THE FASTEST GROWING MARKET IN TECH ISN'T AI

Summary from the TLDR Crypto newsletter

Stock perpetuals on Hyperliquid and Lighter reached $67.8B in June 2026 volume, 16x tokenized equity spot, with Cerebras pre-IPO perps trading within 1.3% of its Nasdaq open and SpaceX perps accumulating $2.2B in cumulative volume pre-listing. Stablecoins have become top-10 holders of US Treasuries, ahead of China, Norway, and Switzerland, and serve as the settlement layer for the tokenized assets above them. DTCC completed its first tokenized stock and Treasury production trades in July 2026, and Bloomberg added an RWA dashboard to the Terminal powered by Allium data. JPMorgan, HSBC, BlackRock, Goldman, Stripe, and Robinhood are all active in the space, marking the shift from institutional pilot programs to production-scale deployments.