51 Insights – What Matters in Digital Assets

Marc Baumann
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We talk with digital asset leaders and innovators about what's next in finance and commerce. www.51insights.xyz

  1. 1H AGO

    147: Everyone has a stablecoin

    Hey, it’s Marc. Token2049, the world’s biggest crypto event, just wrapped in Singapore and this year felt different: stablecoin rails, tokenized treasuries, and prediction markets. Meanwhile, SWIFT just picked Ethereum to build a blockchain with 30+ global banks. The same network that moves $150T a year is admitting crypto rails are the future. Stripe just launched stablecoin-as-a-service. Every fintech, exchange, and enterprise can now mint its own stablecoin in a few lines of code. We’re heading toward a world where every major institution issues money. And nobody yet knows what the endgame looks like. Also this week: * Cloudflare that controls 20% of the internet launched Internet Money * Visa Direct will start to prefund payouts with stablecoins We’ll unpack all of these highlights below. 🚨 We just opened new sponsorship slots for our newsletters & podcast. Want to reach 35k+ digital asset leaders? Contact us here. Top Boardroom Reads 👉Subscribe to our Crypto Treasury Alpha newsletter here. * Inside Pantera’s $500M Solana Treasury Play, with Cosmo Jiang (51) * The stablecoin duopoly is ending (Nic Carter) * Stablecoins 2030 - Web3 to Wall Street (Citi) * Crypto treasury in a world of wallets (Ubyx) * The State of Wealth in 2025 (Fintech Prime Time) * Fintech 101: The Tokenisation of Real World Financial Assets (Fintech Blueprint) * Why crypto targets massive markets (Bitwise Asset Management) 🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. Top Signals This Week SWIFT’s picks Ethereum SWIFT announced on Sept 29 it will launch a blockchain-based ledger with ConsenSys and 30+ major banks - JPMorgan, HSBC, Citi, BNP Paribas, Deutsche, Santander, Wells Fargo, BNY Mellon, and more. The system will enable real-time, 24/7 cross-border settlements using tokenised deposits and smart contracts. [RELEASE] Why it matters: SWIFT moves $150T annually through 11,500 institutions. But settlements take 5 days with multiple intermediaries, hidden fees, and manual AML checks. Meanwhile, stablecoins scaled from $20B (2020) to $300B today, processing trillions annually. Banks are losing material cross-border payment share. SWIFT’s move is defensive but necessary. 🚨Upgrade to Pro for our daily CEO Notes & market signals. Stripe launches stablecoin-as-a-service What happened: Stripe announced three new products that let any business launch, hold, and use stablecoins with just a few lines of code: [RELEASE] * Open Issuance: Launch and manage your own stablecoin with reserves from BlackRock, Fidelity, and Superstate. * Stablecoin Financial Accounts: Hold, convert, spend, and send stablecoins directly from a Stripe account in the US. * On/Off-Ramp Infrastructure: Move between fiat and stablecoins with local APIs and stablecoin Visa cards in 15+ countries. Why it matters: For a decade, Circle (USDC) and Tether (USDT) have controlled 85%+ of the $245B stablecoin market. Every challenger — from Terra to Binance’s BUSD, failed to dent that dominance. Stripe just changed the economics. Businesses, DeFi protocols, wallets, and even fintechs can now mint their own “house stablecoins,” capture yield, and own user float instead of passing profits to Circle/Tether. This could fragment the market and accelerate the decline of the old duopoly. Our take: This isn’t just Stripe going after payments, it’s Stripe offering stablecoin infrastructure as a service. If neobanks, exchanges, and apps adopt Stripe’s rails, the next $200B in stablecoin growth won’t be captured by USDC or USDT but by thousands of custom issuers. Think of it as the Shopify moment for stablecoins: Stripe handles the messy compliance and plumbing; platforms keep the margin. For treasurers, that means yield opportunities. For marketers, it opens the door to brand-owned money. For Circle and Tether, it’s an existential challenge: the float is up for grabs. Visa Direct will prefund payouts with stablecoins What happened: At SIBOS, Visa announced a pilot for stablecoin prefunding on Visa Direct. Instead of parking fiat in advance, businesses can pre-fund Visa accounts with USDC or EURC. Visa treats those balances as “money in the bank,” unlocking faster global payouts and reducing working-capital drag. [Release] So what? By allowing businesses to pre-fund accounts with stablecoins, Visa transforms frozen capital into liquid assets that can be moved in minutes, not days. Visa treating USDC and EURC as “money in the bank” for prefunding signals mainstream trust in stablecoins and enables near-instant cross-border payouts. But this also raises threats for regional banks to lose liquidity and fee-based income from correspondent banking services. Our take: The real signal isn’t the pilot itself, but Visa treating USDC/EURC like deposits, effectively blurring the line between bank balances and blockchain balances. Cloudflare launched Internet Money Cloudflare announced NET Dollar, a US dollar–backed stablecoin designed to power instant, programmable payments for the agentic web. It is positioning its global network as a payments rail for machine-to-machine microtransactions, pay-per-use APIs, and fractional payouts. [RELEASE] So what? With Cloudflare handling ~20% of all internet traffic, its entry into stablecoins is viewed as a potential turning point in the future of online payments. However, it needs open standards and interoperability (like Google’s Agent Payments Protocol/ Coinbase’s x402), otherwise the ecosystem risks siloing and fragmentation if every cloud/cloud-edge provider issues its own token. Must watch: Execution. If developer and AI platforms adopt Cloudflare’s token for agent-driven payments and if creators see tangible value in new microtransaction models, it could become core web infrastructure. Chainlink’s and UBS’ $100T tokenisation bridge Chainlink and UBS just demonstrated how to manage tokenised funds for workflows like subscriptions and redemptions, directly from existing systems using SWIFT ISO 20022 messages via Chainlink Runtime Environment (CRE). Banks access blockchains through the same SWIFT infrastructure they’ve used for decades, no new key management or system upgrades required. [RELEASE] So what? For years, the biggest barrier to institutional adoption of tokenised assets has been the massive operational headache of integrating them. This collaboration provides the “plug-and-play” solution, giving institutions blockchain’s speed, efficiency, and programmability without operational disruption. News Flash * Coinbase partners with Samsung to bring Coinbase One to 75M US Samsung Galaxy users. Link * Stripe partnered with OpenAI for agentic payments. Link * FG Nexus partners with Securitize to trade shares on Ethereum. Link * Franklin Templeton’s Solana ETF is listed on DTCC as SOEZ. Link * AlloyX launches tokenised money market fund RYT on Polygon blockchain. Link * CME Group to offer 24/7 cryptocurrency futures and options trading. Link * Animoca to offer tokenised equity on Solana for broader investor access. Link * Telegram to let users trade tokenised U.S. stocks and ETFs in-app. Link * Government shutdown delays SEC reviews of pending crypto ETF approvals. Link * Tixbase becomes the ticketing partner for 2025 Copa América de Béisbol. Link * Avalanche Treasury merges with $MLAC in $675M deal to expand. Link That’s all for now, folks. Take care – Marc & Team PS: Upgrade to Pro for our daily CEO Notes & market signals. * Check out our AI newsletter, AI Operator, here. * Check out our Crypto Treasury Alpha newsletter here. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

