: : [Institution/Issue] Tokenization Gone Wrong Could Fragment Stocks
Written by 100y

- Tokenized stocks were originally meant to let anyone trade a wide range of assets seamlessly, anytime and anywhere. But today’s tokenized stock market may actually deepen liquidity fragmentation, as the same stock gets split into multiple product forms.

- According to Bloomberg, the “innovation exemption” reportedly being prepared by the SEC could become an important turning point, as it may allow the trading of third-party tokenized stocks. That said, rather than viewing this simply as bullish news, we need to look at why third-party tokenization is being pushed forward and what structural problems it could create.

- Tokenized stocks can be structured in several ways, including Issuer-Sponsored, Custodial, Linked Securities, and Security-Based Swaps. Each model differs in how closely it is connected to the original stock. In particular, third-party tokenization, where the issuer or transfer agent is not directly involved, can create a rights structure that differs from the actual stock, which raises issues around investor protection and regulation.

- Behind this debate are the interests of players like Coinbase, which want to offer tokenized stock services outside the existing transfer agent-centered structure. At the same time, if third-party tokenization spreads, multiple incompatible products based on the same stock could emerge, fragmenting not only trading venues but the very form of the stock itself.

- Ultimately, for tokenized stocks to deliver on their original promise, the market either needs to move toward native tokenization that is compatible with the rights structure of existing stocks, or it needs mechanisms that can address the liquidity fragmentation caused by third-party tokenization. The key questions to watch are how the SEC will allow third-party tokenization, and how it will organize investor rights and market structure in the process.

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: : [Institution/Issue] Crypto ETFs: What the $120B Experiment Proved and What Korea Builds Next
Written by Ponyo

- The product-market fit for spot crypto ETFs has already been proven in the U.S., where Bitcoin ETFs rapidly accumulated large AUM and even surpassed gold ETFs at their peak.

- In Korea, the core value of crypto ETFs is not retail access, since retail investors already use exchanges, but unlocking structurally constrained capital such as pensions, ISA accounts, insurance general accounts, and institutional portfolios.

- The U.S. ETF market shows that distribution is more important than first-mover advantage or low fees; BlackRock’s IBIT won because of brokerage availability, institutional model portfolio inclusion, brand trust, and liquidity flywheel effects.

- Korea can design a structurally stronger custody model than the U.S. by using multiple qualified custodians from the start instead of relying on a single dominant custodian.

- Korean financial institutions are already moving ahead of regulation through exchange acquisitions, custody buildouts, and infrastructure partnerships, and the eventual winners will likely be those that already control distribution, custody, AP capabilities, and index infrastructure when regulation opens.

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: : [Institution/Issue] Institutional Staking: The Foundation of the Institutional Digital Asset Business And How Korea Should Approach It
Written by Jay, Rejamong

- Staked assets are becoming the base primitive for institutional on-chain strategies because they combine price exposure, protocol rewards, network participation, and collateral utility.

- Institutional staking is no longer just about earning the highest APR; it has become a structured pipeline involving custody, validator operation, liquidity management, reporting, and regulatory compliance.

- Global staking products are evolving across five models: non-custodial staking, white-label validator infrastructure, liquid staking, custodial staking, and regulated wrappers such as ETFs and ETPs.

- In Korea, institutional staking is still blocked by unresolved regulation around corporate crypto ownership, tax and accounting treatment, custodian permissions, and the distinction between treasury staking and client-asset staking.

- The most realistic path for Korea is a collaborative model where regulated financial institutions handle custody and compliance, while crypto-native infrastructure firms handle validator operation, protocol risk, and on-chain execution.

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: : [Institution/Issue] Blockchain for Korean Enterprises: Choosing the Right Chain and the Right Way to Build
Written by c4lvin

- Chain selection should not start with a technical stack, but with five sequential decisions: whether blockchain is needed, whether the trust model should be public or private, whether to build or adopt infrastructure, which stack to use, and how regulation applies.

- The rationale for using blockchain has evolved beyond “mutual distrust” between parties; today, the stronger reasons are 24/7 programmable settlement, atomic delivery-versus-payment, seamless backend UX across asset types, and auditability that legacy systems cannot provide.

