GENIUS gave us stablecoins. CLARITY gives us market structure. Together they are the foundation for the next decade of onchain finance. I share my thoughts of the 309 pages and why this is the architecture institutional crypto has been waiting on.

Crypto has finally reached three things at once: regulatory clarity, enterprise adoption, and AI as a catalyst. At The Convergence summit, @veradittakit sat down with YZi Labs’ @odagius to unpack the macro shift: → The Genius Act gave stablecoins clarity → The new administration gave crypto companies more freedom to operate → Institutions are experimenting with stablecoins at scale "Now is the time for crypto's legitimacy to ride the wave of AI... and have both of them enhance each other."

.@veradittakit (Managing Partner, @PanteraCapital) and @odagius (Partner, @yzilabs) at The Convergence Summit on where industries are intersecting: → TradFi × DeFi Tokenization: ~$30B+ in real-world assets (private credit, commodities, and more) are already on-chain, with trillions more to follow. → AI × Blockchain a) Trading: AI analyzing the trillions flowing on-chain to power smarter wealth management, with agents eventually trading on users' behalf. b) Identity: as generative AI makes fakes trivial, "proof of humanity" becomes the layer that lets agents securely act for real users. Two bold calls from the panel: → Paul: agent-driven trading will eclipse human trading. Agents themselves become a new digital asset class. → Alex: 1 billion agents on @BNBCHAIN within 3 years. The economy where humans set the intent, and agents execute the reality is officially coming.

The Senate Banking Committee released the latest draft of the CLARITY Act last night. The draft has significantly improved since January and reflects years of bipartisan negotiations. It’s time to get this passed. This bill safeguards consumers, includes important developer protections, and gives crypto entrepreneurs the regulatory clarity they need to build here in the U.S. We’re thankful for the hard work of the Senate Banking Committee and their staff. We urge Senators on both sides to move quickly to advance it out of Committee, to the Senate floor, and ultimately be signed into law by the President.

$1,000,000,000+ in tokenized stock TVL. In less than 8 months, Ondo Global Markets became the first tokenized stock & ETF platform to reach $1 billion in TVL, one of the fastest climbs in the history of onchain finance. Ondo Global Markets has established itself as the standard for tokenized stocks and ETFs: → Over 70% market share → Tens of thousands of holders → Over $18B in cumulative volume → Live across @solana, @BNBCHAIN & @ethereum Since launch, the platform has scaled to 260+ tokenized stocks & ETFs, expanding access to the world's most in-demand sectors across AI, biotech, defense, energy, and more. The pace of tokenization is accelerating with every new asset class. What took stablecoins and tokenized Treasuries years, Ondo tokenized stocks and ETFs achieved in under a year, faster than any asset class before them. This milestone reflects a generational shift in how global investors access capital markets, one that is more transparent, more accessible, and more efficient than the legacy system. One billion down. Trillions to go.

Beyond the Digital Copy: What's Next for Tokenization? Our research team developed a new index of 593 assets across a $320B market that reveals how far onchain finance still has to go. Access the full report here:

👇 The speakers lineup: @cz_binance, Founder of Binance & YZi Labs (remote) @CathieDWood, Founder & CEO, ARK Invest (remote) @KiteVC, Cofounder & Chairman, Treasury Data; early investor in Zoom, Canva @veradittakit, Managing Partner, Pantera Capital @du_yilun, Assistant Professor, Harvard University @omri_drory, General Partner, NFX Capital; Founder, Renewal Bio @ellazhang516, Managing Partner, YZi Labs @JaneSparking, General Partner, YZi Labs @odagius, Investment Partner, YZi Labs @jingx777, Investment Director (AI), YZi Labs @DZhang50, LLM Lead & Founding Member, Ricursive Intelligence @sunfanyun, Founder & CEO, Moonlake AI @RonghuiGu, Professor of Computer Science, Columbia University; Co-Founder & CEO, CertiK @RuizheJia, Assistant Professor, Stanford University @KiraRadinsky, Co-Founder & CTO, Diagnostic Robotics @JiquanNgiam, Founder & CEO, Mint MCP @kysonkai2, Founder & CEO, VideoTutor @YuRebeccaMiao, PhD, Co-Founder & CEO, Neomera Labs Leo Ma, Founder & CEO, @roboforce_ai Dr. Qian Xiang, Professor, Stanford University; Founder, Elvy Yao, Co-Founder & CEO, Trellis Robotics Zhaojian Li, Co-Founder & President, AgriDynamics

: : We're excited to announce that @FourPillarsFP has raised Series A Funding from @PanteraCapital and @further. This round marks our next chapter: scaling from a research firm into an institutional-focused blockchain research and infrastructure provider.

We're reaching an inflection point where AI generates more information than humans. Distinguishing agents from humans is a critical moat for trust online. @sama explains why @worldnetwork built World ID with a goal of preserving the human layer of the internet.

