The most interesting move in crypto last week came from an asset almost no advisor had on their radar.
Stellar (stellar:native ). DTCC — the clearing utility at the center of U.S. securities markets, custodying over $114 trillion — picked it as the first public blockchain to carry tokenized assets onto an open ledger. The token repriced sharply on the news.
$XLM is a small constituent of the @Nasdaq CME Crypto Index. A rounding error next to bitcoin’s weight. If you were building a crypto allocation by conviction, you almost certainly wouldn’t have owned it. Through a rules-based index, you did… without having to predict that DTCC would validate Stellar’s rails.
This is the part investors push back on. “It’s mostly bitcoin — why carry the long tail at all?” Because that’s where the asymmetry sits. Those assets are small by market cap, so their weight is small — limited drag if they fade out. But if one grows into its target market, the methodology lets it earn its way up… Winners get bigger, Losers drop out. And no one has to call it in advance.
Same week, ethereum:native is taking heat from its own community over the Foundation’s direction. Telling, for anyone who assumed smart-contract platforms were winner-take-all and Ethereum had already won. FWIW I’m optimistic Ethereum works through it… but the whole point of an index is that you don’t have to agree with me.
On June 1 the index reconstituted and added bitcoin cash. The point isn’t bitcoin-cash:native , but that the rules keep working… the set has grown from 2 assets to 8, mostly as U.S. regulatory clarity made more assets eligible. As the market matures, we think that set keeps expanding.
Boring, disciplined, rules-based. That’s the edge.
The ETF market has matured. So has the question about crypto.
It's no longer "what is this?", it's "how do I access it intelligently?"
@SamirKerbage at Nasdaq Index Day in São Paulo yesterday, making the case for indexing over picking winners.
Thanks @Nasdaq for the conversation.
The cryptodollar thesis is evolving fast.
Read Samir's full CIO Notes on how geopolitics is strengthening the case for crypto in portfolios 👇
https://t.co/UfDqKY8LRP
#Bitcoin#Stablecoins
What this tells us: stablecoins have moved from a niche experiment to a topic with real implications for deposit markets, monetary policy, and financial infrastructure globally.
The regulatory negotiation reflects that shift.
What do you actually own when you own tokenized gold?
@khem takes that question to Geneva on June 2, on stage with @hashdex's Bruno Caratori at @allnews_ch's Alternative Investments Insights.
The panel asks whether digital assets are finally ready for institutional portfolios.
tl;dr - YES.
Join us !
Crypto prices aren't reflecting the ongoing infrastructure advancements.
Senate market structure vote. Stablecoin adoption climbing. Iran demanding $BTC for Strait of Hormuz passage.
@SamirKerbage and @osheagt break it down Wednesday.
📅 June 3 | 10 am EST → https://t.co/sfKaFRJhQb
CIO's view: This looks like sentiment catching up to a more hawkish Fed, not a break in the thesis.
Range: NCI 3,400–4,200 | BTC $74k–$85k
Full analysis: https://t.co/HC08vSOPnx
The NCI fell 2.6% this week. $BTC briefly broke $77K, triggering $657M in liquidations and the heaviest ETF outflows of 2026.
But beneath the tape, three things kept moving in one direction.
@SamirKerbage breaks it down 🧵
What kept building:
→ Trump signed an EO directing regulators to review crypto firms' access to US payment rails
→ SpaceX disclosed an $1.29B $BTC treasury position in its S-1
→ SEC moved to release an "innovation exemption" for tokenized equities
Happy Bitcoin Pizza Day. 🍕
Follow @hashdex for market insights and educational content on the asset class that started with two pizzas.
Access: https://t.co/jlA2fdpm8T
#BitcoinPizzaDay#Bitcoin
We've been in this ecosystem since 2018, when most people still weren't sure what to make of it.
Co-creating the Nasdaq CME Crypto Index with Nasdaq. Building institutional-grade access to crypto.
Because we believed the pizza was just the beginning.