153: ICO's are back

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Let’s get into it…

This week, at the Cantor’s Crypto & AI/Energy Infrastructure conference in Miami, something rare happened: Cantor managed to pull crypto OGs, the biggest TradFi institutions, and the AI/infra crowd into one room. Wall Street isn’t “watching crypto” anymore. They’re all in.

Then, my signal of the week: JP Morgan collaborates with DBS Bank to move regulated bank money across public blockchain rails. Yes, public chains. That’s a huge deal. This is one of the biggest wins ever for public blockchains. More below.

Our highlights this week:

• Czech National Bank (CNB) became the FIRST national bank to add Bitcoin to its balance sheet.

• Coinbase introduces Token Launches, letting retail buy digital tokens before listing.

• Cash App unlocks stablecoins for 58M users

• SEC will introduce token taxonomy

• Tether unveils its global vision

We’ll unpack all of these highlights below 👇

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Top Signals This Week

Coinbase just relaunched the ICO era, with a twist

What happened: Coinbase just introduced Token Launches, a compliant U.S. launchpad that lets retail investors buy new tokens beforet hey list on the exchange. One sale per month, $100–$100k tickets, paid in USDC, no fees. Allocations depend on behavior: early dumpers get punished, holders get priority. [RELEASE]

Our take: Coinbase just opened the door for a compliant U.S. version of on-chain capital formation. It doesn’t fix everything, but it’s a step toward solving one of crypto’s dirtiest secrets: most token launches have been pump-and-dump schemes. No product, no traction, just insiders cashing out while retail gets dumped on. If this works, it sets a new precedent: Access for real users, not just VC exit liquidity.

👉Trade Coinbase on Robinhood

JP Morgan x DBS: The $1.5 Trillion On-Chain Bridge

DBS and J.P. Morgan’s Kinexys are building a cross-bank framework to let tokenised deposits move seamlessly between their blockchain systems: DBS Token Services and Kinexys Digital Payments. They are doing it across permissioned and public chains (Base, Ethereum L2) at the same time. [RELEASE]

So what? The banks are wiring their deposit-token networks together, creating cross-issuer, cross-chain fungibility:

• JPM deposit tokens (JPMD) issued on Base

• DBS deposit tokens on DBS Token Services

• Real-time, 24/7 settlement between clients, no SWIFT, no correspondent banks

• Redeemable as real bank money on either side

This is regulated bank money moving across public blockchain rails. Unlike stablecoins, tokenised deposits can earn interest and integrate directly with core banking systems, making them a more practical form of on-chain cash for corporates and institutional treasuries.

Our take: Banks are choosing open infrastructure. This is one of the biggest wins ever for public blockchains, and for Ethereum’s legitimacy.

JP Morgan x DBS: The $1.5 Trillion On-Chain Bridge

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Tether isn’t what you think it is

At Cantor’s Crypto & AI/Energy Infrastructure conference in Miami this week, Tether’s CEO, Paolo Ardoino, painted a picture of a company evolving far beyond its stablecoin origins. Tether is building what might become the most important digital infrastructure company of the decade:

1. Finance: USDT, USAT (Genius Act-compliant), XAUT (gold-backed), Rumble

2. Communication: Keet (fully peer-to-peer messaging, no central servers)

3. Energy: Tether kiosks — 500 live in Africa, 100k planned, powering up to 150M people; Tether is also the world’s biggest Bitcoin miner.

4. Intelligence: QVAX — a peer-to-peer AI runtime that runs LLMs locally

So what? Ardoino’s vision presented Tether as a force for global stability and a champion of the U.S. dollar’s hegemony. By embedding the dollar in the financial fabric of emerging markets, he argued, Tether is creating an “eradication-proof” network that will benefit the U.S. economy for the foreseeable future. More below 👇

Tether isn’t what you think it is

Tether is not a stablecoin company

Ripple's $40B valuation, better than Circle?

Inside “Project Crypto”: SEC will introduce token taxonomy

The U.S. SEC is officially introducing a new framework on how tokens fit within existing securities laws. This was one of the first initiatives under “Project Crypto.” The program brings together teams from the SEC’s divisions of trading, investment management, and enforcement to build a unified framework for token classification, custody, and disclosure standards. [RELEASE]

So what? This is the moment the broader digital asset industry has been waiting for. Similar to the GENIUS Act, this can accelerate U.S. crypto innovation with clarity about digital commodities and collectibles.

👉 Upgrade to PRO to receive our deep dive on this

Cash App unlocks stablecoins

Jack Dorsey's Cash App is adding stablecoins for 58M users. This will enable users to get a blockchain wallet address, send & receive stablecoins, and 4M merchants can accept Bitcoin (even without holding BTC). [RELEASE]

So what? Stablecoins solve what Bitcoin can’t for everyday commerce with instant settlement, no price volatility, no tax friction on small purchases, and work globally without banks. Even hardcore maximalists like Dorsey can’t argue with the economics. Stablecoins are becoming the default backend for global consumer finance.

Franklin Templeton joins Canton Network

Franklin Templeton just expanded its Benji Technology Platform, the blockchain stack that powers its tokenised mutual funds, onto the Canton Network. This will move FT’s $798M AUM to Canton immediately. [NEWS]

So what? Privacy is the primary enabler. The commitment to the Canton Network confirms institutional alignment on architectural guarantees regarding privacy and authorisation rules. Canton’s use of the Daml protocol and Private Contract Stores addresses this requirement by maintaining the necessary institutional confidentiality for cross-market activities. This is a huge win for Canton.

News Flash

• Citi expands tokenized payments to euros, enabling 24/7 global liquidity. Link

• Pantera-backed Solana Company is tokenizing its shares onchain. Link

• BlackRock’s BUIDL Fund Expands to BNB Chain. Link

• MoonPay launches Enterprise Stablecoin Services, integrating M0. Link

• Tether, KraneShares, and Bitfinex unite to tokenize capital markets. Link

• UK’s FCA moves from tokenisation blueprint to real fund implementation.

• Visa pilots stablecoin payouts to speed up global payments for creators. Link

• SoFi becomes first US bank to enable direct Solana purchases. Link

• Coinbase ends acquisition talks with BVNK.

• Ripple raised 500M at a $40B valuation, backed by Citadel and Fortress. Link

Top Boardroom Reads

• Down 13%, smarter than ever (51)

• Galaxy brain resistance (Vitalik Buterin)

• Stablecoins and the future of finance (IMF)

• The Fintech Effect 2025 (Plaid)

• The Digital Revolution: Transforming Financial Market Infrastructure (BNY)

• The Next Wave of Stablecoin Economics Belongs to DeFi (Simon)

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