Changpeng Zhao

This isn’t just another stablecoin initiative. Ant International wants to rewrite the rules by embedding stablecoins into the global financial infrastructure instead of just floating them on crypto markets. 𝗪𝗵𝗮𝘁 𝘄𝗮𝘀 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗱? At Reuters NEXT APAC 2025, Ant International said it’s exploring stablecoin licenses - but not to list tokens on exchanges. Ant is introducing a new paradigm that treats stablecoins as programmable infrastructure for payments and treasury, meaning that they can execute logic: trigger payments, convert currencies, or enforce rules automatically. Examples: - Instant FX: Stablecoins can convert currencies during transactions, cutting out intermediaries and reducing costs. - Conditional payments: Smart contracts release funds only when terms are met (e.g. on delivery). - Real-time liquidity: Stablecoin balances can move instantly across markets to optimize capital. - Embedded compliance: KYC and transaction rules are coded into the token - reducing manual steps and risk. 𝗛𝗼𝘄 𝗶𝘀 𝘁𝗵𝗶𝘀 𝗰𝗵𝗮𝗻𝗴𝗶𝗻𝗴 𝘁𝗵𝗲 𝗴𝗮𝗺𝗲? Most stablecoins today are crypto-native: - Built for trading and DeFi - Monetized through interest on reserves - Often operate in lightly regulated environments Ant’s approach flips that: - Built for regulated global commerce - Focused on payments, liquidity, and treasury - Monetized through real transaction flows, not passive float - Integrated into enterprise-scale financial infrastructure   𝗪𝗵𝘆 𝗱𝗼𝗲𝘀 𝗶𝘁 𝗺𝗮𝗸𝗲 𝘀𝗲𝗻𝘀𝗲? - Ant processes over $1 trillion in global payments annually, with a third already moving on blockchain via tokenized bank deposits. - It’s taking a licensing-first approach, working with regulators to align with financial frameworks. - Through existing payment corridors, Ant connects with hundreds of banks, wallets, and providers across Asia and beyond - enabling immediate reach for stablecoin services. - Ant owns the payment stack, so it can embed stablecoins natively into how money moves - not just layer them on top. - Ant sees stablecoins as infrastructure for automating how money moves globally - cutting out batch processes, unlocking 24/7 liquidity, and reducing reliance on legacy rails. 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗶𝗺𝗽𝗮𝗰𝘁: - From passive store-of-value instruments to active tools for automating payments, FX, and liquidity - From interest-based models to revenue from real transaction activity - From isolated pilots to full integration in enterprise infrastructure Ant’s model is a blueprint for how large fintechs can enter the space - not by replicating crypto strategies, but by integrating stablecoins into high-scale financial operations. Opinions: my own 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐭𝐨 𝐦𝐲 𝐧𝐞𝐰𝐬𝐥𝐞𝐭𝐭𝐞𝐫: https://lnkd.in/dkqhnxdg

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Samara Alpha Management, an institutional-grade digital asset manager, today released an update on the BTC+ Fund, a bitcoin-denominated diversified fund-of-funds that has been operating since July 2023. The Fund follows a market-neutral mandate, aiming to generate incremental returns in BTC terms while seeking to limit exposure to broad market direction. The BTC+ Fund invests across a range of arbitrage and relative value strategies, including global market making, statistical arbitrage, DeFi/CeFi yield opportunities, and multi-strategy overlays. As of June 30, 2025, the Fund reported a Sortino ratio above 4.0, with monthly drawdowns since inception contained to approximately 50 basis points. These results are consistent with the fund’s diversified and risk-managed framework. For BitcoinTreasuries.net companies, the Fund illustrates one potential approach to treasury management. Instead of holding bitcoin purely as a reserve, treasuries may consider strategies designed to generate additional BTC yield. Such outcomes depend on market conditions and risks, but they highlight how capital efficiency is becoming an important consideration for balance sheet deployment. “Corporate treasuries are beginning to recognize that holding digital assets is only the first step,” said Wilfred Daye, CEO of Samara Alpha Management. “The next phase is about capital efficiency — how holdings are deployed, and whether they can generate incremental yield without adding undue risk. The BTC+ Fund was designed with that objective in mind.” Samara Alpha has received third-party recognition, including Digital Asset Manager of the Year by FDI Insider and a shortlisting for Hedgeweek’s 2025 Global Digital Asset Manager of the Year Awards. While such recognition is not indicative of future results, it reflects growing industry awareness of Samara Alpha’s work in the digital asset space. Important Disclosures: The BTC+ Fund is offered under a 3(c)(7) exemption and is available only to qualified purchasers with a minimum investment of 1 BTC. Investments involve significant risks, including volatility, liquidity constraints, regulatory uncertainty, and potential loss of principal. Past performance is not indicative of future results. Any investment decision should be made only after reviewing the Fund’s private placement memorandum. #bitcoin Sylvanus Technologies Blockstone Capital #digitalassets

