Welcome to our institutional newsletter, Crypto Long & Short. This week:

• Alec Beckman on why BTC-backed lending is not a crypto story, but a capital efficiency story.
• Serena Sebastiani on how stablecoins aren’t a crypto product; they’re becoming the settlement infrastructure global finance forgot.
• Top headlines institutions should pay attention to by Francisco Rodrigues.
• “Ethena’s Solana lending markets cross $1B in 4 days” in Chart of the Week.

Thanks for joining us!

-Alexandra Levis

Expert Insights

Bitcoin-backed loans belong in the cost-of-capital conversation

By Alec Beckman, VP of the Americas, Psalion

The argument is not about whether to buy bitcoin or not. It is for advisors, real estate investors, small business owners and founders who already own it, or work with clients who do. The practical question is simple: if a client carries meaningful debt, why is BTC-backed lending not in the capital stack discussion? Debt-heavy professionals already compare collateral, rate, fees, speed and covenants. Bitcoin-backed loans should be evaluated the same way.

The debt menu is familiar. HELOCs are tied to home equity, often variable, and currently sit above 7% for many borrowers. Hard money and bridge loans can move quickly, but often price around 10% to 14% plus points. Securities-based lending can be efficient, but rates often begin around 6% to 8% and require sizable brokerage assets in one place. Personal loans frequently land in the low-to-mid teens. SBA loans can be useful, but the all-in cost, documentation and time to fund are not trivial.

Bitcoin-backed lending changes the collateral, not the math. The borrower pledges BTC, receives dollars or stablecoins and repays under agreed terms. The asset is liquid, verifiable and easy to monitor. Market rates still vary widely, but more competitive structures are emerging. At Psalion, for example, we facilitate access to Bitcoin-backed loans at a 5.5% fixed rate, up to 60% LTV, with a 0.5% origination fee. That is one data point, but it shows why the category belongs in a serious debt comparison.

Rate matters first. For someone already holding BTC, the relevant question is not “Should I borrow?” It is “Where should I borrow?” Against a house? A business? A securities portfolio? Or BTC? If BTC collateral produces cheaper capital than the borrower’s existing debt, it can reduce the blended cost of capital.

Fees matter next. Hard money can carry points on origination. SBA structures can include guarantee fees, closing costs and advisory costs. Personal loans may embed higher APR through origination. Lower fee bitcoin-backed lending can make the all-in economics materially cleaner.

Friction matters too. Traditional credit often requires income verification, tax returns, appraisals, operating statements, personal guarantees, covenants and time. BTC-backed lending is collateral-first. The collateral can be verified quickly and monitored continuously. Faster access to liquidity is not just convenience. It can change the economics of a refinance, acquisition, tax payment or bridge need.

Advisors should care because BTC is now part of more client balance sheets. Too often, BTC sits idle while the same client pays higher rates elsewhere. If the client can borrow against BTC and replace more expensive debt, the advisor has improved the balance sheet without forcing a sale and potentially creating a taxable gain.

There is a second use case: yield on spread. Some real estate investors, founders and business owners see opportunities where expected returns exceed their cost of capital, such as private credit, commercial real estate lending, inventory or operating expansion.

Borrowing against BTC to pursue those opportunities can make sense when the borrower understands both sides of the trade: the yield opportunity and the collateral risk.

That risk is real. Bitcoin is volatile. If the price falls enough, LTV can breach agreed thresholds and trigger margin calls or liquidation. Liquidation can create a taxable event. This is not for every client. It is for borrowers who understand BTC volatility, maintain liquidity and size loans conservatively below maximum LTV.

For clients who already own bitcoin and already carry debt, BTC-backed lending is not a crypto story. It is a capital efficiency story. Ignoring it may mean leaving cheaper capital, or a valuable spread opportunity, on the table.

Principled Perspectives

Stablecoins are now infrastructures

By Serena Sebastiani, chief strategy officer and head of government and regulatory affairs, Fuze

There’s a kind of financial friction that becomes invisible when you live inside it long enough.

From New York or London, cross-border payments work. From Nairobi, Jakarta or Almaty, they don’t.

