🚨Coming Monday: BCG’s flagship report on the future of digital assets in banking. 68 pages, and probably the most important report on digital assets in banking this year. 51 got early access. Free download lands May 18. Reserve your copy below.

Hey, it’s Marc & the 51 team,

There is a lot happening in the United States. The CLARITY Act cleared the Senate Banking Committee on Thursday, 15-9.

But the real signal wasn’t the vote. It was the joint statement from six bank trade associations (ABA, BPI, Consumer Bankers, the Forum, ICBA, and NBA) saying they support the bill and just want the stablecoin yield rules tightened. The banking lobby isn’t fighting crypto regulation anymore. They’re negotiating the terms. Plus:

* Kevin Warsh is confirmed as the Fed Chair. He’s pro crypto.

* The CFTC is federalizing prediction markets through litigation. On May 12, it filed an amicus brief in the U.S. Court of Appeals for the Sixth Circuit in KalshiEx LLC v. Matthew T. Schuler, et al. (No. 26-3196). If the Sixth Circuit follows the Third, state gambling regulators lose authority over sports event contracts. [RELEASE]

These are our highlights this week:

* Moody’s just rated AAA a tokenized fund

* DTCC just rewired $25T of collateral

* BlackRock files to squeeze stablecoin yield

* Circle isn’t a stablecoin company anymore

* Schwab opens crypto to 39M accounts at 75bps

* Strategy ends ‘never sell’

And 15+ more signals. Let’s jump in 👇🌆

🚀 51 Insights and Proof of Talk are co-publishing the institutional digital assets report of 2026, launching at the Louvre, June 2 to 3.

Top Boardroom Reads

* Why “DeFi is dead” and what replaces it with Sidney Powell, CEO of Maple Finance (51)

* Collateral Infrastructure for Tokenized Capital Markets (DTCC)

* The impact of stablecoins on the international monetary and financial system (BIS)

* Digital Assets: Stablecoins in Regulated Finance (UOB)

* Stablecoins and the future of money: separating functions from instruments (ECB)

* State of Stablecoin & Crypto Payments 2026 (WalletConnect)

🚨 COMING MONDAY

BCG: “The Future of Digital Assets” - The most important report on digital assets in banking this year. We got early access.

Key insights:

* Tokenized real-world assets could hit $88T (16% of global investable assets) by 2035

* Stablecoins could plateau around $9T (15% of M2) absent monetary regime change

* The 7-page CEO summary covers the headlines. The full report covers Board, CRO, CTO, and ExCo views.

Free download. In partnership with BCG.

Top Signals This Week

Moody’s just rated an ERC-20

Moody’s gave a AAA-mf rating to an ERC-20 token. That’s the same grade it gives Goldman Sachs and JPMorgan’s money market funds.

The token is FILQ, a USD liquidity fund from Fidelity International, issued through Sygnum Bank’s Desygnate tokenization platform. It holds short-dated government securities, mirrors Fidelity’s Irish-domiciled $7B LVNAV money market fund, and starts with roughly $10M in on-chain AUM. It settles via smart contracts with 24/7 stablecoin-funded subscriptions. No CUSIPs, no transfer agents, no end-of-day NAV strikes. Restricted to non-US institutional investors. [Explore FILQ]

Why it matters:Moody’s is saying the blockchain wrapper doesn’t degrade sovereign debt quality. That’s the whole game. Capital allocators whose investment policies blocked “blockchain-native assets” can now point to a AAA-mf rating from the same agency that rates their existing Treasury MMFs. The institutional firewall just fell. And it sets the benchmark every other tokenized fund will be measured against.

🚨 The Friday newsletter only scratches the surface. A lot more is going on that we’ll tell you in our PRO briefings.

BlackRock files to squeeze stablecoin yield

The GENIUS Act prohibits stablecoin issuers from paying interest to holders. BlackRock just filed two products designed to capture exactly that yield.

On 8 May 2026, BlackRock filed two post-effective amendments with the SEC.

* Filing 1: BRSRV (BlackRock Daily Reinvestment Stablecoin Reserve Vehicle), a new fund holding cash, sub-93-day Treasuries, and overnight Treasury repos. Shares issued as “OnChain Shares“ through a permissioned system across multiple public blockchains. Securitize Transfer Agent LLC1 keeps the official ownership records. Off-chain identity systems link wallet addresses to verified investors. $3M minimum. The filing does not yet name the chains.

* Filing 2: An on-chain share class for the existing $7B BlackRock Select Treasury Based Liquidity Fund. BNY Mellon Investment Servicing acts as transfer agent, recording shareholders on Ethereum using the ERC-20 token standard 2. Off-chain KYC links wallets to investor records. This is the first time a public ETH share class has been bolted onto an existing BlackRock money-market product.

Both build on BUIDL, BlackRock’s first tokenized MMF launched in March 2024 with Securitize.

Why it matters: If stablecoin issuers can’t share yield with holders, the yield stays in the reserve pool. By law, that reserve pool has to sit in short-term Treasuries, repos, or 2a-7 money market funds. BRSRV is a 2a-7-aligned fund packaged for on-chain settlement — designed for institutional investors who want to move out of non-yield-bearing stablecoins into a regulated fund that pays daily yield. Context: Circle’s Reserve Fund (USDXX) manages ~$66B, with ~90% managed by BlackRock. BlackRock already runs the money. Now it’s offering the product that keeps the yield too.

DTCC just rewired $25T of collateral

On May 12, DTCC confirmed that its Collateral AppChain, first introduced at last year’s Great Collateral Experiment, is on track for production in Q4 2026. The platform is built as shared infrastructure: collateral providers, receivers, managers, triparty agents and custodians all work from one ledger rather than reconciling across systems that today run in silos. [RELEASE]

On May 13, 2026, they also released white paper with Finadium and modeled what happens when a single institution moves 25% of its book onto the platform: $1.9B in capital freed by year three, plus another $225M from capital relocation. [Whitepaper]

Be smart: DTCC is solving the two biggest bottlenecks in collateral management: the weekday-only settlement window and triparty silos. BNY, JPMorgan, Euroclear, and Cl...