Crypto Morning Brief: Goldman Sachs Launches Tokenized Real Estate Fund; Visa Exploring Stablecoin-Based Institutional Payment Settlement
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Crypto Morning Brief: Goldman Sachs Launches Tokenized Real Estate Fund; Visa Exploring Stablecoin-Based Institutional Payment Settlement
NVIDIA acquires predictive AI startup Kumo AI for over $400 million.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Updates
Goldman Sachs Launches Tokenized Real Estate Fund with Apex Group and Archax
According to CoinDesk, Goldman Sachs has partnered with Apex Group and Archax to launch a tokenized real estate fund, with fund shares issued as tokens on its blockchain platform GS DAP. Combining native blockchain issuance with traditional fund structures, the fund aims to enhance operational efficiency and transparency while enabling future transfers under maintained governance and regulatory oversight.
LRC Group serves as the fund manager; Archax provides regulated digital securities custody and initial distribution; Ownera connects participants and distribution channels; and Apex Group delivers alternative investment fund management, fund administration, and related custody services.
Macau Completes Integration with Multilateral Central Bank Digital Currency Bridge (mBridge), Establishing an Efficient, Secure, and Low-Cost Cross-Border Payment and Settlement Channel
According to Beijing Business Daily, the Monetary Authority of Macao announced that Macau has completed system integration with the multilateral central bank digital currency bridge (mBridge) project and officially enabled local banks’ “on-bridge” transactions on June 2. This initiative aims to build an efficient, secure, and low-cost cross-border payment and settlement channel.
mBridge is jointly led by the People’s Bank of China, the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the United Arab Emirates, with coordination from the BIS Innovation Hub. With Macau’s accession, mBridge’s formal membership has increased to six. Reports indicate Macau is simultaneously advancing sandbox testing for the “Digital Macanese Pataca” and expects to connect with the Cross-Border Banking Interbank Payment and Clearing Co., Ltd. (CBETS) platform.
Visa and Brale Explore Institutional Payments and Settlements Using Stablecoin SBC
Visa announced a collaboration with Brale to explore using Brale’s U.S. dollar–backed stablecoin SBC for institutional payments and settlements on the Canton Network.
This proof-of-concept will assess whether privacy-enhancing blockchain infrastructure can accelerate settlement speed and programmability while restricting visibility of sensitive transaction data.
Visa stated it will further evaluate SBC’s viability as an institutional settlement stablecoin option. Brale noted this move helps advance the practicality and scalability of stablecoin settlements within real-world payment workflows.
UK House of Lords Releases 71-Page Stablecoin Regulatory Report, Criticizing Current Proposals for Lack of Competitiveness
According to a report titled “Stablecoins: Waiting for Regulation,” released by the UK House of Lords’ Financial Services Regulation Committee, the global stablecoin market capitalization has exceeded $310 billion—yet the UK’s pound-denominated stablecoin market remains nascent, and its regulatory framework lags significantly behind those of the U.S. (GENIUS Act) and the EU (MiCA).
The report levels several criticisms against the current regulatory proposals by the UK Financial Conduct Authority (FCA) and the Bank of England, including:
- The Bank of England’s requirement that systemic stablecoin issuers hold at least 40% of reserve assets in non-interest-bearing central bank deposits—a rule widely viewed by industry as severely undermining issuer profitability and the UK’s international competitiveness;
- Proposed holding limits (individuals: £20,000; corporations: £10 million), deemed operationally unfeasible and likely to stifle development of the sterling stablecoin market;
- The T+1 redemption requirement, which would impose significant operational burdens on issuers;
- The Prudential Regulation Authority’s (PRA) restriction on deposit institutions issuing stablecoins under independent brands, considered overly stringent.
The report does commend the Bank of England’s proposed liquidity support lending facility as an innovative regulatory measure surpassing those of other major jurisdictions. The committee urges regulators to strictly adhere to established timelines to ensure full implementation of the regulatory framework by October 25, 2027, and recommends adopting a principles-based, technology-neutral approach to strike an appropriate balance between financial stability and market innovation.
Futu: Starting June 12, Suspension of Buy (Opening Position) Transactions for Existing Accounts Within Mainland China
Per Futu Holdings’ announcement, to comply with the two-year industry-wide rectification period and promote standardized development of cross-border securities business, adjustments will be made to existing investor services within mainland China.
Effective June 12, 2026 (Beijing Time), the following changes will apply to investment accounts: 1. Trading services within mainland China: All buy (opening position) transactions—including equities and all other asset classes—will be suspended; sell (closing position) transactions remain unaffected. 2. Fund transfer services within mainland China: Inbound fund transfers will be suspended.
