If you're reading this and still haven't signed up, click the subscribe button below!
Introduction
Welcome to the Tokenized newsletter, brought to you by the creators of the Tokenized Podcast. Written by Simon Taylor of Fintech Brainfood and Shwetabh Sameer of Molten Ventures.
We are the newsletter for institutions that need help preparing for a Tokenized future.
In This Week's Edition:
💬 Market Readout: OpenFX just raised $94M to settle payments across the corridors correspondent banking forgot — going from $4B to $45B in annualized volume in a single year. Why stablecoins are winning in emerging markets, not G10 pairs.
📰 Stories You Can't Miss: Aave V4 launches DeFi's first institutional credit layer on Ethereum. Mitsubishi joins JPMorgan's Kinexys as the corporate treasury land grab intensifies. Midas raises $50M to solve tokenized assets' liquidity problem. Google compresses the quantum threat timeline by a decade. And Ramp quietly brings stablecoins into spend management for 50,000+ businesses.
This newsletter is sponsored by M0!
Make your own money. m0.org.
Stablecoins are becoming global financial infrastructure.
Brands partner to issue their own stablecoins with regulated issuers.
Stablecoin issuers want to issue for the most valuable brands.
Both need robust tech.
M0 is the only platform where issuers and brands get together to build stablecoins.
Make your own money. m0.org.
Simon’s Market Readout 💬
A pixelated Simon gives you his market readout for the week.
OpenFX just raised $94 million at a $500 million valuation. Accel, Atomico, Lightspeed, Pantera, Northzone — all in. The founder is Prabhakar Reddy, who co-founded FalconX, so he knows what institutional-grade crypto infrastructure looks like. But the story here isn't the cap table. It's what he's actually building, and more importantly, where.
Reddy saw queues outside Western Union branches in Dubai and started digging into how cross-border settlement actually works. What he found was a $200 trillion annual FX market still settling on infrastructure that takes 2 to 5 business days. Conversion costs running 50 to 150 basis points. And trillions — trillions — sitting locked in pre-funded accounts just to make the system function. That's not a technology problem. That's a structural inefficiency baked into how global money movement has worked for decades.
Now, to be fair, companies like Wise and Airwallex have solved a lot of this for retail and SMB on G10 currency pairs. Fast settlement, transparent pricing, tight spreads. If you're converting dollars to euros or sterling to yen, those platforms work beautifully. That problem, for most practical purposes, has been addressed.
Where OpenFX focuses is fundamentally different. Emerging market corridors. Mexican peso. Brazilian real. Colombian peso. Argentine peso. These are corridors where correspondent banking is slow, unreliable, and expensive. Where USD liquidity is genuinely hard to source at any price. Where domestic payment systems — UPI in India, PromptPay in Thailand — are excellent, but cross-border rails between them are fragmented or barely exist.
That's where stablecoins as a settlement bridge start to make structural sense. Not as a speculative instrument. Not as a yield product. As actual infrastructure that fills a gap the traditional system can't.
And the numbers back it up. OpenFX prices at 0.01 to 0.3% — compare that to the 50 to 150 basis points on traditional rails. 98% of transactions settle in under 60 minutes. 30% settle in under 10 minutes. The company went from $4 billion to $45 billion in annualized payment volume in a single year. Their customers include MoneyGram, Yellow Card, fintechs, neobanks, and payroll platforms — the companies actually moving money through these difficult corridors every day.
Three things stand out to me:
The G10 versus emerging market distinction matters more than most people realize. Liquid currency pairs already have functional infrastructure. Building another stablecoin rail for USD-EUR is competing against a solved problem. Building stablecoin infrastructure for USD-BRL or USD-COP? That's competing against a system that barely works. OpenFX is deploying capital where stablecoins have a genuine structural advantage, not where they're marginally cheaper.
This validates the corridor-specific thesis. The highest-value opportunities for stablecoin settlement aren't the liquid developed-market flows. They're the corridors where pre-funding requirements eat capital, where correspondent chains add days and basis points, and where local currency access is the real bottleneck.
