The Avalanche Thesis.What makes Avalanche different in its approach and architecture in the context of institutions, tokenization, and custom blockspace. ...

🔎 CMC Feature Highlight | RWA DashboardThe tokenization era is here.Track how real-world assets move on-chain, by:🔹 Total RWA market cap🔹 Top issuers🔹 Leading networksView by stocks, commodities, or ETFs - all in one dashboard.Explore live: https://t.co/klhXS0HGIx https://t.co/7vwDjR5np8 ...

Tokenized stocks 🤝 @BackedFi https://t.co/Q2Uya8B8LP ...

Onchain capital markets:@RobinhoodApp is tokenizing stocks on @arbitrum One.The total tokenized market cap is closing in on $10 million. https://t.co/iF0zzR7RpR ...

Tokenization & Blockchain Adoption - Robinhood 使用 Arbitrum One 作为传输层，实现了首批股票的代币化 [1] - Robinhood App 上线了代币化资产页面 [1] Key Assets - Fundstrat 的 $BMNR (最大的 ETH DAT) 是代币化市值最高的股票之一 [1]

Summary of Abaxx Technologies FY Conference Call Company Overview - **Company Name**: Abaxx Technologies (OTCPK:ABXX.F) - **Industry**: Commodity trading and technology - **Focus**: Development of software tools for commodity traders and finance professionals in Canada [1][2] Core Points and Arguments - **Market Inefficiencies**: The company identifies significant inefficiencies in the trading of commodities, particularly metals, due to outdated market structures [3][5] - **Unique Positioning**: Abaxx aims to be a full-stack commodity exchange and clearing house, focusing solely on commodities rather than diversifying into other financial products like crypto [5][6] - **Regulatory Milestone**: The company is one of the first globally regulated commodity clearing houses since Dodd-Frank, with operations based in Singapore [7][8] - **Flagship Products**: - **Liquefied Natural Gas (LNG)**: The world's first physical futures contract for LNG, which is expected to become a major commodity market [10][11] - **Battery Metals**: Contracts for nickel sulfate and lithium carbonate, addressing the lack of physical pricing in these markets [13] - **Gold Contracts**: A kilo bar gold contract tailored for the Asian market, differing from existing US-based contracts [14] Market Dynamics - **Commodity Market Characteristics**: The commodity market is described as "sticky," with established contracts holding significant market share, making it difficult for new entrants to gain traction [12] - **Growth Potential**: The total addressable market (TAM) for LNG and related products is estimated at 300,000 average daily volume (ADV), with current trading at approximately 1,000 ADV [19] Revenue Model - **Trading Fees**: Revenue is generated through fees for trading and clearing contracts, with potential high margins due to the fixed cost structure of exchanges [18] - **Future Revenue Streams**: Plans to expand into data services and technology solutions, including a SaaS model for digital title management [15][36] Technology and Innovation - **Cloud-Native Infrastructure**: Abaxx operates as a fully cloud-native exchange, leveraging modern technology for trading and settlement processes [22][23] - **Tokenization and Real-Time Transactions**: The company is focused on real-time tokenization of assets, addressing issues of legal finality and privacy in blockchain applications [24][25][27] Competitive Landscape - **Competitors**: Major competitors include CME, ICE, Hong Kong Exchanges, and Deutsche Börse, but Abaxx differentiates itself by focusing on underdeveloped commodity markets [38][39] - **Human Capital Advantage**: The company boasts a strong team with extensive experience in commodities, which is seen as a competitive advantage over larger, established exchanges [40] Financial Position - **Market Capitalization**: The enterprise value is approximately $1 billion, with significant backing from institutional investors [30] - **Funding and Runway**: The company has a solid balance sheet and over a year of runway at current operating costs, with ongoing efforts to ramp up revenue [31] Additional Insights - **Education and Outreach**: Abaxx emphasizes the importance of educating the market about its products and the commodity trading landscape through initiatives like podcasts [42] This summary encapsulates the key points discussed during the Abaxx Technologies FY Conference Call, highlighting the company's strategic focus, market positioning, and growth potential in the commodity trading sector.

Tokenization Initiatives - HSBC 将于 2026 年上半年在美国和阿联酋为企业客户推出代币化存款 [1] - 该银行将提供 24/7 全天候即时转账服务 [1] Industry Trends - 银行业正在倾向于代币化而非稳定币 [1]

Shares in publicly traded crypto exchange Bullish have fallen by more than 5% after the firm reported its Q3 earnings on Wednesday morning. The exchange reported record adjusted revenue and net income of $76.5 million and $18.5 million in Q3, respectively. That compares to $44.6 million in adjusted revenue and a net loss of $67.3 million during the quarter last year. “After posting record subscriptions, services, and other revenue (SS&O) and record profitability in the third quarter, we are continuing to se ...

