Digital Asset, the blockchain firm behind the Canton Network (CC), said Thursday that it has secured strategic investments from four major traditional financial players, as Wall Street's crypto embrace continues. The investors in this round were BNY, a financial services firm overseeing $57 trillion in client assets, exchange operator Nasdaq, financial intelligence firm S&P Global and iCapital, a fintech firm backed by BlackRock, Blackstone and JP Morgan. The company did not disclose the size of the inves ...

Financial Data and Key Metrics Changes - For Q4 2025, ending AUM reached $1.66 trillion, a 3.1% increase from the prior quarter, while average AUM increased by 4.4% to $1.63 trillion [31] - Adjusted operating revenues increased by 13.9% to $1.82 billion from the prior quarter, driven by elevated performance fees and higher average AUM [31] - Adjusted net income and adjusted diluted earnings per share increased by 35.7% and 36.7% from the prior quarter to $357.5 million and $0.67, respectively [32] Business Line Data and Key Metrics Changes - In public markets, over 50% of mutual funds, ETFs, and composites outperformed peers and benchmarks across all standard time periods, indicating improved investment performance [9] - Private markets saw fundraising of $22.9 billion, contributing to a total of $270 billion in alternative AUM, with expectations to increase fundraising to between $25 billion and $30 billion in fiscal 2026 [11] - The SMA business grew at a 21% compound annual rate since 2023, with AUM of $165 billion across more than 200 strategies [15] Market Data and Key Metrics Changes - Internationally, Franklin Templeton managed nearly $500 billion in assets, achieving $10.7 billion in positive long-term net flows in markets outside the U.S. [26] - Fixed income net inflows were $17.3 billion for the year, with positive net flows for seven consecutive quarters [28] - Alternatives and multi-asset generated $25.7 billion in net flows for the year, reflecting broad-based client demand [29] Company Strategy and Development Direction - The company is focused on deepening client partnerships, broadening investment capabilities, and strengthening its diversified model as part of a five-year plan [7] - Franklin Templeton aims to democratize private assets and expand its wealth management offerings, targeting to double Fiduciary's AUM by 2029 [20] - The company is investing in innovation, particularly in digital assets and AI, to redefine how investors access opportunities and improve operational efficiency [22] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the strong public equity gains and the overall constructive view of private markets, despite a complex geopolitical backdrop [24] - The company anticipates continued growth in alternatives, particularly in the retail market, driven by partnerships and innovative product offerings [13] - Management highlighted the importance of selectivity and discipline in navigating the current market dynamics, which present opportunities across public and private markets [25] Other Important Information - Franklin Templeton was named 2025 Asset Manager of the Year in the $500 billion-plus AUM category, reflecting its leadership in innovation and investment advisory solutions [7] - The company has integrated certain corporate functions to drive efficiency and enhance client service, particularly in response to challenges faced by Western Asset Management [29] - The firm is focused on capital management, returning $930 million to shareholders through dividends and share repurchases [36] Q&A Session Summary Question: Fundraising target for fiscal 2026 - The target is between $25 billion and $30 billion, with contributions expected from various funds including Lexington, Clarion, and Alcentra [43] Question: Expense guidance for 2026 - The company expects to achieve $200 million in cost savings for 2026, with a focus on maintaining or reducing total expenses compared to fiscal 2025 [44][46] Question: Infrastructure product pipeline - The company is building a fund around partnerships with DigitalBridge, Copenhagen Infrastructure Partners, and Actis to participate in infrastructure deals [48] Question: AI and tokenization opportunities - The company is leading in tokenization, offering unique features for money market funds and exploring new distribution capabilities through partnerships with exchanges like Binance [51][53] Question: Update on Lexington flagship fund - The target size for the Lexington flagship fund is about $25 billion, with expectations for the first close in the first half of 2026 [54]

Core Insights - WisdomTree and Chainlink launched a live net asset value (NAV) feed for the CRDT tokenized private credit fund on Ethereum, enhancing transparency and supporting on-chain financial markets [1][2][3] Group 1: NAV Feed and Integration - The NAV feed reports a value of $25.70 as of November 4, providing publicly auditable pricing through 16 independent oracle operators [1][2] - The integration utilizes Chainlink's DataLink Services for decentralized pricing data, ensuring automated NAV delivery with cryptographically-verifiable data on the Ethereum mainnet [2][6] Group 2: Fund Details - The CRDT fund, launched on September 12, tracks the Gapstow Private Credit and Alternative Income Index, which includes 35 alternative assets [3][4] - The fund requires a minimum investment of $25 and is available on Ethereum and Stellar blockchains [3] Group 3: Recent Developments - WisdomTree deployed 14 tokenized funds on Plume Network on October 30, with Galaxy investing $10 million into the WisdomTree Government Money Market Digital Fund [5] - OpenTrade and Nest are set to create yield vaults using WisdomTree tokenized funds, including CRDT, allowing users to earn returns on USDC balances [6] Group 4: Asset Management - Five Sigma, OpenTrade's asset manager, operates under the supervision of the UK Financial Conduct Authority and manages over $6 billion in assets [7]

