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If you follow finance, geopolitics, crypto and market structure, the PBG Weekly Report should be in your inbox every Monday. Each edition brings together what actually matters to understand the week ahead: macro, central banks, geopolitical risk, digital assets and the developments reshaping financial infrastructure. Subscribe on our website and receive it in your inbox every Monday.

The new U.S. market structure bill now looks unlikely to be released this week. The delay comes as crypto and banking industry representatives continue reviewing compromise language on stablecoin yield, one of the most sensitive parts of the bill. According to CoinDesk, the proposal had been moving toward a distinction between yield paid simply for holding stablecoins and yield tied to activities. There is still no final public text, but the direction is already clear: Washington is not only debating whether to regulate stablecoins, but how to frame their role inside the financial system. And that matters for everything built on top of them across payments, cash management and onchain finance. #Crypto #Finance

Monument Bank, a regulated UK bank, announced a plan to tokenize up to £250 million in retail deposits on Midnight, a partner chain in the broader Cardano ecosystem. What matters is not only the size. The next phase is meant to use that base to bring tokenized products closer to clients inside a regulated banking environment. If this scales, the tokenization conversation around Cardano starts looking less theoretical and far more connected to real access and distribution. 🤍 Like if you believe this could be a strong step for Cardano in tokenization and RWA. #Cardano #ADA

The XAUt listing on Binance helps reinforce something markets have been confirming for a while: tokenization is also gaining ground in defensive assets. Tether Gold aims to combine physical backing, digital portability, and more immediate liquidity than traditional gold ownership. That is the angle worth watching: once gold moves onto onchain rails with better distribution and settlement, it stops being only a classic store of value and starts behaving as programmable financial infrastructure as well. #Gold #Crypto

The debate around quantum risk in Bitcoin gained new traction after Google published new research on the cryptography securing many blockchains and Brian Armstrong reiterated that the industry needs to work on post-quantum solutions now. It is not an immediate threat yet, but it is no longer just a niche theoretical issue. When players like Google and Coinbase begin organizing research, advisory boards, and roadmaps, the message is clear: infrastructure resilience also means preparing for risks before they become critical. #Crypto #BTC

The IMF expressed concern about the impact the war in Iran could have on the U.S. economy, a sign that the conflict is no longer being read only as a regional or energy story. The transmission channel is fairly direct: more expensive energy, inflation that becomes harder to cool, and tighter financial conditions. Once a geopolitical shock starts showing up in credit and housing, the conversation stops being purely external. #Finance #MarketUpdate

DVP v2 is coming soon. We are taking our onchain portfolio infrastructure into its next stage, with a stronger framework for debt strategies, duration management, deeper liquidity and institutional-grade architecture built for greater precision and reliability. Built on Cardano’s eUTXO model, DVP expands what tokenization can deliver: global access, verifiable transparency and non-custodial control in products designed for the long term. #Cardano #DeFi

Lorie Logan said that Fed policy is prepared to manage the uncertainty created by the Middle East conflict, on a day when markets are still recalculating the impact of the energy shock on inflation and growth. The Dallas Fed president also warned that U.S. oil producers are unlikely to provide immediate relief to consumers. That leaves the Fed facing an uncomfortable backdrop: more expensive energy, pressure on prices, and more noise around activity and employment at the same time. The message was not about an imminent move, but about flexibility. The Fed is not signaling a pivot, but it is acknowledging that the room for simple interpretations is narrowing. #Finance

Bank money still moves on banking hours. Digital activity does not. That is exactly the friction SoFi is targeting with Big Business Banking, a platform for companies that combines dollars, stablecoins, and selected digital assets inside a single regulated infrastructure running 24/7. If that model scales, the debate stops being bank or crypto. It becomes about how to unify payments, treasury, and settlement inside one continuous operating layer. #DeFi #Finance

Trump did not back away from his tariff agenda. He reorganized it. The White House kept the 50% tariff on steel, aluminum and copper in raw form, but changed the treatment for many derivative products. The aim is to simplify collection, close undervaluation loopholes and keep pressure on strategic manufacturing without completely freezing the flow of more complex goods. Washington still wants to protect domestic industrial capacity, but with a less clumsy and more manageable structure for importers and supply chains. #Trump #Finance

