Vanguard Finally Steps Into Crypto, Morgan Stanley Launches Crypto Trading & More

Welcome back!

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

• Crypto ETFs: Vanguard to grant clients access to crypto ETFs.

• Trading Evolution: Morgan Stanley to extend crypto trading to E*Trade. 

• Crypto Payments: Apple’s iMessage now permits direct Bitcoin transfers.

The line of the week: Solana is the new Wall Street.

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

Click on any underlined heading/hyperlink to learn more.

Spotlight

Retail Clout

Retail investors are reshaping global capital markets. 

Companies have noticed, and some are literally turning fans into shareholders. 

For instance, Reddit offered 8% of its IPO shares to its contributors, while Bullish sold 20% of its IPO stock to ordinary investors. The idea is straightforward: user-engaged equity can create a base of invested advocates, aligning incentives. 

And with crypto, retail clout will grow even more.

That's because anyone with a smartphone and a few dollars can set up a crypto wallet, hold stablecoins, build a portfolio, and trade assets anytime—no brokers, no paperwork, no 9‑to‑5 trading hours. Consequently, this dynamic has prompted a broader question: why bother with conventional assets that trade limited hours, settle slowly, and carry high fees, when digital assets allow for 24/7 access, instant trades, and even staking rewards?

As a result, conventional assets are likely to migrate onchain through tokenisation, with fundraising and listings occurring directly on blockchains as well, creating markets where virtually all financial assets exist in onchain form (jump to 28:06min in the video clip below to catch Don Wilson of DRW sharing his perspective on this development).

Yet, this also implies that capital will become more fluid, as retail traders can reallocate across assets and markets instantly. The danger is that valuations risk being shaped less by fundamentals than by the shifting tides of memes. In that context, GameStop wasn’t a one-off, it was the opening bell. Retail isn’t a sideshow any more—it’s the main event. 

So if you’re an incumbent, and you’re not designing platforms with retail and crypto at the centre, you’re on the glide path to irrelevance. 

The good thing is that Solana is permissionless, frictionless, and waiting. The only barrier left is your willingness to start building on the new Wall Street.

Chart Of The Week

News Bites

Crypto ETFs: Vanguard, the world’s second-largest asset manager, is preparing to grant clients access to crypto ETFs via its brokerage arm. The move represents a reversal of the firm’s long-standing opposition to digital assets. 

Trading Evolution: Morgan Stanley will extend cryptocurrency trading to its E*Trade clients through a partnership with Zerohash. The rollout, expected in the first half of 2026, will cover both Bitcoin and Solana. 

Stablecoin Juggernaut: Tether is in talks to raise $15–20 billion for a 3% stake, potentially valuing the company at $500 billion. SoftBank and Ark are among those exploring participation in the private placement. If the raise goes through, Tether would rival OpenAI as the world’s most valuable private enterprise, further underscoring stablecoins’ centrality in global finance.

European Stablecoin: A consortium of nine European banks, including UniCredit and ING, is establishing a new venture to issue a euro-denominated stablecoin. The project is intended to bolster Europe’s position in digital finance and counterbalance US dominance. 

Crypto-Pop: South Korea’s Naver Financial is pursuing an acquisition of Dunamu, operator of the Upbit exchange. The deal would provide the fintech group with both market leadership in domestic crypto trading and a launchpad for a won-backed stablecoin.

Agentic Web: Cloudflare announced the launch of NET Dollar, a US dollar-backed stablecoin. The company frames the initiative as a means to underpin machine-to-machine commerce in an AI-driven internet.

Déjà Vu: Google has repeated its earlier playbook by taking a 5.4% stake in Cipher Mining. The move mirrors its 8% investment in TeraWulf, another data centre operator serving Bitcoin mining and high-performance computing. 

Crypto Payments: Apple’s iMessage now permits direct Bitcoin transfers following a judicial ruling loosening restrictions on in-app crypto payments. The capability, while nascent, could become a significant distribution channel for crypto wallet providers. 

Innovation Exemption: The Securities and Exchange Commission is preparing to introduce an “innovation exemption” by year-end. The framework is intended to accelerate the time-to-market for firms offering onchain financial products and services.

Tokenised Collateral: The US Commodity Futures Trading Commission has launched an initiative to recognise tokenised assets, notably stablecoins, as eligible collateral in derivatives markets. If enacted, the reform would align stablecoins with cash and Treasuries in the regulatory treatment of margin requirements.

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.}