Kaupr Daily — Monday 12 October 2026
Good morning!
Barron's put tokenisation on its cover last week, and The Wall Street Journal, CNBC and Bloomberg covered it too. At the same time, Fidelity said there is "no going back" for institutions moving onchain, and Franklin Templeton teamed up with Animoca Brands on a marketplace for tokenised assets.
Some stories in Kaupr Daily:
💎 Franklin Templeton and Animoca Brands team up on tokenisation
💎 Standard Chartered will offer custody of tokenised assets in Singapore
💎 Why bitcoin is stuck below $85,000
💎 Revolut's chief executive wants a primary listing in the US
💎 Activity on Robinhood Chain falls more than 40%
Missed it on Sunday? In the latest Kaupr Weekly, I count ten movements bringing old and new finance together.
— Morten
Wall Street says there is no going back on tokenisation
US financial press discovers tokenisation is transforming stock trading
Barron's, The Wall Street Journal, CNBC and Bloomberg have all turned to tokenisation in the past week. Barron's put it on its cover, calling it one of the biggest infrastructure upgrades since paper trading went electronic. The WSJ reported that former New York governor Andrew Cuomo chairs OKXICE, the OKX and ICE venture, and calls it a "radical change".
Why it matters: Barron's contrasted the crypto bill's defeat in Washington with fast progress on Wall Street, where tokenisation is advancing through regulators and exchanges rather than new law.
Franklin Templeton and Animoca Brands team up on tokenisation
Asset manager Franklin Templeton and gaming pioneer Animoca Brands are partnering on NUVA, a marketplace where assets such as loans and funds are represented as tokens that can be traded, lent or used as collateral. NUVA has just launched HOME, giving investors outside the US access to a portfolio of US mortgages.
Why it matters: Franklin Templeton's Jenny Johnson says crypto and traditional finance have largely lived as "two parallel universes". Animoca's Yat Siu says their convergence is now a real infrastructure play.
Source: Gaming pioneer and asset manager team up on tokenization — Kaupr
Fidelity: there is "no going back" for institutions moving onchain
Institutions' push towards an onchain future over the past 18 months means there is "really no going back", Fidelity Investments' Matthew Horne told a panel in Singapore. US asset managers have a particular incentive to tokenise, he said, because it widens investor access. Demand for tokenised assets rose 41% in 30 days, according to RWA.xyz.
Why it matters: UBS's Ka Yan Chan, on the same panel, said the jump from billions to trillions depends on infrastructure such as the Fed and DTCC moving custody onto tokenised platforms.
Source: 'No going back' for institutions moving toward tokenized onchain future, says Fidelity — Cointelegraph
Standard Chartered will offer custody of tokenised assets in Singapore
Standard Chartered plans to offer custody of selected cryptocurrencies, stablecoins and tokenised real-world assets in Singapore for institutional and corporate clients. The service sits in the bank's securities services and covers the whole chain, from holding traditional assets to issuing and holding tokenised versions of them. The bank has not said when it will start.
Why it matters: The bank's Singapore chief executive, Patrick Lee, sees rising institutional demand for trusted infrastructure to move and safeguard tokenised assets.
Source: Standard Chartered Singapore dives into crypto, stablecoins and tokenized assets custody — CoinDesk
🎧 Did you catch Kaupr Weekly, Episode 13: Convergence: Ten Movements Reshaping Onchain Finance?
Bitcoin has become a mainstream portfolio asset, exchanges are moving onto each other's turf, and banks are split between stablecoins and tokenised deposits. In twelve minutes, Morten Myrstad counts ten movements that are bringing old and new finance together.
KAUPR WEEKLY
Episode 13: Convergence: Ten Movements Reshaping Onchain Finance
Listen on Spotify · Apple Podcasts
Read the article: Ten Movements Where Old and New Finance Collide — Kaupr
Bitcoin waits for buyers a year after the crash
A year after the 10 October crash, bitcoin and ether liquidity has rebuilt
A year after the crash that wiped out more than $19 billion in leveraged positions in a single day, order books for bitcoin and ether are deeper than before it, CoinDesk Research finds. Market makers have returned to the two largest coins. For other altcoins, depth has fallen at every measurement since early 2025.
Why it matters: Deeper order books leave bitcoin and ether better able to absorb selling. In altcoins, falling prices mask a steady loss of committed capital, analysts say.
Source: One year after 10/10 flash crash, bitcoin and ether liquidity have rebuilt, but altcoins still face risks — CoinDesk
Why bitcoin is stuck below $85,000
Bitcoin trades around $84,000 after repeatedly failing to hold above $87,000. Inflows to spot bitcoin ETFs have fallen sharply since late September, and Bitfinex analysts say leverage rather than spot buying drove the recent rallies. Rising Treasury yields, a stronger dollar and uncertainty over the Fed's next move weigh on the price.
Why it matters: Traders are watching US inflation data on 14 October and the Fed meeting at the end of the month for the next direction.
Revolut looks to a US listing
Revolut's chief executive wants a primary listing in the US
Nik Storonsky told Bloomberg TV that a primary US listing "was always the target" given the depth of the US market, and that it would not come before 2028. Revolut, valued at $115 billion in a secondary share sale, has conditional approval for a US bank charter and wants to compete with JPMorgan and American Express on cards and loans.
Why it matters: Europe's most valuable startup is looking to the US for both capital and customers, with a bank charter that would let it take insured deposits and issue credit cards.
Source: Revolut's Storonsky says he's coming for JPMorgan's US crown — The Edge Malaysia
Robinhood Chain slows
Activity on Robinhood Chain falls more than 40%
Daily transactions on Robinhood Chain fell from 10.8 million in mid-September to 6.2 million in early October, and spot trading volume dropped 21% in a week, CoinDesk calculates. Deposits held steady at about $1 billion, suggesting users are keeping their funds on the chain. Robinhood covers users' network fees until the end of the year.
Why it matters: The real test, CoinDesk writes, comes when the fee promotion expires and users have to pay their own way.
Source: Robinhood Chain slowdown spreads from fees to trading as transactions fall more than 40% — CoinDesk
Crypto firm Blockchain seeks US approval for prediction markets
Blockchain applies to the CFTC for prediction markets and derivatives
Crypto firm Blockchain has applied to the CFTC to run a regulated derivatives exchange and act as a futures broker in the US, CNBC reports. It already offers prediction markets through Polymarket and perpetual futures through Hyperliquid, but only to customers outside the US. Chief executive Peter Smith wants users to trade everything in one place.
Why it matters: Approval would bring products now offered only abroad to US customers, as the company prepares for a possible stock market listing.
Source: Blockchain.com seeks CFTC greenlight for US prediction markets, crypto derivatives trading: CNBC — The Block
Kaupr Today comes in two editions
Kaupr Daily — daily signals on onchain finance, every weekday.
Kaupr Digest — the week's most important news in one read, every Sunday.
More from Kaupr
Onchain Growth — weekly briefing on the Nordic and Baltic onchain industry, every Tuesday.
Onchain Build — notes for builders, organisers and operators.
Onchain Community — where the industry meets between issues.
Kaupr Events — upcoming events, curated picks and full recordings.
Kaupr Weekly — ten-minute podcast on the week's most important news, every Sunday.
Wishing you a great Monday — and welcome back tomorrow morning for the next edition of Kaupr Today.
Best regards Morten Myrstad Founder & Editor