Stablecoin hybrids and the “singleness” of money
Plus: deposit tokens vs tokenized deposits, congrats Allium, first podcast episode
“Remember: in order for a perception to change one must be frustrated in one’s actions or change one’s purpose.” – Neil Postman ||
Hello everyone! I hope you’re all keeping cool – my weather app tells me the temperatures here drop tonight, yay.
Today is the Fiesta de San Juan, a big deal in Spain and a public holiday in much of the country. In honour of St. John the Baptist, it is one of only two official feast days commemorating a saint’s birth rather than their death – the other is that of the Virgin Mary in September. The main festivities take place the night before, though, and for some reason often involve jumping over bonfires in a ritual of “purification”. Given the heat wave, we decided to skip that part this year 😉.
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
Special note: congrats to Allium!
Monetary Forces podcast: first episode in the bag!
Stablecoin hybrids and the “singleness” of money
Deposit tokens vs tokenized deposits
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:
Special note: congrats to Allium!
I generally don’t get this excited about a raise, but HUGE congratulations to Allium for their $40 million Series B! They are a sponsor of this newsletter but did NOT ask me to mention this – I am doing so because I am genuinely thrilled for them, they have a fantastic product, a great team and the kind of industry contribution ethic I would love to see more of. I’m looking forward to seeing what they produce next, and I can vouch that they are always moving forward. Kudos to CEO Ethan Chan and everyone else at Allium for the vision of making the idea of granular, flexible, useful onchain data real.
Monetary Forces podcast: first episode in the bag! ✨
Yesterday, Izabella Kaminska and I recorded on Substack Live our first episode of Monetary Forces, a pilot seasonal podcast that will fuse big picture takes and our fascination with detail to bring you insight you won’t get elsewhere.
Yesterday we talked about China’s global governance strategy and what that has to do with digital assets, the Bank of England’s changing stablecoin framework, the strange US ban of CBDCs, and then Izabella unpacked yesterday’s BIS release (hot off the press!) of a chapter on stablecoins and tokenized deposits from its upcoming Annual Report – she merges monetary plumbing with the philosophy of money, highlights some overlooked secondary consequences, and questions whether the concept is as money-neutral as we’re told.
We’re still working on feed distribution, but meanwhile, you can catch the playback here.
And check out Izabella’s write-ups of the paper she discussed over on her newsletter The Peg.
Stablecoin hybrids and the “singleness” of money
We’re used to thinking of the evolution of onchain money as a stablecoins vs deposit tokens battle, with fierce advocates for each insisting the other just cannot survive in the real world of finance.
But over the past few weeks, we’ve seen two concrete examples of a compromise that also offers the user more choice.
