The Cryptonomist

Apple is preparing for a major handover as apple ceo Tim Cook steps down on 1 September after nearly 15 years in charge.

Cook’s legacy and the board’s decision

The board approved the transition unanimously. John Ternus, 50, the senior vice president of hardware engineering, will become the company’s fourth chief executive.

However, Cook will remain as executive chairman, with a focus on policy engagement and regulatory relationships. That role reflects growing apple regulatory pressure across several regions.

During Cook’s tenure, apple market value climbed from $348 billion to roughly $4 trillion, while annual revenue rose to about $416 billion. In a statement, Cook praised Ternus as an engineer and innovator with the integrity to guide the company forward.

How John Ternus rose through Apple

John Ternus profile details show a long climb inside the company. He joined Apple in 2001, beginning with the Cinema Display, then moved through the hardware organization.

Moreover, he later led teams behind AirPods, iPad, and Mac. In 2020, he took charge of iPhone hardware, and in late 2022 he also assumed responsibility for Apple Watch.

He was promoted to senior vice president of hardware engineering in 2021, after Dan Riccio left to lead the Vision Pro program. Before Apple, Ternus designed virtual reality headsets at Virtual Research Systems.

He studied mechanical engineering at the University of Pennsylvania and competed on the swimming team. He has also appeared frequently at product events, presenting updates on the new iMac, MacBook Pro, iPad Pro, and redesigned Mac Pro.

A wider leadership shake-up

Apple leadership transition is not limited to Cook and Ternus. Jeff Williams, Apple’s long-serving chief operating officer, has retired.

Others who have departed include Kate Adams, Lisa Jackson, John Giannandrea, Alan Dye, and Luca Maestri. The incoming leadership includes Kevan Parekh as CFO, effective 1 January 2025, and Jennifer Newstead as general counsel, starting 1 March 2026 after joining from Meta.

That said, the scale of turnover stands out for a company known for internal promotion and unusually long executive tenures. Arthur Levinson, who has served as non-executive chairman for 15 years, will become lead independent director when the change takes effect.

What Cook built and what Ternus inherits

Cook’s record is tied to scale. Apple’s annual revenue rose from $108 billion in fiscal 2011 to more than $416 billion in fiscal 2025, while services grew from roughly $12.9 billion to $85.2 billion.

Moreover, Apple became the first publicly traded company to reach a $1 trillion market capitalization in 2018, climbed to $1.9 trillion in 2020, and briefly exceeded $4 trillion in January 2025.

The company also completed its Apple Silicon shift in 2020, moving from Intel processors to Apple-designed chips. That transition improved integration across the Mac lineup and reinforced the importance of the apple ceo cook era in hardware strategy.

Cook also expanded Apple Watch into a major wearables category and helped drive the growth of AirPods and wireless audio. In addition, he turned supply chain management into a more institutional capability.

As a result, his move to executive chairman underscores how central government and regulatory relationships have become to the business. The apple ceo tim cook era is ending, but his influence will remain visible in the company’s policy agenda.

The challenges facing the new chief executive

Ternus inherits a difficult agenda. Apple’s AI effort, branded Apple Intelligence, remains blocked in China because AI output must be filtered and censored through local engines.

However, Siri’s planned overhaul has also run into internal testing problems. The upgrade is intended to support multi-step tasks and contextual capabilities using large language model technology, but some features may need rebuilding.

Apple is also believed to be exploring a strategy involving Google Gemini, combining on-device privacy-focused processing with external models for more complex tasks. The apple ai strategy is now a central part of the company’s next phase.

The hardware roadmap is equally ambitious. Apple is testing smart-glasses concepts ahead of a potential 2027 launch, developing its first foldable iPhone, and replacing Qualcomm modems with Apple silicon. It is also preparing to enter the smart home market with a new product category.

Supply issues are adding pressure. A global DRAM shortage driven by AI infrastructure spending is affecting Mac production, and certain models are reportedly out of stock before expected refreshes.

On the platform side, Apple faces rising App Store submissions tied to AI-powered coding tools, which has triggered renewed scrutiny and enforcement against lower-quality apps. It is also dealing with EU requirements under the Digital Markets Act, along with compliance proceedings that include a reported fine tied to anti-competitive conduct in music streaming and disputes over interoperability rules for AI features.

That said, Cook’s decision to stay on as executive chairman suggests Apple sees regulatory management as a core strategic function. The apple hardware chief now becomes the public face of a business that is increasingly shaped by software, AI, and oversight.

Market reaction

After the announcement, Apple shares fell slightly in after-hours trading. Investors appeared to read the move as orderly rather than disruptive.

Moreover, Wall Street has known for some time that succession planning was underway. Bloomberg reported in 2024 that Ternus was a front-runner, and by October 2025 his responsibilities had broadened beyond hardware into broader product roadmap and feature prioritization decisions.

The key question now is whether a hardware-led executive can steer a company defined increasingly by software, AI, and regulation. For now, the market seems comfortable with the tim cook successor.

Apple’s transition is structured, internal, and deliberate. Cook leaves as one of the most influential executives in the company’s history, while Ternus takes over with the core business already under his supervision.

The Victoria & Albert Museum has unveiled a bold new chapter in east London. With v&a east, the institution is betting that young visitors will respond to a fresher way of seeing its collection.

A new museum for east London

The $180 million outpost began welcoming the public over the weekend. It aims to re-engage local audiences by linking historic treasures with contemporary life.

Its boxy, beige facade, pierced by pointed shards of window, was designed by Irish architects O’Donnell + Tuomey. Reviews have been mixed, yet the building gives the museum a distinct identity.

That said, the new structure stands apart from the original V&A in west London, the ornate Victorian landmark devoted to design and the decorative arts. Senior curator Zofia Trafas White said the collection now enters new dialogues around topical issues in the world today.

Inside the Why We Make galleries

At the heart of the museum are two permanent Why We Make galleries, with over 500 objects selected with local Londoners in mind. They span from 1100 to the present day and focus on identity, wellbeing, social justice, and environmental responsibility.

Moreover, the displays avoid chronology, geography, and materials. Instead, they use a thematic exhibition design that brings unexpected links into view.

In v&a east, visitors can move from Leigh Bowery to Vivienne Westwood and Rei Kawakubo in the section called Breaking Boundaries. Another gallery, Our Place in the World, places a self-portrait by Sofonisba Anguissola beside work connected to Claude Cahun and Maud Sulter.

The curator said bringing objects together in conversation reveals new connections between makers across time. The approach highlights shared attitudes and agendas, while also pointing to positive change for people and planet.

Black British music takes center stage

The first temporary show is The Music is Black: A British Story, which traces 125 years of Black British music through around 200 works from the collection. It spotlights Winifred Atwell, Shirley Bassey, Jme, and Lil Simz, while also mapping reggae, ska, rock, drum & bass, grime, and U.K. garage.

However, the exhibition is not only a history lesson. It also uses records and sound-related artifacts from Black British cultural life to build a multi-sensory experience.

Works by Nigerian modernist Ben Enwonwu, Denzil Forrester, Frank Bowling, Golden Lion winner Sonia Boyce, and Rene Matić deepen that story. A painted vest worn by Stormzy at Glastonbury Festival in 2019 adds another memorable reference point.

New commissions and public access

Alongside the exhibition program, the museum is launching new contemporary works. These include an 18-foot bronze statue by British artist Thomas J Price, which stands above the entrance and shows a young Black woman holding a smartphone.

Moreover, the contemporary art galleries program begins with a film by Carrie Mae Weems, a sculptural drawing by Es Devlin, a video game by Lawrence Lek, and a blue-tinted stained-glass work by Tania Bruguera. Gus Casely-Hayford said everyone is welcome and should see their stories represented.

V&A East sits in Queen Elizabeth Olympic Park in Stratford, near London’s East Bank cultural district. It is close to its sister site, v&a east storehouse, which opened last May and covers a four-story complex with 172,222 square feet.

That facility holds around 250,000 objects, 350,000 books, and 1,000 archives. Visitors can move freely through the aisles without typical museum signposting, a format that appears to be working.

According to The Art Newspaper, first-six-month visitor data shows nearly a third of visitors were under 35, while more than 45 percent of U.K. visitors were from minority ethnic groups. The numbers suggest young audience engagement is already finding an audience.

With its new east London base, the V&A is extending its reach while testing a more open museum model. The early response suggests the institution may have found a format that connects heritage with the present.

Paris reclaimed the spotlight on 16 April 2026 as monet auction excitement helped Sotheby’s deliver one of its strongest French results in modern and contemporary art.

A record night for Sotheby’s in Paris

The house closed the evening at 35 million euros, up 84% from the same sale last year. Moreover, the figures reinforced the resilience of the impressionist art market and the appeal of top-quality works in fine art auction Paris.

Two rediscovered Claude Monet paintings dominated the room. Vétheuil, effet du matin had stayed in a private French collection for more than half a century and had not been seen publicly for almost a century. It sparked a ten-minute collectors bidding war before reaching 10.2 million euros, a new claude monet record in France.

That said, the momentum did not stop there. Les Îles de Port-Villez, shown to the public for the first time after 115 years, sold for 6.5 million euros after a fierce exchange between five bidders. The result confirmed the strength of monet paintings auction demand in Paris.

Strong results beyond Monet

According to Sotheby’s co-head of modern and contemporary art in Paris, the sale marked a turning point for the house and for the city’s market. He said the evening underlined Paris as a confident center for international buyers and a natural stage for major Impressionist works more than a century after Monet’s death.

Moreover, the sale extended well beyond Monet. A group of seven original gouaches by Marc Chagall, coming directly from the artist’s estate and never before offered on the market, totaled 5 million euros. Individual works sold for more than one million euros each.

Lucio Fontana also delivered a major result, with Concetto Spaziale, Attese selling for 2 million euros. Rembrandt Bugatti‘s Tigre royal fetched 1.7 million euros, while Chu Teh-Chun‘s Le son des cuivres II doubled its top estimate.

Asian art, Richter and the wider market picture

That said, other segments also drew strong interest. Pierre Soulages exceeded expectations with a result of 1.1 million euros, and Gerhard Richter surprised the market as Untitled (9 Nov. 1995) achieved nearly four times its initial estimate.

Those results supported a broader picture of demand across the room. In total, 62.5% of lots sold above the maximum estimate, while 66% of works appeared at auction for the first time. The figures point to a market powered by fresh supply and strong quality.

In the end, Paris confirmed its status as a key European center for modern art sales. More than a century after Monet’s death, the artist still commands global attention and continues to shape the pace of the market.

Markets keep reacting to Donald Trump in real time, and bitcoin manipulation concerns are back in focus. New comments, tariff shifts, and geopolitical signals have repeatedly pushed prices sharply higher or lower within minutes.

Why traders are watching Trump closely

A University of Oxford Faculty of Law study found sharp market swings after rapid changes in U.S. tariff policy. It noted that crypto and stocks fell after tariffs were announced, then rebounded when restrictions were eased days later.

