Using Fable and first time I’ve seen a proactive notification of an agent flagging and ignoring a prompt injection attack. Pretty cool!

Always enjoy learning about capital markets from the legend @wesarn_real

Few thoughts on OUSD - The 140 initial partners have a **massive** amount of distribution outside of crypto. (And that's 9,730 potential B2B stablecoin payment flows.) - OUSD brings together some of the largest payments companies and Tier 1 crypto exchanges, giving it best-in-class global on/off ramps from Day 1. On/off ramp support is make or break for making a stablecoin a viable payment rail. - Default shared economics create a much stronger incentive for traditional companies to upgrade their payments infrastructure to stablecoins. - None of this would be possible without GENIUS. Turns out regulatory clarity gives enterprises confidence to make long-term investments in new infrastructure.

1/ Today, more than 140 companies, most of which compete fiercely with one another, agreed to back the same stablecoin. The vehicle is @openstandard, a new and deliberately independent company launching Open USD, or OUSD, and positioning it not as anyone’s product but as neutral infrastructure for payments, trading and the internet economy.

🚨 BREAKING: 100 companies just backed Open USD, a dollar stablecoin run by a new independent company, Open Standard. Zach Abrams is interim CEO. Five-minute reaction (and personal views only.) The instinct is to count the logos when you see a lot of them. The design choices matter much more. - No mint or redemption fees by default - No arbitrary caps when you scale from $10k to $10m - Reserve yield shared by default (issuers used to keep it) This is clearly about scale, and going after the larger, industrial-grade payments volume. Open Standard runs like a financial market infrastructure. It remids me more of things like SWIFT, the card networks, the clearing houses. Owned broadly, governed by a board, a little "boring" on purpose. --- Credible neutrality is the whole game. One company's coin is a product. A coin a hundred competitors agree to share becomes a standard. The cap tables of SWIFT and the early clearing houses were the incumbents of their day in one room. This rhymes. Look at the breadth too. Banks, card networks, crypto natives, fintechs, big tech, on one coin. A global PSP, a community bank, an international long-tail player. Everyone finds an animal in the picture that looks like them. That breadth is the ultra significant bit. --- For stablecoins to get beyond their current use cases, we needed something that got rid of the penalties for scale (like mint burn fees) and could handle massive volume. Today's stablecoin use cases are a rounding error against what's coming. with ~$300B in circulation. SWIFT instructs an average of 5 to 6 trillions a day. The card networks settle trillions. Capital markets, QUADRILLIONS. The prize is moving those flows on-chain, 24/7, with the settlement guarantees regulated money actually needs. If you build payments, capital markets or treasury, this is the rails question of the decade. Read the design choices first. The logo wall is the easy story.

Introducing Open USD: a stablecoin built for the internet economy, designed by the businesses growing it. joinopenstandard.com/blog/in…

3/ I believe stablecoins are at an important inflection point and Open Standard can help move the global ecosystem forward enabling more innovation and deeper integrations into the existing financial system. joinopenstandard.com/blog/in…

2/ Open Standard is building around a few core principles. It will have collaborative governance and be operated by an independent company with a board made up of partner members, ensuring decisions about Open USD are made for the collective interest rather than a single member. The bulk of Open USD’s economics will be shared with the partners that drive adoption of it and it will be built for scale with no mint or burn fees or artificial limits on volume.

1/ Today, we announced Visa is joining Open Standard alongside Stripe, Coinbase, Mastercard, American Express, Blackrock, US Bank, BBVA, Standard Chartered and 100 initial partners with the mission of issuing Open USD, a shared stablecoin designed for the global financial system.

