RWA & Stablecoin Analyst Director, Head of Research @tiger_research_ Daily coverage+Weekly notes Reports → tiger-research.com Korean desk → t.me/ryan_research
Daily
- Tweets 3,324
- Following 1,445
- Followers 2,345
- Likes 5,501
Yesterday's good news:
1) @The_DTCC officially launched its tokenization service for real-world securities
2) @LME_news began exploring commodity tokenization
3) @ICE_Markets plans to use @HyperliquidX, subject to regulatory approval
The bad news that buried all of it:
The @binance hack
Did someone hack @binance just to slow @HyperliquidX down?
Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified.
The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far.
Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete.
As an immediate precaution, Binance has:
- temporarily suspended deposits and withdrawals while security checks are completed;
- revoked the affected address authorisation;
- engaged law enforcement and blockchain intelligence partners to trace and recover funds.
Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.
Please rely only on official Binance channels for updates. Please feel free to contact Binance Customer Support if you have any further questions.
binance.com/en/support/annou…
3
163
New era 2.
@ICE_Markets and @tradexyz plan to use @HyperliquidX as the infrastructure layer for U.S. perpetual futures across crypto, equities, commodities, FX and other real-world assets, subject to regulatory approval.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
3
173
Ryan Yoon retweeted
BREAKING: World's largest crypto exchange Binance hacked with over $5.6 billion stolen:
• $1.45 billion $BTC
• $875 million $ETH
• $234 million $TRX
• $50 million $XAUT
• $1.57 billion $USDT
• $823 million $USDC
• $75 million $WBETH
• $88.5 million $RLUSD
+ $447.5 million additional cryptocurrencies
This is the largest hack in crypto history.
3,255
8,684
43,346
5,623,950
Tokenizing the metal is the easy part. The real question is: who will actually sell it?
@LME_news is exploring tokenizing off-warrant metal stored in Hong Kong warehouses so it can be used as collateral for financing.
A brokerage service that can answer that question will emerge.
EXCLUSIVE: LME plans metal tokens push tied to Hong Kong's 5-year plan, sources say reut.rs/4yJmw3t
1
71
A new project that caught my eye via @alliance: @suno_finance
• uWatt targets $1, backed by electricity revenue from 25 operating solar plants across 11 regions
• Stake uWatt as c-uWatt and the yield accrues automatically
• 11.6% average over the past 12 months, with variable returns and no fixed rate
• CEO @nvillegase previously co-founded solar EPC Solé and utility Unergy
A real-world cash flow brought onchain.
Introducing @suno_finance (ALL18): turning solar infrastructure into yield-bearing assets.
Suno opens up financing for projects traditional lenders overlook, giving investors access to revenue from a portfolio of 25+ solar plants.
$5M in AUM. 2,000+ investors.
Congratulations to @nvillegase and @Andr3sC4ll3 on the launch.
2
5
204
RLUSD is building institutional credibility before it builds market share.
• @Moodys assigned @Ripple's stablecoin A2 long-term and P-1 short-term deposit ratings
• @coinbase listed RLUSD across Prime, Exchange and retail, with 1:1 USD conversion
• It operates under @NYDFS oversight, while Ripple's national trust bank has final @USOCC approval
RLUSD is still tiny, at roughly 1% compared with @tether's USDT and @circle's USDC.
But this is the kind of regulatory and credit structure pension funds and corporate treasuries can actually evaluate. Small today, but a credible institutional challenger is taking shape.
Ripple USD, meet Coinbase.
RLUSD is now supported on Coinbase and Coinbase Prime, with 1:1 conversion from USD.
More ways to move dollars onchain, inside the infrastructure institutions already use.
8
10
223
A new era for tokenized securities.
@The_DTCC's service is now live, with @jpmorgan, @Citi, @MorganStanley, @Fidelity and @citsecurities among 20 institutions signed on.
• 34 securities at launch: Russell 1000 stocks, major ETFs and U.S. Treasuries under @SECGov's no-action letter
• 1:1 linked to DTC-custodied securities, convertible between book-entry and tokenized forms
• 24/7 peer-to-peer transfers between registered wallets
• Live on @CantonNetwork and DTCC's private Besu network
TradFi and DeFi are moving onto the same rails.
The DTCC Tokenization Service is now live, and this is only the beginning.
Explore the service: brnw.ch/21x6JeP
2
10
304
I'm curious too: what exactly is @coinbase doing with @echodotxyz and the @UpOnlyTV podcast after acquiring them?
What happened to @echodotxyz, @brian_armstrong?
As a shareholder I am quite concerned Coinbase can spend $375mn without utilizing the acquisition
$COIN
2
164
[JUST IN] SPOUT (@SpoutFi) OFFERS 0% INTEREST LOANS AGAINST TOKENIZED US STOCKS
• Borrow USDC against tokenized US stocks at up to 50% LTV, with 0% interest
• Instead of charging borrowers interest, Spout sells weekly call options on the collateral stock and pays the premium to lenders. If the stock moves above the strike, the borrower gives up that week's upside
• Collateral is Spout's own token (spAsset), which it says is backed 1:1 by shares held at a US-regulated broker (broker undisclosed)
• $2M strategic round on 10/15. Lead and valuation undisclosed
Very interesting.
nitter.siddz.com/SpoutFi/status/2110762…
We’re excited to announce that Spout has raised a $2m strategic round from @DraperDragon, @Anchorage, @FlowTraders, @Taisu_Ventures, @VesselVC, @solayer_labs, @2SquareCapital and @Bering_Waters, with strategic backing from @solanalabs
Borrowing against your own stock doesn’t have to cost interest.