Iranian military spokesperson Shekarchi said today that the Strait of Hormuz will remain closed “for a long time” to the U.S. and Israel, a statement that puts fresh pressure on one of the most sensitive nodes in global energy trade. Hormuz is not a secondary route. Roughly one fifth of the world’s oil and LNG moves through it, which means any prolonged threat to traffic quickly feeds into energy prices, shipping, insurance and inflation expectations. That is why statements like this do not stay confined to the military front. They also reshape the market conversation around crude, growth and central banks. #IranWar‌

We just finished structuring our debt products with a nice premium over several benchmarks. We are building a corporate debt DVP for managing duration risks and increasing liquidity. While markets crash, we keep building. Many asset managers need secure, reliable, and institutional-grade infrastructure. DVP v2 is coming and is orders of magnitude better. Pushing the limits to create the best financial product.

France is about to test one of tokenization’s most ambitious promises: not only bringing existing assets onchain, but using blockchain infrastructure for the IPO process itself. The new exchange Lise plans to open the April 9 IPO of ST Group, a deal that could become one of Europe’s first real references for onchain equity issuance. If it works, the impact goes beyond one company or one venue. It could offer a concrete signal on whether tokenized capital markets can actually finance real businesses with less friction, less intermediation, and a different access model. #Tokenization #CapitalMarkets

OpenEden has just pushed tokenization a bit further beyond the most obvious corner of the market. With HYBOND, it launched tokenized access to a short-dated high-yield corporate bond strategy from BNY Investments, expanding an RWA space that has so far been dominated by T-bills and cash-equivalent products. That matters because it starts moving tokenization into a more interesting layer of fixed income: more yield, more credit risk, and a less concentrated onchain offering beyond ultra-conservative instruments. #Tokenization #RWA

Cardano took an interesting step on the payments front today. EMURGO CEO Phillip Pon said the ecosystem is now in the “qualification stage” for the Mastercard Global Crypto Partner Program, after re-engaging with Mastercard’s APAC team. There is still process ahead, but this is the key point: Cardano would no longer be only seeking an entry point, but moving forward within a formal evaluation framework for one of the market’s most important crypto integration programs. 🤍Like if you believe this could be a strong step for Cardano’s role in global payments. #Cardano #ADA

Fabio Panetta delivered a fairly clear warning on energy today: even if the war ended quickly, the return to normal production would be slow. The risk is no longer only about where oil trades today, but about how long extraction, refining, and supply chains may take to recover if the conflict keeps damaging infrastructure and key routes such as Hormuz. For Europe, that keeps an uncomfortable front open: more pressure on growth, more financial volatility, and an energy shock that does not disappear the moment the fighting stops. #Europe #Finance

Trump hardened his tone on Iran again, and markets read the message clearly. With the war stretching for “two to three weeks” more, the energy shock moved back to the center of the screen: oil surged, while gold and silver fell on a stronger dollar and the risk of higher rates for longer. This was not a classic safe-haven reaction. It was a reaction driven by inflation, supply risk, and deeper macro discomfort. #Oil #IranWar‌

🇨🇭Switzerland saw some inflation return in March, but the print does not change the broader picture. CPI rose to 0.3% year-on-year, the highest in a year, driven by higher fuel costs after the oil shock. Even so, it came in below expectations and remains far removed from the inflation pressure now facing other European economies. The market read is fairly clear: oil is starting to feed into prices, but not yet strongly enough to seriously alter the Swiss central bank’s stance #Finance

Franklin Templeton has just taken another important step in its expansion into digital assets. The firm agreed to acquire 250 Digital, a CoinFund spinoff, and the new unit will be rebranded as Franklin Crypto. This is not a minor detail: we are talking about an asset manager with more than US$1.7 trillion under management strengthening its internal structure, team, and capabilities at a time when TradFi keeps deepening its presence in crypto. More than an isolated acquisition, this reinforces a broader trend: institutionalization is no longer just about ETFs or custody. It is also about building platforms, teams, and distribution to operate digital assets as another line inside global finance. #DigitalAssets #TradFi

🇺🇸 U.S. ISM manufacturing rose to 52.7 in March, its highest level since August 2022. Good headline, but a more uncomfortable read underneath. Part of the rebound came with slower deliveries and a sharp jump in costs: supplier deliveries climbed to 58.9 and prices paid to 78.3, the highest since June 2022. Manufacturing is still expanding, yes, but in an environment where the energy and logistics shock is also inflating the print. #ISM #Fed