Val

Leading xStocks

[Val @valgui1]

We are moving towards a financial system that is coordinated globally, where assets can move freely and are always on.

This leads to capital efficiency, unlocking fluid trading, lending and financing workflows.

The future is being built.

[xStocks @xStocksFi]

xNasdaq?

Soon.

The xStocks framework will power a new gateway connecting @Nasdaq’s tokenized equity markets with blockchain networks.

TradFi isn’t so traditional anymore.

[Avo on Solana @avodotso]

We're glad to announce that we working with
@xStocksfi to integrate tokenized equities into the Avo platform.

This collaboration expands access to fractional tokenized equity trading while deepening our commitment to DeFi.🥑

[Payward Services @PaywardServices]

Institutions have gotten in at the IPO price for decades. Retail got the leftovers.

xStocks just ended that.

Now, retail investors worldwide can access US-listed IPO price exposure via xStocks, at the offering price.

→ https://t.co/gXgDLKaAYh

[Val @valgui1]

Going public should mean going public for everyone. The only place to get IPO Access in chain worldwide - @xStocksFi

[xStocks @xStocksFi]

An IPO in New York. Access the offering price from anywhere in the world.

That's what xStocks is unlocking.

Tokenized US listed IPO access for retail investors globally, coming soon to Kraken and select xStocks Alliance members.

→ https://t.co/6bOenjwwgu

[Val @valgui1]

@ChrisCamillo @Rewkang Funny timing - just connected with him this morning. The world of investing is indeed small.

[DeFi Andree @DeFi_Andree]

$500M TVL on Pendle - STRC Is Turning Bitcoin Credit Into a New Yield Market

$STRC is no longer just a credit product built around Strategy

It is starting to become a new yield primitive in DeFi ↴↴↴

----------

I recently built a query to track Pendle TVL and found that the STRC Stack has reached $500M in TVL

• apyUSD, apxUSD - @apyx_fi
• USDat, sUSDat - @saturn_credit
• srUSDat, jrUSDat - @strata_markets
• srRoyAPYUSD, jrRoyAPYUSD - @roycoprotocol
• STRCx - @xStocksFi

All forming a liquidity cluster around Bitcoin credit

What stands out is that the STRC Stack now accounts for around 32.5% TVL dominance on Pendle, putting it on the same level as other major yield narratives like Ethena

⤷ STRC is turning dividend streams/credit yield from a Bitcoin balance sheet into an onchain tradable market.

The flow is becoming clear:

STRC creates dividend streams → Saturn, APYX, and xStocks bring them onchain → Strata and Royco split and redistribute risk → Pendle creates PT/YT markets → capital flows back to expand STRC-backed products

This is a market trying to tokenize Bitcoin credit yield into different asset layers: fixed yield, floating yield, senior risk, junior risk, collateral assets, and structured products

----------

@pendle_fi plays a critical role here. $500M TVL may only be the beginning

Pendle is where a difficult-to-price yield stream becomes a liquid market with pricing, arbitrage, and risk segmentation

If @ethena opened up a yield market around funding rates, @Strategy Stack is trying to open a new direction: a yield market around Bitcoin credit

➥ If STRC continues to scale, Bitcoin credit could become one of DeFi’s biggest yield narratives.

[xStocks @xStocksFi]

xStocks are coming to @XLayerOfficial as the primary way to access worldwide tokenized equities.

Sectors covered include: AI, defence, rare minerals, ETFs and more.

24/7 access to 200M+ @wallet global users.

[staysaasy @staysaasy]

First off, he's right as usual.