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Stablecoins deliver near instant settlement and offer obvious utility across three verticals: payments, trading and collateral. The collateral use case is under discussed--especially for derivatives. Variation margin (VM) is "cash" collateral that moves throughout the system daily to reflect mark to market and balance risk. Losers pay the winners. The size of these cashflows can be humungous--depending on market conditions. But, traditional collateral calls and batches are slow and clunky--exposing intermediaries to unsecured risk. Sometimes, it takes days to settle VM. Weekend stresses are particularly scary--as crypto markets rebalance, traditional markets wait. If not immediately addressed, this basis will likely cause the next systemic stress. So today, more collateral must be locked up as initial margin. This reduces capital efficiency. Now that we have regulated stablecoins coming into the system, it's time for the U.S. Commodity Futures Trading Commission to start thinking about allowing fully backed stablecoins to serve as variation margin. This is an important step in closing the gap. Done right, swifter VM settlement/risk rebalancing will reduce systemic risk and enhance capital efficiency. Critics will worry about "depeg" risk. GENIUS should mitigate some of this risk. But as long as we have fractional banking, and uninsured deposits sit at banks-- this risk remains. So, what's the solution? Create a special class of stablecoins that are not exposed to bank counterparty risk? Further regulate banks to mitigate bank counterparty risk for stablecoin reserves? I'm eager for thoughts here.

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Honoured to contribute to Citi’s latest GPS report — “Stablecoins 2030: Web3 to Wall Street” — exploring how digital money is moving from crypto markets to global finance. 📄 Read the full report here: https://lnkd.in/deGWB2Sq The report captures the acceleration of institutional blockchain adoption — stablecoins as the catalyst for finance’s “ChatGPT moment.” Key insights from Citi Global Insights: 💰 $1.9T base case – Stablecoin supply could reach $1.9T by 2030 (bull case: $4T) ⚡ $100T+ transaction value – At 50x velocity, stablecoins could rival global banking payment volumes 🏦 Bank tokens rising – $100–140T in tokenized deposit volumes by 2030 🤝 Co-existence over competition – Stablecoins, tokenized deposits, and CBDCs will all thrive together 🌍 Global hubs – USD dominance continues, while Hong Kong and the UAE emerge as key innovation centres 🧩 Interoperability is key – The future depends on shared standards and unified redemption networks As the report notes, the next decade won’t be a zero-sum race between formats — it will be about building interoperable, trusted, and programmable money that connects Web3 to Wall Street. Grateful to the Citi team, Ronit Ghose, and fellow contributors for driving this important dialogue on the future of money. #Stablecoins #DigitalAssets #FutureOfMoney #InstitutionalBlockchain #Tokenization #OnChainFinance #CitiGPS #DigitalFinance Fuze MENA FINTECH ASSOCIATION Claude Stéphanie Ngningha tZero Payments

