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

    قبل يوم واحد

    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:

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  2. قبل ٤ أيام

    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

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  3. ٨ سبتمبر

    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

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  4. ٦ سبتمبر

    143: Bad Databases

    Hey, it’s Marc. The big story this week: Stripe is launching its own “blockchain for payments.” Circle has Arc. Google has GCUL. Who's operating the nodes? How decentralized is this? How do the validator economics look like? Here’s the truth: these aren’t blockchains. They’re databases with extra cryptography and political and legal overhead. Meanwhile, the real progress is happening in open protocols: Ondo moving stocks on Ethereum, Galaxy putting its equity on Solana, and Aave turning RWAs into collateral. Interesting fact: For the first time, public companies now hold over 1M Bitcoin, nearly 5% of the supply. In just five years, corporate treasuries have amassed $110B in Bitcoin, echoing gold’s role as a reserve asset. 👉 Crypto Treasury Alpha: We launched another newsletter covering institutional moves and digital asset treasury vehicles. Subscribe below 👇 Also, our highlights this week: * Stripe and Paradigm launch Tempo, its L1 for payments * Fireblocks launches the Network for Payments * Ondo lists 100+ tokenised U.S. stocks and ETFs on Ethereum * Galaxy puts Nasdaq stock directly onchain * Aave turns RWAs into DeFi collateral And much more. Top Boardroom Reads * Why Digital Asset Adoption Is Accelerating (Goldman Sachs). An interview with Matthew McDermott, Global Head of Digital Assets. * DeFi Is Following The SaaS And Fintech Playbooks (Ark Invest). It explores the evolution of Decentralised Finance (DeFi), drawing parallels to historical unbundling and rebundling cycles observed in SaaS and fintech industries. * The New Entertainment Economy (Fiftyone). A webinar with industry leaders and builders from CreatorFi, EVEN, and Republic Film unpacking blockchain as an infrastructure in the music and entertainment space. * 6 myths about privacy on blockchains (a16z crypto). It addresses six common misconceptions about privacy on blockchains, emphasising that concerns about new technologies and privacy are not new, dating back to the telegraph. * Money’s new operating system (51). An fintech-focused stablecoin report. * The Great Chain Debate (Maja Vujinovic). Explores in a why centralzed blockchains from Stripe and Cricle won’t win. We agree. 🙌 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 Stripe builds its own blockchain Stripe and Paradigm just launched Tempo, a blockchain purpose-built for payments. Co-designed with Visa, Deutsche Bank, Shopify, Nubank, OpenAI, and Anthropic, it comes with features like fiat-denominated fees and batch transfers (critical for payrolls and remittances, irrelevant for trading). [RELEASE] So what? Stripe isn’t saying “Tempo is the stablecoin chain.” They’re saying “Tempo is the payments chain.” It is working with top banks, which can plug their tokenised deposits into their infrastructure. Plus, Tempo’s design, fiat-denominated fees and batch payments are positioning it as the “neutral”, Stripe-grade settlement layer for finance. Our take: This is Stripe’s play to control the money rails. Just like Google with GCUL and Circle with Arc, the strategy is simple: own the chain, own the money. But here’s the catch: corporate blockchains always face the same wall: they can’t solve the trust problem. IBM’s Hyperledger fizzled, Meta’s Libra collapsed under regulatory pressure. Institutions like BlackRock or governments won’t settle trillions on rails owned by one company. They need neutral, credibly open infrastructure. Fireblocks launches the SWIFT of stablecoins What happened: Fireblocks unveiled its Network for Payments, already processing $200B/month in stablecoin flows across 300+ firms, 40+ providers, and 100+ countries. Participants include Circle, Bridge (Stripe’s $1B acquisition), and major OTC desks, PSPs, and banks. The single API lets companies move, convert, and settle stablecoins globally without stitching together fragmented rails. [RELEASE] So what: Unlike Stripe’s Tempo (payments-focused L1) or Circle’s Arc (USDC-centric), Fireblocks isn’t building its own chain. It’s building the connectivity + orchestration layer across all chains and issuers. Think SWIFT, but for stablecoins: * Multi-issuer: Supports USDC, USDT, PYUSD, EURC, and others * Multi-rail: Works across blockchains, banks, and on/off-ramps This neutral position matters. Again: No one wants to settle trillions on rails owned by one firm. Fireblocks sidesteps that trap: it doesn’t care which stablecoin or chain wins, it just moves the money. Punchline: While Stripe and Circle fight to own the rails, Fireblocks may quietly own the plumbing. And in payments, plumbing is where the real power sits. 📈 Ondo puts 100+ U.S. stocks on Ethereum What happened: Ondo Finance launched Ondo Global Markets, offering more than 100 tokenized U.S. stocks and ETFs on Ethereum, with support for Solana and BNB Chain to follow. Assets are backed 1:1 by U.S.-registered broker-dealers, transferable onchain 24/7, and integrated with wallets and protocols like BitGo, Ledger, 1inch, and LayerZero. [NEWS] So what: Stablecoins exported the dollar. Ondo wants to export the entire U.S. stock market. * Access: Ondo plans to scale to 1,000 assets by year-end, giving eligible investors in APAC, Europe, Africa, and LatAm onchain access to U.S. equities. * Liquidity: Tokens plug into DeFi rails for lending, collateral, and yield, beyond just “buy and hold.” * Scale: Competes directly with Kraken’s xStocks, Robinhood’s EU tokenized equities, and Coinbase’s pending U.S. tokenized stock play. The implications are massive for emerging markets. Buying U.S. equities today often requires complex FX, intermediaries, and high fees. Galaxy puts Nasdaq stock directly onchain Galaxy Digital just became the first Nasdaq-listed company to tokenise its SEC-registered public equity directly on Solana via Superstate’s Opening Bell. Unlike wrappers or synthetics, these tokens are legal GLXY shares with real shareholder rights, updated in real-time by Superstate as transfer agent. [RELEASE] So what? Most tokenised stocks so far (Kraken xStocks, FTX-era synthetics) were derivatives without issuer participation. In Galaxy’s model, shares are issued and recognised by the company itself, unlocking direct regulatory legitimacy and legal clarity. This signals that if equities can live onchain with full compliance, capital markets infrastructure is about to compress settlement times from days to seconds. Aave turns RWAs into DeFi collateral Aave just launched Horizon, a lending market where institutions can borrow stablecoins against tokenised Treasuries, loans, and funds. At launch, collateral comes from Circle, Superstate, and Centrifuge, with backers like Ripple, VanEck, and WisdomTree in the mix. [RELEASE] So what? Until now, tokenized Treasuries and other RWAs were largely dead weight in DeFi, isolated from lending markets and capital-inefficient. Horizon changes that by making RWAs productive collateral. Qualified investors can post RWAs and borrow stablecoins; anyone can supply stablecoins (RLUSD, USDC, GHO) and earn yield from institutional borrowers. News Flash * Jack Ma's Yunfeng Financial Group bought $44M of ETH. Link * US SEC unveils agenda to revamp crypto policies, ease Wall Street rules * FIS launches AI-powered treasury suite. Link * VersaBank USA launches pilot for tokenised, FDIC-insured deposit receipts. Link * ~40% of daily code at Coinbase is AI-generated. Link * Trump family secures $5B paper fortune from WLFI crypto token launch. Link * Gemini just launched an XRP-branded credit card with Ripple. 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

