It was a fantastic panel. What I’m taking away most is this idea of "fluid money": "@coinbase customers should be able to borrow from @binance customers. @Fidelity clients should be able to lend to @MorganStanley clients. No single institution can build that alone - and that’s exactly what @Morpho is made for." https://t.co/T2AvXhCUoM

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

See you Monday in NYC 🇺🇸 @TheBigWhale_'s first event outside Europe. We'll be joined by Morgan Stanley, 21X, Morpho, and Fireblocks. This one's going to be special: https://t.co/I8dVO7Riwz https://t.co/lseEBiDa0n

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

A lot of institutions we talk to bring up confidentiality at some point. Operating on a public blockchain means competitors can see your moves in real time, or that you're not preserving customers' confidentiality, etc. @Zama just launched a solution on top of @Morpho: confidential USDC deposits into Morpho Vaults, with yield without the public exposure. First of the many experiments that are going to happen on Morpho!

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Since yesterday, dozens of messages - including from @TheBigWhale_ clients - asking the same thing: what is Morpho, and why does this fundraise matter? I talked about it this afternoon on TV @BfmCrypto. Here is the short version. @Morpho is a lending and borrowing protocol. Not a side experiment. Core finance - the kind that has existed for centuries, now rebuilt on-chain. 60 people, mostly in France. Over $11B in deposits. The highest-valued French unicorn per employee at $26M - ahead of @MistralAI at $17M But the number that matters most is not the valuation. It's how they got there. Morpho has no shares. No equity. The company is valued entirely through its token. That is not a detail - it is a fundamental shift in how financial infrastructure gets built. Europe is ahead. Not catching up. Ahead. Morpho is proof that the continent is producing world-class financial protocols that set the standard globally. We should be louder about that. We cover these topics in depth at TBW - in our reports, with our team and @BukovskiBuko3, @gregory_raymond, and in the conversations we have with institutions across Paris, London and beyond. Book a call if you want to go deeper: https://t.co/A7il3ZAGa5 In the meantime, we'll be in New York on June 22 with Morpho, @MorganStanley, @tradeon21x and @FireblocksHQ: https://t.co/suwEbnwoc7 See you there 🇺🇸

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

🔴 8 Corporate Breakfasts in since January and one thing is clear: not all private events are the same. Here's what makes ours different. 1️⃣ Panels that cover the full chain of value. Not just a single player talking about their product. Morpho on stage with Société Générale and ODDO BHF. Dfns and Qivalis in the same conversation on custody infrastructure - sometimes confronting opinions. 2️⃣ The most curated institutional audience in digital assets.  Banks like BNP, Morgan Stanley, Deutsche. Asset managers like BlackRock, Amundi, Franklin Templeton. Fintechs like Stripe, Revolut, Checkout. They come because they know the room is worth their time. 3️⃣ The network lives well beyond the event itself. @TheBigWhale_ is the leading Business Intelligence provider on digital assets. That intelligence materializes every day: we put clients and partners in contact during and after events, because the value compounds. Next up: Berlin tomorrow during SuperReturn, with Fusion by @ipor_io, @metalsofficial, @stokr_io and @MidasRWA. Then NYC at Morgan Stanley's. Details in the comments 👇

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Europe lost the internet to Silicon Valley. Digital assets will be won - or lost - by banks, asset managers and exchanges. Europe has all of them. But digital assets are a different game. And I've been thinking about this a lot this week - after London, Paris, Amsterdam, and now sitting in Berlin. Here's what people don't say enough: Europe has one of the most powerful financial industries in the world. Probably the sector - outside luxury and aerospace - where Europe is genuinely competitive with the US and Asia. We have global banks, world-class asset managers, major exchange operators, and a dense fintech ecosystem. That's not nothing. That's actually everything when it comes to digital assets. And here's the paradox: these institutions are going to have to disrupt themselves. Tokenize their own models. Cannibalize parts of what made them successful. That's uncomfortable. It's also their biggest opportunity in decades. Because unlike the internet, this isn't about building new giants from scratch. It's about tokenizing what already exists. @PaulFrambot (@Morpho) explains this better than anyone: all of finance will be tokenized, making it more fluid, more accessible - and Europe has every weapon it needs to compete in this new world. The pieces are moving. @qivaliseu - 37 European banks - building a MiCA-regulated euro stablecoin. @SG_Forge launching the first regulated euro stablecoin in Europe. Amundi and @LSEplc pushing on asset tokenization. @boersestuttgart. And @euronext, which has every asset it needs to lead - and hasn't fully moved yet. And people forget: some of the most important crypto-native projects in the world are European. @Morpho, @aave, @Spiko_finance, @Kiln_finance, @tradeon21x - and many others. The talent is here. It chose to build here. We talked about all of this last week at Money20/20 in Amsterdam, during our Corporate Breakfast with @qivaliseu, @dfnsHQ, @zama, @trmlabs and @BNYglobal. That's where Jan-Oliver Sell (Qivalis' CEO) said it plainly: "If Europe keeps playing it too safe, it risks falling behind - again." He also said something that stuck: "It's very European to worry about 0.04% of the financial system." That's what euro stablecoins represent today versus total deposits. The caution is disproportionate. Full interview with Jan-Oliver is here - along with our Money 20/20 takeaways: https://t.co/QwpcODkoWr Now in Berlin at @SuperReturn, where I'll be having the same conversation with VCs - this time about DeFi. After missing the internet, Europe has a real shot here. It has the industry. It has the infrastructure. It has the talent. It just needs to move.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

