Robinhood Stock Tokens Are Just The Beginning (Our Pro-Innovation Mindset) with @SECGov Crypto Chief Counsel Taylor Lindman. Timestamps: 00:00 Intro 02:31 The Robinhood Stock Token Drama 06:14 Debt Securities Have Existing Rules 09:18 Issuer Sponsored Tokens Explained 11:36 Digitization Vs Tokenization 14:04 TradFi Meets Onchain Convergence 17:28 Most Ambitious SEC Agenda Ever 19:46 Reg Crypto's Two Exemptions 22:37 Progressive Decentralization Explained 25:39 Stock Token Price Dislocation

NEW: 39 U.S. state banking associations launch the BankChain Alliance, an industry-owned blockchain network targeting tokenized deposits, stablecoins and smart payments.

Tokenized stocks are becoming the battlefield for CEXs. @krakenfx has @xStocksFi @binance has bStocks @Backpack has stocks and ETFs @solana @RobinhoodApp has Stock Tokens on its L2 Now @coinbase launches its own version of tokenized stocks on @base. What's the difference? 1. Coinbase B20: You get a claim on shares held by Alpaca under ADGM. The structure is bankruptcy-remote from Coinbase. But only KYC’d “Vested Holders” can redeem or vote. Everyone else can trade but can’t redeem directly. 2. Binance bStocks: ADGM certificates that can be wrapped and unwrapped 1:1 with the underlying shares, with zero fees. $100M AUM in 15 days. 3. Kraken xStocks: Jersey tracker certificates. You’re a creditor of the issuer rather than a direct shareholder. Still, xStocks has built the biggest DeFi presence, with $10B+ in volume. 4. Robinhood: Stock Tokens are Jersey debt securities with no shareholder rights. They also settle on Robinhood Chain, giving Robinhood control over the issuer, venue, and chain. 5. Backpack: US broker-dealer structure using UCC Article 8 entitlements. Holders get dividend and corporate-action rights similar to regular shares. $1.06B in July volume. A few things stand out. The competition now is around who controls redemption, where the token can trade, and whether it can be used as collateral or earn yield onchain. Dividends are another wrinkle. Coinbase and Binance use balance-neutral multipliers. Kraken and Ondo rebase, which can create problems for lending pools. Ondo still has ~70% of the market, with $1B+ across 430 tickers. But now major CEXs have their own tokenized wrapper. That could change quickly. Who's next?

Plume has joined The Depository Trust & Clearing Corporation (DTCC) Digital Assets Solutions Industry Working Group, joining industry leaders such as @CharlesSchwab, @AlpacaHQ, and @Nasdaq, who are also members. The group was created to provide feedback on the DTCC Tokenization Service and facilitate ongoing, robust dialogue that drives widespread digital assets adoption and advances innovation. @The_DTCC provides custody and asset servicing for over $114 trillion in assets and is the premier post-trade market infrastructure for the global financial services industry. We look forward to contributing to this initiative and leveraging our expertise in compliance standards to the work the Digital Assets Solutions Industry Working Group is doing. We work with world-class security partners to scan every transaction at the sequencer level, before it's ever included onchain. Through Kimber Transfer Agency, a SEC-registered transfer agent, Plume maintains an official record of ownership for tokenized securities.

JUST IN: Anthropic investors reportedly want Dario Amodei to “stop scaring everyone” about AI doom ahead of the company’s IPO.

Plume has joined The Depository Trust & Clearing Corporation (DTCC) Digital Assets Solutions Industry Working Group, joining industry leaders such as @CharlesSchwab, @AlpacaHQ, and @Nasdaq, who are also members. The group was created to provide feedback on the DTCC Tokenization Service and facilitate ongoing, robust dialogue that drives widespread digital assets adoption and advances innovation. @The_DTCC provides custody and asset servicing for over $114 trillion in assets and is the premier post-trade market infrastructure for the global financial services industry. We look forward to contributing to this initiative and leveraging our expertise in compliance standards to the work the Digital Assets Solutions Industry Working Group is doing. We work with world-class security partners to scan every transaction at the sequencer level, before it's ever included onchain. Through Kimber Transfer Agency, a SEC-registered transfer agent, Plume maintains an official record of ownership for tokenized securities.

Working with qualified custodians means complete clarity on costs. Disclosures and reporting standards underpin the transparency that defines Nest. Open finance means open books.

we need to recover the 90s belief that technology was going to make the future better

A key insight from my meetings in Hong Kong regarding RWAs is that expertise in asset structuring will be the biggest point of differentiation going forward and the clearest demonstration of the value of having tokenized assets living on-chain. Every distributor is always looking for the white whale: "I want triple-A rated, double-digit returns, with instant liquidity on demand." This simply cannot and will not ever exist from a single asset or given issuer. The key to achieving this type of product is really about structuring and leveraging the advantages of on-chain composability. This will be expressed through vaults or other novel mechanisms that we are all exploring at @plumenetwork.

Plume is the leading platform for RWA holders, and our @NestCredit vaults are now available on @BinanceWallet Through the nBASIS vault, Binance Wallet users can access institutional-grade yield from @Bitwise USCC cash-and-carry fund, with over $225M in AUM, and Invesco’s USTB, a tokenized Treasury fund with more than $950M in AUM. Check out how this scales Open Finance → app.binance.com/download?_dp…

Top 5 RWA perp venues by open interest, via @DefiLlama @tradexyz dominates with $3.408B in open interest, more than 7x the next closest venue. @variational_io follows at $469.49M, then @gmtrade_xyz at $206.54M, @Lighter_xyz at $76.9M, and @OndoPerps rounding out the top 5 at $50.14M.

ICYMI: you can now tell your agent to "buy ETH if it dips 5%" and go touch grass. Character growth, honestly.

vitalik.eth.limo/general/202… “I hope that …we can get to an obfuscation protocol that we can actually run.”

OpenAI vs. Hugging Face, Apple's AI privacy fight, a CLARITY update — and the SEC's warning shot at DeFi lending and vaults. Plume's top lawyer @banamlas joins @DEXintheCityPod at 12:30pm ET. DEX in the city is live now! xitter.cf/i/broadcasts/1dxYllrpj…

When will tokenization see institutional flows? @ThatAlexPalmer, Head of Regulatory Product Strategy at @plumenetwork, told Sandmark he prefers "phases rather than concrete dates": 🔸 Nest (live) 🔸 Regulated entities & licenses 🔸 Institutions bringing assets onchain

We’re proud to announce the launch of the Bitcoin Security Consortium, in partnership with BlackRock, Fidelity, Block, and more. Together we’ll support the long-term security of the Bitcoin network. Quantum computing is coming. Crypto needs to be ready.

Where is Nest? Accepting native USDC deposits on @ethereum without needing any bridges, wrapping, or swaps. That seamlessness has allocators like @ether_fi interested in what @plumenetwork is doing for institutional-grade real-world yield. 🧵👇