A system based on identity is vulnerable
plus: what's ahead this week, a podcast announcement and more
“The greatest danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.” – Michelangelo ||
Hello everyone! I hope you all had a refreshing weekend.
If you missed my Press Publish chat on Friday with Izabella Kaminska, author of The Peg and The Blind Spot newsletters, you can catch that here – we talk about newslettering, journalism, the future of media and a lot more.
Aaaaaand, an announcement! Izabella and I are starting a pilot seasonal podcast on the stablecoin-fuelled changes we’re seeing in finance, geopolitics, payments, markets and more. 📽 First livestream tomorrow! 📽 More details below.
PUBLISHED IN PARTNERSHIP WITH: ✨ ALLIUM ✨
Tokenized US fund wallets by chain: what drives concentration?
Arbitrum leads with 12,571 wallets, 93% of which are Theo’s thBILL. Solana (8,703) is 85% Ondo plus Etherfuse. Sui (6,318 wallets) is 100% Ondo. Chain wallet rankings are a ranking of where one issuer chose to distribute a retail product.
Want to find out more? Check out Allium’s latest report on tokenized US funds.
→ Read the report: https://www.allium.so/reports/tokenized-us-funds-june-2026
IN THIS NEWSLETTER
Podcast announcement
Coming up this week: stablecoins, PCE
Monday mood: A system based on identity is vulnerable
Podcast episode recommendations
Crypto is Macro Now offers ~daily commentary and updates on the overlap between the crypto and macro landscapes. Plus links and more.
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WHAT I’M WATCHING:
PODCAST announcement
✨Introducing Monetary Forces, a seasonal podcast hosted by Noelle Acheson and Izabella Kaminska. ✨
For now, we’re keeping it low-key and simple, just the two of us geeking out about the intersection of monetary systems, technology and geopolitics that we both focus on in our respective newsletters – consider this pilot kind of a “crossover”.
Each week during the season (until the end of July), we’ll focus on a paper, report or speech that is shaping the future of money. We do the reading on your behalf, unpack what it means, and highlight the details, contradictions and implications that can get lost in the noise.
In an age of AI-generated summaries and information overload, our goal is simple: to bring back close reading. Not just what the document says, but why it matters, who it affects, and what it tells us about the direction of monetary change.
First episode: Tuesday, June 23rd at 10am EST / 4pm CEST. Link to livestream: https://open.substack.com/live-stream/247923
Coming up this week: stablecoins, PCE
A TON of stablecoin-tokenization talk this week, from central bankers, regulators, finance executives, entrepreneurs and more.
Today sees the kick-off in New Delhi of a two-day summit for BRICS national security advisors, including Chinese Foreign Minister Wang Yi, Russian National Security Advisor Sergei Shoigu and Iranian Supreme National Security Council Deputy Secretary Nezamipour. Oh, to be a fly on the wall…
Also, the European Central Bank hosts a panel to commemorate the publication of the 2026 annual report on the international role of the euro. ECB Chief Christine Lagarde will be sharing the stage with representatives from the European Commission and the European Parliament – we might bet some more puffery about the digital euro. You can watch that here, from 17:15pm CET.
And the US Federal Reserve hosts a two-day conference about the international roles of the dollar – the plural is deliberate, separating the dollar’s role as a payments, funding and settlement currency from its role as a reserve currency. This year focuses on the impact of stablecoins, with some intriguing-sounding papers due to be presented.
On Tuesday, we get some preliminary PMI indicators of how US and European economic activity is doing.
Also, the Point Zero Forum conference kicks off in Zurich until Thursday, with a ton of panels, firesides and round tables looking into onchain money, tokenized securities and the infrastructure as well as governance emerging around them. There are some big-name speakers featured, including Tether CEO Paolo Ardoino (Tuesday) and ECB Executive Board member Piero Cipollone (Wednesday, talking about the digital euro).
And the BIS releases a report on stablecoins (come and join myself and Izabella Kaminska in a Substack Live chat to discuss this!).
Wednesday brings the minutes from the recent Bank of Japan meeting.
And ECB Governing Council member Joachim Nagel gives a speech on the digital euro at the International Bankers Forum in Frankfurt. (There is a LOT of tokenized money talk this week.)
Also, US chip manufacturer Micron reports earnings – there are a few companies whose results can move markets, Micron (share price +70% over the past month) is one of them.
On Thursday, the US Bureau of Economic Analysis releases the Personal Consumption Expenditure (PCE) index data for May, expected to show a growth acceleration. Consensus estimates put the headline PCE increasing by 0.5% vs 0.4% month-on-month, and 4.1% vs 3.8% year-on-year. The core index, ex-food and energy, is forecast to climb by 0.4% vs 0.2% month-on-month, and 3.4% vs 3.3% year-on-year.
We also get the final estimate of US Q1 GDP – preliminary reports have suggested annualized growth of 1.6%, up from Q4’s 0.5%.
And on Friday, the University of Michigan releases the final consumer survey report for June – the intermediate reports were better than expected, so there could be some good news there.
Monday mood: A system based on identity is vulnerable
(what’s on my mind as we head into the week)
