Merkle3s Weekly Recap: FOMC strips dovish language as Warsh makes a hawkish debut; STRC preferred stock depeg serves as a wake-up call for the yield-bearing stablecoin model; Solana tokenized equities hit $188M in 24h volume ATH, RWA enters the composable phase 1️⃣ Macro: FOMC Holds Rates Steady, Hawkish Tilt ➡️ The June 17–18 FOMC held rates at 3.50%–3.75% in a unanimous 12–0 vote — Warsh's debut meeting. The statement stripped some rate-cut language, the dot plot narrowed full-year easing expectations, and some desks are now pricing in a December hike (~66% probability) ➡️ May headline CPI printed 4.2% YoY (a three-year high), driven by the energy shock; core CPI came in at a softer +0.2% MoM. Unemployment held at 4.3%, with the labor market still resilient ➡️ Near-term implications: dollar strength persists, risk-asset valuations face compression, and crypto liquidity tightens at the margin 2️⃣ STRC Depeg: Yield-Bearing Stablecoin Model Under Pressure ➡️ Strategy's perpetual preferred stock $STRC dropped to roughly $92 (par $100), soft-pegged to the 99–101 range via a floating dividend (annualized ~11.5%). It is equity, not debt — yield depends on BTC appreciation and continued issuance capacity ➡️ DeFi protocol Saturn Credit built structured products on top of STRC (USDat + sUSDat), accumulating $245M in TVL. During the depeg, the junior tranche took the hit while senior holders' yield continued uninterrupted — a genuine stress test for the yield-bearing stablecoin model 3️⃣ Onchain US Stock RWA: Solana Emerges as the Faster Horse ➡️ Backpack and Sunrise issued 1:1 real-equity-backed tokenized stock SPCX on Solana, with 24h volume hitting $108M — pushing Solana's total tokenized equity 24h volume to a new ATH of $187.9M. The setup supports seamless Solana ↔ Nasdaq transfers and underlying security redemption ➡️ Lending integration followed fast: Kamino commands ~40% of the RWA lending market, ahead of Aave; Magpie accepts tokenized stock collateral for SOL loans with terms extending to 30 days. Solana RWA TVL has crossed $3B ➡️ AAVE and Venus announced tokenized-stock-backed lending. Synapse ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29 ripped ~900% from lows, fueled by its pivot to Hypercall — an options exchange built on Hyperliquid 4️⃣ Hyperliquid Expands into HK Stocks, AI Assets Move Onchain ➡️ Trade xyz launched a perpetual on Hong Kong-listed Zhipu AI via HIP-3. Zhipu spiked nearly 50% intraday on June 15–16 (closing +33%), with HK$5.2B in turnover, catalyzed by the GLM-5.2 release and JPMorgan raising its target price to HK$1,400 ➡️ HIP-3 equity perps crossed $18B in cumulative volume in the first half of the month; SPCX peaked at $1.4–1.7B in a single day; single-market daily fees hit $1–2M at peak 5️⃣ Market Data and Narrative Evolution ➡️ bitcoin:native sits at roughly $65,600, up 5.9% on the week but down 16% on the month. Total crypto market cap at ~$2.23T, Fear & Greed Index at 23 (Extreme Fear), BTC dominance at 58% ➡️ Narrative progression: BTC Treasury → yield-bearing stablecoins → US stock RWA → AI assets onchain. Liquidity pressure from the Fed's hawkish stance is beginning to show ➡️ Watch list: STRC risk contagion, tokenized stock lending ecosystem expansion, and the sustainability of AI assets moving onchain