However, the timing was described as creating “fantastic trading opportunities” for anyone with advance knowledge. That is why insider trading concerns now sit alongside broader debates over policy and market access.

The issue drew fresh attention in April 2025, when Trump posted on Truth Social, “THIS IS A GREAT TIME TO BUY!!” shortly before a tariff adjustment lifted markets. Lawmakers then called for investigations into possible market manipulation.

Five sharp BTC moves tied to Trump statements

July 11, 2019 marked one of the earliest examples. Trump said he was “not a fan of Bitcoin and other Cryptocurrencies” and called them not money. Bitcoin fell about 7.1% within 45 minutes.

Moreover, on March 3, 2025, Trump confirmed on Truth Social that a “Strategic National Crypto Reserve” would include a multi-asset basket, notably Bitcoin. BTC rose about 8.2% in under 24 hours, moving from roughly $84,000 to above $91,000.

On October 10, 2025, Trump announced a 100% tariff on all Chinese imports. Bitcoin then fell roughly 12.4% in about two hours, dropping from around $124,714 toward $102,000. The move came with a very large liquidation event, one of the most significant in Bitcoin’s history.

That said, the pattern did not stop there. On March 3, 2026, Trump criticized Wall Street banks and referenced delays affecting stablecoin-related provisions. Bitcoin rose about 5.2% in roughly 10 minutes to around $71,000.

Later, on April 14, 2026, Trump signaled that Iran had “reached out” and that a deal was “very possible” after Strait of Hormuz developments. Bitcoin rose about 6.2% within 30 minutes, climbing from around $70,000 toward nearly $75,000.

Why the pattern could repeat again

Bitcoin surged to a more than two-month high above $78,000 after Trump comments were read as signaling an end to the war and a full reopening of the Strait of Hormuz. However, uncertainty returned the same day as traders questioned the real terms of any agreement.

By Saturday morning, Iran’s military said the Strait was closed again. Reports also pointed to ships reversing course and more military activity. As conditions worsened, Bitcoin quickly gave back Friday’s gains and slipped back below $76,000.

In that setting, bitcoin manipulation remains part of a wider debate over how political statements can trigger crypto price swings. The article’s argument is simple: when markets treat Trump-related remarks as immediate policy signals, prices can reprice fast and reverse just as quickly.

That pattern keeps drawing attention because trump market impact now reaches beyond stocks and into digital assets. For traders, the lesson is that one comment can move markets, but the next headline can erase the move just as fast.

The stablecoin bill could miss its expected April review as banks press Congress to tighten rules on yield-bearing tokens.

Senate timing gets tighter

The Senate Banking Committee is weighing whether to mark up the measure the week of April 27. However, the calendar is already crowded, with the hearing for Kevin Warsh, President Donald Trump’s Federal Reserve chair nominee, set to compete for attention.

That schedule leaves lawmakers with less room to settle the remaining disputes. The debate now sits at the center of the broader crypto regulation update in Washington.

Banks push back on yields

Banking groups, including the North Carolina Bankers Association and the American Bankers Association, are urging revisions to the bill’s limits on rewards for stablecoin holders. Moreover, they argue that yield bearing stablecoins could draw deposits away from the traditional banking system at scale.

The industry case is in direct tension with a recent report from the White House Council of Economic Advisers, or CEA. The report said banning yields would raise bank lending by only about $2.1 billion, or roughly 0.02% of a $12 trillion loan book. It also estimated a net consumer welfare cost of about $800 million.

White House pushes back

White House crypto adviser Patrick Witt challenged the banks’ argument, saying lawmakers should not delay the measure based on claims that conflict with the administration’s own data. That said, the dispute has become a central stablecoin yield debate as Congress weighs how far to go on consumer rewards.

Senator Thom Tillis, who is helping negotiate the stablecoin language, may still hold another in-person session with industry participants. However, that could push the process further into May even if it helps narrow the remaining gaps.

Other issues remain unresolved

Beyond yields, the measure still faces objections over decentralized finance rules, conflicts of interest and ethics rules for lawmakers trading tokens. The broader bank lobbying pressure also reflects a wider fight over how the us stablecoin bill should balance innovation and deposit protection.

Even if the stablecoin bill clears the Senate Banking Committee in late April or May, it still must be reconciled with a House version before reaching President Trump for a final decision. In practice, that leaves the path forward open but uncertain.

For now, the schedule, the policy split and the banking pushback all point to a slower path for the legislation.

The IMF has warned that us recession odds may rise as US Treasury bonds lose some of their safe-haven appeal against a backdrop of $39 trillion in national debt. On Polymarket, traders now price the 2026 outlook at 15% YES.

Quiet trading in a fragile market

In the December 31 sub-market, participants are weighing how deficits could shape fiscal policy. However, no trading volume was recorded in the last 24 hours, and the market remains subdued.

The IMF warning may still revive interest if traders conclude that tighter credit conditions could push the economy toward a slowdown. Moreover, the setup leaves room for sharper moves once fresh orders arrive.

Why the pricing looks fragile

Actual USDC used in trades is minimal, which points to low liquidity and weak conviction among participants. That said, a single large order could change the odds quickly because the book is thin.

The biggest recent price move happened without meaningful volume, underlining how sensitive the market is to new activity. The market reaction has therefore been muted, but volatility could return fast if fresh traders step in.

What the current bet implies

At 15¢, a YES share pays $1 if a recession is declared, which implies a 6.7x return. However, that payout would require continued fiscal instability and higher borrowing costs.

Upcoming data from the NBER, the Federal Reserve, and the Treasury will matter most. In particular, comments from Fed Chair Powell on monetary policy, along with shifts in consumer sentiment or GDP data, could move the market.

For now, the trade remains a narrow bet on stress in sovereign debt markets, weaker confidence, and a future recession us scenario that still lacks strong conviction.

Adobe, NVIDIA and WPP are joining forces on creative ai that can help brands produce, personalize and activate content with tighter control and faster workflows.

What the collaboration brings

The partnership combines Adobe’s creative and customer experience platforms, WPP’s media and marketing expertise, and NVIDIA’s accelerated computing stack. It also includes the new Adobe CX Enterprise Coworker, Nemotron open models, the NVIDIA Agent Toolkit and OpenShell.

That said, the companies are targeting a familiar marketing problem: brands need content that stays relevant across millions of product, audience and channel combinations. A global retailer may need the right offer, image, copy and price in minutes, not months.

Why governed execution matters

As agents take on multistep workflows, enterprises need clear rules for compliance and brand safety. With NVIDIA OpenShell, each agent runs in a secure, isolated environment that supports control, consistency and auditability.

Moreover, the goal is not only to automate tasks. It is also to define what an agent can do, keep operations inside risk boundaries and preserve a company’s trust boundary when invoking services such as Adobe CX Intelligence.

In practice, this approach supports governed ai systems that can work across sensitive marketing environments without losing oversight. It also gives enterprises a more enforceable way to manage policy as workflows expand.

How the workflow stack is designed

The collaboration enables end-to-end agentic workflows, with Adobe developing creative and marketing agents that can generate, adapt and version on-brand assets. The Adobe CX Enterprise Coworker also orchestrates downstream customer experience workflows, linking creation with activation.

However, execution is only one part of the plan. NVIDIA OpenShell also provides a policy-based, containerized sandbox that keeps long-running workflows observable and auditable, whether they run on premises or in the cloud.

Adobe Firefly Foundry, accelerated by NVIDIA AI infrastructure, is designed to help organizations tune custom models on proprietary assets. That supports commercially safe output aligned with brand identity.

3D digital twins and production scale

For marketing production scale, Adobe’s cloud-native 3D digital twin solution uses NVIDIA Omniverse libraries and OpenUSD. These twins act as persistent product identities that agents can reuse across formats, markets and configurations.

Moreover, the companies say the setup is meant to support high-fidelity content creation through digital twin content, while keeping creative work consistent across campaigns. The broader pitch is simple: pair creativity with control, and make brand content automation usable at global scale.

In short, Adobe, NVIDIA and WPP want to show that creative ai can be both fast and governed. Their collaboration is built to deliver performance, security and brand trust from the start.

Circle has launched its USDC Bridge, a consumer-facing tool built to make cross-chain movement of stablecoins simpler. The usdc bridge runs on the Cross-Chain Transfer Protocol (CCTP) and aims to cut reliance on wrapped tokens.

How the bridge works

Instead of locking assets in a vault, the system uses a native burn-and-mint process. USDC is burned on the source chain and minted on the destination chain. As a result, users receive USDC natively on the final network.

Moreover, Circle says the design keeps the token consistent from start to finish. That matters for users who want a native USDC transfer without the extra steps tied to synthetic assets. The company is positioning the product as a simpler wrapped token alternative.

User experience and fees

The company also put bridge user experience at the center of the launch. The interface shows fees upfront, handles gas fee management automatically, and tracks transaction status and progress in real time.

However, the broader goal is not only convenience. Circle wants to reduce the confusion many users face when they ask what is a cross chain transfer. The idea is to limit bridge fatigue, especially for people new to crypto.

Supported chains and network reach

Circle says the bridge currently supports 17+ blockchain EVM compatible networks. Among the chains named are Ethereum, Arbitrum, Base, and Sonic, which is mentioned as supported through native bridging.

Moreover, that breadth gives the product broader EVM blockchain support than a narrow single-chain tool. It also places Circle more directly in the market for cross chain transfer crypto products, where speed and clarity often determine adoption.

Legal pressure around Circle

At the same time, Circle faces a separate legal challenge. A class action with more than 100 members reportedly targets the company over alleged inaction tied to stolen funds from the Drift Protocol exploit.

According to the claims, the losses involved amounts in the order of several hundred million. The lawsuit says Circle had the ability to freeze the funds linked to the attack but did not do so. That allegation adds pressure as the company expands its cross-chain offering.

However, the case could shape how the market views the balance between decentralised infrastructure and regulated responsibility. If the dispute escalates, it may influence how Circle approaches compliance, freezing requests, and its role in cross chain transfer services going forward.

Circle’s launch of the usdc bridge is a clear bet on simpler transfers and clearer execution. Yet the legal dispute shows that adoption, trust, and control remain tightly linked in stablecoin infrastructure.

Kelp DAO is challenging layerzero‘s account of a $290 million rsETH bridge exploit, arguing the failure came from the platform’s own defaults, not an unusual setup. The dispute now centers on who controlled the keys, the code, and the warnings.

What happened in the exploit

On Saturday, attackers drained 116,500 rsETH, worth about $290 million, from Kelp’s LayerZero-powered bridge after poisoning the servers used to verify transfers. The attack did not touch Kelp’s core restaking contracts, and the emergency pause came 46 minutes later.

That pause blocked two follow-up attempts that would have released an additional ~$200 million in rsETH. Moreover, the source familiar with Kelp’s response said the breach stayed limited to the bridge layer.

How Kelp says the setup worked

Kelp plans to argue that the compromised DVN was LayerZero’s own infrastructure, not a third-party verifier chosen by the protocol. The memo reviewed by CoinDesk says the attack used LayerZero servers that checked whether cross-chain transactions were legitimate.

