Adil Haris

Non-USD denominated stablecoins are still in their infancy, but the use cases are clear, argues Omid Scheybani, VP of Partnerships at Conduit The core challenge currently is a lack of liquidity, which is downstream from a lack of guidance on the regulatory side. Within 2-3 years' time these issues should be resolved, with local stablecoins in places Brazil and Mexico being the likely trailblazers followed by African markets like Nigeria and Kenya Catch my full interview with Omid at the Bitso Business Stablecoin Conference 2025 in Mexico City last month https://lnkd.in/dc3T3UsZ

35

3 Comments

𝗧𝗵𝗲 𝗙𝗼𝘂𝗿 𝗖𝗿𝗶𝘁𝗶𝗰𝗮𝗹 𝗚𝗮𝗽𝘀 Phase 2 platforms aren't just outdated, they're structurally incapable of solving four problems that matter to every adviser managing cryptoassets: 𝟭. 𝗠𝘂𝗹𝘁𝗶-𝗖𝘂𝘀𝘁𝗼𝗱𝗶𝗮𝗻 𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲 Your client holds assets across Coinbase, Gemini, a hardware wallet, and maybe some DeFi positions. Each platform uses different decimal precision, different transaction labels, different timestamp formats. No platform provides unified analytics across all of them. 𝟮. 𝗔𝗜 𝗚𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲 68% of RIAs lack AI policies. Meanwhile, advisers paste client data into ChatGPT daily. The SEC has imposed over $1.5 billion in fines for communication archiving failures. Shadow AI creates the same exposure with zero audit trail. 𝟯. 𝗥𝗲𝗮𝗹-𝗧𝗶𝗺𝗲 𝗧𝗮𝘅 𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲 IRS Form 1099-DA requirements begin in 2025: wallet-by-wallet cost basis tracking. Legacy platforms built for annual batch processing cannot retrofit this. The architecture doesn't exist. 𝟰. 𝗖𝗿𝘆𝗽𝘁𝗼-𝗡𝗮𝘁𝗶𝘃𝗲 𝗥𝗶𝘀𝗸 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 Sharpe ratios and standard deviation were designed for stocks and bonds. They fail to capture smart contract risk, exchange counterparty risk, or 24/7 volatility dynamics. Advisers have no framework for the question clients actually ask: "How much risk am I taking with this crypto position?" These aren't feature requests. They're architectural failures. #MakeItTurnqey #WealthManagement #FinTech #WealthTech #FinancialAdvisers #CryptoAdvisers Turnqey Labs, Inc. DM me 'white paper' for the full technical analysis.

7

2 Comments

Tokenizing assets shouldn’t be limited to institutions with multi-million dollar tickets. We built Brickken to give businesses of all sizes access to the tools, standards, and infrastructure they need to tokenize assets compliantly, transparently, and efficiently. Ray’s breakdown below captures the essence of our mission: from submitting EIP-7943 to champion technical interoperability, to ensuring our BKN token drives real platform utility — not hype. Appreciate the spotlight, Ray Buckton 👇 His full analysis is well worth the read.

22

Blockchain innovation in financial market infrastructure is accelerating. The SEC has issued new guidance clarifying how federal securities laws apply to tokenized securities—traditional securities represented as crypto assets, with ownership records maintained on or through blockchain networks. The message is clear: tokenization changes the format, not the regulatory obligations. Issuers, intermediaries, and market participants should design tokenized models with existing securities law requirements firmly in mind. Worth a read for anyone operating at the intersection of capital markets, blockchain, and regulation: https://lnkd.in/egENsc5c #TokenizedSecurities #Blockchain #CapitalMarkets #DigitalAssets #FinTech #SecuritiesLaw #MarketStructure #Web3 #Innovation #SEC #Tokenization

155

3 Comments

Crypto growth has a measurement problem. Vanity metrics look great. They rarely scale. What actually works is conversion, attribution, and metrics you can run a business on. Spoke with CCN about how to measure what matters 👉 https://lnkd.in/eS-dEpUu

