DuneDigest#59

Flipcash launched USDF on May 20, a USDC-backed stablecoin on Solana built through Coinbase's Custom Stablecoin platform. USDF is backed one-to-one by USDC, with Flipcash using it as the settlement layer for fixed-supply community currencies that users can create, price, and spend. The Custom Stablecoin platform lets any business launch branded stablecoins issued by Coinbase and backed by USDC, with Coinbase handling custody, reserves, fiat rails, and onchain operations. USDC circulation sits around $79B, and the broader stablecoin market has grown to roughly $340B from $264B a year ago.

Why this matters: Stablecoin count grew from 31 in 2020 to 215 in 2025, but USDT and USDC still account for about 85% of supply. However, distribution and competition has split into three games. Real-world rails, where USDT and USDC compete over payment integrations and card programs. DeFi composability, where crypto-native stables like USDe scale through Pendle and lending loops. And ecosystem-bounded stables, where branded tokens serve specific user bases without trying to win global share. USDF sits in the third game, with Coinbase building the picks-and-shovels layer underneath alongside Bridge, M0, Moonpay and Paxos. Stablecoin issuance is becoming a SaaS product.

Tempo, the Stripe- and Paradigm-backed Layer 1 built for enterprise stablecoin payments and real-time settlement, launched a direct integration with Morpho lending protocol. The connection embeds Morpho markets into Tempo's payments rail, letting corporates and fintechs lend or borrow idle stablecoins (plus BTC-backed and RWA collateral) without bridging or leaving the chain. Day-one curated vaults are managed by risk specialists Gauntlet and Sentora, with RedStone providing institutional-grade oracles. Early activity is already showing up: $2M in cbBTC has been deposited as collateral, the first asset on the integration.

Why this matters: Corporate treasury cash sitting in payment accounts can now generate yield in real time, inside the same infrastructure already handling stablecoin flows and FX. No custody transfers, no operational friction. Backed by a $500M raise and partners including Visa, Mastercard, UBS, and Shopify, Tempo is positioning itself as a production bridge for institutional capital into open credit markets at scale. Early TVL deployment into the curated vaults is the signal worth watching.

The SEC is finalizing an "Innovation Exemption" framework that would let tokenized versions of U.S. public equities trade on blockchain and DeFi platforms under a lighter regulatory regime. The carve-out would let third parties create and list tokenized stocks without issuer consent, enabling 24/7 trading, fractional ownership, instant settlement, and onchain composability. Guardrails include position limits, disclosures, and restricted shareholder rights (no voting or direct dividends in most cases).

Why this matters: This is the clearest U.S. regulatory green light yet for onchain equities, removing the legal overhang that has kept tokenized stock volumes microscopic despite strong demand elsewhere in RWAs. Ondo Global Markets and xStocks reached nearly $1.5B in combined AUM, and the exemption hands them, plus the broader ecosystem, a compliant path to distribute real U.S. equities to global crypto investors 24/7. That opens up trillions in addressable liquidity, deeper fractionalization for retail and institutions, and DeFi composability like with lending, perps, yield strategies. It also raises real strategic questions around custody models, oracle reliability, and how TradFi incumbents respond once 24/7 price discovery exists.

Polymarket launched the first prediction markets tied to private-company performance and milestones through an exclusive data partnership with Nasdaq Private Market. Nasdaq Private Market will serve as the official resolution source, supplying verified transaction, secondary-market, and valuation data for yes/no contracts on unicorns including OpenAI, Anthropic, SpaceX, and others. Live examples include whether OpenAI surpasses a $1T valuation at IPO before 2027, whether Anthropic hits $500B in 2026, and whether Anthropic's valuation exceeds OpenAI's at any point this year. Over 1,000 global unicorns hold over $5T in cumulative value, long the domain of institutions and high-net-worth investors only. Polymarket is currently generating around $1.6B in notional volume weekly, and stock-related markets are still a small fraction of that, roughly $20M weekly (or under 2%), but growing fast.

Why this matters: Institutional-grade data validation is what moves crypto prediction markets from the status of betting into actual InfoFi for pricing uncertainty in opaque private markets where continuous trading doesn't exist. Using Nasdaq Private Market's authoritative feeds, Polymarket gets immediate credibility as a potential reference rate for startup valuations between funding rounds. For institutions, this creates a liquid, always-on sentiment layer and an early price-discovery signal on pre-IPO names. For the broader ecosystem, it tests whether onchain markets can become the canonical real-time source for private-company momentum, potentially reshaping capital allocation and secondary-market dynamics before traditional IPOs or funding rounds.

Check Dune new Prediction Market dataset for full data about Polymarket and Kalshi, in a single schema.

Ostium announced that it has become the first onchain trading venue to offer perpetual futures on individual U.S. stocks powered by official Nasdaq market data feeds. The Arbitrum-based platform, which already specialized in RWA perps across stocks, indices, currencies, and commodities, now delivers institutional-grade pricing accuracy and liquidity for crypto-collateralized equity contracts. Ostium has processed over $55B in cumulative volume across more than 26,000 traders since its 2024 launch, with notional open interest around $100M. Stocks have been the standout category in May, hitting an all-time high of $150M in daily volume in early May and often making up over 50% of daily volume on the platform.

Why this matters: Nasdaq is bringing offchain equity prices onchain as the reference feed for decentralized venues, extending its pricing moat into a market it didn't previously serve. Powering Ostium's 24/7 equity perps gives global traders self-custodial access to U.S. stocks without broker-dealer registration, KYC friction, geographic restrictions, or NYSE trading-hour limits. The deeper signal is TradFi incumbents treating DeFi as a distribution channel rather than a threat. Nasdaq pushes its data onchain, onchain venues get institutional-grade pricing, and the result is always-on price discovery for equities when traditional markets are closed.

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Always do your own research.