Hi! In today’s edition:
⚡ Core Lightning has one instruction for node operators, and no patch to go with it
⚛️ StarkWare put something on Bitcoin's chain that a quantum computer cannot open
🏛️ A custody rule the last SEC could not land is back on the table
💶 Revolut's euro stablecoin is live, in a market far smaller than its user base
Today’s newsletter is brought to you by 1inch!
Your DeFi Liquidity Just Woke Up
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Core Lightning's Patch Exists. Nobody Can Get It.
Core Lightning's maintainers told node operators Sunday to restart with the --offline flag if they will not upgrade, and the upgrade they mean is not downloadable yet. The guidance went out in the project's Discord and spread Wednesday through a stacker.news repost. Details of the fix stay under embargo for two weeks.
The team Wednesday on X said it has been triaging AI-generated CVE reports from multiple sources, adding that “several are real.” Regarding a fix, it said it will ship signed binaries first and publish the source afterward, so operators who want to verify the code have to wait. Support for earlier releases, including 26.04, is gone.
Running --offline cuts peer connections, which stops payments routing in, out or through the node while leaving it watching the chain for force-closes. A powered-off node cannot defend a channel. This is the fourth Bitcoin infrastructure scare in as many weeks.
10,000 Sats Moved, Quantum Computers Locked Out
StarkWare completed the first quantum-safe Bitcoin transaction on mainnet Wednesday, using a method that needs no soft fork and no change to consensus rules. The spend landed in block 964,199 and moved a 10,000-sat output protected by the scheme.
The method, called Quantum-Safe Bitcoin, comes from Avihu Levy, StarkWare's general manager of applications, who published the research in April. It swaps the elliptic-curve assumption that Shor's algorithm would break for a hash-based lock, using a technique called signature grinding that produces a valid signature without a private key.
The constraints are real: the transaction cost several hundred dollars in offchain compute and is nonstandard enough that ordinary nodes will not relay it. MARA's Slipstream service handed it straight to a miner.
The SEC Revives the Custody Rule Gensler Lost
The SEC sent a proposal to overhaul its custody rules for investment advisers to the White House on Tuesday, reviving a fight the agency lost under Gary Gensler. The Office of Information and Regulatory Affairs logged it as economically significant and, notably, as deregulatory.
The rulemaking would amend requirements under the Investment Advisers Act and the Investment Company Act to spell out how advisers and funds can hold crypto assets. The SEC said advisers have been asking how to comply, and that it also wants to strip out provisions that no longer protect investors.
Gensler's 2023 version would have confined client crypto to a narrow set of qualified custodians. a16z called it "illegal, infeasible, and dangerous," and the proposal was withdrawn last year. The agenda pencils in a formal proposal for October.
Revolut's Euro Stablecoin Goes Live, Barely
Revolut began a phased rollout of EURR, its euro-pegged stablecoin, on Wednesday, opening it to selected customers in Denmark, Poland and Portugal. Wider availability across the European Economic Area is planned for later this year, along with tokens tied to other currencies.
Supply is negligible so far: issuer Bridge, the Stripe-owned entity behind the token, most recently showed 369 EURR in circulation against 369 euros of reserves, all held as cash deposits. Contracts are live on Ethereum and Polygon.
What Revolut brings is distribution. The token puts onchain euros in front of Revolut's 80 million customers. Euro-pegged stablecoins total roughly $740 million today, against about $287 billion in dollar-pegged supply.
DON’T MISS UNCHAINED LIVESTREAM TODAY
Coinbase put tokenized Apple, Nvidia, Meta and Google shares onchain last week, and Aerodrome quickly became the venue where they trade.
Laura sits down with Aerodrome co-founder Alex Cutler on his claim that a DEX can already beat Interactive Brokers on execution, and why US investors still can't legally buy in.
Streams Thursday at 10am ET.
🔒 Ethereum researchers proposed rebuilding the validator deposit contract so it can accept quantum-resistant keys and eventually stop taking the BLS signature format the network runs on today. Roughly 42.4 million ETH, worth about $104 billion, is staked under that format, and the draft is still awaiting an EIP number.
🇬🇧 The UK Treasury said Wednesday it will give the Bank of England a new secondary objective to support innovation in payment systems and digital money including stablecoins. Financial stability remains the bank's primary mandate, and it would have to report to parliament each year on progress against the new objective.
Better and Coinbase opened general availability for a token-backed mortgage built to Fannie Mae guidelines, letting borrowers pledge crypto as collateral without selling it. Coinbase One members get a lender credit worth 1% of the loan value up to $10,000, and the companies said waitlist data pointed to more than $260 million in projected loan volume.
⚖️ Roman Storm will be retried on April 26, 2027, after Judge Katherine Polk Failla adjourned the Tornado Cash developer's retrial at his request while his motion for acquittal is pending. The judge excluded the delay under the Speedy Trial Act and set a final pretrial conference for April 20, 2027.
🏛️ The Hyperliquid Policy Center filed a joint comment with trade[XYZ] urging the CFTC to bring energy perpetual contracts into regulated U.S. markets, arguing hedgers had nowhere to react when oil futures closed during February's Middle East conflict. trade[XYZ]'s WTI, Brent and Henry Hub markets have traded more than $500 billion cumulatively since launching in October 2025.
📊 DeFi Development Corp. launched State of Solana, a public dashboard pulling SOL price history, staking yields, validator decentralization metrics and live network throughput into one view. The Nasdaq-listed company holds SOL as its primary treasury asset and runs its own validator infrastructure.
🇰🇷 Shinhan Financial Group signed a strategic agreement with Visa to build stablecoin infrastructure, using Visa's platform to verify issuance, remittance and redemption and to design a Korea-specific business model. The two will also pilot stablecoin card settlement, AI-based payment models, and B2B and B2C payments across Shinhan Bank, Shinhan Card and Jeju Bank.
💰 City Protocol raised $11 million across its seed and pre-A rounds to bring structured products onchain, backed by Dragonfly, CMT Digital, Stratified Capital, Bitscale Capital, Adaverse, Mirana and Jump.
💸 ORO raised $3 million in a strategic round backed by MH Ventures and Maple, bringing its total raised to $4 million after initial backers Disrupt and ZIGChain reinvested. The company says 400,000 people have, with vaults the most-used feature and tokenized equities live for five days.
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