    9 min
  2. Inside Pantera’s $500M Solana Treasury Play, with Cosmo Jiang, GP at Pantera Capital

    3D AGO

    Inside Pantera’s $500M Solana Treasury Play, with Cosmo Jiang, GP at Pantera Capital

    This is a free preview of a paid episode. To hear more, visit www.51insights.xyz Hi, it’s Marc. ✌️ “Solana is just faster, cheaper, and more accessible. It maps perfectly to the same consumer demand cycle that made Amazon unbeatable.” — Cosmo Jiang, General Partner at Pantera Capital 🚨 We just opened new sponsorship slots for our podcast. Want to reach 35k+ digital asset leaders? Contact us here. 🎧 Jump to the best parts * (10:56) → Why “NAV per share” is the new “free cash flow per share: Cosmo explains how digital asset treasuries work just like banks or Amazon in its prime: execution and capital allocation matter more than hype. Investors should look at NAV-per-share growth, not token price, just as Amazon’s stock rewarded reinvestment before profits. * (22:03) → Inside Solana Company (NASDAQ: HSDT): We break down how Pantera structured Solana Company to systematically acquire and stake Solana, combining a $500M PIPE, $750M in stapled warrants, and differentiated staking economics. Actionable takeaway: public vehicles can outperform ETFs when they compound yield and use capital markets tools (buybacks, convertibles) to increase tokens per share. * (29:43) → Solana vs. Ethereum & Why Tokens Are Infrastructure Equity: Cosmo makes the case that Solana isn’t just “cheaper”, it’s a cash‑flow‑producing platform growing faster than ETH on incremental users, developers, and fees. He reframes tokens as ownership units in productive networks, not commodities. For investors, that means valuing Solana the way you’d value a high‑growth infra company, not a currency. 👉 Subscribe to our digital asset treasury newsletter for all the alpha! We sat down with Cosmo Jiang, General Partner at Pantera Capital and Board Observer at Solana Company, to unpack the rise of digital asset treasury companies (DATs) and why Solana is at the centre of the next wave. This isn’t just a copy of MicroStrategy. It’s a redesigned flywheel, engineered for speed, yield, and public markets scale. Why it’s important: Digital asset treasury companies (DATCOs) have raised $20B in 2025 so far. July alone accounted for nearly $10B, making DATs (digital asset treasuries) the single largest category of crypto fundraising this year. While Bitcoin still dominates, increasing flows are moving to Ethereum, Solana, TON, and other altcoin-focused DATs. Pantera: It is one of the original and largest institutional investors in digital assets. Its portfolio spans eight tokens, including Bitcoin, Ethereum, Solana, and BNB across U.S., U.K., and Israeli companies. These include BitMine Immersion, Twenty One Capital, DeFi Development Corp, and Mill City Ventures III. Where to find Cosmo Jiang: LinkedIn: https://www.linkedin.com/in/cosmojiang X: https://x.com/cosmo_jiang Pantera: https://panteracapital.com/team/ 🎙️ In our conversation, we discuss: * Origin of digital asset treasuries (DAT) * Why Solana beats Bitcoin and Ethereum on raw product-market fit * What Pantera saw that made them launch a $1.25B SOL-native public vehicle * Why public equities are the ultimate crypto onboarding funnel for institutions * How Solana Company is engineered to maximize SOL per share * Why most investors underestimate how active Solana already is * Understanding MNAV and navigating market cycles * Why Solana is becoming the default blockchain for payments, AI, and RWAs * Debunking core crypto misconceptions for institutional investors * The case for treating tokens like infrastructure equity, not software * The rise of corporate chains and the multi-chain future Watch or listen now:YouTube • Spotify • Apple Podcasts Recommended podcasts: My biggest takeaways from this conversation:

