Money market funds are being tokenized faster than shares are, and today's edition has four separate pieces of evidence for it. Then a week that has made self-custody look a good deal less safe than advertised.

💎 BlackRock builds two funds designed to sit underneath stablecoins
💎 An Oslo company is now invoicing enterprise customers in stablecoins
💎 Europe's banks put their settlement layer in one shared cooperative
💎 Coldcard losses pass $116 million as a fourth wave lands

— Morten

BlackRock has launched two tokenized money market products built to serve as stablecoin reserves. One tokenizes an existing Treasury fund as a new share class; the other, the Daily Reinvestment Stablecoin Reserve Vehicle, is newly created and runs across several chains. Securitize acts as transfer agent.

Why it matters: Reserve assets are the least glamorous part of a stablecoin and the part supervisors care about most. Whoever supplies them ends up sitting underneath the whole market.

Source: BlackRock Launches Tokenized Money Market Funds on Solana, Ethereum — Decrypt

Franklin Templeton's assets under management reached an all-time high of $1.8 trillion, with $18.4 billion of long-term net inflows in the quarter. Flows were positive across every asset class and region, lifted by strong equity markets and demand for alternatives and ETFs.

Why it matters: Record inflows at a manager that has been among the most committed to tokenized funds say more about direction than any single product launch does.

Source: Franklin Templeton sees $18bn of inflows as assets hit record high — Fund Selector Asia

Fireblocks co-founder Idan Ofrat says stablecoins account for around 65% of the volume the firm processes, more than crypto. He describes three waves in digital assets: crypto trading, then stablecoin payments, and now tokenized securities. Institutions want the front end to feel like traditional finance, with the chain kept out of sight.

Why it matters: Fireblocks sits underneath banks and fintechs that rarely discuss blockchain publicly. What moves through its pipes is a better read on adoption than what companies announce.

Source: Idan Ofrat (Fireblocks): "Institutions want TradFi on the front end, blockchain behind the scenes" — The Big Whale

Oslo-based Dune has become one of the first companies in the EU to accept stablecoin payments through Stripe. Enterprise customers can now pay for its data products and APIs in digital dollars, settling with no FX conversion and full onchain auditability. Dune's stablecoin report with Visa tracked $35 trillion in transfers.

Why it matters: This is the point at which a stablecoin stops being a treasury position and becomes a way to get paid.

Source: Stripe Powers Dune's New Stablecoin Payments Across Europe — The Crypto Times

Ten European financial institutions have launched Regulated Layer One, a shared network for regulated markets owned as a cooperative in which every member holds an equal vote. The timing is the point: the Eurosystem's Project Pontes goes live in September, letting tokenized assets settle in central bank money.

Why it matters: A neutral network no single bank controls is a different wager from every institution running its own ledger. It decides whether European tokenization ends up connected or scattered.

Source: Cecabank, Crédit Mutuel join Regulated Layer One tokenization platform as it launches — Ledger Insights

Boltz, the non-custodial bridge routing swaps between bitcoin's mainchain, Lightning and Liquid, disabled its service indefinitely on Monday. Months of automated, AI-assisted probing had produced several exploits, each contained — but the team said attackers now iterate faster than a team its size can patch. No user funds were at risk.

Why it matters: Open-source infrastructure has always depended on small teams staying fast enough. That is the assumption that just broke.

Source: Bitcoin Bridge Boltz Halts Swaps Indefinitely, Citing AI-Assisted Attacks — The Defiant

Galaxy Research now counts roughly 1,816 bitcoin moved out of Coldcard wallets, close to $116 million, across four waves since Thursday. Nobody has been linked to the attack, and investigators have not tied it to any state-backed group. Coinkite has urged anyone who generated a seed on the device to move their funds immediately.

Why it matters: The story has travelled from crypto press to general business press, which is usually the point where a technical failure becomes a reputational one.

Source: Bitcoin owners rocked by $116 million hack: What we know about the Coldcard exploit — Fortune

Robinhood is listing its second venture fund, aiming to raise around $200 million. Robinhood Ventures Fund II is a business development company heading for the NYSE under the ticker RVII, holding 80 private companies at launch and weighted toward current and former Y Combinator participants.

Why it matters: Buying into early-stage private companies has belonged to institutions and the well connected. Wrapping it in a listed fund is a different route to the same opening.

Source: Robinhood's second private markets fund targets $200 million US IPO — Reuters

The DEX share of centralized exchange spot volume closed July at a record 24%, up from 17% a year ago. The rise owes as much to weakness on the centralized side as to strength onchain: spot volume is heading for a twelve-month low, and Coinbase and Gemini have cut staff as trading dried up.

Why it matters: Share gained while the whole market contracts means something different from share gained in a boom. One is migration, the other is enthusiasm.

Source: DEXs capture record 24% of spot crypto trading as CEX volumes sink — The Block

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Wishing you a good Tuesday — and welcome back tomorrow morning for the next edition of Kaupr Daily.

Best regards Morten Myrstad Founder & Editor