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🚨 Breaking: IG Group Buys Australian Crypto Exchange for £87 Million 🚨 IG Group (LSE: IGG), the London-listed broker with over £2.9 billion in client assets and over 400,000 active clients, has announced the acquisition of Independent Reserve, a regulated Australian crypto exchange with 129,400 funded accounts and A$1.7 billion in assets under custody. The deal, valued at A$178 million (£87m) or 5x FY25 revenues, marks a bold step in IG’s crypto strategy, expanding its footprint across Asia-Pacific and the Middle East. Independent Reserve will continue to operate under its existing leadership, retaining a 30% ownership stake, with IG holding an option to acquire the remainder based on future performance. 🔑 Why this matters: ETFs & Retail Investing: IG has been expanding its multi-asset platform, offering ETFs, shares, FX, and now crypto, aiming to become a one-stop shop for retail and institutional investors. Crypto Growth: Independent Reserve generated A$35.3m in FY25 revenues, nearly doubling year-on-year, and serves an average of 116,000 monthly active customers. Strategic Expansion: The acquisition follows IG’s earlier £160m purchase of Freetrade (UK commission-free trading platform), strengthening its position in equities and ETF trading for younger investors. 🌍 With ETFs continuing to attract record inflows in Europe and the U.S., IG’s dual focus on low-cost ETF investing and regulated crypto trading positions it at the heart of the next wave of digital and traditional finance convergence. 📊 The transaction is subject to regulatory approvals from MAS (Singapore) and FIRB (Australia), with closing expected in early 2026. #IGGroup #ETFs #Crypto #DigitalAssets #RetailInvesting #Fintech #MergersAndAcquisitions #WealthTech #ARKInvest

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Breaking: Kraken enters prop trading Prop trading has been one of the most discussed models in recent years, attracting traders globally with the promise of funded accounts and risk-sharing structures. Kraken has become the first crypto exchange to step into prop trading, acquiring Breakout Prop Trader. This development is notable for several reasons: 🔹 Convergence of markets – By introducing funded accounts into the crypto ecosystem, Kraken is blending two worlds that have traditionally operated separately: proprietary trading firms and crypto exchanges. 🔹 Trader empowerment – For many, this lowers barriers to entry, giving traders direct access to capital without committing large amounts of their own funds. For retail traders, it can be both an opportunity and a challenge: access to professional-grade resources is attractive, but it also introduces higher expectations, discipline, and risk management requirements. 🔹 Competitive positioning – As exchanges diversify, this move might push others to consider similar strategies, either through partnerships or in-house models. 🔹 Regulatory considerations – Prop trading in traditional markets has long been under regulators’ watch. Bringing it into crypto raises questions about oversight, accountability, and risk management. The big picture: this could mark the beginning of a structural shift in how trading opportunities are offered within crypto. If successful, Kraken’s move may inspire others — or at least force them to rethink how they engage their trading communities. 👉 Is this the start of a broader trend, or a unique experiment that only a few players can pull off? https://lnkd.in/d5-atWV4

