[███░░░░]: DAS recäp and Euler's Future

Welcome to the TAC's Progress Bar, where we combed through 222 relevant tokenization news stories from the week, analyzed the key stories on our weekly podcast, then distilled what you need to know into a few hundred words in this newsletter. Delivered to your inbox in time for Friday happy hour in NYC (usually).

I'm Johnny Reinsch and I'm an addict.

"Hi Johnny"

A peek into the future for anyone "terminally online?" The State of California might think so. Class action lawsuit loading... I wonder if they'll apply the logic to tokens.

:backs away slowly:

This week DAS delivered a heaping helping of announcements, per usual. Charlie and I also caught up with our buddy Jonathan Han, newly anointed CEO at Euler, to talk about Euler's legendary comeback and its future.

Maddie's missed connections 🚨JOB ALERT!🚨

We recently launched Maddie, our AI superconnector and we think there are a few people you all would want to meet. Reply to this email or have a chat with Maddie directly to connect with them.

• Euler is hiring across all roles! This week all calls from Maddie will get previewed to the team at Euler directly. Are you a BD baddie? A smart contract daddy? Talk to Maddie (sorry not sorry).

Come see our panel at RWA Summit in Cannes next week!

A gift for our loyal subscribers: discounted tickets to RWA Summit! We're headed to Cannes in a couple weeks for the industry's leading event, RWA Summit, and we'd love to see you. Apply to join here and use our discount code "TAC25 " to get 25% off.

Alright. Let's get into it.

📈 RWA market cap was down 2% WoW to just under $27 billion
🏆 Biggest RWA winner: Ondo's USDY added $100M+ (now at $1.15B)
🏆 Biggest network winner: BNB Chain added $50M, cementing third place at $3.2B

📈 Stablecoin market was down ~1% WoW to $299.97 billion
🏆 Biggest stablecoin winner: Sky's USDS added $160M
🏆 Biggest network winner: Solana added $300M up to just under $15B

📈 Onchain risk free rates:

• Short term treasuries (1m): 3.7%
• Aave / DeFi: 3.03%

Stories we're tracking this week:

A wave of TradFi-crypto partnerships dominated the DAS headlines. Three of the top five ETF managers (BlackRock, Fidelity, Invesco) are now involved in tokenized products.

• NYSE named Securitize as its first digital transfer agent, enabling blockchain-native securities minting on the exchange's digital trading platform.
• Franklin Templeton partnered with Ondo to tokenize five of its ETFs through Ondo Global Markets, marking the first time an asset manager of this scale ($1.7T AUM) is directly involved in Ondo GM issuance.
• Invesco is taking over SuperState's $967M USTB treasury fund, which will be renamed the Invesco Short Duration US Government Securities Fund while maintaining the same ticker and smart contracts.
• Resolv's USR stablecoin suffered an $80M smart contract exploit that exposed gaps in vault curator infrastructure, particularly around oracle coverage and liquidation mechanics. The fallout sparked important conversations at DAS about fiduciary standards for vault curators.
• ParaFi raised a $125M fund for Seed and Series A investments focused on stablecoins, tokenization, and onchain financial infrastructure. AUM now at ~$2B.
• Tether signed a Big Four firm for its first-ever full reserve audit, covering its $184B in USDT reserves.
• Solana Foundation launched the Solana Developer Platform with 20+ partners including Mastercard and Western Union, making it easy for enterprises to create stablecoins or tokenized assets on-chain.

An Epic Comeback and the Future of Euler w/ Jonathan Han

Jonathan Han joined us fresh off the Digital Asset Summit to talk about one of DeFi's greatest comeback stories. Euler suffered a multi-hundred million dollar exploit a few years back that saw TVL crater. The team worked closely with regulators, the FBI, and centralized exchanges to recover the stolen funds and return them to users. Now, with TVL back over a billion dollars, Jonathan is leading the charge into Euler's next chapter.

The episode is available below and we've summarized it for you here.

The playbook? Leverage Euler's battle-tested DeFi infrastructure to serve institutions that are increasingly looking to deploy capital on-chain. Jonathan highlighted three key bottlenecks the team is tackling: security and institutional customization to give large allocators confidence, handling the unique mechanics of tokenized equities like weekend liquidity and market-making, and solving for private credit's redemption windows and NAV issues in a 24/7 settlement environment.

Jonathan also made a strong case for the talent gap being one of the biggest constraints in the space. Finding BD and go-to-market professionals who can speak fluently in both TradFi and DeFi is extremely difficult. Euler is hiring for exactly those profiles, so if you can talk to Fidelity and a crypto-native hedge fund in the same week, reach out.

As a former fintech founder, I'll add this: if you're building in fintech today and still tromping through the mud on ACH and homegrown web two infrastructure, talk to the Euler team and the stablecoin providers. There's an easier way now.

Stay ahead of the curve

Be sure to follow us on X, LinkedIn, and Spotify for real-time updates, behind-the-scenes insights, and the occasional hot take that didn't make it into the Progress Bar or the TACo Time episode or summary.

Until next time,

The TAC Team