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Hey, it’s Marc.

“Public blockchains are more transparent than any legacy financial system ever built... crypto could become the most powerful financial surveillance architecture ever invented.”

— Paul Atkins at SEC crypto task force roundtable

The real action this weeks are infrastructure updates: Coinbase, DTCC, SoFi, JP Morgan. The winners? Ethereum, Canton, and Solana.

On top of that, the OCC has approved five national trust bank charters for digital asset entities. Now, these entities will be reviewed under the same standards used for traditional banks.

Our highlights this week:

* JPMorgan launches its first tokenized MMF “MONY” on Ethereum

* Coinbase launches tokenization and stablecoin as-a-service

* SoFi becomes the first national bank to issue a public stablecoin

* DTCC picks Canton to tokenize U.S. Treasuries

* OCC grants federal bank charters to Circle, Ripple, and Fidelity

* Visa launches 24/7 USDC settlement for U.S. institutions

Let’s jump in 👇

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Top Boardroom Reads

* Why altcoins will be bigger than Bitcoin, with Yat Siu, Co-founder of Animoca Brands (51)

* Banks in the Age of Stablecoins (Fed)

* 17 things we’re excited about for crypto in 2026 (a16z)

* Stablecoins, Financial Stability, And Treasuries (S&P Global)

* Crypto Report Card: Scoring 2025’s Predictions (Pantera)

* The End Of Interchange (AVC)

Top Signals This Week

JPMorgan’s $100M “MONY” Move on Ethereum

JPMorgan just launched MONY, a $100M tokenized money-market fund live on the Ethereum mainnet. Powered by their Kinexys Digital Assets platform (formerly Onyx), the fund is seeded with JPM’s own capital and marks their most aggressive step into public DeFi rails to date. [NEWS] [ANALYSIS]

Why it matters: While BlackRock’s BUIDL fund ($1.8B) and Franklin Templeton’s BENJI led the way, JPM’s entry signals that the largest bank in the U.S. now views Ethereum as a legitimate settlement layer. But the real “innovation” isn’t the fund itself, it’s the funding mechanism. Investors can subscribe and redeem using USDC. By integrating Circle’s stablecoin into the plumbing of a major MMF, JPM is admitting that private bank coins can’t compete with the liquidity and reach of public stablecoins.

Our view: By treating public blockchains as settlement rails, JPM is commoditizing the infrastructure while maintaining the customer interface.

The First Nationally Chartered Stablecoin: SoFiUSD

SoFi Bank, N.A. (an OCC-regulated, FDIC-insured institution) officially launched SoFiUSD, a fully reserved stablecoin on the public Ethereum blockchain. Unlike JPMorgan’s “JPM Coin” which exists on a private ledger, SoFiUSD is permissionless, meaning it can interact with the broader DeFi ecosystem while maintaining “bank-grade” oversight. [NEWS]

Why it matters: By issuing a stablecoin from a national charter, SoFi eliminates the two biggest hurdles for institutional adoption: counterparty risk and regulatory ambiguity. Because SoFi holds its reserves directly at the Fed, it has zero liquidity or credit risk, something even USDC (Circle) and USDT (Tether) cannot claim as non-banks. This creates a “Triple-A” equivalent stablecoin that can move 24/7 with instant finality.

Our view: SoFi isn’t just launching a product; they are offering “Stablecoin-as-a-Service.” Through its technology arm, Galileo, SoFi can now…. (continue below)

Coinbase is no longer a crypto exchange

On December 17, 2025, Coinbase rolled out a coordinated set of upgrades aimed at becoming a full-spectrum financial platform, aka the “everything exchange”:

* Trading of major stocks & ETFs, 24/5. zero fees. Thousans more coming.

* Perpetual futures for stocks (outside of US). Massive for global liquidity. Coming early 2026.

* Prediction markets: together with Kalshi, Coinbase is turning the world’s events – elections, Fed rates, sports – into tradeable assets.

* Tokenization as-a-service

* Stablecoins as-a-service

…marking a clear move to bring traditional assets and payments onto a single, regulated digital stack. [RELEASE]

Why it matters: By using the Base blockchain as the settlement layer and USDC as the medium of exchange, they are bypassing legacy clearinghouses. This allows for cross-collateralization: you can now theoretically use your Nvidia stock to instantly hedge an election outcome or a sports contract.

Be smart: For a decade, Coinbase was a "leveraged bet" on crypto volatility; when trading slowed, revenue vanished. The “Everything Exchange” strategy breaks that dependency.

Our view: The most slept-on part of this? Stablecoin-as-a-Service. Coinbase is now (continue below)…

Crypto just became the banking system

The U.S. banking regulator OCC (Office of the Comptroller of the Currency) approved five crypto-focused firms to operate as national trust banks, pending final conditions. Two are brand new banks (