David Pakman (dpakman.eth)

很高兴宣布，我们与 ICE 正式成立合资公司。 这家由双方共同组建各持 50% 股权的对等合资公司，将以美国持牌经纪商（FCM）身份运营，面向 OKX 全球 1.2 亿用户打通 ICE 期货市场与纽交所代币化股票。 传统金融与数字金融的融合，不再只是「纸上谈兵」。

🚨 JUST IN: JPMorgan, Citi, Bank of America and Wells Fargo are building a shared blockchain to keep deposits from leaving the banking system. The Clearing House will run it. Target launch is the first half of 2027. Interestingly, this appears led by being defensive rather than clients, at least according to some quotes. Bank of America's head of global payments, Mark Monaco, told the WSJ that clients aren't "beating down the door" for tokenized deposits. The reason they're building it anyway sits in what they walked away from. A year ago this same group explored a joint bank stablecoin through The Clearing House and the operator of Zelle. They dropped it and picked a blockchain for deposits instead. Remember deposits are money that stays still. They sit on the bank's balance sheet as a claim you hold against the bank. Stablecoins are money that moves. A bearer instrument that can leave your bank on Saturday and settle somewhere else by Sunday. And given they're working with The Clearing House (TCH) that makes sense. Deposits can't leave a bank and go anywhere, but through clearing, banks can figure out all of the possible transactions that need to happen, and "net" them into one single efficient transaction multiple times per day. So instead of sending $10m one way, and $9m back. The banks send the difference or "net" of $1m. But I don't get why they need a blockchain to do this? The Clearing House already clears deposits in the USA between the member banks? Tokenized deposits DO have demand if you talk to JP Morgan, their clients have cleared $3 trillion to date, but all cross-border. So again, what is the clearing house adding here? Meanwhile, you have SoFiUSD which is live, and 1:1 exchangeable for its Tokenized Deposit, 24/7. Meaning, they enable instant, global exchange of dollars that can be off-ramped to any other payment system. The US banks in the clearing house won't have that same cross-border advantage. To me, this looks like the clearing house got a tech upgrade, that maybe it didn't need? Stablecoins are open loop. Global. 24/7. *That* is their advantage. Tokenized deposits are 24/7 and safer. But closed loop. These two things should co-exist not compete.

Those of us who have been around tech long enough recognize this pattern: When the internet was first commercialized, the largest companies resisted putting their businesses online because they did not want their data on the public internet. So they built proprietary extranets, closed and permissioned networks that used TCP/IP but only allowed certain companies in. But open networks beat closed ones. Every one of those extranets died, and now every business runs on the open internet. The same thing is happening in banking right now. JPMorgan, Citi and Wells Fargo can see that blockchains are superior (faster, cheaper, global) but they want to control them. So they are launching their own private, permissioned networks. Sound familiar? This too will fail. Interoperability and global reach always beat control. The banks will spend years and billions trying to keep their closed networks competitive with open ones, and they will lose that race. The web3 startups building new payment, banking and financial services companies onchain should be thrilled about this. Every year the banks continue this doomed strategy is another year of head start for the people building on open rails.