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GM!
Today’s top news:
Kevin Warsh is just like us.
Trump’s nominee to replace Jerome Powell as Fed Chair filed his 69-page financial disclosure with the Office of Government Ethics Tuesday, and the document revealed combined assets with his wife of at least $192M.
Through DCM Investments 10 LLC, Warsh holds stakes in Solana, Polymarket, Blast (!!), Optimism, dydx, Dapper Labs, and multiple crypto fintech firms. He also holds a direct stake in SpaceX via the AVGF II fund, and more than $100M in exposure through Juggernaut Fund LP positions tied to advisory work with the Duquesne Family Office.
The man who would set US interest rate policy, oversee banking supervision, and influence stablecoin and crypto regulatory posture has active financial exposure to Solana and a crypto-native prediction market.
Warsh has previously called Bitcoin “the new gold.” But notably he doesn’t have any exposure to it. He’s too busy investing down the risk curve…
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Goldman Sachs filed with the SEC on Tuesday for the Goldman Sachs Bitcoin Premium Income ETF - one of the bank’s first direct crypto product filings and its most significant Bitcoin move yet.
The structure: the fund holds exposure to spot Bitcoin ETPs and sells call options on 40–100% of that exposure, collecting premiums it distributes to investors as monthly income.
In practice, this means upside participation gets capped in strong rallies, and in exchange, investors collect yield. It’s the same covered-call playbook Goldman already runs on the S&P 500 via GPIX (~8% annual yield) and the Nasdaq via GPIQ. BlackRock just launched a similar income ETF for Bitcoin as well.
The biggest players in TradFi are finding more and more crypto products to offer their customers.
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Tether, the world’s largest stablecoin issuer with $184B USDT in circulation, launched tether.wallet on Tuesday as its first consumer-facing product.
The self-custodial app lets users hold and send USDT, USAT (its US-regulated stablecoin), XAUT (gold-backed token), and Bitcoin across Ethereum, Polygon, Arbitrum, and the Lightning Network. Fees are payable in the asset being sent and no gas tokens required.
Users simply need a user name (name@tether.me instead of hex strings) to get started, and private keys stored on device.
CEO Paolo Ardoino pitched it as the “People’s Wallet,” designed for a future where humans, machines, and AI agents all transact on the same rails. Notably, Tether built the wallet on its open-source Wallet Development Kit - the same toolkit it’s been positioning for AI agent payments.
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Jeremy Allaire dropped one sentence at Circle’s Seoul event Tuesday that moved the stock: Circle is exploring a native token for Arc Network, its Layer-1 blockchain currently in testnet.
The token would handle governance, incentives, and economic alignment, with a gradual transition to proof-of-stake.
Allaire described it as “potentially Circle’s most significant platform-level strategic move since the creation of USDC.” CRCL stock rose 7% on the news.
Circle’s Arc already has BlackRock, HSBC, Visa, Goldman Sachs, and AWS on the testnet. Allaire’s vision is an “economic OS for the internet” - institutional financial workflows moving entirely on-chain. A native token would give Arc a governance layer and an incentive mechanism for validators as it transitions to PoS.
Given the major TradFi theme for 2026, let’s just say a Circle token would have very high expectations…
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