An SME in Nairobi pays a supplier in Karachi. The money leaves Monday. It arrives Thursday. Along the way it passes through two correspondent banks, absorbs fees on both ends, gets hit with an FX spread on the USD conversion and triggers multiple compliance checks. Both the buyer and the supplier absorb the friction by pricing it into the deal and extending the credit note.

This is how it actually works to operate across the fastest-growing trade corridors globally: Gulf to South Asia, intra-African trade, CIS to MENA, and Southeast Asia remittances.

Multiply that by the $136 billion SME trade finance gap in Africa alone. Multiply it by the $100 billion in annual remittances flowing into the continent. Multiply it across the Gulf-to-South-Asia corridor, CIS-to-MENA and intra-ASEAN. And also account for the cost of sending money into Sub-Saharan Africa, which remains the most expensive region in the world, at 8.3% on average (almost three times the UN’s 3% target). In live corridors today, stablecoin rails are already operating at under 1%. What we’re looking at is not simply a matter of optimizing the margins, but a structural gap in the fastest-growing regions of the global economy.

SWIFT was built for a specific world: large banks, large tickets and major financial centres. It works perfectly for that world. Yet the supplier payment in Nairobi, the remittance from Riyadh to Manila, or the trade settlement between Almaty and Istanbul has been making do with infrastructure designed for someone else’s economy.

That’s the gap stablecoins are moving into, and they’re not a product but real plumbing.

Chart 1: The Remittance Cost Gap

Sources: World Bank (Q1 2025); UN SDG 10.c; Transak / Operational corridor data

What we observe from the ground

I spent time with regulators and market operators across high-growth corridors and a pattern that emerges is that people closest to the friction are the least ideological about the solution. They are the ones actually trying to integrate stablecoins into the existing financial system.

In Kigali for example, the framing isn’t “crypto adoption.” Rwanda’s National Bank launched a CBDC pilot in February with cross-border interoperability as the explicit design priority. A draft Virtual Assets Law now in parliament applies a clean two-tier structure: Central Bank oversight for payment stablecoins and Capital Markets Authority for investment instruments. A fintech license passporting agreement with Kenya, signed in March, is already being designed as a template for the East African Community. This is regulatory infrastructure being built with precision, for a specific problem, by people who understand their own market.

The insight is not Rwanda-specific, but Africa-wide, where mobile money already functions as the default financial layer. With over a billion registered accounts, 96% financial inclusion in markets like Rwanda, this distribution infrastructure took decades to build. What mobile money never solved for is cross-border interoperability. Stablecoins fit that gap naturally, not replacing fiat currencies, but acting as the settlement layer that makes mobile money efficient.

The same logic, four corridors

Middle East

The Central Bank of UAE’s Payment Token Services Regulation treats stablecoins as settlement infrastructure rather than speculative securities. That regulatory framing is practical and allows banks to issue AED stablecoins that can be used directly as a means of payment, and banks and licensed fintechs can build on stablecoin rails without treating every transaction as a liability. In this way, the Gulf stablecoin settlement is happening inside regulated perimeters.

CIS markets

In Kazakhstan, Uzbekistan and Georgia, the driver is dollar access. Domestic currency volatility creates structural demand for USD, and formal banking doesn’t reliably provide them. Stablecoin adoption here is dollarization leveraging a new distribution channel. The institutional opportunity is providing that access inside a compliance framework, with the custody and reserve standards that make it durable.

Southeast Asia

In Southeast Asia, the driver is cost and speed. In corridors like Gulf-Indonesia or Gulf-Philippines for remittances, stablecoin rails eliminate the need for pre-funding and speed up settlement from days to minutes (often under 20 minutes, 24/7). Cost reductions of 40–80% are already observable in operational flows.

I engaged with regulators, banks and fintechs in these markets. The question here is: how can we facilitate higher volumes on stablecoin rails and give back to the households?

Africa

Remittances are expensive, but the B2B case is urgent as well. Intra-African trade only accounts for 16% of total trade, against 68% for Europe and 59% for Asia. The AfCFTA created the legal architecture for a $3.4 trillion market, but the payment infrastructure hasn’t kept up. Chinese traders sourcing African goods are already settling in USDT because it is superior for their transaction sizes and timelines. To make this properly institutional and largely adopted, the essence is to guarantee that the activity happens compliantly, with proper rails.

