The CoW Protocol Q1 2026 report is out, produced with @tokenterminal ๐
$13.9B in volume, 64.5K monthly active users, $9.6M in fees. Plus trading volume by chain, governance updates, and team analysis.
Read it here๐
4/ tokenized RWA is one of the few rails where a smaller market can move first and lead. the rule isn't the blocker, the decision is. whoever opens the door early catches the foreign flow hunting a cleaner way in. that option has been on the table the whole time.
1/ the Philippines just opened the door to tokenized real-world assets, and it didn't write a new law to do it. at Philippine Blockchain Week this week an SEC commissioner said the securities rules they already have cover it. no new regime. they adapted the one on the books.
3/ the question for Indonesia gets sharper here. adopt the securities playbook you already have, or build a new one. the Philippines just chose 'use what's on the books.' Indo has run crypto under OJK since 2025, but a clear tokenized-securities regime is still the missing piece.
For anyone building EU access, the takeaway:
- licensing is a political campaign, regulator by regulator
- national authorities hold real kill-switch power inside MiCA
- "EU licensed" means 27 timelines, one per negotiation
Same shape across ASEAN. Price in the politics.
The ECB's Lagarde leaned on Greece to block Binance's MiCA bid, and Greece is now readying its rejection. That leaves France as Binance's last realistic shot at an EU license before the June 30 deadline.
Standard read: Binance carries compliance baggage. True. Structural read: Lagarde treating MiCA licensing like banking supervision is a different political game than most projects are war-gaming for.
for any foreign project planning Indonesia entry in 2026-2027, the read is simple. OJK leans on APAC templates. FIEA and Korea's classification are the frameworks Jakarta studies before it writes its own.