Post tokenized US equities as collateral. Borrow USDC at a flat 50% LTV. Pay 0% interest for as long as you hold the loan.
The lender is paid out of covered call premium written weekly against that collateral, not out of a rate the borrower pays. That is the whole trick.
2
3
212
[JUST IN] @tiger_research_ HOSTS A SEMINAR WITH STANDARD CHARTERED'S HEAD OF DIGITAL ASSETS RESEARCH
Last week, we invited Geoffrey Kendrick, the only analyst from traditional finance to publish price targets on projects such as @aave and @Morpho. He is Global Head of Digital Assets Research at @StanChart.
It was a fascinating session, and we plan to hold more of these, like EBS-style guest lectures.
If you'd like to know more about the presentation or the materials, please send me a DM.
6
468
[JUST IN] BLUE HOUSE REPORTEDLY SETTLES ON DEFERRING CRYPTO INCOME TAX AGAIN, CITING YOUTH OPINION AND LACK OF PREPARATION
The tax was set to take effect in January 2027. Coordination with the ruling party and National Assembly review still remain.
It may sound self-congratulatory, but the key data behind the deferral of crypto income taxation was all produced by @tiger_research_.
We built countless public materials and took part in public forums, including the Ministry of Economy and Finance meeting and the tax survey.
We will keep doing our best so the industry can grow. Please show your support!
2
1
7
410
In particular, our crypto tax survey report did not simply shout "oppose". It laid out clear concerns and their impact, and it played a big role.
It was covered in more than 38 unique media articles, and it is also being used as base material in the National Assembly audit and elsewhere.
All thanks to everyone who took part. We will keep working hard.
1
3
50
[JUST IN] A16Z CRYPTO IS NOW @a16zfrontier, EXPANDING BEYOND CRYPTO INTO AI, ROBOTICS, AND BIO
• Renamed from "a16z Crypto", it keeps its crypto investments while expanding into next-generation frontier technologies that take years to bear fruit, such as AI, robotics, and bio.
• On AI, it is looking beyond simple productivity gains toward entirely new (native) use cases, such as autonomous machines and hardware-software startups, and toward networks built for the machine age.
• Blockchains will keep serving as the fast, low-cost payment rail between AI and machines and as the economic foundation of these new networks, so crypto investment continues.
In short: they will invest in AI too.
93
Do prediction markets deliver real utility? The final report in our prediction market series is out.
• Because real money is at stake ("skin in the game"), prediction markets provide real-time, continuously updated probability distributions, and their accuracy consistently matches or beats traditional polls, expert surveys, and economic forecasts.
• They have grown beyond sports and election forecasting into core macroeconomic and geopolitical data infrastructure, widely adopted by major financial media, central bank researchers, and institutional market platforms.
• To become trusted decision-making infrastructure worldwide, platforms need to build enough liquidity to resist manipulation, engage regulators to reframe prediction markets as monitoring tools, and keep their data open and transparent, backed by independent research.
3
2
156
JUST IN: South Korea’s Blue House decides to delay crypto tax again — likely until 2029.
naver.me/FDcqHDOb
1
1
3
148
Glassnode's Bitcoin market outlook (@glassnode)
• $BTC dropped to around $80K on Oct 15, close to the average cost basis of US spot ETFs and corporate treasuries, then rebounded
• The $85K-$87.5K zone, where 6-12 month holders' cost basis sits, acts as strong overhead resistance
• ETFs took in $653M of inflows again on Oct 19, but trading volume remains low
• Key events ahead: the @federalreserve rate decision on Oct 28 and @MSCI_Inc's index exclusion list on Nov 11 (whether @Strategy and similar companies stay in)
+ Altcoin funding rates and overheating indicators have fallen sharply from their peaks, so the heat has cooled. But open interest has declined only slightly and remains large, so it's hard to say the altcoin season is over
nitter.siddz.com/glassnode/status/21129…
$BTC is boxed in between $80K and $87K.
Below, buyers refilled the bids at the ETF and treasury cost basis. Above, the top buyers' break-even, the main asks and the largest liquidation clusters share one zone.
More on ETF flows, MSCI and altcoins in this week's Week On-chain.
2
6
228
[JUST IN] ITALIAN INSURER AND ASSET MANAGER @GENERALI LAUNCHES ITS FIRST TOKENIZED FUND CLASS
Generali Investments (~$870B AUM) has launched a tokenized class of its Luxembourg-based money market fund (MMF).
• A new class of the existing Generali MMF, with fund units recorded on a DLT
• For now, only Generali Group companies can subscribe; other investors cannot
• Plans to extend it to all clients later, positioning the MMF as a building block for collateral, liquidity management and stablecoin issuers
• Per @LedgerInsights, the fund is about $15B in size
A large European asset manager chose an MMF as its first tokenized product. The chain/platform and issuance size have not been disclosed. It may well be PR, but Europe is moving fast too...
1
5
342
[JUST IN] @GoldmanSachs, @McDonalds, AND @Microsoft OPPOSE STOCK TOKENIZATION PUSH
From a company's point of view, nobody wants to take on issues like shareholder register management, right?
But if one company moves first and it helps its share price hold or rise, they will all do it. Debating the technology is meaningless.
1
4
216