The expansion into Southeast Asia and Latin America is where this gets really interesting. Those are the regions where stablecoin adoption is moving fastest, where dollar access is most valued, and where the demand pull from real businesses is strongest. India's UPI processes billions of transactions domestically but connecting that to a Mexican business paying suppliers in pesos still routes through New York. That's the kind of friction OpenFX is designed to eliminate.
What I find genuinely encouraging about this raise is the discipline. No token launch. No speculative narrative. Just stablecoins deployed where traditional rails actually fail — broken corridors, not liquid G10 pairs.
The industry could use a lot more of that kind of focus.
Stories You Can't Miss 📰
🚀 Aave V4 Launches on Ethereum - DeFi's Institutional Credit Layer Goes Live
The largest decentralized lending protocol just shipped the upgrade that could turn it into institutional infrastructure. Aave V4 went live on Ethereum mainnet this week after two years of development, introducing a "hub-and-spoke" architecture that separates lending markets while sharing liquidity - and the design borrows directly from how banks structure credit desks.
Key Points:
• Risk segregation was the institutional blocker - V4 removes it. V3's pooled architecture meant any allocation sat adjacent to every other collateral type in the pool. V4 introduces isolated Spokes - each with its own collateral rules, risk parameters, and liquidation logic - all drawing from a shared Liquidity Hub. A pension fund evaluating tokenized Treasury collateral no longer shares risk exposure with leveraged ETH positions in adjacent markets.
• Three Hubs at launch: Core, Prime, and Plus. Core is the default routing venue. Prime is the institutional play - controlled collateral posture with tighter parameters. Plus handles strategy-heavy stablecoin activity. Conservative caps across the board at launch, with the DAO scaling up as live behavior validates the architecture.
• The vertical stack is now four layers deep. GHO stablecoin (~$580 million market cap), a consumer savings app accepting deposits from 12,000+ bank connections, institutional lending infrastructure via Aave Pro, and a $50 million annual buyback program funded by protocol revenue. Stablecoin issuance, consumer distribution, institutional credit, and recurring cash flow - all under one protocol.
• The SEC closed its four-year investigation in December 2025 with no enforcement action. Combined with the SEC-CFTC joint MOU signed in March establishing coordinated digital asset oversight, this is the most favorable regulatory backdrop Aave has operated in.
The Tokenized Take:
Back in November, we described Aave as "private credit on steroids" and asked whether DeFi protocols would become institutional infrastructure. V4 could be the answer.
The architecture mirrors how traditional finance structures credit risk. A pension fund evaluating tokenized Treasury collateral can now participate in a dedicated Spoke with parameters it controls - without exposure to leveraged ETH positions or Ethena strategies in adjacent markets. Same liquidity pool, completely different risk profile. Same principle every major bank uses - centralized funding, decentralized risk management.
But Aave isn't just shipping a protocol upgrade. It's assembling a full-stack onchain financial institution. GHO, its native stablecoin, crossed $500 million in market cap this year. The Aave App offers consumer savings at up to 9% APY with balance protection up to $1 million, accepting deposits from over 12,000 bank connections. Aave Pro is the institutional-grade frontend for V4. And an annual $50 million buyback program signals this protocol generates real, recurring revenue. Stablecoin issuance, consumer distribution, institutional lending infrastructure, and protocol-level cash flow. Few traditional banks have assembled all four layers, and none at this speed.
So the question is: what is Aave? Because if it's institutional credit infrastructure, regulators will eventually want to regulate it as such. The SEC closing its investigation removes one overhang, and the SEC-CFTC MOU creates a more coherent framework. But there's a governance gap that institutional adopters should watch carefully. ACI, which drove 61% of all governance actions over three years, announced its exit in March after clashing with Aave Labs over a $51 million budget request and alleged self-voting. BGD Labs, a core engineering contributor, departs in April. For a protocol asking institutions to park real-world credit on its rails, DAO governance is not a board of directors - and that distinction matters when compliance teams are evaluating counterparty risk.
