It’s been six weeks since the GENIUS Act passed. ✨
Long enough for the noise to fade, short enough that the dust hasn’t fully settled.
Here’s my early read on what I think we can see so far:
Banks aren’t fighting the idea of digital dollars anymore — they’re trying to control the rails themselves.
Tokenized debt isn’t theoretical—JPMorgan is issuing it, and State Street is now custoding it.
Meanwhile, stablecoins are moving from fringe to foundational, but not without pushback — banks don’t want deposits draining out.
And with the Fed leaning toward rate cuts, the search for yield is pushing investors further into private markets and alternative assets.
None of this is dramatic on its own, but together it shows the system bending toward programmable finance.
Slowly, unevenly, but forward.
I’ll do a deeper dive at the 12-week mark (stay tuned).
Here’s what stands out this week. 👇
📡 SIGNAL WE’RE WATCHING
State Street Joins JPMorgan’s Blockchain Platform
State Street is now providing custody for tokenized debt issued on JPMorgan’s blockchain platform. It’s the first time a major custodian has supported on-chain debt at this scale, signaling growing institutional trust in tokenized financial products.
Why it’s a top read this week:
A major custodian joining a live tokenized debt platform is a sign of real momentum. This move brings traditional trust into digital markets, and points to faster, more efficient settlement becoming the norm.
📡 SIGNAL WE’RE WATCHING
Powell Signals Rate Cuts—Markets Reprice for September
Fed Chair Jerome Powell hinted that a rate cut is likely in September, citing cooling inflation and weakening labor data. Markets are now pricing in a 75% chance of a 25-bp cut.
Why it’s a top read this week:
Rate cuts compress the cost of capital. That expands appetite for risk, accelerates funding timelines, and tilts momentum toward digital and alternative assets. We’re positioned where liquidity meets innovation.
📡 SIGNAL WE’RE WATCHING
Peter Thiel Doubles Down on Ethereum
Founders Fund has increased its Ethereum exposure significantly, framing it as the financial base layer for tokenized markets, from stablecoins to structured products.
Why it’s a top read this week:
Conviction capital is backing programmable infrastructure. Ethereum isn’t just a Layer 1, it’s becoming the platform layer for capital formation, which aligns directly with how Deal Box builds.
🔧 INFRASTRUCTURE TEST
Stablecoins Go Institutional After GENIUS Act
Following the GENIUS Act, major banks are rolling out stablecoins with full compliance, KYC, HQLA asset backing, and audit trails. JPMorgan and Citi are leading the charge.
Why it’s a top read this week:
Stablecoins are shifting from fringe to foundational. This is the infrastructure layer Deal Box builds on, permissioned, programmable capital rails that move like code, but settle like cash.
Honolulu is calling.
We’re bringing the next Deal Box Innovation Forum to Honolulu. 🌺 No more polls — we got a ton of helpful feedback, and now we’re narrowing down the venue and locking in dates.
We’ll have details to share in the next week or so.
That’s it for this week.
Thanks for reading the latest Dispatch. If you made it this far, you’re part of the shift. 🌊
See you next week—with more plays worth tracking.
— Thomas