BlackRock's Crypto Rebuild, Fidelity Goes Full Solana & More

Welcome back!

This is J264G and this week I’ve got these titbits for you:

• Tokenising ETFs: BlackRock explores tokenising conventional ETF range.

• Solana ETF: Fidelity’s Solana Spot ETF has been listed by the DTCC.

• Stablecoin Onshoring: Tether to launch US-compliant stablecoin.

CNBC coverage over the past few days has placed Solana front and centre—here is one of the standout moments.

Now, let’s jump right into this week’s newsletter!

Click on any underlined heading/hyperlink to learn more.

Spotlight

Programmable Money

Of all crypto innovations, Bitcoin and stablecoins have drawn the lion’s share of attention.

Yet, many still dismiss stablecoins as little more than digitised banknotes. Doing so risks overlooking their defining feature: programmability.

Programmability means money that runs on code. A stablecoin is not just a digital representation of cash, but a blockchain-based token that can be embedded in smart contracts i.e. self-executing code that follows a predefined logic. In effect, stablecoins transform dollars into software-defined money that is globally accessible, transferable 24 hours a day, seven days a week.

Contrast this with the dollars in your bank account. They exist in a closed system of ledgers run by banks and payment processors, subject to business hours, bureaucratic red tape, and human approvals. You cannot simply tell your account to “pay X if Y happens” without layers of paperwork and costly intermediaries. Standing orders or escrow arrangements are ultimately dependent on institutions executing your instructions manually. In short, traditional dollars are not programmable. They move at the pace of banking infrastructure—delayed, constrained, and overpriced.

With stablecoins, the financial landscape can be reshaped entirely by realising what seems impossible: highly customised, granular money movements at scale with minimal cost. Imagine payroll systems that disburse wages instantly and across borders; subscription services that stream micropayments by the second rather than adhere to monthly billing; escrow arrangements that execute automatically when predefined conditions are met, without manual reconciliation. Even retail-facing platforms may soon enable highly choreographed transactions: selling a holding of Nvidia stock once it reaches a set price in exchange for stablecoins; allocating a portion of those proceeds into a money-market fund; diverting another tranche into Solana (SOL); and converting the remainder into Japanese yen—all while you’re offline and in transit to Tokyo. 

The code executes the logic, and stablecoins carry the value. Attempting the same with conventional money would be cumbersome, if not entirely impossible. 

In essence, stablecoins open the door to a financial system built on code rather than clerks. The promise is not simply efficiency, but an entirely new canvas on which to build financial services—one that could expand access, lower costs, and spark innovations we have yet to imagine.

Number Of The Week

News Bites

Stablecoin Onshoring: Tether is preparing to launch a US-compliant dollar stablecoin, branded USAT, as regulators tighten oversight of digital assets. Issued by Anchorage Digital and reserves managed by Cantor Fitzgerald, the enterprise will be led by Bo Hines, formerly of the White House crypto council. With its flagship USDT excluded from the US under the GENIUS Act, Tether is positioning USAT as a direct challenger to Circle’s USDC in the American market.

Tokenising ETFs: BlackRock is exploring the tokenisation of its conventional ETF range, buoyed by the runaway success of its Bitcoin Spot ETF, IBIT. Putting ETFs onchain would allow 24-hour global trading, easier integration with DeFi, and new forms of collateralisation. It also promises to widen distribution by lowering barriers for crypto savvy fintech platforms to tap into and offer conventional ETFs to younger, digitally native investors.

Bitcoin Reserve: Patrick Witt, the newly appointed executive director of the President’s Council of Advisers on Digital Assets, has reaffirmed the administration’s focus on a strategic Bitcoin reserve. This echoes earlier calls from within the Trump administration to treat Bitcoin as a sovereign store of value alongside gold. 

Onchain Capital: SEC Chair Paul Atkins has called for entrepreneurs and investors to be able to raise funds directly on public blockchains. In a keynote address, he argued that regulatory ambiguity should not prevent innovation in onchain financing. Related perspectives on onchain fundraising and IPOs are linked here and here. 

Solana ETF: Fidelity’s Solana Spot ETF has been listed by the DTCC, a technical step in the registration process for exchange-traded funds. While the listing does not imply SEC approval, it signals institutional preparation for potential greenlighting. 

Crypto Inspired: Cboe is set to introduce continuous Bitcoin futures on November 10, marking the first time a major US exchange has adopted the model. The service draws inspiration from perpetual futures pioneered in crypto markets, which have long dominated offshore trading volumes.

Caught In 4K

Weekly Take

Keks & Giggles

And that's a wrap!

You can reach me anytime over on 𝕏 or drop me a line. 

Talk soon!

J264G

_{DISCLAIMER
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. Lastly, please be advised that we discuss products and services from our partners from which our team members may hold tokens/equity.}