Ethena is expanding USDe’s backing beyond crypto by using Binance bStocks and equity perpetual futures to add tokenized U.S. stocks to its delta-neutral yield strategy. It’s a meaningful diversification move — but one that still depends on liquidity, regulation, and tight market plumbing.
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Tokenized RWAs have surged to $34.18 billion, but Binance Research says only 12% is actually active onchain. Bonds and money market funds lead, tokenized stocks are growing fast, and regulators are opening cautious doors — but utility is still lagging hard.
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Crypto VC cooled in Q1, but didn’t collapse: Galaxy says startups raised about $4 billion across 355 deals, with capital flowing mostly to later-stage U.S. companies and revenue-driven sectors like exchanges, lending, and trading. The easy-money fantasy is over; disciplined funding isn’t.
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Nasdaq is reportedly backing Kraken parent Payward with a $100 million investment at a $21 billion valuation, deepening a push into tokenized equities, onchain settlement, and tighter market infrastructure. The bet is clear: blockchain rails, but with Wall Street’s rulebook attached.
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YZi Labs is backing TermMax’s push to build fixed-rate rails for tokenized equities, betting that on-chain stocks need real credit, collateral, and risk-transfer plumbing — not just another speculative wrapper. The protocol is already live, but the real test is whether tokenization can grow up into actual market structure.
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Ondo says its tokenized equities platform has topped $1.01 billion, with USDY, perps, and stock trading volumes helping push ecosystem activity higher. The numbers look strong, but the fine print still matters: access is gated, rights are limited, and volume isn’t always the same as real demand.
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Binance-linked Bstocks says it now controls 27% of the tokenized equity market in just two months — but the lack of reported trading volume is the catch. A big market-cap share looks nice; real liquidity and adoption are the part that actually matter.
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SEC weighs round-the-clock U.S. stock access as exchanges push 23/5 trading, but the real issue is whether market plumbing, liquidity, and investor protections can handle it without turning overnight trading into a mess.
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Bessent is pushing Congress to fast-track the CLARITY Act while Bitcoin ETFs keep racking up inflows and the BIS warns stablecoins could erode monetary sovereignty. The message is clear: crypto is moving into the real economy, but regulation, not hype, will decide what sticks.
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Nasdaq is moving deeper into tokenized equities with Kraken’s Payward involved, but the headline-grabbing Bending Spoons $25.7 billion listing claim is still unverified. The real shift is Nasdaq’s regulated blockchain rails for shares, not some free-for-all stock-on-chain fantasy.
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