Talos has crossed $1 trillion in notional trading volume through the platform since inception. 🚀 This incredible milestone was made possible by the trust of our clients, collaboration of our partners and rigor of our team who built the infrastructure behind every trade. 🎙️ “The first trillion validated the foundation. We are now building for the next one.” - Anton Katz, Co-Founder and CEO (@KatzAnton) ➡️ Read more from Anton: ow.ly/myxq50ZEWS1

In the latest issue of State of the Network, Senior Research Associate @TanayVed examines how the largest digital asset exchanges are converging on tokenized equities, RWA perpetual futures and onchain infrastructure, how far adoption has actually scaled this year, and which tokenization models the SEC's new Innovation Exemption does and does not cover. Key Takeaways: 🔹 Exchanges are converging across tokenized equities, RWA perpetuals, and blockchain infrastructure, as they build out multi-asset venues spanning both crypto native and traditional markets. 🔹 This is helping diversify activity beyond crypto trading, with Binance's tokenized stock volume reaching over $3.7 billion in a single month, and RWA perpetuals peaking above 30% and 60% of futures volume on Binance and Hyperliquid. 🔹 The SEC's new Innovation Exemption opens a path for tokenized stocks to trade onchain, a significant step toward bringing this activity onshore. ➡️ Read the full issue: ow.ly/rFO350ZQg7V

What moved markets this week? Here's the latest from @TanayVed in Talos State of the Market | September 10 - September 16, 2026: ⚡ @FederalReserve raised rates by 25bps for the first time in three years, with another hike signaled for later this year. 🔑 CLARITY fell short in the Senate, but the SEC granted a five-year tokenized stock exemption just two days later. 🏦 @Krakenfx's parent @Payward is bringing CFTC-regulated perpetual futures to US clients through @HyperliquidX's permissioned HIP-3 framework. ⛓️ @Circle launched Arc, its Layer-1 blockchain on mainnet with @BlackRock, @Visa and @Mastercard among its founding validators. ➡️ Read it here: ow.ly/h66g50ZOPo6 ➡️ Or subscribe on LinkedIn: ow.ly/wA1t50ZOPn0

Talos has been named Best Crypto & Digital Asset Data Provider at the inaugural Market & Alt Data Insight Awards USA 2026. Thank you to the Market & Alt Data Insight community and @ATeamInsight for the recognition, and congratulations to all of this year’s winners. ➡️ Read more: ow.ly/CbOr50ZOpIL

In the latest issue of State of the Network, Research Associate @HCDuschang dissects how Entropy’s Anthropic pre-IPO perps market competes with other HIP-3 builders for market deployment, improves simulated aggregate order book depth and contends with exchanges who support low to no funding rates on pre-IPO markets. Key Takeaways: 🔹 The long-awaited Anthropic IPO has driven traders to speculate on its valuation through pre-IPO perpetual (IPOP) futures markets. Across exchanges, traders anticipate a company valuation of ~$2.1T after going public. 🔹 Entropy, an HIP-3 builder, supports over $10M of daily volume on average over the past two weeks and $30M of open interest on its Anthropic pre-IPO perpetual futures market. This is the most open interest by an exchange offering exposure to Anthropic pre-IPO valuation. 🔹 The lack of an Anthropic spot market provides a unique opportunity where some exchanges charge no funding rate while others do based on the deviation from oracle price. This creates different incentives to trade Anthropic perps on different exchanges. ➡️ Read the full issue: ow.ly/Q4I250ZNRRZ

Perpetuals started in crypto. They’re now showing up across equities, commodities, ETFs and other asset classes. As that market expands, brokers face a new set of challenges around pricing, margin, funding, risk and the reference prices underpinning each trade. Elizabeth Dethy, Product Director, Head of Sell Side Product, and Kevin Lu, Senior Product Manager, Data Science & Market Data, take a closer look at what it takes to support perpetuals at scale. ➡️ Read more on our Insights page: ow.ly/6h6a50ZM21O