Chart 2: Intra-Regional Trade Share — Africa vs Peers

Sources: UNCTAD / AfDB / WTO; World Bank / African Union (AfCFTA projection)

Stablecoins are infrastructure

Global banks and fintechs are still largely approaching stablecoins as a product to distribute to customers. The more significant opportunity is treating them as infrastructure to build on, particularly in remittances and B2B payment flows: treasury management, supplier payments and FX settlement. These are flows where the speed improvement and cost reduction are measurable (minutes vs days, basis points), and where the compliance trails on well-designed digital rails are demonstrable and trackable. These include on-chain transaction monitoring, wallet attribution and automated regulatory reporting that produces a compliance record that informal transfer channels structurally cannot. The data generated by these rails is what gets correspondent banking relationships restored in markets where de-risking has cut them.

Solving the friction

What remains to be solved for the infrastructure to properly work at scale? Regulatory frameworks that define reserve standards and redemption rights, cross-border supervisory coordination and AML/CFT laws interoperability.

All this is being worked through, and more in the market that matters (high-growth) than in established developed countries.

From experience working with regulators and now proactively engaging with them, I learned that the pattern that works is: 1. A phased licensing framework that lets regulators learn alongside the market; 2. Proportionate requirements scaled to institutional size and risk profile; 3. Bilateral passporting agreements that make compliance portable across corridors.

The corridors where this infrastructure is most needed are not waiting for global standards to arrive but are actively building. The question for global institutions is whether they’re part of that architecture or arriving late to fintech-leading infrastructure.

Headlines of the Week

Francisco Rodrigues

This week’s headlines show structural progress on Wall Street’s onchain push, with a market-structure bill clearing its biggest hurdle, JPMorgan extending its tokenization stack, and asset managers tackling the redemption-speed problem. Solana has meanwhile kept quietly cementing its infrastructure for institutional use.

• Clarity Act clears U.S. Senate committee, on its way to a final test in Congress: Chairman Tim Scott secured a 15-9 bipartisan vote with Democrats Gallego and Alsobrooks crossing over, though unresolved law enforcement and government-ethics provisions still stand between the bill and a floor vote before the summer recess.
• JPMorgan files to launch new tokenized fund as Wall Street tokenization race heats up: The Ethereum-based JLTXX fund, run through JPMorgan’s Kinexys blockchain unit, is structured to satisfy GENIUS Act stablecoin reserve requirements — landing days after BlackRock filed for its own tokenized Treasury vehicle.
• BlackRock, Janus Henderson tokenized funds get instant redemptions with new $1 billion facility: Grove’s Basin facility advances stablecoin liquidity against approved redemptions from BlackRock’s $2.2 billion BUIDL and Janus Henderson’s $1.1 billion JTRSY, targeting the multi-day settlement gap that has held back the $15 billion tokenized Treasury market.
• Mike Novogratz’s Galaxy receives New York BitLicense for institutional crypto push: NYDFS cleared GalaxyOne Prime NY to serve hedge funds, RIAs and family offices on a $9 billion platform, making Galaxy only the second firm to win a BitLicense in 2026 after Strike.
• Solana is shedding its memecoin reputation as big banks move billions into its ecosystem: A Messari report shows Solana’s tokenized RWA market cap jumped 43% QoQ to $2.01 billion, with BlackRock’s BUIDL, Ondo, Franklin Templeton and a Citigroup-PwC trade finance PoC live on the network, alongside payments integrations from Visa, Stripe, PayPal and Western Union.

Chart of the Week

Ethena’s Solana lending markets cross $1B in 4 days

Combined USDe and USDG supply across the Bitwise-curated Jupiter Lend market and the Kamino Ethena market rose from $401M on launch day (May 12) to $1.06B on May 16 – driven almost entirely by looper-led growth on Jupiter Lend, where supply climbed from $201M to $812M while Kamino’s Ethena Prime vault held steady around $250M.