Core Insights - Tether's US Treasury holdings have reached $135 billion, making it the 17th largest holder of American debt globally, surpassing South Korea [1][2][3] - Tether Gold's market cap has exceeded $2 billion, reflecting the company's strong position in tokenized real-world assets [1][8] Tether's Treasury Holdings - Tether's Treasury holdings have grown significantly, with a notable increase from $65 billion in Q1 2025 to $135 billion, positioning it just behind Brazil in global rankings [2][3] - By Q2 2025, Tether's total Treasury exposure surpassed $127 billion, consisting of $105.5 billion in direct holdings and $21.3 billion in indirect exposure [4] - The GENIUS Act, enacted in July 2025, mandates that most stablecoin reserves be held in low-risk assets like Treasuries, contributing to Tether's accumulation of US debt [4][5] Market Dynamics - The stablecoin market is projected to grow from $270 billion in 2025 to an estimated $2 trillion by 2028, driven by increased adoption among banks and Fortune 500 companies [5] - Tether's holdings now rival those of major economies, indicating the growing influence of stablecoin issuers in global liquidity [6][7] Tether Gold Performance - Tether Gold's market cap reached approximately $2.1 billion, backed by 375,572.297 fine troy ounces of gold, marking a significant increase from $1.44 billion at the end of Q3 2025 [8] - The price of gold surged to $3,858.96 per ounce on September 30, 2025, driven by inflation concerns and geopolitical risks, which has bolstered demand for tokenized gold [9]

Core Insights - A wave of consolidation is anticipated in the digital asset treasury (DAT) space, as market dynamics shift and competition intensifies [1][3][7] - The U.S. stablecoin market is expected to grow rapidly, potentially reaching $2 trillion by 2028 [7] - Regulatory frameworks in Europe and the U.S. are evolving but lack coordination, which could impact the digital asset landscape [5][6] Digital Asset Treasuries (DAT) - The DAT model, initially popularized by MicroStrategy, is evolving due to changing market conditions [3] - MicroStrategy's market value relative to its Bitcoin holdings has remained above one, indicating resilience despite market pullbacks [3] - Many new entrants in the DAT space have questionable net asset values (NAVs), leading to a predicted consolidation [4] Market Trends - Ether-based DATs may become more attractive than Bitcoin-focused ones due to the potential for staking yields [4] - The next significant growth wave in digital assets is expected to come from tokenized real-world assets [7] Regulatory Environment - Europe's Markets in Crypto-Assets (MiCA) framework is now in effect, while U.S. regulatory measures like the Genius Act and Clarity Act are still under development [6] - There is a call for regulatory consistency between major jurisdictions to better support the digital asset market [5][6]

Core Insights - Centrifuge is launching deRWA on the Stellar network, featuring two flagship funds: deJTRSY and deJAAA [1][2] - The launch is supported by a $20 million anchor investment, indicating strong institutional demand for yield-bearing real-world assets (RWAs) [2] - The integration of deRWA products into the Stellar ecosystem aims to enhance accessibility to yield-backed products, particularly in emerging markets [3][4] Group 1: Product Launch and Market Demand - The deRWA products are designed to provide transparent access to institutional-grade yields, bridging traditional finance and decentralized finance (DeFi) [2] - The Stellar network ranks second globally in tokenized treasuries, with a quarterly RWA payment volume of $4.2 billion [5] - BlackRock's BUIDL holds a 44% market share in tokenized treasury products, having grown by 372.8% to $2.5 billion in treasuries as of April 2025 [6] Group 2: Industry Trends and Support - The launch of deRWA signifies a shift from speculative crypto markets to sustainable, real-world asset-backed finance [8] - Industry leaders, including Denelle Dixon and Bhaji Illuminati, emphasize Centrifuge's reputation and the potential for new distribution channels in emerging markets [7]

Core Insights - Kraken has launched its "Perps" perpetuals trading product, enabling users to invest in cryptocurrency futures by predicting price movements without owning the actual assets [1][2] - The Perps product is available for over 300 assets, including Bitcoin, but the specific markets for rollout are not yet confirmed [2] - The launch of Perps follows the introduction of Kraken's xStocks service, which allows trading of tokenized real-world assets and is compliant with EU regulations [3] Strategic Context - The introduction of both Perps and xStocks is part of Kraken's broader strategy in anticipation of a potential IPO in 2026, with the company seeking $500 million in new funding [4] - Kraken had previously considered an IPO in 2021, but no further action was taken at that time [5] - The founder of Kraken, Jesse Powell, faced an FBI investigation in 2023, which concluded without any charges or evidence of wrongdoing [5]