🇩🇪 Just arrived in Berlin, with @Raph_Bloch and @BukovskiBuko3, Prost! On June 10th, we're hosting our first-ever private event in Berlin, right next to SuperReturn, the biggest capital allocators conferences in Europe. The topic: onchain yield and how it's reshaping enterprise treasury strategies. Stablecoins, tokenized deposits, onchain treasury management: the questions our institutional clients are actively working through right now. The speaker lineup: - Jonas Krstic, Head of Business Relations at @stokr_io - Darren Camas, Cofounder & CEO at @ipor_io Fusion - Ben Elvidge, Head of Alternative Assets at @metalsofficial - Jonas Konstandin, Chief of Staff at @MidasRWA This will be our 3rd event in two weeks. And after Berlin, we head to New York, Zurich, and Geneva. Details and registration in the comments 👇

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

🇩🇪 We're in Berlin all week for SuperReturn, with @Raph_Bloch and @BukovskiBuko3! This is the largest capital allocators conference in Europe: funds, asset managers, treasurers, family offices, all in one place, discussing where capital goes next. Onchain finance is becoming an increasingly important part of that answer., as a concrete tool to optimize allocations and improve yield for institutions that need to move beyond traditional instruments. That's exactly what we'll cover at our Corporate Breakfast there on June 10th, alongside four firms actively building this infrastructure: Fusion by @ipor_io, @metalsofficial, @stokr_io, and @MidasRWA. 🇩🇪 If you're based in Berlin or here for the conference, send me a message - there's a few spots left for our private event! Details in the comments 👇

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

"There are today around 2,000 vaults on @Morpho, and about 500 of them hold around $100K. Vaults enable a kind of modularity that's genuinely unprecedented in the history of both DeFi and finance" - @PaulFrambot (@Morpho) 🎙️ "Future of "Finance w/ @BukovskiBuko3 (@TheBigWhale_) & Amy Oldenburg (@MorganStanley)

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Is DeFi ready to serve TradFi - at scale, under real pressure? TradFi demand for on-chain infrastructure is real. But so are the risks. @BukovskiBuko3 sits down with: - Amy Oldenburg, Head of Digital Assets at @MorganStanley - one of the largest banks on the planet - @PaulFrambot, CEO of @Morpho, one of the largest DeFi protocols in the world "Future of Finance" - Tuesday May 27, 2 PM CET. 👉 https://t.co/gsRhsf4bJJ

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Today, @TheBigWhale_ launches "The Agent". I'm incredibly proud of this one. You've been asking us the same question for months: what's actually happening with Agents, beyond the hype? "The Agent" is our answer. Every Thursday in your inbox: the key moves in agentic finance, filtered for financial institutions, in under 5 minutes. Infrastructure shifts. Regulatory signals. Who's deploying what. What it means for your operations. We already run our own agents for accounting, reconciliation, and commercial operations. Half of our treasury is onchain. We cover this from the inside. Tomorrow's finance runs on two rails: Wallet + Agent. "The Lens" lands every Wednesday on the first. The Agent lands every Thursday on the second. Same team. Same inside access. One place for both forces reshaping the future of finance. For this first edition: an exclusive interview with @randhindi from @zama on the real impact of AI and agentic systems on businesses. - "The agentic boom is the product manager's revenge on the developer" A must-read: https://t.co/C4RNd34hje This product exists because of the work @ZakLaMedaille and @Arthurws14 put in. Proud of what they built. Want to follow both? Subscribe to "The Drop": https://t.co/6LvvABXSiW

Name & Symbol: Zama ($ZAMA)
Address: 0x6907a5986c4950bdaf2f81828ec0737ce787519f

French crypto startups are quietly beating everyone. Two numbers that stopped me this week : 1/ @Morpho is now the most valuable French startup per employee - $26M per head.Ahead of Mistral AI at $17M A DeFi protocol. Beating France's AI champion. 2/ @Spiko_finance crossed $1.7B AUM in 18 months. The fastest-growing French fintech by AUM. Both are on-chain. Both are global from day one. Both are tiny teams.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Morpho Aave Euler Flowdesk DFNS Keyrock Ledger Spiko Tradias Kiln Lise Safe 21X Copper Trezor Zama Bit2Me Taceo BCB Kaiko Bitpanda Keep going?

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Morpho Aave Euler Flowdesk DFNS Keyrock Ledger Spiko Tradias Kiln Lise Safe 21X Copper Trezor Zama Bit2Me Taceo BCB Kaiko Bitpanda Keep going?

Name & Symbol: Safe Token ($SAFE)
Address: 0x5afe3855358e112b5647b952709e6165e1c1eeee

Morpho Aave Euler Flowdesk DFNS Keyrock Ledger Spiko Tradias Kiln Lise Safe 21X Copper Trezor Zama Bit2Me Taceo BCB Kaiko Bitpanda Keep going?