However, Kelp’s source said the backup servers were flooded with junk traffic, which pushed the verifier onto the compromised nodes. All of that infrastructure was built and run by LayerZero, the source said.

The protocol also disputes the claim that it ignored guidance to move away from a single verifier setup. Through a direct communications channel open since July 2024, Kelp says it received no specific recommendation to change the rsETH DVN configuration.

Why the configuration is under scrutiny

LayerZero’s post-mortem said KelpDAO chose a 1-of-1 DVN setup despite recommendations to use multi-DVN redundancy. In practice, a 1/1 configuration means one validator can approve a cross-chain message alone, while multi-validator setups reduce single-point failure risk.

Moreover, Kelp’s source said LayerZero’s own quickstart guide and default GitHub configuration point to the same 1/1 structure. The source added that 40% of protocols on LayerZero are currently using that setup.

The same configuration appears in LayerZero’s V2 OApp Quickstart, where the sample layerzero.config.ts assigns one required DVN and no optional DVNs. That is the exact model Kelp says it followed.

Critics say the blame is misplaced

Security researchers are also pushing back. Yearn Finance core team developer Artem K, known on X as @banteg, said LayerZero’s public deployment code uses single-source verification defaults across Ethereum, BSC, Polygon, Arbitrum and Optimism.

He also noted that the deployment leaves a public endpoint exposed, which leaks the list of configured servers to anyone who queries it. That said, he said he cannot prove which configuration Kelp used.

Chainlink community manager Zach Rynes was sharper on X, accusing LayerZero of deflecting responsibility and throwing Kelp under the bus for trusting a setup LayerZero itself supported. He said the company was trying to shift blame for its own compromised infrastructure.

CoinDesk said it reached out to LayerZero for comment and had not heard back by publication. Meanwhile, LayerZero has vowed to stop signing messages for any application using a single-verifier setup, which will force a broader migration across its network.

In the end, the fight over this layerzero incident is no longer just about one bridge. It has become a test of documentation, defaults and accountability in cross-chain security.

Bitget and Block Scholes say tokenized markets are becoming a central tool for traders who move faster across asset classes during macro shocks.

What the report found

The report, “Tokenised Markets on Bitget UEX: How Traders Are Utilising 24/7 Real-World Assets For Real-Time Macro Hedging”, looks at trading behavior in the volatile first quarter of 2026. It argues that traders are leaving fragmented venues for systems that let them adjust exposure in real time.

Moreover, the study says Bitget’s TradFi offering reached $2 billion in daily trading volume within days of launch. It then doubled to $4 billion and later surpassed $6 billion during periods of heightened volatility.

Macro drivers are linking markets

The report says users now treat crypto, equities, and commodities as parts of one continuous trading approach. That shift, it adds, reflects how global macro events increasingly affect more than one market at the same time.

However, the report also points to a sharp rise in bitcoin equity correlation, which it says has reached its highest level since late 2025. In that environment, traders need faster ways to rebalance risk across markets.

That said, the document frames this as one of the clearest signs that crypto traditional markets are converging. It argues that shared macro drivers are pushing traders toward a more integrated setup.

Tokenized assets during market disruptions

The report cites tokenized assets on Bitget as an example of real-time participation during geopolitical events outside traditional market hours. In those moments, users turned to tokenized gold contracts to hedge positions and join price discovery.

Moreover, it says these tools supported macro hedging strategies by letting traders react while other venues were closed. The report presents that flexibility as a key advantage during sudden market moves.

It also highlights the role of real world assets in extending market access across time zones. Because activity now spans regions, price discovery no longer depends on one session or one location.

Why continuous access matters

The report stresses the value of continuous liquidity and globally distributed participation. In its view, a unified trading platform is more useful when volatility rises and markets move without warning.

Furthermore, it says this model fits Bitget’s Universal Exchange structure, where multiple asset classes operate under one account. The report concludes that this setup is gaining traction as correlations strengthen and macro-driven trading expands.

Overall, Bitget and Block Scholes portray tokenized markets as part of a broader shift in trader behavior. The report says the next phase of market access will depend on uninterrupted execution, faster hedging, and tighter integration between crypto and traditional instruments.

OpenAssets has chosen Chainlink as its partner oracle platform to support tokenization of institutional assets onchain, in a move that links two major infrastructure providers.

What the partnership aims to deliver

The agreement brings OpenAssets’ white-label platform together with Chainlink’s oracle stack. Moreover, the goal is to help financial institutions launch tailored systems without building core infrastructure from scratch.

OpenAssets counts ICE, Tether, Fanatics, Mysten Labs, and KraneShares among its network partners. Chainlink, meanwhile, has been adopted by Swift, Euroclear, Mastercard, and other major institutions.

How the infrastructure works

The company said the setup combines Chainlink Runtime Environment (CRE), Chainlink CCIP, and standards such as Digital Transfer Agent (DTA), NAVLink, and Chainlink Price Feeds. That mix is designed to deliver secure data connectivity, cross-chain interoperability, orchestration, and legacy system integration.

In practice, OpenAssets describes its platform as modular, protocol-agnostic, and asset-agnostic. However, the broader aim is simple: give institutions a white-label path to launch proprietary tokenization platforms with less friction.

The announcement said the expected scale of assets moving onchain in the coming years will require tools across the full asset lifecycle. Those tools include secure data oracles, cross-chain coordination, and integration with existing systems.

Why institutions are watching

Chainlink said its stack is built to provide the secure data, interoperability, compliance, and privacy standards needed for institutional tokenized assets, lending, payments, and stablecoins. Moreover, the company highlighted adoption across major financial services institutions and DeFi protocols.

OpenAssets also pointed to its role in digital financial systems, including standards and technology for real-world asset tokenization and sovereign digital currency. The company works with institutions, governments, and technology companies.

Chainlink describes itself as the industry-standard oracle platform supporting capital markets onchain and the majority of DeFi. That said, the partnership is positioned as a broader oracle platform partnership aimed at making institutional deployment easier.

In this context, tokenization is becoming less of a concept and more of an operating layer for financial markets. The combination of OpenAssets and Chainlink suggests that institutional infrastructure is moving toward a more connected onchain model.

Summary: OpenAssets and Chainlink are joining forces to simplify institutional onchain deployment, combining tokenization infrastructure, interoperability, and data standards for a market that is expected to keep expanding.

Paris Blockchain Week: Ulloa’s Provocation

At the Paris Blockchain Week during the “hold-borrow crypto strategy” speech, Cristian Ulloa (CEO of Liquid Loans) presents a clear thesis — and contrary to the most widespread mantra in the sector:

“Wealth in crypto is not built by selling.”

The message is as simple as it is radical:
most investors miss opportunities not because they choose the wrong assets, but because they sell too early.

The Real Mistake: Selling at a Profit

During the keynote, Ulloa emphasizes a key point:

The problem is not what you buy, but when you sell

According to his statement:

selling means losing upside exposure

sales taxes are often triggered

one enters a timing dynamic that is difficult to sustain

And above all, a psychological theme emerges:

the regret.

Ulloa shares the experience — common in the industry — of having sold an asset before a significant bull run:

exit the market

one watches the price rise from the outside

the long-term potential is lost

“Hold Borrow Build”: the alternative strategy

The heart of the speech is a precise strategy:

Hold. Borrow. Build.

Instead of selling assets to obtain liquidity:

they hold (hold)

are used as collateral

liquidity is borrowed (borrow)

value continues to be built (build)

The idea is to unlock value without relinquishing the asset.

How It Works in Practice

The mechanism described is typical of DeFi:

crypto deposits as collateral

lock assets in a protocol

obtain liquidity through loans

According to Ulloa, this allows to:

do not sell the position

maintain market exposure

avoid taxable events (depends on the jurisdiction, but the point is raised in the speech)

The Example on ETH: Sell vs Borrow

The speech includes a concrete example:

buy ETH at a low price

the value increases significantly

you need liquidity

Classic scenario:

sell part of the ETH

lose exposure

potentially pay taxes

Alternative Scenario:

ETH blocks as collateral

borrow liquidity

hold the position

Result:

access to capital without exiting the market

The Comparison with Banks

Ulloa directly contrasts DeFi and the banking system:

Traditional Banking:

credit checks

bureaucracy

centralized approval

interest

DeFi (according to the speech):

no intermediaries

no credit check

access via smart contract

code-based system

The key concept:
“you don’t ask for permission, you use your asset”

The Real Risk: Liquidation

The speech also addresses the topic of risk.

Every protocol has a security threshold:

cited example: approximately 110% collateral

if the value drops → potential liquidation

This means:

a portion of the assets can be sold automatically

Ulloa emphasizes that:

it is a real risk

but manageable

How?

conservative loans

collateral monitoring

addition of collateral

The Shift in Mindset: From Trader to Builder

One of the most powerful parts of the speech is the shift in perspective:

“Are you playing like a trader or building wealth?”

According to Ulloa:

trader mindset:

chase the price

sell for profit

market timing

long-term mindset:

accumulate

use collateral

build over time

The Real Estate Analogy

To clarify the concept, a metaphor is used:

real estate investors do not sell properties

use equity to raise new capital

build portfolios over time

The same principle, applied to crypto:

“Wealth is not built by selling”

The summary of the speech is very clear:

sell = exit the market

hold + utilize = remain exposed

Ulloa insists on three final takeaways:

stop thinking of crypto as something to sell

use existing tools in DeFi

move away from purely speculative logic

Conclusion

The keynote by Cristian Ulloa brings a narrative increasingly present in the DeFi world:

Crypto is not just trading, but strategic capital management.

The proposal is simple yet powerful:

do not sell the assets
use them as collateral
build for the long term

And the speech “hold-borrow crypto strategy” concludes with a direct message:

“Don’t sell. Hold. Borrow. Build.”

During the Paris Blockchain Week, one of the most significant panels on the institutional front was “Europe vs. USA: The Gap in Crypto Regulation”, dedicated to the comparison between the regulatory models of Europe and the United States in the crypto sector.

The topic is central today: regulation no longer concerns only innovation and adoption, but intertwines with monetary policy, national security, and global competitiveness. As emerged from the debate, the crypto sector is now recognized as strategic infrastructure.

Why Crypto Regulation is Crucial Today

One of the key points that emerged is the change in the global context. In recent years, the debate on blockchain and crypto has focused on adoption and innovation.

Today, however, the focus has shifted:

geopolitical pressures are redefining capital flows

The crypto infrastructure is seen as a lever of economic policy

implications arise on sovereignty and national security

According to the speakers, regulation is no longer a technical issue, but a matter that directly impacts the lives of citizens, even outside the crypto sector.

Institutional Adoption: A Turning Point

Another recurring theme is the entry of financial institutions.

For years, there has been talk of “institutions coming,” but today the panel highlights more concrete signals:

increase in banks offering crypto assets to clients

greater institutional interest compared to the past

growth of integration between traditional finance and crypto

This change is directly linked to regulation: the presence of clearer rules reduces barriers for traditional operators.

