Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt

GM!

Today’s top news:

• Crypto majors fall alongside stocks as chips selloff continues; BTC at $63.2k


• Citadel Securities invests $400M in Crypto dot Com at $20B valuation


• Polygon Labs announces layoffs as it pivots to blockchain payments


• Visa launches stablecoin platform backing Open USD


• Robinhood Chain rotations continue as INDEX surges, other leaders sell off

🏦 Citadel Securities Invests $400M in Crypto.com at a $20 Billion Valuation

Citadel Securities made a $400 million strategic investment in Crypto.com, valuing the Singapore-based platform at $20 billion. It’s the exchange’s first institutional funding round since it was founded a decade ago, and Crypto.com says the capital will fund its expansion into tokenized securities, derivatives, prediction markets, and other real-world assets.

Citadel Securities, the Ken Griffin-founded firm that handles a huge share of all U.S. equity trading, spent years on the sidelines of crypto and only cautiously entered market-making in the space. It comes just eight days after Citadel dropped a long-running crypto lawsuit, so the firm is clearly done being a reluctant participant. CEO Kris Marszalek framed the opportunity bluntly, saying its size is “staggering, as crypto increasingly becomes the rails for finance.”

The convergence of Wall Street and crypto has become abundantly clear, and today alone proved it:

• Alpaca raised $135 million for tokenized-stock infrastructure


• Visa launched a stablecoin platform backing Open USD


• Keyrock acquired BlockFills, and


• The DTCC put tokenized stocks and Treasurys into live production.

The same institutions that spent a decade dismissing crypto are now paying up to own the infrastructure, and they’re all pointed at the same target, tokenization and 24/7 markets. They’re not buying Bitcoin here. They’re buying the rails.

🌎 Macro Crypto and Markets

• Crypto majors are red, down 2-3%; BTC -1% at $63.2k; ETH -2.5% at $1,835; SOL -2% at $75; HYPE -8% at $60


• PI (+8%), CRO (+6%) and XDC (+3%) led top movers


• Oil +2% at $81; Gold -1% at $3,997


• Stock futures are deep red as the chip selloff continues; DOW -0.6%, Nasdaq -1.7%


• Visa launched a stablecoin platform backing Open USD, piling more competitive pressure on Circle as the payments giants line up behind the 140-firm consortium


• Alpaca raised $135 million to build tokenized-stock infrastructure


• Keyrock acquired BlockFills’ trading assets, expanding the market maker’s institutional crypto business through consolidation


• An open-standards body for AI payments launched, aiming to build a financial system for AI bots to transact autonomously, the latest push into agentic commerce


• Galaxy launched institutional stablecoin-yield vaults, targeting DeFi returns for institutions chasing yield on idle stablecoins


• Polygon Labs announced layoffs as it pivots from a blockchain foundation to a blockchain payments company, with CEO Marc Boiron saying it's in the final stage of acquiring Coinme and targeting profitability in 2027

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $79M in net inflows on Thursday; the ETH ETFs saw $28M in outflows

Meme Coin Tracker

• Meme leaders were mostly red; DOGE -2%, SHIB -1%, PEPE even, PENGU -1%, TRUMP -1%, BONK -8%


• Robinhood chain tokens were mostly red and down another 30-50% across the board; INDEX (+85%) and RWA (+400%) were notable movers


• Solana leaders included Jimothy (+30x) and HBULL (+45%); ANSEM +10% to $190M

💰 Token, Airdrop & Protocol Tracker

• Mantle flipped Polygon to become the #3 chain in the RWA sector for tokenized strategies with $116M


• MegaETH is shutting down its MegaMafia incubator, conceding the 20-team program created little value for the protocol itself, and is pivoting to build first-party apps that accrue value directly to Mega


• Zcash launched Zakura, a new high-performance full node that syncs nearly 5x faster than existing software and supports this month's Ironwood upgrade, part of the Tachyon push toward Visa-scale throughput


• Ledger wants AI agents to manage crypto without holding your private keys, pitching a way for autonomous agents to transact while custody stays with the user

🚚 What is happening in NFTs?

• NFT leaders were slightly red; Punks -1% at 32 ETH, BAYC -1% at 8.87 ETH, Pudgy -4% at 4.26 ETH; Hypurr’s even at 188 HYPE


• Azuki (+11%) and The Pup Cup (+170%) led top movers

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