: : [Newletter] Convergence of Tokens, Equities, and Stablecoins (Week 11, 2026)

🗞 Major News
- [Crypto] Across Protocol (ACX) Explores Structure to Exchange Tokens for Company Equity
- [Institution] Nasdaq Announces Tokenized Equity Plan and Partners With Kraken to Connect Onchain Markets
- [Asia] Hong Kong Nears First Stablecoin License Issuance With HSBC and Standard Chartered as Leading Candidates

📊 Data Spotlight
- Election OI Vanished, Each Platform Filled It Differently: Kalshi With Sports, Polymarket With Politics
- $1 Invested In Upbit & Bithumb’s Every 2025 Listings Is Both Worth ~$0.31 Now

✍️ Four Pillars Weekly
- Lido Curated Module V2: Redesigning the Ethereum Validator Market
- HYPE, PURR, HYPD: Anatomy of a 39pp Spread
- 2025 Korean CEX Listings Post-mortem
- Rethinking SSV: The Why and What of Its Tokenomics Shift
- Token-Equity Convergence: Through the Lens of Across Protocol
- iUSD Yields Are Indexed to Initia's Growth, Not the Rate Cycle
- DVT-lite: The Institutional Staking Infrastructure Standard Proposed by the EF
- Indirect Tokenization Models Are Fading Away

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: : $MORPHO: The Apollo Pump Is Your Exit
Written by Ponyo

- As of Mar 12, MORPHO trades at $1.96B FDV on zero tokenholder revenue, all-time. The fee switch that would change this has never been proposed in 128 Snapshot votes.

- Governance is essentially a four-player game. Stake Capital, Gauntlet, NEMO Ventures, and leuts.eth hold the majority. They have little incentive to turn on the fee switch. Even if they did, the bull case (25% fee, 25x multiple) implies $756M: 30% below where the token trades today.

- 123.9M tokens unlock over the next 12 months, a 22.6% increase in circulating supply (per Coingecko). Apollo covers 18 cents on every dollar of that at maximum pace, and almost certainly via OTC, not open market.

- Morpho can be the dominant lending protocol and MORPHO can be a bad token at the same time, because protocol moats and token value accrual are different questions entirely.

▫️ $1.96 Billion, Zero Revenue
▫️ Who Captures the Value?
▫️ Why the Fee Switch Likely Stays Off
▫️ Apollo Buys Control, Insiders Exit
▫️ Great Product, Not So Great Token
▫️ Valuation, Not Vision

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: : [Comment] Inside Sui's Execution Layer Rewrite
Written by c4lvin

Yesteray, Sui announced the most significant execution layer upgrade since its launch. On the surface, the summary seems straightforward: faster execution, per-package caching, and groundwork for next-generation Move features. But dig into the actual code, and the picture becomes more interesting. This update introduces a genuine paradigm shift in how the execution engine works. Here's a breakdown of the key changes, based on the code published on GitHub.

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: : [Comment] Crypto Regulation Is Getting Real in Australia
Written by 100y

But there is also a limitation worth calling out. This bill is heavily focused on custody.
In contrast, regions like Europe, Japan, and the US are building comprehensive frameworks. They are addressing stablecoins, token issuance, and classification of digital assets as part of a broader system.
Australia’s current approach feels more partial. Some of those elements are missing or scattered across separate legislative efforts.
Still, directionally, this is a meaningful step. Regulatory clarity tends to be contagious. When one country moves, neighboring markets often follow. Australia’s shift could help accelerate clearer crypto regulation across Asia as a whole.

