Viktor Prokopenya

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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Rebank Libeara Fintech Blueprint Multiliquid by Uniform Labs Tokenized Asset Coalition - Real World Assets - The Practitioner's Guide Source: https://lnkd.in/gXCFTVFP #rwa #tokenisation #digitalassets Credits: Will Beeson, CFA Mark G. 🔸Nick Cherney, CFA Sandy Kaul William Peck Alex Gluchowski Steven Goldfeder Aaron Gwak Lex Sokolin Bhaji Illuminati Kevin Miao Chris Yin Timm Reinsdorf Thomas Cowan Mark Greenberg Highlights: The future trajectory of tokenization will not be linear. Like every major financial innovation before it, adoption will be shaped by a mix of credibility, liquidity, regulation, and crisis. There are several plausible pathways, each with different implications for speed and scale. The first and most likely pathway is gradual but steady adoption. In this scenario, tokenization continues to expand through the safest and most liquid assets — Treasuries, money market funds, and stablecoins. Asset managers like BlackRock, Franklin Templeton, Fidelity, Wellington, WisdomTree and Janus Henderson broaden their offerings, DeFi protocols integrate RWAs more deeply, unlocking utility and new financial tools, and banks keep experimenting with permissioned networks. Adoption grows year by year, within the constraints of existing regulation and operational bottlenecks. A second pathway is accelerated adoption driven by convergence with stablecoins. Here, stablecoins are increasingly adopted in payments and other real economy use cases, and holders demand yield provided by tokenized Treasuries and other RWAs. Instead of holding USDC that earns no return, investors could hold a yieldbearing alternative or tokenized Treasury assets directly. The distinction between “stablecoins” and “tokenized Treasuries” would blur. If this convergence occurs, adoption could scale far more rapidly, reaching trillions of dollars by the end of the decade. A third pathway is disruptive adoption catalyzed by a new killer app, changing customer demands, or crisis. History shows that financial innovation often accelerates based on acute shifts, when new structures provide solutions unavailable in existing markets. Eurodollars grew explosively during periods of capital control and U.S. banking fragility. Money market funds surged in the 1970s when deposit interest rate caps limited savers’ options. ETFs got traction in response to valuable tax benefits. Tokenized assets could experience a similar breakout moment. Adoption in this pathway would be rapid and nonlinear.  All three pathways may unfold in sequence. A baseline of gradual adoption may give way to accelerated growth if stablecoins converge with RWAs, and market shifts may push adoption beyond forecasts. What matters is less the precise trajectory than the inevitability of eventual scale. Once tokenization proves resilient across cycles, the gravitational pull of efficiency, liquidity and new utility will draw in global capital

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Stablecoins are the new gold. Adoption is booming in Africa and globally. Had a productive conversation with Klaus Okunowski, Managing Director at C. Woermann Nigeria, about how stablecoins are solving big problems in the global market. Yellow Card - is not only tackling cross-border payment hurdles with their payment infrastructure but leading the charge in this space. #Stablecoins #Fintech #CrossBorderPayments #YellowCard

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Stablecoins are emerging as a new payment option and potential enabler of faster, cheaper, and more transparent value transfer. One example: They are helping unlock faster, global money transfer as a cross-border payment tool. ACI Worldwide has the payments infrastructure to support stablecoins and tokenized deposits as a new payment type -- enabling interoperability and clearing capabilities for financial institutions, merchants, and billers. We are continually developing our services to support new and emerging use cases for stablecoins. Ultimately, we view the increasing complexity in the global financial services ecosystem as an opportunity, and ACI Worldwide remains well-positioned to service alternative payment networks and methods, such as stablecoins, to meet evolving consumer demand. My colleague Philip Bruno shared more thoughts on stablecoins with Payments Dive.

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Stablecoins are emerging as the pipes of the new economy. They serve as the connective tissue between traditional finance and digital platforms. By enabling programmable, borderless, and efficient flows of money, stablecoins are starting to play in the digital economy the same role that SWIFT, ACH, SEPA play in today’s financial system. Stablecoins deliver clear benefits in cost and speed. Where traditional networks still charge 2–3% per transaction and settlements take days, stablecoin payments settle in seconds with near-zero fees. Cross-border payments no longer require the friction of correspondent banking. A critical enabler of this adoption has been regulatory clarity. In the U.S., the GENIUS Act of 2025 introduced strict but predictable guardrails, giving institutions the confidence to participate. In Europe, MiCA has provided a comprehensive framework, and in Asia and the Middle East, financial hubs like Singapore and the UAE are positioning themselves as stablecoin-friendly jurisdictions. For years, uncertainty held back progress; today, clarity is the catalyst. As a result, the roster of issuers has expanded dramatically. Crypto-native firms like Tether and Circle have been joined by banks such as Société Générale, Citi, JPMorgan, and Bank of America, each exploring proprietary issuance. Fintechs like Stripe and PayPal are embedding stablecoins into global payments, while retailers, including Amazon and Walmart, see them as a way to cut costs and build loyalty programs. Their footprint extends beyond payments, stablecoin issuers collectively hold more than $200 billion in U.S. Treasury bills, 2% of the entire Treasury market. Tether alone is the seventh-largest direct purchaser, comparable to sovereigns like South Korea and Germany, while Circle maintains over $26 billion with full transparency. What began as a tool for digital money is now funding the U.S. government itself. Looking ahead, stablecoins will clearly consolidate and standardize, becoming interoperable across issuers and platforms. They will integrate into mainstream finance. Hybrid models, such as tokenized deposits and CBDCs, will coexist with private stablecoins, while competition between banks, fintechs, and corporates will redefine who gets to “issue money” in the internet era. As of mid-2025, the stablecoin market capitalization stands at roughly $250–280 billion, with more than $27 trillion in payments volume processed in 2024, greater than Visa and Mastercard combined. Issuers are thriving: Tether earned more than $6 billion in profits last year, while Circle generated nearly $2 billion. Goldman Sachs projects U.S.-compliant stablecoins to grow at nearly 40% annually through 2027, while The Times forecasts a market surpassing $2 trillion by 2028. Stablecoins are not just one of the fastest-growing segments of global finance; they are becoming its backbone.