Name & Symbol: Zama ($ZAMA)
Address: 0x6907a5986c4950bdaf2f81828ec0737ce787519f

What’s happening with @BlackRock's private credit fund this week isn’t just a market story - it’s a structural problem in traditional finance. Billions sit in opaque structures. When investors want their money back, the liquidity isn’t there. This week: - $1.2B in withdrawal requests - Only 5% allowed to exit -Nearly half of investors locked in Sound familiar? That’s exactly what happened in the subprime crisis - nobody knew where the risk was. Today, the private credit market is $1.8–2T, with $1.14T of bank loans tied to non-bank institutions. The same opacity. The same liquidity mismatch. 👉 Onchain finance fixes this. You don’t need to reveal who owns what, but you can see in real time: - where positions sit - leverage levels - exposures -systemic risk Protocols already doing this: - @aave - @Morpho - @maplefinance - @SkyEcosystem - @eulerfinance Crises may still happen, but risk is visible before it spreads. And this isn’t theoretical - it’s a central topic at the upcoming @ParisBlockWeek, where we’ll dive into how blockchain can prevent the next systemic shock: https://t.co/UQ8BDtRX9d In a world with $1.8T+ of opaque private credit, that transparency can make all the difference.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

For the first time, platforms and institutions can access exclusive strategies from the world's trusted asset managers, without being locked in or navigating risk and compliance complexity onchain. Yield access should be governed, not fragmented. That's what Kiln OmniVault, the evolution of Kiln DeFi, is for: the bespoke vault infrastructure that brings leading TradFi asset managers onchain for the first time to the platforms and institutions ready to distribute them at scale. Strategy marketplace: Stablecoin (3–12% APY), ETH (4–5% APY), BTC (4–6% APY) – available today. Already live on stablecoins with @Ledger, @TrustWallet and @safe, reaching $600M+ TVL in under a year. Learn more: https://t.co/jbeX35ApeC

Name & Symbol: Safe Token ($SAFE)
Address: 0x5afe3855358e112b5647b952709e6165e1c1eeee

☕️ @TheBigWhale_ Corporate Breakfast Full house in Paris 🇫🇷 On stage in a few minutes: @Morpho, @SG_Forge, and @ODDO_BHF We'll discuss banks and DeFi! https://t.co/RtwEkdaNWh

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Exclusive @TheBigWhale_ - this Wednesday in Paris 🇫🇷 For the 1st time on stage together: @SG_Forge, @ODDO_BHF & @Morpho diving into stablecoins and the future of onchain finance. 👉 SG-Forge (@SocieteGenerale) = first bank in the world to launch a fully regulated stablecoin (EURCV). Now deployed into DeFi via @Morpho. 👉 ODDO BHF = one of Europe’s most forward-thinking banks in digital assets. After investing in @Coinhousefr, they launched their own stablecoin: EUROD. 👉 Morpho = $5B+ in deposits. One of the largest lending protocols in the world. Powering next-gen onchain finance. On stage with @MerlinEgalite, David Durouchoux & Guy de Leusse to explore: - Why banks are launching stablecoins - Strategic & regulatory challenges - What’s possible when TradFi goes fully onchain Where banking meets DeFi: https://t.co/WEJdCIcUMt

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

We spoke directly with @PaulFrambot, CEO of @Morpho: "Traditional players have understood DeFi. Some, like @apolloglobal, are now building strategies and products onchain. Everything is accelerating - it’s impressive. This movement is irreversible. We’ll see many deals like this in 2026." We’ll discuss all of this Feb 18 in Paris with @MerlinEgalite, co-founder of @Morpho: https://t.co/WEJdCIcUMt Tracking it all at @TheBigWhale_ - DM if you want to talk to our analysts @gregory_raymond & @BukovskiBuko3.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

2026 is the year where more banks will be coming onchain, and Morpho will be powering that shift! I I’ll be at @TheBigWhale_ Deep Dive event to talk about how TradFi institutions are leaning into DeFi and why stablecoins are becoming a key tool for banks. See you there 👀 https://t.co/q66bmwz7eT

