactions processed to date. User growth accelerated in the fourth quarter, driven primarily by adoption in developing economies.

Transaction activity has also scaled alongside usage. More than $153 million was sent or received through MiniPay in December, highlighting growing reliance on stable-value digital assets for everyday payments. For users facing volatile local currencies, access to USDT provides exposure to the US dollar without requiring a bank account or foreign exchange infrastructure.

The addition of Tether Gold introduces an alternative savings instrument tied to physical gold, appealing to users seeking longer-term value preservation. Tokenized gold products have gained traction amid persistent inflation pressures and heightened macroeconomic uncertainty, particularly in regions with limited access to traditional commodities markets.

Stablecoins Face Shifting Market Conditions

While stablecoin adoption continues to expand in emerging markets, broader market indicators show signs of contraction. Industry data suggests total stablecoin market capitalization peaked late last year and has since declined alongside falling crypto asset prices. Analysts attribute the trend to increased risk aversion and reduced trading activity across centralized exchanges.

Despite these headwinds, payments-focused stablecoin usage remains resilient. Institutional observers note that transactional demand in mobile and cross-border contexts is structurally different from speculative trading flows. This divergence has reinforced interest in wallet-based distribution models that prioritize utility over yield or leverage.

For Tether, deeper integration into consumer-facing platforms like MiniPay strengthens its position as infrastructure rather than solely a trading instrument. The collaboration with Opera reflects a broader shift among stablecoin issuers toward embedded finance and direct-to-user distribution, particularly in high-growth regions where traditional financial rails remain fragmented.

Cboe Global Markets is in early discussions to relaunch binary options contracts, positioning the derivatives exchange to compete with the rapidly expanding prediction market sector. The initiative would mark a return to products Cboe previously discontinued in 2008, this time aimed at retail investors and structured within a regulated framework.

The proposed contracts would function as fixed-payout derivatives, delivering a preset return if a specific condition is met at expiration or expiring worthless if it is not. Such “all-or-nothing” structures closely resemble contracts traded on prediction platforms, where participants take yes-or-no positions on outcomes ranging from financial benchmarks to political events.

Regulated Entry Into Event-Driven Trading

Binary options listed by Cboe would be tied strictly to financial variables, such as equity index levels, and would fall under oversight by US regulators including the Securities and Exchange Commission or the Commodity Futures Trading Commission. Cboe executives emphasized that legal and compliance considerations would be central to any product rollout, reflecting lessons learned from earlier attempts and past regulatory scrutiny.

Binary options have a controversial history in the United States. While exchange-listed contracts differ from offshore offerings, regulators previously flagged unregulated platforms for fraud and investor losses. Cboe’s approach aims to distinguish itself by offering transparent pricing, standardized contract terms and centralized clearing.

Company officials see the product as a potential entry point for retail investors seeking simplified exposure to options markets without complex payoff structures. The exchange is also engaging retail brokerages and market makers to assess demand and liquidity conditions before proceeding.

Prediction Markets Gain Institutional Attention

Cboe’s renewed interest comes as prediction markets experience record activity. Kalshi and Polymarket, two leading platforms in the sector, recorded a combined $17 billion in trading volume in January, representing the highest monthly total on record. Both platforms have benefited from rising demand for event-driven exposure across sports, politics and macroeconomic indicators.

Market research firms note that prediction markets are transitioning from niche products into a broader segment attracting institutional capital and infrastructure investment. At the same time, liquidity fragmentation and regulatory uncertainty remain challenges as participation scales.

Traditional financial institutions are increasingly monitoring the space. Coinbase has begun offering event-based contracts through Kalshi, while major banks have publicly acknowledged evaluating prediction markets as regulatory frameworks evolve.

For Cboe, the strategy reflects a broader effort by established exchanges to capture emerging trading behaviors within regulated environments. By offering binary options tied to financial outcomes, the exchange may provide a compliant alternative to crypto-native platforms while preserving institutional standards for market integrity.

The outcome of Cboe’s exploration could influence how prediction-style products are integrated into mainstream financial markets, particularly as retail participation and event-driven trading continue to grow.

Sheikh Tahnoon bin Zayed Al Nahyan, who oversees UAE intelligence and national security operations, acquired a 49% stake in World Liberty Financial (WLFI), a US dollar-denominated stablecoin and payment infrastructure company linked to former President Donald Trump’s family.

The purchase, completed via the Sheikh’s Aryam Investment vehicle for approximately $500 million, predates recent US moves to ease export restrictions on advanced AI chips to the UAE. While no official connection has been established between the investment and policy changes, the timing has drawn scrutiny from financial analysts and policymakers alike, highlighting the complex intersection of digital finance and geopolitics.

WLFI is developing the USD1 stablecoin to provide a broader payment infrastructure platform. Part of the transaction proceeds reportedly flowed to entities affiliated with the Trump family, illustrating how politically connected financial actors are participating in emerging crypto markets. The acquisition positions WLFI to play a more significant role in dollar-pegged digital asset offerings, particularly in markets with institutional and cross-border exposure.

Stablecoin Integration and Binance Deal

Following the acquisition, MGX, also chaired by Sheikh Tahnoon, used WLFI’s USD1 stablecoin to channel a $2 billion investment into Binance, one of the world’s largest cryptocurrency exchanges. The transaction effectively elevated USD1 into the top tier of dollar-pegged tokens, signaling a growing trend of using stablecoins as vehicles for large-scale capital allocation. Analysts note that this demonstrates the increasing integration of cryptocurrency infrastructure with traditional finance and international investment strategies.

The deal highlights the strategic use of digital assets in emerging markets and their potential influence on institutional capital flows. By leveraging WLFI’s infrastructure, MGX positioned itself to expand its footprint in cryptocurrency markets while coordinating with Binance’s liquidity networks. The structure of such transactions is now under observation as regulators assess the implications for cross-border capital movement and market transparency.

Regulatory and Geopolitical Implications

The WLFI acquisition underscores how cryptocurrency platforms are entwined with national security, foreign investment, and emerging technologies such as AI. Sheikh Tahnoon also chairs G42, the UAE’s primary AI holding company, which has been involved in negotiations with US authorities on AI chip access. While no wrongdoing has been reported, regulators may closely monitor similar politically connected crypto investments to ensure compliance with sanctions, anti-money laundering rules, and financial transparency standards.

The transaction exemplifies the evolving role of stablecoins in global finance and highlights the broader trend of digital assets bridging capital markets, geopolitics, and strategic technology policy. It further illustrates the challenges regulators face as crypto platforms increasingly operate at the intersection of financial innovation and state interests.