Hey, it’s Marc,

For two years everyone’s asked the same stablecoin question: whose logo goes on the coin? Circle or Tether? Banks or fintechs?

Wrong question.

This week State Street and Fidelity answered the one that actually prints money: who manages the reserves behind the coin. State Street launched a money market fund built solely to hold stablecoin reserves. Fidelity opened one two days later. BlackRock, Goldman, and BNY are already there.

Here’s the tell: the GENIUS Act forces issuers to back tokens with T-bills and government money funds, and Citi says supply hits $1.9–4 trillion by 2030. The issuer’s name goes on the token. The asset manager keeps the carry on all of it.

Wall Street didn’t bet on a stablecoin. It bet on the float underneath every one of them. (Meanwhile, CME is suing the regulator that just opened the perps market — more below.)

Our highlights this week:

* State Street and Fidelity opened the reserve land grab

* CME is suing its own regulator

* Europe’s MiCA deadline could cut off millions

* Moody’s put credit ratings on Solana

* Franklin Templeton filed a dividends-into-Bitcoin ETF

* Morgan Stanley undercut every crypto ETF on fees

* Coinbase joined the tokenized stock race

* A Gulf dynasty is moving a $6T trade market on-chain

And 12+ more signals below.

Top Boardroom Reads

* Stablecoins 2030: Web3 to Wall Street (Citi Institute)

* Euro Stablecoins and Their Potential Effect on Sovereign Bond Markets (ECB Macroprudential Bulletin)

* Digital Assets: A strategic playbook for banks (BCG)

* Towards an Efficient and Integrated Digital Capital Market in Europe (ECB)

* Tokenized Finance (IMF)

* Effects of Stablecoin Yield Prohibition on Bank Lending (White House CEA)

* Stablecoin Payments: The Truth Behind the Numbers (BCG)

🚀 Build credibility. Drive pipeline. Win in digital assets. We produce institutional-grade research that positions you as the authority in your category, then distribute it to 100,000+ decision-makers who act on what we publish.

Wall Street found its stablecoin trade: managing the reserves

State Street Investment Management launched the State Street Stablecoin Reserves Money Market Fund, a GENIUS Act-aligned Rule 2a-7 government money market fund designed specifically to back stablecoin issuance. State Street Bank and Trust and Anchorage Digital are the initial investors. Two days earlier, Fidelity opened the Fidelity Reserves Digital Fund, which holds only US Treasuries maturing in 93 days or less, overnight repo, and government money market shares, at a 0.18% net expense ratio. Both products sit alongside GENIUS-aligned launches this year from BlackRock, Goldman Sachs, and BNY. [State Street] [CoinDesk]

Why it matters: We think this is the cleanest institutional trade in the entire space. The GENIUS Act forces issuers to back tokens with short-dated Treasuries and government money funds, so the asset manager holding those reserves gets paid on the float no matter whose logo is on the coin. State Street runs over $5 trillion; it doesn’t need to win the consumer war to win this one. Our read: the issuer is becoming the commodity, and the reserve manager is the toll booth on a market Citi sees hitting $1.9–4 trillion by 2030. The only real question left is how fast the fee compresses once five of the world’s largest managers fight over the same mandate.

CME is suing the regulator that just opened the perps market

What happened: CME Group, the world’s largest futures exchange operator, said it will sue the Commodity Futures Trading Commission over the agency’s approval of crypto perpetual futures. Outgoing CEO Terrence Duffy announced the suit on CNBC, arguing that perps, which carry no expiration date and can run up to 50-to-1 leverage, are swaps rather than futures under the Dodd-Frank Act, and therefore face a different clearing and trading-venue regime. [CNBC] [Bitcoin Magazine]

Why it matters: We don’t read this as a safety fight. It’s a turf fight. CME isn’t claiming perps are dangerous; it’s claiming they’re swaps, a jurisdictional weapon to keep a $20 billion franchise routed through its own pipes. We think the lawsuit is the most bullish signal of the week. (The same day, a Michigan judge ruled prediction wagers aren’t swaps, so the swap-versus-future line is about to be drawn across the whole market.)

Europe’s MiCA cliff arrives July 1, and Binance and Tether are exposed

Europe’s Markets in Crypto-Assets regulation hits its hard licensing deadline on July 1, and the industry is not ready. By one count, only 194 of more than 3,000 crypto firms operating in the EU have secured a license, and roughly 60% of European users still sit on unlicensed platforms. Binance’s passporting strategy ran through Greece, where regulators are reportedly preparing to reject its application, pushing the exchange to explore a France route instead. Tether, which has said it will not seek EU approval, has already seen USDT pulled or restricted for EU customers across Binance, Coinbase, Kraken, OKX, Bitstamp, and Crypto.com. Circle’s USDC, which is MiCA-compliant, is now the only major dollar stablecoin widely available on licensed EU venues. [CryptoSlate] [