This is a very big deal, helping shape the future of onshore derivatives. Macro legend Stanley Druckenmiller’s engagement highlights the importance of the announcement.
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. We’ll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldn’t be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. We’re proud to have him with us for the next one.
We’re building the U.S. market in parallel with our existing HIP-3 markets, which we’ll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. You’ll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
You've followed what we're building. Now, drive the strategy.
DMs are open for believers:
➤ Head of Digital Assets Product Strategy
➤ Head of Franklin Crypto Capital Formation
➤ Head of Franklin Crypto Private Credit
➤ Program Manager, Digital Audience Engagement
➤ VP, Business Development, Crypto Markets
Ready to shape the future?
⬇ ⬇ ⬇ ⬇ ⬇
Franklin Templeton's Sandy Kaul says crypto's next rally will extend beyond Bitcoin to protocols building new infrastructure
"The reason that we really did bring Chris and Seth on and have them working with Tony and our native crypto team at Franklin, is because we need to be able to offer our clients the value that is being created."
"As more of the world's economy is being rebuilt on crypto rails, people are going to need that exposure in their portfolio. It's the next growth area. Just like AI, when it came out, was a growth area and everyone needed AI exposure in their portfolio."
"We truly believe that now everyone is going to need crypto exposure in their portfolios, and we are helping to educate people to understand that if you want to own the value a company is creating, you buy their stock."
"I think the next big move we see in crypto is going to be much more broad-based. It's going to be more than just about what Bitcoin's fundamentals are."
"It's going to be a much broader-based rally, where people want to have exposure to the protocols where we are actually building the new infrastructure."
Franklin Crypto is hiring a head of private credit!
There are times when the perception of risk is greater than the risk itself. And those are some of the best operating conditions.
@FTDA_US is looking for a proven private credit investor who can build and lead the strategy end to end—from sourcing and structuring through portfolio management and workouts. If you bring strong credit judgment, a track record across market cycles, and genuine fluency in crypto, blockchain, and Web3--please apply below.
https://t.co/1ADL3K88Rs
More than half of trading in tokenized equities takes place outside regular market hours. The demand for 24/7 access is real. The challenge is building markets that are also deep, liquid, and resilient. Learn more in our GFSR chapter on tokenization: https://t.co/9cT70LCj40
One of the strongest crypto developer communities in the world is hosting @EFDevcon 8.
Franklin Crypto CIO @SethGinns shares why India is fast becoming an exciting crypto hotspot.
< @ETHIndiaco x @ethereumfndn x @ethereum >
New episode with @sethginns, who was in Lehman's headquarters the day it collapsed.
He spent 18 years in public equities at Jennison, seed-invested in @coinbase in 2012, and now runs crypto at Franklin Templeton.
He tells @AviFelman why 2026 is the year TradFi and crypto finally converge.
All of that, plus:
• Why The Clarity Act Doesn't Need To Pass
• You Can't Bet On Cash Cows Anymore
• What Tesla & Amazon Taught Him About Founders
• Why Franklin Doubled Down In A Downturn
OUT NOW on @YouTube & @Spotify 👇
As open-weight AI models become increasingly capable, differentiation and value may shift toward the harness: the software layer that gives models context, tools and memory; and routes each request to the most appropriate model.
Franklin Crypto PM @LastNameLove makes the case for a neutral, decentralized, on-chain harness, and explores what this broader shift could mean for AI users, developers and the broader blockchain ecosystem.
We are excited to announce four updates regarding the Ethena ecosystem, further details on each point are provided in the blog linked below:
1. Buyout of early investors:
The Ethena Foundation executed a buyout of all locked tokens from certain major seed investors that sold any ENA within the last 9 months.
2. Alignment of Token & Equity:
The Ethena Foundation and Ethena Labs have reached agreement on a Master Framework Agreement, whereby IP and ownership of value accrued by the protocol is assigned to the Foundation exclusively and governed by token holders with no residual cash flow due to equity investors in the Labs entity.
3. Revenue Buybacks:
Governance proposal now live for the implementation of the fee switch whereby net revenue accrued across all business lines under the Ethena brand will be used to programmatically buy back the ENA token.
The vote for revenue buyback fee switch implementation is now here, and has already been approved by the Risk Committee:
https://t.co/2urvkqlE6N
4. Removal of monthly VC unlocks:
The Ethena Foundation and lead investors have agreed to eliminate future overhang associated with monthly VC investor unlocks by releasing unvested tokens. All team tokens remain locked per the original vesting schedules.
Further details and documentation is provided in the blog linked below:
What could be gaining momentum with institutional investors?
@sethginns, CIO of Franklin Crypto shares what he’s seeing as tradfi and defi converge via @CoinDesk
New episode of The Market Runup just dropped 🎙️
I sat down with @sethginns of @FTDA_US to dig into NYC’s absolute financial explosion, the wild collision of AI + crypto + TradFi that’s rewriting the global system, latest CPI, Fed next moves, and why Bitcoin is struggling short-term even with the strongest institutional fundamentals we’ve ever seen.
This one is amazing. Check it out now 👇