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

💡 The Specialist’s Edge -> Why Bitwise is betting on "Vaults" to succeed the ETF era As asset management titans like @BlackRock and soon @Amundi_FR capture the lion's share of Bitcoin ETF flows, a critical question arises: is there still room for specialized players? For @Matt_Hougan, CIO of @BitwiseInvest, the answer is a definitive yes. But he believes the future lies in an innovation that transcends simple exchange-traded products: Vaults. 👉 "Vaults are the most important innovation in asset management since the invention of the ETF," he told @TheBigWhale_ and @BukovskiBuko3. Here are the key takeaways from our conversation: - Ultra-specialization vs. Brute Force: While BlackRock dominates distribution, Bitwise relies on surgical expertise. With 150 employees dedicated exclusively to digital assets, the firm provides a level of responsiveness and analytical depth that generalists struggle to match for institutional clients. - The "Phase 2" of the Market: Beyond single-asset products (Bitcoin only), we are entering the era of indices, thematic strategies, and active management. In this landscape, a proven track record of risk management—specifically navigating the collapses of Luna and FTX—becomes the primary selection criterion. - Staking as the Standard: Eventually, nearly all crypto ETFs will integrate native yield. For Solana (7% yield), this feature is already a non-negotiable requirement for asset managers. 👉 The Major Breakthrough: The Morpho Partnership Bitwise is no longer moving solely through traditional distribution channels. By launching a "vault" on the @Morpho protocol, the manager is stepping directly into the world of non-custodial management. The objective is clear: targeting a 5-6% yield through over-collateralized lending, supervised by "risk curators." This marks the emergence of a new profession in asset management—one that sits at the intersection of risk auditing, smart contract programming, and traditional finance. 👉 For institutions, choosing a crypto specialist is no longer an ideological conviction; it is a strategy for optimization (fees are 25% lower than BlackRock's) and radical transparency (on-chain reserve publication). The finance of tomorrow will not just be tokenized—it will be managed directly on-chain. Find the full interview: https://t.co/PHA0ZuW77T

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

We’re at a pivotal moment: the convergence of digital assets with TradFi is becoming undeniable. You can see it clearly in the posts coming out of TradFi. They are actively hiring and building teams around crypto. This isn’t just noise - it’s a blip. We’re only getting started. We'll explore this further on February 18 in Paris 🇫🇷 at an exclusive event with some of Europe's leading banks and @Morpho: https://t.co/WEJdCIcUMt

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Wallets = bank accounts? Vaults = banks & funds? Onchain finance is rewriting the value chain - a huge opportunity for banks to gain efficiency and offer better services. 📍 Feb 18, Paris - with @Morpho, @SocieteGenerale (Forge), and @ODDO_BHF https://t.co/JiuFbIOlpr

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Super excited to announce that @BitwiseInvest becomes a vault curator on @Morpho! This is Bitwise’s very 1st step into onchain curation, curating the strategy for a noncustodial stablecoin vault. A $15B+ global crypto asset manager choosing Morpho is a very strong signal: cementing Morpho's position as the de facto infrastructure for thousands more institutional clients. This is just month 1, 2026 👀

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Drink with one of the world's largest asset managers in London. His question: "Should we work with Aave or Morpho?" The biggest players in TradFi are no longer asking if they should enter DeFi, but how and with whom. A massive shift.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Folks: Morpho is the kitchen not the chef. If you don’t like the meal, don’t blame the kitchen. @MorphoLabs is a permissionless platform that vault curators come to cook on. And @PaulFrambot is right. Morpho’s isolated vaults worked as designed in this stream finance xUSD incident. There was one hit, and another 319 untouched. $93M loss was contained, without contagion across Morpho. Also … DeFi is NOT free money folks. There are risks that you can audit and price, and in the case of Morpho, also isolate.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

🟦 Nouveau Stablecoin Briefing @TheBigWhale_ (Q3 2025) Nous dressons le panorama d’un marché devenu central dans la nouvelle architecture financière mondiale. 🇺🇸 Le signal fort vient des États-Unis. - Le GENIUS Act, signé par Donald Trump en juillet, crée le premier cadre fédéral pour les stablecoins adossés au dollar. Dans la foulée : - @Tether_to lance USAT, un stablecoin régulé émis via Anchorage Digital Bank. - @circle dévoile Arc, sa propre blockchain compatible Ethereum, avec frais payés en USDC. - @Stripe présente @tempo, une blockchain de paiement capable de 10 000 tx/s, développée avec @paradigm. 🇪🇺 En Europe, la convergence TradFi–DeFi s’accélère. - @SocieteGenerale (via Forge) a choisi @MorphoLabs pour sa brique de lending institutionnelle. - @DeutscheBoerse et @Circle intègrent USDC et EURC dans les systèmes de règlement européens. Et neuf grandes banques travaillent à un stablecoin en euro conforme à MiCA, prévu pour 2026. 📊 Le marché reste dominé par le duopole @Tether_to - @Circle qui concentre plus de 80 % d’une capitalisation totale de 300 Md$. - L’USDT détient 59 %, l’USDC 25 %. - Le dollar garde son hégémonie : 99 % des stablecoins mondiaux y sont adossés. 💰 Côté profits, @Tether_to confirme sa puissance : - 13 milliards de dollars de bénéfices en 2024, soit plus que @BNPParibas ou @Mastercard, et 5,9 milliards déjà sur le S1 2025. - @circle, coté au Nasdaq depuis juin, affiche une perte de 482 millions au T2. 📈 Les rendements DeFi (USDC/USDT sur @aave) se sont alignés sur les T-Bills US (~4,8 %), tandis que la liquidité on-chain s’est stabilisée et que la volatilité s’est réduite. 🏦 @swiftcommunity a annoncé fin septembre l’intégration d’un registre blockchain partagé avec @Consensys et 30 grandes banques, pour des paiements interopérables 24/7 en stablecoins. 👉 Le Stablecoin Briefing Q3 de TBW est accessible ici : https://t.co/8rQLcWtHOz

