Ndax Weekly TL;DR June 29

Invesco targets the stablecoin reserve stack

• Stablecoin Reserves Onchain Fund to its Short-Term Investments Trust portfolio. The fund would invest in short-term U.S. Treasuries, repo agreements, and cash equivalents. Invesco has tasked Superstate with acting as a sub-transfer agent to tokenize fund shares on yet-to-be-named public blockchains. (CoinDesk)
• Why it matters: Invesco is a major asset manager with about $2.5 trillion in AUM. It is now trying to serve the underlying infrastructure that helps power stablecoins, not just launch crypto investment products. Stablecoin issuers need reserve assets that are liquid, conservative, and compliant, and Invesco’s proposal points to growing competition among traditional managers to become part of the digital currency ecosystem.

Tokenized corporate bond exposure moves onto public blockchains

• U.K.-based investment management firm Baillie Gifford has teamed up with BNY to launch a tokenized fixed-income fund. This would give eligible investors access to an actively managed short-duration corporate bond portfolio. The fund will leverage Ethereum and Solana blockchains, while BNY will provide tokenization and wallet infrastructure. (The Defiant)
• Why it matters: The launch adds another institutional example to the tokenization trend. By placing a corporate bond fund on public blockchains while keeping custody and fund operations inside a regulated structure, Baillie Gifford and BNY could serve as a case study for how traditional fund administration can work with blockchain-based ownership records.

Aave buyback plans come into focus after founder response

• Aave founder Stani Kulechov pushed back against reports last week that Kraken’s parent company Payward was in talks to buy a 15% stake in Aave Group. Reports suggested a sale would represent a steep discount to AAVE’s fully diluted value. Kulechov confirmed Aave is working on Aavenomics 3.0, which would include a new automated and non-discretionary AAVE buyback mechanism. (BeInCrypto)
• Why it matters: Aave is one of DeFi’s largest lending protocols, but it was an indirect victim after the KelpDAO exploit created bad-debt risk for Aave, even though Aave’s own smart contracts were not compromised. Kulechov’s response and the Aavenomics 3.0 update give investors an update on how the protocol is trying to address valuation, tokenholder alignment, and confidence after the incident.
   

Canadian spotlight: Hyper Bit advances Dogecoin mining acquisition

• Vancouver-based Hyper Bit Technologies entered into an amended agreement to acquire Dogecoin Mining Technologies Corp. As part of the deal, Hyper Bit would acquire the remaining shares of Dogecoin Mining Technologies, which would become a wholly owned subsidiary if the deal is completed. (TMX Newsfile)

• BTC Weekly Range: $82K-$90K
• ETH Weekly Range: $2.1K-$2.4K

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• June 30: Canada GDP MoM
• July 2: U.S. Unemployment Rate
• July 2: U.S. Initial jobless claims

Crypto markets remained under pressure last week as part of a broad selloff seen in technology stocks. Renewed risk-off sentiment and a difficult macro backdrop added pressure across asset classes.

Investors are watching inflation, bond yields, and whether the next round of U.S. labor-market data changes expectations for monetary policy. For crypto in particular, that leaves prices sensitive to any data that shifts the market’s view on rates, liquidity, and risk appetite.

As has been the case in recent weeks, last week’s industry news remained more active than price action might suggest. Traditional finance firms continue to build around tokenized funds and stablecoin infrastructure, showing that the institutional buildout remains active even during weaker market periods.

Still, stock indices remain within striking distance of their all-time highs and are, for the most part, showing strong year-to-date gains. The S&P/TSX Composite Index, for example, is up around 10% in 2026 and up about 30% over the past year. Crypto, on the other hand, is trading more like a high-beta risk asset, with Bitcoin and Ethereum struggling to build momentum.

This week’s trading action could be quieter than usual, with Canadian equity markets closed on Wednesday, July 1, for Canada Day, and U.S. equity markets closed on Friday, July 3, in observance of Independence Day. The shortened schedule may reduce trading activity and liquidity.

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