In practice, orgs get blocked on rewarding outlier performers who really act like owners by their own red tape. Typical blockers:
- "This isn't in our comp band": Well, the alternative is that they walk out the door and found something or join a different place as a more senior executive. These people know they're busting their asses for you and this isn't a charity.
- "The optics look bad": Nobody has to know, and the people who find out are going to respect the decision because founder mode is so blindingly obvious. The big catch here is that often the people with founder mode are young, or inexperienced, or not from central casting. But you need to push through this.
- "What if we make a mistake." You won't, because detecting founder mode is so so so easy. The people who are exhibiting it are not only more productive and more proactive but they also follow up more, have a better attitude, take things to completion, hold higher standards, etc. It's not like some hard-to-detect secret where you're gambling on whether it's going to be worth it. The equity is much better spent on these people than some new exec where the error bars are 100 meters wide.

Two anecdotes:
* I got a very large grant at the beginning of a startup's growth phase, and the founders basically sat me down and said "we could've used this to hire 2-3 engineers or a new exec, but we believe in YOU so here it is." For about a year after receiving it I would've put on a ski mask and smashed our competitors' office windows with a crowbar if asked. I worked ~80% of weekends for years.
* I recently gave someone on my team w/ very long tenure and probably 0.8-0.9 Founder Mode tendencies a much larger grant than they were expecting. Morale, job performance, inspirational performance to his team notably improved. But I had to argue with several internal teams, reference times that I'd teed him up as a top performer years before (thankfully I saw this day coming), make a case, reduce equity grants for other people to make it happen. It was totally ridiculous. This guy is probably worth a couple % of the company's market cap.

[Kamino @kamino]

$STRCx is now live on Kamino.

STRC, Strategy's Stretch perpetual preferred stock, can now be supplied and used as collateral.

The STRCx Market is the first lending market for $STRCx on Solana, expanding access to institutional-grade yield assets onchain.

[Mantle @Mantle_Official]

May was the month MoMNTum hit its rhythm.

Institutional standard set, hackathon szn at full throttle mode, and Mantle going global.

Here's everything that we shipped:

1) @xStocksFi and @Fluxion_network brought institutional-grade execution to tokenized equities on Mantle through Atomic RFQ via xChange.

2) USD1 by @worldlibertyfi went live on @Bybit_Official with a 45M $WLFI reward pool, and is now accepted as collateral.

3) @byreal_io launched the USD1 Trading Competition with a 1M $WLFI prize pool.

4) @Infinit_Labs x @agnidex x Mantle Prompt-to-DeFi Strategist Challenge went live.

5) Mantle Squad landed in Miami and made the rounds across @consensus2026, @MetaMask Builder Nights and @solana Accelerate.

6) $BILL by @billions_ntwk went live on Mantle.

7) Phase 1 of Turing Test Hackathon concluded, and Phase 2 ends in two weeks.

8) Hosted 30+ builders in HCMC for an offline Turing Test Hackathon meetup.

9) Launched Turing Test DevHub to help builders find everything they need in one place.

10) Concluded Build and Boost campaign, with $7,000 in $MNT to be distributed.

11) Ran Mentor Clinic sessions back on every Friday, live from May 22 - June 12 for all builders part of the Turing Test Hackathon.

12) @0xMantleCN and @OpenBuildxyz gathered builders in Shanghai alongside @animocabrands, @XHuntCN, @tencentcloud and @primus_labs to explore what's being built in the agentic economy.

13) @elfa_ai, @OrbitAI_OAI, @SurfAI, @nansen_ai, @alt_layer and @usealtai provided free API credits Turing Test Hackathon participants.

14) Mantle joined AEF Seoul 2026 hosted by @QuackAI_AI.

15) @mETHProtocol published its April ecosystem report, bringing greater visibility into protocol growth and performance.

16) @castle_labs launched its dedicated research piece, featuring Mantle and xStocks.

Other Ecosystem Updates:

17) @printr launched Send a Stake, enabling fee-earning allocations with built-in alignment.

18) @UR_global went live on @JoinTODEY, making UR's account layer accessible through a single API.

19) @Anchorage Digital participated as a seed investor in JPMorgan's JLTXX money market fund on Ethereum.

20) @DigiFTTech partnered with Franklin Templeton to bring the Benji Technology Platform to institutional investors.

