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stan

Morgan Stanley launches a stablecoin reserve fund, positioning itself as a reserve manager for the stablecoin industry

Morgan Stanley's investment management division, MSIM, announced the launch of a stablecoin reserve portfolio fund (MSNXX), which is a government money market fund designed specifically for stablecoin issuers. It aims to provide a regulated and secure storage place for reserves held by issuers that back their tokenized fiat currency versions.The fund only invests in the safest and most liquid instruments, such as U.S. Treasury bills (short-term loans to the U.S. government) and repurchase agreements (overnight loans secured by similar government securities), both of which aim for capital preservation. The fund's target net asset value is $1, meaning that the invested capital retains the same value upon redemption, avoiding price fluctuations; at the same time, the fund offers daily liquidity, allowing investors to redeem funds on any trading day without a waiting period or penalties.Currently, the market capitalization of stablecoins has reached $316 billion, with tokens pegged to the U.S. dollar, such as Tether and USDC, holding the majority share. Morgan Stanley's launch of the fund coincides with the advancement of the GENIUS Act in Congress. If passed, this act would legally require stablecoin issuers to back their tokens with high-quality liquid assets such as Treasury bills and cash-like instruments, and they must be held through regulated instruments. Thus, the fund is positioned to take on reserve management business ahead of regulatory mandates.Additionally, Morgan Stanley Investment Management recently launched the Morgan Stanley Bitcoin Trust (MSBT), which is a cryptocurrency ETP that tracks Bitcoin, with custodial and fund management services provided by BNY Mellon. It has also collaborated with BNY Mellon to launch tokenized DAP class shares of an institutional liquidity fund Treasury securities portfolio, achieving blockchain-based mirror records while the official ledger remains retained by BNY Mellon.

Ripple announced a quantum resistance roadmap, aiming to make XRP Ledger quantum-resistant by 2028

Ripple officially announced its quantum resistance roadmap, with the core goal of making the XRP Ledger (XRPL) quantum-resistant by 2028. The roadmap primarily addresses the potential attack mode of "harvest now, decrypt later," where attackers collect encrypted data now and wait for future quantum computers to mature before cracking it.The entire plan will be implemented in four phases:Phase 1: Q-Day Emergency Preparedness (Already Started). Establish a Q-Day emergency response mechanism. If the existing classical encryption system is suddenly compromised, the network will immediately stop accepting traditional public key signatures, forcing a migration to quantum-safe accounts. At the same time, explore asset ownership verification solutions based on Post-Quantum ZK-proofs, allowing existing account holders to safely recover funds in emergencies without exposing vulnerable keys.Phase 2: Risk Assessment and Algorithm Testing (First Half of 2026). Conduct a comprehensive assessment of the impact of post-quantum cryptography on the performance, storage, and bandwidth of the XRP Ledger network. Collaborate with Project Eleven to conduct validator-level testing and Devnet benchmarking, deploy NIST standardized ML-DSA quantum-safe signature schemes, and develop prototypes for post-quantum custodial wallets. Core engineer Denis Angell has already deployed ML-DSA signatures on XRPL's AlphaNet.Phase 3: Devnet Hybrid Integration (Second Half of 2026). Parallel integration of candidate post-quantum signature schemes with existing elliptic curve signatures on the developer network (Devnet), allowing developers to test performance and system impacts without affecting the mainnet. At the same time, explore post-quantum zero-knowledge proof primitives and homomorphic encryption technologies for Confidential Transfers to enhance the privacy and compliance capabilities of tokenized real-world assets on XRPL.Phase 4: Full Mainnet Upgrade (Target 2028). Submit a formal protocol amendment, which will be fully enabled on the mainnet after being approved by validator votes, to implement native post-quantum cryptography. Focus on production-ready optimization: throughput tuning, validator reliability assurance, and coordinated migration of the ecosystem, ensuring a complete transition without affecting network speed and settlement finality.
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