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  5. ١ سبتمبر

    142: Mastercard. Google. Onchain.

    Hey, it’s Marc. “Ethereum is the Wall Street token.” That’s not crypto Twitter talking. It’s Jan van Eck, CEO of VanEck. His point is simple: every bank will need rails for stablecoins, and they’ll ask where to build them. His answer: Ethereum. That’s the backdrop this week as Google is building its own blockchain, Mastercard embeds stablecoins, and Rain made stablecoins swipeable at 150M Visa merchants. 👉 Crypto Treasury Alpha: We launched another newsletter covering institutional moves and digital asset treasury vehicles. Subscribe below 👇 Also, our highlights this week: * Google is building its own blockchain, CME already testing it * Mastercard goes stablecoin-native, settlement live across EEMEA * U.S. puts macro data onchain * Rain raises $58M, makes stablecoins spendable at 150M+ merchants * Solana gets $1B Wall Street treasury vehicle, Galaxy, Jump, Multicoin leading And much more. 🚨Save your spot for our upcoming webinar! We’ll unpack how artists, music labels and filmmakers can strategically leverage blockchain to unlock direct-to-fan monetisation, onchain royalties, fan engagement and film financing. Spots are limited! Subscribe here to get notified of our upcoming events. Top Boardroom Reads * Ethereum meet Wall Street (Joseph Lubin). His take on SharpLink, Fundstrat and the future of Ethereum. * The productive treasury: A corporate guide to integrating Ethereum and digital asset staking (Eigenlayer). * Google’s new Layer 1 blockchain (Rich Widmann). * Money’s new operating system (51). An fintech-focused stablecoin report. * Bitcoin Long-Term Capital Market Assumptions (Bitwise). The report details the macroeconomic factors influencing Bitcoin's outlook, such as rising U.S. debt, fiat debasement risks, friendlier regulation, and institutional adoption. * The State of Crypto Venture Capital in 2025 (Pantera Capital). Paul talked about how 2025 marks crypto’s most mature cycle yet, defined by record M&A and IPO activity, regulatory clarity, and convergence with AI, payments, and global finance. * Building the Stripe of Crypto Payments (51). A podcast with Iron CEO on how stablecoins are becoming the new rails for global finance. * The future of money is onchain (51). A discussion with the CEOs of OpenTrade and Ubyx on stablecoin use cases, infrastructure and programmatic yield. * The Relative Benefits and Risks of Stablecoins as a Means of Payment (BCA Research). The paper discusses the utility of stablecoins for retail payments through an objective, evidence-based approach that compares stablecoins with traditional retail payment methods. 🙌 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 launches its own blockchain Google announced the Google Cloud Universal Ledger (GCUL), its own layer-1 blockchain earlier this year. It’s EVM-compatible, Python-programmable, and already being tested with CME Group for payments and tokenisation. Now, the announcement has gained new traction from a LinkedIn post of Google’s Web3 lead. [NEWS] Why it matters: GCUL isn’t just another chain. It’s Google applying the same playbook Stripe and Circle are running: own the rails, own the money. But here’s the catch: history is littered with failed corporate chains (IBM’s Hyperledger, Meta’s Libra). Why? Because centralized blockchains can’t solve the trust problem. Institutions like BlackRock or governments issuing digital currencies need credibly neutral, public infrastructure, not rails owned by one company. Don’t confuse distribution with trust. [OUR TAKE] Mastercard goes stablecoin-native What happened: Mastercard and Circle are rolling out stablecoin settlement (USDC + EURC) across Eastern Europe, the Middle East, and Africa. For the first time, acquirers on Mastercard’s network can settle merchant payments in stablecoins instead of waiting days for fiat bank wires [RELEASE]. Why it matters: Merchants don’t get paid directly, acquirers do. Embedding stablecoins into the acquiring stack means: * Faster payouts → no waiting days for cross-border payouts * Lower costs → stablecoin rails vs legacy correspondent banking This is Mastercard putting stablecoins at the core of commerce rails, sidestepping banks and owning the flow of settlement [OUR TAKE]. U.S. Government puts macroeconomic data onchain The U.S. Department of Commerce (via the BEA) and Chainlink are publishing official GDP, inflation (PCE), and consumer demand metrics onchain across 10 blockchains (Ethereum, Arbitrum, Avalanche, etc.). These feeds are secure, audited, and enterprise-grade. [Announcement] Why it matters: Onchain GDP and inflation data embed macro directly into enterprise workflows: * Payments: stablecoin treasuries auto-adjust yields to inflation * Lending: DeFi loans auto-adjust rates if PCE spikes * Risk: automated hedges trigger on macro releases This bridged the gap between Wall Street workflows and onchain finance. Instead of reconciling off-chain feeds, institutions get real-time, tamper-proof data where they already operate, making blockchains not just transaction rails, but macro-aware financial infrastructure. Stablecoins you can swipe Stablecoin platform Rain raised $58M (Series B led by Sapphire Ventures), bringing total funding to $88.5M just 5 months after its $30M Series A. The company reports 10x transaction growth YTD and says its rails now reach 1.5B+ people across 150 countries via Visa, wallets, and on/off-ramps. [RELEASE] [OUR TAKE] Why it matters: Stablecoins have $283B in circulation — but most are stuck on balance sheets, not in daily commerce. Rain fixes that by making stablecoins: * Spendable: direct settlement at 150M+ Visa merchants * Scalable: one API for money-in, storage, and payouts * Enterprise-ready: PCI, SOC 2, and audited contracts This shifts stablecoins from “treasury assets” to operating capital that businesses can actually use for payroll, merchant payouts, and cross-border spend. 🚨Download our latest stablecoin for a deep dive on Rain Solana gets a $1B Wall Street vehicle What happened: Galaxy, Jump Crypto, and Multicoin Capital are raising $1B (with Cantor Fitzgerald as banker) to launch the largest Solana treasury company. Think of it as Solana’s de-facto ETF alternative: investors buy shares in a public vehicle that holds SOL, earns staking yield, and offers leveraged exposure. Why it matters: Bitcoin and Ethereum already have ETFs (11 BTC, 8 ETH) and multiple treasury companies (MicroStrategy, Metaplanet, SharpLink, FG Nexus, Bitmine). Solana has neither. This treasury vehicle: * Becomes the default institutional on-ramp to Solana * Offers 3–5% yield from staking + DeFi (vs. zero from ETFs) * Bridges SOL into capital markets, not just crypto exchanges Our take: Forget waiting on a Solana ETF. Wall Street just built one with yield. News Flash * Tron cuts fees 60% to protect $81B USDT dominance. [Link] * US banks lobbying to amend GENIUS [Link] * Citi’s tokenisation plan with Citi Integrated Digital Asset Platform (CIDAP). [Link] * B5G6G pushes barter trade stablecoin at Africa–Singapore Forum. [Link] * Bitwise files for LINK ETF [Link] * B Strategy plans $1b BNB DAT [Link] * Metaplanet buys $11.7m BTC, joins FTSE Japan [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. Got suggestions? Reply to this email. 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