The architecture, regulatory window, and vertical stack are all in place. The open question is whether institutional capital flows into a system governed by token holders rather than fiduciaries. The architecture and regulatory window are aligned. Whether institutional allocators trust DAO governance as a counterparty - that's the variable that determines if this is infrastructure or experiment.
🏛️ Mitsubishi Taps JPMorgan's Kinexys for Global Payments - And the Corporate Treasury Land Grab Accelerates
Mitsubishi Corporation - one of Japan's largest trading conglomerates, with global operations spanning energy, metals, chemicals, manufacturing, and logistics - is adopting JPMorgan's Kinexys blockchain network for cross-border fund transfers. Mitsubishi joins Alibaba and Siemens as major non-financial corporates routing treasury operations through Kinexys. The platform now processes ~$7 billion daily, with JPMorgan targeting $10 billion, and has cleared more than $3 trillion in cumulative volume since launching in 2019.
Key Points:
• Corporate treasury, not interbank settlement: Mitsubishi isn't a bank. It's a sōgō shōsha - a diversified trading house moving commodities, industrial goods, and capital across dozens of countries. This is blockchain infrastructure being adopted for corporate treasury operations, not just bank-to-bank plumbing
• The client roster tells the story: Alibaba launched tokenized fiat payments on Kinexys in late 2025 for B2B cross-border commerce. Siemens and QNB followed. Four major global corporates across the world, none of them crypto-native, all choosing the same platform. That's distribution at work
• Currency limitations matter: Kinexys currently supports USD, EUR, and GBP - with GBP only added in April 2025. JPY is notably absent. For Mitsubishi, this likely means USD-denominated settlement for global commodity flows and intercompany transfers, not domestic yen operations
• Volume trajectory is aggressive: From $7 billion to $10 billion daily means JPMorgan needs to add roughly $3 billion in new daily flow. Mitsubishi's global fund transfers - potentially hundreds of millions in regular volume - provide a meaningful step, but the target requires several more enterprise clients of this caliber
• Payments are the wedge, not the destination: JPMorgan is simultaneously rolling out Kinexys Fund Flow for tokenized private credit and real estate, targeting the ~$6 billion tokenized credit market. Once a corporate treasury team is onboarded to Kinexys for payments, the path to tokenized asset settlement shortens considerably
The Tokenized Take:
JPMorgan is not selling blockchain. It is selling a treasury management platform that happens to run on blockchain. That’s why corporates like Mitsubishi, Alibaba, and Siemens are signing up - they don't care about consensus mechanisms or smart contract architecture. They care about moving money globally, 24/7, in minutes instead of days, without parking capital in nostro accounts across a dozen correspondent banks. The value accrues at the distribution layer, not the protocol layer.
The Japan angle matters. We've covered the megabank consortium's yen stablecoin on Progmat, JPYC's launch, and the FSA's progressive framework extensively. And yet Mitsubishi - which banks with MUFG - chose JPMorgan's infrastructure over waiting for any of it. That's not a preference statement. It's an availability gap. Kinexys is production-ready for the corridors Mitsubishi needs. Domestic alternatives aren't. Yet.
Here's where it gets complicated for Mitsubishi specifically. They bank with MUFG - a core keiretsu relationship. MUFG is building Progmat. So within 12-18 months, Mitsubishi could realistically be running Kinexys for global USD/EUR settlement and MUFG's infrastructure for domestic yen operations. Two closed-loop blockchain systems, two reconciliation workflows, zero interoperability. That's recreating the correspondent banking problem on new rails - and it's not unique to Mitsubishi. Every global enterprise will face this fragmentation as Kinexys, Qivalis, the European banking consortium's euro stablecoin, and megabank deposit token systems all go live in overlapping timeframes. If JPMorgan adds JPY to Kinexys - a logical move with major Japan-connected clients now onboard - it competes directly with the MUFG consortium on the same corridor. The demand for a "network of networks" is no longer theoretical. Corporates are forcing the question by adopting multiple closed-loop systems simultaneously.
