Before an institution allocates to an onchain asset, it needs to know where that asset will be held. For most funds and treasuries, self-custody is not an option, so the choice of custodian often comes before the choice of yield. BitGo is one of the custodians they use most. Founded in 2013, the company pioneered the multi-signature wallet, which became a security standard for digital assets. It holds around $100 billion in assets for institutional clients. BitGo now supports USD* for deposits, custody and withdrawals. Funds that already hold assets with BitGo can manage USD* from the same wallets, under the same controls they use for the rest of their portfolio.

Last week in macro👀 What moved in rates and stablecoin regulation. 1️⃣ 94 of 100 economists in a Reuters poll expect the Fed to hold rates at 3.75%–4.00% on Wednesday. Almost all of them see a hike in December. 2️⃣ Long rates eased. The 10-year went from 5.15% on Monday to 5.00% on Friday. 2-year: 4.69%. 3-month: 4.22%. 3️⃣ The OCC published the first final US stablecoin rule under the GENIUS Act on October 21. It takes effect on January 18, 2027, for domestic and foreign issuers and for banks that hold stablecoin reserves. 4️⃣ JPM Coin is now live on Ethereum mainnet, next to Base. Institutional clients only. 5️⃣ HSBC's RedCoin, a Hong Kong dollar stablecoin, started rolling out to more than 3.3 million PayMe users on Friday. HK$80.58 million was in circulation on day one. Anything we missed this week?

An opportunistic investment firm and early lender in media, renewables and digital assets is bringing its credit experience to Solana. @forestroadvault has chosen Perena to launch sUSD-FR, its first Solana vault.

Last week in macro 👀 What moved in rates and stablecoin regulation last week. 1️⃣ The Fed isn't done tightening. Minutes from the September meeting, released last week, show most participants still expect another rate hike before year-end, if the data allows. 2️⃣ Inflation risks still lean up. Energy prices, geopolitical disruption and heavy AI investment are all keeping pressure on prices. 3️⃣ Short-term yields ticked up. The three-month Treasury went from 4.23% to 4.26% between Thursday and Tuesday. The ten-year barely moved, from 5.22% to 5.21%. 4️⃣ The stablecoin market is a dollar market. The FSB puts it at about $300 billion as of mid-2026, and 99% of it is pegged to the dollar. 5️⃣ Regulators are watching redemptions. In the FSB's view, large withdrawals could spread stress through reserve sales, bank funding and cross-border links. 6️⃣ ESMA is closing the door on non-MiCA stablecoins. Authorised EU providers should stop offering access to them, clear legacy exposure within three months, and keep only limited wind-down services. An intense week on both sides of the Atlantic.

Let's make your SOL more productive. Earn 3-5% more than your current LST can return on average. In partnership with @kestrel_fi, we are introducing SOL*, a Perena token keeping SOL price exposure while the strategy seeks delta-neutral carry yield. But how does it work?

New yield source for USD* ! @humafinance Payfi Strategy Token (PST) is now part of the USD* backing strategy. 12B+ dollars in real-world payment financing, zero defaults. More diversified yield sources. More resilient returns.