- Public chains no longer necessarily mean giving up issuer control, as institutions now commonly deploy assets on public infrastructure while retaining whitelist, freeze, reissuance, and transfer-control rights at the smart contract level.

- Global financial institutions are increasingly using public chains or institutional shared networks such as Canton, while fintech and payment companies are taking more open, multi-chain, or application-specific chain strategies.

- In Korea, chain strategy will be shaped heavily by regulation: stablecoins are likely to converge around bank-led issuance, token securities around KSD-linked infrastructure, and fintech players around distribution, application layers, or selective self-built chains.

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: : [Crypto/Article] Canton: The Most Institutional Blockchain, The Most Controversial Blockchain
Written by Eren

- Canton has demonstrated material institutional traction, with major institutions such as DTCC, JPMorgan, Goldman Sachs, Franklin Templeton, and SBI joining the ecosystem and Broadridge's DLR processing large-scale repo transactions. These results, however, are difficult to make sense of through the conventional crypto lens. A structure in which not all transactions are public and only approved validators participate in consensus is fueling debate over whether Canton is a real blockchain and whether it is doing real tokenization.

- Canton is not a more private version of Ethereum or Solana. It is a separate design that sits between the transparency of public chains and the silos of private chains. Rather than publishing all transactions and having all validators verify a shared global state, Canton allows only relevant parties to see their portion of a contract while the Global Synchronizer coordinates ordering, confirmation, and commit. Canton's differentiator is selective disclosure and synchronization across institutional workflows, not open verification.

- The institutional crypto market is not converging on a single path. The demand to capture onchain liquidity as a buy-side channel for asset managers' financial products and the demand to streamline institutional workflows such as repo, collateral management, and settlement are different in nature. The two cannot be satisfied by the same infrastructure.

- Canton's product-market fit lies in the latter: high-value, repetitive workflows with restricted participants where privacy and settlement certainty are priorities. Its core metrics are closer to throughput, settlement speed, failure rate reduction, and operational cost savings than to onchain AUM. At the same time, the large pool of onchain capital accumulated on public chains forms a liquidity moat that Canton cannot easily overcome in the short term.

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: : [Institution/Issue] Crypto Neobanks: The Next Opportunity for Korea, a Leader in Internet Banking
Written by Heechang

- Banking has shifted from branch-centered distribution to mobile-centered UX, and the next shift is toward internet-centered banking where the internet functions as a settlement layer for value.

- Crypto neobanks do not simply bypass the traditional financial system; they combine licensed financial institutions with on-chain primitives such as stablecoins, tokenized assets, staking, lending, and programmable wallets.

- The core advantage of internet-centered crypto neobanks is composability: the same on-chain balance can be used for custody, spending, yield generation, collateral, and borrowing within one integrated stack.

- Globally, crypto neobanks are rebuilding the four core banking functions of custody, spending, yield generation, and borrowing on top of stablecoins, tokenized assets, DeFi protocols, and traditional payment networks.

- In Korea, the most realistic crypto neobank opportunity will likely emerge from internet banks, exchanges, or securities firms that can combine regulatory licenses, large user distribution, tokenized assets, stablecoin settlement, and on-chain product infrastructure.

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: : [Asia/Issue] The Next Chapter for Stablecoin (ASA News #20)
Written by: ASA, Moyed

[News #1] South Korea Passes Crypto FX Act Amendment, Concerns Mount Over Scope Reaching 'Substantially Similar' Transactions
✍️ Virtual-Asset Transfer Business Registration Required, Criminal Penalties Added, but Core Rules Left to Presidential Decree (Written by: Moyed)

[News #2] Japan FSA Reclassifies Foreign Trust-Type Stablecoins as Payment Instruments, Absorbing Global Assets Through an 'Equivalence' Standard
✍️ From FIEA 'Securities' to PSA 'Electronic
Payment Instruments': From June 1, USDC and Other Foreign Assets Gain a Path Into Japan's Payment Rails (Written by: Moyed)

[News #3] Franklin Templeton and DigiFT Bring the BENJI Platform to Asia, Setting the Stage for the Next Chapter of Institutional Tokenization
✍️ A $1.74 Trillion AUM Asset Manager's Tokenized MMF Opens to Asian Institutional Investors Through a Singapore-Regulated Exchange (Written by: Moyed)

—
*[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (Subscribe to the Newsletter)

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: : [Crypto/Article] Altura: Building the Composable Yield Layer on HyperEVM
Written by Ponyo

- Altura operates a stablecoin yield vault on HyperEVM generating ~19% base APY from three independent strategy pillars (funding/basis arbitrage, physical gold trading, and market making).

