Treasury Routes Around a Stalled Crypto Bill, US Perps Widen, and BNB Plans Again

Washington’s market-structure law is going nowhere, so the agencies are being handed the job instead; another regulated route into perpetual futures opens for American traders, and BNB Chain starts a second blockchain without minting a second token

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Market-Moving News

The Fed is hogging the oxygen today, and the stories underneath it have nothing to do with rates.

One is the Treasury Secretary conceding the crypto bill is going nowhere and explaining how to work around Congress. One is perpetual futures reaching American traders through more regulated plumbing, with a stranger second route still waiting on approval. And one is the biggest exchange chain deciding it needs a second blockchain, but not a second token.

Markets

DTCC Takes U.S. Stocks, ETFs and Treasuries Onchain With 20 Wall Street Firms

DTCC has launched a live tokenization service that lets eligible institutions convert traditional securities held at the Depository Trust Company into blockchain-based versions.

The initial rollout covers 34 eligible securities representing roughly $30 trillion in market value, including select Russell 1000 stocks, ETFs, and U.S. Treasuries. Twenty DTC participants have already signed agreements to access the service.

Wall Street Gets Blockchain Settlement Rails

Participants can convert eligible securities into tokenized form, receive them in approved digital wallets, move them between registered wallets, and later convert them back into traditional securities.

The tokens retain the same ownership rights, economic benefits, and investor protections as their conventional counterparts. Transfers can also happen around the clock through the Canton Network and DTCC’s private Besu network. The $30 trillion figure refers to the market value of securities eligible for the service, not the amount already tokenized.

Major Firms Are Already Connected

JPMorgan, Bank of America, Citi, Morgan Stanley, Fidelity, UBS, State Street, Barclays, BNP Paribas, and Citadel Securities are among the firms participating. DTCC sits at the center of U.S. securities infrastructure, with more than $114 trillion of assets held at DTC. Bringing tokenization into that system moves blockchain much closer to mainstream market plumbing.

Take: Tokenization carries different weight when it reaches infrastructure already responsible for moving trillions of dollars in traditional securities.

You no longer need to imagine a separate crypto market replacing Wall Street, because blockchain rails are being inserted directly into the existing system. DTCC’s launch makes institutional tokenization far more concrete.

Security

Google Moves Into Crypto Custody Security as Major Banks Test New System

Google is introducing a dedicated security system for institutions that hold and transfer cryptocurrencies, with several major financial firms already testing the technology in private preview.

Google Multi-Party Compute splits transaction-signing authority across separate environments rather than keeping an entire private key in one location. Alphabet is already using the system to secure digital assets it holds on Ethereum and Solana.

Private Keys Lose Their Single Point of Failure

An institution can distribute signing authority across its own hardware, Google Cloud, and other approved environments. Compromising one system would therefore not automatically give an attacker control over the wallet. 

Transactions can also be checked against institutional rules covering approval requirements, transfer limits, and permitted destinations before signing. Private-key compromises have historically accounted for a large share of stolen crypto, making custody security increasingly important as institutional holdings grow.

Google Targets Institutional Crypto Custody

The product moves Google beyond providing general cloud infrastructure to digital-asset companies and into technology built specifically for crypto custody. Google has not disclosed which financial institutions are testing the system or which digital assets Alphabet holds. Broader commercial availability is planned for early 2027.

Take: Institutional crypto custody becomes much harder to scale when one compromised key can move millions in assets.

Splitting signing authority means an attacker has to defeat multiple controls before your assets can leave the wallet. Google entering this market shows crypto custody is becoming an enterprise security problem, not simply a wallet feature.

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Stablecoins

Moody’s Gives Ripple’s $2.5B RLUSD Investment-Grade Ratings

Moody’s has assigned Ripple’s RLUSD stablecoin A2 long-term and P-1 short-term deposit ratings after assessing the quality, liquidity, and custody of the reserves backing the roughly $2.5 billion token.

