GM. This is Milk Road, the daily crypto newsletter delivering “aha” moments on repeat.
Here’s what we’ve got for you today:
- ✍️ America's newest export...
- 🎙️ The Milk Road Show: Franklin Templeton: The Bitcoin Bull Case Just Got Even Stronger.
- 🍪 Tokenized treasuries just crossed $15B.
Pharos is an institution-grade layer 1 (L1) designed specifically to bridge real-world assets onchain. Join the Pharos community (X & Discord) here.
Prices as of 2:00 p.m. ET. Trade today with Milk Road Swap.
AMERICA'S NEWEST EXPORT: STABLECOINS 💵
I feel like every newcomer to crypto has the same approach to stablecoins in the beginning…
"Oh, dollars onchain. Cool. Useful for parking cash between trades."
(I was the same.)
But after a while, most folks tend to figure out that stables are doing a lot more than just holding the door for the next BTC dip.
This past Monday, a16z crypto dropped a new report covering how the rest of the world is now coming to that same realization.
The big idea: stablecoins are giving rise to a new version of "banking-as-a-service."
And the incumbents can already see it coming:
- Stripe bought stablecoin platform Bridge for $1.1B (its biggest acquisition ever), plus wallet provider Privy.
- And Mastercard bought stablecoin infrastructure shop BVNK. 👇
From where we are as of right now?
It’s looking like there’re three core categories emerging:
1. General-purpose chains. Ethereum, Solana, the major L2s. Home of trading, lending, DeFi.
2. Payments-specific chains. Stripe's Tempo and Circle's Arc. Built for predictable transaction costs (essential when you're processing millions of payments).
3. Institutional networks. Things like Canton, designed for regulated banks and asset managers that need privacy plus compliance.
And with this progress comes massive global unlocks…
A LAYER 1 BUILT SPECIFICALLY FOR RWAs
This is one of the biggest narratives in crypto right now:
“Real World Asset (RWA) tokenization is one of blockchain’s biggest use cases.”
But here’s the catch:
Very few blockchains are actually built for RWAs.
One of the few is Pharos.
Unlike general-purpose chains, Pharos is an institution-grade layer 1 (L1) designed specifically to bridge real-world assets onchain.
Here’s what stands out:
- Purpose-built for RWAs
- High performance execution for institutions
- Infrastructure that connects onchain and offchain systems
This is not just another L1. It’s built specifically for RWAs.
Join the Pharos community (X & Discord) here.
AMERICA'S NEWEST EXPORT: STABLECOINS (P2) 💵
Picture a…
- Small business owner in Lagos.
- Freelancer in Buenos Aires.
- Saver in Jakarta.
They can now hold, transact, and save in dollars - all without ever touching a U.S. bank or a correspondent banking relationship.
For those stuck with weak local currencies and wobbly banking systems, that can be life-changing.
… and once those people have a dollar balance onchain, they’ll likely want access to borrowing, lending, and yield products…
That’s right - we’re talking onchain credit baaaby!
Here's a quick parallel to make sure the weight of onchain credit really lands for you…
After 2008, banks pulled way back from certain types of lending - and private credit funds (basically non-bank lenders) stepped in to fill the gap.
That market grew from a niche corner into a multi-trillion-dollar industry that now goes toe-to-toe with traditional bank lending.
Onchain credit is shaping up to run the same playbook - but with open, programmable rails underneath it.
(Huge!)
And then, of course, there’s the geopolitical layer…
For the past - what, eighty years? - the U.S. has "exported" the dollar through institutions like the IMF and World Bank, plus the correspondent banking system that quietly funnels global trade through American banks.
But that dominance has been slipping…
BRICS countries are pushing alternatives, China keeps nudging the yuan, and the dollar's share of global reserves has been ticking down. 👇
Stablecoins give the U.S. dollar a fresh demand driver - where, instead of pushing dollars to countries, you push them directly to people.
Every stablecoin wallet becomes a node in the dollar network. The GENIUS Act (which Congress passed last year) was the U.S. planting its flag on this bet.
Point being: stablecoins are quietly becoming the plumbing for the global financial system.
The infrastructure being built here is going to touch payments, credit, FX, savings, and investing across every market that matters.
Meaning the whole "stables are just for parking cash between trades" framing is about to feel reeeal dated, reeeal fast.
BITE-SIZED COOKIES FOR THE ROAD 🍪
The entire industry is headed to Miami. Get 20% off Consensus Miami passes with code MILKROAD.*
Room to grow: Tokenized treasuries just crossed $15B. Real treasuries sit at $30T+. That's a 2,000x gap in a single asset class.
Mike Dudas: "Agents aren't going to be able to transact on rails that were programmed 60 years ago."
Woah, ok: Microsoft just tore up their exclusive deal with OpenAI.
Miami is the place to be. Bitwave is hosting an event during Consensus Miami on May 5th. Register here.**
*this is sponsored content. **this is partner content.
Join the Pharos community (X & Discord) here.
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