Appold Market Watch - Week ending 12 June 2026
Market Update and Industry News - Week Ending 12 June 2026
🔷 Major U.S. banks, including JPMorganChase, Citi, Bank of America and Wells Fargo, are planning to launch a shared tokenised deposit network in the first half of 2027, operated by The Clearing House. The initiative aims to enable 24/7 settlement and programmable payments on blockchain infrastructure while keeping funds within the regulated banking system.
Appold View: This project directly competes with stablecoins produced by newcomers such as Circle and Tether.io. While large banks most likely know that they will struggle to compete if they were to create stablecoins, by tokenising deposits and making them interoperable, they have allowed their underlying books and regulatory requirements to become a significant moat, while still utilising blockchain technology for its benefits.
🔷 Securitize and Cantor Equity Partners II announced that the SEC has declared effective the Registration Statement on Form S-4 for their proposed business combination, moving Securitize closer to becoming a publicly traded company under the name Securitize Corp. on the NYSE.
Appold View: Should Securitize become a publicly traded company, it would be one of the first pure infrastructure tokenisation companies to list on the public market. As a core part of the potential future of RWAs, Appold is looking forward to seeing how, even in a difficult market, this stock performs.
🔷 Morgan Stanley Wealth Management has partnered with Galaxy Digital to enable clients to lend digital assets, such as Bitcoin, and receive spot exchange-traded products (ETPs) instead of cash.
Appold View: At first glance, converting BTC into BTC ETFs or ETPs appears to be a marginal innovation. However, the product is really aimed at BTC whales, family offices, and crypto-rich founders who no longer want to manage their own direct custody. In our view, its real value is for accountants and wealth advisers: it allows clients to move into a more administratively convenient ETF wrapper without an immediate taxable disposal, while also making the position easier to borrow against.
🔷 Citi has launched Digital Depositary Receipts for private company shares, using regulated blockchain infrastructure operated by SIX. The product gives issuers a flexible route to raise capital while offering investors direct, transparent access through a familiar structure. Its first issuance involved Kaleido, with Citi acting as both issuer and custodian.
Appold View: As pre-IPO stocks have surged in popularity, Citi is clearly building the rails not just to represent private company shares, but to confer genuine underlying ownership of them. Where the likes of Hyperliquid rely on the assumption that a token's price will converge to the value of the stock it tracks, this product is structured to hold the underlying shares directly, a claim on the asset itself, not a synthetic proxy for it.
#MarketWatch#Blockchain#Investments
