Hey, it’s Marc & the 51 team

I’ve watched plenty of turf wars in this market. Never one like this.

Minnesota just made running a prediction market a felony. Punishable by five years in prison.

The same week, CFTC filed its proposed rule to govern prediction markets with the White House on Tuesday, and the same afternoon Donald Trump posted that the agency’s “exclusive authority over Prediction Markets” must be defended. Now, the Office of Management and Budget is reviewing the proposal.

All of this is happening a week after Minnesota became the first state to ban prediction markets outright (SF4760, effective August 1), with the CFTC suing within 24 hours to block enforcement. Meanwhile former CFTC and SEC Chair Gary Gensler told CNBC the agency may not even have authority under Dodd-Frank to regulate prediction markets, predicting the issue will ultimately be decided by the Supreme Court. [Read more on prediction markets]

Here’s what else moved this week:

* DTCC picked Stellar for tokenising securities

* SoFi launches its first stablecoin

* Coinbase added six new currencies to its institutional product

* Bitwise just undercut 21Shares by 165 bps

* Mastercard just cleared NYDFS

* VanEck’s $61M treasury token got a DeFi lending venue

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

🚨 SAVE YOUR SPOT: We’re running two live panels next week with BCG on what banks and asset managers should actually be doing about digital assets.

* Webinar 1: June 5, 10am EST, with Nadine Chakar (DTCC), Christian Schmid + Roy Choudhury (BCG). Inside the DTCC’s $100T tokenization buildout that goes live in October.

* Webinar 2: June 8, 12:30pm CET, with Kim Hochfeld (State Street), Christian Schmid + Roy Choudhury (BCG). What live tokenization actually looks like, from the team that just shipped SWEEP, a tokenized private liquidity fund.

30 min each, 10 min live Q&A.

Top Boardroom Reads

* Project Agorá: A shared programmable platform for wholesale cross-border payments (BIS)

* Stablecoin issuance is overrated, with Tony McLaughlin, Founder at Ubyx (51)

* Banking in tokenised economy (IBM)

* Beyond stablecoins: The emerging architecture of on-chain money (McKinsey)

* Accelerating AI Investment in Emerging Markets (IFC)

* Global Banking Annual Review 2026 (McKinsey)

Top Signals This Week

DTCC picked Stellar for tokenising securities

On May 27, 2026, DTCC announced that it will integrate DTC’s tokenization service with the Stellar network, with the initial scope covering Russell 1000 equities, major index ETFs, and U.S. Treasuries. The integration supports the full asset lifecycle, including corporate actions and reporting, rather than a wrapper or representation. Tokenized assets retain the same investor protections, entitlements, and safeguards as traditionally held securities. [RELEASE]

Why it matters: The chain selection is a signal. Stellar offers compliance-first protocol, native token primitives, and predictably lower operating costs. And, it is the only public blockchain that has run an SEC-registered tokenized money market fund (BENJI) continuously for five years. WisdomTree and Amundi are also running their funds on Stellar. It is not avoiding Ethereum or EVM compatibility as the DTCC AppChain is built on Hyperledger Besu. Hyperledger Besu is handling settlement infrastructure. The DTCC’s AppChain is not issuing assets, it is moving them, matching them, and settling them between institutions. While, for tokenizing which includes asset creation, Stellar’s native token primitives do this cleanly, without smart contract risk and without unpredictable costs. Surprising for us that DTCC didn’t select Canton for this, given their partnership.

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

SoFi becomes the first bank to offer a stablecoin on a public blockchain

On May 27, 2026, SoFi Technologies (NASDAQ: SOFI) made SoFiUSD available to retail members directly inside the SoFi app on Ethereum and Solana. The token is 1:1 redeemable for U.S. dollars from SoFi Bank, backed by liquid reserves on the bank’s balance sheet, and audited by an independent U.S.-licensed CPA. SoFi originally issued SoFiUSD in December 2025 to enterprise partners. Today’s announcement is the consumer rollout. [RELEASE]

Why it matters: Under the GENIUS Act, permitted payment stablecoin issuers cannot pay holders any form of interest or yield. Tokenized deposits sit outside that prohibition and qualify for FDIC insurance. Only a chartered bank can issue them and SoFi has the charter. In this process, SoFiUSD reserves remain at SoFi Bank. Also, SoFi has 14.7M banked customers and now it has become the first bank to offer a stablecoin on a public blockchain. The acquisition cost on each is zero.

Coinbase added six new currencies to its institutional product

Coinbase announced on 26 May that Standard Chartered will provide multi-currency banking rails for Coinbase Prime and Coinbase Exchange institutional clients. The integration adds new direct rails in Australian dollars, Singapore dollars, Canadian dollars and Swiss francs. Euros and pounds settle through G-SIB-backed infrastructure, Standard Chartered itself is a global systemically important bank designated by the Financial Stability Board. [