21) @virtuals_io launched XMAQUINA, opening onchain exposure to private robotics companies through an agent-managed treasury.

22) @USDT0_to generated $86B+ in lifetime volume on roughly $4B in circulating supply.

23) @ethena's $USDe crossed $20B in transfer volume on @LayerZero_Core, helping push LayerZero past $265B in total value transferred.

One month away from closing the first half of the year, and the distribution layer is distributing exactly as it should.

The job’s nowhere near done yet though.

June’s got a lot to live up to.

Community art by @Flowcreates_

[Val @valgui1]

@pixysharpwings @xStocksFi Pay attention next week :)

[Val @valgui1]

@Devin_NFTHunter @apyx_fi @xStocksFi What do you mean? Live across 6+ chains, 500m AUM, 30b in transaction volume, tons of defi use cases.

What are you hoping to see? Maybe we can build it?!

https://t.co/9cR1oZe7rp

[Val @valgui1]

It’s happening - price discovery will happen in a meaningful way onchain. It’s inevitable as the markets grow.

[Ario 🌲 @ario_57_]

The most interesting thing about tokenized stocks on @solana isn't that they trade 24/7—it's how closely they track the underlying market.

solana:XsueG8BtpquVJX9LVLLEGuViXUungE6WmK5YZ3p3bd1, currently the most traded tokenized stock on Solana DEXs, has been tracking Circle's stock ($CRCL) surprisingly closely.

Over 1,171 matched Nasdaq trading-minute observations (May 26–28):

• Median absolute spread: $0.086
• 56% of observations were within $0.10
• 89% within $0.25
• 98% within $0.50

What stood out is that the onchain market doesn't seem to simply wait for the stock market to open and tell it where the price should be.

solana:XsueG8BtpquVJX9LVLLEGuViXUungE6WmK5YZ3p3bd1 trades 24/7, and in many cases the price gradually converges toward the eventual Nasdaq open rather than showing a large gap once the market opens.

For a market that never closes, a median absolute tracking error of ~8.1 bps and a signed spread standard deviation of ~15.3 bps is surprisingly tight.

✍️ The bigger question is whether we're starting to see meaningful price discovery for equities happen onchain rather than merely being reflected onchain.

[Apyx @apyx_fi]

The real power of tokenization isn't just the asset itself.
But also what people build on top of it. 🔧

In our latest Apyx Alpha, @xStocksFi Global Head @valgui1 joins us to discuss why tokenized assets like $STRCx could become the foundation for an entirely new generation of financial products.

From tokenized equities and digital credit to onchain yield strategies, vaults, and portfolio management, we explore what becomes possible when traditional assets become programmable.

Timestamps:
• 02:04 Why tokenization failed the first time
• 05:50 RWAs as programmable financial Lego pieces
• 06:19 How protocols can build yield engines using STRCx
• 08:00 Why liquidity, not tokenization, is the real unlock
• 10:43 New products emerging from tokenized assets
• 11:12 Why yield is becoming the dominant RWA use case
• 13:01 The rise of a global market for yield
• 17:09 The future of onchain portfolio managers
• 19:23 Tokenized ETFs vs building funds directly onchain
• 20:17 Why crypto can innovate faster than TradFi

If $STRC is digital credit, $STRCx may be what makes digital credit composable.

Watch the full episode. 👇

[Val @valgui1]

@patrick_oshag @DanielSLoeb1 Very cool - great get! I wouldn't pretend to know @DanielSLoeb1 well - but in the few conversations we've had - I have always come away with a nugget. Will take a listen this weekend!

[Val @valgui1]

One of the most fun things in the world are steep learnings curves.