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Ether (ETH)is shaping up for a potentially sharper slide as a bearish continuation pattern tightens on the daily chart. A break below the lower boundary of a bear flag around $2,000 could accelerate selling, with the measured target pointing toward roughly $1,075—about a 49% decline from prevailing levels. The sequence would echo a similar breakdown seen in January, when ETH tumbled more than 41% from its highs.

Beyond the chart look, the risk matrix includes potential liquidity shocks for leveraged longs and a cooler stance from large holders. If prices slip past $2,000, market data projects over $1.7 billion in long ETH liquidations across major exchanges, underscoring the fragility of bullish bets in a downward-biased setup. At the same time, holders’ behavior signals growing caution among big and mid-size players, even as ETH attempts a rebound toward the $2,400 area earlier this week.

Key takeaways

• Bear flag target for ETH sits near $1,075, implying about a 49% drop from current levels if the pattern resolves to the downside.
• A break below $2,000 could unleash more than $1.7 billion in leveraged long liquidations across exchanges, amplifying downside momentum.
• Whale activity has cooled, with mega‑whales (addresses holding more than 10,000 ETH) at a 10‑month low and large holders reducing exposure, signaling waning mid‑term conviction.
• Technical and momentum signals are deteriorating, including a potential death cross and weakening daily and weekly RSI readings, increasing the risk of a sustained pullback.

Bear flag dynamics and historical context

Market technicians describe a bear flag as a bearish continuation pattern that forms after a sharp decline followed by a brief consolidation within a rising channel. The pattern’s measured move is calculated by taking the prior downtrend’s height and projecting it from the breakdown point. In ETH’s case, a breakdown below the $2,000 level yields a target near $1,075, representing a substantial retracement from the current zone.

Analysts have pointed to a January breakdown as a recent precedent for how such patterns can unfold. The price action then produced a meaningful correction, reinforcing the idea that the flag’s target is not merely theoretical but anchored in actual price history.

Beyond the chart, sentiment around ETH’s near‑term path remains fragile. If price cannot hold above the trend line around $2,000, a sequence of lower supports could come into play, potentially widening the slide toward the mid‑$1,000s. Some observers stressed that if the bear flag fails to hold, risk can extend to around $1,300 before any stabilizing relief appears, though this remains contingent on the speed and depth of selling pressure.

Liquidity risk and positioning implications

When price nears critical supports, the risk of cascading liquidations increases for leveraged traders. Data aggregators project that a decisive break below $2,000 could trigger more than $1.7 billion in long ETH liquidations across exchange platforms, reflecting the heavy exposure that buyers carried into the current setup. This dynamic tends to feed a self‑reinforcing cycle: as liquidations mount, selling pressure intensifies and price tends to move lower still.

The scale of potential liquidations aligns with a broader narrative of thinning bullish conviction in the immediate term. For many traders, that means a heightened emphasis on risk controls, tighter stop placement, and a readiness to adapt to evolving price signals rather than assume a bottom is at hand simply because ETH rebounded from a dip.

Whale and holder dynamics

On the ownership front, Glassnode and related trackers have shown a cooling in large‑holder activity. The number of mega‑whale wallets—those holding more than 10,000 ETH—has fallen to a 10‑month low, around 1,050 addresses, signaling a reduction in the willingness of the biggest players to back sizable ETH bets at current levels. The tier just below, wallets holding between 1,000 and 10,000 ETH, also declined to a nine‑month low of about 4,750, with a negative month‑over‑month shift continuing to weigh on mid‑sized holders.

Taken together, the data paints a picture of retreat rather than accumulation among top cohorts, a trend that can magnify downside risk if price breaks lower. The broader pattern suggests a shift toward de‑risking and exit for many large holders, consistent with a market seeking clearer directional catalysts before re‑loading.

Coin participants have also pointed to inflows into exchanges as a signal of potential selling pressure building in the near term. In an environment where big holders are trimming exposure and leveraged long bets face a liquidity squeeze, such institutional dynamics can help explain why the path of least resistance remains downward in the short horizon.