7

𝗣𝗼𝘀𝘁 𝟯 -- 𝗧𝗵𝗲 𝗣𝗶𝗽𝗲 𝗜𝘀 𝗔𝗹𝗿𝗲𝗮𝗱𝘆 𝗕𝘂𝗶𝗹𝘁 Between February 5 and March 5, 2026: DefiLlama launched a dedicated RWA tracking page. Apollo Global Management, Inc. committed to acquiring 𝟵% of Morpho's token supply. Blue Owl Capital permanently halted redemptions on a $𝟭.𝟲 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 fund. Fortune published the worst PIK data since tracking began. RWA.xyz published a step-by-step playbook for putting private credit into DeFi vaults. 𝗧𝗵𝗲 𝘀𝘁𝗿𝗲𝘀𝘀 𝗱𝗮𝘁𝗮 𝗮𝗻𝗱 𝘁𝗵𝗲 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗯𝘂𝗶𝗹𝗱𝗼𝘂𝘁 𝗵𝗮𝗽𝗽𝗲𝗻𝗲𝗱 𝘀𝗶𝗺𝘂𝗹𝘁𝗮𝗻𝗲𝗼𝘂𝘀𝗹𝘆. 𝗡𝗼𝘁 𝘀𝗲𝗾𝘂𝗲𝗻𝘁𝗶𝗮𝗹𝗹𝘆. The institutions experiencing the worst stress in their traditional funds are the same ones building the on-chain replacement. Apollo's BDC sales fell 𝟳𝟮% 𝘵𝘩𝘦 𝘴𝘢𝘮𝘦 𝘮𝘰𝘯𝘵𝘩 it committed to Morpho. Tokenized real-world assets on-chain reached $𝟮𝟱.𝟳 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 with 𝟲𝟱𝟯,𝟬𝟬𝟬 𝗵𝗼𝗹𝗱𝗲𝗿𝘀 as of March 1, 2026. Tokenized private credit alone went from $𝟰𝟵,𝟬𝟬𝟬 𝘁𝗼 $𝟮.𝟭 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 in fifteen months. The Fasanara Capital mF-ONE write-off already demonstrated the transmission mechanism: an off-chain valuation adjustment propagated directly into a DeFi vault's collateral base. What happens when a depositor runs 𝟮.𝟱𝘅 𝗹𝗲𝘃𝗲𝗿𝗮𝗴𝗲 on tokenized Apollo Global Management, Inc. credit and the underlying portfolio draws down 𝟭𝟬%? The levered position loses 𝟮𝟱%. The liquidation depends on oracle accuracy, market liquidity, and buyer availability. 𝗔𝗹𝗹 𝘁𝗵𝗿𝗲𝗲 𝗱𝗲𝗴𝗿𝗮𝗱𝗲 𝘂𝗻𝗱𝗲𝗿 𝗰𝗼𝗿𝗿𝗲𝗹𝗮𝘁𝗲𝗱 𝘀𝘁𝗿𝗲𝘀𝘀. The infrastructure connecting stressed private credit, tokenization rails, and on-chain depositors is not being built. 𝗜𝘁 𝗶𝘀 𝗮𝗹𝗿𝗲𝗮𝗱𝘆 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹. The question nobody is asking: 𝘄𝗵𝗼 𝗯𝗲𝗮𝗿𝘀 𝘁𝗵𝗲 𝗹𝗼𝘀𝘀 𝘄𝗵𝗲𝗻 𝗶𝘁 𝗿𝗲𝗽𝗿𝗶𝗰𝗲𝘀 𝗮𝘁 𝘀𝗰𝗮𝗹𝗲? I wrote 68 footnotes to ask that question properly. The full paper will be on Mirror later this week. The summary is here. https://lnkd.in/g8TZqsBs

Delaware Advances State-Level Stablecoin Regulation Delaware is positioning itself at the forefront of digital finance with the introduction of the Delaware Payment Stablecoin Act (Senate Bill 19) alongside the Delaware Banking Modernization Act (Senate Bill 16). Aiming to establish one of the nation’s first comprehensive state-level licensing frameworks for stablecoin issuers, this legislative package strategically aligns state operations with the federal GENIUS Act. Key provisions of the proposed regulatory framework include: ✅ Reserve Mandates: Strict 1:1 reserve requirements backed by high-quality liquid assets (e.g., USD and short-term Treasurys). ✅ Transparency: Mandatory monthly audits and independent disclosures to ensure verifiable asset backing. ✅ Compliance: Rigorous Anti-Money Laundering (AML) and KYC standards, mirroring traditional financial institutions. ✅ Operational Safeguards: A minimum capital requirement of $5 million and mandatory redemption rights within two business days. ✅ Yield Prohibition: Explicit bans on offering interest or rewards simply for holding a stablecoin, clearly separating payment instruments from deposit products. By modernizing its financial statutes, Delaware is not only prioritizing consumer protection but also making a calculated play to attract and retain top-tier digital asset service providers. This proactive legislation mirrors the state's historical success in establishing itself as a hub for credit card institutions decades ago. Regulatory clarity remains the essential catalyst for institutional adoption. Delaware's decisive framework signals a rapidly maturing landscape for digital assets in the United States. #Fintech #DigitalAssets #Stablecoins #FinancialRegulation #Delaware #CryptoCompliance #Blockchain #BankingModernization #Innovation

