Coinbase is Preparing to Launch “the First Real, 1:1 Backed Tokenized Stocks”
Risk appetite softened ahead of the Fed, with the Nasdaq-100 down 1.89%, the S&P 500 lower by 0.57%, and the PHLX Semiconductor Index falling nearly 6%.
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In Today’s Note
Risk sentiment stalled ahead of the Fed, with US tech and AI stocks selling off, the Nasdaq-100 down 1.89%, and BTC slipping back to $65K after failing to hold its two-week high.
The US-Iran deal is set for formal signing on Friday, with the draft MOU pointing to a reopening of the Strait of Hormuz, removal of the US naval blockade, a 60-day negotiation window, and broader sanctions relief.
Coinbase is preparing 1:1 backed tokenised stocks, while lawmakers advanced housing legislation containing a CBDC ban, gaming groups pushed back against sports prediction markets, World Liberty Financial neared a national trust bank charter, and China expanded cross-border e-CNY services.
Market Snapshot: Overnight Moves
Macro & Markets
The rally in risk sentiment stalled over the past 24 hours ahead of the Federal Reserve’s first interest rate decision under Chairman Kevin Warsh, while oil prices and government bond yields fell lower for another day.