What’s fascinating is that Kinexys started as an interbank settlement experiment. Then it evolved into a multi-currency payment rail. Now it's becoming a corporate treasury platform with a pathway into tokenized assets. Each new enterprise client - Alibaba for trade settlement, Siemens for industrial payments, Mitsubishi for commodity finance - adds volume, confirms the model, and makes the next client easier to onboard. JPMorgan isn't winning because of the blockchain. It's winning because it already has the banking relationships, the regulatory licenses, and the global presence. The blockchain just makes the product better.
The question for every other bank building deposit tokens or blockchain payment rails: can you reach production scale before Kinexys locks in the next Mitsubishi? Each integration creates switching costs - and JPMorgan already has the banking relationships, the regulatory licenses, and the global presence to keep compounding them.
💸 Midas Raises $50M to Build the Liquidity Layer Tokenized Assets Have Been Missing
Berlin-based Midas just closed a $50 million Series A to build the piece of tokenization infrastructure that nobody talks about but everybody needs: instant liquidity for getting out of tokenized positions. The round was led by RRE and Creandum, but the investor list tells the real story - Franklin Templeton, Coinbase Ventures, Anchorage Digital, GSR, Framework Ventures, and Ledger Cathay all participated.
Key Points:
• The product, not the fundraise, is the headline. Alongside the round, Midas launched Midas Staked Liquidity (MSL) - a facility with up to $40 million initially, that settles redemptions of tokenized assets instantly, without counterparty or settlement risk. Liquidity providers compete for execution, which structurally compresses the cost of exiting tokenized positions over time
• Current scale: $1.7 billion in total assets minted, $500 million in total value locked, $37 million in yield distributed to 20,000 mToken holders. Midas tokens are already integrated into Morpho, Curve, and Pendle as composable DeFi primitives
• Expansion roadmap: Midas plans to move beyond tokenized treasuries into reinsurance products (via MembersCap) and asset receivables (through Fasanara), with Ledger Wallet integration planned
• Transparency infrastructure: The new Midas Attestation Engine publishes cryptographic proof of reserves, NAV, and price updates directly onchain - allowing any investor or protocol to independently verify the state of underlying allocations at any time
• Franklin Templeton - one of the largest tokenized fund issuers through its Benji platform - invested in external redemption infrastructure rather than building it in-house. That's the demand signal
The Tokenized Take:
Tokenization has spent the last two years proving you can put assets onchain. The smart contract layer for issuance is no longer a competitive advantage - anyone can wrap a T-bill. Franklin Templeton, BlackRock, Ondo, and dozens of others have demonstrated that. Issuance is no longer the bottleneck. Liquidity is.
Here's what institutional allocators actually ask when you pitch them a tokenized yield product: "How do I get out?" Today, redeeming a tokenized fund share often means waiting for NAV calculations, settlement windows, and manual processing - essentially recreating the T+1 delays that tokenization was supposed to eliminate. Midas is building at the layer above issuance, where the actual bottleneck sits.
MSL's architecture deserves attention because of how it handles redemptions. Rather than a single administrator processing exits at end-of-day NAV (the traditional fund model), MSL externalizes the function and lets liquidity providers compete for execution. This is closer to how market makers compete for equity order flow than how fund redemptions work. As more LPs participate, spreads compress, and the cost of exiting tokenized positions converges toward the cost of trading liquid assets. That's what institutional allocators need to see before committing real capital.
The longer-term question: could MSL evolve into clearing-like infrastructure for tokenized assets? Cryptographic proof of reserves, competitive execution, and settlement without counterparty risk are the building blocks - but regulatory recognition and standardized default management aren't there yet. We've covered the stablecoin side of this extensively, from JPMorgan's deposit token swaps on Base to M0's interoperability layer. Midas is building the equivalent on the asset side.
