This Robinhood earnings presentation chart was a bit of a flex. The U.S. fintech now boasts eleven business lines that each generate >$100 million in annualized revenue.

Yes. Eleven. Two of these are crypto-related: retail trading on Robinhood and institutional volumes from Bitstamp, the crypto exchange it acquired last year. Together, they chipped in $268 million to last quarter’s $1.27 billion in net revenue (21%).

But it was a third product that stole the show on the earnings call: prediction markets. CEO Tenev called it the fastest-growing product in company history, already earning a seat at the nine-figures-revenue-table.

Apparently, Google likes them, too. Just yesterday, it integrated both Polymarket and Kalshi into Google Finance. What were the odds?

Today, we’ll also talk about:

• Canton Network builds momentum amidst $540 million DAT

• Stream Finance loses $93 million, triggering a debate around DeFi lending

• Swiss BX Digital partners with Ondo for tokenized equity

Canton Network Builds Momentum Amidst $540 Million Tharimmune Treasury Vehicle

Canton DAT: On Monday, U.S.-listed biotech company Tharimmune announced a $540 million fundraise to establish a digital asset treasury (DAT) centered on Canton Coin, the yet-to-be-listed native token of the Canton Network. Participants of the deal include major firms such as DRW Holdings, ARK Invest, Tradeweb, and Kraken.

• Why it matters: Tharimmune will mark the first dedicated digital asset treasury vehicle for Canton Coin, giving public investors indirect exposure to the utility token powering one of the most institutionally adopted blockchains. The move follows Digital Asset’s $135 million raise earlier this year, backed by Goldman Sachs, DTCC, BNP Paribas, and Citadel Securities, as the company expands its footprint across capital markets.

Blockchain pioneer: Founded in 2014 by capital markets veterans from Citadel and DRW, Digital Asset initially focused on building smart-contract infrastructure for financial institutions. The key realization at the time was that institutions needed strong privacy while still being able to interoperate openly with other market participants — something existing blockchain infrastructure couldn’t provide.

• “The biggest gap we saw was that public blockchains exposed too much, and private ones connected too little,” said Don Wilson, founder of DRW and co-founder of Digital Asset. “If we wanted real markets to move onchain, we needed a system where institutions could transact privately but still operate within a shared, open network.”

“Network of networks”: To address these limitations, Digital Asset developed Canton, a privacy-preserving blockchain that lets financial institutions operate their own ledgers with custom rules while remaining interoperable with others. Its coordination layer — known as the Global Synchronizer — ensures that all those independent networks stay in sync, allowing transactions to settle atomically across systems without exposing sensitive data.

Embedded into finance: In practice, Canton links directly with the systems financial institutions already use — custodians, clearing houses, and broker-dealers — bringing blockchain interoperability into existing market infrastructure.

• “Canton integrates directly with participants like DTCC, prime brokers, custodians, rather than trying to bypass them. That’s why institutions are comfortable using it; it fits into their existing workflows instead of asking them to rebuild everything,” said co-founder and CEO Yuval Rooz.

Growing traction: That compatibility is paying off. According to company data, Canton now counts over 575 validators and supports 20 to 30 active applications spanning treasuries, repo, private credit, and insurance. Recent proof-of-concepts include the first onchain U.S. Treasury repo executed between Tradeweb and DTCC, settled in USDC.

Converging with DeFi: People close to the company say Digital Asset is now entering its next growth phase, focused on scaling the network’s ecosystem, expanding custody integrations, onboarding additional institutional applications, and fostering a developer base that bridges its institutional core with DeFi-native markets. The new Tharimmune DAT could become a crucial voice in sharing this story with the capital markets.

Stream Finance Loses $93 Million, Triggers Shockwaves Across DeFi Lending Platforms

Major loss: Just one day after Balancer lost $128 million in a hack, yield-focused DeFi protocol Stream Finance disclosed a $93 million loss tied to one of its external fund managers. In response, the platform suspended all deposits and withdrawals, freezing roughly $90 million in remaining user funds as of now.

• Why it matters: Over the past year and a half, a new wave of modular DeFi platforms like Morpho and Euler turned lending into an open marketplace, where anyone can launch a custom vault, set their own risk rules, and attract deposits. That freedom fueled explosive growth, with total value locked jumping from about $3 billion to over $13.6 billion. Stream Finance’s crash represents the first stress-test for this “vault curator model”.

The trigger: Stream Finance promised depositors up to 18% yield on USDC. To reach that high return, an external fund manager supposedly took the money offchain and used heavy leverage on a delta-neutral strategy. In that case, a sudden market drop potentially wiped out one side before the other could adjust, burning $93 million.

Not-so-stable-coin: That damage landed hardest on xUSD, the yield-bearing stablecoin Stream issued as a deposit receipt. Within hours of the news, panic selling drove it from its $1 peg to around $0.17, where it still trades today.

Bad debt: For lending vaults accepting xUSD as collateral, this became a major problem. Many of them used fixed prices for xUSD — a common setup for tokens representing shares of onchain funds — so the drop in value wasn’t reflected in the system. That meant the collateral looked more valuable than it really was, blocking liquidations and causing losses for lenders. According to estimates by DeFi research group YAM, roughly $285 million in assets are affected.

Bank run: Even vaults untouched by Stream felt the pressure. Fears of wider contagion sparked withdrawals, draining liquidity and pushing borrow rates past 40% in some cases to encourage borrowers to repay loans so that exiting lenders could be paid back.

Who’s to blame? Most point to Stream’s lax risk controls, yet debate swirls around the modular infrastructure itself, especially the permissionless curator system powering Morpho and Euler:

• “Lending only works when people believe the markets are sound […]. Once that trust breaks, you get the onchain version of a bank run. That’s why a model where anyone can spin up a vault permissionlessly and market it on the same platform has built-in weaknesses. Since most strategies are already commoditized, curators don’t have many ways to stand out. They either lower fees to the bone or take on more and more risk to attract capital from other pools,” wrote Stani Kulechov, founder & CEO of leading lending platform Aave.

The other side: Defenders highlight modularity’s strengths, noting that risk varies by design, just like in traditional finance, where some funds perform well while others don’t. Paul Frambot, co-founder and CEO of Morpho, countered:

• "The fact that only 1 out of ~320 vaults on the Morpho App had limited exposure to xUSD isn't evidence that the model doesn't work — quite the opposite. Morpho's isolated market + vault model meant all 319+ other vaults and their depositors, each with different risk profiles, had zero exposure."

A conversation with Lidia Kurt, CEO of Swiss-based BX Digital, about the firm’s partnership with Ondo to enable the admission and trading of tokenized stocks.