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        "rendered": "<div>\n<p><i>Morning Minute is a daily newsletter written by\u00a0<\/i><i><a href=\"https:\/\/twitter.com\/Tyler_Did_It\" target=\"_blank\" rel=\"noopener noreferrer\">Tyler Warner<\/a><\/i><i>. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute\u00a0<\/i><i><a href=\"https:\/\/luckytrader.substack.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">on Substack<\/a><\/i><i>.<\/i><\/p>\n<p>GM!<\/p>\n<p>Today\u2019s top news:<\/p>\n<ul>\n<li>Crypto majors fall as China trade war rhetoric escalates; BTC at $111k<\/li>\n<li>Citi says it will custody crypto in 2026, evaluating a stablecoin<\/li>\n<li>BMNR passes 1M in ETH holdings; Metaplanet\u2019s mNAV falls below 1<\/li>\n<li>Monad airdrop portal claim opens today<\/li>\n<li>MegaETH teases big week ahead (potential Fluffle \/ ICO sale)<\/li>\n<\/ul>\n<p color=\"#333\" opacity=\"1\">\ud83c\udfe6\u00a0<strong>Citi Sets Sights on 2026 for Crypto Custody<\/strong><\/p>\n<p>More and more of the biggest players in TradFi are embracing crypto.<\/p>\n<p>This time, it\u2019s the 2nd biggest bank in the U.S..<\/p>\n<h2 color=\"#333\"><strong>\ud83d\udccc What Happened<\/strong><\/h2>\n<p>Yesterday, Citi\u00a0<a href=\"https:\/\/decrypt.co\/344140\/citi-plans-launch-crypto-custody-services-2026-cnbc\" target=\"_blank\" rel>announced plans<\/a>\u00a0to launch institutional crypto custody in 2026.<\/p>\n<p><i>CNBC<\/i> reported that Citi has spent 2\u20133 years building a custody stack and is targeting a 2026 debut aimed at asset managers and other institutions.<\/p>\n<p>Phase one focuses on qualified safekeeping of digital assets for asset managers and other institutions, with bank-grade controls, segregation, and standard SLAs.<\/p>\n<p>The build has been underway for years, with adjacent services (fund admin, collateral, tokenized cash rails) also on the roadmap.<\/p>\n<p>In parallel, Citi is building out its digital-cash stack and evaluating a <a href=\"http:\/\/decrypt.co\/?post_type=post&#038;p=5761\" target=\"_blank\" rel=\"noreferrer\"><span>stablecoin<\/span><\/a>.<\/p>\n<h2 color=\"#333\"><strong>\ud83d\udde3\ufe0f What They\u2019re Saying<\/strong><\/h2>\n<p><i>\u201cWe\u2019re hoping that in the next few quarters, we can come to market with a credible custody solution that we can offer to our asset managers and other clients\u201d<\/i>\u00a0&#8211; Citi\u2019s Biswarup Chatterjee (global head of partnerships &#038; innovation)<\/p>\n<p><i>\u201cIf Citi succeeds, crypto won\u2019t feel rebellious anymore. It\u2019ll feel like banking. And that might be the point.\u201d<\/i>\u00a0&#8211; Fast Company, on <a href=\"https:\/\/twitter.com\/FastCompany\/status\/1977802696913543208\" target=\"_blank\">X<\/a><\/p>\n<h2 color=\"#333\"><strong>\ud83e\udde0 Why It Matters<\/strong><\/h2>\n<p>The signals from the largest banks in the U.S. are getting clearer and louder.<\/p>\n<p>Citibank is evaluating custody and services for stablecoins and their reserves (cash\/T-bills), while prioritizing tokenized deposits via Citi Token Services for instant, 24\/7 treasury and payments.<\/p>\n<p>A Citi-issued stablecoin remains under evaluation, but the near-term emphasis is on tokenized bank money and stablecoin-reserve custody rather than minting a consumer coin on day one.<\/p>\n<p>Citi is sequencing this like a bank: custody first, money rails next, issuance optional.<\/p>\n<p>But assuming this. goes live in 2026 with some serious demand &#8211; expect more crypto products to come.<\/p>\n<p>This is just the beginning of the TradFi crypto wave.