Core Viewpoint - Nasdaq is seeking SEC approval to list tokenized shares, representing a significant step towards integrating blockchain technology into traditional finance [1][7]. Group 1: Nasdaq's Initiative - Nasdaq's proposal involves tokenized shares that are digital replicas of traditional equities, backed one-for-one by actual shares, allowing for programmable assets that can trade 24/7 and settle instantly [1][4]. - This move signifies a shift for Nasdaq from merely experimenting with blockchain to actively participating in the crypto space, reflecting a broader trend in institutional adoption of digital assets [2][4]. Group 2: Regulatory Environment - The SEC's changing stance under new leadership suggests a more favorable view of blockchain technology in traditional finance, with Nasdaq's proposal designed to align with regulatory requirements [3][7]. - The emphasis on regulated custody and a permissioned network indicates a cautious approach to integrating blockchain while maintaining control [3][9]. Group 3: Market Context - The digital-assets market is recovering from previous downturns, with successful initiatives like spot bitcoin ETFs and tokenization pilots by major financial institutions indicating a new phase of experimentation [4][8]. - The potential benefits of tokenization include reduced settlement delays, fractional ownership, and easier cross-border trading, although trust in the underlying technology remains crucial [5][6]. Group 4: Broader Implications - The initiative by Nasdaq, alongside other exchanges testing tokenized platforms, could signify a pivotal moment for the acceptance of tokenization in mainstream finance [7][9]. - While the move may not revolutionize markets immediately, it represents a significant step towards blurring the lines between digital assets and traditional securities [8][9].

Core Insights - Tom Lee predicts Ethereum could surpass Bitcoin in market value, similar to how Wall Street outgrew gold's role in finance [1][2] - Ethereum is forecasted to reach $60,000 by 2030, representing a 1,510% increase from its current price of $3,727 [1][7] - Bitcoin is viewed as digital gold, while Ethereum is seen as the infrastructure for future financial products and tokenized assets [5][6] Historical Context - Lee draws a parallel to 1971 when the U.S. abandoned the gold standard, which initially increased gold prices but was eventually overshadowed by Wall Street innovations [2][3] - The creation of financial instruments like money market funds and mortgage-backed securities reshaped global markets and solidified the dollar's dominance [3][4] Future Projections - By 2025, it is anticipated that various assets, including stocks and real estate, will be tokenized, enhancing Ethereum's role in the financial ecosystem [6] - Lee maintains a bullish outlook on Bitcoin, projecting a long-term fair value between $1.5 million and $2.1 million, alongside a near-term forecast of $200,000 for Bitcoin and $10,000–$12,000 for Ethereum by the end of 2025 [6][7]

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🚨UPDATE: SEC COMMISSIONER HESTER PEIRCE SAYS TOKENIZATION IS NOW A “CORE FOCUS” FOR THE AGENCY AS IT WORKS WITH CONGRESS ON DIGITAL ASSET LAWS ...

🗞️ Need to catch up on the news? Here's our top 10 from today:🔸 VanEck files S-1 for a Lido Staked Ethereum ETF.🔹 BitMine’s Tom Lee says Ethereum remains “Wall Street’s blockchain,” but warns the digital asset treasury sector may already be in a bubble.🔸 Gold becomes the first asset in history to surpass a $30 trillion market cap.🔹 SEC Commissioner Hester Peirce said tokenization is a “huge focus now” for the agency and urged stronger protections for financial privacy at the DC Privacy Summit.🔸 Andreessen H ...

Tokenization & Digital Assets - BNB Chain上的通证化正在快速发展 [1] - 招商银行（China Merchants Bank）的子公司 CMB International 在 BNB Chain 上推出了 38 亿美元的货币市场基金，由 CMBMINT 和 CMBIMINT 代币代表 [1] Financial Market Impact - CMB International's $3.8 billion Money Market Fund launch on BNB Chain is significant [1]