    36 min

  3. SEP 26

    146: Vanguard + 401(k)s

    Hey, it’s Marc. “There is room for both gold and Bitcoin to coexist on central bank balance sheets by 2030.” — Deutsche Bank, in a new report released this week. Did you know that Norwegian and Swiss National Bank already have $700M+ of Bitcoin exposure by owning Strategy stocks? PS: Upgrade to Pro for our daily CEO Notes & market signals. Then: Citi came out with a new report and estimated the stablecoin market size to grow up to $4T by 2030. [Full report] 🚨 We just opened new sponsorship slots for our newsletters & podcast. Want to reach 35k+ digital asset leaders? Contact us here. Then: Hyperliquid just minted its own dollar. USDH went live this week with ~$2.2M in first-day trading, giving the exchange a native currency to power its markets. The timing is sharp: only a week earlier, Circle launched USDC on Hyperliquid with new cross-chain rails spanning 14+ blockchains. The stage is set for a showdown between “platform-native” and “network-native” money. [Read more] Whereas, Tether seeks $20B raise at $500B valuation, rivaling OpenAI, among world’s most valuable private companies. Also this week: * House GOP pushes 401(k) access to crypto * Vanguard, the $10T asset manager, to launch crypto ETFs * CFTC moves to allow tokenised collateral in derivatives * HSBC expands tokenised deposits to cross-border corporate settlements * Morgan Stanley nears launch of crypto trading via E-Trade. Link We’ll unpack all of these highlights below. 👉 We launched a new newsletter on digital asset treasuries. Subscribe below! Top Boardroom Reads 👉Subscribe to our Crypto Treasury Alpha newsletter here. * A conversation with VP of Technology at Solana Foundation (51) * $20B DAT Surge (51) * Bitcoin vs. Gold: The Future of Central Bank Reserves by 2030 (Deutsche Bank) * Stablecoins 2030: Web3 to Wall Street (Citi) * How Bitcoin can Shape the Future of Wealth Management (Bitcoin Suisse) * OpenAI + NVIDIA: $100B Bet on 10GW AI Infrastructure (51) * Central bank money as a catalyst for fungibility: the case of stablecoins (ECB) * Vitalik on L2s (Vitalik Buterin) * Stablecoin for treasuries (BVNK) * HYPE’s Damocles Sword (Maelstrom) * Nasdaq TradeTalks: New Tech Is Driving Market Structure Evolution (DTCC) 🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. Top Signals This Week Vanguard goes crypto Vanguard, the $10T asset manager, is about to roll out crypto ETF access across its platform, reaching 1 in 6 U.S. households. For years, Vanguard swore off Bitcoin ETFs, calling them “too volatile.”. In 2024, Vanguard’s head of ETFs, Janel Jackson, called Bitcoin “immature” and “without inherent value”. [NEWS] Why it matters: Even a 1% allocation from its client base = $100B in flows, bigger than entire crypto ETF categories today. Once access goes live, crypto ETFs move from the edges of retail investing into retirement accounts, long-term portfolios, and passive allocations. Our take: Vanguard’s CEO Salim Ramji literally built BlackRock’s Bitcoin ETF before joining Vanguard. BlackRock’s Bitcoin ETF IBIT is the most successful ETF in the company’s history: $80B in assets since its launch in Jan 05, 2024. He knows exactly what he’s walking away from. The timing isn’t coincidence: The SEC just introduced generic listing standards. Expect 100s of ETFs over the coming 8-12 months and an institutional inflow we’ve never seen before. 401(k)s open to crypto On Sept 22, House Republicans pressed SEC Chair Paul Atkins to fast-track rules letting 401(k)s invest in Bitcoin, Ethereum, private equity, and VC. This builds on Trump’s Aug 7 executive order directing regulators to clear the path. [NEWS] Our take: $9T sits in U.S. 401(k)s. Even a 1% allocation to crypto = ~$90B of new demand. For context, all U.S. spot BTC ETFs combined have ~$140B AUM today. This isn’t about retail traders, it’s about creating the largest long-term, dollar-cost-averaging inflow Bitcoin has ever seen. CFTC greenlights Stablecoins for derivatives The Commodity Futures Trading Commission (CFTC) has launched a formal initiative to allow tokenised collateral, including stablecoins, into U.S. derivatives markets. The plan: let traders use tokenised assets like stablecoins and money market funds (MMFs) as margin in derivatives markets. [RELEASE] Our take: This is the strongest signal yet that U.S. regulators will allow tokenised Money Market Funds (MMFs) and stablecoins as eligible collateral in the $600T global derivatives market (notional value). Collateral = the foundation of derivatives. Shifting from cash and Treasuries to tokenised instruments unlocks 24/7 liquidity, faster settlement, and lower capital costs. Hyperliquid’s stablecoin Hyperliquid just launched its own stablecoin, USDH, with ~$2.2M in early trading volume against USDC. Native Markets, which beat Paxos, Frax, and Agora in a validator vote, is rolling out USDH as a fiat-backed token issued on HyperEVM and bridged across the Hyperliquid stack. Reserves sit in cash and short-dated Treasuries, with transparency via oracles and a feedback loop funneling earnings into HYPE buybacks. [NEWS] Our take: Stablecoin competition is no longer just Circle vs. Tether. Exchanges, L2s, and now trading platforms like Hyperliquid are pushing “house dollars” to own their settlement rails. USDH is an attempt to localise stablecoin utility, yield, and governance within the Hyperliquid ecosystem instead of letting profits flow out to external issuers like Circle (USDC). HSBC pushed the tokenised deposit service (TDS) in Asia HSBC just expanded its tokenised deposit service (TDS) to cross-border corridors (Hong Kong ⇄ Singapore) and is eyeing scale into the UK/EU. It has completed its first live USD transfer between Hong Kong and Singapore for Ant International and is pitching 24/7 instant settlement as a new baseline for corporate treasury operations. So what? Stablecoins may have led the early race with speed and reach, but banks are striking back with their strongest asset: regulated deposits. By tokenising them, traditional financial institutions are creating digital money that delivers blockchain’s instant, programmable features with the safety, trust, and regulatory clarity only banks can offer. [ANNOUNCEMENT] $100B Bet on 10GW AI Infrastructure OpenAI and Nvidia signed a letter of intent: Nvidia may invest up to $100B in OpenAI to fund AI data centres using millions of Nvidia chips. [RELEASE] [See full story] So what: It is Nvidia pre-paying one of its largest customers to ensure demand. It validates that compute scarcity = strategy, as Nvidia is investing $100B just to guarantee demand and erecting a formidable moat against rivals like AMD, Intel, and Google’s in-house silicon. News Flash * Strive acquires Smeler Scientific. Link * Circle is exploring mechanisms to make USDC transactions reversible. Link * Anthony Scaramucci backs AVAX treasury aiming to raise $550M. Link * Morgan Stanley nears launch of crypto trading via E-Trade. Link * Swarm to offer nine tokenised stocks on the Plasma blockchain mainnet. Link * Forward Industries to tokenise stock, expanding Solana treasury and DeFi use. Link * World Liberty Financial to launch debit card and trading app soon. Link * Kraken and Legion launch the Yield Basis BTC protocol with merit-based sale. Link * Plasma launched a neobank, Plasma One. Link * Bank of Canada urges federal stablecoin rules to modernise payments, remittances. Link * UAE signs global crypto tax deal, launches consultation to shape rules. Link * China and South Korea launch CN and KRW stablecoins globally. Link * PayPal invests in Stable blockchain to expand PYUSD usage globally. Link * GSR proposes Digital Asset Treasury ETF. Link * Grayscale crypto index fund approved for ETF. Link That’s all for now, folks. Take care – Marc & Team PS: Upgrade to Pro for our daily CEO Notes & market signals. * Check out our AI newsletter, AI Operator, here. * Check out our Crypto Treasury Alpha newsletter here. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