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  6. ٢٧ أغسطس

    The future of money is... with OpenTrade CEO David Sutter and Ubyx CEO Tony McLaughlin

    “The age of accounts is ending. The age of wallets is beginning.” — Tony McLaughlin, CEO of Ubyx, ex-Citi For the release of our new stablecoin report “Digital Dollar, Real Yield,” we sat down with two of the sharpest operators in stablecoin infrastructure: * David Sutter, CEO of OpenTrade, powering yield infrastructure for fintechs using stablecoins * Tony McLaughlin, CEO of Ubyx and former Citi exec, building the first global clearinghouse for stablecoins Both are quietly shaping what the next decade of global finance will look like, faster, cheaper, programmable. 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

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  7. ٢٥ أغسطس

    Building the Stripe of Crypto Payments, with Iron CEO Max von Wallenberg

    “Enterprises don’t want ten integrations to enter the blockchain space. They want one partner that does it all: on-ramps, off-ramps, custody, cards, compliance.” We sat down with Max von Wallenberg, the co-founder and CEO of Iron to discuss how stablecoins are becoming the new rails for global finance. Iron is a stablecoin payments infrastructure company recently acquired by MoonPay. It provides stablecoin APIs that enable wallets, fintechs, and enterprises to move money seamlessly across fiat and crypto rails—covering on-ramps, off-ramps, global payouts, and banking-like functionality for wallets. We’ll talk about: * Regulatory catalyst * Enterprise FOMO * Infrastructure moats * Why every fintech will go stablecoin-native … and much more 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

    ٢٨ من الدقائق

  8. ٢٦ مارس

    Revolutionizing the Restaurant Business with Blockchain, with Ben Leventhal, CEO of Blackbird