<\/p>\n<p>Buckle up\u2026<\/p>\n<h2 color=\"#333\"><strong>\ud83c\udf0e Macro Crypto and Memes<\/strong><\/h2>\n<p>A few Crypto and Web3 headlines that caught my eye:<\/p>\n<ul>\n<li><strong>Crypto majors\u00a0<a href=\"https:\/\/coinmarketcap.com\/BlackRock's%20Bitcoin%20ETF%20Hits%20Record%20Inflows:%20The%20iShares%20Bitcoin%20Trust%20(IBIT)%20recorded%20over%20$6.2%20billion%20in%20inflows%20in%20May,%20marking%20its%20best%20month%20ever.%20%20Decrypt%20+1%20CoinDesk%20+1%20%20Cantor%20Fitzgerald%20Launches%20Bitcoin-Gold%20Fund:%20A%20new%20fund%20offers%20Bitcoin%20exposure%20with%20downside%20protection%20based%20on%20gold%20prices,%20targeting%20risk-averse%20investors\" rel data-wpel-link=\"internal\">are red again after Monday\u2019s brief rebound;\u00a0<\/a><\/strong>BTC -3% at $111,400, ETH -3% at $3,980, BNB -8% at $1,190, SOL +1% at $196<\/li>\n<li><strong>MYX (+13%)<\/strong>, TAO (+6%) and CAKE (+2%) led top movers<\/li>\n<li><strong>Gold\u00a0<\/strong><a href=\"https:\/\/www.google.com\/search?q=gold+price&#038;rlz=1C5CHFA_enU.S.1078U.S.1082&#038;oq=gold+p&#038;gs_lcrp=EgZjaHJvbWUqDggAEEUYJxg7GIAEGIoFMg4IABBFGCcYOxiABBiKBTIOCAEQRRgnGDsYgAQYigUyBggCEEUYOTIKCAMQABiSAxiABDINCAQQABiDARixAxiABDIGCAUQRRg9MgYIBhBFGDwyBggHEEUYPNIBBzg5MWowajeoAgCwAgA&#038;sourceid=chrome&#038;ie=UTF-8\" rel data-wpel-link=\"internal\">hit another new ATH<\/a>\u00a0over $4,180 overnight<\/li>\n<li><strong>The Bitcoin ETFs<\/strong>\u00a0<a href=\"https:\/\/www.coinglass.com\/bitcoin-etf\" rel=\"nofollow external noopener\" data-wpel-link=\"external\">saw $326.4M in net outflows<\/a>\u00a0on Monday despite Blackrock\u2019s $60M in inflows<\/li>\n<li><strong>Citi<\/strong>\u00a0<a href=\"https:\/\/decrypt.co\/news-explorer?pinned=1199576&#038;title=citi-gears-up-to-roll-out-crypto-custody-services-in-2026-report\" rel data-wpel-link=\"internal\">plans to launch crypto custody<\/a>\u00a0in 2026, extending TradFi integration<\/li>\n<li><strong>The \u201cTrump insider whale\u201d<\/strong>\u00a0<a href=\"https:\/\/decrypt.co\/344137\/alleged-trump-insider-whale-denies-insider-trading-opens-340-million-bitcoin-short\" rel data-wpel-link=\"internal\">denied access<\/a>\u00a0to tariff news and reopened a ~$340M Bitcoin short<\/li>\n<li><strong>Ripple<\/strong>\u00a0<a href=\"https:\/\/decrypt.co\/344136\/ripple-offering-200k-attack-xrp-ledger-lending-protocol\" rel data-wpel-link=\"internal\">funded a $200,000 \u201cattackathon\u201d<\/a>\u00a0with Immunefi to stress-test the XRP Ledger lending protocol ahead of mainnet rollout and audits<\/li>\n<li><strong>Nigel Farage<\/strong>\u00a0<a href=\"https:\/\/decrypt.co\/344065\/i-am-your-champion-nigel-farage-makes-case-uk-crypto-reform\" rel data-wpel-link=\"internal\">called for \u201csensible\u201d U.K. crypto reform<\/a>\u00a0at DAS London, arguing Britain lacks a proper regulated crypto market today.<\/li>\n<li><strong>Trade xyz<\/strong>\u00a0<a href=\"https:\/\/twitter.com\/tradeperps\/status\/1977741981414572186\" rel data-wpel-link=\"internal\">launched perps access for stocks<\/a>, with an index of the top 100 stocks available for trading<\/li>\n<\/ul>\n<p color=\"#333\" opacity=\"1\">In Corporate Treasuries \/ ETFs<\/p>\n<ul>\n<li><strong>Crypto 2025 ETF flows<\/strong>\u00a0topped 2024\u2019s total already<\/li>\n<li><strong>BMNR<\/strong>\u00a0<a href=\"https:\/\/twitter.com\/BitMNR\/status\/1977717131182547141\" rel data-wpel-link=\"internal\">shared $12.9B in total crypto + cash holdings<\/a>, including 3.03M ETH at $4,154 average<\/li>\n<li><strong>Strategy<\/strong>\u00a0<a href=\"https:\/\/decrypt.co\/news-explorer?pinned=1199436&#038;title=michael-saylors-strategy-increases-bitcoin-holdings-by-another-27-million\" rel