The Talos team will be at the co-located TradeTech FX and DigiAssets Connect conferences in Amsterdam next week on September 16–17. Elizabeth Dethy (Product Director), Frank van Zegveld (Head of Sales, EMEA), Andrew Theodosiou (Sales Director), Christian Bock (Sales Director), and Mike Toffolo (Account Management Director) will be at Booth 32 at TradeTech FX. Andrew and Chris will also lead a lunch workshop at DigiAssets Connect on Wednesday, September 16 at 1:15 pm: “Execution and market access: How can institutions optimize execution quality and liquidity access as crypto markets scale?” Find us onsite. Institutional adoption of digital assets is no longer primarily constrained by access to the asset class. It is constrained by the infrastructure required to trade and operate at institutional scale. Talos provides the connectivity and trading infrastructure that makes disparate venues, liquidity sources and workflows accessible through a unified institutional framework. Learn more: ow.ly/pYWT50ZMA25

What moved markets this week? Here's the latest from @TanayVed in Talos State of the Market | September 3 - September 9, 2026: ⚡ August payrolls data came in stronger than expected, pushing September rate hike odds back above 60%. 📈 Open interest in select altcoin markets is nearing 12-month highs relative to market cap. 📊 Perps on equities, commodities and pre-IPO names now make up a quarter of futures volume on @HyperliquidX and @binance. 👀 All eyes turn to Friday's CPI print heading into the September FOMC rate decision. ➡️ Read it here: ow.ly/huav50ZM58z ➡️ Or subscribe on LinkedIn: ow.ly/fOVS50ZM58t

Institutions can now access Talos’s Coin Metrics Data directly from their own cloud environment. With Cloud Delivery, 10 datasets are refreshed daily and available through Amazon S3 as Apache Parquet files or as queryable tables in Snowflake. That means teams can work with large datasets at scale without building and maintaining API pipelines. From multi-year backtests and full order book reconstruction to data lake ingestion, Cloud Delivery is built for workflows where entire datasets need to be readily available for repeated analysis. Learn more: ow.ly/t8k050ZISAa

Bitcoin’s price doesn't tell us much about the digital asset industry around it. Head of Quantitative Execution Services, Eliad Hoch, looks beyond the BTC chart at the structural trends shaping the market, from stablecoin settlement and RWA activity to prediction markets and new forms of price discovery. ➡️ Read more on our Insights page: ow.ly/K5n250ZKJcB

In the latest issue of State of the Network, Senior Research Associate @TanayVed takes a look at Bitcoin’s evolving correlations, rate sensitivity and response to macro data. Key Takeaways: 🔹 Bitcoin has recently shifted toward a digital gold regime. Its 90-day correlation with gold is at +0.56 while equities and the dollar sit near zero, a combination last seen in 2020 and 2023. 🔹 Among macro releases, employment data now generates Bitcoin’s largest immediate moves, producing twice the reaction of a normal window in the first 30 minutes. The August payrolls report on September 4 was six times that typical size. 🔹 With the Treasury supporting the long end and the Fed fighting inflation, Bitcoin sits between opposing macro forces. September’s CPI print and rate decision may help tip the balance. ➡️ Read the full issue: ow.ly/im1750ZKJfA

What moved markets this week? Here's the latest from @TanayVed in Talos State of the Market | August 27 – September 2, 2026: ⚡ Warsh hinted at September rate hikes at Jackson Hole, breaking the strongest Bitcoin ETF inflow streak since October 2025. 📊 BTC's correlation with gold hit an all-time high as the debasement trade takes center stage heading into the September FOMC. 🔗 Robinhood Chain saw a record in daily DEX volume as memecoins and tokenized stocks collided on the same chain. 👀 All eyes turn to Friday's payrolls report ahead of the September rate decision. ➡️ Read it here: ow.ly/GP6Q50ZISqj ➡️ Or subscribe on LinkedIn: ow.ly/zR8950ZISqk

The Talos White Label platform now enables brokers to support derivatives trading. Offering perpetual swaps, or CFDs* where available, means solving for margin policy, funding mechanics, real-time exposure monitoring and risk pass-through. Sell-side firms can now run their full customer lifecycle, from setup through funding, monitoring and position close, on the same Talos platform they use for spot. "We give clients the ability to set their own margin and funding defaults, with the option to override at the customer level, so they can get to market quickly with their chosen risk framework." – Elizabeth Dethy, Product Director and Head of Sell Side Solutions at Talos. ➡️ Read the full announcement: ow.ly/lhMM50ZIpwS *CFDs are not available to trade in the US.