SpaceX Initiates IPO Roadshow, Planning Public Offering of 555,555,555 Class A Common Shares
SpaceX has launched its initial public offering (IPO) roadshow, planning to offer 555,555,555 Class A common shares to the public at an expected price of $135 per share. Retail investors may participate at the same price as large institutional investors. The offering also includes a 30-day over-allotment option granted to underwriters, allowing them to purchase up to an additional 83,333,333 Class A common shares.
SpaceX has applied to list its Class A common shares on both the Nasdaq Global Select Market and the Nasdaq Texas Exchange under the ticker symbol SPCX. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, JPMorgan Chase & Co., and Barclays will serve as joint bookrunners. (Jinshi)
NVIDIA Acquires Predictive AI Startup Kumo AI for Over $400 Million
According to TechStartups, NVIDIA has acquired Kumo AI, an enterprise-focused predictive AI software startup, for over $400 million.
Kumo AI specializes in delivering predictive capabilities for enterprise structured data, applicable across use cases including customer churn prediction, fraud detection, demand forecasting, lead scoring, credit risk analysis, and product recommendations.
Reports note that Kumo AI’s founding team includes former Airbnb and Pinterest CTO Vanja Josifovski, former LinkedIn AI Head Hema Raghavan, and Stanford Professor Jure Leskovec—all of whom have updated their LinkedIn profiles to reflect their recent joining of NVIDIA last month. This acquisition further expands NVIDIA’s AI software portfolio.
Ramp, Enterprise Payments & Financial Management Platform, Raises $750M in Series F Funding, Valuation Reaches $44B
According to PRNewswire, Ramp, an enterprise payments and financial management platform, announced completion of a $750 million Series F funding round, co-led by ICONIQ, GIC, and Ontario Teachers’ Pension Plan, valuing the company at $44 billion. Proceeds will be used to further invest in AI capabilities.
Ramp reported that its total payment volume in March 2026 grew approximately 170% year-on-year. As of June 1, 2026, the company’s annualized revenue exceeds $1 billion, serving over 70,000 customers, with annualized procurement transaction volume exceeding $200 billion. Recently, Ramp launched AI-powered features including token spend management, budget tracking, procurement agent, and accounting agent.
U.S. Initial Jobless Claims Rise to 225,000, Highest Since February
Initial jobless claims for the week ending May 30 totaled 225,000—higher than the forecast of 213,000 and the revised prior week figure of 212,000—marking the highest level since the first week of February. The four-week moving average stood at 214,750, up from 208,250 the previous week.
Continuing claims totaled 1,777,000, slightly below the forecast of 1,780,000. The rise in initial claims signals some softening in labor market conditions, though they remain relatively low and stable. Continuing claims edged lower.
Note: Continuing claims data are reported with a one-week lag, so next week’s figures will correspond to this week’s initial claims data. U.S. equity index futures traded mixed pre-market: Dow Jones futures rose 1%, S&P 500 futures fell 0.22%, and Nasdaq futures declined over 1%. U.S. Treasury yields declined: the 2-year yield stood at 4.039%, down 4.5 basis points; the 10-year yield at 4.455%, down 3.8 basis points; and the 30-year yield at 4.960%, down 3.0 basis points. (Jinshi)
Crypto VC Monthly Deal Count Plummets to Five-Year Low, Capital Concentrates Among Top Projects
According to The Block, the monthly number of crypto venture capital deals in May 2026 dropped to approximately 50—the lowest level since before 2021. Both historically most active sectors—infrastructure and crypto financial services—have fallen to multi-year lows. A broad shift in investor attention toward the AI sector, coupled with insufficient supply of high-quality early-stage projects, are the primary drivers behind this contraction in deal volume.
Although deal count has declined, total funding remains relatively robust—exhibiting a “fewer deals, larger size” pattern. A notable example is Kalshi, a prediction market platform, which recently raised $1 billion. Analysts observe that the current low-noise environment may actually present a window of opportunity for projects with clear use cases and genuine traction. Whether a recovery emerges in the second half of 2026 will depend on whether new sectors beyond prediction markets and financial infrastructure can achieve scale-driven investment consensus.
Market Data
Recommended Reading
TechFlow Intelligence Brief: Anthropic Poised for IPO as Early as October; BTC Drops to $62K
https://www.techflowpost.com/zh-CN/article/31916
This article synthesizes insights from over 200 global sources and finds that AI remains the dominant narrative commanding market attention. Rumors suggest Anthropic is advancing toward an IPO, potentially as early as October this year. Meanwhile, Google launched its Gemma 4 12B local model, and Anthropic publicly disclosed Claude’s containerized security architecture for the first time. Elsewhere, topics such as AI data contamination and enterprise AI cost control continue gaining traction—indicating the industry is transitioning from technological competition to commercialization and governance.