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Particula has upgraded the rating* of the Delta Wellington Ultra Short Treasury On-Chain Fund ($ULTRA) token from AA+ to AAA as of September 14, 2025. 📊 The $ULTRA token represents interests in the Delta Wellington Ultra Short Treasury On-Chain Fund, a sub-fund established under Singapore law and structured to be bankruptcy‑remote within the Delta Master Trust. The upgrade reflects scaled institutional adoption and improved secondary-market access, enhanced distribution and execution infrastructure, as well as governance measures that collectively strengthen liquidity, transparency, and operational resilience. In parallel, the recent multi-chain deployment enhances the token’s accessibility and interoperability across the broader Decentralized Finance (DeFi) ecosystem. -- Personally said, it is interesting to observe how different product structures as well as the distribution channels are evolving and opening up in the digital asset market. If you want to read the whole rating action then follow the link in the comment section. 🔎 _______________________ *𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢𝘯𝘢𝘭𝘺𝘴𝘦𝘴 𝘳𝘦𝘭𝘢𝘵𝘦𝘥 𝘵𝘰 𝘤𝘳𝘺𝘱𝘵𝘰 𝘷𝘢𝘭𝘶𝘦𝘴, 𝘤𝘳𝘺𝘱𝘵𝘰 𝘵𝘰𝘬𝘦𝘯𝘴, 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘢𝘴𝘴𝘦𝘵𝘴 (“𝘋𝘪𝘨𝘪𝘵𝘢𝘭 𝘈𝘴𝘴𝘦𝘵𝘴“) 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘣𝘺 𝘗𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢 𝘎𝘮𝘣𝘏 (“𝘗𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢“) 𝘢𝘳𝘦 𝘦𝘹𝘤𝘭𝘶𝘴𝘪𝘷𝘦𝘭𝘺 𝘮𝘢𝘥𝘦 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘵𝘰 𝘦𝘯𝘵𝘳𝘦𝘱𝘳𝘦𝘯𝘦𝘶𝘳𝘴 𝘸𝘪𝘵𝘩𝘪𝘯 𝘵𝘩𝘦 𝘮𝘦𝘢𝘯𝘪𝘯𝘨 𝘰𝘧 § 14 𝘉𝘎𝘉 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘴𝘰𝘭𝘦𝘭𝘺 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴. 𝘛𝘩𝘦 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢𝘯𝘢𝘭𝘺𝘴𝘦𝘴 𝘥𝘰 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘢 𝘳𝘢𝘵𝘪𝘯𝘨 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵. 3 𝘱𝘢𝘳𝘢. 1 𝘭𝘪𝘵. 𝘢) 𝘰𝘧 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯 𝘌𝘎/1060/2009 (“𝘙𝘢𝘵𝘪𝘯𝘨 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯“). 𝘈 𝘤𝘳𝘦𝘥𝘪𝘵𝘸𝘰𝘳𝘵𝘩𝘪𝘯𝘦𝘴𝘴 𝘢𝘴𝘴𝘦𝘴𝘴𝘮𝘦𝘯𝘵 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵. 3 𝘱𝘢𝘳𝘢. 1 𝘭𝘪𝘵. 𝘢) 𝘰𝘧 𝘵𝘩𝘦 𝘙𝘢𝘵𝘪𝘯𝘨 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯, 𝘦𝘷𝘢𝘭𝘶𝘢𝘵𝘪𝘯𝘨 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘦𝘳’𝘴 𝘤𝘳𝘦𝘥𝘪𝘵𝘸𝘰𝘳𝘵𝘩𝘪𝘯𝘦𝘴𝘴, 𝘪𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘭𝘺 𝘯𝘰𝘵 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘯𝘢𝘭𝘺𝘴𝘪𝘴.

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Polygon zk L2 wins for Luxembourg: 8.7 out of 10 on our decision scorecard. Tokenisation in Luxembourg is moving fast. Choosing the right blockchain rail is not just technical-it is about balancing compliance, security, performance, and cost for our unique financial ecosystem. Here’s how the main contenders stack up: - Polygon zk L2: Top score (8.7/10) for low fees, speed, and Ethereum-grade security. It is now the main operational rail. - Ethereum L1: Still the gold standard for assurance, neutrality, and finality. Used for high-value anchoring and critical registries. - Solana: Ultra-fast and low cost, but higher operational risk and custody gaps. A good fit for selective, high-throughput workflows with strong controls. - Polygon PoS: Only for pilots or internal flows, with clear sidechain status. Why did Polygon zk L2 come out on top? → Strongest compliance and custody readiness in the EVM ecosystem (ERC-3643, MiCA-aligned EUR stablecoins). → Seconds-level finality with low fees after EIP-4844. → Broad institutional support-Fireblocks, Taurus, BitGo, Metaco already integrated. Solana offers unmatched speed and cost, but needs strict guardrails for Luxembourg use cases. Ethereum L1 remains the anchor for trust and regulatory needs. For Luxembourg: - Tokenised fund shares: Polygon zk L2 + Ethereum L1 anchoring. - Private placements: Ethereum L1 (registry) + Polygon zk L2 (operations). - Internal transfers: Polygon zk L2, Solana optional for sub-second user experience. The key is a tiered strategy: Pick the right chain for each job. Regulatory, security, and operational factors all matter. No single chain fits every need. But with Polygon zk L2 as the default, Luxembourg is ready to scale tokenisation-securely, efficiently, and in line with EU rules. Who else is exploring multi-chain strategies for regulated tokenisation? Let’s keep shaping the future. Tommaso Cervellati, MBA, CAIA Tobias Seidl Thomas Campione, CFA Mathieu Cottin Patrick Hennes Brice Vandevoorde Matthias Van Den Eede

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