    10 min
  4. Stable Fees, Infinite Scale with Matt Sorg, VP of Technology at Solana Foundation

    SEP 24

    Stable Fees, Infinite Scale with Matt Sorg, VP of Technology at Solana Foundation

    This is a free preview of a paid episode. To hear more, visit www.51insights.xyz Hey, it’s Marc. ✌️ “Solana’s built to be the internet’s capital market fast, decentralized, and ready for the future.” We sat down with Matt Sorg, VP of Technology at Solana Foundation, for an insightful look into why Solana’s high-speed, low-cost blockchain is redefining how value moves globally. From his days leading AI at Unity to steering Solana’s tech vision, Matt’s journey reflects the cutting edge of blockchain innovation. Now, he’s helping Solana power everything from meme coins to institutional assets, with AI and quantum security on the horizon. We talked about: * Solana’s core philosophy: "Increased Bandwidth, Reduced Latency." * Why it’s the go-to for DeFi, NFTs, and DePIN * How Solana outpaces traditional finance * Preparing for a quantum-secure future * AI’s growing role in blockchain … and much more. Here are our key insights & take-aways. The Solana advantage Matt keeps it real about Solana’s edge: “Solana delivers internet-scale capital markets, moving value faster than anything out there.” Unlike traditional systems like Visa, which settle daily, Solana’s near-instant transactions let businesses scale at the speed of the internet. Think digital startups buying AI compute or tokenizing assets, Solana’s low fees and high throughput make it a no-brainer for innovators. Matt explained how Solana’s ecosystem thrives:

