Dinari Gains Approval for Tokenized Stocks

Polymarket, Kalshi Raise Big Rounds | Jason Liao of Meet48

Marco Manoppo & Karon Pangestu
June 27, 2025

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Good Morning.

Tokenized assets are moving into regulated markets, stablecoin issuers are challenging how risk is defined, and prediction markets are attracting record funding despite regulatory hurdles.

In Today's Email:

What Matters: Dinari Gains Approval for Tokenized Stocks ✅
Founders Highlight: Jason Liao of Meet48 👨
Deal Flow: Polymarket, Kalshi Raise Big Rounds 💰️

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Narratives: Expect volatility as tariffs return and massive BTC options expire.

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WHAT MATTERS

Dinari Gains Approval for Tokenized Stocks

State of play: Dinari has secured US approval to offer tokenized stocks, becoming the first platform to do so. Tokenized stocks are digital representations of real equities, allowing on-chain trading of shares like Tesla and Apple.

Previously, these were only available to non-US traders.
Dinari plans to start its broker-dealer operations in the coming quarter.
Dinari will provide its services through partners rather than directly to retail investors.
Competitors such as Coinbase, Kraken, Plume Network, and Backed are also working toward similar approvals.
Industry leaders, including BlackRock’s CEO, have expressed support for broader adoption of tokenized securities.

What’s next: As regulatory frameworks evolve, more companies are expected to enter the market, potentially accelerating adoption of tokenized equities and other real world assets on-chain.

For builders and investors: This could open the door for new infrastructure, compliance solutions, and product designs, while also indicating that investor access to tokenized stocks may gradually expand as other platforms follow suit.

BUILDER-INVESTOR HIGHLIGHT

Jason Liao of Meet48

Intro: Jason Liao is the Founder of Meet48, a Web2+Web3 ecosystem focused on idol entertainment and fan engagement, utilizing AI and blockchain technology.

Previous background: Before Meet48, Jason served as Vice President at Shanghai Star48 Culture & Media Group from June 2018 to March 2022. He holds a Bachelor’s degree in Civil Engineering from Ming Hsin University of Science and Technology.

The big idea: Jason’s and Meet48’s core vision is to let idols no longer be dominated by traditional agencies, but instead be nurtured and have their future development decided collectively by fan communities.

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INSIGHTS

Agora Disputes Anchorage Ratings

Pay to Play
Much has been made about how parts of the crypto industry operate under a “pay to play” model. This is extractive, harms consumers, and creates opacity in markets. Seemingly, that “pay to play” nature has now permeated the regulated intersection of stablecoins and
— Nick van Eck (@Nick_van_Eck)
2:14 PM • Jun 26, 2025

State of play: Anchorage published a “stablecoin safety matrix” labeling Agora’s AUSD as risky due to concerns like lack of regulatory oversight and poor liability management.

Agora CEO Nick van Eck pushed back, alleging the ratings were biased and tied to “pay to play” practices favoring competitors such as Paxos.
He claimed Anchorage delisted AUSD and USDC after Agora declined to adopt Anchorage’s “Genius Bill as a Service” product.
Anchorage said its report was based on public disclosures and independent data.

DEAL FLOWS

Polymarket, Kalshi Raise Big Rounds

Deal flows slowed down this week - we saw $430M in deals 💼

Polymarket is reportedly close to raising $200M at a valuation of over $1B, led by Founders Fund. The funding has not been finalized.

Polymarket is the largest prediction market platform but is currently banned in the US under a CFTC agreement.

Kalshi closed a $185M funding round led by

Paradigm, valuing it at $2B post-money.

Unlike Polymarket, Kalshi has regulatory approval to operate in the US, making it more attractive to many investors.

Deal flows in the past week:

Sphinx Protocol, $2M Pre-Seed Round
YieldClub, $2.5M Pre-Seed Round
Stackup, $4.2M Seed Round
The Global Token Exchange, $15M Series A Round
Zama, $57M Series B Round
Kalshi, $185M Series C Round
Makina, $3M Strategic Round
Yield.xyz, $5M Strategic Round
Digital Asset, $135M Strategic Round
dKloud, $3.15M Unknown Round
Concrete Protocol, $9.5M Unknown Round
Veda, $18M Unknown Round

QUICK BITES

Kraken to compete with Venmo and PayPal with app Krak.
Coinbase to launch US perpetual-style futures next month.
World Liberty sells $100M in WLFI tokens to UAE-based fund.
RWA tokenization market has grown almost fivefold in 3 years.
Galaxy Asset Management raises $175M for inaugural venture fund.
Bitcoin ETFs' inflow streak nears $4B as BTC gains amid dollar slump.
White House, lawmakers target Sept to move sweeping crypto legislation.
Metaplanet buys additional 1,234 BTC for $133M, surpassing Tesla holdings.
Bitcoin Treasury Corporation acquires 292 BTC, prepares for Toronto debut.
Hong Kong accelerates RWA tokenization, crypto licensing push in new policy.

NOTEWORTHY READS

Thiccy’s read on how i met my cofounder.
Blocmates’s read on Stablecoin Summer Playbook.
Peter Thiel’s read on why 70% of Millennials say they are pro-socialist.

— Wall Street Memes (@wallstmemes)
2:23 PM • Jun 26, 2025

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.