Europe vs USA: Crypto Regulation vs Strategy

One of the main insights from the panel concerns the structural difference between Europe and the United States.

Europe: Advanced Regulation but Lacking Strategy

Europe already has a defined regulatory framework, particularly with MiCA:

regulation on crypto-assets and stablecoins

harmonization among EU countries

greater focus on user protection and operational resilience

However, according to the speakers, there is a lack of a unified strategic vision:

lack of a clear political direction

lack of coordination on industrial objectives

risk of fragmentation in national implementation

United States: Clear Strategy but Incomplete Regulation

In the United States, the situation is the opposite:

there is an explicit political strategy for the sector

focus on global leadership and innovation

strong guidance from institutions

But:

regulation is not yet complete

some laws are in the process of being defined or implemented

the system is fragmented among states

This creates operational uncertainty for companies, despite strategic clarity.

The Role of Stablecoins in the Evolution of the System

One of the most tangible points that emerged concerns stablecoins, considered essential for the development of the ecosystem.

According to the panel:

represent the “cash layer” of the blockchain

are essential for on-chain financial markets

enable global payments 24/7

Without stablecoins, market tokenization remains limited. Their integration into financial infrastructures is seen as the first step to transforming the system.

European Regulation: Advantages and Limitations

The European framework is described as advanced but not without its challenges.

Advantages

greater trust for users

high protection standards

access to a single regulated market

growing maturity of crypto companies

Limits

need for more licenses to offer complete services

non-uniform implementation across countries

high costs for businesses

regulatory arbitrage risk (use of unregulated solutions)

The Challenge of Regulatory Fragmentation

Despite MiCA, some issues remain:

lack of full harmonization among member states

differences in the application of regulations

complexity for cross-border operators

This creates inefficiencies for both crypto companies and financial infrastructures.

The Communication Gap with Policymakers

An interesting element that emerged concerns the communication between the industry and policymakers.

According to some interventions:

legislators often do not fully understand the industry

technical language represents a barrier

greater education and dialogue are needed

It has been emphasized how crucial it is to avoid complex jargon and make concepts accessible to encourage more informed decisions.

Is Europe Still Competitive?

Despite the challenges, the panel highlights that Europe is still “in the game”.

Advantages:

presence of major regulated players

regulatory infrastructure already operational

integration with traditional financial systems

The main challenge is transitioning from regulation to business growth.

Impact on the Crypto Market

From a market perspective, several implications arise:

regulation facilitates institutional entry

boosts retail user confidence

accelerates integration with traditional finance

However:

regulatory complexity can slow down innovation

the risk of migration to more flexible jurisdictions remains tangible

Conclusion

The panel at Paris Blockchain Week highlights a key point: crypto regulation has entered a global strategic phase both in Europe and in the USA.

Europe currently has an advanced framework, but it needs to develop a clearer political vision. The United States, on the other hand, leads strategically but lags behind in regulatory definition.

In this context, the future of the sector will depend on the ability to:

harmonize the rules

improve dialogue with policymakers

integrate crypto into the existing financial system

Without these elements, there is a risk of fragmentation that could slow down the evolution of the entire ecosystem.

7. FAQ

What is the main difference between crypto regulation in Europe and the USA?

Europe already has a defined regulatory framework (MiCA), while the United States has a clear strategy but still incomplete regulation.

What is MiCA and why is it important?

MiCA is the European regulation on crypto-assets that establishes common rules for companies and users, enhancing transparency and protection.

Why are stablecoins central to the debate?

The stablecoins represent “money” on the blockchain and are essential for enabling on-chain payments and financial markets.

Does regulation promote crypto adoption?

Yes, according to the panel, it increases confidence and facilitates the entry of institutional investors.

Is Europe Lagging Behind the USA?

Not necessarily: Europe is ahead in regulation, but it needs to develop a clearer political strategy to remain competitive.

At the Paris Blockchain Week, on the main stage, Dr Adam Back, co-founder and CEO of Blockstream, discussed a central theme for the evolution of the sector: the transition of Bitcoin from a mere store of value to a usable financial infrastructure. Beside him, in the final Q&A exchange, appears Dan Held, identified in the screenshot as an investor.

The focus of the speech, as much as can be reconstructed from a rough and partial transcript, is clear: institutional adoption of Bitcoin would no longer be limited to merely holding the asset, but is expanding to use cases related to issuance, settlement, simple smart contracts, custody, and interoperability between layers.

A methodological point must be clarified immediately: some parts of the transcription are unclear or incomplete. In these cases, the content below includes only the verifiable elements and indicates where the meaning is not entirely clear.

The Central Thesis: Bitcoin as Financial Infrastructure

The core of the intervention is the vision that Bitcoin would no longer be interpreted solely as an asset to hold, but as a foundation on which to build operational financial systems.

From the session description and the more comprehensible parts of the transcript, three main directions emerge:

the use of Bitcoin as a neutral and decentralized asset;

the growth of tools for asset issuance and settlement;

the role of Layer 2 in expanding operations without aggressively altering the base layer.

Back insists that many companies tend to view Bitcoin merely as an “asset class,” while his perspective is broader: Bitcoin could also be a reliable platform on which to build services and infrastructure.

The Role of Liquid in Blockstream’s Strategy

A significant portion of the speech is dedicated to Liquid, the network associated with the Blockstream ecosystem. From the transcript, several recurring elements can be identified.

According to Back, Liquid offers:

native asset support;

fast settlement;

tools for atomic swap and operations compatible with market logic;

features focused on privacy and confidentiality, particularly through confidential transactions;

a cautious extension of Bitcoin’s capabilities, without abandoning the conservative framework of the base protocol.

In a section of the transcript, it is explained that on Liquid it is possible to understand the type of asset being dealt with and that the chain has native support for different assets. The comparison mentioned in the raw text is confusing, but the sense seems to be that Liquid allows for a more explicit management of issued assets compared to merely transferring BTC.

Back presents Liquid as a “credible” component of the Bitcoin infrastructure, with a validation model based on a network of industry participants. However, some technical details regarding the exact number of members or signatories are not entirely clear from the transcript and therefore should not be extrapolated beyond what is understood.

Bitcoin, Lightning, and Liquid: Layer Interoperability

Another strong theme concerns the multilayer architecture of the Bitcoin ecosystem. Back frequently mentions Bitcoin, Lightning, and Liquid as complementary layers.

The expressed idea is that:

Lightning is becoming an interoperability layer;

users can move between different layers depending on the use case;

Bitcoin remains the security benchmark, while Layer 2 expands the available functionalities.

The transcript discusses channels, movements between layers, and the possibility of entering and exiting Liquid using Lightning. Here too, the text is not always clear, but the insight is readable: the evolution of Bitcoin involves greater composability between different layers, not necessarily an invasive expansion of the base protocol.

Why Institutions Are Eyeing Bitcoin

One of the most interesting segments of the speech concerns institutional adoption. Back notes that today we are seeing new entrants in the sector: companies, funds, traditional finance entities, and parties interested in custody services or professional exposure management.

The key point, however, is the following: according to Back, institutions have a much more systematic and cautious approach compared to retail. This means longer timelines, internal evaluation processes, risk assessment, training, and operational policies.

In the Q&A, it is highlighted that the public often envisions institutional adoption as linear and swift. Back’s response takes the opposite direction: adoption exists, but it progresses through complex processes, especially because a significant portion of capital is managed by professionals on behalf of third parties, as in the case of pension funds, insurance products, or other investment vehicles.

This is one of the most significant observations from the speech: institutional adoption of Bitcoin should not be viewed solely in media terms, but also in terms of decision-making timelines and necessary infrastructure.

Bitcoin as a “neutral” choice

Another clearly emerging idea is the neutrality of Bitcoin. Back argues that Bitcoin represents a useful choice even for competing entities, precisely because it is not controlled by a single company.

The reasoning, in summary, is this: if an infrastructure belongs to a competitor, other operators might not want to use it. Bitcoin, on the other hand, would offer a more neutral ground, suitable for multiple counterparties.

This shift is crucial, particularly from an enterprise and market infrastructure perspective, as it moves the discussion from “which token to use” to which common base can be accepted by different actors without relying on a single issuer.

Smart Contracts, Simplicity, and a Conservative Approach

Back repeatedly emphasizes a preference for a prudent and conservative approach. In the speech, Bitcoin is described as the protocol with the most solid track record, while Liquid is presented as a space to introduce targeted extensions.

Among the concepts mentioned in the transcript are:

covenants;

additional cryptographic signatures and primitives;

Simplicity, described as a form of low-level smart contract;

a more flexible environment for experimentation compared to the base layer.

On this point, the general consensus is clear: The Bitcoin base layer should change little and with great caution, while faster innovation should occur on Layer 2.

Confidential Transactions and Privacy

An important aspect concerns privacy. Back directly links the emergence of some Blockstream innovations to the issue of inherent lack of privacy in transparent public systems.

The transcript assigns a prominent role to confidential transactions in the technical trajectory of Liquid. The argument, as it emerges from the text, is that certain professional or institutional contexts require greater confidentiality on amounts, assets, and transaction data.

Here the message appears quite clear: privacy and confidentiality are not presented as accessory elements, but as infrastructural requirements for certain financial uses on Bitcoin.

Adoption Does Not Change Bitcoin’s “Core Ethos”

In the Q&A, Dan Held raises a classic topic: does the entry of institutions and large companies change the nature of Bitcoin?

Back’s response, as far as it can be reconstructed, is clear: no, at least not in its code and governance process. He argues that the core of Bitcoin has remained substantially stable, with improvements and upgrades, but without a rewriting of the underlying ethos.

The point is particularly interesting because it distinguishes between:

the expansion of the user base;

the persistence of a protocol that is difficult to modify;

the fact that, in the absence of broad consensus, “nothing happens” on Bitcoin.

It is a reading consistent with the more conservative view of the Bitcoin world: the economic players involved change, but this does not easily change the protocol.

Quantum Risk: An Open Topic, But Without Alarmism

The final part of the conversation addresses the topic of quantum risk, which is the theoretical risk that quantum computers could compromise certain cryptographic signature systems.

Back acknowledges that the issue exists and primarily concerns private keys and signature schemes, not indiscriminately the entire functioning of Bitcoin. However, he also emphasizes that, at present, the threat is not described as imminent in the terms of the transcript.

The central topic is twofold:

there are already research streams on post-quantum signatures;

The industry should proceed with caution, avoiding premature or insufficiently tested solutions.

The conversation also discusses the trade-off between new cryptographic signatures and technical costs, such as the increase in the size of the signatures themselves. It also addresses the potential issue of historical UTXOs and very old coins in the event of a cryptographic paradigm shift.

On this front, however, it is accurate to say that the transcript highlights the issue, not a definitive roadmap. The stance expressed by Back appears to be one of proactive technical preparation, without turning the quantum risk into an immediate alarm.

What Truly Emerges from the Speech

Despite the imperfect quality of the transcription, the underlying message of the session is coherent and readable.

