“The SEC has changed,” says @GabeOtte of @DinariGlobal. “Before, they wouldn’t even grant us an audience.”Today? Gabe and his team were able to demo their tokenized stock platform live to 28 officials from across the SEC.Under the previous regime, meetings were rare.Now, the tone feels different. The barriers aren’t ideological—they’re legal. And for the first time, the SEC might be ready to listen. ...

Core Insights - Citi reported record revenues in its Services and Markets segments, driven by cross-border activity, fixed income, and equities [1] - CEO Jane Fraser emphasized the bank's commitment to innovation, particularly through its Citi Token Services platform for real-time, blockchain-based treasury and liquidity management [1][4] Financial Performance - Citi's Services business posted record second-quarter revenues of $5.1 billion, an 8% increase year over year, with market share gains driven by a 7% rise in cross-border transaction value [8] - Markets revenue reached $5.9 billion, up 16% year over year, supported by strong performance in fixed income and equities, with a 27% year-over-year increase in the rates and currencies desk [9] - U.S. Personal Banking saw a 6% revenue growth, with branded cards and retail banking contributing to the momentum [9] Innovation and Digital Transformation - Citi is focusing on digital assets, with CEO Jane Fraser indicating a serious approach towards stablecoins and the bank's own Citi Token Services platform [3][4] - The bank has retired or replaced 211 legacy applications in the first half of 2025 and implemented an enterprise-wide strategic loan platform across multiple regions [12] - Citi's in-house autonomous development framework, Agentic AI, is now in production, and generative AI tools have seen a significant increase in usage [13] Client-Centric Developments - The Citi Token Services platform allows clients to move cash instantaneously, 24/7, across borders without incurring transaction fees associated with stablecoins [14] - The upcoming launch of Strata Elite, a premium card aimed at affluent consumers, is set for Q3, positioning Citi to compete with established products like AmEx Platinum and Chase Sapphire Reserve [9]

Core Insights - State Street Corporation reported Q2 2025 earnings per share (EPS) of $2.17, a slight increase from $2.15 in Q2 2024, with EPS excluding notable items growing 18% to $2.53 [2][28] - Total revenue, excluding notable items, increased by 9% year-over-year, while fee revenue rose by 12% [3][37] - The company achieved positive fee operating leverage for the fourth consecutive quarter and positive total operating leverage for the sixth consecutive quarter, both excluding notable items [3][26] Financial Performance - Expenses rose by 6% year-over-year, with half attributed to higher performance and revenue-related costs, and the remainder due to ongoing investments in technology and infrastructure [4][47] - Notable items recognized totaled $138 million pre-tax, including a $100 million repositioning charge related to severance of approximately 900 employees [5][36] - Assets Under Custody and Administration (AUCA) reached a record $49 trillion, up 11% year-over-year, driven by higher market levels and client flows [5][38] Asset Management - Assets Under Management (AUM) exceeded $5 trillion for the first time, increasing 17% year-over-year, with net inflows of $82 billion [6][39] - The company secured $145 million in new servicing fee revenue wins and reported a backlog of $441 million in to-be-installed servicing fee revenue, the highest on record [6][40] - U.S. ETFs achieved $4.6 trillion in trading volume, leading the industry in equity and commodities, and ranking among the top three in fixed income [7][30] Revenue Streams - Software and processing fees grew by 19% year-over-year, with front office software and data revenue up 27% [8][43] - Net Interest Income (NII) was $729 million, down 1% year-over-year, but up 2% sequentially from Q1 2025 [8][44] - Average deposit balances rose by 7% sequentially, reflecting early-quarter macro uncertainty that subsided through May and June [9][45] Capital Management - The company returned $507 million to shareholders, consisting of $300 million in share repurchases and $217 million in dividends, with an 82% payout ratio [9][49] - A quarterly common stock dividend increase of 11% to $0.84 per share was announced, pending board approval in Q3 2025 [10][33] - Management raised 2025 total fee revenue growth guidance to 5%-7% from 3%-5%, and full-year expense growth guidance to 3%-4% from 2%-3% [10][51] Strategic Initiatives - Over the past three years, the company delivered more than $1 billion in expense savings, with a target of over $1.5 billion by year-end 2025 [11][34] - The Alpha platform adoption continued, with two new mandates totaling $380 billion AUCA added this quarter [12][41] - A strategic partnership with the University of California was announced to pilot a "super app" for wealth democratization [15]