What to watch next

Traders should monitor the $2,000 level closely, as a decisive move beneath it would raise the odds of a test of the bear flag’s lower targets and invite a wave of liquidations. On the other hand, sustained price action above $2,000 and a successful hold above nearby support could inject relief into the market, especially if momentum indicators turn more constructive on the daily and weekly timeframes. The confluence of a potential death cross, deteriorating RSI signals, and the ongoing distribution among top wallet cohorts forms a complex risk picture that remains sensitive to macro and on‑chain developments.

As the market weighs these technicals against broader crypto and macro trends, investors will be watching for signs of a revival in conviction—whether through renewed accumulation by large holders, a shift in exchange flows, or a macro‑driven bid that can flip the near‑term downbeat narrative. Until then, ETH remains vulnerable to a test of the lower boundary of its current pattern, with the next few trading sessions likely to reveal whether the bears have the upper hand or a new catalyst emerges to re‑ignite momentum.

• Jupiter price traded between $0.19 and $0.21, up 8% in the past 24 hours.
• TVL rose to $2.94 billion, and Jupiter launched Metis V8 to reduce execution drift.
• The technical picture included a daily RSI at 52 and an upsloping.

Jupiter (JUP) rose more than 8% in the past 24 hours, with prices respecting a rising trendline support.

The jump in the JUP token’s value has coincided with the protocol’s total value locked (TVL) climbing to $2.94 billion amid the launch of Metis V8, an update to a routing engine with over $2 trillion in lifetime volume.

As the DEX aggregator’s native token rises, the key question is whether the technical picture gives the bulls an edge.

Jupiter price surges as TVL jumps to $2.94 billion

JUP was trading within an intraday range between $0.19 and $0.21, with prices up more than 8% and daily volume up roughly 37% to over $26 million. The Jupiter market capitalization expanded to $700 million.

Elsewhere, the protocol’s TVL increased to $2.94 billion, marking a notable jump from $2.30 billion on May 1, 2026.

The significant rise reflects renewed capital inflows and increasing usage.

In crypto, total value locked acts as an important metric that measures assets committed to a protocol, indicating liquidity depth, user trust, and the ecosystem’s capacity to support large trades without severe slippage.

Leading tokens contributing to Jupiter’s TVL are SOL, USDE, USDG, and WBTC, highlighting both native Solana liquidity and bridged/pegged assets that underpin cross-asset routing activity.

Jupiter eyes further DeFi traction with Metis V8

As a leading DEX aggregator on Solana, Jupiter has maintained prominence by optimizing routing and reducing execution friction for traders.

The project witnessed negative sentiment that cooled interest earlier in May, aligning with broader market turmoil.

However, the protocol has attracted fresh flows and could reinforce a bullish picture via its product enhancements.

On Wednesday, Jupiter announced the launch of Metis V8, the latest iteration of its DeFi routing engine designed to tighten execution quality.

Metis V8 focuses on reducing Quotation Execution drift using slippage penalties and implements just-in-time (JIT) on-chain finalization to improve execution certainty.

Metis V8: Solving The QE Drift

Metis, the top router in DeFi with more than $2T+ in lifetime volume, has always been focused on the hardest problems in routing. And these days, it is not just about finding the best quote, it is about making sure what lands is as close to the… pic.twitter.com/sTYi867DUx

— Jupiter (@JupiterExchange) May 20, 2026

The update also targets sub-2 slot latency and introduces a rapid quotation mode.

Jupiter says the update aims at minimizing adverse price movement between quote and execution.

These technical improvements should strengthen Jupiter’s value proposition for high-frequency routing and larger order flows, potentially translating to sustained TVL and fee generation.

JUP price forecast

The JUP token has bounced strongly from the $0.19 area as bulls attempt to extend a recovery that followed a swift reversal from highs near $0.27 down to $0.18 between May 10 and May 17, 2026.

Gains mean buyers could look to test a key supply zone once more, with this corresponding to local highs recorded in late December 2025 and again this May.

On the technical front, momentum indicators show mixed signals.

The daily RSI sits around 52 and is upsloping, suggesting mild bullish momentum and room for further gains.

However, the Supertrend indicator currently issues a sell signal, reflecting potential downside risk following the surge from lows of $0.15 in April.

