Coinbase is Preparing to Launch “the First Real, 1:1 Backed Tokenized Stocks”

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In Today's Note

• Risk sentiment stalled ahead of the Fed, with US tech and AI stocks selling off, the Nasdaq-100 down 1.89%, and BTC slipping back to $65K after failing to hold its two-week high.
• The US-Iran deal is set for formal signing on Friday, with the draft MOU pointing to a reopening of the Strait of Hormuz, removal of the US naval blockade, a 60-day negotiation window, and broader sanctions relief.
• Coinbase is preparing 1:1 backed tokenised stocks, while lawmakers advanced housing legislation containing a CBDC ban, gaming groups pushed back against sports prediction markets, World Liberty Financial neared a national trust bank charter, and China expanded cross-border e-CNY services.

Market Snapshot: Overnight Moves

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Macro & Markets

• The rally in risk sentiment stalled over the past 24 hours ahead of the Federal Reserve’s first interest rate decision under Chairman Kevin Warsh, while oil prices and government bond yields fell lower for another day. 
• The majority of chipmakers and large US tech/ AI stocks sold off in yesterday’s trading session, dragging down major benchmark equity indexes. 
• The S&P 500 finished 0.57% lower, the Nasdaq-100 fell by a larger 1.89% and the PHLX Semiconductor Sector index plunged close to 6%. 
• SpaceX, on the other hand, continued its post-IPO momentum, rallying another 4.83%, putting Musk’s spaceflight and telecommunications company on track for a 50% rally post-IPO. 

• BTC struggled to hold up at its two-week high of $67K, as selling momentum pushed it back down to $65K. 
• Spot Bitcoin ETFs showed tepid buy-side demand yesterday with inflows amounting to $10.2M. Since the largest outflow streak on record between May 15, 2026 and June 3, 2026, spot Bitcoin ETFs have continued to mostly see outflows, with brief, small spells of buying in between that have yet to last more than two consecutive days. 
• The risk-off moves across asset classes occurred despite a continued drop in oil prices, with Brent crude dropping 5% yesterday and currently trading around a three month low of $78 a barrel. 

• After almost four months, the US and Iran are both preparing to formally sign an interim peace deal/ memorandum of understanding this Friday in Switzerland. The deal will allow for two months of talks aimed at ending their war for good and placing strict boundaries on Iran's nuclear ambitions.
• According to a near-final draft of the 14-point MOU seen by Bloomberg, there will be “an immediate and permanent end to the war on all fronts, including Lebanon” and that the US and Iran will “negotiate and reach a final agreement within a maximum period of 60 days, extendable by mutual consent.”

• Upon the immediate signing of the MOU, the US will “Lift the naval blockade and prevent any interference or obstruction against the Islamic Republic of Iran, and restore traffic within a maximum of 30 days to its full capacity” as well as “withdraw its forces from the surrounding areas within 30 days after the final agreement.”
• Equally, Iran will “ensure that the movement of merchant ships from the Persian Gulf to the Sea of ​​Oman and vice versa is resumed within 30 days to the pre-war volume”. 
• The deal also seeks to provide a comprehensive plan “for the rehabilitation and economic development of the Islamic Republic of Iran, while ensuring financing of at least $300 billion”. 
• This contrasts comments made by President Trump earlier on in the conflict when he argued the US would not provide Iran with war reparations. 
• Additionally, the US will remove all sanctions placed on Iran and “The Islamic Republic of Iran reiterates that it will never produce nuclear weapons”. 

• Speaking at the G7 summit yesterday President Trump said the agreement with Iran was a “done deal” and that the US would not pay to invest money in Iran — contrasting the 14-point memorandum seen by Bloomberg.

• Inflation in the UK held up at 2.8% in May from a year earlier, unchanged from the 13-month low reached in April and below expectation for a 3.0% rise. 
• Headline inflation in the UK has been above the BoE’s 2% target since June 2021, while the US-Iran war caused the BoE to project an increase in inflation to upwards of 3.5% by year-end in its last meeting on April 30. 

DeFi / Web3 / Altcoins / Crypto3

• A bipartisan group of senior Senate and House lawmakers — Tim Scott, Elizabeth Warren, French Hill and Maxine Waters — has agreed on an updated version of the 21st Century ROAD to Housing Act, giving the legislation bicameral momentum and a clearer path through Congress. 
• While the bill is primarily focused on housing affordability and supply, it also includes language that would prevent the Federal Reserve from issuing a CBDC, or any substantially similar digital asset, until the end of 2030, reflecting continued political resistance to a U.S. digital dollar.

• Coinbase said it is preparing to launch “the first real, 1:1 backed tokenized stocks,” allowing users to own tokenized shares of U.S. companies that can be traded, held and redeemed onchain while automatically receiving dividends. 
• The exchange framed the product as distinct from derivatives or IOUs, while the broader market for tokenized equities is gaining momentum as firms including Robinhood and Kraken also pursue blockchain-based access to U.S. stocks.

• A coalition of national gaming, tribal, state and labor organizations urged the U.S. Senate to include language in crypto market structure legislation that explicitly bans event contracts tied to sports and casino-style gaming.
• The groups argued that sports-related prediction markets have expanded gambling nationwide without state or tribal authorization, allowing some users as young as 18 to place bets and marketing gambling products as “investments.”
• The letter said the CFTC was created to oversee commodities and derivatives markets, not sports wagering, and called on Congress to make clear that sports betting falls outside the agency’s authority and cannot be offered through prediction market platforms.

• World Liberty Financial, the Trump-backed crypto project, is reportedly close to receiving approval from the Office of the Comptroller of the Currency to operate as a national trust bank. 
• The charter would allow the firm to issue and redeem its USD1 stablecoin, manage reserves, provide custody, and offer settlement services under a single federal regulator, reducing reliance on state-level approvals and third-party intermediaries. 
• The reported approval is likely to intensify scrutiny around potential conflicts of interest, given the Trump family’s financial links to the project and previous political concerns over World Liberty’s foreign-linked transactions and stablecoin activity.

• China’s digital yuan international operation centre, managed by the People’s Bank of China has signed direct participant agreements with 26 financial institutions in Shanghai to expand cross-border e-CNY payment services.
• The agreements allow institutions to join Cross-border e-CNY Transfer Services (CBETS), a settlement platform designed to support round-the-clock digital payment links with foreign central banks and overseas financial institutions.
• Standard Chartered Bank China, one of the first foreign banks to join CBETS, said the platform could improve the efficiency, convenience and compliance of cross-border payments while supporting broader international use of the yuan.

This Week's Calendar

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Charts of the Day

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