- The vault has grown from $1.66M to $20.6M in TVL across 112 days with zero negative weeks, supported by both strategy-generated yield and ~$1.7M+ in pre-TGE incentive programs.

- AVLT has evolved from vault receipt to composable DeFi primitive, yield-tradeable on Pendle, borrowable on Morpho, depositable from six chains, with seven integration surfaces shipped in under five months.

- The ALTU utility token (pre-TGE) introduces TVL-linked buyback-and-burn and staking yield boosts on top of a product that already generates returns without it.

- The next phase will determine whether pre-token traction converts into durable protocol-level demand.

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: : [Crypto/Article] Why Azuki Built a Card Game
Written by Ponyo

- Every dominant anime franchise built IP product by product, not story first. Azuki is running the same sequence (physical TCG as the first playable entry point) in a market that just posted $13B in annual sales and is growing at 10% CAGR.

- Three independent macro forces are compressing onto trading cards simultaneously. A physical supercycle, the institutionalization of cards as an investable asset class, and $2B in on-chain card volume with $193M in gross revenue. Azuki sits at the intersection of all three.

- The structural decisions in Gates Awakened map directly to every failure mode in the market. Physical product in game stores, competitive infrastructure from day one, optional blockchain integration that stays invisible to players who don’t want it.

- No other TCG publisher controls the full stack. Azuki owns the IP, builds the game, runs competitive play, has professional grading from CGC/PSA/BGS, and operates the digital trading platform. Value doesn’t leak through licensing splits or subsidiary structures.

- collect.anime.xyz is more than just a marketplace; it’s an acquisition channel. Pokemon and One Piece collectors are building Animechain wallets now, before Gates Awakened cards are tokenized. The platform creates the audience before the product needs it.

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: : [Crypto/Article] Citrea: An Engine That Puts Bitcoin to Work for Institutional Capital
Written by C4lvin

- Bitcoin is the largest cryptocurrency and the most thoroughly tested asset, yet it is also the least utilized. The arrival of spot ETFs has opened a path for institutions to hold Bitcoin, but the path to putting that Bitcoin to productive use remains closed. The constraint stems not from a lack of yield or products, but from a structural problem: every attempt to use Bitcoin requires trusting some specific party.

- Citrea positions itself as the first zero-knowledge rollup (zk-rollup) on Bitcoin, relying on Bitcoin for both data availability and settlement. The core idea is to build a programmable execution layer on top of Bitcoin without altering Bitcoin's consensus rules.

- Citrea's utilization strategy rests on three pillars. The first is Clementine, a trust-minimized bridge based on BitVM2 that transfers Bitcoin into cBTC under a 1-of-N trust assumption. The second is ctUSD, a regulation-aligned stablecoin issued by Moonpay, backed by M0's infrastructure, and collateralized 1:1 with short-term U.S. Treasuries and cash. The third is CTR, a token that coordinates capital flows within the Bitcoin economy, aligning capital deployment through vote-escrow staking, a dual treasury, and over $50 million in institutional commitments for its ecosystem liquidity.

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: : [Crypto/Issue] MetaMask: Beyond Wallet, Open Money Platform
Written by: Jun

- Ethereum's status as infrastructure is being confirmed, and MetaMask sits at the gateway. Mirae Asset Securities defined Ethereum as a "global settlement layer and supreme court." Network activity is at an all-time high. MetaMask is the gateway that has occupied that position the longest and at the broadest scale on top of this infrastructure.

- MetaMask is moving beyond a simple wallet toward an open money platform. Swaps, perpetual futures, prediction markets, and Mastercard merchant payments are integrated into a single interface, while self-custody keeps asset control in the user's hands. It pursues the same abstraction as super apps like Robinhood and Revolut, but the direction of asset control is the opposite.