Until price decisively breaks higher, the near-term resistance levels to monitor would be $0.23 and $0.27.

A more significant barrier would be at $0.30 and $0.45. On the flipside, key support levels could be at $0.17 and the $0.14-$0.13 area.

Six months ago, the first spot Dogecoin ETF started trading on a major US exchange. The flows have been tiny, the price has gone almost nowhere, and the whole experiment has played out in near-silence. That silence is the story. For an asset built on noise, behaving like a normal investment product is the most surprising thing Dogecoin has ever done.

A meme coin walked onto Wall Street, and nothing exploded

In November 2025, an asset created in 2013 as a literal joke about a Shiba Inu became eligible for an exchange-traded fund. By January 2026, a second one was trading on the Nasdaq, physically backed one-for-one by Dogecoin (DOGE) held in cold storage. As of mid-May 2026, both products are still live, both are still attracting money, and combined assets under management sit at roughly $14.7 million across the suite.

That is not a typo. Fourteen million dollars. For context, spot Bitcoin ETFs hit their first billion in a matter of weeks. Spot XRP ETFs are sitting on well over a billion. Dogecoin’s ETF complex, after six months, is smaller than a mid-sized private equity fund.

The European Commission said it is seeking feedback on whether the European Union’s landmark crypto framework, the Markets in Crypto-Assets Regulation (MiCA), remains fit for purpose as digital asset markets evolve.

The consultation, which remains open until Aug. 31, invites responses from both the public and industry stakeholders, including crypto firms, financial institutions, technology providers, academics and consumer groups, the executive branch of the EU announced on Wednesday.

MiCA was voted into law in 2023, establishing the EU’s first harmonized regulatory regime for crypto-assets and related services. The framework covers cryptoassets and stablecoins, as well as issuers and cryptoasset service providers operating within the bloc. The first regulations, related to stablecoins, took effect in June 2024, and the rules became fully applicable the following December.

The Commission said it is now reassessing the framework given the rapid changes in digital asset markets and shifts in the international regulatory landscape since MiCA was first developed.

The consultation includes both a public questionnaire and a more technical targeted consultation focused on legal and operational aspects of the regime.

Key Highlights

• U.S. airline ticket prices increased 20.7% compared to April 2025, accelerating from March’s 14.9% gain.
• Bank of America credit and debit card transaction data reveals double-digit spending growth for airline purchases in May.
• Most carriers have reduced third-quarter domestic capacity plans, though American Airlines continues expanding at 9.3%.
• United Airlines forecasts 53 million travelers during summer months; American Airlines anticipates serving 75 million passengers through early September.
• Aviation sector equities rallied Wednesday, with Allegiant Travel climbing 6.8% following a 4% decline in crude oil prices.

U.S. airline equities experienced significant gains Wednesday following a substantial decline in crude oil prices of approximately 4%, while major carriers confirmed that robust summer travel demand persists. Bank of America published comprehensive industry analytics demonstrating healthy pricing power and consumer spending patterns entering the peak travel period.

Ticket Prices and Consumer Spending Show Upward Momentum

Airline ticket costs have experienced substantial increases throughout 2026. April data from the Airline Fare Consumer Price Index revealed a 20.7% year-over-year surge, marking an acceleration from March’s 14.9% increase. On a monthly basis, fares climbed 6.3%.

The Air Passenger Services Producer Price Index similarly demonstrated strength, posting an 11.1% annual increase in April, surpassing March’s 8.1% gain. Data compiled by the Airline Reporting Corporation indicated average ticket prices rose 16.2% compared to the prior year period.

Proprietary Bank of America payment card analytics revealed airline-related spending reached double-digit growth rates in May. This expansion was primarily attributable to elevated per-transaction amounts rather than increased transaction volume alone.

During Bank of America’s recent Industrials, Transportation and Airlines conference, carrier executives emphasized that both passenger demand and pricing strength remain favorable. Nevertheless, capacity strategies for the latter portion of 2026 maintain flexibility, with fuel cost trajectories playing a central role in planning decisions.