🚨 Ep. 89 of @TokenizedPod: Capital Markets Are Going Onchain @cuysheffield is joined by: 👉 @nlevine19, Partner, @a16z 👉 @wesarn_real, Co-Founder & Head of Network Strategy, @digitalasset 👉 @TFGolden, Head of Digital Assets, @BaillieGifford To discuss: 📈 Growth of tokenized stocks through crypto exchange models 🌐 Onshore versus offshore tokenized asset market bifurcation 🛠️ Increased utility of equities via securities lending 🤝 Democratizing prime brokerage services for retail users 🤖 Separating ownership from control in robo-advisory 🚀 Baillie Gifford launches UK native tokenized fund on Solana and Ethereum 🎯 Target customers for tokenized real world assets 💥 Intersection of tokenized assets and payment systems 🏦 Bank of England stablecoin holding limits and issuance guardrails *** Timestamps: 00:00 Introduction 4:26 Growth of tokenized stocks through crypto exchange models 5:33 Onshore versus offshore tokenized asset market bifurcation 7:25 Increased utility of equities via securities lending 12:35 Democratizing prime brokerage services for retail users 16:07 Separating ownership from control in robo-advisory 19:37 Baillie Gifford launches UK native tokenized fund on Solana and Ethereum 24:19 Target customers for tokenized real world assets 31:50 Intersection of tokenized assets and payment systems 34:31 Bank of England stablecoin holding limits and issuance guardrails *** 👉𝘚𝘦𝘢𝘳𝘤𝘩 '𝘛𝘰𝘬𝘦𝘯𝘪𝘻𝘦𝘥 𝘗𝘰𝘥𝘤𝘢𝘴𝘵' 𝘖𝘯 𝘠𝘰𝘶𝘛𝘶𝘣𝘦. 𝘈𝘱𝘱𝘭𝘦, 𝘚𝘱𝘰𝘵𝘪𝘧𝘺 𝘰𝘳 𝘢𝘯𝘺 𝘗𝘰𝘥𝘤𝘢𝘴𝘵 𝘗𝘭𝘢𝘺𝘦𝘳! 👈

Great read and taxonomy on the state of tokenized RWAs

Stablecoin-linked cards in hyper growth mode

Tokenized rewards let stablecoin cards go further than the world's biggest programs ever could. In the US, over 90% of credit card spend is on cards with rewards. So on day one, rewards bring stablecoin cards to parity with traditional programs. In the long run, tokenized points give smaller fintechs and neobanks real flexibility and customizability. Interoperability is the clearest example. Delta and Starbucks are two of the most sophisticated loyalty operators. Their partnership lets the two programs honor each other's rewards. Building it took a lengthy custom integration. With tokenized points, the same thing can be done with the flip of a switch. Further out, a single rewards currency could span an ecosystem of dozens of programs. Each program decides what its points are and what they can do, instead of inheriting a fixed menu. From @BasriRoss's appearance on @TokenizedPod with @sytaylor, @cuysheffield, and @centrifuge CLO Eli Cohen.

Love this! Incredibly impressed with @shollsman’s vision for agentic experiences across the African economy.

Great list for anyone looking to get up to speed on the emerging agentic payments ecosystem

🚨 Ep. 88 of @TokenizedPod: SpaceX IPO Broke Tokenized Stocks @sytaylor & @cuysheffield are joined by: 👉 Eli Cohen, Chief Legal Officer, @centrifuge 👉 @BasriRoss, Co-Founder, @uptop_xyz (acq by @raincards) To discuss: 🚀 Zelle launching ZelleUSD stablecoin and India expansion 🌐 Banks using stablecoins for cross border payments 🌎 Zelle competing with Revolut and Wise internationally 🛠️ Banks embedding FX services into stablecoin products 💳 Rain launches native loyalty for stablecoin card programs 💎 Using yield from stablecoins to fund card rewards ⛓️ Rain offers credit cards and on chain rewards modules ❌ Crypto exchanges cancel SpaceX pre IPO token orders 🧠 Different legal models for tokenized securities explained *** Timestamps: Introduction Zelle launching ZelleUSD stablecoin and India expansion Banks using stablecoins for cross border payments Zelle competing with Revolut and Wise internationally Banks embedding FX services into stablecoin products Rain launches native loyalty for stablecoin card programs Using yield from stablecoins to fund card rewards Rain offers credit cards and on chain rewards modules Crypto exchanges cancel SpaceX pre IPO token orders Different legal models for tokenized securities explained *** 👉𝘚𝘦𝘢𝘳𝘤𝘩 '𝘛𝘰𝘬𝘦𝘯𝘪𝘻𝘦𝘥 𝘗𝘰𝘥𝘤𝘢𝘴𝘵' 𝘖𝘯 𝘠𝘰𝘶𝘛𝘶𝘣𝘦. 𝘈𝘱𝘱𝘭𝘦, 𝘚𝘱𝘰𝘵𝘪𝘧𝘺 𝘰𝘳 𝘢𝘯𝘺 𝘗𝘰𝘥𝘤𝘢𝘴𝘵 𝘗𝘭𝘢𝘺𝘦𝘳! 👈

