The Bank for International Settlements claims that stablecoins fail to meet three essential criteria for monetary systems: singleness, elasticity, and integrity. Despite concerns about their potential to undermine financial integrity and national sovereignty, the BIS acknowledges the transformative potential of tokenization in traditional finance.

The SEC has launched "Project Crypto" to modernize securities regulations and facilitate crypto-based trading, aligning with President Trump's vision of making the U.S. a leader in the crypto space. SEC Chair Paul Atkins emphasized the need to adapt rules to support on-chain technologies and prevent excessive regulation that could drive innovation offshore. This initiative follows a report from the President's Working Group on Digital Asset Markets that outlines strategies to enhance U.S. dominance in digital asset markets.

The emergence of Fintech 3.0 is paving the way for a new financial system built on blockchain technology, characterized by instant payments, digital asset control, and regulatory clarity following the GENIUS Act. With the success of stablecoins and the potential for tokenization of various assets, there is a significant opportunity for startups to innovate and build onchain solutions. YC and Coinbase Ventures are eager to support and fund projects that leverage this evolving infrastructure.

Robinhood's stock surged nearly 13% after the company launched tokenized shares of OpenAI and SpaceX in Europe, making private equity accessible via blockchain for the first time. The move is part of Robinhood's strategy to expand its crypto offerings globally, allowing EU users to trade over 200 tokenized stocks and ETFs with no commission. However, U.S. users will face regulatory hurdles before accessing similar offerings.

Robinhood's second-quarter earnings showed a 32% increase in crypto trading volume, reaching $28 billion, alongside a 98% rise in transaction-based revenue to $160 million. The company also expanded its crypto services through acquisitions and launched tokenization initiatives, emphasizing its commitment to long-term growth in the crypto sector.

Morgan Stanley plans to launch crypto trading for retail customers through its E-Trade division in the first half of 2026, partnering with Zerohash for liquidity and custody. The bank aims to provide direct ownership of cryptocurrencies like bitcoin, ether, and solana, while also preparing for future tokenization of traditional assets, signaling a shift in wealth management practices.