According to Adam Back:

Bitcoin remains the benchmark layer for reliability, neutrality, and track record;

Layer 2 are the natural venue for experimenting with additional features;

Liquid is one of the tools Blockstream is using to push Bitcoin beyond the mere narrative of a store of value;

Institutional adoption is not limited to purchasing BTC, but requires custody, settlement tools, operational security, and robust processes;

The topics of privacy, limited smart contracts, and quantum resilience are part of the infrastructural discussion, not just speculative.

Conclusion

The session of Paris Blockchain Week dedicated to Blockstream accurately captures a specific phase of the market: Bitcoin is increasingly being viewed not only as an asset to hold, but as an infrastructure to use.

In Adam Back’s speech, this transformation hinges on a very clear balance: keeping the base layer conservative while driving innovation on complementary layers like Liquid and Lightning. At the same time, institutional adoption is described as a real but slow process, driven by internal governance, risk analysis, and operational requirements.

Beyond this, the transcription does not allow for any assumptions without stretching the facts. And this is precisely where the most journalistically correct point lies: the panel provides a concrete view of the Bitcoin infrastructure according to Blockstream, but does not authorize inferences that are not explicitly supported by the available material.

7. FAQ

Who attended the session at Paris Blockchain Week?
The screenshot shows Dr Adam Back, listed as Co-founder & CEO of Blockstream, and Dan Held, listed as Investor.

What was the main theme of the speech?
The main theme was the evolution of Bitcoin beyond just a store of value, with a focus on financial infrastructure, Layer 2, settlement, custody, and institutional adoption.

What role does Liquid play in the vision presented by Adam Back?
From the transcript, Liquid is presented as a solution focused on asset issuance, faster settlement, privacy through confidential transactions, and additional features compared to Bitcoin’s base layer.

According to the speech, does institutional adoption change Bitcoin?
As emerged from the Q&A, no in its fundamental core: Adam Back argues that the code and the process of Bitcoin’s evolution remain difficult to alter, even with the arrival of institutions and large companies.

Has the topic of quantum risk on Bitcoin been addressed?
Yes. The final conversation touches on the quantum risk, particularly in relation to cryptographic signatures and private keys. However, the transcript reveals a cautious approach: the issue exists, but without definitive conclusions or clearly expressed complete roadmaps.

During the Paris Blockchain Week, one of the central themes was the role of tokenization in the evolution of asset management. In the fireside chat with Jean-Jacques Barbéris from Amundi, a pragmatic approach emerged: the sector is not yet beyond the experimental phase, but it is rapidly accelerating.

The presentation provided a realistic snapshot of the current state of tokenization in the institutional world, highlighting both the opportunities and the structural limitations still present.

Tokenization: a transformation still in the learning phase

Barbéris highlighted a key point: despite the progress, the sector has not yet moved beyond the proof-of-concept phase.

According to Amundi, tokenization should be viewed as an evolution of the financial system’s “memory.” The historical reference made during the speech recalls the dematerialization of securities in the 1980s: today, blockchain represents a similar transition, but with a different infrastructure.

The current objective is therefore clear:

testing

learn

gradually implement on-chain solutions

Amundi, in this context, has already conducted issuances on blockchain in recent months, including tests on Ethereum and Stellar.

What Institutional Clients Really Want

A crucial point that emerged is that customer demand does not directly concern cryptocurrencies.

For corporate and institutional clients, the interest is directed towards the underlying technology, not the crypto assets. In particular, three main areas of interest emerge:

1. Liquidity Management and Digital Treasury

Companies are seeking tools to manage liquidity in digital form, with features such as:

digital wallets for cash allocation

internal transfers between multinational entities

access to financial instruments without traditional intermediaries

2. Operational Efficiency

Blockchain is seen as a means to achieve:

instant settlement

24/7 operations

reduction of settlement costs

3. Distribution and Accessibility of Funds

Tokenization allows for the fractionalization of assets, with a direct impact on distribution:

access to products previously reserved for high-ticket clients

possibility to invest with minimal amounts (e.g., 1 euro instead of 10,000)

Tokenization of Funds: Where We Stand Today

An important clarification concerns the current state of tokenization.

In Europe, according to Barbéris:

existing fund shares are being tokenized

not the underlying assets

This means that:

the fund remains “off-chain”

the digital representation is only of the shares

The next step — not yet implemented — will be the tokenization of the underlying assets.

Stablecoins and Access to Funds: A Model Still Open

Currently, access to tokenized funds occurs through traditional currency.

There is still no full integration with:

stablecoin

digital representations of cash

According to Barbéris, the future will likely be hybrid:

integration between fiat and stablecoin

opening to various payment models

There is not yet a dominant standard, and the market is in an exploratory phase.

Liquidity: The Myth of Tokenization

One of the most significant insights concerns the topic of liquidity.

Barbéris was clear:
tokenization does not automatically make illiquid assets liquid.

Implicit example:

an illiquid asset remains so even if fractionalized or digitized

the presence of buyers and sellers remains essential

Therefore:

the illiquidity premium will continue to exist

technology does not change market fundamentals

Impact on Financial Infrastructure

The real transformation concerns the infrastructure.

The transition to on-chain systems implies:

review of settlement processes

impacts on clearing and trading

changes in operational models

The adoption of instant settlement, for example, has profound implications on:

market organization

risk management

post-trade processes

Europe and Collaboration Among Operators

Another emerging topic is the role of Europe.

According to Barbéris:

the asset management industry is fragmented

a global unification is unlikely

However:

there are coordinated initiatives at the European level

French authorities are promoting working groups

The objective is:

define common standards

promote adoption

Tokenization and ESG: Two Distinct Topics

A significant aspect concerns the relationship between tokenization and ESG.

Barbéris clearly distinguished:

Bitcoin → environmental issues

blockchain → separate technology

The conclusion:

one must not confuse crypto assets with technological infrastructure

ESG implications vary depending on the use case

Amundi’s Priorities

The next phases for Amundi are three:

Consolidate existing projects

Tokenize new fund shares (especially monetary)

Explore integration with digital payment tools

Simultaneously:

participation in European projects

tests on short-term assets and financial instruments

Education and the “learning by doing” approach

Finally, a key point: no one is truly “educating” the market.

According to Barbéris:

even the operators are still learning

the process is collaborative with clients

The approach is:

joint experimentation

continuous feedback

iterative development

Conclusion

Tokenization in asset management is in an initial yet tangible phase. Amundi does not speak of a revolution already accomplished, but of a gradual path made up of tests, evolving infrastructures, and growing demand.

The main message is clear:
the technology is promising, but the market fundamentals remain unchanged.

7. FAQ

What is tokenization in asset management?
It is the digital representation on blockchain of financial instruments, such as fund shares.

Has Amundi already implemented tokenization?
Yes, it has conducted tests and issuances on blockchain, including Ethereum and Stellar.

Do institutional clients want crypto assets?
No, they are primarily interested in the technology and operational benefits.

Does tokenization make assets more liquid?
Not necessarily: liquidity always depends on the presence of supply and demand.

Can stablecoins be used to invest in tokenized funds?
Not widely yet: it is a future possibility still in the testing phase.

At the Paris Blockchain Week, the panel “Bridging Markets: The Role of Exchange and Stablecoin” focused on an increasingly crucial topic for the crypto industry: the role of stablecoins in the evolution of exchanges and in the dialogue between traditional markets and digital assets.

From the discussion among operators from exchanges, banking, market infrastructures, and payments, a rather clear line emerges: stablecoins are no longer viewed merely as a crypto product, but as an operational element increasingly close to financial infrastructure. At the same time, however, the panel also highlighted all the remaining limitations: regulatory fragmentation, integration complexity, imperfect user experience, and standards that are not yet mature.

Stablecoins Are No Longer a Side Topic on Exchanges

The panel’s opening immediately set the stage: discussing the bridge between digital assets and traditional finance, according to the speakers, inevitably means talking about stablecoins.

From the transcript, three main directions emerge. The first is their use as a operational base for centralized exchanges. Giovanni Cunti, CEO Europe of GATE, describes stablecoins as an essential component for the operation of an exchange: without this layer, the platform’s functionality would be significantly more limited.

The second aspect concerns the business and corporate side. Ivan Zhiznevsky, founder and CEO of 3S Money, provides a concrete perspective from the payments world: according to the panel, a significant portion of corporate clients is already aware of the stablecoin product or actively uses it. The two most clearly cited use cases are: settlements with counterparts in emerging markets or with strong currency controls and cross-border payments, including salaries and freelancers.

The third direction is more strategic: according to Amy Oldenburg of Morgan Stanley and Stephanie Hurry of Boerse Stuttgart Digital, the discussion is shifting from the simple question of “which stablecoin to use” to a broader plan, namely which settlement rails and standards to build to efficiently keep value within digital tracks.

Stablecoin as Infrastructure or as a Product?

This is one of the most interesting points that emerged from the panel. The response, essentially, was not unanimous, but the general consensus is that stablecoins are taking on a structural role.

For exchanges, the point seems already settled: they are a part of the infrastructure. Cunti states it directly, explaining that in the context of a centralized exchange, stablecoins have now become an operational cornerstone.

On the corporate side, Zhiznevsky emphasizes that the demand comes from users and businesses. In other words, the stablecoin is not just back-end technology: it is also a tool that the end user begins to treat as “another currency” in their operational flow.

Stephanie Hurry, however, introduces an important distinction: stablecoins, on their own, do not exhaust the concept of infrastructure. According to her speech, infrastructure is also composed of rails, processes, interoperability, and standards. In this perspective, the stablecoin is a crucial part of the system, but it does not equate to the entire system.

Real Use Cases: Payments, Settlement, Collateral

The panel steered clear of abstraction and focused on concrete use cases.

The first is that of payments. Here, 3S Money provided the clearest example, linking the adoption of stablecoins to real needs for international value transfer, especially where traditional money encounters friction.

The second is the settlement. The debate reveals that the speed and operational continuity of stablecoins are perceived as a key advantage, especially for those working in environments requiring near-continuous availability.

The third is the collateral. The speakers highlighted the topic of lending and the use of stablecoins as a monetary base or collateral in more financial applications. Here, however, the tone remains cautious: interest is strong, but operational and regulatory complexity is rapidly increasing.

Why User Experience is Still an Issue

One of the most insightful points of the panel concerns the gap between the potential of the technology and the actual user experience.

Amy Oldenburg notes that, outside the crypto-native niche, the experience often remains cumbersome: multiple wallets, stablecoins issued on different chains, and the need to manage somewhat unintuitive technical steps. The point, therefore, is not just the theoretical efficiency of settlement, but the ability to offer a truly simple and predictable experience.

Zhiznevsky translates this concept into a very clear formula: in financial services, predictability matters, meaning knowing what happens when you press a button. In this sense, the challenge for the sector is not only to expand services but to make them understandable and reliable for users and businesses.

Exchanges Are No Longer Just Trading Venues

Another strong message from the panel concerns the transformation of the exchanges themselves. According to Giovanni Cunti, ten years ago the role was much more straightforward: a platform primarily used for trading. Today, that is no longer enough.

