CEO note
DTCC traded tokenized stocks in production
DTCC moved tokenized equities from pilot language into production. The real signal is what market infrastructure now treats as deployable.
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Essay
The Fat Protocol Thesis Is Dead
Crypto's old cycle logic is breaking as distribution, not protocol ownership, becomes the scarce layer.
CEO note
Swift Goes On-Chain: 17 Banks Pilot 24/7 Tokenized Payments
Seventeen banks tested 24/7 tokenized payments with Swift, pushing interoperability closer to institutional production.
CEO note
tokenized stocks' first $3B month
Tokenized equities cleared their first $3 billion month, a threshold that changes the market-structure conversation.
CEO note
Robinhood just rented a bank
Robinhood combined a blockchain, stock tokens and agentic trading — the clearest attempt yet to turn brokerage distribution into financial infrastructure.
Signals
The interest business
This week, the Open Standard consortium announced Open USD, backed by more than 140 founding members, including BlackRock, Mastercard, Visa, Stripe, Ripple, Kraken, Galaxy, Robinhood, and others.
CEO note
stripe, visa and blackrock vs circle
Hey, it’s Marc.
CEO note
Robots got bank accounts
Mastercard announced Agent Pay for Machines (AP4M), Visa announced Agent Score.
CEO note
America is locking up its Bitcoin for 20 years
The full text of H.R. 8957, the American Reserve Modernization Act is public. A 20-year lock-up, mandatory proof-of-reserve, and zero new spending authority on all BTC deposited into the reserve.
CEO note
US Banks are going on-chain
JPMorgan, Citi, BofA, and Wells Fargo just announced a shared tokenized deposit network through The Clearing House, targeting 2027. Here's what it means for stablecoins and enterprise payments.
CEO note
Why DTCC picked Stellar over Ethereum
Stellar becomes the first public blockchain in DTCC's tokenization service, joining Canton in a two-track plan to put $114T of custody on-chain by 2027.
Report
Money Movement 2.0: 2026 Edition [Report]
Today, live from Proof of Talk in Paris, we are publishing Money Movement 2.0 (2026), our most rigorous stablecoin report yet.
CEO note
Bitwise just undercut 21Shares by 165 bps
Bitwise just listed Europe's second Canton Network ETP, and undercut the first mover by 165 basis points. The ETP is fully backed by CC, the native token of the Canton Network.
CEO note
The $10B hammer, the yield ban, and 401(k)
Hey, it’s Marc,
CEO note
Qivalis hits Europe’s 37 Banks
Qivalis, the Amsterdam-based banking consortium building a regulated euro stablecoin, added 25 banks on Wednesday, pushing its membership to 37 institutions across 15 countries.
CEO note
SEC will let DeFi trade stocks
The SEC is about to legalize the most disruptive shareholder-rights workaround in nine decades. This week, SEC Chair Paul Atkins is expected to release the agency's Innovation Exemption, a 12-to-36-month sandbox.
CEO note
the Binance ETF
In May 2026, VanEck and Grayscale filed amended S-1 registrations for spot BNB ETFs on the same day.
Insights
BCG's new digital asset playbook
Hey, it’s Marc,
CEO note
moody's just rated an ERC-20
On 13 May 2026, Fidelity International publicly introduced FILQ (Fidelity USD Digital Liquidity Fund), a yield-bearing, fully digital USD liquidity fund issued through Sygnum Bank's Desygnate tokenization platform.
CEO note
Circle isn't a stablecoin company anymore
On May 11, 2026, Circle released its Q1 2026 report and it was more than just the revenue. Circle is evolving more than a stablecoin company.