Visa’s Stablecoin Empire Expands, Nasdaq–Solana Partnership & More

Welcome back!

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

• Stablecoin Settlement: Visa hits record stablecoin settlement volume.

• Nasdaq vs. Solana: Regulated exchanges & blockchains create mutual value. 

• Super-Apps: LINE to launch stablecoin super-app for cross-border payments. 

BlackRock’s operating model underscores a simple reality: capital flows increasingly gravitate towards crypto.

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

Click on any underlined heading/hyperlink to learn more.

Spotlight

Retail Bonds

The race to tokenise the global bond market has begun. 

That’s because bonds sit at the core of the financial system, anchoring central bank reserves, money-market funds, and collateral in derivatives trading. So whoever sets the rails for tokenised bonds gains a hand on the plumbing of global finance.

The first tokenisation signs are already visible. Stablecoin issuers such as Tether and Circle hold the bulk of their reserves in short-term U.S. government debt. Every additional USDT or USDC in circulation translates into a new dollar of Treasury securities purchased. Consequently, holders of these stablecoins are already passive participants in the largest bond market in history. 

Yet, most sovereign and corporate bonds are currently traded over-the-counter in large minimum denominations, shutting out ordinary investors. Also, retail access is typically routed through funds, which adds costs and delays. 

By contrast, tokenising debt would allow instruments to be fractionalised into small, tradeable units that could be bought and sold around the clock—just like equities or ETFs. Settlement times could also collapse from days to seconds, while costs could fall dramatically. Put another way: what is now an esoteric, institution-only market could be opened to anyone with a smartphone. 

The geopolitical consequences are significant as well. Easier global access to U.S. Treasuries could reinforce the dollar’s reserve-currency dominance. But other sovereigns are not standing still. Europe, Japan, and China are each exploring digital issuance of their own debt. If these tokenised securities become equally accessible, investors may begin diversifying away from Washington’s orbit.

Having said that, all of this is increasingly converging on Solana.

The network's near-instant transaction speeds and negligible fees suit the high-volume, low-margin nature of fixed-income markets perfectly. So here’s a thought: if debt markets migrate to Solana, it will function less as a network than as the invisible backbone of global capitalism.

Nothing is guaranteed, but Solana’s momentum is unmistakable.

Chart Of The Week

News Bites

Spark Ignition: The Securities and Exchange Commission has approved rule changes that allow national exchanges to adopt generic listing standards for crypto spot ETFs. This marks another watershed in the integration of digital assets into mainstream capital markets and finally opens the door for Solana Spot ETFs in the US.

Institutional Moment: Pantera argues that Solana is poised for its “institutional moment”. According to the asset manager, institutions hold less than 1% of Solana’s token supply, compared with 16% of Bitcoin and 7% of Ether. That under-allocation, Pantera contends, leaves Solana (SOL) with significant room for asymmetric upside as institutional demand begins to build.

DATs Right: Solmate, a Solana-based digital asset treasury, is launching with support from the Solana Foundation and Cathie Wood’s Ark Invest. The company is using Brera Holdings PLC as its vehicle and intends to pursue a dual listing on Nasdaq and in the UAE. 

Stablecoin Settlement: Visa’s stablecoin settlement volume has reached an annualised rate of roughly $1 billion, four times higher than earlier this year. The company’s success stems from a settlement mechanism that enables partners to transact directly on its network in real time, including on weekends.

Stablecoin Payments: Speaking of stablecoins, Nubank—Latin America’s largest digital bank—plans to test stablecoin payments through its credit cards. The bank is also exploring ways to accept tokenised deposits and use them as collateral to issue credit.

Super-Apps: I previously argued that Asia’s super-apps—Gojek, GCash, KakaoTalk, and LINE—are pivotal for stablecoin adoption. That prediction is now being realised, though not on Solana: LINE is turning to the Kaia blockchain to launch a stablecoin super-app for cross-border payments.

Crypto Alignment: The US and the UK are moving closer to alignment on the regulation of digital assets, with a particular focus on stablecoins. Against that backdrop, Washington and London have established a joint task force.

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.}