Core Insights - Gold-linked digital assets are experiencing significant growth as gold prices exceed $4,370 per ounce, leading to the launch of new blockchain-based products that transform gold into on-chain financial instruments [1] - The tokenized gold sector has rapidly expanded in 2025, with total capitalization nearing $3.4 billion, a substantial increase from $500 million earlier this year, driven by institutional demand for stable, asset-backed instruments [2] - Tether has introduced XAUT0, an omnichain gold token, which links Solana to Tether's $175 billion cross-chain liquidity base, allowing each token to represent a fraction of a troy ounce of physical gold held in audited vaults [3] Market Dynamics - Over 7,300 XAUT0 tokens are currently in circulation, processing more than $25 billion in total bridge volume, indicating robust market activity [4] - Daily trading in tokenized gold has surpassed $600 million, reflecting strong demand for physical bullion [6] - Analysts highlight that tokenized gold serves as a bridge between traditional finance and digital liquidity, with tokens settling instantly and integrating into decentralized finance platforms [7] Price Performance - PAX Gold (PAXG) is trading around $4,413, having surged more than 65% year-over-year, while Tether Gold (XAUT) is priced near $4,360, gaining 63% [7] - The combined market capitalization of PAXG and XAUT is approaching $3.0 billion, showcasing the shift of physical value stores onto blockchains [7]

Core Insights - France has approved the Lightning Stock Exchange (Lise), marking a significant shift in public markets and IPOs towards a fully tokenized equity exchange [1] - Lise has obtained a DLT TSS license under the EU's DLT Pilot Regime, allowing blockchain-based financial infrastructures to operate within traditional legal frameworks [1][2] - The exchange aims to facilitate access to public markets for small and mid-cap firms, which have historically faced challenges in going public [4] Regulatory and Institutional Support - The approval of Lise was achieved in collaboration with key institutions including the Banque de France, ESMA, AMF, and the European Central Bank [2] - Lise is backed by major financial institutions such as BNP Paribas, Bpifrance, and CACEIS, positioning it as a significant player in the French fintech landscape [4] Technological Advancements - The integration of trading and post-trading operations on a single distributed ledger allows for instant transactions, reducing settlement delays and counterparty risk [3] - Lise's model could enable 24/7 trading, a first for European capital markets [3] Market Impact and Future Prospects - Analysts suggest that Lise's approval could position France as a leader in tokenized securities within Europe, paving the way for on-chain IPOs and equity trading [5] - The exchange plans to host its first IPOs in early 2026, introducing a new model of digital public offerings that combines traditional finance with blockchain efficiency [5] Broader Trends in Tokenization - The global trend of tokenization is gaining momentum, with real-world asset (RWA) tokenization surpassing $33.9 billion, reflecting a 10% increase in the past month [6] - Private credit leads the tokenization sector with $17.5 billion, followed by U.S. Treasury debt at $8.3 billion and commodities at $2.8 billion [6] - Ethereum dominates the RWA market with $12.1 billion in tokenized assets, accounting for approximately 57.5% of the market [6]

Market Analysis & Investment Opportunities - Crypto market experienced a significant liquidation of $150 billion in an hour due to factors like the China-US trade war, US government shutdown, and tax season [1] - Historically, market dips have presented buying opportunities, with those who bought or held during previous dips realizing substantial profits [1] - Despite short-term market volatility, the long-term outlook for crypto remains positive, with potential for Bitcoin to drop to the low $100,000s or high $90,000s before rising again in 6-18 months [1] - Charles Schwab plans to offer spot Bitcoin and crypto trading in 2026, signaling increased mainstream adoption [1] - Bitcoin's current growth is conservative compared to previous halving cycles, suggesting potential for significant future appreciation [1] Institutional Adoption - Institutions now hold 103% of the total Ethereum supply, representing their largest share ever [1] - Wall Street and institutions are increasingly adopting Bitcoin, crypto, and tokenization, driven by the recognition of its superior value transfer and recording system [1] - Memecoins, despite their perceived frivolity, have demonstrated the resilience of the crypto infrastructure, giving institutions confidence in its reliability [1] - 95% of all Ethereum held by public companies was purchased in the past quarter alone, highlighting the recent surge in corporate investment [2] - BlackRock's Ethereum ETF ranks among the top ETFs globally, attracting over $10 billion year-to-date, indicating strong institutional interest in Ethereum [2] ETF Trends - Digital asset ETFs are experiencing tremendous momentum and increased accessibility, driven by approvals on financial platforms in the United States [4][5] - Investors are showing a growing interest in crypto ETFs, with Bitcoin and Ethereum ETFs among the top performers [4]

From the Desk of Anthony Pompliano0:00 Equity Portfolios for Bottom 50% have Increased 500%8:01 Larry Fink Speaks on Bitcoin & Tokenization10:16 $OPEN and The Rise of Retail InvestorsEnjoy! https://t.co/bb4Jky0Lji ...