Marcin Kazmierczak ♦️

More than 4 million addresses now hold stocks onchain, which puts them at an average of just under $800 each.

The holder base is wide and the tickets are small, the opposite of tokenized treasuries, where $1M+ wallets hold ~93% of the capital.

Today we start our official collaboration with Hadron by Tether.

$184B of USDT moves onchain 24/7.
Most tokenized assets take T+1 or longer to settle.
We are addressing that gap.

Every Hadron issuer gets our price and NAV feeds plus RedStone Settle - working closely with the Hadron team on new tokenization projects.

Why this matters:
500M+ USDT users
$132.4B in US T-bills
$4.5B net operating profit in 9 months

Tether has the balance sheet and distribution to bring governments, enterprises and funds onchain at scale. Hadron is the platform through which it will happen.

But issuance alone does not make an asset useful. It needs a trusted price and instant liquidity. That is what we bring. Settle is the key piece. Lending markets liquidate in seconds, while government debt, real estate and fund shares redeem in days or months. Settle gives these assets T+0 liquidity without changing the issuer’s redemption process or compliance rules.

The result: every asset issued on Hadron can be priced, accepted as collateral and used to borrow USDT from day one. Every new issuance becomes new demand for onchain dollars.

A priced token with near-instant redemption liquidity can serve as collateral. A token without either just sits in a wallet.

This deal also shows where RedStone is heading. ISO 27001 certified this year. Now building alongside one of the largest companies in digital assets. The calibre of partners we work with keeps rising, and every one of them raises the bar for us.

The tokenization decade is here.

Open interest on @EntropyIO Anthropic market just passed $130M.

In the meantime, Nasdaq is down about 10% from its high.

Giants are reeling, with Intel shedding 29% and Alphabet’s market cap plunging by about $500B after earnings.

Amid this selloff, IPO buyers now want Anthropic at $1.5–1.6T, per the WSJ, down from the ~$2T floated just weeks ago.

Onchain, the picture is different. The perp market on Entropy prices Anthropic at $1.84T, and open interest keeps growing.

That leaves a ~$240B gap between the people negotiating the price and the people trading it.

Anthropic’s amended S-1 dropped the same day as the WSJ story, and it puts those $200B into context.

→ Q3 revenue: $17B, up from $11.6B in Q2, ~$68B annualized
→ Growth: +47% QoQ, down from +144% in Q2
→ Q3 operating loss of $567M, after a $974M profit in Q2
→ Compute and infrastructure commitments: ~$895B

The revenue growth is still massive, but it’s slowing down, and the commitments are through the roof.

At $1.5–1.6T, IPO buyers are paying ~22–24x run-rate revenue. At $1.80T, onchain traders are paying ~26.5x. That’s the difference between pricing Anthropic on a roadshow and pricing it 24/7.

Where do these prices meet? We’ll see at the IPO.

Next month, @Nasdaq and @NYSE Arca are rolling out 23/5 stock trading.

Onchain markets got there first, and tokenized stock volume there already peaks outside US market hours.

When Wall Street closes, Asia logs in.

Revolut just confirmed a $115bn valuation.

2021: $33bn
2024: $45bn
2025: $75bn
2026: $115bn

While most of fintech was repricing down, Revolut kept compounding. Europe can build global financial champions.

When should @entropyIO launch pre-IPO, powered by RedStone?