The transcript reveals an evolution towards a broader model, almost like a full-service provider or Web3 operator, capable of including trading, collateral, settlement, 24/7 services, and other integrated functions.

This expansion, however, brings with it a crucial question: what to build in-house and what to outsource?

The speakers’ response converges on a precise criterion: the most sensitive functions in terms of risk, custody, and compliance tend to remain internal. Everything that is less critical can be entrusted to partners. However, even when choosing a partner, the panelists explain, it is still necessary to establish a robust level of control.

Regulation: More Credibility, but Also More Fragmentation

On the regulatory front, the panel expressed a very clear position: regulation has given the sector more credibility, but it has not yet solved the main issue, which is fragmentation.

Giovanni Cunti highlights that in Europe, with MiCA, operators have found themselves working within a precise framework, but not always aligned with that of other jurisdictions. The most openly cited case is that of USDT, described as the dominant stablecoin globally but not treated the same way within the European framework for regulated operators.

Ivan Zhiznevsky adds that this divergence may have pushed some activities outside the European perimeter. Amy Oldenburg, from the perspective of a large global organization, notes that for those operating across multiple markets, numerous frictions remain between different regulatory levels.

Stephanie Hurry adds another layer: even within Europe, the dialogue with national authorities may not be uniform. In summary, the panel does not dispute the value of regulation, but points out that the lack of harmonization remains a tangible hindrance.

AI, Agents, and New Operational Models

In the final part, the panel also addresses the topic of AI, with a more pragmatic than promotional approach.

For Giovanni Cunti, AI primarily appears as an enabler. For 3S Money, however, its use is already very close to operational compliance: onboarding, KYC, KYB, screening, and control processes. Zhiznevsky insists that a significant portion of roles in transactional banking is linked to risk and compliance, and that automation can enhance efficiency and consistency.

Morgan Stanley maintains a more cautious stance: the potential is there, but compliance and risk management are areas where there is no room for error. At this stage, therefore, the adoption of AI agents is presented more as a field to be carefully developed rather than as a fully mature solution.

What This Panel Truly Leaves Behind

The most significant insight from the Paris Blockchain Week is that the role of exchanges is evolving alongside the role of stablecoins.

Stablecoins are no longer presented solely as a tool for trading or as a transitional asset. In the panel, they take the form of an operational layer that encompasses payments, settlement, collateral, treasury, and the distribution of digital financial services.

Simultaneously, exchanges no longer describe themselves merely as markets, but as increasingly complex infrastructures or service platforms. The focus is not just on expanding the offering, but on doing so while maintaining reliability, control, and regulatory compliance.

The final message from the panel is clear: the boundary between crypto-native and traditional finance is narrowing, but the convergence is not yet complete. The market is moving, demand is present, and use cases exist. What is still lacking is a sufficiently robust standardization to turn this transition into a true operational norm.

7. FAQ stablecoin exchange

What emerged from the panel on stablecoins at the Paris Blockchain Week?
The panel revealed that stablecoins are increasingly being seen as an operational tool for payments, settlement, and integration between traditional and crypto markets.

Have stablecoins been defined as financial infrastructure?
Yes, several speakers have described them as a central part of the infrastructure, especially for exchanges and payments. Another position that emerged is that the complete infrastructure also includes rails, processes, and interoperability standards.

What use cases for stablecoins were mentioned in the panel?
The most clearly mentioned use cases are cross-border payments, settlements with clients and suppliers, international payroll, settlement, and uses related to collateral.

How are exchanges changing according to the speakers?
According to the panel, exchanges are no longer just trading platforms. They are evolving into broader models, with integrated services that include settlement, collateral, continuous operational support, and other functions.

What was the main regulatory issue highlighted?
The panel highlighted the regulatory fragmentation between Europe, the United States, and other jurisdictions. It was also noted that the lack of harmonization can create friction for users and operators.

Developers building advanced DeFi strategies on Monad now gain direct access to wrapped bitcoin through Chainlink CCIP, unlocking new Bitcoin-backed liquidity flows.

cbBTC launches on Monad with Chainlink CCIP bridge

In March 2026, Coinbase Wrapped Bitcoin (cbBTC) went live on Monad using Chainlink’s Cross-Chain Interoperability Protocol (CCIP). Through this integration, cbBTC can be bridged directly from Base into Monad’s DeFi ecosystem, allowing builders to tap Bitcoin-backed liquidity on the network for the first time.

Within just a few weeks, cbBTC surpassed $20 million in total value locked (TVL) across multiple protocols on Monad. Moreover, liquidity was distributed across lending markets, decentralized exchanges, and structured products, signaling early demand for Bitcoin-collateralized strategies on the chain.

cbBTC is now live on Monad using the same cross-chain infrastructure that underpins its deployments on Ethereum, Base, Arbitrum, and Solana. However, Monad’s performance profile is designed to support higher-frequency trading and capital-efficient DeFi applications.

The asset: Coinbase’s Bitcoin-backed token

cbBTC is Coinbase’s wrapped Bitcoin token, backed 1:1 by native BTC held in Coinbase custody. It was first launched on Ethereum and Base in September 2024 and later expanded to Solana and Arbitrum, before arriving on Monad via CCIP. As of March 2026, around 89,000 cbBTC are in circulation, corresponding to a market capitalization of roughly $6.1 billion.

When users deposit cbBTC to a Coinbase address, the wrapped token is burned and the underlying BTC is released back to the user’s Bitcoin account. Moreover, the smart contract code is open source and has been audited using OpenZeppelin’s framework, an approach also referenced for Coinbase’s cbETH.

The Bitcoin reserves backing cbBTC are held 1:1 at Coinbase and can be verified through the token’s onchain total supply data. For DeFi protocols, this structure delivers direct access to Bitcoin liquidity without requiring native Bitcoin infrastructure, while the token behaves as a standard ERC-20 token with a verifiable claim on real BTC.

The infrastructure: Chainlink CCIP as exclusive bridge

Coinbase selected Chainlink CCIP as the exclusive infrastructure for its wrapped asset expansion across multiple blockchains. CCIP provides a single, security-focused and compliance-enabled framework to connect public and private networks for cross-chain token transfers, messaging, and programmable transfers.

By relying on CCIP, the cross-chain movement of cbBTC adheres to the Cross-Chain Token (CCT) standard. This helps ensure issuance and redemption mechanics remain consistent across all supported chains. Additionally, CCIP incorporates multiple layers of decentralized validation to manage cross-chain risks.

Independent verification of transfers from the source chain is used to reduce attack surfaces commonly associated with cross-chain bridge failures. As of the March 2026 announcement, Chainlink reported over $28.6 trillion in onchain transaction volume across supported networks, with no protocol-level exploits disclosed.

Performance requirements for Bitcoin-backed DeFi

Running Bitcoin-backed liquidity at scale imposes strict demands on execution infrastructure. Lending markets require deterministic liquidation mechanics and reliable oracle pricing under heavy load. Decentralized exchanges also need routing performance that does not degrade as volumes and volatility increase, especially around a Bitcoin-denominated unit of account.

Structured products and automated strategies demand low-latency execution so that complex transactions clear within expected parameters. Moreover, as Bitcoin-linked DeFi grows, chains must handle surges in traffic without destabilizing fees or confirmation times.

Monad is architected to process up to 10,000 transactions per second with sub-second finality and low, predictable transaction fees. Because the network is EVM-compatible, protocols can deploy existing smart contracts with minimal changes, reusing codebases from Ethereum and other EVM chains.

The design emphasizes stable transaction costs, supporting high-volume activities such as lending, borrowing, collateralized trading, and capital allocation strategies that rely on wrapped bitcoin as a core collateral asset. That said, application builders still need to implement robust risk controls as liquidity deepens.

Early adoption on Monad

Curvance, a multi-chain lending protocol focused on high capital efficiency, was among the first to launch cbBTC markets on Monad. Its design lets users convert interest-bearing assets into leveraged positions through a single transaction, cutting down manual steps typical on other lending platforms.

Curvance supports multiple collateral types, including liquid staking tokens, interest-bearing stablecoins, and yield derivatives. Moreover, the protocol targets market-leading loan-to-value ratios tailored to capital-intensive strategies, making cbBTC a natural fit for its product set.

Within less than a month of the integration going live, cbBTC TVL on Monad reached $20 million. That liquidity was spread across lending markets, DEX pools, and newer structured products, highlighting how quickly Bitcoin-backed collateral can seed an emerging DeFi environment.

Bitcoin-backed DeFi in broader context

Bitcoin-denominated products have expanded steadily across DeFi as various wrapped BTC formats gained support. Earlier versions accumulated sizable TVL on Ethereum-based lending platforms. However, community concerns about custodial governance spurred demand for alternative wrappers with clearer guarantees and more transparent reserve frameworks.

cbBTC offers a distinct trust model: it is issued by a regulated company, relies on open-source contracts, and maintains verifiable 1:1 reserves held by Coinbase. Moreover, this combination appeals to institutions and sophisticated traders seeking exposure to Bitcoin within programmable finance while maintaining auditable backing.

As of March 2026, the circulating supply of about 89,000 cbBTC is spread across Ethereum, Base, Arbitrum, Solana, and Monad. Lending platforms that list cbBTC generate deposit returns based on prevailing market conditions and risk parameters configured by each protocol.

Common use cases include collateralized borrowing, spot liquidity provision, automated routing strategies on decentralized exchanges, and structured products tied to Bitcoin price exposure. That said, as Bitcoin-backed collateral becomes more prevalent, risk management frameworks and stress testing will remain central to protocol design.

About Monad

Monad is a high-performance, EVM-compatible Layer-1 blockchain built for high-frequency finance and DeFi. It targets throughput of up to 10,000 transactions per second, sub-second finality, and low transaction fees, aiming to support both retail and institutional-grade applications.

The network currently operates with 170+ validators across more than 30+ countries. Since its mainnet launch in November 2025, Monad has processed over 200 million transactions and attracted approximately 2.3 million active users across more than 125 live applications spanning DEXs, lending, and structured products.

About Coinbase and Chainlink

Coinbase (NASDAQ: COIN) offers a platform for trading, staking, custody, spending, and global transfers of crypto assets. It also provides infrastructure services for onchain activity, alongside tools that support builders developing DeFi and Web3 applications.

Chainlink delivers decentralized oracle, interoperability, compliance, and privacy infrastructure used across DeFi and broader blockchain verticals. Moreover, its technology underpins essential data feeds and standards for institutional tokenized assets, lending markets, payments, stablecoins, and other onchain use cases where secure connectivity is critical.

In summary, cbBTC’s arrival on Monad via Chainlink CCIP combines Coinbase’s custodial reserves, Chainlink’s interoperability stack, and Monad’s high-throughput architecture to extend Bitcoin-backed DeFi into a new performance-focused environment.

Paris Blockchain Week: Tokenization and AI at the Center of the Crypto Scene

During the Paris Blockchain Week, Thomas J. Lee, Chairman of Bitmine, outlined a comprehensive vision of the current phase of the crypto market, directly linking it to the macro dynamics of stock markets and emerging trends such as tokenization and agentic artificial intelligence.