Crude oil valuations have persisted above the $100 per barrel threshold, maintaining pressure on carrier operating expenses. Brent crude traded near $104 Tuesday before declining Wednesday.

Capacity Reductions Underway — With One Notable Exception

Industry-wide domestic capacity growth projections for the third quarter of 2026 have contracted by 200 basis points since mid-April, currently standing at 1.6% growth. A substantial portion of this adjustment followed Spirit Airlines’ operational cessation, which eliminated 160 basis points of system capacity.

United Airlines revised its capacity expansion forecast downward from 9.4% to 5.2%, representing an additional 80-basis-point reduction. American Airlines maintains a contrarian position, preserving its 9.3% growth target and contributing 190 basis points to aggregate industry capacity expansion.

American Airlines Group Inc., AAL

Summer period capacity is projected to remain essentially unchanged year-over-year, with additional reductions anticipated post-Labor Day. September capacity growth currently stands at 4.1%, significantly above the flat trajectory expected between May and August, with industry observers anticipating further downward adjustments in forthcoming announcements.

United Airlines projects serving over 53 million passengers during the June through August timeframe, representing approximately 3 million additional travelers versus the previous summer. American Airlines outlined plans to transport roughly 75 million customers across approximately 750,000 flights between May 21 and September 8, characterizing this as its “centennial summer.” Delta Air Lines reported that domestic demand remains consistent despite elevated fare levels.

United Airlines highlighted that reservation activity in North American cities hosting World Cup Group Stage matches has increased nearly 20%, though carriers broadly indicated they have not yet observed widespread World Cup-driven travel demand.

Regarding international traffic patterns, outbound U.S. leisure travel continues outperforming inbound volumes. Excluding Middle Eastern markets, outbound travel demonstrates 3.7% year-over-year growth while inbound traffic has declined 3.8%.

The U.S. Global Jets ETF advanced 3.3% during Wednesday morning trading. Allegiant Travel commanded sector performance with a 6.8% gain, followed by Frontier Group at 5.9%, United Airlines at 5.9%, Republic Airways at 5.6%, Alaska Air at 4.9%, and JetBlue at 4.4%.

• Real signs partnership with iExec to develop private RWA blockchain infrastructure.
• Companies explore encrypted asset issuance, lending, and compliant financial operations.
• Confidential computing gains attention as the institutional tokenization market continues expanding.

Real has entered into a memorandum of understanding with iExec to explore privacy-focused infrastructure for tokenized assets.

The collaboration will evaluate how institutional RWA issuance, distribution, and on-chain financial activity can be conducted while preserving confidentiality and supporting compliance and audit requirements.

Real provides infrastructure for the full lifecycle of tokenized assets, including onboarding, verification, risk assessment, settlement, and asset management.

iExec contributes confidential computing capabilities through Trusted Execution Environments such as Intel TDX and its Nox Protocol, which enables encrypted data processing, confidential smart contract execution, selective disclosure, and verifiable computation.

As part of the collaboration, the companies will assess how the Nox Protocol can integrate with Real’s Layer 1 blockchain to support confidential tokenized assets, encrypted transaction flows, and private financial operations.

The collaboration will focus on confidential RWA issuance and distribution, including encrypted balances and private transaction flows, as well as financial activities such as subscriptions, redemptions, dividend payments, lending, and structured credit.

“Institutions need more than tokenization. They need infrastructure that protects sensitive financial data while still allowing compliance, oversight, and auditability,” said Ivo Grigorov, CEO, Real.

“Our Partnership with iExec is an important step toward exploring how confidential computing can support the next generation of real-world asset markets.”

The companies will also explore selective disclosure tools for regulators and auditors, while assessing how confidential assets can remain interoperable with custody solutions, settlement systems, and potential secondary markets.

The agreement establishes a framework for evaluating institutional use cases such as tokenized funds and private credit. Planned next steps include technical discussions, identifying pilot opportunities, and aligning infrastructure architecture.

As real-world asset tokenization expands, institutional participation increasingly requires protection for sensitive data such as investor allocations and transaction information.

Real and iExec said they will examine how confidential computing can enable private financial operations while preserving on-chain verification and controlled regulatory access.