Ripple says RLUSD is the first stablecoin to receive an investment-grade rating from Moody’s, giving its institutional payments and collateral business a new form of external credit validation.

Treasury Reserves Support the Rating

RLUSD’s reserves primarily consist of U.S. Treasury bills, other short-term U.S. government assets, and cash, with most held at BNY. Standard Custody & Trust Company, which issues RLUSD, targets approximately 103% reserve coverage, equivalent to $103 in backing for every $100 of tokens outstanding. 

Moody’s also examined redemption arrangements, reserve segregation, third-party custody, and the operational and legal framework supporting the stablecoin.

Strong Backing Still Leaves Legal Questions

RLUSD holders currently have no direct ownership interest in the reserve assets, meaning an issuer bankruptcy could delay redemptions even when the backing is held separately.

Moody’s says weaker reserve quality, falling coverage, or problems meeting redemptions could lead to a downgrade. Maintaining the rating therefore depends on how the reserves and redemption system continue to perform.

Take: An investment-grade rating gives institutions a familiar way to assess the financial backing behind a stablecoin.

The distinction matters when you consider whether high-quality reserves also provide reliable access to dollars during periods of stress. RLUSD has gained formal credit validation, but the legal arrangements governing access to those reserves remain a risk.

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Future Forward

2 data prints, 2 comment windows, and a party in Buenos Aires.

Economic Data:

📈 September PCE inflation and the Q3 advance GDP estimate both land Thursday morning: Crypto has been trading off the same cues as tech stocks for weeks, so neither one slips past unnoticed.

Regulation:

🏛️ 2 comment windows worth your time: The OCC’s consultation on stablecoin issuer application forms closes November 23. The CFTC’s advance notice on crypto-asset transactions and markets takes comments until December 14. Whoever bothers writing in tends to show up in the final text.

Conferences:

🎤 LABITCONF lands in Buenos Aires on Friday and Saturday: A region with actual lived experience of using stablecoins to escape its own currency, which makes the panels less theoretical than most.

Crypto Know-How: Slashing, or How a Validator Loses Your Stake

Staking is not a savings account, and it is not a loan either. You are committing crypto to help a proof-of-stake network agree on what happened, either by running a validator yourself or by handing that job to one. The yield comes attached to rules.

Slashing is the penalty some networks apply when a validator commits a specific offense. On Ethereum, that means proposing conflicting blocks for the same slot, double-voting, or surround-voting.

All 3 look like attempts to rewrite history, so the protocol takes a slice of the validator’s bond and does not ask why. Other chains write their own list, and not every network handles penalties the same way.

The part that catches people out: on chains where delegators are penalized alongside their validator, you can lose some of your own stake without having done anything. You picked badly, which the protocol treats as participation.

Going offline is usually handled more gently than slashing, though how gently varies.

So before you delegate, read the chain’s penalty rules, look at the operator’s history, and check how much of the network it already runs. A good headline yield tells you nothing about any of that.

Everything Else

• The Magnificent Seven didn’t look magnificent at first, and these seven quiet stocks with growing cash flows could be following the same path.

• ONDO brought 15 tokenized stocks and ETFs to Robinhood Chain, with 11 of them live in Uniswap v4 pools that trade against the matching Robinhood stock tokens. 

• XRP and RLUSD can now be custodied on BNY’s digital asset platform for eligible institutional clients, with minting and redemption through the bank still to come, subject to approvals. 

• JQQQ is the first blockchain-native fund offering Nasdaq-100 exposure through an issuer-sponsored strategy, launching exclusively on Stellar. Its eligibility terms exclude US investors. 

• UNI burns are now fed by Uniswap’s aggregator hooks, which route v4 trades out to external liquidity on Curve and PancakeSwap, with protocol fees from those trades contributing to the burn. 

• COMP holders are voting on stripping the community multisig of its power to cancel governance proposals, a question that only came up after the multisig canceled one.