- MetaMask is already preparing for the next stage of Korea's onchain economy. As the leading wallet among Korean users, the habits and inertia built on top of it only grow stronger over time. The self-custody infrastructure integrating trading, payments, and asset management is already in place. Ready to move fastest the moment the regulatory environment opens up.

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: : "Investing in Four Pillars" by Pantera Capital

Korea is no longer an edge case in crypto. It is one of the markets shaping what comes next.

With Pantera's support, we will keep connecting Asian builders, capital, and institutions with the global crypto economy.

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: : [Podcast] Why Blockchain VCs are Betting On Korea

Korea moved fast in AI. Blockchain may be the next major unlock.

In this Stateful episode, Steve and Heechang unpack why Korea is becoming one of the most important emerging markets for crypto from fintech and institutional adoption to agentic payments, STOs, and Asia expansion.

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: : [Newletter] Crypto in Transition: DeFi Exploits and Perpetuals Go Onshore (Week 22/23, 2026)

🗞 Major News
- [Institution] CFTC Approves the First Bitcoin Perpetual Futures in the US
- [Crypto] A String of DeFi Exploits and AI Hacking Warning

📊 Data Spotlight
- Crypto Card Market Crossed $7.5B in Cumulative Payments, Which Chain Carries the Most Volume?

✍️ Four Pillars Weekly
- Tokenization Gone Wrong Could Fragment Stocks
- Canton: The Most Institutional Blockchain, The Most Controversial Blockchain
- Altura: Building the Composable Yield Layer on HyperEVM
- Why Azuki Built a Card Game

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: : [Investment/Comment] Strategy Sold 32 BTC. Is It in Trouble?
Written by 100y

Strategy’s $2.5M BTC sale wiped out $42B in Bitcoin market cap. Has Strategy lost its momentum, or are investors simply overreacting?

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: : [Crypto/Issue] OpenGradient: Inference as the foundational layer of trust
Written by Jun

- The five gaps a16z crypto laid out, identity, governance, payment, trust, and user control, ultimately converge on a single question: was this agent's judgment and execution produced in the agreed environment, without tampering? When intelligence becomes cheap, what turns expensive is verification, and verifiable inference is the precondition for the other four gaps to function on top of trust.

- An inference infrastructure that becomes a trust layer sells not the answer but the execution record. Models keep changing, but the ledger of who made which judgment, when, and from which verified call remains. The moment payment records, call histories, and verification proofs accumulate in one infrastructure, users are bound not to the model but to the record layer. This is the position OpenGradient is after.

- OpenGradient pulls verification down from a concept into a product. The explorer turns the trust chain into a record anyone can query in a browser; the Sybil detection built with Pond puts verified inference into a workflow; x402 binds payment and inference into a single call; and private inference keeps even the model provider from knowing who is asking. All four point in one direction: making verification the default of the call.

- As cheaper, faster, and smarter models keep arriving, a moat built on the model alone weakens. The durable moat lies in how models are called, verified, and recorded. Now that hundreds of billions of dollars are pouring into compute and models, what is actually missing is the layer that verifies who ran what. The moment the call, not the model, becomes the moat, verifiable inference moves past being an add-on to AI infrastructure and becomes its foundation.

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: : [Investment/Issue] Is MSTR-STRC The Next LUNA-UST?
Written by 100y

- UST and STRC may look very similar in that 1) their prices are guided toward a specific reference level, 2) holders can earn a high yield, and 3) both structures contain the possibility of a death spiral. However, they are fundamentally different in terms of their price-stabilization mechanisms, the existence of legal claims, how interest/dividends are paid, and their internal operating structures.

- For Strategy to remain sustainable, continuous capital raising is essential. To do so, it needs a certain degree of investor confidence—both in the broader market and in Strategy itself. In a worst-case scenario, Strategy may fail to raise additional capital, but that does not necessarily imply a catastrophic “game over” event like LUNA–UST.

- Strategy’s current Net Leverage is around 11%, while its Amplification is around 42%. Even if MSTR and STRC were to enter a negative feedback loop, preferred shareholders would likely be able to preserve their principal through claims on residual assets as long as BTC remains above roughly ~$26K. Meanwhile, as long as BTC stays above roughly ~$8K, the probability of bankruptcy caused by debt appears low.

