Exclusive: A startup building tokenized cash funds has raised $90 million, as it seeks to take on sector heavyweights including BlackRock.  Paris-based Spiko is now valued at $800 million following a Series B funding round led by NEA. On the terminal now 🖥️

Has anyone who follows me or with fleeting visibility of my tweets ever experienced having their stablecoins frozen? If so, I wish to speak.

Much has been said about Hyperliquid in recent months. Far less has been written about @tradexyz, the dominant player among those listing markets for everything from oil to pre-IPO perps on the offshore exchange. Here, we take a detailed look at the business -- run largely by anons -- and the impact its 24/7, highly leveraged contracts are having on established markets. In less than a year, they've totted up $500 billion in cumulative volume. More interesting though is the potential for these perps to serve as a powerful new source of price discovery when markets are closed or ahead of an IPO. Be sure to check out the excellent graphics that shine a light on that promise, courtesy of @spepechen. Truly a team effort with @MuyaoShen, @sidcoins, @antoniabmassa, @yongchang_chin and editors @lagerkranser/@_SidVerma. bloomberg.com/news/articles/…