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

The euro stablecoin market is waking up. And the leverage? It’s all happening onchain, in DeFi. I just spent an hour with Guy de Leusse, Deputy COO of ODDO BHF, who has just launched their euro stablecoin, EUROD. What’s most interesting isn’t the launch itself, but how they launched it and how they plan to grow it. 1️⃣ Bank-issued and fully backed. EUROD is issued directly by a licensed bank and fully backed by ODDO BHF’s balance sheet. This is crucial: SG-Forge, despite being a @SocieteGenerale subsidiary, couldn’t back its stablecoins on the bank’s balance sheet because it’s not a licensed bank. Many other banks will go down this path like ODDO, because it avoids creating a dedicated subsidiary and, once you have a banking license, you can put the stablecoin directly on the balance sheet. But ODDO does not intend to use fractional reserves: "We want the EUROD to remain backed 1:1 with absolute liquidity. We are not doing fractional reserves - we are keeping the stablecoin fully liquid at all times. Without the peg, it's no longer a stablecoin" - Guy de Leusse. This is the key difference from J.P. Morgan's tokenized deposits, as discussed in the interview: https://t.co/Gm4j7YQBWS 2️⃣ Yield onchain EUROD holders will be able to generate onchain yield, similar to what SG-Forge has achieved via Morpho and 1inch. According to @TheBigWhale_, @MorphoLabs is expected to be the DeFi partner of choice for ODDO. "Holders of EUROD will be able to generate onchain yield" - Guy de Leusse. This is especially important because MiCA regulations prohibit direct distribution of yield in Europe. As a result, DeFi is the only way for euro stablecoins to grow by offering returns to users. In the U.S., banks are the only entities legally allowed to provide native stablecoin yield - in Europe, it’s onchain or nothing. 3️⃣ Technical foundation EUROD is built on Polygon, an EVM-compatible PoS blockchain, chosen for low fees and scalability. The smart contract can also easily migrate to Ethereum or Solana, which is where most DeFi volume is concentrated, allowing ODDO to expand quickly if needed. This flexibility ensures that EUROD can grow and adapt as the ecosystem evolves. 4️⃣ A broader trend The broader market is following the same logic. The ING-led consortium developing a euro stablecoin for 2026 is reportedly pursuing the same approach: DeFi-native yield according to @TheBigWhale_. EUROD is part of a larger trend - the euro stablecoin industry is moving to DeFi to grow. 5️⃣ Takeaway Banks are realizing that to make euro stablecoins useful, they must plug into onchain finance - not just issue them for payment. In a world where yield cannot be distributed directly on the euro stablecoin, DeFi is the only path to growth.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

Today was one of the largest tests DeFi has seen in recent memory, and although it can be uneasy, it allows our industry to prove its resilience. While Morpho continues to operate as designed, I wanted to provide a quick refresher on how Morpho works: - Morpho doesn’t manage risk itself. Rather, it provides a neutral and permissionless lending infrastructure that allows external curators to deploy markets/vaults, set parameters, and curate different risk profiles. - During events like this, and if required, curators will typically communicate about events and their impact on vaults, if any. - Each vault on Morpho has its own risk/return profile. Blue-chip exposures tend to be more resilient, while long-tail strategies can offer higher returns but carry higher risk, including potential losses during periods of stress. - Each user is free to choose their own risk profile across the available vaults/markets. It’s important to note that there’s no such thing as a free return. Where there are greater rewards, there tends to be greater risk.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

🇩🇪 @Sibos, c’est terminé ! Quatre jours intenses à Francfort, riches en discussions passionnantes et passionnées. Voici les 3 points qui m’ont le plus marqué : 1/ Finance onchain, tokenisation et stablecoins : les stars de la conférence. Swift, SG-FORGE, Stripe, ING… les annonces ont été nombreuses. Presque chaque grande banque ou société de paiement avait au moins une/plusieurs personne(s) dédiée(s) pour aborder le sujet. 2/ Les blockchains privées appartiennent (presque) au passé. Contrairement à il y a quelques années, l’heure n’est plus aux réseaux fermés : les banques et sociétés de paiement acceptent désormais sans problème les protocoles publics et ouverts. L’importance du réseau - comme avec Internet - commence à être comprise. 3/ Un enthousiasme réel, mais une exécution encore hésitante. Stablecoin maison ? Tokenisation d’actifs ? Paiements onchain ? Beaucoup d’acteurs ne savent pas encore par où commencer. Le sujet touche tous les métiers, et cela crée une forme de paralysie. Je développe tout cela dans @TheBigWhale_. N’hésitez pas à nous contacter si vous souhaitez en savoir plus : https://t.co/A7il3ZAGa5 Je rentre à Paris, et on se retrouve dès la semaine prochaine à… Londres ! 🇬🇧

Name & Symbol: OpenLedger ($OPEN)
Address: 0xa227cc36938f0c9e09ce0e64dfab226cad739447

I love it when journalists do reporting and actually don't do any even remedial research into what they're saying or writing about. On USDC and reversible payments 🧵 We've been working on research into how to enable refunds on top of blockchains that settle stablecoins with finality for a long time, as we announced last year. 1) https://t.co/55BIqwJSwo 2) Even a cursory review of the @arc litepaper which we published in August speaks directly to this work. "Refund and Dispute Protocols: Onchain mechanisms for managing refunds and resolving payment disputes. This provides a level of consumer and merchant protection that is essential for mainstream adoption but often lacking in existing blockchain systems." 3) We also talked about it as a key feature for future upgrades to Circle Payments Network onchain payments protocols. 4) Most important, with @arc, we are delivering sub-second deterministic settlement finality (an ultra-high bar for real money and assets) as a foundational principle and feature. If you are journalist, please do the work rather than spew out click-bait. Thank you.