The main message is clear: according to Lee, the sector is not in a true “crypto winter,” but rather in a more contained phase, defined as a “mini crypto winter”.

The Link Between the Crypto Market and Stock Markets

One of the key points of the speech is the strong correlation between crypto and traditional markets.

Lee emphasizes that:

Every Bitcoin top coincides with a top in the stock markets

Every stock market bottom coincides with a Bitcoin bottom

According to this analysis, understanding the direction of the equity market becomes essential to interpret the crypto cycle.

The current bear phase, unlike previous ones, would not have been caused by a 20% or more crash in the stock markets, but by other factors:

a crypto deleveraging event (October 10, not further clarified)

a subsequent decline linked to geopolitical tensions (citing the Iran context)

possible correlation with the weakness of technology and software stocks

Why It’s Not a True Crypto Winter

Lee argues that the current phase is not comparable to previous bear markets.

The main difference:

in past cycles, the crypto downturn was accompanied by significant equity declines

today the context is different, with signals suggesting a possible bottom of the stock markets

According to Lee, stock markets tend to:

not hitting the bottom on good news

but react and reverse on negative news

The historical behavior is cited during:

COVID pandemic

market lows of 2022

other recent moments of strong pessimism

War and Markets: A Historical Pattern

A significant aspect concerns the behavior of markets during conflicts.

According to Lee:

markets tend to decline during the buildup phase

and to hit rock bottom at the onset of hostilities

Cited example:

World War II: the market would have hit the bottom before the main operational phases (historical details not fully verifiable from the transcript)

The rationale:

war stimulates the economy through public spending

this can translate into earnings growth

Crypto Tokenization and AI: A Systemic Transformation

One of the pillars of Lee’s thesis is tokenization.

It is described as a historic moment comparable to 1971, when the United States abandoned the gold standard.

According to Lee:

tokenization makes assets “synthetic” and digitized

paves the way for new financial innovations

can lead to products such as:I’m sorry, but there is no text provided for translation. Please provide the Italian text you would like translated into English.

A key point is that:

even traditional players (not further identified in the transcript) are reportedly recognizing the efficiency of the crypto system compared to the current one

Agentic AI and Blockchain: A Key Integration

The second identified driver is agentic AI.

Lee highlights that AI systems:

require decentralized identities

require efficient payment systems for micropayments

According to this perspective:

blockchain becomes the natural infrastructure for AI

traditional systems (e.g., cards or payment networks) prove inefficient for these needs

Implicit conclusion:
the growth of AI could enhance the relevance of blockchains beyond the mere role of a “store of value”.

Ethereum at the Center of the Narrative with Crypto Tokenization and AI

A significant portion of the speech focuses on Ethereum.

Lee analyzes:

the price ratio ETH/BTC

the historical consolidation phases

The transcript reveals that:

Ethereum is reportedly undergoing a significant consolidation phase

in the past, similar phases have preceded strong rallies

Price scenarios are mentioned:

various theoretical levels related to the relationship with Bitcoin

a long-term assessment (specific numbers mentioned, but not precisely verifiable from the transcript)

Bitmine Strategy: Accumulation and Infrastructure

Lee also presents Bitmine’s activities during the market phase:

significant acquisition of Ethereum (up to 4% of the supply, according to reports)

investments in:I’m sorry, but there is no text provided for translation. Please provide the Italian text you would like translated into English.

A strategy is highlighted:

utilize capital markets to increase exposure to Ethereum

position itself as a “treasury” linked to the ETH ecosystem

Final Thoughts

Thomas J. Lee’s speech offers a macro and structural analysis of the crypto market:

the current cycle would not be a true winter

stock markets play a crucial role

tokenization and AI represent the main future drivers

The outlook is clearly geared towards a long-term bull perspective, but some statements—particularly regarding price targets and timelines—are not fully verifiable from the available transcript.

7. FAQ

1. Why does Thomas J. Lee refer to a “mini crypto winter”?
Because, according to him, the current decline is not accompanied by a significant crash in the stock markets, as occurred in previous cycles.

2. What is the connection between Bitcoin and the stock market?
Lee states that the tops and bottoms of Bitcoin historically coincide with those of the stock markets.

3. What role does tokenization play according to the speech?
It is seen as a systemic transformation that digitizes assets and enables new financial products.

4. Why is agentic AI important for blockchain?
Because it requires decentralized identities and efficient payment systems, which blockchain can provide.

5. What is the position on Ethereum?
Ethereum is considered central to the future, particularly for tokenization and integration with AI, although the price targets are not clearly verifiable.

In the wake of Drift recovery efforts after the April exploit, Tether is stepping in with a capital-backed plan aimed at rebuilding confidence on Solana.

Tether and Drift outline $150 million user recovery strategy

On April 16, 2026, Tether, the largest company in the digital asset ecosystem, announced a strategic collaboration with Drift Protocol and partners to support user recovery and relaunch the Drift platform. The initiative follows the April 1 exploit, which caused approximately $285 million in user losses and forced the Solana-based exchange offline.

The collaboration sets out a structured recovery plan backed by up to nearly $150 million in combined support, including as much as $127.5 million from Tether itself. Moreover, the plan is designed to prioritize users while allowing Drift to return to the market and continue expanding its derivatives business on the Solana blockchain.

As Drift users needed immediate support and continuity, Tether moved quickly to stabilize the situation and provide a clear path forward. This move reinforces Tether’s role as a dependable infrastructure provider during industry stress events. However, the company also frames the initiative as part of a broader user recovery strategy aimed at strengthening trust in crypto trading venues after major exploits.

Tether’s security track record and law enforcement collaboration

Tether emphasizes that, in critical incidents like this, users require coordinated action and clarity about who is providing assistance. The company notes that it has previously worked with the broader industry and law enforcement in similar situations to contain damage, support affected users, and help restore integrity across the sector.

Leveraging real-time tracking, advanced analytics, and direct collaboration with more than 310 law enforcement agencies across 64 countries, Tether continues to focus on compliance, transparency, and crime prevention. Moreover, the company highlights that more than $800 million has been recovered in coordination with law enforcement, a figure it presents as evidence of its operational capabilities in incident response.

Revenue-driven model links platform activity to user recovery

The recovery framework for Drift is built around a revenue-driven model that prioritizes users from day one. Instead of relying solely on upfront capital injections, the structure ties funding and balance restoration to ongoing trading activity on Drift, aligning incentives between the platform, its users, and backers.

As Drift resumes trading, exchange revenue is expected to contribute directly to user recovery while simultaneously supporting the venue’s ability to operate and scale. That said, capital support is described as being introduced progressively and linked to performance, connecting recovery to real platform usage rather than one-time funding. This design aims to show avoiding relapse drift in recovery from crises by anchoring restitution to sustainable activity.

Shift from USDC to USD as core settlement asset

As part of the relaunch, Drift will transition its settlement asset from USDC to USD, marking a significant change in its trading infrastructure. The move is expected to bring more than 128,000 users and over 35 ecosystem teams onto USD-based trading across Solana, deepening the integration between Tether and the protocol.

The change will involve partners and ecosystems such as Gauntlet, Neutral, and M1, positioning USD as a primary settlement asset on one of Solana’s largest perpetual trading venues. Moreover, this migration strengthens Tether’s footprint as a stablecoin settlement asset in the DeFi derivatives niche, as Solana continues to attract high-frequency traders and market makers.

Tether’s strategic role in DeFi relaunches

“Tether’s role in the digital assets ecosystem is to provide a platform for individuals and institutions alike that is ready to step forward to help the industry in the moment of darkness,” said Paolo Ardoino, CEO of Tether. “This collaboration reflects our confidence in Drift and its role in the DeFi ecosystem.”

Ardoino added that the focus is on restoring user confidence and supporting a strong relaunch, with a structure that aligns recovery with real activity and long-term growth. However, he also framed the initiative as part of a wider crypto exploit response strategy that extends beyond stablecoin issuance into active market support.

Stablecoins are playing a growing role in trading infrastructure, with increasing emphasis on liquidity, reliability, and settlement efficiency. Tether’s involvement in recovery efforts following exploits is presented as part of a broader infrastructure approach, extending beyond token creation into availability and decisive action during periods of stress.

Drift’s decision to integrate USD into the relaunch and recovery of a major trading venue on Solana is described as reinforcing Tether’s position as a reliable settlement asset within the Solana ecosystem. Moreover, the partnership ties the next phase of platform growth to the success of the drift recovery plan, underscoring how capital support and product design are being combined to rebuild user trust.

In summary, Tether’s backing of Drift, the shift to USD settlement, and the revenue-linked recovery structure together illustrate a new model for user restitution following large-scale exploits, with Solana remaining a central arena for innovation in derivatives trading.

Across the 2026 postseason, Top Shot is rolling out a slate of new products and events designed to track the drama of the nba playoffs in real time.

Real-time playoff Moments and nightly drops

The NBA Playoffs tip off on April 18, with sixteen teams and more than 70 games compressed into two high-stakes months. Every possession carries added weight, and the digital Moments that emerge from this stretch will shape legacies, shatter dreams, and elevate careers for years to come.

This year, Top Shot is mirroring that intensity with a new approach. Instead of one delayed, consolidated drop that packages highlights weeks after they occur, every playoff night now matters on the platform just as much as it does on the court. Moreover, a new storefront unlocks signed jerseys, game-worn memorabilia, and exclusive items unavailable anywhere else.

When a player buries a series-clinching buzzer-beater on a Tuesday, that Moment is scheduled to go live for collectors at noon ET on Wednesday. That said, the experience is not limited to highlights alone. If you believe the Spurs will win on the road tonight, you can record that pick on-chain, adding a prediction layer to traditional fandom.

Top Shot This Playoffs Edition structure

The regular season version of Top Shot This showed that collectors want to own a highlight while social conversation is still raging. Top Shot This: Playoffs Edition amplifies that formula for the postseason, turning it into a central driver of engagement through the first three rounds.

Starting April 20, whenever something remarkable happens in a playoff game, that Moment is minted and released on Top Shot the next day at noon ET. Collectors can purchase a $10 pack, each containing that specific Moment with a chance at six distinct parallels: Blockchain (/99), Hardcourt (/50), Hexwave (/25), Jukebox (/10), Galactic (/5), and the ultra-rare Omega (1-of-1).

A 1-of-1 Omega is seeded into packs for all top playoff Moments this year. Collectors will be able to pull these 1-of-1 Playoffs Omegas from $10 packs throughout the postseason. Moreover, the standard edition of each Moment is minted to demand, while parallel editions have fixed mint counts to preserve scarcity and value.

Set Details:

Set Name: Top Shot This: Playoffs Edition (standalone set, separate from the regular season TST)

Max Editions: 40

Timing: First Round through Conference Finals. Content from the NBA Finals is reserved for a dedicated Finals drop.