I went through @Delphi_Digital’s report on crypto neobanks, and there’s a lot in there. Here are the bits that stood out to me ↓ 1️⃣ Crypto card usage is growing fast Crypto card volume hit $9.8B cumulative, with 23.43M transactions and 1.6M addresses. May 2026 alone did $830M in monthly volume, roughly 16x growth in two years. And even that likely undercounts the market because exchange-issued cards like @Coinbase and @Gemini settle some activity internally, so it does not show up onchain. 2️⃣ The market is already concentrated There are 190 crypto neobanks now, but most volume still goes through a small group of players. This feels like one of those markets where everyone launches the same card, but only a few have a real edge. 3️⃣ @Visa is still the king here Visa handles roughly 96% of all onchain crypto card volume. Actually insane if I'm being honest. And even when the front-end looks crypto-native, most of the experience still runs through existing card rails. You tap the card, Apple Pay works, the merchant gets paid, and the crypto part mostly happens in the background. 4️⃣ The card is not the real upgrade This was the most important part for me. Because stablecoins make the payment stack more efficient behind the scenes. Instead of relying on slow settlement cycles, companies get a faster way to move, reconcile, and manage money globally. The user still gets a normal payment experience, but the backend gets cleaner. 5️⃣ Delphi splits crypto neobanks into 5 models → Full-stack issuers → Exchange-backed cards → Non-custodial DeFi-native cards → Stablecoin-native neobanks → Remittance-first cards I liked this framework because it makes it easier to tell which teams are building a real financial product, and which ones are mostly shipping another card with crypto branding. 6️⃣ The picks-and-shovels model looks strong Because full-stack issuers like @raincards sit closer to the card network layer, and they own more of the infra and capture economics across multiple card programs. I like this model because full-stack issuers do not need to be the crypto card everyone uses. They benefit when more wallets, exchanges, and apps want to launch cards of their own. 7️⃣ The real demand is in weak banking markets I don’t think the biggest use case is people in developed markets replacing Apple Pay or their normal credit card. Those already work fine. IMO, the stronger use case is in markets where traditional banking is expensive, unreliable, or hard to access, and that’s why @RedotPay stood out in the report to me. 8️⃣ Remittance-first cards feel more practical than “spend crypto” cards For companies like @Bitso, @Felixpago, and @get_aspora, the card is more like the last step. The real product is moving money across borders, giving people dollar access, and letting them spend locally after receiving funds. Felix Pago has already processed over $5B in cumulative volume for more than 1M users across South America, which says a lot about where demand is real. 9️⃣ DeFi-native cards are trying to make the wallet the bank account Products like @MetaMask, @phantom, @ether_fi, and @gnosispay are taking a different route. Instead of moving funds from wallet → exchange → bank → card, the idea is to spend from the wallet side. @ether_fi Cash is interesting here because users keep assets in an onchain vault and borrow against them for everyday spending. Still early, but I like the direction. 🔟 The endgame is probably convergence Stablecoins can win without every crypto company winning. @Visa, @Mastercard, @Stripe, and other incumbents are already moving toward stablecoin settlement, so I don’t think this ends with crypto replacing the entire card stack overnight. More likely, incumbents absorb parts of the backend upgrade, while a few crypto-native players survive by owning distribution, balances, or a very specific regional pain point. My read: A crypto card by itself is not that interesting anymore. The winners will be the ones people trust to hold, move, and spend their stablecoin balances.

Great conversation with @SteveMoraco who is one of the most creative builders on the forefront of agentic commerce

Love this product and excited to continue to grow our partnership with @Plasma as they pioneer stablecoin neo-banking

“You can feel the competition in Financial Services growing” - The amount of new entrants - How quickly they’re shipping features There is no other period in history where consumers have had this many choices in financial services @cuysheffield on the latest episode of Tokenized 🎙️ Listen to the latest episode on Tokenizedpod[dot]com