Credit Markets

Institutional money is sitting on the sidelines waiting for the first movers. Cian Breathnach (@crocdundalk) of @keel_fi explains why on-chain balance sheets may be what finally kicks off large-scale tokenization & what is on the horizon. Watch here 👇 youtu.be/XX-_5KvMF04

We’ve just released a new report on Latin America local stablecoins 🇧🇷🇨🇴🇲🇽 The report analyzes stablecoins pegged to BRL, COP, and MXN, covering supply, transaction volumes, DeFi activity, and on-chain usage. All on-chain data was built using @Dune. Full report 👇 iporesearch.ventures

Congrats to all the Cypherpunk Hackathon winners! 🏆 Many well-developed projects in all tracks, ready to bring in trillions of dollars and billions of users into @solana! Additional thanks to @colosseum for the honorable mention! Back to work: it's time to make Solana Vital 🩺

Announcing the winners of the @Solana Cypherpunk Hackathon!🔓 Read about the winners & honorable mentions: blog.colosseum.com/announcing-the… The list of winning teams accepted into our fund's accelerator program will be shared in the coming days. Congrats to all!🏆

Big institutions are embracing tokenization. This week brought new regulatory progress and real-world adoption as the world’s largest companies begin to move onchain. Here’s what you need to know 👇 1️⃣ CFTC pilot allows for tokenized assets to be used as collateral in derivatives markets. The first-of-its-kind U.S. program allows BTC and ETH, along with USDC and other payment stablecoins, to be used as collateral in derivatives markets. coindesk.com/policy/2025/12… 2️⃣ Ondo Finance to invest $200M in State Street Investment Management’s tokenized fund Ondo Finance joins with State Street Investment Management and Galaxy Asset Management in plans for a new private tokenized liquidity fund bringing traditional cash management onchain. thestreet.com/crypto/investi… 3️⃣ BMW uses JPMorgan blockchain system for automated FX transfers JPMorgan Chase & Co's Kinexys platform automatically transfers euros from BMW's Frankfurt accounts when dollar balances in New York drop below a certain threshold. bloomberg.com/news/articles/… 4️⃣ The SEC formally closed a confidential Biden-era investigation into Ondo Regulators are shifting from enforcement-first approaches toward frameworks that support modernized market infrastructure. The path is now clearer for tokenized Treasuries and tokenized equities to become core components of U.S. capital markets. ondo.finance/blog/tokenized… 5️⃣ SEC approves DTCC to support tokenized equities The SEC granted permission to the DTCC to custody and recognize tokenized equities and other real-world assets onchain. DTCC can now offer tokenization services on pre-approved blockchains for three years. bloomberg.com/news/articles/…

It's here 🙌 The Everything-Onchain Era: A RWA Spectrum Report, co-authored by @inside_r3 with strategic support from @centrifuge and @xStocksFi is now LIVE. Key highlights 🧵 research.birdeye.so/rwa-spectrum-2…

spent a ton of time brainstorming with @0xCryptoSam these past few weeks on what crypto neobanks will look like. so excited to see his piece come to fruition! fundamentally, crypto neobanks like fintech neobanks before them transform our 4 fundamental relationships with money - how we save, spend, earn, and borrow money. but whereas fintech neobanks innovated the frontend while keeping the trad banking backend (via fdic partner banks), crypto neobanks change that backend itself, by putting it onchain and on stablecoin rails, while keeping the slick mobile UI from fintech neobanks. this is perhaps the key difference between "DeFi Banks" and fintech neobanks or even centralized exchanges. i also really really loved this diagram - one of the neatest market maps that i've seen that captures how different crypto neobanks are moving from their initial wedges across the entire stack, esp. in a vertical where everyone converges to the same functionalities. will also share my full neobank piece soon... 👀