    Hi, it’s Marc. ✌️ “Blockchain is just infrastructure. The real question isn’t ‘Why do you need blockchain?’ but rather ‘Can it make your solution better, faster, and more scalable?.” The restaurant industry is a trillion-dollar business, yet most restaurants operate on razor-thin margins of 4% or less. Traditional platforms like OpenTable and Toast have created walled gardens that limit restaurants' control over customer relationships, payments, and loyalty programs. We sat down with Ben Leventhal, the founder and CEO of Blackbird Labs to discuss the future of first-party data ownership with blockchain. Blackbird, a blockchain-powered platform aims to revolutionize payments and loyalty by giving restaurants direct ownership over their transactions and customer data. It is proving that Web3 isn’t about hype—it’s about solving real-world business problems. Here’s what we’ve covered: * Why Blackbird was built: Restaurants rely on platforms like OpenTable, Toast, and POS systems, but these platforms own the customer data—not the restaurants. The biggest players in restaurant tech (OpenTable, Toast) control customer data. Blackbird enables restaurants to own their payments, loyalty programs, and consumer insights. * Saving millions using blockchain: Payment processing fees eat up 2-3% of revenue—a significant loss for low-margin businesses. Restaurants can reduce these costs significantly by leveraging blockchain. * Restaurants must own their consumer data: The restaurant industry operates on 4% margins—losing even 1-2% to third parties is a major issue. Owning first-party data means you can increase retention without paying intermediaries. * How Blackbird works: Instead of relying on third-party reservation and payment systems, Blackbird gives restaurants full control over transactions and customer data. It enables customers to check in, dine, and leave without manually paying—payment happens in the background. Transactions happen using Fly tokens, stored in an auto-generated wallet for every user, reducing friction. And much more. On the Consumer Experience with Blackbird, “Payments are loyalty. You can’t separate the two. Our goal is to make them seamless for both consumers and restaurants.” Key Take-Aways for Brand Leaders * Blockchain for payments & loyalty can work: Brands should explore tokenized loyalty programs that are interoperable across multiple locations and do not lock consumers into walled gardens. * Pro Tip: Ensure that customer data and transactions are stored in a way that the brand—not third parties—can leverage for direct relationships. * Blackbird’s FlyNet (L3 blockchain on Base) enables real-time transactions and ownership of consumer interactions. It combines payments, loyalty, and consumer data into one seamless platform. * Own your first-party data: Restaurants need flexible, modular tech stacks that empower them to own customer relationships, not rely on third-party platforms that take a cut. * Pro Tip: If your brand is in hospitality or retail, blockchain can help you to own first-party data and reduce reliance on intermediaries. * Removing friction in the customer experience pays off: Brands should look at how friction in payments, loyalty, or onboarding affects conversions and invest in streamlining the experience. * Pro Tip: Benchmark your checkout or payment experience against the best in digital commerce (Amazon, Apple Pay, Uber)—if it’s slower, fix it. * Blackbird allows seamless check-ins and auto-pay, eliminating the “waiting for the check” problem.  * Result: Higher transaction volume, lower payment processing costs, and more engaged customers. * Blockchain is a tool, not the product: Do not start with technology—start with the problem and assess if blockchain (or AI, etc.) is the best solution. * Pro Tip: If your Web3 initiative doesn’t offer clear benefits over Web2 alternatives (better UX, lower costs, more control), reconsider the implementation. * Numbers prove product-market fit: For emerging tech solutions in traditional industries, real adoption numbers matter—always ask for proof of traction. * Pro Tip: When evaluating new tech partnerships, demand KPIs like transaction volume, retention rates, and real-world adoption figures. * Blackbird is already processing over $500K+ in transaction volume in 2025. Over 1,000 restaurants onboarded across New York, San Francisco, and Charleston. Blockchain should be invisible—it’s a tool, not the product. Tune in to dive deeper into Blackbird’s infrastructure and the future of blockchain in the restaurant industry.  That’s all for now. Marc & Team PS: We help companies like Avalanche, Near, or MoonPay with industry-leading thought leadership campaigns. Interested? Start dominating your vertical. 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

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

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    Marc Baumann
  • سنوات النشاط
    ٢٠٢٤ - ٢٠٢٥
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  • حقوق النشر
    © Marc Baumann
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    51 Insights – What Matters in Digital Assets

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