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: : [Issue] Three Hubs, Three Playbooks (ASA News #15)
Written by ASA, Moyed

[News #1] Hana Financial Partners with Circle and Crypto.com to Launch Stablecoin Payments for Foreign Visitors
✍️ 'Foreigners First': A Strategic Detour Shaped by Korea's Regulatory Landscape (by Moyed)

[News #2] Sony Bank and JPYC Partner to Build Real-Time Stablecoin Purchase System Linked to Bank Deposits
✍️ Japan's Stablecoin Ecosystem Shifts from 'Issuance' to 'Distribution Infrastructure Competition' (by Moyed)

[News #3] Hong Kong Poised to Grant First Stablecoin Licenses to HSBC and Standard Chartered
✍️ Three Asian Stablecoin Strategies: Same Direction, Different Speeds (by Moyed)

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*This is the Bi-Weekly Newsletter on Asia Stablecoin (Subscribe to the Newsletter)

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: : [Issue] thUSD: Delta-Neutral on Gold (ft. 8-Hour Funding vs. 50-Year Contango)
Written by Eren

- Yield-bearing stablecoin yields converge around three sources: treasury interest, crypto funding rates, and private credit. Each carries a distinct tradeoff: rate dependency, market sentiment dependency, and counterparty risk, respectively. thUSD uses all three as auxiliary components, but places roughly 80% of its yield on an independent source tied to none of them: gold futures roll yield.

- thUSD's yield consists of gold futures roll yield (about 80%) and thGOLD gold lending yield (about 20%). The two are linked to different variables: interest rates and storage costs for the former, retailer inventory demand for the latter. Their low correlation means that when one compresses, the other provides a yield floor.

- If crypto funding rates are a function of market sentiment that shifts every eight hours, gold roll yield is an economic constant derived from a contango structure sustained for over 50 years. CME gold futures OI of $210B is 33x that of BTC's total OI, offering a structurally wider runway for position scaling.

- In a 2025 backtest, the gold delta-neutral strategy recorded an average APR of 8.27% with positive returns in all 12 months. Even in its weakest month, the floor was 4.05%, more than double that of BTC (1.93%) and ETH (1.74%). Whether this figure holds in live operation is the key question for thUSD.

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: : Excited to join Pharos's RealFi Alliance as part of the Strategic Intelligence Cohort

RealFi is unlocking a new financial paradigm where real-world assets meet onchain transparency and institutional-grade infrastructure.

Looking forward to contributing research and insights to help shape a more transparent and trusted ecosystem.

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: : [Issue] Debunking Pump.fun’s Revenue Manipulation FUD
Written by Ponyo

- $328M in buybacks at 99.5% daily precision for 8 months, corroborated by two independent aggregators that weren’t consulted and agree on the number. Manipulating numbers requires fabricating revenue that simultaneously fools DeFiLlama, matches Adam_tech’s Dune Solana-only indexing at a stable 68-69% ratio, and is backed by 105.17B PUMP sitting in verifiable wallets.

- The August 2026 “dilution cliff” is a substitution, not a stack, and the buyback absorbs 2x new supply at current revenue. Community emissions stop when team/investor vesting starts. Monthly emissions go from 10B to 9.2B.

- What’s actually suppressing the multiple is categorical (sin stock), trust-based (pseudonymous team, discretionary buyback), and flow-driven (alleged insider selling into the buyback).

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: : MoneyX Field Notes: How Japan Is Building a Real Stablecoin Economy
Written by 100y, Jun, Eren, C4lvin, Ponyo

- MoneyX is a conference representing the Asian finance and fintech industry, hosted by JPYC, Progmat, TV Tokyo, SBI Group, and CoinPost. It serves as a platform to discuss key issues shaping the next generation financial ecosystem, including digital assets, stablecoins, payment infrastructure, and regulatory environments.

- Four Pillars participated in MoneyX as the exclusive research partner, and this article aims to share summaries of the sessions as well as various insights related to the Japanese market gained on site.

- Contrary to common perceptions in the global market, Japan appears to be one of the most open markets toward the transition to onchain finance. Its approach, which emphasizes compliance first and internalization strategies, as well as a coexistence model for CBDCs, deposit tokens, and stablecoins, provides valuable examples that other countries may reference.

