Will Nuelle รีทวีตแล้ว
Will Nuelle
280 posts
Congratulations to @tenbinlabs @ballsyalchemist on the $7M Seed round. Galaxy and Galaxy Ventures are excited to support the journey.
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What if instead we tokenized an exchange position? Exchanges like CME and others already abstract the custody and liquidity. Bring the blockchain in for what it's valuable for: composability and instant transactions.
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Tokenization of assets through Cayman SPVs never made that much sense to me. There's no liquidity around the tokenized asset, the legal arrangements are byzantine, and issuance/redemption isn't trivial.
@tenbinlabs came with a better proposition, so we led their Seed 🔽
Tenbin Labs@tenbinlabs
Tenbin is excited to announce a $7.1M seed round led by @galaxyhq to tackle the broken tokenization space of today.
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Will Nuelle รีทวีตแล้ว
The future of sustainable, resilient onchain yield lies not in perfecting one strategy.
It lies in building a protocol from the ground up that captures a spectrum of delta-neutral opportunities.
Introducing: Axis.
Arbitrage has long been a pillar of modern finance, one that the Axis team has been perfecting over the past 8 years.
Now we're bringing our results onchain.
Through sophisticated, automated systems, fleeting price discrepancies are captured across a wide variety assets. This produces returns resilient through bull and bear markets alike.
No directional speculation involved.
We eliminate the single point of failure, creating a diversified portfolio no matter market direction.
In other words, we are about to change the way you earn.
See the last tweet for the full article.
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Actually, I don’t fully agree.
Shadow banking shows us that credit intermediation - the process of transforming credit into money assets - can be done through a lending-based system (traditional banking) or through a capital-market-based system (shadow banking itself).
Whether stablecoins and tokenized deposits will have a future together will depend on the use case, the regulation, and the market - for example, on how yieldcoins will be regulated.
Moreover, central banks are increasingly conducting monetary policy through “extraordinary” actions on capital markets, which means that lending-based credit, even before stablecoins, has already been becoming less important.
The future of stablecoins could be either becoming a platform built on top of banks or enabling a new financial system based on shadow-banking practices running in parallel to banks. And the outcome may differ across regions, depending on domestic conditions.
Simon Taylor@sytaylor
The tokenized deposit vs stablecoin fight is a distraction. Banks multiply money. Stablecoins move it. We need both. --- The tokenized deposit maxi says: "Stablecoins are unregulated shadow banking. Everyone will prefer banks when they tokenize." Some banks and central banks love this narrative. -- The stablecoin maxi says: "Banks are dinosaurs. We don't need them on-chain. Stablecoins are the future of money." Crypto natives love this narrative. --- Both miss the point. Banks create cheap credit Your $100 deposit becomes $90 in loans (and more) - F500 companies park $500M at JPM. - Get giant credit lines in return. - Below-market rates. The deposits are the bank's business model. Tokenized deposits preserve this on-chain - but they're ONLY for bank customers. --- Stablecoins work like cash Circle and Tether hold 100% reserves. $ - 200B in T-Bills. - Capture 4-5% yield. - Pay you zero. You get money outside any bank's perimeter. $9 trillion moved cross-border via stablecoins in 2025 Works anywhere with Internet. 24/7 without permission. --- The future is both. - F500 holds tokenized deposits at JPM. - Gets favorable credit lines for US operations. - Pays Argentine supplier. - Swaps tokenized deposits for USDC. On-chain. Atomic. Best of both. Use legacy rails where they work. Stables where they don't. --- A rubric: - Tokenized deposits → cheap credit inside bank perimeters - Stablecoins → cash-like settlement outside bank rails - On-chain swaps → instant conversion, zero settlement risk --- Onchain > APIs Smart contracts compose logic across multiple businesses and persons. Deposit --> stablecoin --> invoice paid --> downstream payment happens. --- e.g. - When supplier's deposits land - Smart contracts trigger inventory financing, - Working capital lines, currency hedges. From banks and non banks! --- The future is on-chain - Tokenized deposits solve for cheap credit. - Deposits stay captive. - Banks lend against them. - Stablecoins solve for portability. - Money moves anywhere without permission. --- The tokenized deposit maxi wants regulated rails only. The stablecoin maxi wants to kill banks. The future needs both. F500s want giant credit lines from their bank AND instant global settlement. Emerging markets want local credit creation AND dollar access. DeFi wants composability AND real-world asset backing. The fight over which one wins misses what's happening. The future of finance is on-chain. Both tokenized deposits and stablecoins are infrastructure for getting there. Stop arguing about winners. Start building interoperability. Composable money. ST.