data-wpel-link=\"internal\">resumed buying<\/a>\u00a0with a $27M Bitcoin purchase at ~$123.5K, raising holdings to 640,250 BTC<\/li>\n<li><strong>Metaplanet\u2019s mNAV<\/strong>\u00a0falls below 1 for first time<\/li>\n<li><strong>Europe\u2019s largest asset manager, Amundi,<\/strong>\u00a0<a href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1977754006245056656\" rel data-wpel-link=\"internal\">is set to launch<\/a>\u00a0a Bitcoin ETF<\/li>\n<\/ul>\n<p color=\"#333\" opacity=\"1\">In Memes<\/p>\n<ul>\n<li><strong>Memecoin leaders<\/strong>\u00a0<a href=\"https:\/\/coinmarketcap.com\/view\/memes\/\" rel data-wpel-link=\"internal\">are very red again;\u00a0<\/a>DOGE -6%, Shiba -6%, PEPE -6%, PENGU -7%, BONK -4%, TRUMP -3%, SPX -10%, and FARTCOIN -8%<\/li>\n<li><strong>The House of Doge<\/strong>\u00a0<a href=\"https:\/\/twitter.com\/houseofdoge\/status\/1977713538912113037\" rel data-wpel-link=\"internal\">will go public<\/a>\u00a0with ticker TBH through a reverse takeover with Brag House Holdings<\/li>\n<\/ul>\n<h2 color=\"#333\"><strong>\ud83d\udcb0 Token, Airdrop &#038; Protocol Tracker<\/strong><\/h2>\n<p>Here\u2019s a rundown of major token, protocol and airdrop news from the day:<\/p>\n<ul>\n<li><strong>Aster\u00a0<\/strong><a href=\"https:\/\/twitter.com\/Aster_DEX\/status\/1977809643423551807\" rel data-wpel-link=\"internal\">launched their ASTER airdrop<\/a>\u00a0yesterday with those claiming U.S.D for fees getting their allocation today<\/li>\n<li><strong>BNB Chain and Four Meme<\/strong>\u00a0<a href=\"https:\/\/twitter.com\/BNBCHAIN\/status\/1977735058652791123\" rel data-wpel-link=\"internal\">launched a $45M Reload Airdrop<\/a>\u00a0for anyone trading memes on BNB over the past week<\/li>\n<li><strong>MegaETH<\/strong>\u00a0<a href=\"https:\/\/twitter.com\/megaeth_labs\/status\/1977728221589156056\" rel data-wpel-link=\"internal\">teased a \u201cbig week\u201d coming<\/a>, alluding to another Fluffle sale<\/li>\n<li><strong>Monad confirmed its airdrop claim porta<\/strong>l\u00a0<a href=\"https:\/\/twitter.com\/intern\/status\/1977745257799327787\" rel data-wpel-link=\"internal\">will go live today at 9 am ET<\/a>, reminding everyone not to rush and read carefully<\/li>\n<li><strong>Kamino<\/strong>\u00a0<a href=\"https:\/\/twitter.com\/TheBlock__\/status\/1977767572251509017\" rel data-wpel-link=\"internal\">boosted its protocol liquidity<\/a>\u00a0via Project 0 integration<\/li>\n<\/ul>\n<h2 color=\"#333\"><strong>\ud83d\ude9a What is happening in NFTs?<\/strong><\/h2>\n<p>Here is the list of other notable headlines from the day in NFTs:<\/p>\n<ul>\n<li><strong>NFT<\/strong>\u00a0leaders\u00a0<a href=\"https:\/\/opensea.io\/stats\" rel=\"nofollow external noopener\" data-wpel-link=\"external\">were mostly green again<\/a>; Punks -1% at 46.4 ETH, Pudgy +2% at 7.6, BAYC +6% at 7.95 ETH; Hypurr\u2019s -5% at 1,208 HYPE<\/li>\n<li>No notable top movers<\/li>\n<li><strong>The Token Works team\u00a0<\/strong><a href=\"https:\/\/twitter.com\/token_works\/status\/1977890281199460502\" rel data-wpel-link=\"internal\">announced that new Strategies will launch at a reduced cadence<\/a>\u00a0and with no preannouncement (PNKSTR -14% to $114M)<\/li>\n<\/ul>\n<div>\n<h3>Daily Debrief Newsletter<\/h3>\n<p>Start every day with the top news stories right now, plus original features, a podcast, videos and more.<\/p>\n<\/div>\n<\/div>",
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        "rendered": "<p>Morning Minute is a daily newsletter written by\u00a0Tyler Warner. The analysis and opinions expressed are his own and do not [&hellip;]<\/p>",
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