▫️ MoneyX: Asia’s Leading Web3 Conference
▫️ Summaries and Comments on 11 Sessions and 2 Keynote Speeches
▫️ Key Insights on the Japanese Market

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: : Ethereum's Geographic Blind Spot, Lessons from Running 25K+ Validators in Asia
Written by Rejamong

- Ethereum's P2P network performance is determined not by peer count, but by the quality of mesh composition, and nodes in regions with low node density face structural disadvantages. GossipSub forms a mesh of just 6 to 12 peers per topic, and peer scoring causes high-latency nodes to fall into a vicious cycle of mesh exclusion. In node-dense regions like Europe and North America, nearby peers boost each other's scores in a virtuous cycle, while nodes in Asia, South America, and Africa can be pushed out of the mesh and remain periphery peers even with the same number of connections.

- Upcoming Ethereum roadmap changes including FOCIL, PeerDAS, and slot time reduction will further strengthen the need for geographic diversity. FOCIL's censorship resistance relies on the geographic diversity of its 17-member committee, the evolution from PeerDAS to Full DAS depends even more heavily on the geographic distribution of data columns, and shorter slot times amplify the impact of regional latency gaps.

- Running validators in non-Western regions requires more effort, but operators can contribute to the global balance of GossipSub meshes through forming regional node clusters, leveraging DVT, and engaging in governance. At the same time, major staking pools like Lido should prioritize geographic diversity in operator onboarding, and the Ethereum protocol itself must evolve to lower barriers to entry for non-Western regions. Meaningful geographic diversity requires the combined efforts of individual node operators, major staking pools and institutional stakers, and protocol designers.

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: : Affluent: Bringing Institutional Yield to Telegram's 1 Billion Users
Written by Ponyo

- Affluent targets DeFi's distribution bottleneck, embedding vault-based yield strategies directly into Telegram Wallet's native Earn tab for 1B+ users.

- The three-role vault architecture (Owner / Guardian / Manager) constrains vault managers through code-enforced whitelists, leverage caps, oracle-verified RFQ execution, and a Guardian veto layer.

- Affluent's correlation-aware risk model is technically differentiated, decomposing DeFi positions into underlying exposures and using a dual-metric system (Risk Ratio + Leverage) that prices correlated pairs more accurately than standard LTV.
V3 (Jan 2026) transitions the protocol from TON-native lending to cross-chain yield infrastructure, with the Sentora Vault bridging USDT to Euler/Morpho on Ethereum — the first of what the team envisions as a series of partnerships connecting Telegram's distribution to Ethereum's deep liquidity.

- At ~$4.7M TVL, the protocol's path to scale depends on stablecoin yield partnerships, vault manager diversification, and sustained Telegram Wallet integration, which are variables that will determine whether Affluent's architecture finds its market before the embedded yield race is decided.

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: : [Comment] EIP-8163: Securing an Extension Namespace for EVM Chains
Written by c4lvin

Monad’s proposed EIP-8163 reserves opcode 0xae on Ethereum L1 as INVALID, creating a safe extension space that lets other EVM chains innovate independently without breaking compatibility.

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: : [Comment] SEC’s Nasdaq Tokenization Approval is Not as Big a Deal as You Think
Written by 100y

Contrary to what you might expect, this SEC approval doesn’t change much in the existing system. In fact, according to the SEC document, settlement of tokenized stocks is still handled by DTC, and it remains on a T+1 basis. That said, from a long-term perspective, this approval is a meaningful milestone for the crypto industry.

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: : [Issue] Lido IDVTC: A Significant Milestone Reflecting Lido's Long-Term Direction
Written by Rejamong

- Lido faces two competing challenges: decentralization and operator reliability. IDVTC is a strategic attempt to address both simultaneously by combining identity verification (ICS) with DVT.

- Lido has spent two years validating DVT adoption through SimpleDVT, and the voluntary DVT adoption observed within CSM serves as the foundation for proposing IDVTC.

- IDVTC converts DVT's risk reduction into economic incentives. Distributed validator operation lowers the risk of penalties and slashing, and that reduced risk translates into lower bond requirements and greater capital efficiency. For Lido, which pursues both structural safety and decentralization, IDVTC is a significant milestone.