The crypto market remains under pressure. Bitcoin has breached key support levels, and spot ETFs have recorded net outflows for 13 consecutive trading days—the longest such streak on record—triggering widespread liquidation of leveraged long positions. Debates intensify over whether institutional capital is shifting from crypto to AI.
Hardware continues drawing strong interest. TSMC CEO C.C. Wei stated chip demand will remain unmet for years, with orders booked through 2028; industry leaders Broadcom and NVIDIA continue benefiting from the AI compute expansion cycle.
Overall, from Anthropic’s IPO push and SpaceX’s high-valuation fundraising to sustained new highs for AI chip stocks, capital is building a new growth narrative centered on compute, models, and applications. By contrast, the crypto market currently lacks a sufficiently compelling new story to compete for attention—forming a key backdrop to recent shifts in capital flows.
SpaceX, OpenAI, and Anthropic: Three AI Giants Racing Toward IPO—Which Is the Best Bet?
https://www.techflowpost.com/zh-CN/article/31915
Limitless Podcast argues that the simultaneous IPO pursuits by these three companies stem from surging costs for AI compute, data centers, and infrastructure—costs that private capital alone can no longer sustain. The host views this wave of fundraising not merely as corporate listings but as a collective capital market bet on AI’s future.
In terms of investment priority, the podcast ranks them as Anthropic > SpaceX > OpenAI. Anthropic leads in enterprise customer growth and profitability, making it the most commercially mature. SpaceX offers long-term upside via Starlink and space infrastructure. While OpenAI boasts the greatest product influence, it still faces massive capital expenditures and profitability pressures.
The podcast maintains an overall optimistic outlook, viewing the current AI boom more as foundational infrastructure construction for the next generation of technology—not simply a bubble.
Standing in the Light: A Comprehensive Guide to Optical Modules and the CPO Supply Chain
https://www.techflowpost.com/zh-CN/article/31913
As AI compute demand surges, data transmission is emerging as a new bottleneck. Optical modules convert electrical signals to optical signals and vice versa, serving as core components enabling high-speed communication in data centers.
As conventional optical modules approach physical limits in power consumption and bandwidth, Co-Packaged Optics (CPO) is gaining momentum. By integrating the optical engine directly adjacent to the switching chip, CPO significantly reduces power consumption and improves transmission efficiency—positioning itself as critical infrastructure for next-generation AI data centers.
From optical modules to CPO—and from lasers and silicon photonics chips to advanced packaging—global tech giants are accelerating deployment across the “optical interconnect” value chain. A quiet revolution—“replacing electricity with light”—is unfolding in the AI era.
“CertiK Has Scanned”: The Security Passport Amid the AI Skill Boom
https://www.techflowpost.com/zh-CN/article/31912
As AI Agents and Skill ecosystems rapidly evolve, Agents are increasingly empowered to read files, execute commands, and even initiate fund transfers—making security a top industry concern.
In response, CertiK launched the CertiK Skill Scanner, aiming to establish a standardized security gatekeeping mechanism for AI Skills. The tool identifies potential risks—including malicious behavior, data leakage, and unauthorized access—before a Skill is invoked, earning recognition across the industry as the “antivirus for AI Skills.”
The article argues that as more organizations integrate AI into daily workflows, security and compliance will become essential prerequisites for large-scale Agent adoption. Leveraging tools like Skill Scanner and AI Auditor, CertiK is expanding its scope—from traditional Web3 security services into AI Agent security—advancing its transformation into a digital economy infrastructure provider.
From “Audited by CertiK” to “Scanned by CertiK,” CertiK is striving to define a new trust standard for the AI era—providing the foundational security layer for the Skill economy and Agent ecosystem.
Which Companies Has NVIDIA’s “Three-Track Investment Architecture” Backed?
https://www.techflowpost.com/zh-CN/article/31909
NVIDIA’s investment landscape extends beyond its venture arm NVentures, encompassing a “three-track architecture” comprising Corporate Development, NVentures, and the startup accelerator Inception. Corporate Development handles multi-billion-dollar strategic investments—including OpenAI, Anthropic, xAI, and CoreWeave. NVentures focuses on early-stage ventures across quantum computing, AI Agents, and healthtech, backing companies such as Synthesia, Perplexity, Cursor, PsiQuantum, and OpenRouter. Inception supports startups through compute resources, technical expertise, and ecosystem access. Through coordinated execution across these three tiers, NVIDIA is constructing a comprehensive AI ecosystem spanning foundational models, cloud infrastructure, application layers, robotics, and quantum computing. Simultaneously, its integrated strategy—combining equity investment and compute procurement—is sparking market discussions around the “circular financing” model.
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