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The biggest IPO opened to crypto rails this week. Kraken made the SpaceX IPO available to retail investors in 110+ countries through tokenized shares on xStocks, while Coinbase launched pre-IPO perpetual futures for international users. Binance opened access to 7,000 U.S. stocks globally through a partnership with Alpaca and previewed tokenized "bStocks" on BNB Chain. Coinbase Ventures bought ENA and partnered with Ethena to bring a new dollar savings product to Coinbase's 100MM+ users, Franklin Templeton tapped MoonPay to bring its $1.7T tokenization business onchain, and Nova Labs overhauled Helium's tokenomics while selling Helium Mobile to Andrew Yang's Noble Mobile. 

 

Below are the key developments:

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Binance launched 7,000 U.S. stocks and ETFs globally through a partnership with Alpaca and previewed tokenized "bStocks" on BNB Chain

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A JPMorgan and Citi-backed consortium plans to launch a tokenized deposit network in early 2027

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Stripe, Visa, and Mastercard were named as backers of a soon-to-debut stablecoin platform

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Franklin Templeton partnered with MoonPay to bring its BENJI tokenized money market fund onchain through MoonPay Trade

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Revolut's U.S. bank announced plans to offer stablecoin services alongside FDIC-insured products

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Crossmint launched agentic cards in partnership with Visa

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Animoca named Shaun Kraft as CFO effective June 11 and promoted Brian Chan to CDO

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Coinbase launched pre-IPO perpetual futures for international users starting with SpaceX

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Coinbase Ventures bought ENA on the open market and partnered with Ethena to bring USDe-based savings to Coinbase's 100MM+ user base

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Coinbase and Better funded the first bitcoin-backed mortgage and plan a nationwide rollout soon

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Nova Labs sold Helium Mobile to Andrew Yang's Noble Mobile and proposed HIP-149, a full overhaul of HNT tokenomics

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Kraken opened SpaceX IPO access to retail investors in 110+ countries through xStocks, with tokenized shares trading 24/7 on listing day

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Bybit followed Kraken in offering tokenized SpaceX IPO access through xStocks

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Ledger researchers found a flaw in a chip used by Trezor Safe 7, with Trezor confirming user funds remained safe

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RWAs on BNB Chain have grown from $60MM to over $5Bn in the past year

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May closed with the lowest digital asset treasury inflows of any month since October 2024

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Solana led all chains in May with $91MM in application revenue, followed by Hyperliquid at $53MM and Ethereum at $52MM.

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Stablecoin issuances continue to explode, growing from 50 tracked assets in 2018 to nearly 400 today

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WasabiCard — Stablecoin-Powered Global Card & Payment Infrastructure

WasabiCard raised ~$10MM in a Pre-Series A led by Vernal Capital and Avenir Group, with participation from Vision Plus Capital and 01VC, to expand its stablecoin-powered card and payout infrastructure internationally

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The SEC declared Securitize-CEPT's S-4 effective, with a shareholder vote on the $1.25Bn NYSE listing set for June 29

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The UK FCA issued a warning to Hyperliquid as crypto perpetuals face increased scrutiny

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A UK House of Lords committee called on the Bank of England to reconsider proposed stablecoin restrictions

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Tether debuted a tokenized gold-backed Visa card that pays out crypto rewards

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Grayscale set a 0.29% fee for its Hyperliquid ETF, undercutting Bitwise and 21Shares

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Robinhood closed its $180MM WonderFi acquisition, entering the Canadian crypto market

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MoneyGram debuted its MGUSD stablecoin on Stellar for its global payments network

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Mastercard expanded stablecoin settlement to include Circle's USDC and Ripple's RLUSD

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BitMine plans to launch an STRC-style preferred stock offering amid $9.2Bn in unrealized ETH losses

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MoonPay launched MoonAgents Desktop, bringing AI agent trading via Claude Code and OpenAI Codex

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50T Newsletter Headings (3)

📄 Research Piece of the Week: Citi

Tokenization 2030 

 

50T Newsletter Headings (Tweets of the Week)
  1. Derek Edws: HYPE US Viability
  2. Jessy: A Year Inside Agentic Payments — The Uncomfortable Truth
  3. Haseeb: Zcash Bug
  4. Jonah Burian: Neobank GTM
  5. Flow: What Will Drive the Next DeFi Summer
  6. Coinbase: May Update
  7. Backpack: Introducing Backpack Securities
  8. Nikshep: The Year Crypto Stopped Needing Bitcoin — and That's the Bullish Part
  9. Daniel Barabander: Onchain Geofencing — A New Path for Tokenized Securities
  10. Neel Daftery: What Happened to Tokens?
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