Really hoping to see this bill become a reality, as it would completely change how people buy and invest in tokens. What I'm most excited for are the disclosure packs. These would require audited (by an independent accountant) financial statements, team and insider token holdings, lockup terms, protocol description, supply and emission schedules, governance mechanics, code audit information, custody options, price history, and the decentralization timeline. Published twice per year, publicly, in plain English. For many teams across the space this will be a burden, but it is already the direction we've been building towards at @grovedotfinance. We will seek to exceed the level of transparency as proposed by the current text of the bill.

Grove continues to capitalize the stablecoin economy 🌳 First funding of $47.5M into the Grove x Galaxy $500M warehouse lending facility is complete. Grove serves as the warehouse lender, financing @galaxyhq's origination of institutional loans secured by BTC & ETH.

If something is genuinely decentralized, it should not be regulated like a bank. Getting that distinction right took years of work, and we finally have the opportunity to make it law. Let’s pass the Clarity Act.

Introducing the Axis Origin Vault. The Axis delta-neutral arbitrage engine is opening to all of you. Deposit USDT and earn a verifiable 10-20% base APY. The cap is $50m. Early depositors get a 2x multiplier. Mark your position on July 29.

Excited to finally announce the closing of @grovedotfinance's first institutional warehouse lending facility in partnership with @galaxyhq for $500M, financing their origination of senior secured loans to institutional borrowers. This is what Grove Financing was built for: institutional scale capital for crypto and stablecoin native businesses, structured to fit the borrower's needs. Crypto native originators have a financing problem. Banks largely will not warehouse digital asset collateral, and most onchain capital is passive, fickle, and unstructured. Grove Financing closes that gap. Grove brings committed capital, bespoke structuring, and real credit underwriting to businesses the traditional system cannot serve. Warehouse facilities have funded mortgage and auto lenders for decades. We applied that model to Galaxy's book with the same discipline: BTC and ETH collateral including staked variants, qualified custody at Anchorage Digital and BitGo, fully funded, terms of two years or less, committed in USDS. At full deployment, this facility deepens a relationship that started with Grove anchoring $50M of Galaxy's tokenized crypto backed CLO. Structured to the originator's needs at every step. If you are building a crypto or stablecoin native business and need institutional scale capital from a partner that deeply understands onchain finance and credit structuring, @grovedotfinance is here for you.

The ticker is GROVE. And the way in is through @SkyMoney 💫 GROVE distribution is administered through Sky Ecosystem-supported programs, including Sky Ecosystem Rewards where available. Supply USDS. Accrue GROVE. Now live on

I’m thrilled that Spark was selected as a Robinhood Chain Day 1 launch partner with Spark Savings USDG (spUSDG) to export the USDS savings rate to Robinhood’s 28 million users. Spark Savings lets users deposit stablecoins and earn yield from Spark's liquidity deployments across DeFi, CeFi and TradFi, enabling fintechs to launch native stablecoin earn products without building liquidity infrastructure from scratch. We're already live with spUSDC, spUSDT, spPYUSD and spETH, with spUSDG representing the next step. As mentioned in my post last week, we are moving to a world where exchanges, fintechs, and banks are converging on “Everything Apps”. The pattern is becoming clear with a centralized exchange component, a blockchain component, and a stablecoin. As the primary liquidity tranche in the Robinhood Earn program, Spark will hold large amounts of USDG on its balance sheet. This otherwise idle USDG can be put to work inside the Stablecoin FX Layer on Uniswap to pair against USDS, which in turn provides deeper shared liquidity to USDC/USDT/PYUSD. This launch is a significant event because it marks the first integration of a mid-cap stablecoin into a US fintech's earn program. This exposes the stablecoin to Robinhood’s sizable distribution, making USDG a serious contender in the stablecoin space. As payments, savings and lending continue to move on-chain, swap volume between stablecoins is going to increase drastically, and the Stablecoin FX Layer is best suited to absorb this coming demand surge.

Robinhood's launch of Earn is another proof point that mainstream financial products are increasingly being built on specialist financial infrastructure rather than isolated systems. Proud to support this launch alongside @RobinhoodApp, @SteakhouseFi, @morpho and the wider ecosystem of partners helping bring regulated, on-chain financial products to a broader audience. This launch marks an important step in the evolution of stablecoin powered financial products, and a glimpse of how the next generation of financial infrastructure will be built.

Thank you to everyone who attended the relaunch of Scottish Banking: A History, 1695-1973. Checkland's work has been a reference point for Steakhouse, and reviving it is our way to pay homage to the author while also contributing to the ecosystem with something we believe to be the closest thing we have found to a field manual for what we do. To the Checkland family: thank you for trusting us with his work, and for being part of the evening. To everyone who came: thank you for the interest.

Thrilled to be partnering with @MetaMask on the new MetaMask Money Account! MetaMask was the very first wallet I used when I first heard about Ethereum and started participating in DeFi, so helping build the Money Account is a real full-circle moment for me. Huge credit to the teams at @MetaMask , @monad , and @veda_labs, and proud of what @SteakhouseFi brought to this one. Turning money on, right from the wallet that got so many of us started in this industry. 🦊

🚨NEW: There is a renewed sense of urgency among GOP lawmakers to get the Clarity Act passed, I’m told. It’s being driven by heightened political pressure following the fallout from the Housing bill, as well as the realization that time is running short. When senators return from recess on July 13, they’ll have just 20 working days (roughly four weeks) to get the legislation through the Senate and back to the House before the August recess. They depart Washington today with a handful of key issues still unresolved, including ethics. But that's not fazing some industry leaders like @a16z's @milesjennings, who says the pressure and time constraints could ultimately create the conditions needed to strike a deal. @SolanaInstitute President @KristinSmith lays out why she believes there's still a path forward to getting the Clarity Act passed next month. ⬇️

Introducing the Stablecoin FX Layer. Every bank, fintech and payment provider is launching stablecoins. But every new stablecoin fragments liquidity. Today, Spark introduces the Stablecoin FX Layer, built on @Uniswap v4, a shared liquidity infrastructure that allows stablecoins to access shared liquidity instead of building isolated pools. The initial deployment brings approximately $150M of liquidity to Uniswap v4 across the first USDS/PYUSD and USDS/USDT pools. This is just the beginning. Learn more:

We've brought a fifty-year-old book on the history of Scottish banking back into print. For over a century, Scotland ran a stable banking system with no central bank. Banks issued their own notes, redeemable on demand. Competition kept them honest. Banknotes circulated so widely that gold and silver nearly disappeared from circulation, and in a crisis, rival banks would hold each other's notes to keep the whole system standing. We're financial history obsessives, and early Scottish banking is the closest precedent we've found to what stablecoins are today: private money competing in a free market system for people's deposits. Checkland called it banking in its purest form. The whole story is in the book. Scottish Banking: A History, 1695–1973, by SG Checkland, expanded with a new foreword from Steakhouse. On sale now. Find out more at

Its go time! First batch of deposit is now open, and will be processed in 24h. Incentives are higher for early batches, so its first come first served on yield. Will report on progress as things unfold 🚀