And then there's the Franklin Templeton signal. Why does one of the most successful tokenized fund issuers invest in a third-party liquidity layer? Because even Franklin Templeton - managing hundreds of millions in tokenized assets through Benji - can't solve instant redemption alone using traditional fund administration. By backing Midas, they're acknowledging that the tokenized asset market needs shared, neutral liquidity infrastructure to scale. They wouldn't fund external plumbing if they could handle this internally. That tells you the problem can't be solved incrementally. It needs dedicated infrastructure, and the largest issuers agree.
If MSL-style redemption infrastructure becomes standard within 18–24 months - and the investor list suggests the demand is there - the tokenized fund market starts behaving less like a collection of isolated products and more like an actual asset class with secondary market characteristics.
That's when allocator capital moves from experimental to structural.
🏛️ Google Just Moved the Quantum Threat Timeline Forward by a Decade
Google Quantum AI published a whitepaper demonstrating it can break the elliptic curve cryptography (ECDSA) that secures Bitcoin, Ethereum, and virtually every major blockchain - using 10-20x fewer resources than previously estimated. The same day, researchers from Oratomic, Caltech, and UC Berkeley showed Shor's algorithm can run at cryptographically relevant scales with just 10,000 reconfigurable atomic qubits, down from the millions previously assumed. Google is now targeting 2029 for its post-quantum cryptography migration. The physics haven't changed. The urgency has.
Key Points:
• The resource reduction is dramatic: Google's optimized implementation of Shor's algorithm could break ECDSA keys with significantly fewer physical qubits than prior estimates suggested (up to 20x according to one source). Google withheld the actual attack circuits, sharing only resource estimates - a responsible disclosure approach designed to alert the ecosystem without handing adversaries an instruction manual
• Up to 2.3 million BTC are directly exposed: Roughly 1.7 million BTC sit in wallet formats where public keys are already visible onchain, rising to up to 2.3 million across all vulnerable script types (some broader estimates put the figure as high as 6.9 million BTC). Satoshi Nakamoto's estimated ~1.1 million BTC in early P2PK addresses are among the most exposed - public keys sitting in plain view since 2009. Bitcoin's Taproot upgrade actually made things worse by making public keys visible by default, widening the vulnerability surface
• Ethereum has structural advantages: Faster confirmation times shrink the attack window, and the protocol's account abstraction roadmap gives users a path to rotate cryptographic keys without changing addresses. The Ethereum Foundation launched a dedicated post-quantum security resource hub on March 25 - days before Google's publication - and Vitalik Buterin has been publicly advocating lattice-based signature schemes as a migration path since late 2024
• Governance is the bottleneck, not engineering: BIP-360 proposes a new quantum-resistant address type for Bitcoin. A separate "Hourglass" proposal would gradually restrict vulnerable coins unless moved to safe addresses. But Bitcoin soft forks historically take 2-3 years from proposal to activation - and a post-quantum migration would be considerably more complex
The Tokenized Take:
The most underappreciated threat here isn't cryptographic - it's governance. Google compressed the quantum timeline from "sometime mid-2030s" to 2029. That now overlaps directly with the institutional adoption curve we've been tracking all year. Every bank evaluating blockchain settlement, every custodian building digital asset services, every corporate treasurer considering stablecoin operations - they're making decade-long infrastructure bets. The quantum timeline just became relevant to their planning horizon.
Bitcoin's consensus model - deliberately slow, deliberately conservative - is its greatest monetary policy feature and its most significant infrastructure liability. Getting a cryptographic migration through Bitcoin governance isn't an engineering problem. It's a political one. BIP-360 (new quantum-safe address types) would let users voluntarily migrate. Hourglass (a rate-limiter) would cap spending from vulnerable wallets to 144 BTC per day - enough to prevent a supply shock without outright confiscation. QRAMP (a mandatory migration deadline) would make legacy addresses unspendable after a set date. Each involves a different trade-off between property rights and network security, and none has anything close to consensus. Meanwhile, Satoshi's ~1.1 million BTC sit in the most exposed address format of all, with public keys visible onchain since 2009 - and no clear agreement on what happens to them. That's just the protocol layer. Every custodian, exchange, and hardware wallet also needs to migrate, a Y2K-scale coordination problem with no central authority to enforce it.
