Scientists Confirm The Slow Removal Of A Flex Tape Band-Aid Still Less Cruel Than This Market

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NEWS
In Memoriam: Nathan Allman (1993–2026)

You may have never heard the name Nathan Allman. But finance history books will remember him as one of the people who saw tokenization before almost anyone else and worked to make it a reality.

Besides being the founder of $ONDO ( ▼ 1.76% ) , there are two other things, in particular, that will carry his name forward.

First, the foresight that traditional finance could live on blockchain – not as a theory or good idea, not as an experiment, but as the machinery traditional finance will run on.

Second, he was a doer. Nate was the Johnny Appleseed of his space. The tokenization space is loud with advocates and theorists, filled with people who talk about trees they will never plant.

Nate planted some big ones:

OUSG. USDY. The BlackRock BUIDL integration. Ondo Chain. Tokenized Treasuries settling across JPMorgan and Ripple in seconds.

Real-world asset tokenization exists at the scale it does because he refused to let it be only an idea.

We and future generations will all benefit under the canopy of the forest he fostered. And most will never know whose hands did the planting.

But that is, in a way, the truest kind of legacy – one that keeps growing long after the planter is gone.

God bless.

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BOXABL announced plans for a potential SPAC merger with FG Merger II Corp. (“FGMC”) (NASDAQ: FGMC). After crowdfunding $230M from over 60,000 investors since 2020.

Currently trading on Nasdaq, $FGMC will be the surviving entity following the proposed merger’s closing. The combined company will then be renamed BOXABL Inc., with the anticipated ticker $BXBL.

BOXABL expects Nasdaq trading on or about June 12th. Investors holding $FGMC shares will automatically convert to $BXBL upon closing.

FGMC on Yahoo Finance

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NEWS
Babylon Labs Insists New Product Is Not A Bridge, Then Spends 1,000 Words Describing A Bridge 🤦

Babylon Labs wants to put native Bitcoin on Aave V4 as collateral. They want you to know this is not a bridge. The proposal says “no wrapping, no bridging, no custodians” right at the top, just so we’re clear.

Here is how the not-bridge works. You lock BTC in a Taproot UTXO on Bitcoin. A “BTC vault record” appears on Ethereum. Adapter contracts translate this record into vaultBTC, a “transfer-restricted ERC-20 token” that is definitely not a wrapper. You then borrow against vaultBTC on something called the Babylon Core Lending Spoke, which sits on an Aave V4 Hub, because Hub and Spoke is now a thing in DeFi.

If you get liquidated, the liquidator takes the vaultBTC and swaps it via a separate BTC Vault Swap Spoke for WBTC — which is, importantly, a different wrapped bitcoin product. A permissioned set of “arbitrageurs” then buys the escrowed vaults and handles the actual BTC redemption on Bitcoin, which takes multiple days because of the fraud-proof window.

To make sure none of this fails catastrophically, the system has been audited by Coinspect, Sherlock, Zellic, ABDK, and ZK Security. Plus formal verification by Runtime Verification. That is five separate audit firms for a system that is, again, trustless.

It is built on a cryptographic foundation called BaBe.

NEWS
Strategy Lists ‘Selling Bitcoin’ As Capital Management Tool 🤷 

$MSTR ( ▲ 0.03% ) bought back $1.5 billion of their 2029 convertible notes for $1.38 billion. They sold $2 billion of Variable Rate Series A Perpetual Stretch Preferred Stock plus $84 million of MSTR, and used the proceeds to buy 24,869 bitcoin.

Cash for the convert buyback came from the USD Reserve, a “management-designated portion of liquidity” set up in December for dividends and interest. It’s now at $871 million. They’ll refill it “based on market conditions.”

They generated BTC Yield, BTC Gain, and BTC $ Gain. Three separate metrics. One percentage, one in bitcoin, one in dollars. All the same idea.

Oh, and buried inside the CEO’s quote, sandwiched between “convertible debt” and “BTC Yield,” Phong Le mentioned the company will use “the full range of capital management tools available to us, including the disciplined sale of $BTC ( ▼ 1.1% ) .”

Had to double check that, but yes, BTC sales on the menu as a subordinate clause. Seems like it should be more of a big deal, but it’s not. Oh well.

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

Superset Notices Stablecoins Are Liquid Everywhere Except Where You Actually Need Them

Superset says institutional stablecoin adoption is slowed by liquidity fragmentation, with more than $300 billion spread across over 160 blockchains and more than 90 chains holding under $10 million. Its LayerZero-powered Unified Execution Layer prices on-chain FX trades against global virtual liquidity, then settles locally where completion is required. LayerZero.

