🟢 The $100 Trillion Green Light

The TLDR 👇

DTCC Gets SEC Green Light to Tokenize All US Securities

The SEC just handed DTCC a no-action letter allowing it to offer tokenization services for DTC-custodied assets, with rollout expected in H2 2026.

For context: DTCC custodies over $100 trillion in assets and settled $3.7 quadrillion in securities transactions last year. This isn’t a fintech startup experimenting, it’s the plumbing of U.S. capital markets signaling where things are headed.

The potential upside? Round-the-clock trading, instant settlement, improved collateral mobility, and programmable assets. CEO Frank La Salla called it “transformational” and given what DTCC moves daily, that’s not hyperbole.

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CFTC Approves Ethereum Derivatives Collateral

The CFTC officially kicked off a pilot program allowing Bitcoin, Ether, and USDC to be posted as collateral in U.S. derivatives markets.

Acting Chairman Caroline Pham framed it as establishing “clear guardrails” while enabling tokenized collateral (including tokenized Treasuries) to enter mainstream derivatives trading. It’s a meaningful step toward integrating digital assets into traditional market infrastructure.

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Hong Kong Reveals 10-Year Strategy for Digital Asset Market Transformation

Hong Kong just laid out an ambitious decade-long roadmap for digital assets, with HK$35.1 trillion in assets under management and plans for major infrastructure upgrades to support tokenized trading and settlement.

The strategy unfolds in three phases: listing reforms within two years, expanded Connect schemes and private-asset platforms in years two through five, and full multi-asset tokenization by 2035.

Notably, HK is prioritizing infrastructure (tokenization platforms, smart contracts, and real-time settlement) over individual products. It’s a bet that the rails matter more than the first trains to run on them.

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BlackRock Files for Staked Ethereum ETF

BlackRock submitted an S-1 for the iShares Ethereum Staking Trust (ticker: ETHB), which would offer exposure to staked ETH.

The firm already runs the iShares Ethereum Trust (ETHA), launched in July 2024, which now holds roughly $11 billion in ETH. Adding staking to the mix should make the product more attractive to yield-seeking investors, assuming the SEC gives its blessing.

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Standard Chartered and Coinbase Expand Institutional Partnership

Standard Chartered and Coinbase are deepening their collaboration, with plans to explore trading, prime services, custody, staking, and lending solutions for institutional clients globally.

The partnership builds on existing infrastructure in Singapore, where Standard Chartered already provides real-time SGD transfers for Coinbase customers. The goal: a comprehensive, bank-grade digital asset offering for institutions.

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Coinbase Preps Prediction Markets and Tokenized Equities Launch This Week

Coinbase is gearing up to launch prediction markets (via a partnership with Kalshi) and tokenized equities, both reportedly set for December 17.

Prediction markets let users bet on real-world outcomes, politics, sports, you name it. Tokenized stocks would bring traditional equities onchain, potentially enabling 24/7 trading and fractional ownership.

CEO Brian Armstrong has long talked about building an “everything exchange.” These moves suggest he means it.

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Quote of the Week

Jamie Dimon (CEO of JPMorgan Chase) changes his stance re: blockchain and tokenization

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Stat of the Week

📊 90% of crypto lending revenue is generated on Ethereum and L2s.

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Podcast of the Week

🎙️ Robinhood’s Vision For 24/7 Markets, Powered By Its Ethereum L2: The Edge Podcast

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5 Enterprise Job Opportunities in Crypto

→ Enterprise Relationship Lead (APAC and US Roles - Ethereum Foundation

→ Managing Director, Head of Research, Digital Assets - BlackRock

→ Head of Risk (Crypto) - Revolut

→ Director, Engineering Manager- Digital Asset Management- Blockchain, DeFi - Fidelity

→ Institutional Growth Lead (USA) - Lido

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Until next week,

James Smith & David Walsh