8

🚀 The $400T question: Who’s going to lead the onchain asset wave? From stablecoins to tokenized treasuries, trillions in real-world assets are already moving onchain, and the pace is only picking up. Industry estimates put over $400 trillion in traditional assets on a path to blockchain rails. This isn’t another crypto storyline. It’s a full rewiring of how value is issued, settled, and accessed globally. To navigate it, we need more than hype, we need hard data and clear market signals. That’s why at Dune, we’re partnering with RWA.xyz to release The State of RWA Report 2025, debuting at RWA Summit this September in Brooklyn. Inside: 📊 Onchain adoption metrics that matter 🏆 The projects and players defining the space 🎤 Insights from leaders building the future If you work in finance, crypto, or policy, this is one to bookmark. 💬 What’s the RWA opportunity you’re watching most closely? 🔗 rwasummit.io/brooklyn-2025

4

One product, two markets.... Stablecoins are being pulled in two directions as institutional teams want settlement speed and liquidity control and retail users still need trust, utility, and simple on and off ramps. When one product tries to serve both, the roadmap gets confused. You either build for compliance and treasury flows, or you build for consumer habit change. They are not the same job, and they do not need the same messaging or commercial model. Many teams are attempting to launch both at once, which usually means neither is great. The institutional roadmap gets slowed by consumer UX debates, and the retail roadmap gets slowed by governance requirements. I do not see enough clarity on this split. If you had to choose one market to win first, which would you pick, and why? #stablecoins #payments #fintech

3

It was a pleasure to be a guest on the Bitcoin, Fiat & Rock'n'Roll podcast recently to discuss all things crypto banking and share a snapshot into life at AMINA Bank. Dr. Michael R. Blaschke and I offer our takes on how specialized three-layer architecture actually bridges traditional finance and blockchain. We dive deep into the design principles that enable 24/7 operations while maintaining zero defaults over five years. The conversation reveals why most banks still can't handle simple USDC payments. The architecture discussion gets specific. We walk through real payment flows. We analyze the translation layer that converts bank instructions into blockchain transactions. And we explore how modular components like stablecoin rewards engines get plugged into existing systems. This is a must-listen for product and technology leaders, banking executives, and fintech architects building tomorrow's financial infrastructure! Listen via your usual podcast provider.👇 Bitcoin, Fiat & Rock'n'Roll with Alexander Bechtel, Dr. Michael R. Blaschke, Dr. Jonas Gross, Manuel Klein, and guest host Stefan Grasmann in collaboration with Zühlke Group. #cryptobanking #banking #crypto #stablecoins

56

4 Comments

I largely agree with Fred Wilson here that making the blockchain less central to the consumer experience and more "outcome based" (or call it "jobs to be done" if you want) is going to be essential to mainstream adoption. We're already seeing it with a number of companies doing payments and remittances. The user experience is quickly become, "I want to send X dollars in value to a person. I put in some identifier for that person (e.g., email, phone number, wallet address, handle, etc) and I send. Yes, I have to choose what asset I'm sending and (in a complete product) the recipient will automatically receive the asset they want to receive. In other words, if I want to send USDT on Solana and the recipient really wants USDC on Arb, that's what they should get. The plumbing needs to be invisible, but the meaningful choices stay with the people – that's part of the point of crypto and self-custody. Companies like zerohash, Paxos, Anchorage Digital and others are growing like mad and by providing the tools and (importantly) the regulatory licenses to automate that plumbing and allow other companies to focus on the products and user experience. https://lnkd.in/e8SG2NWJ

6

2 Comments

Clear guidance on tokenized stocks, a sharp distinction between true equity entitlement and third-party synthetics, and a reminder that tokenization doesn’t change the law — it changes the rails. Clarity like this is how real adoption happens. Less ambiguity, more trust, stronger markets. 👍 👍 👍