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

Quand l’Europe laisse ses start-up travailler sans trop de règles, elle fait plus que rivaliser avec les États-Unis. @Ledger, @dfnsHQ, @Trezor, @MorphoLabs, @Kiln_finance, @eulerfinance, @aave, @zama_fhe, @safe, @the_matter_labs en sont le parfait exemple. Ces entreprises crypto européennes sont aujourd’hui des leaders dans leur domaine. Et ce pour plusieurs raisons : - Nos ingénieurs sont parmi les meilleurs au monde, - Nos entrepreneurs savent bâtir des leaders, - Et nos écosystèmes savent innover. C’est une leçon à méditer : nous ne manquons pas de talents, mais de liberté pour les laisser se développer. À l’inverse, chaque fois que l’Europe choisit de réguler très fortement, elle prend du retard. Ce n’est pas un hasard si, dans les 2 secteurs les plus encadrés - les stablecoins et les Exchanges - nous sommes loin derrière le reste du monde. La preuve ? Aux États-Unis, le GENIUS Act a accéléré la transformation des stablecoins en "exportations numériques" du dollar. Tether est déjà le 18ème détenteur mondial de bons du Trésor US (+120 milliards $ !) et vient même de lancer son premier stablecoin US compliant ; pour rappel, la société de @paoloardoino a quitté l'Europe à cause de la réglementation MiCA. En Europe, nous avons MiCA. Un cadre complet, protecteur… mais qui risque de brider l’innovation et de laisser l’euro à la traîne dans la bataille monétaire numérique. La question est urgente : voulons-nous un avenir où l’euro et les derniers Exchanges européens restent compétitifs, ou acceptons-nous de rester spectateurs ? On a préparé un dossier spécial sur le sujet dans @TheBigWhale_ 🧠 https://t.co/zqG9OIpOZ9

Name & Symbol: Safe Token ($SAFE)
Address: 0x5afe3855358e112b5647b952709e6165e1c1eeee

More than 225 people want to know if JP will push our bags to the moon on September 17th, Or will we get rekt like June's revised NFP numbers? @Raph_Bloch and I will be joined by @Andre_Dragosch, PhD, and @joechalom, answering that question. You have less than 24 hours to register for @TheBigWhale_'s premiere episode of Market Call sponsored by @Bitwise_Europe The best thing is that it is free, and you will get a recap after Link in the comments 👇

