The OCC has finalised its US stablecoin rules, and there's an important distinction for $COIN and $CRCL. Stablecoin issuers remain prohibited from paying interest directly to holders. But exchange rewards programmes haven't been subjected to a blanket ban, with arrangements to be assessed case by case. Banks pushed for tighter restrictions, fearing deposits would migrate to higher-yielding stablecoins. The banks wanted USDC rewards shut down. They didn't get the blanket ban they wanted. That's a win for Coinbase's distribution model, even if individual rewards programmes still face regulatory scrutiny.

Western Digital just delivered a strong earnings beat, but the market wasn't buying it. $WDC reported 55% revenue growth and guided next-quarter sales to $5.1bn, comfortably above estimates. Shares initially jumped on the news, then reversed sharply, falling as much as 9.64% from the news-time price in extended trading. The numbers suggest AI storage demand remains strong. The sell-off suggests investors are far less convinced that today's pricing power and margins will last.

The market seems to favour SpaceX in a potential merger with Tesla. Following Bloomberg's report, Hyperliquid $SPCX perps rallied as much as 3.07%, compared with 1.35% for $TSLA. There's no proposed deal, no exchange ratio and no merger spread to arbitrage. For now, this is a speculative trade, and SpaceX is attracting the stronger bid.

Seven more companies have objected to OKXICE tokenising their shares, including $MSFT, $GOOGL, $GS and $QCOM. That's 16 objections now, up from nine just a few days ago. Losing Microsoft and Alphabet is a serious setback. These big names could bring significant trading volume to a new 24/7 venue. Without them, OKXICE faces a much harder task attracting liquidity.

Salesforce shares fell as much as 4.9% after announcing its acquisition of Braze. $BRZE went the other way, gapping more than 50% higher when trading resumed following a news-pending halt, repricing towards Salesforce's $47.50-per-share cash offer.

The push for 24/7 tokenised US stocks is meeting resistance from the companies themselves. Nine companies have objected to having their shares traded on OKXICE, including $CRWV, $AVGO, $APP and $RKLB. Under the SEC's new framework, issuers have 30 days to block tokenisation on the proposed venue. Turns out giving companies a veto over onchain trading changes the equation.