The Wire — June 12, 2026

The Wire — June 12, 2026

Exodus and Ondo put 200-plus tokenized US stocks and ETFs on Solana Exodus launched Exodus Markets this morning, built on Ondo Global Markets, giving its self-custodial wallet users access to more than 200 tokenized US stocks and ETFs on Solana. The list includes NVDA, AAPL, META, SPY and QQQ, each token backed 1:1 by the underlying security held at US-registered broker-dealers, mintable and redeemable 24 hours a day, five days a week. At launch the assets route through Jupiter, with Ondo planning to extend availability across Solana wallets, exchanges and DeFi protocols over time. For a yields product this matters because tokenized equities are collateral: once they sit in a wallet, they can be lent, looped or paired in LPs alongside the real-world asset pools already tracked on Solana. Published 13:26 UTC. Source: The Block.

Ethena commits $250M to a tokenized AAA CLO fund on Solana Ethena Labs said it will allocate $250 million to Securitize's Tokenized AAA CLO Fund (STAC), which expanded to Solana this week. STAC holds AAA-rated collateralized loan obligations and was built with BNY as custodian and sub-adviser through BNY Investments. It is one of the largest single commitments to tokenized structured credit on Solana to date, and it diversifies the backing behind Ethena's USDe beyond crypto-native collateral. Global CLO issuance tops $1.3 trillion, so this is a small onchain slice of a very large credit market, but the direction is clear: stable, audited cash flows moving onto Solana rails. Track how this feeds USDe and other stablecoin yields. Published 13:00 UTC. Source: The Block.

SEC moves to scrap Rule 611, the structural block on on-chain stock trading The SEC proposed rescinding Regulation NMS Rules 611 and 610(e), the order-protection and locked-market rules in place since 2005. Rule 611 bars a venue from executing a trade at a price worse than a protected quote elsewhere, which an automated market maker cannot satisfy by design, since it fills against a bonding curve at the pool price with slippage. Galaxy's Alex Thorn called the proposal one of the biggest unlocks yet for tokenized stocks in DeFi. If the rules go, the SEC would lean on FINRA's broker-level best-execution duty, a framework that can accommodate AMMs. The comment period runs 60 days and analysts expect finalization by early 2027, with possible exemptive relief for pilots sooner. Read why settlement mechanics drive our yields dashboard. Published 04:00 UTC. Source: The Block.

South Korea's finance ministry calls tokenized stocks securities, not crypto A South Korean finance ministry official said tokenized stocks are substantially closer to securities than virtual assets, a classification that opens the door to taxation under the existing Capital Markets Act. If the Financial Services Commission adopts the same reading in its Token Securities Guidelines update expected in July, taxation could begin in the second half of 2026. The country plans a full framework by February 2027, and tokenized stocks traded on overseas platforms could fall in scope if their economic rights qualify as securities. The local tokenized stock market stood at roughly $1.47 billion as of June 8, up 115% year to date. Classification is the first input in our risk scores. Published 11:38 UTC. Source: The Block.

Metaplanet buys Siiibo Securities for $13M to sell Bitcoin yield products Metaplanet agreed to acquire Siiibo Securities for 2.1 billion yen, about $13 million, picking up a Type I license to sell bitcoin-linked yield products in Japan. It is the first deal under Project Nova, the firm's plan to build a Bitcoin financial business, and the unit will be renamed Metaplanet Securities. Planned products include BTC-linked bonds, treasury-backed preferred shares and security tokens, all pending regulatory clearance, with closing expected July 13. Metaplanet holds 40,177 BTC, worth about $2.6 billion at current prices, and is targeting the roughly $7.4 trillion sitting idle in Japanese household cash and deposits. Compare the on-chain alternatives in BTC yields. Published 09:39 UTC. Source: The Block.

Bitwise's Dragosch flags up to 20% more downside, $48K max-pain Speaking at BTC Prague, Bitwise Europe research head André Dragosch said bitcoin risks a further 20% drop from current levels, with a worst-case "max pain" around $48,000 at the average holder cost basis. He pointed to the 200-week moving average near $61,000 as first support and the realized cost level near $56,000 below that. Dragosch tied recent selling to roughly $2 billion in weekly ETP outflows, the equivalent of dumping about 50,000 BTC into the market in a short window. The read is a reminder that ETF flows now set short-term price action as much as on-chain demand. Position sizing and liquidation risk feed our risk scores. Published 09:39 UTC. Source: The Block.

Numbers

• BTC: $63,248 (+0.74%)
• SOL: $66.65 (+2.01%)
• ETH: $1,660.82 (+0.76%)
• Solana DeFi TVL: $4.65B
• Top USDC yield (Solana): Jupiter Lend at 5.17% ($383M TVL)

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