Matt Batsinelas

Building @glass_markets

[Matt Batsinelas @MattyIceCO]

(1/7) Since March 10th, exchange volume is down nearly 70%. A main indicator of early token success is timing the launch. Recently, several high profile projects that had years to list launched into lower volume markets, with less than expected markups to last round valuations.

[The Kobeissi Letter @KobeissiLetter]

Tokenized stocks are rapidly expanding.

The total market cap of onchain tokenized stocks is now up to a record $1.6 billion.

This marks a +240% increase year-to-date as tokenization gains popularity and equity markets have experienced a historic rally.

Additionally, trading volume is also gaining momentum as xStocks and Ondo, two of the most active spot providers in the space, have both posted ~200% growth in monthly active trading volume this year.

Amid this growth, Jupiter, the largest onchain platform, has processed over $400 million in onchain tokenized stock spot volume, becoming a key venue for tokenized spot trading.

Meanwhile, in a sudden shift, Bloomberg reported that the SEC is now preparing a framework for the trading of tokenized stocks.

Tokenization is accelerating.

[Coinbase Ventures 🛡️ @cbventures]

Coinbase Ventures is proud to back @Ethena through an open market purchase of ENA.

Ethena is a critical player in onchain finance, and we are excited for the closer partnership with Coinbase and USDC.

[Matt Batsinelas @MattyIceCO]

This one is hard to put into words as Nate was a close friend. Over the past five years I spent a lot of time with Nate, both professionally and personally. He was someone I learned from, had fun with, and trusted. Still hard to emotionally process that he's gone.

Nate leaves a strong legacy behind him. The vision he had and the way he treated people stays with everyone who knew him.

Wishing the best for his family and loved ones.

[Ondo Finance @OndoFinance]

It is with profound sadness that we announce the unexpected passing of Nathan Allman, Ondo's founder. Our hearts are with his family and loved ones.

Nate’s brilliance, humility, and drive shaped every part of what Ondo is today. His belief in the power of technology to create a more open, accessible financial system lives on in everything we build. The impact he had on this industry, and on all of us personally, cannot be overstated.

Nate also helped us build a durable organization with experienced leaders across all facets of the business. Ian De Bode, Ondo Finance’s longtime President, will serve as CEO. Ian has been leading our strategy, product, and day-to-day operations for over two years and has the full confidence of the leadership team.

We will continue building what Nate started. That is the most meaningful way we know to honor him.

[Nathan Allman 🌊 @nathanlallman]

There is a lot of debate about the right way, and the wrong way, to tokenize securities. That framing is a false dilemma. The SEC has already recognized several different tokenization models operating in the market today, and that diversity is a feature, not a problem.

That diversity of options is a strength of the U.S. financial system. Versions of each of these models—"native," "wrapped," and entitlement-based structures—are already present in U.S. markets today, and hold the promise of finding substantial investor interest if allowed to develop further onchain.

At Ondo, we are uniquely positioned to support every major model of securities tokenization, and we have already demonstrated that when done right, tokenization enhances investor protections and accessibility, rather than eroding them.

[Matt Batsinelas @MattyIceCO]

Canton/Digital Asset Holdings should disclose what they do with trading firms and how they book revenue

[Yuval Rooz @YuvalRooz]

People ask me why is $CC volume so low. Because we don’t partake in “market making” scams like this:

[Matt Batsinelas @MattyIceCO]

@mattkalish That’s fair. Kalshi doing RPI orders is hypocritical to the marketing message they push

[Matt Batsinelas @MattyIceCO]

Still better than sportsbooks who have user data and limit bet sizes accordingly

[Matt Kalish @mattkalish]

Q: Why does Kalshi share your user id to Wall Street market makers in RFQ api?

A: To profile order flow for “risk management” *but* Wall Street = 😇, so we pinky promise to NOT to use it to flag winning users, share lists, and decide when we’d prefer to not provide liquidity 😉

[Matt Batsinelas @MattyIceCO]

@jdorman81 On what metric has ONDO underperformed? It’s up 2x since launch from 2024. The chart referenced pulls prices from just days after their ~2b ONDO unlock, worth between $600-800m, of which most tokens couldn’t handle

[Sisyphus @0xSisyphus]

During the Aave crisis, about $500 million dollars of stablecoin liquidity went to Spark, the lending platform of Sky (fka Maker)

This additional capital has proven sticky thus far and has doubled Sky's annualized earnings. It does not take a lot for earnings to inflect further

[Eric Balchunas @EricBalchunas]

SHOTS FIRED: Morgan Stanley is rolling out crypto trading on its E*Trade platform for 50bps/trade, undercutting Schwab's 75bps (who undercut Coinbase). If I know Schwab, they likely won't let this stand. Others will prob undercut too. By the time the dust settles it'll be pretty dirt cheap to trade crypto everywhere- just was we saw with btc ETF exp ratios prior to launch. This is why TradFi is no joke and crypto exchanges should be scared.

[Carlos Domingo @carlosdomingo]

Today we announced the release of a new on-chain market structure for tokenized stocks in partnership with @JUmp and @JupiterExchange all working in @solana. Here is why this is very important and how everything works 👇

[Seraphim @MacroMate8]

humidifi (team behind >30% of solana propamm vume) launched something really cool: market making automated by smart contracts

if you’re an early project with TGE plans, i would ping Kevin

[HumidiFi @humidifi]

https://t.co/7T9hMpcuU6

[fomo @fomo]

fomo web is live

same identity. same positions. now on the big screen.

the whole web is watching 🌎

[Matt Batsinelas @MattyIceCO]

Deeper in the book, CEXs show more posted depth but the top-of-book resilience on Lighter through an earnings event is an interesting signal when comparing RWA CeFi vs DeFi trading.

[Matt Batsinelas @MattyIceCO]

Crypto exchanges and equities are converging, so cross-venue microstructure around earnings is worth a look. $HOOD fell ~10% on earnings today. OI grew slightly, Bybit funding briefly went deeply negative, and Binance led volume followed by Bitget.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Robinhood stock, $HOOD, falls over -7% after posting weaker than expected Q1 2026 earnings.

[Matt Batsinelas @MattyIceCO]

@Lighter_xyz held up much better: ~$130k at 10bps pre-earnings, ~$55k post-earnings. That's only a ~58% decrease and post-earnings, Lighter alone had nearly 2x the depth of the other 4 venues combined.

[nairolf @0xNairolf]

ondo, xstocks and securitize account for ~95% of the tokenized stocks market

pretty insane domination

[Matt Batsinelas @MattyIceCO]

@JustinCBram @variational_io Congrats Justin!