The competitive implications also matter a lot. Newer L1s can architect post-quantum cryptography from the ground up - no migration debt, no governance battles. Ethereum is already moving proactively. For any chain pitching enterprise clients, quantum resilience is about to become a procurement criterion, not a whitepaper footnote.
For institutional decision-makers, quantum resilience just moved from a theoretical risk register entry to a practical evaluation criterion. The question isn't whether blockchains will migrate. It's whether Bitcoin's governance can execute before the threat materializes - and whether the institutions building on it today are comfortable with that timeline risk.
🚀 Ramp Brings Stablecoins Into Corporate Spend Management - Same Approvals, Same Controls, New Rails
Ramp, the corporate card and spend management platform used by 50,000+ businesses, just launched Stablecoin Accounts in public beta. Customers can now hold stablecoins, earn rewards on balances, pay vendors and employees in USDC, settle Ramp Card obligations with stables, and manage both fiat and stablecoin payments through a single system - with the same approval workflows, controls, and accounting.
Key Points:
• Unified fiat-stablecoin system: The core feature isn't holding USDC - it's managing stablecoin and dollar obligations through identical approval chains, GL codes, and audit trails. Ramp deployed stablecoins in their own treasury first, then productized the workflow. One interface, two rails, zero workflow changes for finance teams
• Distribution, not experimentation: Ramp's 50,000+ business customers are corporate finance teams managing expenses and bill pay - not crypto users. Stablecoins arrive as a toggle inside a platform they already trust with their spend management
• Infrastructure partners doing the heavy lifting: The product appears to use Bridge (Stripe) for stablecoin plumbing with Visa on the card settlement side - Ramp is assembling proven infrastructure partners rather than building its own stack
• Still early and limited: This is a public beta. New York state customers are excluded (BitLicense friction), and the feature set will evolve. Treat this as a directional signal, not a finished product
The Tokenized Take:
We've covered two distinct strategies for getting stablecoins into corporate treasury workflows. Ripple spent $1 billion acquiring GTreasury to vertically integrate RLUSD into the CFO command console for enterprises processing $12.5 trillion annually. Ramp is going horizontal - plugging into existing infrastructure partners and offering stablecoins as a native feature inside spend management software that finance teams already use daily.
It's the same playbook every time. FIS announced USDC integration inside Money Movement Hub for 13,000+ financial institutions back in July 2025. Klarna started with internal treasury operations before expanding KlarnaUSD to merchants. Block's Bitcoin Product Lead said he'd build Cash App on stablecoin rails natively if starting today. Stablecoins win when they're embedded, not bolted on.
For US-based recipients, most still want dollars in a bank account. Where stablecoin payroll gets interesting is distributed teams and international vendors - LATAM contractors, Southeast Asian suppliers - where USDC solves real settlement friction. The value for the paying company is simpler: hold working capital in stablecoins earning yield, convert at the moment of payment.
The strategic question for every competitor in corporate spend management: Brex announced stablecoin payments last September. Ramp just launched its own. The strategic question isn't whether corporate spend platforms need a stablecoin strategy - it's whether any platform without one can still compete. The answer is no - not because stablecoins are exciting, but because the treasury economics are superior for companies with international payment flows.
This is what the approach to crossing the chasm will look like - not a crypto company launching a finance product, but a finance product natively.
