Stan Druckenmiller logged onto X Thursday to say he’s an investor in Trade[XYZ], the biggest market builder on Hyperliquid, as it partners with ICE to bring 24/7 perpetual futures to the U.S. 🤯

He posts about as often as Halley’s Comet drops by. The last confirmed sighting was April 2025, when he told the White House he didn’t support tariffs above 10%. And today, unless I’m reading it wrong, is his first post ever that wasn’t a reply.

That was enough to even catch Elon Musk noticing:

Under the deal, ICE - the NYSE’s parent - takes a strategic stake of undisclosed size and becomes the exclusive operator of Trade[XYZ]’s regulated markets. That means perps on stocks, indices, commodities, FX and crypto, routed through U.S. brokers. ICE CEO Jeff Sprecher calls them “additive to our futures markets, not a replacement for them.”

Trade[XYZ] claims more than $650 billion in volume in just over a year, and Americans were geofenced out of all of it.

$HYPE ( ▲ 10.53% ) jumped +19% to around $95, about 2.5% shy of September’s record. Nobody stateside is trading these perps yet, though. There’s no launch date, and the CFTC still has to sign off. 📆

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Talk about picking a day to make a boat load of announcements. And I believe if HYPE wasn’t the thing on everyone’s brain, then $XLM ( ▼ 5.78% ) may (or maybe not) have received a little bit of love, because they spammed today with a boat load of wins. 👍

And has XLM moved since all that? It’s sitting right where it opened, around 17 cents, and down 22% on the month. Stocktwits sentiment reads bearish. Message volume is normal. Nobody even bothered to show up and complain.

The kicker? ICE’s equity stake went into Trade.xyz, not Hyperliquid, and nobody has said whether HYPE has any job in the U.S. market. The market paid 19% for one deal still waiting on the CFTC and shrugged at seven that, for most part, ‘work’.

Let’s see what happens tonight and tomorrow. 📉

Metals.io launched xCu today, a token backed by physical copper. Until now, retail’s options were ETCs that track futures, or ETFs stuffed with mining stocks, which is like buying shares of the landlord when you wanted the apartment. 🪙

OR, holding you pennies. Pro tip: Any pre-1982 penny is 95% copper. So, for example, if you have a 1977 penny, you have 1 cent or 4.3 cents worth of copper.

And why should anyone care about copper? It’s the Kevin Bacon of metals. Everything you own is a couple of degrees from it. It’s in the wiring behind your walls, the phone in your hand, the pipes and the power grid. An EV uses 2.9 times as much as a gas car, and one big AI data center (no idea what is considered ‘big’ can swallow up to 50,000 tonnes.

Demand is forecast to grow 50% by 2040 (check that yourself though, telling a potential buyer that demand is high for a thing they’re selling is always suspect). New mines take 17-plus years to open, and exploration has gone cold, with 14 new deposits found in the last decade against 225 in the 23 years before that.

The market noticed. COMEX copper sits around $6.59 a pound, up 27% in a year and about 5% under its record. 📈

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Celo’s x402 facilitator added three more Ripio stablecoins (Mexican peso, Chilean peso and Peruvian sol) plus cNGN, the Nigerian naira coin, for 10 stablecoins across eight currencies. That means a bot working for someone in Lagos or Lima can pay in the money its owner earns, no FX detour. Celo.

Polygon’s Open Money Stack now runs on Solana, so a business can take a bank deposit, park it as stablecoins in a Solana account and send it back out to a bank without leaving Solana.. It also routes USDC, USDT and PYUSD between Solana, Polygon, TRON and the EVM chains. Polygon.

Deutsche Börse’s Clearstream got Luxembourg’s sign-off to act as a “Control Agent” under the country’s blockchain law, keeping the master record for tokenized fund shares. Asset managers can tokenize a single share class inside an existing fund instead of launching a new one, which is about as thrilling as fund admin gets. It goes live once the regulator finishes its paperwork, on a permissioned ledger nobody’s named yet. Clearstream.

Ondo’s Intelligent Portfoliosare live on Solana with seven types, three of them built on BlackRock strategies. One is called MAG7Xon. So original, much clever… Anyway, the Ethereum and BNB Chain versions pulled in more than $45 million in a few weeks, and Americans still can’t touch any of it. Ondo.

Franklin launched two Nasdaq ETFs, FBEQ and FIBT, that start out 95% U.S. stocks and 5% bitcoin, then funnel the stock dividends into more BTC. Fees are 9 and 19 basis points. It’s a DRIP plan for anyone who thinks grandpa’s dividend checks should’ve been stacking sats. Franklin Templeton.

1inch published an RWA explainer whose big reveal is that tokenizing something doesn’t make it liquid, and doesn’t make the custody, legal or credit risk disappear either. Fair point on a day when Clearstream, Ondo and Franklin all showed up with pressers. 1inch.

Uniswap Labs opened up TJAR (Token Jar), which collects an app’s fees in whatever tokens users pay with and converts them to the one token the app wants, with a searcher paying the app’s price and walking off with the jar. It already converted more than $15.3 million last month inside Uniswap’s own fee system, across seven chains. Robinhood is using it to collect USDC and USDG. Uniswap.

Curve launched StableSwap on Stellar, its first deployment outside the EVM world, rebuilt from scratch for Soroban with the same math under the hood. Anyone can spin up a pool, and FXSwap follows once its audit wraps. Maybe that’s Stellar’s medal, even if nobody in the crowd is clapping yet. Curve.

Sky Protocol’s net revenue rose 11.8% in Q3 to $37.2 million, and its sUSDS savings token more than doubled from a year ago to $4.5 billion. Galaxy put $100 million of sUSDS on its balance sheet and now takes it as collateral across a lending book that averages $1.4 billion. Sky.

SIP-6 would swap Sei’s consensus for Autobahn, where all 40 validators stream transactions in their own lanes instead of one validator building each block. Sei is targeting 200,000 transactions per second and finality under a quarter of a seconds. It’s still a proposal that has only run on internal testnets, so keep it in the right lane for now. Sei.

Mercado Bitcoin, with about 4.5 million clients across Latin America, now lets users buy, sell and move SUI, USDC and the USDsui stablecoin on Sui, and takes USDsui as loan collateral. The two are also kicking the tires on Hashi, Sui’s native bitcoin lending layer, for Mercado’s lending products. Brazil is collecting stablecoin rails like Pokémon cards. Sui.

Akash wants to shut down its own Cosmos chain and rebuild its compute marketplace on Solana, with AKT converting 1:1 through a portal that stays open for two years. Gas moves to SOL, which at current volume works out to about 0.075 SOL a day for the whole marketplace. Akash.

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