Hi! In today’s edition:
• 🧠 Ethereum set to dominate $2T tokenized asset market
• 💳 Western Union files “WUUSD” stablecoin trademark
• 🌍 Flutterwave and Polygon launch Africa-wide stablecoin payments
• 🎧 Ex-Citi economist on gold’s decline & the rise of stablecoins
• 🎙️ DATs and locked tokens: liquidity or illusion?
By Ayesha Aziz
Ethereum Set to Dominate $2 Trillion Tokenized Asset Market: Standard Chartered
Standard Chartered expects the market for tokenized real-world assets to reach $2 trillion by 2028, up from roughly $35 billion today.
The bank’s head of digital assets research, Geoffrey Kendrick, said the “vast majority” of this growth will occur on Ethereum due to its reliability and strong network effects.
Kendrick noted that stablecoins have created the foundation for tokenization by boosting awareness, liquidity, and onchain lending. He projects $750 billion in tokenized money market funds and another $750 billion in listed equities, with the rest coming from tokenized funds, real estate, and private assets.
He added that DeFi and tokenized RWAs could become key areas where blockchain technology disrupts traditional markets. Kendrick pointed to the U.S. GENIUS Act and the upcoming Digital Asset Market Clarity Act as regulatory milestones that could accelerate institutional adoption. The main risk, he said, lies in delayed policy progress ahead of the 2026 U.S. midterm elections.
Unchained is streaming today at 11:30am ET!
Following up on a previous stablecoins show(down) with Rob Hadick and Mert Mumtaz, we’re bringing you part 2 featuring Rob plus Phoenix Labs’ Sam MacPherson. Don't miss it! 👀
Western Union Files ‘WUUSD’ Trademark After Solana Stablecoin Reveal
Western Union has filed a trademark for “WUUSD,” expanding its crypto ambitions just one day after announcing its USDPT stablecoin on the Solana blockchain. The Oct. 29 filing covers digital wallet software, stablecoin payment processing, and crypto trading services, according to the U.S. Patent and Trademark Office.
The company plans to launch USDPT in early 2026 through Anchorage Digital Bank, allowing users to send and hold stablecoins across its global network. Analysts at William Blair said the initiative could lower settlement costs and improve capital efficiency for remittance firms.
It remains unclear whether WUUSD will exist alongside USDPT or serve as a rebrand. The filing also references potential crypto lending and exchange services, suggesting broader ambitions within Western Union’s planned Digital Asset Network.
Western Union’s move follows the U.S. GENIUS Act’s passage, which clarified stablecoin regulations. The filing marks one of the company’s most significant blockchain steps since its 2018 Ripple pilot, positioning it to compete in a growing digital payments market.
Flutterwave and Polygon to Launch Africa-Wide Stablecoin Payments
Nigeria’s leading fintech, Flutterwave, has teamed up with Polygon Labs to launch a stablecoin-powered cross-border payment network spanning 34 African countries, Bloomberg reported Thursday. The network will leverage Polygon’s Ethereum-compatible infrastructure to speed up transactions and reduce settlement costs.
Flutterwave CEO Olugbenga Agboola said the initiative could “10x” the company’s current payment volumes by bypassing traditional banking systems. He added that stablecoin adoption will play a central role in driving capital flows across Africa.
The announcement comes amid rising use of USDT and USDC across the continent, where stablecoins are increasingly used to hedge against inflation and facilitate remittances. A 2024 Chainalysis report showed stablecoin remittances to Africa were about 60% cheaper than traditional $200 transfers.
Crypto activity in Sub-Saharan Africa reached record highs earlier this year despite global slowdowns, driven by Nigeria’s sharp currency devaluations. The partnership underscores how fintech and blockchain infrastructure are converging to modernize Africa’s payment landscape.
Ex-Citi Chief Economist on Gold, Bitcoin and the Debasement of the US Dollar
Forget gold: the ex-Citi chief economist says the future lies in stablecoins, CBDCs, and tokenized assets.
Gold may have history, but does it have a future?
Former Citi Chief Economist Willem Buiter joins Unchained Executive Editor Steve Ehrlich to argue that gold’s “6,000-year bubble” is long overdue to burst.
He explains why he thinks central banks should dump their bullion, why Bitcoin isn’t a reliable store of value, and why fully backed stablecoins and central-bank digital currencies could define the next era of money.
He also touches on Trump’s influence on the Fed, tokenized deposits and the future of stablecoins.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
How DATs Use Locked Tokens for Early Liquidity and Higher Valuations
Unchained’s Steven Ehrlich joins Laura Shin to discuss his recent investigation into how digital asset treasury companies (DATs) are using locked tokens in ways that quietly rewrite the rules.
From liquid shares backed by illiquid assets to shifting unlock schedules and asymmetric information, we break down what investors need to know before buying into these structures, and why this could potentially be a governance and alignment problem for crypto as a whole.
🧾 Sam Bankman-Fried’s X account resurfaced with a document claiming FTX was never insolvent and could have been worth over $100 billion had lawyers not intervened, reviving old defenses even as the convicted founder serves a 25-year sentence for fraud.
💰 Memecoin platform FourMeme, which runs on BNB, pulled in $43 million in fees over the past month—13% more than rival Pumpfun—making it the fourth highest-earning protocol in DeFi despite a broader dip in meme token trading.
📉 NEAR Protocol slashed its annual inflation rate by over half through a network upgrade that bypassed a failed community vote, drawing backlash from some validators who warned the move undermines decentralized governance even as it trims token dilution.
🔥 MegaETH’s initial coin offering attracted over $1 billion in user commitments—20 times its $50 million goal—thanks to strong pre-market token performance and growing hype around its real-time Ethereum layer 2 network, with allocation decisions influenced by users’ blockchain history and optional token lockups.
⚖️ The U.S. Department of Justice dropped its seizure order on hacker-linked wallets holding stolen USDC after failing to identify the culprits, prompting issuer Circle to seek court approval to unfreeze the addresses, even as American investors filed a class action to keep the funds locked for potential recovery.
🕵️♂️ A report from crypto exchange WhiteBIT found that nearly 41% of crypto security incidents stemmed from social engineering scams like fake offers or impersonations, while one-third came from technical hacks, highlighting that human deception remains a bigger threat than code exploits.
🇺🇸 Decentralized exchange dYdX said it would launch U.S. spot trading by year-end, expanding beyond its derivatives focus and joining rivals like Coinbase in bridging regulated American markets with blockchain-based platforms after surpassing $1.5 trillion in total volume.
💻 Nordea Bank abandoned its cautious stance on crypto and began allowing customers to access a Bitcoin-linked investment product, marking a shift in traditional banking attitudes as major European and U.S. lenders increasingly open their platforms to digital assets.
📈 Coinbase shares jumped 4% after reporting third-quarter revenue of $1.9 billion—55% higher than last year—thanks to booming trading, stablecoin income, and derivatives growth, as the exchange teased plans for tokenized stocks and prediction markets at its December showcase.
⚡🧩 Bitcoin rewards app Lolli bought the Slice browser extension to boost user earnings and speed up Lightning Network withdrawals, part of parent company Thesis’s plan to rebuild and unify its Bitcoin rewards ecosystem despite user frustration over withdrawal changes.
The Defiant: NFTs Crater as Farmers Abandon OpenSea