📰 Some More News:
🏦 Tokenization, Stablecoins & Finance
S&P Dow Jones Tokenizes iBoxx US Treasuries Index on Canton Network (Read more here)
Nium Launches Dual-Network Stablecoin Card Issuance Platform Across Visa and Mastercard (Read more here)
South Korea's KB Card Taps Avalanche for Hybrid Stablecoin Credit Card (Read more here)
Plume Pilots Payroll System Allowing Employees to Receive Salary in WisdomTree Tokenized Fund (Read more here)
Tether's USAT Expands Beyond Ethereum to Celo, With Google Cloud Infrastructure Support (Read more here)
BitGo Expands Canton Coin Services With Trading and Onchain Settlement (Read more here)
Benchmark Initiates Securitize Coverage, Calls It a "Picks and Shovels" Play for Tokenization (Read more here)
How Hong Kong Is Turning Tokenized Bonds Into Real Market Infrastructure via CMU OmniClear (Read more here)
Circle's Stock Under Pressure: Yield Ban, Business Model Uncertainty, and 26% Decline (Read more here)
Chainalysis Adds AI "Blockchain Intelligence Agents" to Investigation Platform (Read more here)
🤑 Funding and M&A
Keyrock Hits $1.1B Valuation in Series C Led by SC Ventures, With Ripple Participation (Read more here)
a16z Leads $10M Round in Better Money Company, Developing Stablecoins' "Missing Layer" (Read more here)
Valinor Raises $25M Seed to Bring Private Credit Onchain (Ex-Blackstone Team) (Read more here)
Former Stripe and Coinbase employees raise $8 million for Latitude, a startup whose core product is stablecoin-based ‘Global Payouts’ (Read more here)
Uniblock Raises $5.2M to Unify Infrastructure Across 300+ Blockchains (Read more here)
Franklin Templeton Agrees to Acquire Liquid Strategies from CoinFund Spinoff, Launches Franklin Crypto (Read more here)
💼 Government & Policy
CLARITY Act Deadline in Weeks; TD Cowen "Increasingly Pessimistic," Sees One-in-Three Odds of Passage (Read more here)
Fed's Barr Invokes "Long and Painful History" While Pushing Strong Stablecoin Oversight (Read more here)
Digital Asset PARITY Act: Congress Proposes Extending Wash-Sale Rules to Crypto While Exempting Regulated Stablecoins (Read more here)
David Sacks Leaves White House Crypto Role With Key Legislation Still Unresolved (Read more here)
US Labor Department Proposes Opening $8T Retirement Market to Crypto via 401(k) Safe Harbor (Read more here)
Senator Blumenthal Questions SEC Over Treatment of Trump-Linked Crypto Businesses (Read more here)
Tether Taps KPMG for First Big Four USDT Audit Amid US Expansion Push (Read more here)
Russia Channels Crypto Trading Through Regulated Intermediaries, Limits Retail Access (Read more here)
Dubai's VARA Imposes Margin, Governance, and Disclosure Rules on Crypto Trading and Derivatives (Read more here)
Thanks so much for reading the Tokenized Newsletter!
Please share this edition or share it with your colleagues if you enjoyed it!
Disclaimers
This newsletter is for informational purposes only and is not financial, business or legal advice. These thoughts & opinions and do not represent the opinions of any other person, business, entity or sponsor. Any companies or projects mentioned are for illustrative purposes unless specified.
The contents of this newsletter should not be used in any public or private domain without the express permission of the author.
The contents of this newsletter should not be used for any commercial activity, for example - research report, consultancy activity, or paywalled article without the express permission of the author.
Please note, the services and products advertised by our sponsors (by use of terminology such as but not limited to; supported by, sponsored by, Made Possible by or brought to you by) in this newsletter could carry inherent risks and should not be regarded as completely safe or risk-free. Third-party entities provide these services and products, and we do not control, endorse, or guarantee the accuracy, efficacy, or safety of their offerings.
It's crucial to provide our readers with clear information regarding the inherent nature of services and products that might be covered in this newsletter, including those advertised by our sponsors from time to time. When you buy cryptoassets (including NFTs) your capital is at risk. Risks associated with cryptoassets include price volatility, loss of capital (the value of your cryptoassets could drop to zero), complexity, lack of regulation and lack of protection. Most service providers operating in the cryptoasset industry do not currently operate in a regulated industry. Therefore, please be aware that when you buy cryptoassets, you are not protected under financial compensation schemes and protections typically afforded to investors when dealing with regulated and authorised entities to operate as financial services firm.