Name & Symbol: Rekt ($REKT)
Address: 0x20482b0b4d9d8f60d3ab432b92f4c4b901a0d10c

🟦 Le retour en force des blockchains privées Hier, @Stripe a présenté @Tempo, une blockchain pensée pour les paiements et ce projet nous rappelle fortement Libra (présenté par Facebook en 2019, abandonné en 2022)… sauf qu’ici, l’ambition n’est plus de créer une nouvelle monnaie mondiale, mais de bâtir une infrastructure pour faire circuler les stablecoins existants. Avec Tempo, Stripe ferme la boucle : 👉 Actif : les stablecoins (via le rachat de Bridge @stablecoin) 👉 Accès : les wallets (via le rachat de @privy_io) 👉 Infrastructure : la blockchain Tempo Objectif : maîtriser toute la chaîne de valeur des paiements numériques. Mais Stripe n’est pas seul dans cette démarche. Depuis quelques mois, plusieurs acteurs ont lancé des initiatives similaires : 👉 @Arc (@Circle) : blockchain compatible Ethereum, frais en USDC 👉 @PlasmaFDN (@Tether_to) : réseau dédié à l’USDT, sans frais apparents 👉 @CantonNetwork : soutenu par @GoldmanSachs, @BNPParibas ou @DeutscheBoerse Toutes ces initiatives poursuivent la même logique : reprendre le contrôle de l’infrastructure. Les institutions veulent éviter de dépendre des blockchains publiques comme Ethereum ou Solana, jugées trop imprévisibles sur les coûts et la conformité. On pourrait y voir un paradoxe : après des années à vanter l’ouverture et la décentralisation, retour à des architectures plus fermées. Mais le calcul est pragmatique : performance, conformité et coûts stables pèsent plus lourd que l’idéologie du “permissionless”. Cette tendance soulève deux risques majeurs : La fragmentation : chaque acteur développe son propre réseau, la liquidité des stablecoins risque de se disperser. La gouvernance : comment ouvrir ces réseaux au-delà des seuls grands acteurs financiers ? Je pense que les blockchains publiques (Ethereum, Solana, etc.) ne sont pas hors jeu. Elles pourraient jouer un rôle clé comme couche d’interopérabilité entre ces nouveaux réseaux privés. Mais une partie des flux risque bel et bien de se déplacer ailleurs. Après la phase d’expérimentation et de spéculation, une nouvelle ère s’ouvre : celle des infrastructures financières spécialisées. Elles ne feront pas rêver les cypherpunks, mais elles correspondent aux attentes des institutions qui veulent des rails fiables pour faire circuler des milliards de dollars. La vraie question désormais : vont-elles coexister avec les réseaux publics… ou finir par les marginaliser ? Lire l’analyse de @TheBigWhale_ et accéder à notre plateforme de recherche (notamment sur les stablecoins) : https://t.co/EDr5b0ZvIU ---------- 🇬🇧🇬🇧🇬🇧 🟦 The resurgence of private blockchains Yesterday, @Stripe presented @Tempo, a blockchain designed for payments and this project strongly reminds us of Libra (presented by Facebook in 2019, abandoned in 2022)... except that here, the ambition is no longer to create a new global currency, but to build an infrastructure to circulate existing stablecoins. With Tempo, Stripe completes the loop: 👉 Asset: stablecoins (via the acquisition of Bridge @stablecoin) 👉 Access: wallets (via the acquisition of @privy_io) 👉 Infrastructure: the Tempo blockchain Objective: to control the entire digital payments value chain. But Stripe is not alone in this approach. Over the past few months, several players have launched similar initiatives: 👉 @Arc (@Circle): Ethereum-compatible blockchain, fees in USDC 👉 @PlasmaFDN (@Tether_to): network dedicated to USDT, with no apparent fees 👉 @CantonNetwork: backed by @GoldmanSachs, @BNPParibas or @DeutscheBoerse All these initiatives follow the same logic: regaining control of the infrastructure. Institutions want to avoid depending on public blockchains like Ethereum or Solana, which are considered too unpredictable in terms of costs and compliance. One could see a paradox here: after years of touting openness and decentralization, we're returning to more closed architectures. But the calculation is pragmatic: performance, compliance, and stable costs weigh more heavily than the "permissionless" ideology. This trend raises two major risks: Fragmentation: each player develops its own network, risking the dispersion of stablecoin liquidity. Governance: how to open these networks beyond just the major financial players? I believe that public blockchains (Ethereum, Solana, etc.) are not out of the game. They could play a key role as an interoperability layer between these new private networks. But some of the flows may well shift elsewhere. After the experimentation and speculation phase, a new era is beginning: that of specialized financial infrastructures. They may not excite cypherpunks, but they align with the expectations of institutions that want reliable rails to circulate billions of dollars. The real question now: will they coexist with public networks... or end up marginalizing them? Read the analysis from @TheBigWhale_ and access our research platform (particularly on stablecoins): https://t.co/pzOpzEceYU

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

In the global Morpho market, the challenge isn’t scarcity, it’s selection. That’s where active Morpho Vaults come in. They’re designed to navigate complexity with agility, tapping into opportunities across geographies, rate regimes, and currencies.

Name & Symbol: Morpho Token ($MORPHO)
Address: 0x58d97b57bb95320f9a05dc918aef65434969c2b2

🌊 Découvrez la suite de dashboards by @TheBigWhale_ Nous avons construit 5 dashboards stratégiques pour vous aider à naviguer dans l’écosystème crypto et TradFi : - ETFs Crypto pour suivre l'évolution de la demande institutionnelles. - Tokenisation pour comprendre l’essor des RWA sur la blockchain. - Stablecoins pour suivre l’évolution des volumes, des émetteurs et des blockchains clés. - Ethereum pour analyser le réseau et ses métriques financières. - TradFi x DeFi pour décrypter les ponts entre finance traditionnelle et décentralisée. Ces dashboards combinent : ✅ Données de référence issus de @KaikoData, @RWA_xyz, @growthepie_eth, @DefiLlama et @artemis ✅ Analyses exclusives issues de notre équipe de recherche ✅ Veille d’actualités sur les sujets qui comptent