    55 min

  5. SEP 19

    145: SEC goes all-in on crypto

    Hey, it’s Marc. The SEC approved “generic listing standards” that cut crypto ETF approvals from 240+ days to just 75. What this means: instead of only Bitcoin and Ethen reum ETFs, we could see 100+ new ETFs (Solana, XRP, DOGE, you name it) in the next 12 months. [More] On top of that, the Fed cut rates to 4.0–4.25% and signaled two more this year to support jobs: “Federal Reserve doesn't feel the need to move quickly on interest rate cuts.” — Jerome Powell, Chair of the Federal Reserve of the United States And if that weren’t enough, Google just launched the first open standard for AI agents to move money, including stablecoins. Pair this with PayPal rolling out crypto-native peer-to-peer payments and you see where payments are headed: programmable, instant, and borderless. Also this week: * MoneyGram, the world's largest on-off-ramp integrates stablecoins. * PayPal launches peer-to-peer crypto payments * Google launches open payment standard for agents, incl. crypto * Coinbase to launch Base token [deep dive] * Metamask launched mUSD stablecoin. * Ethereum Foundation forms an AI team. * Circle launches native USDC on HyperEVM. And much more… We’ll unpack all of these highlights below. 👉 We launched a new newsletter on digital asset treasuries. Subscribe below! Top Boardroom Reads * Stablecoins in focus: navigating the new digital financial landscape (EY) * The $1.6B Solana Treasury Bet, with Kyle Samani, Co-Founder of Multicoin Capital (51) * Weekly Digital Asset Treasury Update (51) * DAT Value Creation (Pantera Capital) * Digital Asset Alpha Letter August (FG Nexus) * Wall Street need a blockchain, that blockchain is Ethereum (Securitize) * BIS survey on central bank digital currencies and crypto (BIS) * How America weaponized crypto (51) * Circle vs. Hyperliquid (51) * Tempo, Libra, and the Illusion of Neutrality (Maja Vujinovic) 🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. Top Signals This Week Google: Agents are now moving stablecoins Google announced the Agent Payments Protocol (AP2), the first open standard for AI agents making payments (incl. cards, real-time bank rails and stablecoins). The spec and reference code are live on GitHub, and the effort already includes 60+ payments, cards and web3 partners (Mastercard, AmEx, PayPal, Coinbase, Adyen and more). [Announcement] [Analysis] Why it matters: This is first enterprise-grade standard for AI agents to transact with stablecoins and crypto. AP2 includes x402, Coinbase ’s extension for agent-to-agent stablecoin payments. That means AI agents can now send stablecoins across wallets natively on blockchain rails. Go deeper: The protocol solves three core problems that break traditional payments when a bot buys for you: authorization (did the user actually pre-authorize this agent for this task?), authenticity (does the cart reflect the user’s intent?) and accountability (who owns liability if something goes wrong?). So what? This is Google saying: "Agent commerce with digital money is happening. Here's the standard." The future of payments won’t look like Stripe or Visa. It’ll look like agents moving stablecoins on open protocols. SEC opens crypto ETF floodgates The SEC approved Generic Listing Standards for crypto ETFs. Instead of 240-day, case-by-case filings, any token with a regulated futures market and six months of price history now qualifies for a spot ETF, with a standardized 75-day approval window. * Bitcoin took 11 years to get one ETF. * Now, expect 100+ ETFs in the next 12 months (Solana, XRP, DOGE, and more). * Grayscale’s multi-crypto ETF with BTC, ETH, XRP, SOL, and ADA was approved alongside. Why it matters: This marks the systemic shift. ETFs give pensions and institutions the cleanest on-ramp, with BTC and ETH ETF assets already tripling to $175B in a year. 59% of institutions now plan 5%+ crypto allocation. With rates falling and approvals now standardized, altcoin ETFs like Solana and XRP are inevitable, accelerating adoption and locking digital assets into Wall Street’s core product shelf. MoneyGram integrates stablecoins MoneyGram, the world's largest on-off-ramp, launched a next-gen mobile app in Colombia that delivers inbound remittances as instant, USD-backed stablecoin balances (USDC), powered by Stellar and Crossmint. It is letting recipients hold, spend, or cash out dollars instead of local pesos, disrupting $860B remittances market. MoneyGram is the largest cash on/off ramp with nearly 500,000 retail locations across 170+ countries. [RELEASE] [Analysis] So what? With the peso down 40% in 4 years and $11.8B flowing in remittances, Colombians need dollar stability. If MoneyGram wins just 5% share, that’s $592M in USD wallets, shifting the battle from moving money to owning the customer’s balance. Why it matters: Remittances are a $860B market ripe for disruption, with blockchain slashing fees from ~10% to near zero. MoneyGram’s stablecoin app in Colombia is just the start, the real race is who scales dollar wallets across global corridors first. Circle vs. Hyperliquid Days after Hyperliquid voted to launch USDH, a native stablecoin designed to funnel yield back into the protocol, Circle dropped its counterpunch: native USDC on Hyperliquid, complete with CCTP V2 for seamless cross-chain transfers across 14+ blockchains. [RELEASE] [Full Analysis] So what? Circle’s play is classic defence: drop native USDC + CCTP right after the USDH vote to remind Hyperliquid that USDC’s moat isn’t just liquidity, it’s trust and institutional rails. But this is bigger than Circle vs. USDH. Hyperliquid has become the test case for the “protocol state” — platforms using governance and market power to force issuers to share yield and align with the ecosystem. The fight is simple: * USDH → share the yield, keep value in the protocol * USDC → stay safe, stay liquid, stay global Coinbase to launch Base token After years of denying it, Coinbase confirmed it is exploring a token for its Ethereum L2, Base. No design or timeline yet, but it’s now public strategy. [Tweet] [Full Analysis] Why it matters: With 13M daily txns, 865K active addresses, $5B TVL, and $1.28B in daily DEX volume, Base already outpaces Arbitrum and Optimism on activity. A token launch would instantly create a top-tier L2 asset and Coinbase’s $84B market cap adds a “Coinbase premium” that could push valuation to the $8B–$10B range. So what: Coinbase isn’t launching a token just to pump Base. They’re rewriting the growth story: from an exchange business to a platform + ecosystem giant. PayPal launches peer-to-peer crypto payments PayPal is launching PayPal Links, one-time, personalized payment links that let a sender drop a private, single-use payment into any conversation (text, DM, email); the feature debuts in the U.S. today, with the UK, Italy and more rolling out later this month. [RELEASE] [Analysis] Why it matters: Unlike Zelle®, Apple Pay or Venmo, these links work everywhere. No app switching, no friction. Right now, PayPal Links are just a smoother UX over PayPal’s existing payment rails. The real disruption: With crypto (coming soon), money can leave PayPal’s walled garden and move 𝘵𝘰 𝘢𝘯𝘺 𝘤𝘰𝘮𝘱𝘢𝘵𝘪𝘣𝘭𝘦 crypto wallet. Money will move on blockchain rails, instantly, globally, at cents-per-transaction, bypassing banks. So what? PayPal is collapsing discovery → payment → settlement into a single shareable artifact, which (1) reduces merchant and checkout friction in conversational channels, (2) increases instant on-platform balances (creating float and product expansion opportunities), and (3) normalises crypto/stablecoin as a native settlement option inside mainstream P2P flows. News Flash * AI agents can use Circle wallets to unlock and pay for APIs. Link * SEC greenlights Grayscale crypto index fund conversion to ETF. Link * The Ethereum Foundation just announced the creation of its first AI-focused group, the dAI Team. Link * Amex now gives travellers digital passport stamps as NFTs. Link * SBI and global banks test real-time cross-border tokenised settlements. Link * UBS and Swiss banks trial tokenised deposits on the Ethereum blockchain. Link * London Stock Exchange launches blockchain platform for tokenized private funds. Link * Apollo tokenizes credit strategy as Grove invests $50M in ACRDX. Link * MetaMask's mUSD stablecoin went live. Link * Bitwise files with the SEC to launch a spot Avalanche ETF. Link * Santander’s Openbank now lets German retail clients trade crypto. Link * Forward Industries launches $4B share sale to expand Solana treasury. Link * DBS, Franklin Templeton, and Ripple launch tokenized money market fund. Link That’s all for now, folks. Take care – Marc & Team 🚀 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. * Check out our AI newsletter, AI Operator, here. * Check out our Crypto Treasury Alpha newsletter here. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