Heading to Asia for the next few weeks to chat about stablecoins, tokenization, and the AI agent economy: Hong Kong - Shenzhen - Shanghai - Seoul. I'm always invigorated by feeling what's actually happening on the ground in Asia. It's more important than ever when you consider: 1) Hong Kong just granted its first two stablecoin licenses to @HSBC and a @StanChart JV to begin modernizing one of the world's oldest currencies. 2) "Raising lobsters" as THE viral phenomenon in China this year, where literal crowds gathered for public @openclaw workshops. 3) Shanghai is building cross-border blockchain rails for trade finance in the world's largest and busiest trading port by container throughput for the last 16 years running. 4) Shenzhen is running a blockchain-based trade verification platform to unlock credit rates as low as 3% for companies at the heart of the world's robotics industry. 5) South Korea holds more crypto investors than stock investors - 32% of the population holds digital assets - and just opened the market to ~3,500 listed companies + new stablecoin and market structure legislation. Excited to meet founders, institutions, investors, and partners across Asia + soak up a ton of learning & first-hand experience! First stop: speaking at the Hong Kong Web3 Festival (@festival_web3 ) next week. DM / find me if you're around!

THIS IS HUGE. Bitcoin is Quantum-Safe TODAY. Even if a quantum computer appeared, one that breaks the conventional Bitcion signatures, it shows a practical way to create safe Bitcoin transactions. WITH NO CHANGE TO BITCOIN PROTOCOL!!!

Sports prediction markets have the potential to dramatically expand the market for sports event contracts by unbundling the sports book, enabling a global liquidity layer for sports related markets.

Crypto won the weekend. While U.S. equities sat frozen during the Iran conflict, Bitcoin approached $74K and commodities found price discovery on Hyperliquid before traditional markets opened. This is the new normal, and it's just one signal that 2026 is the year crypto becomes invisible. In my latest letter I discuss the shift from Crypto as a Sector to Crypto as a Service, what I saw at @consensus_hk, and @PanteraCapital's latest investments and why the next unicorns will be built on utility, not hype. @OndoFinance @FTI_US

big shift in how Wall Street thinks about tokenization nowadays: tokenization isn't just a back-office experiment anymore, cutting costs & upgrading to 24/7 systems. it's the new front-office opportunity ($$$): net-new customers, AUM growth, global distribution, product creation. I got to dive into this in our latest episode of Stateful with Sandy Kaul, Head of Innovation at @FTI_US, and @iandebode, President at @OndoFinance. Trailblazers at the frontier of tokenized assets, who have partnered to bring Franklin Templeton ETFs onchain via Ondo. in this conversation, we discussed how capital markets are coming onchain: - 100% of Franklin Templeton’s digital asset AUM comes from net new crypto-native customers. - Ondo’s tokenized ETFs: permissionless, 24/7, usable as #DeFi# collateral, like stablecoins for stocks - AI agents will need blockchain rails to execute 183 trillion in machine-to-machine transactions - a crypto whale bought $50M of Google stock in a single trade - smart wrappers vs. dumb wrappers: the future of assets is software first and #AI-native# - the headline for "Mission Accomplished": net new inflows to on-chain tokenized products exceed off-chain flows - the "rookie mistakes" at the start of their tokenization journeys - what’s next for both: equities perps, on-chain portfolio construction, and Franklin Crypto’s multi-manager platform

"We had this philosophy when we started Circle that over the long run—the marginal cost of storing and moving value would go to zero, and that the business model of charging fees for payments would collapse." — Circle CEO @jerallaire "You don't get charged for your WhatsApp audio call." "We just announced something called Circle Nano Payments. It's a module for agents to be able to have a stored balance of digital dollars—tokenized dollars—and be able to transact them to different wallets on different blockchains." "We've gotten it to the point where we can actually have transactions priced at one-millionth of a penny per transaction."

Today, we are announcing our biggest partnership to date: Zama will be the official confidentiality protocol for the @trex_network, a leading RWA protocol with over $100b of tokenized assets already committed by Apex Group. I don't think people realize how massive RWAs are for blockchain. If you think stablecoins are huge, then RWAs are twice as big. This is THE big opportunity for blockchain to become the rails of global finance. The issue however is that portfolio managers can't make their positions and strategies public. If they did, every trader on the planet would front-run them, making them lose billions as a consequence. Just ask any VC or whale how they feel being called out on social media when they move assets to an exchange. And now imagine someone managing 1000x more money. To put it simply: without privacy, finance won't move onchain. The old way of solving this problem was to use private chains, at the cost of sacrificing public verifiability and composability. Private chains are like the Intranets of the 90s: closed, siloed systems that simply dont work well together. Public blockchains on the other hand is like the Internet: a global network of publicly accessible applications and services interacting together seamlessly through common standards. And just like HTTPS made financial transactions possible on the Internet, Zama is making financial transactions possible on public blockchains. The future of finance is onchain, and we will encrypt all of it with FHE.