Financial Data and Key Metrics Changes - Reported earnings per share (EPS) increased to $2.17 compared to $2.15 in the prior year period, marking an 18% year-over-year increase when excluding notable items [7][9] - Total revenue increased by 9% year-over-year, while fee revenue rose by 12%, both excluding notable items [18] - Pre-tax margin expanded to nearly 30%, and return on tangible common equity (ROTCE) was approximately 19%, excluding notable items [19] Business Line Data and Key Metrics Changes - Investment Services secured over $1 trillion in new asset servicing wins, generating $145 million in new servicing fee revenue [9][10] - Asset management business, rebranded as State Street Investment Management, achieved a record AUM exceeding $5 trillion, with quarterly net inflows over $80 billion [10][11] - FX trading revenue increased by 27% year-over-year, driven by record client volumes [24] Market Data and Key Metrics Changes - AUCA reached a record $49 trillion, up 11% year-over-year, supported by higher market levels and client flows [19] - The U.S. low-cost ETF market segment saw continued market share gains, with State Street's ETFs leading in trading volume [11][22] - Securities finance revenues increased by 17% year-over-year, reflecting strong balance growth across agency lending and prime services [25] Company Strategy and Development Direction - The company remains focused on disciplined execution of its strategy, aiming for consistent growth and operational excellence [6][14] - The rebranding of the asset management business reflects a commitment to innovation and deepening client relationships [10] - The next generation of the operating model transformation is a priority, with a focus on operational efficiency and productivity gains supported by AI [14][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged significant financial market volatility due to geopolitical and economic uncertainty but highlighted strong business momentum and financial performance [5][6] - The company expects total fee revenue growth for 2025 to be in the range of 5% to 7%, an improvement from the previous outlook of 3% to 5% [32] - Management remains committed to returning capital to shareholders, with plans to increase the quarterly dividend by 11% [13][31] Other Important Information - Notable items totaled $138 million pretax, primarily due to a repositioning charge associated with the operating model transformation [17] - The company generated over $1 billion in expense savings over the last three years, with expectations to increase that to over $1.5 billion by year-end 2025 [13][29] Q&A Session Summary Question: Inquiry on fees and fee operating leverage - Management indicated that the pace of sales remains strong, with a target of $350 million to $400 million in servicing fees for the year, supported by a record level of fees to be installed [35][36][38] Question: Clarification on new wins and client rescoping - Management does not anticipate further issues related to client rescoping and emphasized the importance of back-office elements in new mandates [39][40][42] Question: Discussion on net interest income (NII) and its outlook - Management confirmed guidance for NII to remain roughly flat year-over-year, acknowledging variability due to factors like deposit mix and interest rates [45][49][54] Question: Thoughts on M&A activity in the industry - Management expressed confidence in organic growth capabilities but remains open to M&A as a complement to strategy, emphasizing a high bar for any potential acquisitions [56][58] Question: Insights on asset management business and net inflows - Management noted consistent organic growth in the institutional channel, driven by innovative products and strong relationships with investment consultants [62][64] Question: Regulatory environment and tier one leverage ratio - Management acknowledged the current constraints of the tier one leverage ratio but indicated a constructive environment for potential regulatory changes in the future [67][68]

market still prices link as a defi oracle while they're building the rails for state-level tokenization• mastercard's 3b users• swift settlement system• tokenized in america initiativethe gap between perception and reality is getting absurd ...

solana q3 snapshot:• $418m in tokenized assets (+140% ytd) while tradfi bridges multiply. proshares etf, kamino stocks integration, slash fiat ramps all live• corporate treasuries loading: $700m+ fresh capital deployed in 48h• 4 new infra projects funded. tvl crossed $9.4bserious capital gravitating to real yield ...

Source:https://t.co/NSyDTIBZ5u ...

"We’re expecting the rise of more application specific chains, maybe coming in the form of L2s or as a L1 blockchain." - @SteimetzKinjiTradeTalks (@TradeTalks):.@MessariCrypto Enterprise Research Analyst @SteimetzKinji joined @JillMalandrino to discuss the parallel growth of the demand for tokenized assets and trading infrastructure.Watch the full video: https://t.co/ccfdxjCaWE https://t.co/mADwKFFXVY ...

you guys did the fascinating new product so to speak in terms of the tokenization of kind of private companies. What am I actually buying just so I get it. I'd say the analogy is to a stable coin.Basically, if you think about it, we have some traditional assets in a box. We tokenize that one for one and the tokens actually get put on blockchains where they're tradable. So for stable coins, Circle for example has some US Treasury bills and notes in a box that back the tokens that are freely tradable.In this ...

Token Unlock data is now available via our API 👇https://t.co/SwThoTZKpz https://t.co/UtKlpD1a23 ...