[Ethan Brooks @alt_w_v_g]

My wife mentioned a nice private school over dinner this week
She said the campus was beautiful
I asked what's the tuition
She said we should look at it as an investment in him not a cost
I made a note
She said don't make a note
I said I always make notes
She said this isn't a deal
I said everything is a deal
She closed her eyes

She said we'd discuss it Saturday
I agreed

Saturday 7:02am
She came downstairs in her Saturday robe
Coffee in hand
I had my cargo shorts on

The dining room had been cleared
The projector was on
The analyst was at the head of the table
Quarter zip on, three iced coffees, a legal pad, and two laptops
He had been there since 6:44am

I texted him at 11:14pm Friday
The text said dining room 6:45am bring the model
He sent a thumbs up

My wife stopped in the doorway
She said what is this
I said you said you wanted to discuss it
She said this is not a discussion
I did not respond
She sat down anyway

The analyst stood
He said good morning ma'am
She did not respond
He sat back down
A printed deck in front of each seat
A fourth copy in case

Slide 1 Tuition Schedule
$38,500 per year
Thirteen years
$500,500 nominal
Before escalators
The school has raised tuition 4.2% per year for a decade
With escalators $648,000
My wife said okay
I said I'm not done

Slide 2 Opportunity Cost
Even before escalators
$38,500 invested annually
10% nominal return
S&P long-run average since 1928
By his eighteenth birthday $944,000
My wife said we can afford it
I said I know that's not the slide

Slide 3 Terminal Value at Age 65
$83 million
She was quiet

The analyst slid the sensitivity tables across the table
8% return $31 million
10% return $83 million
12% return $222 million
She did not look

She said this isn't about money
I said it's always about money
She said no it isn't
I said then what is it about
She did not answer

She said you can't put a dollar value on his teachers his classmates his environment
I said I can the analyst already did slide 6
He flipped to slide 6
She did not look

She said the school is the best in the city
I said best is a feeling
She said it produces the best students
I said the students were already the best before they got there

She said our son deserves it
I said our son deserves $83 million

My son walked in
He is five
Dinosaur pajamas
He looked at the projector
He looked at the open deck on the table
He looked at slide 3
He said are we modeling pre-tax or after-tax
The analyst opened a new tab
My wife looked at the ceiling

He said what's the discount rate
The analyst set down his pen
She closed her eyes

He said is this the same return assumption from the 529 conversation
The analyst stopped typing
He looked at me
I did not say anything

She stood up
Sat back down

He said dad can I help
I said yes
He pulled up a chair
The analyst handed him a printout
He started reading

My wife watched him read
She watched him for a long time

She said his name
He looked up
She said do you like school
He said the work is too easy and the kids don't ask questions

She did not respond
She looked at the ceiling
She walked out of the room

The analyst started packing up
He said should I follow up Monday sir
I said no follow up needed

He'll be fine

Sent from my iPhone

[Bitget Wallet 🩵 @BitgetWallet]

24/7 tokenized stocks trading is now available, via @xStocksFi

🏦 Trade xStocks & share $100k (up to $264 at Lv4)
🆙 Get +20% xStocks points boost
💰 Secure your bag → https://t.co/GhDroZB4r0

You can just own tokenized stocks in 4 steps 👇

[Apyx @apyx_fi]

The onchain migration of digital credit continues.

We just tokenized another $50M of $STRC into $STRCx alongside @xStocksFi.

Apyx now holds 1.25M $STRCx, expanding transparent, dividend-backed digital credit directly onchain while stacking even more xPoints. 🚀

[Spacecoin™ 🛰️ @spacecoin]

Right now your ISP can see every website you visit.

So can your network admin.

Sadly, VPNs don't fix this. You just hand the same view to a different company.

Today, we're upgrading the privacy game.

SpaceRouter Onion is live in open testing.

Take your online privacy back🧅

[The Blonde Broker @theblondebroker]

One of my favorite interviews from Consensus is out with the beautiful @emilyRioFreeman , Key Advisor to Mantle.

We went deep on everything happening at @Mantle_Official, her journey breaking into web3 through BD, and how she evolved into one of the key voices helping shape Mantles’s growth today.