After 2+ years at @MidasRWA, I’ve decided to join thr Sky Frontier Foundation as the Global Head of Capital Markets. I'm genuinely grateful to have been part of the Midas journey from the early, early days, helping build the platform from the ground up, scaling to $2B + in asset issuance, and closing a $50m Series A. On May 18th, I joined @RuneKek at the SFF. The @SkyEcosystem sits at the intersection of tokenization, traditional capital markets, and onchain finance, three worlds that are now undeniably colliding. My focus will be leveraging Sky's growing balance sheet to deepen capital flows, by leveraging the most established institutions and capital channels to bring traditional finance meaningfully into the Sky Ecosystem. Sky has been executing quietly and consistently for years with ~$11B in combined stablecoin supply, $15B in TVL, ~$450M in annualized revenue, and a $2.5B mandate to deploy into real-world assets across credit, AI infrastructure, energy, and housing. Currently, USDS is the 3rd largest stablecoin while sUSDS is the world’s largest yield generating stablecoin. It’s clear that in a period of broader DeFi dislocation, Sky became the flight-to-safety. This is the product of a decade of rigorous risk management and protocol discipline tracing back to the earliest days of MakerDAO. Capital markets run on trust. Sky has been building it longer than any protocol in DeFi by optimizing for one thing: capital preservation above all else. Sky is well positioned to build on that trust by expanding participation from traditional institutions across an increasingly mature ecosystem. I look forward to contributing to that effort!

DeFi’s federal bank.

What would Brian O’Conner think of this?

Not long ago, the SEC dropped heaters like SAB 121, killing so much of the space’s momentum. Today it’s writing fit-for-purpose crypto custody rules. Turns out we can make progress toward clarity, even without CLARITY.

Onchain users benefit from the mobility of digital dollars. No doubt the @SkyEcosystem arc is upward, but it’s normal to see funds move in and out in size as opps emerge elsewhere. Great convo w @Game_Set_Max and @BitcoinJesusETH discussing that and more.

Biggg fan of this direction, especially the clear line between real tokenized securities and synthetics, with tokens expected to carry the same rights and privileges as the underlying shares. Don’t get me wrong, synthetics like CFDs have an important place in markets (they can provide efficient leverage, hedging, access without requiring ownership of the underlying asset etc.) but tokenization should ultimately move toward bringing the actual security onchain to preserve ownership. IMO that’s where the market needs to go: real assets, real investor rights, onchain.

Earlier today, Geoff Kendrick, Global Head of Digital Asset Research at @StanChart, published his first research report on @SkyEcosystem. IMHO very cool to see another G-SIB who is paying significant attention to this space! The report describes the specialization of Sky’s agent model: capital provided at a wholesale rate to allocators operating across distinct markets and strategies, within defined parameters. From a capital markets perspective, this creates a modular structure for capital allocation. Individual agents can specialize by asset class, market or strategy, while the broader system retains a common source of capital and framework for risk (the Sky Atlas). As the balance sheet grows, expanding the investable universe doesn’t necessarily require centralizing the investment function; it can instead mean adding specialized sources of origination, execution and risk-taking around a common capital base. Additional reporting: cointelegraph.com/news/sky-v…