Yesterday’s pause and today’s selling can best be observed by looking at the monthly Ichimoku charts. 🗾

The monthly Tenkan-Sen at $0.2877 is proving to be a hard nut to crack, and it’s the technical level $ADA ( ▼ 5.58% ) is facing as resistance.

$BTC ( ▼ 2.04% ) is above the Tenkan-Sen - but the Kijun-Sen is acting as resistance. Let’s hope there’s a clear break in either direction because stuck in between those two levels would just be full of suck.

$ETH ( ▼ 2.6% )’s monthly Ichimoku chart is a poo poo sandwich. Ethereum opened this month just above the Tenkan-Sen, but below the bottom of the Cloud (Senkou Span B). And now it’s in the Cloud, which, thankfully, is thin. Also, even if ETH does breakout above the Cloud, the Kijun-Sen at $3,169 is right there to be a jerk.

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Tether released QVAC Genesis III on Wednesday, a 191-billion-token dataset built to make small AI models better at science and math. Nice work. Now look at who paid for it. 👇

Tether booked $1.5 billion in net operating profit last quarter, nearly all of it from interest on U.S. Treasuries and repo. That followed an estimated $13.7 billion in 2025. The math isn't complicated. You hand Tether dollars, you get USDT back, and earn nothing. Tether parks those dollars in T-bills and keeps every basis point of yield.

That's a carry trade. The counterparty is hundreds of millions of wallets that never ask for a cut.

And the proceeds go wherever Paolo points them. Sleep pods. Brain implants. A stake in Juventus. Humanoid robots. Now an AI research lab, with no outside fundraising required because the reserve portfolio prints the budget every quarter.

None of this is hidden. It's in the attestations. Still, the biggest stablecoin in crypto works like a money market fund that doesn't pay its depositors and spends the spread on hobbies.

Every Fed cut shaves a little off the hobby budget. 🪒

So this update popped up in one of last week’s News In Three Sentences sections, and I’m not quite sure why I pulled it up again today, but I had to do a double take because, well, you’ll see.

On the 16th, Anchorage Digital came out with a presser about adding support for $XTZ ( ▼ 5.96% )’s Etherlink. The list of tokenized assets looks kind of ‘meh’ at first glance:

Ya, tokenized uranium. That’s all. 🔚

$CRCL ( ▼ 3.03% ) switched on StableFX yesterday, a round-the-clock currency exchange desk running on its new Arc blockchain. 👍

Every day, $1.4 trillion in currency trades settles with zero protection if the other side fails to pay.

When two banks swap currencies, say USD for EUR, each side sends its half separately. Those payments move through different systems, in different time zones, on different clocks. So one bank can send its dollars in the morning and wait until afternoon for the euros to show up. If the other bank goes under in between, the money's gone.

Kind of an extreme example, but it happened. FX people call that Herstatt risk, named after a small German bank, Herstatt, regulators shut down in 1974.

Herstatt had already collected Deutsche marks from its trading partners. The dollars it owed them in New York never went out. Fifty-two years later, it's still the thing that keeps FX desks up at night.

The standard fix is PvP (my favorite kind of gaming, but this is not that) payment-versus-payment. Both halves settle at the same moment, or neither does. There's a bank-run system for this called CLS, but it only covers certain currencies and only works when banks are open. By Circle's count, just 36% of measured FX obligations settled that way in April 2025.

StableFX puts both currencies on-chain as stablecoins, and a smart contract holds both halves until each side has paid in. Nobody delivers first. Nobody sits there refreshing a wire confirmation. 👍

Written by yours truly. Super data heavy. Right up your alley. 👀

It’s once a week, on Mondays. Let me know what you think! 👇

You know that short clip of the the angry dad who says/shouts, ‘What The Hell Is Even That?’? That’s how I felt when I read this press release from Lake Energy. Lake Energy, out of Singapore, put out a press release announcing a platform to tokenize renewable energy real-world assets. It’s 700ish words long. 😨

No blockchain named. No token contract. No project, no location, no megawatts, no yield. No regulator, and no custodian or auditor either. Every sentence that wanders near a specific backs off into ‘qualifying’ or ‘subject to the terms of each project.’ It's a release held up entirely by adjectives.

HOWEVER. It does explain that power plants make money by selling power.

Then there's the company's own FAQ, which says it doesn't currently issue any RWA tokens. So the tokenization platform has no tokens, and the one thing it's crystal clear about is the $100 minimum deposit. Paid in crypto.

A week earlier, Lake Energy announced $80 million in financing from investors it didn't name. Which is par for the course. 🏌

The New York Stock Exchange signed an MOU with Blockchain.com today to route tokenized U.S. stocks and ETFs to Blockchain.com users through NYSE's digital ATS.

What's on the table:

Why now:

So the incumbents are looking at a second market for their own listings, run by apps they don't own. Six days after the SEC opened that door, NYSE signed up one of those apps. 📆

Email me, Jonathan Morgan, feedback; I’d love to hear from you. 📧
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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLD, NEAR, INJ, LTC, LINK, ZEC, XLM, and FET. 📋