The crypto world saw major developments today, from OpenSea’s strategic evolution to Ondo Finance’s opposition to Nasdaq’s tokenized securities plan, while Japan’s top banks move closer to launching a yen-based stablecoin. Here’s a look at the key stories shaping the digital asset landscape.
OpenSea Expands Beyond NFTs
OpenSea CEO Devin Finzer dismissed speculation that the marketplace is moving away from non-fungible tokens. Instead, he said the company is evolving into a broader platform that enables trading across all types of blockchain-based assets.
In a post on X, Finzer revealed that OpenSea’s October trading volume surpassed 2.6 billion dollars, with more than 90 percent coming from token transactions. He called this milestone “the beginning of the platform’s transformation to trade everything.”
“We’re building the universal interface for the entire onchain economy—tokens, collectibles, culture, digital and physical,” Finzer said. “If it exists onchain, you should be able to trade it on OpenSea, seamlessly across any chain while maintaining complete control of your assets.”
OpenSea reclaims its lead in NFT market. Source: NFTScan
Launched in 2017, OpenSea was the first major NFT marketplace and led the space through the early years of NFT growth. However, its dominance slipped in 2023 following the market downturn and the rise of competitors like Blur. With this new strategy, OpenSea aims to reclaim its leadership position by broadening its scope and embracing the full spectrum of tokenized assets.
Ondo Finance Urges SEC to Delay Nasdaq’s Tokenized Securities Plan
Ondo Finance has called on the U.S. Securities and Exchange Commission to delay or reject Nasdaq’s proposal to introduce tokenized securities trading. The company argues that the proposal lacks transparency and could favor established institutions over emerging players.
In a letter to the SEC, Ondo said the public cannot fairly evaluate the proposal without details about how the Depository Trust Company will manage blockchain-based settlements. The DTC plays a key role in clearing and settling U.S. securities transactions.
While supporting the broader goal of bringing tokenization to traditional finance, Ondo raised concerns that Nasdaq’s references to undisclosed information suggest an uneven playing field. “Nasdaq’s reference to non-public information implies differential access that deprives other firms of a fair opportunity to comment,” the company wrote.
Ondo added that Nasdaq’s plan cannot move forward until the DTC finalizes its new settlement system. It urged the SEC to promote open collaboration and transparent standards before granting approval.
Nasdaq filed its proposal on September 8 to amend exchange rules and allow tokenized shares—digital versions of traditional stocks recorded on a blockchain—to trade alongside traditional securities. The SEC has 45 days to review the filing, a period that could extend into December.
Japan’s Mega Banks Prepare Yen-Based Stablecoin
In Asia, three of Japan’s largest financial institutions—Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp., and Mizuho Bank—are reportedly teaming up to launch a yen-pegged stablecoin by year-end.
According to Nikkei, the banks plan to use MUFG’s Progmat platform to issue the stablecoin, aiming to modernize corporate settlements and reduce transaction costs. Together, the three institutions serve more than 300,000 corporate clients and are exploring ways to make the digital yen interoperable for payments between companies.
Mitsubishi Corp. will be the first to adopt the stablecoin for internal operations. With over 240 subsidiaries worldwide, the company expects to cut costs associated with cross-border transactions such as dividend payments and acquisitions.
If successful, this project could establish Japan’s first large-scale, bank-backed stablecoin network under a shared framework. It also signals the growing acceptance of blockchain technology among traditional financial institutions in Japan, which has taken a proactive approach to digital asset regulation.
Growing Institutional Interest Despite U.S. Government Shutdown
Despite the ongoing U.S. government shutdown, the week saw more than five new crypto exchange-traded fund (ETF) filings. The steady flow of applications reflects growing institutional confidence in the long-term potential of digital assets.
Market analysts say this persistence highlights the industry’s resilience and the broader belief that regulatory clarity is only a matter of time. The developments also underscore how global interest in tokenization, blockchain settlements, and digital currencies continues to expand even amid political and economic uncertainty.
A Shifting Landscape for the Digital Economy
Today’s updates reveal an industry in transition. OpenSea’s shift toward a universal trading platform marks a new chapter for NFT marketplaces. Ondo Finance’s challenge to Nasdaq highlights the ongoing tension between innovation and fairness in regulatory processes. Meanwhile, Japan’s banking consortium is demonstrating how traditional institutions are finding practical uses for blockchain beyond speculation.
Together, these moves signal a maturing crypto ecosystem that is expanding in scope, deepening its institutional ties, and preparing for the next phase of mainstream adoption.