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: : [Issue] One 402, Two Protocols: x402 and MPP
Written by Jun

- MPP inherits x402's 402 flow, but it is a separate protocol that redesigns sessions and settlement. If x402 is on-chain payment by request, MPP is session-based payment built on deposit, streaming, and batch settlement.

- MPP breaks down the "card versus crypto" frame through rail agnostic. Within a single task, an agent can move across stablecoins and cards, and MPP abstracts that shift at the protocol level.

- MPP and x402 differ in the depth of abstraction. MPP ties x402's components into a single layer. At the same time, it is part of Stripe's platform strategy to capture the value of agent payments within its own ecosystem.

- x402 and MPP have a complementary relationship. One is bottom-up and the other is top-down. The future of 402-based agent payments will depend on whether a flywheel emerges in which one side absorbs the other's innovations.

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: : [Issue] Reflections on the Resolv Protocol Exploit
Written by C4lvin

- On March 22, 2026, the SERVICE_ROLE key of the Resolv protocol was compromised, resulting in the unauthorized minting of approximately 80 million USR without backing. The attacker accomplished this with only about 300K USDC, securing roughly $23.8 million worth of ETH before exiting.

- What deserves more attention than the hack itself is the fact that even after the hack, Morpho's Public Allocator continued to automatically supply USDC to the affected market, providing the attacker with additional exit liquidity. Because a hardcoded oracle still valued USR at $1, borrowing against de-pegged USR continued unabated, ultimately draining an additional approximately $6.2 million in USDC from curator vaults.

- Steakhouse, which had been appointed as Resolv's risk manager, published a favorable assessment just days before the hack, stating that the protocol exhibited "institutional rigor." This assessment may have influenced other curators' decisions to expand their market exposure to Resolv. Steakhouse itself had no direct exposure to the protocol, while the vaults of other curators who referenced the assessment suffered real losses.

- The fact that it took Resolv approximately three hours to pause the protocol after becoming aware of the hack clearly exposes the limitations of a security framework centered on after-the-fact response. One-time smart contract audits alone cannot defend against operational security threats such as key compromise. It is essential to adopt continuous security frameworks that automatically pause protocols upon detecting anomalies, using real-time monitoring services and additional security layers.

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: : [Report] Hyperliquid Annual Report 2025
Written by Four Pillars (Ponyo), GLC Research

This annual report offers a comprehensive overview of Hyperliquid's 2025 milestones and financial metrics. We believe Hyperliquid represents the most mature example of value accrual this industry has produced — an exchange powering spot and perpetual trading while allocating virtually all revenue to buying back its own token, HYPE.

With its rapid growth, increasing institutionalization through DATs trading on Nasdaq, and distinctive buyback mechanism, we saw a clear need for a TradFi-style annual report that helps investors understand Hyperliquid's financial performance with the transparency and rigor they deserve.

This report is a product of the Hyperliquid Research Collective (HRC), an independent research hub created by GLC Research and Four Pillars to reduce information asymmetry around Hyperliquid. With the support of Hyperion, Hyperliquid Strategies, B-Harvest, and HypurrCollective, we are committed to producing accessible, high-quality research. We are grateful to our sponsors for making this work possible.

Beyond the numbers, this report serves as a written record of a defining chapter in Hyperliquid's story. An eleven-person team generating nearly $1 billion in free cash flow is something that deserves to be documented, not just measured. We hope this first annual report captures the scale and significance of what was built during a truly remarkable year.

Hyperliquid.

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: : [Report] MoneyX Report - Building the Next Financial Infrastructure
Written by Four Pillars (Heechang), Moyed

- On February 27th, MoneyX, the first stablecoin-focused conference in Japan, was held in Tokyo. Organized by the WebX Executive Committee and produced by SBI Holdings, JPYC, Progmat, and CoinPost, MoneyX is a cross-disciplinary forum spanning policy, industry, and society to explore what may be the most fundamental question for japan: “What should money look like in the 21st century?”