    11 min
  6. The $1.6B Solana Treasury Bet, with Kyle Samani, Co-Founder of Multicoin Capital

    SEP 16

    The $1.6B Solana Treasury Bet, with Kyle Samani, Co-Founder of Multicoin Capital

    This is a free preview of a paid episode. To hear more, visit www.51insights.xyz Hey, it’s Marc. ✌️ “Solana is the foundation for Internet Capital Markets. And we’re building the most on-chain public company in the world to prove it.” We sat down with Kyle Samani — co-founder of Multicoin Capital, early Solana backer, and now Chairman of Forward Industries — a newly launched $1.65B Solana treasury company backed by Multicoin, Galaxy Digital, and Jump [RELEASE]. 📈 NASDAQ: FORD "We are now the largest Solana DAT Treasury company in the world. And I can tell you our aspirations are a lot greater than that. We just got to the starting line and we're sprinting." Kyle’s not new to making bold bets. From launching Multicoin in 2017 to leading Solana’s seed round in 2018, his views have often been early — and right. Now he’s taking that same conviction to public markets and is betting everything on Solana's internet capital markets vision. We talked about: * Why Forward Industries raised $1.65B for Solana (not Bitcoin) * The MNAV premium game and what happens in bear markets * How treasury companies can actually outperform holding crypto directly * Solana vs Ethereum * Why corporate layer ones will fail * The timeline for internet capital markets going mainstream Let’s jump in. Why FORD exists “It’s not enough to just buy Solana and trade at a premium. We want to rebuild capital markets on-chain.” Kyle sees Forward Industries as the first fully on-chain public company — not just buying SOL, but running payroll, governance, dividends, and vendor payments entirely on-chain. The vision: * Public company treasury model, but with real utility and cash flow * On-chain fundraising and operations * Yield from Solana DeFi, staking, and credit arbitrage They’ve already secured ~$1.65B, including personal capital from Kyle and institutional backers. Up to 75% of capitalcame from TradFi institutions, including pensions, endowments, and sovereigns. Solana > ETFs Kyle breaks down why treasury companies can outperform ETFs: “ETFs give you fixed exposure. But with a treasury company, you can grow the asset per share through yield, arbitrage, and M&A.” His strategy:

