Moody’s gave top AAA-mf ratings to tokenized money market funds from Fidelity and BlackRock, as on-chain Treasury products grow from $1 billion to more than $15 billion in two years.
Global crypto cap falls to $2.74T as Bitcoin, Ethereum, SOL, XRP tumble. Fear & Greed Index drops to 34. Hyperliquid leads blockchain fee revenue; Fidelity launches FILQ tokenized fund; Binance to list TradFi perpetuals.
Crypto-native platform Theo invested $20 million in Fidelity International's tokenized USD liquidity fund FILQ, becoming the first such platform. FILQ holds $55.1M onchain, with Theo accounting for over 36%. Tokenized Treasury market doubled in a year; traditional institutions ramp up offerings.
Moody’s assigned Aaa-mf assessments to tokenized money market funds from Fidelity International and BlackRock, highlighting strong liquidity and capital preservation as onchain Treasury products pass $15 billion in assets.
Fidelity International has launched FILQ, its first tokenized liquidity fund for eligible institutions, with a $100,000 minimum investment and ERC-20 issuance on Ethereum through Sygnum.
Castle Labs used this week’s Chronicle to make a broader point about the current crypto cycle: headline activity metrics are no longer enough on their own. Investors are asking where protocol revenue goes, how durable it is, and whether token holders, LPs, stakers or treasury structures actually capture any of it. That shift is visible across several cases covered in the report. Maple, despite posting a record first half with $4.6 billion in AUM, 81% year-over-year growth, and $4.4 million in Q2 revenue, is facing questions over the design of its new rules-based buyback framework. The protocol plans to tie buybacks to monthly gross revenue, but tokens repurchased under the plan are set to flow into the SYRUP Strategic Fund, leaving open questions about whether the mechanism behaves more like treasury management than a direct value-accrual model for SYRUP holders. Uniswap has now activated protocol fees on V4, reviving a familiar debate around LP economics and UNI utility. Sky, meanwhile, reported a record June revenue run rate of $419 million and more than $250 million in USDS yield distribution, yet its Prime Agent structure makes it harder to determine what SKY holders are actually entitled to. The report also highlights Theo’s integration of Fidelity International’s FILQ into thBILL, OndoPerps’ launch with tokenized equities as collateral, and several themes Castle Labs is tracking, including Circle Agent Stack, Robinhood Chain and an SEC roundtable on IPO access.
Chainlink dips 5% this week but holds key support at $9.91. Social dominance hits yearly high, trading volume rises to $741M, and spot LINK ETFs record $2.44M inflow. Fidelity International launches tokenized fund on Chainlink, boosting institutional demand.
Chainlink (LINK) slips toward $9.91 support after a weekly decline of nearly 5%, but on-chain social dominance hits a yearly high, trading volume jumps to $741M, and spot ETF inflows continue. Fidelity International launches its first tokenized fund FILQ on Chainlink, boosting institutional adoption. Technically, if support holds, LINK may target $10.78.