A prediction market doesn’t just need to tell you who won. It needs to show you how it got there. What event triggered settlement? Which source determined the outcome? When was that information published? That’s the thinking behind one of Talos’s two CFTC comment letters: settlement should leave an auditable record, not just a final result.  Head of Compliance and Regulatory Strategy, Josh Peschko, explains why: ow.ly/9PNj50ZIeFy

Talos’s Head of Quantitative Execution Services Eliad Hoch will be speaking at the 7th International Conference on Mathematical Research for Blockchain Economy (MARBLE) in Limassol, Cyprus, on September 17. Eliad will present his paper “Inventory-Risk Minimization under a Transaction-Cost Budget: An Implementation-Shortfall Execution Algorithm for Digital Assets.” MARBLE brings together academic and industry practitioners to share the latest research and advances in the theories and models underpinning blockchain and digital assets. This year, MARBLE 2026 will be co-located with the 5th EAI International Conference on Blockchain Technology and Emerging Applications (BlockTEA). Read Eliad’s latest report “Quantitative Pre-Trade Analytics and the Agentic Future of Digital and Multi-Asset Execution” here: ow.ly/x0Jy50ZIh48 Learn more about the Talos Quantitative Execution Services team's research at ow.ly/JT3n50ZIh4a

In the latest issue of State of the Network, Talos Researchers @TanayVed and @HCDuschang break down the risks of on-chain yield, why the same stablecoin earns different rates across lending protocols and how those returns stack up against treasuries. Key Takeaways: 🔹 The stablecoin market is over $290B. Across @aave v3 and @Morpho more than $8.6B is deposited in lending protocols earning interest from borrowers. 🔹 The same stablecoin on different lending protocols can have different returns. The USDC lending rate on Aave and Morpho is on average 31 bps below and 65 bps above the 1-year treasury rate respectively. 🔹 Stablecoin interest does not consistently outperform traditional fixed-income products. However, if invested since 2024 on Aave, USDC outperforms ETH lent on Aave by 50 bps, showing stablecoins are a productive source of steady yield. ➡️ Read the full issue: ow.ly/r6jO50ZHEBv

Other markets get a closing bell. Crypto doesn't. Talos CTO & Co-Founder Ethan Feldman contributed to TabbFORUM's recent article "Identity, Automation & Trust in the Next Generation of Trading Infrastructure" about securing infrastructure that doesn't switch off. 🎙️ "You're effectively rebuilding the plane while it's in flight." ➡️ Read the takeaways: ow.ly/UoYl50ZGGFu

In this edition of Regulatory Roundup by Jon Blankfield: 🇺🇸 SEC proposes its first bespoke crypto offering regime 🇬🇧 FCA pauses its HTX case for settlement talks 🇯🇵 Japan creates a dedicated crypto and stablecoin division 🇦🇹 Austria publishes its first final MiCAR penalty And more... ➡️ Read it here: ow.ly/OZhz50ZG6xa ➡️ Or subscribe on LinkedIn: ow.ly/QxeS50ZG6xb #CryptoRegulation #CryptoCompliance #DigitalAssets

In the latest issue of State of the Network, Talos Researchers @TanayVed and @HCDuschang unpack the August 19th market rally, crypto’s relative performance across asset classes and assess the sustainability of the move. Key Takeaways: 🔹 Compressed volatility and a build up in derivatives positioning across crypto markets met with the Treasury’s bond market support, triggering a short squeeze that liquidated more than $1.6B on August 19th. 🔹 BTC gained 23% to reach its highest level in three months, as the move broadened into liquid majors, fundamentally strong tokens and crypto-equities. 🔹 The rally reversed months of underperformance against equities. BTC’s 30-day correlation to gold rose to ~0.6 going into the event, positioning it to benefit as the Treasury’s liquidity support creates a favorable backdrop for scarce assets. 🔹 The sustainability of this rally will hinge on durable spot demand. Bitcoin ETFs added $1.7B in net inflows and exchanges saw $3.07B in BTC outflows this week, providing constructive early signals. ➡️ Read the full issue: ow.ly/MFRl50ZFchM