    35 min

  7. SEP 13

    144: NASDAQ goes on-chain

    Hey, it’s Marc. This week felt like a turning point. Nasdaq tokenizing stocks, Tether entering the US, Fidelity moving Treasuries onchain, Franklin Templeton plugging into Binance, and then, this: “Crypto’s time has come. Most crypto tokens are not securities, and we will draw the lines clearly. We must ensure that entrepreneurs can raise capital on-chain without endless legal uncertainty.” — SEC chair Paul Atkins Wow. On top of that, we’ve all been glued to the Hyperliquid showdown and why Circle is about to lose 10% of its yearly revenue. We’ll unpack all of these highlights below. 👉 Crypto Treasury Alpha: Subscribe to our newsletter on digital asset treasury vehicles as long as it’s free 👇 Top Boardroom Reads * Stablecoin and the Future of Finance (IMF). How stablecoins reshape payments and challenge monetary control. * The New Entertainment Economy (51). How blockchain is rewriting music & media economics. * Blockchains as emerging economies (Fidelity). A framework to value chains as digital nations. * The stablecoin moment (State Street). GENIUS Act and its global market fallout. * 1 Million Bitcoin (Fiftyone). A snapshot digital asset treasuries. * Tempo, Libra, and the Illusion of Neutrality (Maja Vujinovic). Why both corporate and open chains will win. 🙌 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. Top Signals This Week Tether goes U.S. What happened: Tether is launching USAT, its first U.S.-compliant stablecoin in December. Anchorage Digital will issue, Cantor Fitzgerald will custody, and Bo Hines (ex-White House digital asset advisor) will run Tether U.S. Why it matters: * Direct shot at Circle: Tether already prints $13B in yearly profits vs. Circle’s $156M. With USAT, Tether now invades Circle’s regulatory home turf. * Boost for ETH & Tron: 78% of USDT supply lives on these chains — expect more flow as USAT scales. * Dollar dominance: Treasury Secretary Scott Bessent said it best: “We’re going to keep the U.S. the dominant reserve currency in the world — and we’re going to use stablecoins to do that.” So what? This is about who controls the rails of the dollar in the digital era. USDT has a $180B market cap today. I expect 100s of billions to be flowing into USAT over the next years. And Tether just went from offshore giant to U.S. player with Washington ties, Wall Street custody, and a clear regulatory framework. NASDAQ tokenizes stocks starting 2026 Nasdaq has filed with the SEC to tokenize every stock on its exchange starting 2026. If approved, every listed share will trade in two forms: * traditional digital (today’s rails) * tokenized blockchain version (new rails) Same order book. Same rights. Same execution priority. Dive deeper: Nasdaq won’t run its own chain. Instead, it’s tapping DTCC’s AppChain, built on Hyperledger Besu (Ethereum-compatible), with a working group that includes Citi, Mastercard, Visa, Santander, Consensys, and Accenture. Why it matters: Tokenized assets are $28B today. Ripple + BCG project $18.9T by 2033. Until now, “tokenized stocks” were mostly wrappers and derivatives with no shareholder rights (Robinhood, Kraken). This would be different: issuer-recognized, regulator-approved, real equities onchain. And once stocks settle on blockchain, the rest of Wall Street will follow. This could be a once-in-a-generation overhaul of capital markets. Circle about to lose 10% of its yearly revenue What happened: Hyperliquid, a DEX with $700M TVL and more daily protocol revenue than Ethereum and Solana, wants its own native stablecoin: USDH. We’re witnessing one of the biggest showdowns in crypto right now. [NEWS] Why it matters: Hyperliquid has $5.5B in stablecoins sitting on it today. Most of that is USDC, on which Circle quietly collects the interest. At current rates that’s ~$200M a year (almost 10% of its revenue). Zero flows back to Hyperliquid. With a native USDH, that value could be captured by the Hyperliquid ecosystem instead. [ANALYSIS] Now Paxos, Ethena, Agora, Sky (MakerDAO), Frax, Native Markets and others are all competing with proposals ranging from BlackRock-backed reserves to PayPal integrations to fully decentralized issuance. The final vote will happen on September 14. The twist: Whoever issues USDH must share the yield back to the ecosystem, pay validators, fund the assistance pool, and buy back HYPE. That revenue could grow to $1B+ a year as stablecoin balances scale. Bottom line: Winning USDH doesn’t guarantee revenue, but it grants brand legitimacy, the seal of being Hyperliquid’s “native” stablecoin. Even if no proposal hits escape velocity, the network wins. Fidelity joins tokenization race What happened: Fidelity just launched its $204M Fidelity Digital Interest Token (FDIT) ($16.4T AUA) on Ethereum, a tokenized Treasury MMF, making it the second mega-asset manager (after BlackRock’s $2.2B BUIDL fund) to move assets onchain. Ondo Finance is the anchor investor, with 99% of FDIT’s assets tied to its OUSG fund. [ANNOUNCEMENT] So what? This instantly makes Fidelity one of the largest players in the $7B tokenized Treasuries market and a direct challenger to BlackRock’s BUIDL. With $12T AUM, the potential pipeline is enormous. Devil’s advocate: FDIT already has 99% exposure to Ondo’s OUSG. If Ondo’s inflows stall or reverse, Fidelity’s on-chain MMF looks illiquid. Dive deeper: FDIT is ERC20-native, recording ownership, transfers, and settlement directly onchain. JPMorgan, Fidelity, and BlackRock are already using tokenized MMFs as collateral, proving real efficiency gains in settlement, margining, and capital flows. Big picture: Tokenisation is moving from pilots into production. BlackRock, Kraken, R3, Solana are pushing tokenised stocks, MMFs, bonds, real estate, and more. Bonus: Fidelity released a report where it compared tokenization to American Depositary Receipts (ADRs), concluding it as the blockchain equivalent of moving an offshore asset to be recognized for investment and trading in a local market. Franklin Templeton partners with Binance Franklin Templeton ($1.6T AUM) partners with Binance (300M users) to build "tokenized financial products" that merge: [ANNOUNCEMENT] * Franklin’s compliant tokenization (BENJI platform + tokenized funds) * Binance’s global trading infrastructure + investor reach This dwarfs any pervious partnerships. * BlackRock x Coinbase? US only. * JPMorganChase x Coinbase? 80M users, US only. * Franklin x Binance? 300M users + global markets + retail & institutions. Tokenized funds won’t sit in a silo; they’ll trade at scale. And 300M Binance users = instant distribution. Stepping back: Franklin Templeton was the first incumbent to launch tokenised money market funds in 2021 with FOBXX, now live on eight blockchains, and this year launched the first fully tokenised UCITS SICAV fund in Luxembourg. So what? The line between TradFi and DeFi is blurring faster than most investors realize. News Flash * BBVA brings crypto custody on-chain with Ripple. Link * SEC’s plan to let companies raise capital directly on-chain under clear rules. Link * SEC delays BlackRock’s Ethereum staking ETF, plus XRP and Solana funds. Link * DTCC released institutional-grade upgrades on its collateral appchain. Link * Ant Digital tokenises $8.4B in China’s renewable energy assets. Link * Solowin Holdings (NASDAQ: $SWIN ) acquires AlloyX, a stablecoin infrastructure provider, for $350M. Link * Kraken acquires Breakout, an evaluation-based proprietary trading firm. Link * Tetra Digital Group to launch Canada’s first regulated stablecoin in 2026. Link * R3 hits $17B in tokenised assets, launches Labs on Solana. Link * Trump Media plans five America First ETFs, pending SEC approval. Link * Grayscale files for BCH, LTC and HBAR ETFs. Link * Hong Kong to launch wholesale CBDC and tokenised interbank deposits. Link * Oracle jumped 40%+ and added nearly $250B of market value (currently $922B) in a single session. Read the full AI story That’s all for now, folks. Take care – Marc & Team 🚀 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. * Check out our AI newsletter, AI Operator, here. * Check out our Crypto Treasury Alpha newsletter here. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

