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This week Simon Taylor is joined by:
Nassim Eddequiouaq, Co-Founder & CEO, Bastion
Greg Bricca, Head of Product, Morse
Paul-Adrien Hyppolite, Co-Founder & CEO, Spiko
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We cover:
OKX and ICE's proposed 24/7 stocks and after-hours liquidity
Spiko's $2.7bn and cash left idle by cutoffs
Spiko’s live USDC subscriptions through Coinbase and its allocation roadmap
How fund size and S&P ratings shape Spiko's treasury adoption
Samsung Wallet's planned remittances on Bastion's licenses
Rain, Modern Treasury and ICBA's contest over trust charters
S&P's lending-vault framework and earn-button exposures
OKX and ICE's longer trading hours need 24/7 cash and liquid markets
On October 4, OKXICE, the joint venture of OKX and NYSE owner ICE, filed for 24/7 US tokenized-stock trading. Simon Taylor puts it at 63 companies, each paired against USDC, USDG or USDT.
Simon put the story to Bastion CEO Nassim Eddequiouaq (Naz) first, and Naz read it as a question about where investors will reach these stocks.
"I think that it's going to be less about I need to go on Robinhood to access it, but let's just embed tokenized stocks and way more embedded financial accounts that are available anywhere, and so I'm very excited about that because I think that we're going to see Coinbase, OKX, Backpack, others really push those embedded brokerage accounts in you know all the new neo banking services."
For Greg Bricca, 24/7 equities need 24/7 cash, and enough after-hours liquidity to limit slippage and price impact. Simon flagged a caveat in the filing itself. Tokenized prices may drift from the real shares outside market hours. That turns Greg’s question, whether customers understand where they sit when they trade, into a disclosure job for every platform that embeds these stocks.
Spiko wants agents to run cash allocations
Spiko announced a $90m Series B on October 6 and reports $2.7bn in funds. USDC subscriptions and redemptions through Coinbase are live at fund level, per Paul-Adrien Hyppolite.
In Europe, most corporate cash sits in bank or term deposits, so Spiko’s first job is giving treasurers access to money market funds. Timing is the second problem, and Paul-Adrien says even US funds haven’t solved it.
"If you look at money market funds in the U.S. most still work with one cutoff per day, which means that you often need to wait several hours before having your cash start earning any yield."
Paul-Adrien says Spiko doesn't yet serve US persons, due to regulatory constraints. His roadmap pairs continuous accrual with automated allocation for treasurers and, later, agents. He says tokenization alone doesn’t get there; the rest is fund accounting and market operations. Simon wants the same automation for his own current account.
"I would love an agent that's sweeping my cash in and out of money market funds, depending on the time of day and depending like, do I really need the amount sitting in my current account, my checking account, or is that just there to cover the month of potential bills that might accrue."
An agent can only sweep cash into funds its user is allowed to hold, and Spiko can’t yet offer those to US persons.
Spiko's AUM and S&P rating set the entry conditions
The euro Spiko Amundi Overnight Swap Fund (SAFO) carries S&P's AAAf/S1+ fund credit-quality and volatility ratings. Some clients required the rating, Paul-Adrien says; in his experience, agencies have changed their early treatment of blockchain as an added risk.
Asked about Spiko's ideal client, Paul-Adrien identifies buyer concentration limits that can exclude smaller funds.
"In the business of funds, you want to grow your AUM fast, and the more AUM you have, the bigger the client you can target, because the largest, most sophisticated treasurers will have limits. You know they will not want to own more than five or 10% of the AUM of a fund."
So Spiko started with smaller businesses and short decision cycles, grew fund AUM, and is moving up to larger treasurers as those limits allow.
The limits apply fund by fund, so what a large treasurer checks is SAFO’s size, not Spiko’s $2.7bn total.
Samsung and Sony choose who holds the licenses
Simon puts Samsung Wallet's planned US launch in the last week of October, with potential reach of 82 million US Galaxy devices. Bastion will run accounts under its own licenses. It holds a New York trust charter and received conditional OCC approval for a national trust charter on September 18. Coinbase will provide sub-custody.
Naz expects remittances to over 60 countries at launch. Samsung and Sony are both Bastion clients. Samsung runs on Bastion’s licenses, while Sony chose its own charter through Connectia Trust.
"It is clear that the enterprises, the largest companies in the world, are very excited about stablecoins. They don't ask anymore, what can stablecoins do for me? They actually understand it, and it's more about how do I go about launching that? Where do I partner? What do I build myself? Where do I obtain my own licenses? Where do I leverage someone else's license?"
Bastion will also handle subledgering and cross-border payments. Remittances and accounts come first; merchant payments and wider spending come later. Simon had framed wallets as heading into an age of personal agents. Asked about Samsung’s reach, Greg took that further.
"We're in the age where distribution is moving from branch to phone to agent."
Samsung owns the customer relationship; Bastion carries the regulatory obligations.
Rain and Modern Treasury's charter bids test who answers for the ledger
Rain and Modern Treasury have applied for US national trust charters covering custody and related services, without deposits or lending. The Independent Community Bankers of America (ICBA) challenges the OCC's March 2026 chartering rule and Interpretive Letter 1176.
Naz gave three reasons to want a charter: 1) one federal licence instead of 50 state money-transmitter licences, 2) the option to issue GENIUS-compliant stablecoins later, and 3) custody of assets beyond cash. Simon pointed to Anchorage's three years under an OCC anti-money-laundering consent order, lifted in 2025.
"Getting a charter is hard, but keeping it is extremely hard. And the work really starts when you get that charter."
In Simon's view, a trust bank would answer to federal regulators for the state of its ledger. Greg's read is that customers want ledger, custody and money movement consolidated under one supervised roof.
S&P builds a scale for the vaults behind some earn buttons
S&P announced its six-factor lending-vault risk framework on October 4, including liquidity mismatch and curator risk. It estimates lending-vault deposits at about $10bn. Assessments are forthcoming and won't constitute credit ratings or evaluate yields.
Simon’s example is an earn button offering 5% or 7%, and whether the consumer knows if that comes from a vault or looping DeFi.
"If you're really building for the long term, making clear for the customer what is underneath the hood, and that you don't have a mystery meat sauce under there."
Spiko's first funds held only T-bills. SAFO swaps equity-basket performance for a predetermined BNP Paribas yield. Paul-Adrien says this can beat money-market yields, with the bank’s credit risk as the trade-off.
Naz wants tokenized money market fund shares used for settlement and payments. USDC subscriptions are live; spending the shares themselves brings securities-law implications, and he hopes regulators make it easier for licensed money transmitters to hold and use money market funds. If they get that room, fund shares could work as payment balances, blurring the line between earn buttons and payment accounts.
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