Price: $10 per pack

Player Rules: A player can receive multiple TSTs across the NBA Playoffs.

Airdrops: For each Moment, the top 10 collectors on the corresponding seasonal team leaderboard receive an airdropped Top Shot This: Playoffs Edition pack.

Set Reward: The set will feature a locking challenge with a pack reward at the conclusion of the Playoffs.

Rookie Rare burn-to-earn 2026 Playoff Premieres

The 2026 rookie class is already contributing to contending teams, creating the potential for deep postseason runs. When one of these rookies drills a game-winner in the Conference Finals, that Moment belongs on-chain, rather than being excluded simply because it occurred in a first season.

To capture these landmark plays while keeping supply tight, Top Shot is launching the Rookie Rare Burn-to-Earn Set, 2026 Playoff Premieres. These Moments are earned exclusively through burning, and nothing is sold directly by the platform. As a result, the overall Rare supply for those players always trends downward.

How It Works:

Day 0: A rookie delivers a standout playoff Moment.

Day 1 – 1-for-1 Trade-In: Collectors can trade in an existing Rare of that rookie one-for-one to receive the new playoff Rare. It is first-come, first-served, up to 129 spots. Net supply change: zero.

Day 2 – Parallel Upgrade Auctions: Collectors burn Rares of that player to compete for the Hexwave (/25) or Jukebox (/10) parallels. This step drives the reduction in supply.

The Math: If a rookie has 2 Rare Moments with roughly 320 total editions in circulation, a Day 1 trade-in of 129 burns and 129 mints, followed by Day 2 upgrade auctions with around 35 winning spots at an average of 3 burns per win, would remove about 100 additional Rares. That equates to roughly a 30% reduction in that player’s overall Rare supply, which benefits remaining holders.

Set Details:

Max Editions: 12

Distribution: Burn-to-earn only; never sold directly.

Parallels: Hexwave /25 and Jukebox /10, featuring autographs from partnered players.

Monthly playoff drops and product lineup

To build on a monthly cadence that collectors recognize, Top Shot has scheduled two major drops during the 2026 NBA Playoffs, on May 20 and June 24. Each drop will feature Cases, Boxes, and Packs, with a mix of regular season highlights, postseason Commons, Rares, Legendaries, and Ultimates.

May 20 2026 NBA Playoffs drop

The first major playoff drop arrives after the Conference Semifinals. It packages high-end regular season Moments with early-round playoff Commons and premium postseason highlights, including legendary performances, Rookie Ultimates, and Heroes of the Game.

Rookie Ultimate (1-of-1)

Heroes of the Game (/10 Standard, 1-of-1 Diamond Edition)

Run It Back: Playoff Classics (/44 Standard, /5 Galactic, 1-of-1 Omega)

For the Win (20 editions, /249 Standard, Hexwave /25, Jukebox /10)

Video Game Numbers (20 editions, /249 Standard, Hexwave /25, Jukebox /10)

2026 NBA Playoffs (/1000 Standard, /99 Blockchain, /50 Hardcourt)

June 24 2026 NBA Finals drop

The crown jewel of the playoff cycle arrives on June 24, focused on the NBA Finals. It combines new and returning sets, anchored by a dedicated 2026 NBA Finals Legendary collection and another wave of Rookie Ultimates.

Rookie Ultimate (1-of-1)

Heroes of the Game (/10 Standard, 1-of-1 Diamond Edition)

2026 NBA Finals (/39 Standard, /5 Galactic, 1-of-1 Omega)

Throwdowns (20 editions, /249 Standard, Hexwave /25, Jukebox /10)

Heat Check (20 editions, /249 Standard, Hexwave /25, Jukebox /10)

2026 NBA Playoffs (/1000 Standard, /99 Blockchain, /50 Hardcourt)

Note on rookies and the Finals Legendary set: If a rookie delivers an iconic Finals Moment, they may be added to the Finals Legendary set. However, their Finals Legendary can only be earned via a trade-in auction, where any Rare or Legendary Moment from that player is eligible as a bid.

Seasonal team leaderboards and Finals rewards

Once the NBA Finals conclude, Top Shot will take a final seasonal leaderboard snapshot for the 2026 NBA Champion. This snapshot will reward top fans with Legendary 2026 NBA Finals Moments tied directly to the Finals MVP.

1st place: A /5 Galactic 2026 NBA Finals Legendary Moment featuring the Finals MVP.

2nd and 3rd place: A /39 Standard 2026 NBA Finals Legendary Moment featuring the Finals MVP.

This final snapshot structure reinforces team-based collecting throughout the season. Moreover, it ensures that sustained engagement around a single franchise translates into some of the rarest Finals Moments on the platform.

Airdrops, snapshots and leaderboard incentives

In addition to the championship snapshot, Top Shot is scheduling team-specific airdrops during the postseason. On Wednesday, May 13 at 12 PM ET, the platform will capture seasonal leaderboard snapshots for every franchise, driving a new round of rewards.

For each team, 10 collectors will receive an airdropped single-Moment pack containing a new Series 2025-26 Rare or Legendary Moment from that day’s drop, spotlighting the relevant franchise. Furthermore, the selection process is tiered to reward both consistency and depth.

#1-5: Guaranteed winners.

#6-100: Weighted draw for 5 additional winners.

Road to the Ring progression event

Road to the Ring is a limited-time, points-based progression campaign running alongside the NBA Playoffs from April 17 through June 26. Actions on Top Shot earn Playoffs Points, including buying packs, locking Moments, completing quests, playing Fast Break, and submitting picks tied to nightly games.

Six tiers of progression

The event features six tiers, each unlocked by crossing a defined Playoffs Points threshold: Prospect (0 points), Starter (1,000), All-Star (10,000), All-NBA (40,000), MVP (100,000), and Legend (200,000). Collectors move up immediately upon hitting a new level, and their tier cannot be lost once earned.

Playoffs Points only increase throughout the event window. Moreover, they are separate from the balance used for picks and rewards, which allows collectors to both climb the ladder and actively engage in prediction games without sacrificing progression.

Two numbers, one system

Road to the Ring tracks participation through two metrics. Playoffs Points measure all activity during the event and determine a collector’s tier; spending points never reduces this total. By contrast, a distinct Spendable Balance is used for picks and the prize store, increasing when earned and decreasing as it is spent.

Playoff Picks and prediction mechanics

Every playoff game day opens a new slate of Playoff Picks tied to that night’s matchups. Collectors allocate units from their Spendable Balance to a specific pick, introducing another way to express conviction about how games will unfold.

Correct predictions earn additional points, while incorrect predictions simply return the allocated points in full. In other words, points committed to picks cannot be lost, reducing downside while incentivizing regular participation throughout the bracket.

Pick types include a variety of options: Game Winner, Player Scoring, Player Duel, Series Length, Team Total, and more. However, the underlying mechanic remains the same, and each correct call reinforces the connection between on-court outcomes and on-platform rewards.

Prize store and physical memorabilia

The Road to the Ring prize store is a dedicated storefront unlocked by Spendable Balance. Items can only be redeemed with points; they are never purchasable with fiat currency. The store opens on April 18 and remains live through June 26, with new rewards rolled out in waves tied to each playoff round.

Each wave features a headline item under the Top Shelf banner. These premium rewards focus on authenticated physical memorabilia from notable NBA players, further bridging the gap between digital and physical collecting.

Wave 1 (Launch): Brandon Miller Signed Basketball.

Wave 2 (First Round): Shaedon Sharpe Game-Worn Jersey.

Wave 3 (Conference Semifinals): Joel Embiid Game-Worn Jersey.

Wave 4 (Conference Finals): Signed Larry Bird Celtics Jersey.

Fast Break Playoff Edition format

Fast Break, Top Shot’s daily fantasy-style game, is also receiving a dedicated Playoff Edition that runs through the end of the NBA Finals. The format has been adjusted to emphasize total points scored, simplifying the objective while keeping lineups strategically meaningful.

Gameplay changes and runs

The Playoff Edition of Fast Break removes traditional stat thresholds; the only goal is to maximize aggregated points. Lineups are smaller as well. In Run 1, which covers the First Round and Conference Semifinals, collectors set lineups of 3 players per day. In Run 2, spanning the Conference Finals and NBA Finals, lineups shrink to 2 players per day.

Rankings operate on two layers. A daily leaderboard ranks collectors by the total points scored that day, while a run leaderboard uses cumulative points across each run. However, where scores are tied, specific tiebreakers apply to ensure a clear order.

Daily ties are broken by serial numbers, with the lowest serial using the highest-tier Moment for each player winning. Run ties are broken by average daily placement, with the lower average rank finishing ahead. This structure underscores the importance of both Moment selection and long-term consistency.

Full 2026 playoff timeline

Top Shot has mapped the entire postseason content schedule, aligning digital activity with real-world milestones. The roadmap spans from mid-April through late June, creating almost daily touchpoints for collectors.

April 17: Road to the Ring goes live; prize store opens.

April 18: NBA Playoffs tip off.

April 20: Top Shot This: Playoffs Edition debuts, featuring the first Moments from opening weekend games.

April 20+: Top Shot This: Playoffs Moments drop at noon ET during the first three rounds; 2026 Playoff Premieres burn-to-earn auctions run whenever a rookie produces a standout Moment.

May 20: Drop 1 includes Run It Back Legendary, For the Win, Video Game Numbers, Playoff Commons, Rookie Ultimates, and Signature Series.

June 24: Drop 2 includes 2026 NBA Finals Legendary, Throwdowns, Heat Check, Playoff Commons, Rookie Ultimates, and Signature Series.

Moreover, this timeline ensures that every key phase of the bracket is mirrored by new content and mechanics on the platform. From the opening tip to the final buzzer, collectors can expect fresh ways to interact with each round.

Lock-In deposit match and April incentives

To kick off the postseason, Top Shot is rolling out The Lock-In: April Deposit Match. From April 13 at 12:00 AM ET through April 22 at 11:59 PM ET, the platform matches deposits made into a Dapper Wallet, rewarding both new and existing collectors.

Once funds are deposited, collectors can purchase NBA Top Shot Moments or packs, lock those purchases, and earn a percentage back as Dapper Balance. Rebates are calculated on qualifying deposits, purchases, and locked amounts, and they are credited as non-withdrawable Dapper Balance on the evening of April 23.

Match Rates:

VIPs: 15% back, uncapped.

All Collectors: 10% back, up to $1,000.

Minimum qualifying spend: $50.

This structure encourages deeper participation heading into the heart of the postseason. Moreover, it gives collectors a way to expand their holdings while offsetting part of their spend through rebates.

Continuous engagement for collectors

Across the 2026 NBA Playoffs, Top Shot is positioning itself as a nightly destination. Every evening brings something new: a fresh Moment to own, a pick to submit, a Fast Break lineup to set, or a prize store reward to chase.

Road to the Ring launches on April 17, while Top Shot This: Playoffs Edition begins on April 20, tying digital collectibles directly to real-time action. Together, these initiatives create an integrated ecosystem that tracks the postseason from first round upsets to the crowning of the 2026 champion.