1

Atlanta's been known for heat, but this kind burns in teraflops. QumulusAI just secured a $500M non-recourse financing facility arranged by Permian Labs and powered by the USD.AI Protocol, a DeFi structure that lets them borrow #stablecoins against up to 70% of approved GPU deployments. Translation: this isn't another equity round. It's on-chain credit that doesn't dilute ownership, redefining what capital efficiency looks like in #AIinfrastructure. Founded in 2019 by Chris Bissell and Patrick Gahan, QumulusAI started with a simple idea, if AI's future runs on compute, then control the power, the hardware, and the latency that fuels it. Bissell, who once built e-commerce systems at The Home Depot and mined Bitcoin before it was cocktail talk, teamed up with Gahan, a former Lockheed Martin and Booz Allen engineer turned strategist who built and exited Seismic LLC. Together, they built a vertically integrated machine: #GPUcloud, power generation, and purpose-built Tier 3+ #data enters operating below a 1.1 PUE. That's efficiency most #hyperscalers only brag about in theory. Today, under CEO Mike Maniscalco, CTO Ryan DiRocco, and CMO Stephen Hunton, the company's hitting stride. With 550+ GPUs deployed across a 108MW power portfolio and 60MW of active capacity across GA, TX, and OK, QumulusAI is proving that performance isn't just about compute density, it's about design discipline. Backed by Chairman Steve Gertz and guided by advisor Conor Moore of Permian Labs, this crew's blending old-school infrastructure grit with new-school blockchain finance. What makes this $500M move more than just another number on the board is its timing. While most AI infrastructure players are chasing equity headlines, QumulusAI is tokenizing reality, literally. Their GPU Warehouse Receipt Token (GWRT) model with Permian Labs turns deployed GPUs into on-chain assets, collateralized and liquid within the USD.AI Protocol. It's compute as currency, built for an era where demand scales faster than supply chains. This capital infusion accelerates two new Tier 3+ U.S. Midwest data centers by mid-2026, sets the stage for European expansion, and fuels an automated GPU orchestration platform coming early next year. Enterprise AI teams in #finance, #biotech, and autonomous systems, and even the SMB devs running pay-as-you-go models, now get access to serious horsepower without the waitlist. In a market projected to top $6.7T by 2030, QumulusAI isn't just supplying infrastructure. They're shaping how it's financed, deployed, and owned. The message is clear: the future of AI won't just be trained on Qumulus, it'll be powered by it. #Startups #StartupFunding #VentureCapital #GrowthFunding #AI #GPU #Cloud #CloudComputing #DeFi #Infrastructure #AIInfra #Data #DataDriven #Technology #Innovation #TechEcosystem #StartupEcosystem If software engineering peace of mind is what you crave, Vention is your zen.

5

The Digital Identity Funnel: The structural bottleneck of programmable money. The biggest institutional adoption failure in Web3 wasn't technological or regulatory. It was an identity problem. Consider Aave, the decentralized finance giant managing over €26 billion. When they launched "Aave Arc" (a version designed exclusively for banks with KYC controls), the result was a massive flop: they barely captured €46,000. The capital was ready. The smart contracts were secure. But the centralized, manual verification process created a funnel that drove institutions away. Today, we are about to make the exact same mistake on a global scale: ► Stablecoins now move €30.6 trillion annually (double that of Visa). ► 137 countries are exploring CBDCs. ► The financial sector burns €46 billion every year on KYC/AML compliance. The value infrastructure already exists. Interoperable Digital Identity is the missing piece. The window to solve this closes between 2026 and 2028, exactly when frameworks like eIDAS 2.0, MiCA, and AMLR converge. If your team still views "identity" as a simple legal checkbox rather than strategic technological infrastructure, you aren't building bridges; you are accumulating technical debt. I leave you with the following document where I chronologically analyze what is happening in the digital assets sector and how to avoid getting trapped in this manual funnel. 👇 Sources / Deep Dive: ► ECB: "Stablecoins on the rise" - https://lnkd.in/evDuUiVE ► ECB: "Preparation phase of a digital euro: Closing report" - https://lnkd.in/ewteaMre ► Atlantic Council: CBDC Tracker - https://lnkd.in/e-ipWEQ6 #DigitalIdentity #Web3 #eIDAS2 #Stablecoins #CBDC #DigitalAssets #DigitalTransformation #Compliance

28

2 Comments