More than half of all mined Bitcoin sits outside any known fund, exchange or government. Meanwhile Canada is writing down how every stablecoin holder gets back to dollars, and Franklin Templeton is loading fund shares onto a public ledger with the issuer’s controls attached.
- 11.1 million BTC, about 55% of supply, has no known owner in Galaxy’s data.
- Any balance, a 1% fee ceiling, three business days: Canada’s draft stablecoin redemption rules.
- $150 million in Franklin Templeton fund shares lands on the XRP Ledger, all in one wallet.
Each story turns on the same question: who controls the asset, and on what terms value moves in and out of it.
55% of Bitcoin has no known owner
Source: CoinDesk
Galaxy Research’s October snapshot couldn’t link about 11.1 million BTC to any known owner, roughly 55% of the 20.1 million mined so far. These are addresses it can’t attribute to an exchange, fund, government or other identified entity.
Unattributed doesn’t mean confirmed individual. The pool includes people holding Bitcoin in self custody, which Galaxy’s head of research Alex Thorn argues is widespread, along with institutions Galaxy hasn’t identified and coins lost to forgotten keys. The largest attributed holder is still the Patoshi pattern linked to Satoshi Nakamoto, at 1,123,658 BTC.
Zypto take: ETFs and treasury companies take the headlines, yet most Bitcoin still sits in addresses no institution claims. If Thorn is right that much of it is self custody, that’s Bitcoin working as designed: an asset its holders own outright, with the keys in their own hands. Zypto App keeps your keys on your own device across 20+ blockchains. Download Zypto App.
Canada drafts stablecoin cash-out rules
Source: CryptoSlate
Canada has proposed stablecoin redemption rules that would let retail holders cash out with no minimum balance. Published in the Canada Gazette on October 24 under the Stablecoin Act, the draft caps issuers’ redemption fees at 1% and says a redemption would normally complete within three business days.
Issuers would need reserves at least equal to the par value outstanding, and seven days’ notice on their website before adding or raising a fee. The draft is open for a 60-day consultation, with implementation targeted for fall 2027.
Zypto take: A stablecoin like USDC is issued, so the issuer’s terms decide how you get back to dollars, and Canada’s draft puts those terms in writing. Holders already have another way out: USDC to Cash in Zypto App lets you cash out USDC at participating MoneyGram locations.
Franklin moves $150 million onto the XRP Ledger
Source: CoinDesk
Franklin Templeton has added $150 million in fund shares to the XRP Ledger, all landing in a single wallet. Two $75 million subscription receipts were written onchain, followed by two batches of just over 72.18 million shares in its Singapore-domiciled OnChain U.S. Dollar Short-Term Money Market Fund, issued at $1.039 each.
That wallet now holds the fund’s entire balance on the XRP Ledger, about 193 million shares worth roughly $200 million. RWA.xyz ranks Franklin second among tokenized asset issuers on the network, behind Ripple’s RLUSD stablecoin. Holding the tokens, called sgBENJI, requires Franklin’s approval, and the issuer can freeze balances and recover tokens.
Zypto take: A money market fund settling on a public ledger shows how far tokenization has come, and the terms deserve a close read. Franklin’s token is issuer-controlled, so the holder can move it while Franklin keeps the power to freeze or recover it. That’s the lens for any of the real-world assets arriving onchain: know who issues it and what they can still switch off.
Key Takeaways
- Even with ETFs and treasury firms buying, most Bitcoin sits in addresses no analyst ties to a known fund, exchange or government.
- In Canada, stablecoin redemption is heading toward written terms: any balance, a fee ceiling and a deadline.
- Tokenized funds are scaling on public ledgers, and their issuer controls travel with them.
- Ownership comes in tiers: a base asset with no issuer, an issued token in your own wallet, and a balance someone else holds for you. It pays to know which one you have.
- Next to watch: what Canada’s 60-day consultation changes, and whether Franklin says who stands behind that single XRP Ledger wallet.
Prices, fees, features and availability mentioned in this article were correct at the time of publishing and may have changed since.
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