Name & Symbol: Allo ($RWA)
Address: 0x9c8b5ca345247396bdfac0395638ca9045c6586e

Circle's Layer 1 launch has sparked criticism, but I believe it's a rational and strategic move for the USDC issuer. Today, the real battleground for stablecoins is TRANSACTION FLOW. Stablecoin payments are exploding - already billions per month - with @KeyrockTrading projecting volumes of $1 trillion annually by 2030. The true value isn't in issuing USDC, but in settlement and capital velocity. Building a rollup means "renting" someone else's infrastructure, while having your own L1 means owning the highway and collecting tolls. Circle isn't alone in this realization: @PlasmaFDN, @stable, @Securitize, @OndoFinance, @DinariGlobal and others are following similar paths. Owning the base layer means integrating compliance, FX, and fees - capturing the real economic value. This explains Arc's design: EVM-compatible, sub-second finality, USDC gas fees, and end-to-end stack control. It's Apple's vertical integration playbook: hardware + software reduces uncertainty and maximizes value capture. This isn't "anti-Ethereum" as some suggest. @arc will function as a hub: internalizing issuance and settlement while distributing liquidity to Ethereum and L2s via CCTP and bridges. Ethereum maintains its role as the institutional "Fort Knox" with its security guarantees. The real competition isn't Ethereum but @Visa, @Mastercard, and payment giants like @stripe who's reportedly launching their own L1 😏) These networks capture global transactions through fees (interchange, processing). With Arc, Circle creates an autonomous rail offering: - Minimal operational costs - Instant execution - 24/7 programmable global infrastructure Instead of paying Visa/Mastercard to process USDC payments, Circle directly captures settlement value—exactly as these giants did with their own networks for decades. The only real concern is censorship. On Ethereum, Circle has little incentive to abuse power (too much value in @Uniswap or @aave). With Arc, control will be stronger, but that's precisely what attracts institutions and regulators, as we increasingly observe at @TheBigWhale_. In conclusion, Arc represents Circle's business bet - not chasing yield farming or TVL (they've kept yields for themselves for 10 years!), but pursuing real economic flows. This approach confuses much of the crypto community, which isn't used to thinking like Visa or Mastercard. Meanwhile, Circle's USDC already generates massive recurring revenue streams. We'll need to adapt to these business strategies as they multiply across crypto.

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump

Le lancement par @circle de son propre Layer 1 a suscité pas mal de critiques. J'arrive un peu après la bataille, mais je pense que c'est un choix très rationnel - et probablement le plus stratégique que l'émetteur de l'USDC pouvait faire. Aujourd'hui, la mère des batailles dans les stablecoins ce sont les FLUX : https://t.co/DdYS20N0kW Les paiements en stablecoins explosent : on est déjà à plusieurs milliards $/mois et comme @KeyrockTrading vient de le révéler dans un rapport, on se dirige vers des volumes pouvant atteindre 1000 milliards par an dès 2030. Or, la vraie valeur n’est pas dans l’émission d’USDC, mais dans le settlement et la vitesse du capital. Construire un rollup, c’est "louer" l’infrastructure d’un autre, alors qu'avoir son L1, c’est posséder l’autoroute et encaisser les péages. Circle n’est d'ailleurs pas le seul à l'avoir compris : @PlasmaFDN, @stable, @Securitize, @OndoFinance, @DinariGlobal et d'autres suivent la même trajectoire. Posséder la couche de base, c’est intégrer compliance, FX et frais. Bref, c’est capturer la vraie valeur économique ! D'où le lancement d'Arc qui est conçu pour ça : EVM-compatible, finalité subseconde, gas en USDC, stack contrôlée de bout en bout. C’est la logique de l'intégration verticale d'Apple : avec le hardware + le software, Circle réduit les incertitudes et contrôle l’expérience pour maximiser la capture de valeur. Et pour moi, ce n’est pas un "move anti-Ethereum", comme j'ai pu le lire à droite et à gauche. Arc fonctionnera comme un hub : internalisation de l’émission et du règlement, mais distribution de la liquidité vers Ethereum et ses L2 via CCTP et différents bridges. Ethereum garde son rôle de "Fort Knox" institutionnel avec sa sécurité. La vraie compétition n’est pas avec Ethereum, mais avec @Visa et @Mastercard et les autres géants du paiement comme Stripe qui va donc aussi lancer son propre L1 (tiens tiens 😏). Ces réseaux capturent aujourd’hui chaque transaction mondiale via leurs péages (interchange, processing fees). Avec Arc, Circle se dote d’un rail autonome, capable d’offrir : - des coûts opérationnels infimes, - une exécution instantanée, - une infrastructure 24/7, programmable et globale. 👉 Au lieu de payer Visa/Mastercard pour faire passer les paiements en USDC, Circle capte directement la valeur du règlement. Exactement comme ces géants l’ont fait avec leurs propres réseaux ces dernières décennies. Pour moi, le seul vrai sujet reste celui de la censure. Sur Ethereum, Circle n’a pas intérêt à abuser de son pouvoir (trop de valeur en jeu dans @Uniswap ou @aave). Avec Arc, le contrôle sera plus fort, mais c’est précisément ce qui séduit les institutions et régulateurs, comme on l'observe de plus en plus dans @TheBigWhale_. En conclusion, je dirais qu'Arc est un vrai pari business pour Circle qui ne joue pas le jeu du yield farming ou de la chasse à la TVL (ils gardent les rendement pour eux depuis 10 ans !), mais celui des vrais flux économiques. C’est d'ailleurs sans doute cette approche qui déroute une grande partie de la communauté crypto : on est peu habitués à raisonner comme Visa ou Mastercard, là où Circle, avec l’USDC, a déjà un produit qui génère des flux massifs et récurrents. Il va falloir s'habituer à ce genre de stratégie de business parce qu'elles vont se multiplier dans la crypto.

Name & Symbol: AI Rig Complex ($arc)
Address: 61V8vBaqAGMpgDQi4JcAwo1dmBGHsyhzodcPqnEVpump