COTI Reads Enterprise Privacy Report And Finds It Is The Only One Not Wearing A Pilot Badge

COTI said the Enterprise Ethereum Alliance’s first enterprise privacy report classified COTI as the only profiled solution at General Availability. The report cited COTI’s garbled-circuit privacy layer, ECB Digital Euro Pioneer Partner status, Privex volume, and UNICEF-linked supply chain work. Institutions now have a privacy map, which is helpful since nobody wants tokenized assets with glass bathroom walls. COTI.

NEWS IN THREE SENTENCES
Real World Asset Tokenization (RWA) News 🪙

Predictorium Brings Internet Arguments Onchain So Wrong People Can Finally Be Tokenized

Predictorium launched on Waves as a real-time prediction market platform where users create Yes/No markets tied to real-world events across crypto, sports, AI, news, and culture. Correct Yes or No token holders can redeem for 1 WAVES, giving comment-section forecasting the dignity of financial settlement. Waves.

1inch Reports RWA Trades Got Larger After Tourists Left The Gift Shop

1inch said average RWA swap size rose roughly 91% in April, climbing from about $2,000 in March to around $3,800, even as total volume fell from roughly $1.15 billion to $575 million. Top assets included CRCLon, NVDAon, QQQon, SNDKon, and MUon, with concentration among the top five dropping from 62% to 50%. 1inch.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

Scotland National Team Launches Fan Token

Chiliz and the Scottish FA announced a partnership to launch an official Scotland Fan Token on Socios.com, joining national teams including Argentina, Portugal, Italy, and South Africa. The goal is global digital fan engagement before the summer World Cup, offering supporters more interactive ways to connect with the national team. Scottish fans are known for loyalty and suffering, so tokenizing the relationship feels less like innovation and more like formal documentation. Chiliz.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending News 🏦

Arbitrum Portal Adds Swap And Earn So Users Can Stop Opening Twelve Tabs Like It’s 2021

Arbitrum upgraded its Portal into a single interface for moving, swapping, and earning across Arbitrum and other EVM chains. Powered by LI.FI, users can run cross-chain swaps, then access lending, liquid staking, and fixed-yield opportunities through protocols like Aave, Morpho, Fluid, Lido, Ether.fi, and Pendle. The Portal remains non-custodial and simply structures transactions. Arbitrum.

NEWS IN THREE SENTENCES
Protocol News 🏦

Securitize Joins MANTRA Validator Set, Bringing Actual Regulated Adults To The RWA Table

Securitize joined MANTRA Chain’s active validator network, adding a regulated tokenization platform managing over $4 billion in tokenized assets as of October 2025 to MANTRA’s infrastructure layer. Securitize is the issuer of record for BlackRock’s BUIDL and tokenizes funds for Apollo, Hamilton Lane, KKR, VanEck, and BNY. MANTRA.

OLD NEWS
Crypto Stuff That Happened Today, But A Long Time Ago 📜

Here’s what was happening in the newsletter a year ago today:

• Crypto was holding up better than alts – total market cap was +4% YTD and only -7% from the all-time high, while the altcoin market was -12% YTD and -25% from ATH.

• The week was broadly green – Top 25 +6.0%, with Proof-of-Work +9.3%, Proof-of-Stake +7.5%, DEX +7.4%, and Privacy +7.3% leading.

• Nothing was red – even the weaker groups like AI +3.4% still managed to stay positive.

Here’s what was happening in the newsletter two years ago today:

• Kabosu died – the original Doge meme dog passed away at 18, which made it a genuinely sad day for the Dogecoin crowd.

• Standard Chartered floated SOL and XRP ETF optimism – saying those could arrive as early as 2025, assuming regulators didn’t do their usual thing.

• Other notable bits – Coinbase brought XRP trading back to New York, Trump made friendly noises about BTC and DOGE, and authorities busted a $73M crypto laundering scheme.

OLD NEWS
Other Stuff That Happened Today, But A Long Ass Time Ago ⌛️

Month, Day (example: May, 3rd)

• 1647 – Well that seems harsh. Catholic priests are banned from the colony of Massachusetts. First offense: banishment. Second offense: death.

• 1896 – The Dow Jones Industrial Average becomes the first index of stock market activtiy, appearing in the Wall Street Journal.

• 1897 – Bram Stoker’s Dracula is published.

• 1927 – The Ford Model T ends production.

• 1940 – The evacuation of British and allied forces at Dunkirk begins.

• 1946 – A patent is filed in the US for the hydrogen bomb.

• 1966 – Guyana gains independence.

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