- Japan has traditionally been considered a slow mover in the digital era. A country where cash reigned supreme, where fax machines persisted in offices well into the 2020s. But this perception misses something important. When Japan moves, it moves with institutional depth and regulatory precision that few countries can match. And in stablecoins, Japan has been quietly making progress for years.

- In June 2023, Japan became one of the first major economies in the world to establish a comprehensive legal framework for stablecoins, amending the Payment Services Act to define fiat-backed stablecoins as "Electronic Payment Instruments" and restricting issuance to licensed banks, trust companies, and fund transfer service providers. While the US debated. While Europe implemented MiCA in stages. Japan acted.

- We spend it, borrow it, save it, send it, and build our lives around it. Yet the infrastructure underlying money has barely evolved in decades. Settlements still take days. Cross-border transfers still cost too much. Financial access still depends on where you were born. Stablecoins represent a chance to fix this. That was what MoneyX is about.

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: : [Issue] Buyback, Fee Switch, or Reinvest?
Written by Ponyo

- The right capital return mechanism depends on what kind of asset your token is. Buyback, fee switch, and reinvestment are each correct for different quadrants of a liveness/revenue 2x2 matrix.

- Buybacks work for tokens that compound with protocol growth; tokens that don't need committed distribution.

- Fee switch signals commitment and attracts stable capital, because the yield IS the thesis.

- Ethereum proves you need both axes. Maximum liveness (gas, staking, collateral) but L2s captured 95% of the economics. Liveness alone doesn’t translate to value capture.

- JUP is an interesting case study because it’s actively trying to change quadrants. Zero emissions, ASR, Offerbook, Lend, prediction markets are all liveness-building moves.

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: : [Newsletter] Stablecoin Rail Competition Is Taking Shape [FP Weekly 12]

🗞 Major News

- [Crypto] SEC and CFTC Officially Classify 16 Crypto Assets as 'Digital Commodities'
- [Institution] Mastercard to Acquire Stablecoin Infrastructure Firm BVNK for Up to $1.8B
- [Tech] Tempo, the Stripe and Paradigm-Incubated Payments Blockchain, Launches Mainnet

📊 Data Spotlight

- Stablecoins Are Already at Card Network Scale: Payment Giants Are Now Buying Orchestration Infrastructure
- HyperEVM Stablecoins Surge: Liquidity Inflows Expand After the Shift to Native USDC

✍️ Four Pillars Weekly

- One 402, Two Protocols: x402 and MPP
- Ethereum's Geographic Blind Spot, Lessons from Running 25K+ Validators in Asia
- Debunking Pump.fun’s Revenue Manipulation FUD
- $MORPHO: The Apollo Pump Is Your Exit
- MoneyX Field Notes: How Japan Is Building a Real Stablecoin Economy
- Lido IDVTC: A Significant Milestone Reflecting Lido's Long-Term Direction
- Inside Sui's Major Execution Layer Upgrade
- Crypto Regulation Is Getting Real in Australia
- EIP-8163: An Extension Namespace That Secures Both EVM Compatibility and Chain Autonomy
- SEC’s Nasdaq Tokenization Approval Is Not as Big a Deal as You Think

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: : [Issue] Japan, Money, and MoneyX
Written by Heechang

- Despite being known as cash-dependent, Japan went from 13% to over 42% cashless in a decade. Stablecoins are next, backed by a comprehensive legal framework enacted in 2023, which was ahead of most major economies.

- Japan's three megabanks are building stablecoin infrastructure through Progmat, JPYC launched the first legally recognized yen stablecoin in 2025, and SBI Holdings plans to launch its own L1 aimed at institutional trading.

- Stablecoins represent a shift from institutional trust (banks) to programmable trust - money that settles instantly, runs 24/7, and integrates with smart contracts and tokenized assets.

- MoneyX is the convergence point. Produced by SBI, JPYC, Progmat, and CoinPost, the conference unites megabank executives, regulators, and builders to align Japan's stablecoin strategy amid global competition from the US, EU, and Asia.

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