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THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

ROBINHOOD CEO SAYS OPENAI AND SPACEX ‘STOCK TOKENS' ARE DERIVATIVES

Robinhood CEO Vlad Tenev confirmed that its new “stock tokens” for OpenAI and SpaceX are blockchain-based derivatives, not equity, after OpenAI objected to the offering. The tokens track the value of private shares but don't confer ownership or rights, and are part of a broader push to tokenize access to over 200 U.S. companies for EU users. OpenAI warned the public that it did not authorize the tokens and urged reliance on official filings.

EREBOR: A NEW BANK FOR CRYPTO

Erebor is a new digital-only bank from Palmer Luckey (Anduril) and Joe Lonsdale (Palantir co-founder) to fill the void left by Silicon Valley Bank's March 2023 collapse, which had disrupted financing for startups and crypto firms. The bank has applied for a national charter and will serve tech businesses in AI, crypto, defense, and manufacturing, with leadership from Circle's Jacob Hirshman. Erebor aims to become "the most regulated entity conducting and facilitating stablecoin transactions," positioning stablecoins as a core focus alongside traditional banking products for both US and international clients seeking access to the US banking system.

EULER REBORN: A NEW ERA OF PROGRAMMABLE CREDIT

Euler V2 introduces a modular vault infrastructure (EVK/EVC) that enables permissionless deployment of bespoke lending markets with cross-vault collateralization and programmable liquidation, creating a composable credit layer akin to traditional capital markets. Its EulerSwap feature activates idle liquidity by allowing vault assets to serve as AMM LPs with just-in-time borrowing, sharply boosting capital efficiency, market depth, and protocol fee generation. TVL surged from roughly $110 million to nearly $2 billion in under a year, but most fee switches remain off, deferring token value accrual and positioning EUL for future monetization while capping current utility. Euler faces stiff competition from Aave, Compound, and new entrants like Morpho, and must rebuild trust after its 2023 exploit to sustain growth and attract institutional capital.

USDC DEFI STRATEGIES

“USDC-in USDC-out” strategies aggregate USDC lending across protocols, like Summer Finance's Lazy Summer (≈7.4%), srUSD (6.7% APY), Gauntlet's USD Alpha (7.7%), Infinifi Labs' siUSD/liUSD (8%–13.4%), and Euler frontier markets (12%–14%), to deliver steady yields without any swapping or slippage. They combine organic interest with native token incentives and just-in-time capital activation through composable vault architectures. All maintain full USDC liquidity on exit, enabling seamless redeployment for trading opportunities, deleveraging, or expense coverage.

QUID PRO STABLECOIN

The U.S. government's newfound love for stablecoins is driven not by ideology, but by a need to monetize debt without triggering market panic. The Genius Act, SLR exemptions, and potential cessation of Fed interest payments on reserves collectively enable TBTF banks to issue stablecoins, freeing up to $10.1 trillion in T-bill buying power. In this framework, stablecoins aren't about DeFi or freedom, they're a state-sanctioned liquidity injection mechanism designed to fund deficits, prop up equity markets, and preserve elite wealth.

TOKENIZATION OR DEREGULATION?

Robinhood's push to offer tokenized exposure to private firms like OpenAI amounts to sidestepping traditional disclosure rules. Vlad Tenev (Robinhood CEO) argues it's illogical to restrict retail access to private equity while allowing zero-day options or meme coins. Matt Levine counters that letting the public buy "private" shares without public disclosure effectively erases the distinction between public and private companies, not by reforming IPO rules, but by discarding them entirely.

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