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Axis team is extremely talented, has a 5yr track record generating alpha in markets, and will bring that yield stream to DeFi markets
Excited for @galaxyhq to partner with them!
Axis@AxisFDN
Axis is excited to announce a raise of $5 million, led by @galaxyhq, in order to bring institutional yield across USD, Bitcoin, and Gold. The digital asset market still lacks reliable, transparent ways to earn yield that work for both institutions and everyday users, in both bull and bear markets. Too many products depend on inflationary token incentives or singular strategies, making returns unsustainable and unpredictable. The solution? We're building a transparent return stream that is, by design, diversified delta-neutral and weather-resistant to market conditions. With a round led by Galaxy Ventures, and participation from @FalconXGlobal, @OKX_Ventures, @CMT_Digital, @Maven11Capital, @GSR_io, @cmsholdings, and @Marczeller of @AaveChan, Axis is taking a different approach. It's time to bring these quantitative institutional strategies onchain for all of you.
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The retail bankers are losing their minds over interest on stablecoins. Comical to watch them make greater good arguments as if they're divine entities
> Might be hard to believe, but people just want the interest THEIR money earns
> No one wants to put their cash in a FI that punts on asset liability mismatches, and pockets the spread for themselves
Dan Spuller@DanSpuller
Big Banks are ruthlessly targeting our friends at @Coinbase and @KrakenFX to protect their turf. The @ABABankers claim that allowing crypto exchanges to pay interest on stablecoins would be “a detriment.” Translation: competition’s winning.
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In July, we led Titan's Seed round after seeing that the Solana market structure was transitioning to propAMM-based liquidity, and we felt like Titan had the best algorithms.
We published a piece (see below) that covers the evolution of Solana's market structure:
Titan@Titan_Exchange
One month since launch. Nearly $3 Billion in app volume (excluding API). Titan is the pro's gateway to @solana's internet capital markets.
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Great piece on DeFi and credit creation by @willnuelle which has a visual I really like - the 'efficient frontier' of on-chain yield.
2025 has truly felt like on-chain yield season.
- Both @morpho and @ethena have crossed the $10bn+ mark
- Larger volumes of perps trading happening on-chain: @OstiumLabs @HyperliquidX
- New synthetic dollars like @capmoney_ higher yield from professional allocators
- @sparkdotfi and @grovedotfinance exposing cefi/tradfi yield to on-chain capital
On-chain yields are now dependable and real - not just an ouroboros. Excited to bring @3FLabs into this thriving space.
Will Nuelle@willnuelle
1/ 🧵 Stablecoins, DeFi, and Credit Creation: How Stablecoins will impact the ways banks create money I published a new article that discusses the implications of stablecoins getting really, really big. galaxy.com/insights/persp…
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Excited to share that we've backed DoubleZero from @galaxyhq!
We will also be supporting DZ with deployment of fiber at launch from our Blockchain Infrastructure team
DZ - "the network under the network" - is solving the next frontier of scaling for your favorite chain
DoubleZero@doublezero
We’re excited to welcome @galaxyhq as a network contributor and backer of @DoubleZero. As one of the largest @Solana validators and a leader in blockchain infrastructure, Galaxy brings deep expertise in low-latency systems and is now helping expand the DoubleZero network by deploying dedicated fiber connections across key regions. Their contribution supports our shared belief: that scaling blockchains, and the real-time applications they enable, requires optimization all the way down to the physical layer. Galaxy joins a growing ecosystem of partners building a faster, more deterministic internet for systems that can’t wait. Welcome to the N1 era, @galaxyhq.
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tomorrow is the IPP (independent power producer) earnings superbowl, @kellyjgreer @itsanhonour_ and i are having a watch party
talen 8 am
vistra 9 am
constellation 10 am
last year, returns to energy (vistra) beat compute (nvidia) and crypto (bitcoin). will they do it again?
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I could not give less of a fuck about trading tokenized stocks
The most interesting consequence of DeFi is restructuring the credit ladder between wholesale lending and last mile originators
Domestically AND internationally!!
Will Nuelle@willnuelle
1/ 🧵 Stablecoins, DeFi, and Credit Creation: How Stablecoins will impact the ways banks create money I published a new article that discusses the implications of stablecoins getting really, really big. galaxy.com/insights/persp…
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9/ This will be an insanely fun time to be in the space. The (inevitable) convergence of traditional finance and crypto will create new market structures in finance.
The winners of the next 3 years will become the indisputable winners of the following 30.
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1/ 🧵 Stablecoins, DeFi, and Credit Creation:
How Stablecoins will impact the ways banks create money
I published a new article that discusses the implications of stablecoins getting really, really big.
galaxy.com/insights/persp…
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