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DB & Nethermind - From Wallet to Chain This joint whitepaper by Nethermind and Deutsche Bank bridges blockchain’s decentralization ethos with the regulated industry’s need for clarity in addressing shared challenges including fraud, inefficiencies, and mistrust. Using Ethereum as a reference public chain, it examines how blockchain attributes can align with compliance, governance, and operational resilience standards expected in regulated financial markets. Ethereum’s core principles include decentralization and resistance to censorship, collusion, and dominance which are essential elements of its operational resilience in a trustless public environment. These approaches should be viewed as complementary to, rather than opposing, traditional regulatory goals like market integrity and governance. Both worlds ultimately aim to create healthy, vibrant markets that serve users effectively. While their methods differ, they share similar objectives and visions of fairness.

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#Blockchain | #Tokenization :  UK FCA doubles down on fund tokenisation — paving the way for a digital fund ecosystem. The UK’s financial regulator, the Financial Conduct Authority (FCA), just took a major step forward in its digital asset journey. Through its new consultation paper — “Progressing Fund Tokenisation (CP25/28)” — the FCA is outlining a clear regulatory roadmap for bringing tokenised funds into the mainstream. This builds on the FCA’s latest statement supporting tokenisation as a cornerstone of modern investment infrastructure, aligning the UK with other leading jurisdictions like Singapore (via Project Guardian) and the EU’s digital finance initiatives. Here’s what stands out 👇 🔹 Tokenisation moves from pilot to policy The FCA’s paper signals that tokenisation is no longer an “innovation sandbox” experiment — it’s becoming part of the UK’s regulated fund architecture. 🔹 New “Direct to Fund” (D2F) model for efficiency The FCA is also proposing a direct dealing model — where investors transact directly with the fund rather than through intermediaries. This could: Reduce settlement times, operational risk, and costs. Support transition to T+1 settlement by 2027. Make tokenised funds more interoperable with digital securities infrastructure. In essence, D2F could become the operational bridge between today’s traditional funds and tomorrow’s on-chain finance. The regulator wants to accelerate the adoption of tokenised authorised funds, building on the “Blueprint model” it approved in early 2025. This means fund managers can record ownership and transactions on distributed ledgers — potentially replacing legacy reconciliation systems and cutting costs. 🔹 Opening the door to #stablecoins and digital cash The FCA acknowledges that fully on-chain funds will need on-chain settlement assets — digital cash, tokenised deposits, or qualifying stablecoins. While algorithmic stablecoins are excluded, the FCA hints at sandbox pilots that could allow authorised funds to use regulated GBP- or USD-pegged stablecoins for settlement and gas fees. 🔹 Why this matters Fund tokenisation isn’t about crypto hype — it’s about digitising the plumbing of finance. It can make: A. Fund operations cheaper and faster. B. Access to private markets more inclusive. C. Portfolios more transparent and programmable. And perhaps most importantly, it signals that regulators and industry are finally rowing in the same direction — building the foundations for a Finternet where capital moves seamlessly, securely, and at the speed of code. This is a big step — it links the FCA’s tokenisation roadmap to the UK’s broader stablecoin regulatory regime, due in 2026. A Calastone study cited by the FCA estimates $135 billion in annual savings across the UK, EU, and US fund industries through full-scale tokenisation.

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Please read my new working paper on "Stablecoins – How will they impact financial centers?" In English: https://lnkd.in/e--6mKqZ In Chinese: https://lnkd.in/epiVxprK It contains data from a survey among the members of the World Alliance of International Financial Centers (WAIFC) on their expectations on the digital money landscape in 5-10 years: 1. We foresee a multipolar future in which there will be no clear winner among the three competitors: #CBDCs, #TokenizedDeposits, and regulated #Stablecoins. 2. CBDCs will become widespread, particularly in advanced and emerging economies. Wholesale CBDCs will likely see near-universal adoption among major central banks due to significant efficiency gains. Retail CBDCs will experience varied adoption, heavily dependent on design choices and public trust. 3. Regulated stablecoins are poised for massive growth if robust regulatory frameworks are implemented and enforced globally. 4. Tokenized deposits could become a significant force. They combine the trust of established banks with the efficiency of blockchain rails for settlements. 5. The future belongs not to a single form of digital money but to an integrated ecosystem where CBDCs, regulated stablecoins, tokenized deposits, and enhanced traditional systems interoperate seamlessly, driving efficiency, inclusion, and new economic opportunities on a global scale. Many thanks to the Asian Financial Corporation Association for publishing this article.

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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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