- The next six months will be critical. According to the Bitcoin four-year cycle theory, a bottom is expected in the second half of this year. Coincidentally, Strategy’s USD reserve is estimated to last for roughly six months. The key question is whether Strategy can regain momentum for its capital engine through healthy deleveraging over the next six months.

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: : [Asia/Article] Has India’s Crypto Market Gone Quiet or Grown Up?
Written by 100y, Hashed Emergent

- During the 2020 to 2021 bull market, India emerged as a key global crypto market as retail adoption, DeFi, NFTs, and the developer ecosystem grew at the same time. Since 2022, tax and regulatory burdens have significantly reduced the visible exchange-driven momentum, but this does not necessarily mean that market demand has disappeared. The Indian market is now at an inflection point where both interpretations, “maturation” and “stagnation,” remain plausible.

- India remains one of the strongest crypto adoption markets in the world. According to Chainalysis, India ranked first in the Global Crypto Adoption Index from 2023 to 2025, with strong indicators across centralized exchanges, retail activity, DeFi, and institutional transactions. However, because these rankings are influenced by PPP-adjusted GDP per capita and population size, India’s crypto market should be evaluated by distinguishing between absolute usage and per-capita penetration.

- The positive shift in India’s crypto market is that it is expanding beyond exchange-driven speculative demand into developers, startups, infrastructure, and payment and settlement use cases. Series B and later-stage funding rounds are reappearing, and India has grown into a major developer hub, accounting for around 15.2% of global Web3 developers. At the same time, however, the value created by these developers and founders does not necessarily accrue to Indian entities, Indian employment, or Indian IP. Many projects are choosing overseas jurisdictions in search of clearer regulatory environments and more favorable investment structures.

- Stablecoins, cross-border payments, and tokenization could become important growth pillars for the Indian market, but they are also among its most sensitive regulatory challenges. Companies are experimenting with remittance, settlement, and on/off-ramp infrastructure, but Indian authorities prefer CBDC and UPI-centered institutional digital payment infrastructure over private stablecoins, citing monetary sovereignty, financial stability, and capital control concerns. As a result, India is a market with strong stablecoin demand, but the role private stablecoins will play within the domestic financial system remains uncertain.

- The biggest question for India’s crypto market is not whether demand exists, but whether that demand and talent can be kept within a transparent and regulated domestic market. High transaction taxes, AML-focused but limited regulation, exchange security incidents, withdrawal restrictions, and regulatory uncertainty could weaken the competitiveness of the onshore market and push users and founders overseas. Conversely, if India adjusts its tax structure, establishes user protection standards, and provides clear rules for stablecoins, DeFi, and tokenization, its strong adoption and developer base could translate into real financial infrastructure innovation.

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: : [Investment/Comment] Strategy’s Magic Number 1.22
Written by 100y

Let's explore why Strategy’s breakeven mNAV is 1.22, and what it actually is today.

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: : [Crypto/Issue] Has STRC Killed DeFi?
Written by 100y

- One of the hottest topics in the DeFi ecosystem these days is Strategy’s STRC. STRC is a floating-rate perpetual preferred stock issued by Strategy, and it aims to provide an annual dividend of around 11.5% centered on a reference price of $100.

- Looking at the period since STRC launched last August, total DeFi TVL, which reached $136B last August, has now fallen by 46% to $73B. During that time, the size of STRC increased by as much as 270%. Did STRC kill DeFi?

- Considering 1) that the decline in DeFi TVL is not large compared with the overall decline in token prices, and 2) that there are actually yield-bearing stablecoins whose TVL has risen as much as STRC’s, the claim that STRC’s emergence killed the DeFi ecosystem does not seem very reasonable.

- STRC has instead led to the emergence of new types of DeFi protocols onchain, such as Apyx and Saturn, and has brought vitality to various protocols derived from them. The STRC-based onchain ecosystem can be divided into three layers: 1) Issuance, 2) Tokenization, and 3) Yield.

- The size of stablecoins issued based on STRC is over $680M, and the tokenized amount is also over $130M. STRC-based assets are also exerting significant influence in yield-structuring protocols such as Pendle and Strata. Although there are sustainability concerns around STRC, separate from that, I would argue that STRC has not killed DeFi. Rather, it has revitalized the ecosystem.

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