Stripe vs. Visa & Mastercard, Nasdaq Prepares For Crypto Assets & More

Welcome back!

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

• Payments Disruption: Stripe unveils its payments-focused blockchain.

• Tidal Wave: Nasdaq takes bold step toward tokenised securities trading.

• Tokenised Equities: Galaxy tokenises SEC-registered shares on Solana.

Every debate eventually circles back to one core truth: crypto is different because it runs without gatekeepers. Full stop.

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

Click on any underlined heading/hyperlink to learn more.

Spotlight

Great Convergence

What was once a clear divide between Wall Street bankers and crypto evangelists is blurring into a single, convergent financial landscape.

Traditional fintech platforms are adding crypto to their menus, while crypto-native platforms are increasingly venturing into traditional assets. It is now common to see incumbents offer Bitcoin trading, just as it is to see DeFi exchanges facilitating trades in equities or even private credit. In short, each side is borrowing the other’s playbook: the old guard is adopting crypto’s edge, while crypto firms seek the legitimacy and liquidity of traditional assets.

This is a gift to investors. Institutions get more toys. Retail gets lower fees and better apps. The convergence is here, and it is not slowing down. Having said that, the melding of industries raises a tantalising question: in a future where traditional finance and crypto offer virtually the same products, which platforms will dominate? 

The winners won’t be decided purely by technology or even by pricing, they will be decided by distribution. Meaning, in an economy defined by scarce attention, the financial platforms that can capture and retain it will hold the decisive advantage.

This is why owned media is emerging as the most powerful competitive weapon in finance. Owned media—SEO/AEO content, newsletters, podcasts, and more—matters because it lets you control the story, build trust directly with your audience, and create a lasting channel that no competitor or algorithm can take away. Consequently, it’s the only play that can cultivate the rarest asset of all: durable customer mind share.

The great convergence will mint many contenders, but victory will belong to the few that master the craft of owned media in a world starved of attention. To compete, every financial platform will have to operate as a media company. Put differently: stay stuck in the 𝕏 bubble and you’ll watch the market move on without you, plain and simple.

Chart Of The Week

News Bites

Payments Disruption: Stripe has unveiled “Tempo,” a blockchain designed specifically for payments. Predictably, the launch has ignited debates across fintech and crypto, as Tempo is not only taking aim at Visa and Mastercard but also at other payments-oriented blockchains. At the heart of the discussion: can general-purpose, decentralised networks such as Solana outcompete purpose-built, but centralised, systems such as Tempo?

Tidal Wave: The Securities and Exchange Commission and the Commodity Futures Trading Commission have issued a rare joint statement on the treatment of spot crypto assets. The move signals an institutional shift, paving the way for digital tokens to be traded on established venues such as the NYSE and Nasdaq.

Tokenised Equities: Galaxy has become the second publicly listed company, after Exodus, to tokenise its SEC-registered shares on a public blockchain. The shares—ordinary Galaxy Class A stock—are recorded directly on Solana, without the usual wrappers or offshore structures. 

Coming Home: The CFTC has granted approval for Polymarket to operate legally in the United States, ending Kalshi’s monopoly on regulated prediction markets. Competition between the two platforms will test whether consumer demand favours Kalshi’s structured oversight or Polymarket’s crypto-native ethos.

Federal Crypto: The US Federal Reserve will host its Payments Innovation Conference on October 21, a forum that will spotlight stablecoin business models and tokenised financial instruments. The programme reflects the central bank’s recognition that blockchain-based settlement is edging closer to the financial mainstream.

Deal Flow

When the Solana ecosystem moves, it moves fast.

We give capital allocators an unfair advantage: high-signal research, due diligence, and warm intros.  

Drop us a line and we’ll help take your Solana deal flow to the next level.

Caught In 4K

Weekly Take

Keks & Giggles

And that's a wrap!

You can reach me anytime over on 𝕏.

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.}