ChainFeeds published its July 26 edition of “VC Says,” a roundup of recent discussions and research from crypto venture investors. The issue centers on two discussion tracks: reported plans by Donald Trump to take stakes in AI companies such as OpenAI and Anthropic, and whether crypto is being priced with excessive long-term pessimism. The report also highlights three recent research topics from major firms: Blockchain Capital’s question over whether developers should favor distribution from large platforms or remain neutral as major companies launch their own chains; an a16z partner’s call to pass the CLARITY Act; and Bitwise’s view that the next bull-market opportunity may sit at the intersection of onchain finance and traditional finance. ChainFeeds further lists 21 publicly disclosed funding deals from July 13 to July 19 with total financing of more than $752 million. Companies named in that section include Crypto.com, Alpaca, Flex, ADI Chain, Velocity, Cyclops, Pascal, Pact Labs, Glacis Labs, Alsa, Credible Finance, AXON Finance, Trasia, ILITY, Universe Pro, NOBI, Glide, Coinhako, bloXroute, MasterDEX, and Sovereign Labs.

Crypto primary-market activity picked up sharply in the week of July 13 to July 19, with 17 disclosed blockchain funding deals worth more than $812 million, according to PANews. Capital continued to cluster around a smaller number of larger rounds, a trend also visible in first-half 2026 data from Tiger Research and RootData, which showed $13.3 billion in crypto capital inflows across 435 rounds, down 78% from the 1,978-round peak in 2022. The week’s largest deal came from Crypto.com, which said it received a $400 million strategic investment from Citadel Securities at a $20 billion valuation, marking the exchange’s first institutional funding round in its 10-year history. Beyond CeFi, stablecoin payments and financial infrastructure remained a major draw, with deals for Cyclops, Pact Labs, Flex and Velocity. PANews also highlighted continued momentum in AI-linked markets, from DGrid AI in Web3 infrastructure to large non-crypto rounds such as Fireworks, Walden Robotics and LimX Dynamics, as investors kept backing AI compute, developer platforms and embodied intelligence commercialization.

Real-world asset activity expanded on-chain during the week ending July 17, 2026, even as stablecoin payments lost momentum. Data cited from RWA.xyz showed total on-chain RWA market capitalization rising to $34.9 billion, up 3.74% from a month earlier, while the number of asset holders climbed to 1.077 million, a record high. At the same time, stablecoin market capitalization edged down to $299.06 billion and monthly transfer volume fell 20.9% to $5.49 trillion, pointing to a split between broader user participation and softer settlement demand. Regulation moved on several fronts. In the United States, a bipartisan housing bill containing a central bank digital currency ban became law automatically after Donald Trump declined to sign it. The UK set an early-2027 target for a digital sovereign bond, the European Central Bank selected 36 payment firms for a digital euro pilot due to begin in the second half of 2027, and regulators or governments in Russia, South Korea, Bolivia and Tanzania also advanced new digital asset rules or pilots. On the industry side, JPMorgan, Bank of America, Citi, Wells Fargo and HSBC are joining a shared tokenized deposit network operated by The Clearing House. DTCC is working with nearly 40 institutions on tokenized stocks and U.S. Treasuries, while Japan remained a focal point through SBI, Progmat and Lawson. Funding activity also stayed strong, led by Alpaca’s $135 million round, Flex’s $70 million financing and Velocity’s $38 million Series A.

Global digital-asset policy and market developments accelerated between July 14 and July 15. The UK’s HM Revenue & Customs said certain crypto lending and automated market maker liquidity pool arrangements will receive “no gain, no loss” tax treatment from April 6, 2027, with capital gains tax deferred until a user makes a substantive economic disposal. In Europe, the European Central Bank selected 36 payment service providers for a digital euro pilot scheduled to begin in the second half of 2027 and run for 12 months across the ECB and 19 euro-area central banks. The U.S. and U.K. also issued a joint digital-asset roadmap backing regulated stablecoins, tokenized deposits, consumer protections, and work on cross-border financing options. Outside direct rulemaking, trading and infrastructure platforms rolled out new products and features. Interactive Brokers expanded crypto trading support by 12 tokens and enabled withdrawals of USDC, PYUSD, and RLUSD to external wallets. Binance Alpha Box launched an airdrop event featuring Orochi Network and Metaplex tokens. On-chain flows remained active as Grayscale moved 852.7 BTC to Coinbase Prime, while the U.S. government transferred additional assets tied to Bitfinex and FTX/Alameda seizures. Kalshi introduced an AI compute forward-pricing tool even as the CFTC moved to block Michigan from forcing cancellations of executed trades involving state residents. Broader corporate and stablecoin competition also stayed in focus, with new funding rounds, ETF filings, and fresh scrutiny on Circle’s economics.

Tether said Tuesday that it led a $7 million Series A round in financial infrastructure startup Pact Labs, aiming to expand the use of its USA₮ stablecoin across payroll and payment flows. The company disclosed the investment on its official X account at 1:09 p.m. UTC and said the funding would help “Expand USA₮ Across Payroll and Payments.” Tether did not name other participants in the round or disclose Pact Labs’ valuation. The deal is smaller than several of Tether’s recent stablecoin-infrastructure investments, including a $200 million investment in Whop focused on stablecoin payments and a $16 million strategic round for Transak backed alongside IDG Capital earlier this year. Even so, the Pact Labs transaction fits a broader pattern in Tether’s strategy. According to the report, the company is trying to push USA₮, its U.S.-regulated stablecoin built for domestic markets under American regulatory requirements, into day-to-day payment activity rather than leaving usage concentrated in crypto trading. Payroll and wage-access services could give the token a recurring use case tied to employers and workers. Tether has increasingly relied on strategic investments instead of direct product development to widen distribution of both USA₮ and USDT.