1/ The GENIUS Act triggered dramatic repricings, showing huge institutional demand:
-CRCL surged >600% from $31 IPO to $220 in 15 days
-Plasma's $1B commitment filled in 30min
Analyst @shaundadevens explored if tokenized treasuries could act as beta to this growth:

Twitter

Ethereum is shifting towards L1 scaling and privacy, and the DTCC, the back-end engine of the US stock market, with its $100 trillion holdings, is beginning to migrate on-chain, seemingly heralding a promising new wave in crypto.

After the wealth effect disappears, will the myth or tragedy of decentralization emerge?

According to newly recorded on-chain data, Jump Crypto is significantly increasing its HYPE Token holdings by withdrawing a large amount of these Token from centralized exchanges over the past 24 hours.

Jump Crypto is suspected of launching a Money Market (MM) on the Hyperliquid platform.

Abu Dhabi is laying the foundation for institutional-grade Bitcoin business, while Dubai is integrating payments, stablecoins, and Web3 applications into everyday business scenarios.

Author: Ezra Reguerra
Source: Cointelegraph
Translator: Chang The United Arab Emirates is not choosing between Bitcoin and the broader crypto industry. Instead, it is consciously building both paths simultaneously in different cities, targeting different stages of adoption.

The UAE capital, Abu Dhabi, is positioning itself as a hub for institutional-grade Bitcoin (BTC) infrastructure, focusing on...

In-depth analysis of the UAE's tiered digital asset strategy: Bitcoin (BTC) first, comprehensively expanding crypto assets.

5/ Unfortunately, tokenized treasury platforms face structural headwinds.
- Securities classification when issuers pass yield, limiting them to accredited investors only.
- Circle's $99M Hashnote acquisition signals issuers entering at scale.
- Platforms operate at severe margin disadvantages - 15bps mgmt fees vs Circle's 416bps blended take rate.

6/ Despite this, tokenization platforms may offer upside as they evolve into RWA distribution infrastructure. Centrifuge's CP151 enables permissionless asset listings at 50bps, while their Anemoy AAA CLO launch shows the pivot beyond treasuries.
Full report on @blockworksres