Summary of Nasdaq Conference Call Company Overview - **Company**: Nasdaq (NasdaqGS:NDAQ) - **Date**: November 19, 2025 - **Speaker**: Sarah, CFO of Nasdaq Key Industry Insights Generative AI (Gen AI) Impact - Nasdaq has been preparing for Gen AI for over a decade, having invested in cloud and AI technologies since 2014 and 2015 respectively [6][10] - The company emphasizes the importance of contributory data, which is unique and not easily replicable, as a competitive advantage for Gen AI applications [6][7] - Examples of contributory data include: - **Verafin**: Over $10 trillion in total assets from 2,700 banks, developed over 15 years [7] - **eVestment**: Utilized by allocators for around 89,000 strategies [7] - Gen AI applications are expected to enhance efficiency in compliance and fraud detection for banks, potentially reducing the need for human intervention in 80% of sanctions processes [8][9] Financial Performance and Growth - Nasdaq has seen a significant increase in enterprise signings for Verafin, with three times the amount of signings in the current year compared to previous periods [13] - The average contract value (ACV) of signings has doubled, indicating strong demand [13] - The cross-sell pipeline remains steady at approximately 15%, with ongoing efforts to expand into new markets, including Europe [13][14] Capital Market Technology - Nasdaq reported a 13% growth in capital market technology in Q3, driven by advancements in Gen AI across various business segments [15] - The company operates about 20 exchanges across the Nordics and the U.S., benefiting from new entrants in the digital space [19] Regulatory Technology (Reg Tech) - Nasdaq anticipates the implementation of smart regulation, which will provide clarity for clients and enhance the adoption of regulatory solutions [22][23] - The company has a strong international presence with coverage in 55 countries and 110 regulators, making it difficult for competitors to replicate [23] Data Business - Nasdaq's data business is divided into regulated data and proprietary data, with significant growth in both areas [36][37] - The company is expanding its data offerings to include local stocks from the Nordics and alpha-generating datasets for hedge funds [37][38] Tokenized Securities - Nasdaq has proposed a framework for tokenized securities that aims to enhance liquidity while maintaining investor protections [39][40] - The proposal allows for settlement options in both traditional and tokenized forms, potentially improving efficiency in capital markets [40] Cost Synergies and Expense Management - Nasdaq has exceeded its synergy guidance, achieving approximately $150 million in cost efficiencies year-to-date [41] - The company is focused on maintaining a balance between expense growth and revenue growth, with a specific emphasis on leveraging Gen AI for operational efficiencies [42] Capital Allocation Strategy - Nasdaq is prioritizing organic growth and maintaining a progressive dividend policy while considering share repurchases and debt management [45][46] - The company remains open to potential bolt-on acquisitions but emphasizes organic investments as the primary focus [46] Additional Insights - Nasdaq's brand recognition as a top global brand enhances its listings franchise, contributing to its market position [28][29] - The index business has grown significantly, with an increase in assets under management (AUM) from $100 billion in 2017 to $800 billion [30][32] This summary encapsulates the key points discussed during the Nasdaq conference call, highlighting the company's strategic focus on technology, growth, and market positioning.

Summary of Mastercard's Conference Call Company Overview - **Company**: Mastercard - **CFO**: Sachin Mehra - **Industry**: FinTech, Payment Processing Key Points Macro Environment and Consumer Spending - Mastercard continues to observe healthy trends in consumer and business spending, with key metrics showing consistent growth [3][4] - Consumer spending remains robust across affluent and mass demographics, with no significant signs of weakness in lower-end demographics [4][5] - The company is closely monitoring geopolitical and macroeconomic factors but remains optimistic about current trends [4] Agentic Commerce and Agent Pay - Mastercard is actively involved in agentic commerce, launching Agent Pay to facilitate transactions where consumers delegate authority to agents [6][7] - The strategy focuses on establishing trust within the ecosystem, ensuring secure transactions for consumers and legitimacy for merchants [8][9] - Agent Pay is already operational with select issuers in the U.S., with plans for a broader rollout by 2026 [10] - The potential for increased transaction volume is highlighted, as agentic payments may lead to multiple transactions instead of a single one, benefiting Mastercard's revenue model [12][13] Stablecoins - Mastercard views stablecoins as an incremental opportunity, engaging in both on-ramp (purchasing stablecoins) and off-ramp (using stablecoins for transactions) activities [16][17] - The company reported a 25% year-over-year growth in on-ramp volumes for Q3 [17] - Mastercard is also enabling stablecoin settlements through its Mastercard Move service, anticipating increased demand for interoperability among various stablecoins [18] Capital One Partnership and Financial Impact - The conversion of the Capital One debit portfolio to Discover is ongoing, expected to continue into early next year [20][21] - The revenue impact from this transition is anticipated to be manageable, with contractual obligations providing partial offsets through 2026 [22][26] - The company maintains a diversified portfolio and continues to engage with multiple issuers [20][23] Consumer Payments Opportunities - Mastercard sees significant opportunities in converting cash and checks to electronic payments, particularly in markets with high cash usage [31][34] - The company is focused on increasing transaction volumes and optimizing existing portfolios to drive growth [35][36] - Tokenization adoption is progressing, with approximately 35% of transactions being tokenized, leading to improved approval rates [37][38] Commercial Business Strategy - The addressable market for commercial payments is estimated at $80 trillion, with significant room for growth in both point-of-sale and invoice payments [43][44] - Mastercard is focusing on small business solutions and virtual card capabilities to tap into this market [45][48] Value-Added Services (VAS) - VAS now represents about 40% of Mastercard's revenue and is a key growth area [49] - The growth algorithm for VAS includes deeper penetration of existing solutions and the introduction of new services [51] - The acquisition of Recorded Future enhances Mastercard's capabilities in threat intelligence, expanding its addressable market [64][65] Risks and Opportunities - Key risks include rapid technological changes and regulatory challenges, which Mastercard aims to address proactively [67][68] - The company remains focused on its three growth pillars: consumer payments, commercial payments, and value-added services, with a commitment to capital allocation for growth [68] Additional Insights - The recent settlement agreement with U.S. merchants aims to lower acceptance costs and provide greater flexibility in card acceptance [55][56] - Mastercard's capital allocation strategy emphasizes maintaining a strong balance sheet while pursuing growth through organic means and acquisitions [59][60]