    11 min

  8. SEP 8

    The 500M BNB Treasury Company, with David Namdar, CEO of BNB Network Company

    Hi, it’s Marc. ✌️ “BNB is the most overlooked blue-chip crypto asset in the space. It’s tied to the largest company in crypto, and yet Western investors still don’t fully get it.” We sat down with David Namdar — hedge fund veteran, Bitcoin OG, Galaxy Digital co-founder — now CEO of BNB Network Company (BNC), a $500M digital asset treasury betting big on BNB. David has been in crypto for more than a decade. From attempting one of the first Bitcoin ETFs at SolidX, to building Galaxy Digital with Mike Novogratz, to now leading a digital treasury platform for BNB, his journey mirrors the evolution of crypto itself. We talked about:  * Why treasury companies are exploding now * BNB as “digital infrastructure equity” * and why he believes BNB is positioned to outperform Bitcoin over the next five years. … and much more. The treasury company explosion David keeps it simple about what Michael Saylor achieved: "He's been able to accumulate over 3% of the Bitcoin supply. At current prices, that's $70B." The playbook: Take corporate cash, buy Bitcoin, trade at a premium, sell more equity, buy more Bitcoin. Repeat. Five years ago, MicroStrategy was a struggling software company worth under $1B with $400-500M in cash. Today, it's over $100B with $70-80B in Bitcoin. "The market loved it and traded at a premium. Then, he started creating this idea of a flywheel where he could sell more equity or sell debt in order to buy more Bitcoin. But it took validation time. David explains why other companies are following now: "After the model has been kind of validated over the last five years by Saylor, and then a couple of the more recent ones that have succeeded, MetaPlanet in Japan...it went from having $1-2B market cap to $5-10B." That strategy proved two things: * Bitcoin works as a corporate treasury reserve. * Markets will reward bold execution with premiums. The BNB thesis Here's David's core argument: BNB is systematically undervalued because U.S. investors don't understand what they're missing. "Iimagine if in the U.S. we didn't have access to Apple, Google, Facebook, now Meta. Imagine if the largest social network, the largest tech company, something like Nvidia, was entirely outside of the U.S. market." The numbers back this up. Binance has 290M users. Most use BNB to pay reduced gas fees. All of that activity drives token burns and value accrual. "BNB then is kind of this digital infrastructure equity of the entire Web3 universe. It actually has more activity in stablecoins than Ethereum does." David's positioning framework: * Bitcoin = digital gold * Ethereum = digital oil * BNB = digital infrastructure equity Why treasuries matter now: Unlike past cycles, this time the U.S. regulatory environment has opened up, making it easier to bring corporate structures and capital markets into crypto. David estimates $100–200B will flow into digital treasuries over the next year, not through exchanges, but through public-market vehicles that institutional investors can buy. That means: * More disciplined capital allocation * Less froth around meme coins * More focus on blue-chip digital assets “Our job is to accumulate as much of the asset as possible — with discipline.” Digital asset treasuries vs. ETFs It is simple. With an ETF, you always own the same amount of underlying asset per share. With treasury companies, successful execution can multiply your holdings. David breaks it down: "If they succeed at executing on the strategy and selling at a premium and getting the flywheel going...then you can end up with significantly more of the underlying asset per share than what you started with." But he warns against hype chasing: "What ends up happening a lot of the time with these treasury companies is there's an announcement that gets made. The stock jumps up 5-20x and investors rush in and immediately are down 50-80%." His advice: Wait a few days, understand the strategy, and verify the team can execute. The premium question Arthur Hayes thinks that NAV premiums will decline. David agrees, but with nuance: "We are going to see a lot of the premiums decline, but we're also going to see some of them persist for a lot longer than people think." His math: Outside MicroStrategy, there's $30-50B in treasury assets with $10-25B in premiums. He expects $100-200B more capital to flow in over the next year. "During that process...that 10, 20, 30 billion of premium that [MicroStrategy has] will probably go to some of these other companies that are more capable to actually accumulate the underlying asset." Key takeaways Here are some key takeaways David shared for public companies and institutional investors: * Digital asset treasuries are the next big capital market vehicle: Expect $100B–$200B to flow into crypto treasuries (beyond Bitcoin and Ethereum) over the next 12 months, skipping exchanges and going directly into corporate treasury vehicles. * Premiums will redistribute, not disappear: While some NAV premiums will compress, successful treasury companies with strong execution will capture value from weaker players. Access to capital markets during downturns determines survival. * Infrastructure matters more than hype: The winners will be treasury companies with experienced teams, diverse capital access, and focus on long-term asset accumulation rather than short-term price pumps. * BNB positioned for AI + Robotics transaction growth: BNB’s lower cost structure vs. Ethereum/Solana makes it the likely leader for AI, robotics, and trillions of microtransactions. BNB is evolving into the infrastructure chain and can provide AI and blockchain companies with scalability advantages. Take care, Marc More from us: 🚀 Work with us: We create pioneering thought leadership that helps digital asset and technology companies lead the conversation, earn trust and win business. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.51insights.xyz/subscribe

    34 min
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