18th October 2025 > > Tokenisation, Schiff, & $300 TRILLION.

tl;dr

Nasdaq wants to be at the forefront of the tokenisation revolution. Peter Schiff makes an arse of himself again. How to create $300 TRILLION of wealth instantly.

Market Snap

Market Wrap

Open interest for perps continues to drop, suggesting that some of the leveraged children have now finally conceded that giving away their hard-earned wealth by trading squiggles on a graph is not the best use of their resources. Though with that near zero funding rate, the risk of a short squeeze is being tantalisingly dangled in front of us.

The spot ETFs have seen significant outflows for three consecutive days. It seems that I underestimated the extent to which speculators rather than investors have been buying the ETFs of late. Getting shot of the speculators sets us up nicely for the rebound, whenever that may be.

Occasional series – Interregnum

Yeah, yeah, yeah, too much time away from the CCC, I know.

Delightfully entertaining Sam & Jason have invited me (again!) down to Brighton, as Laurent Garnier is in town. You cannot get enough Laurent in your life. See y’all on the other side.

Curious Cryptos’ meme corner

Host of Mad Money on CNBC, Jim Cramer, famously calls it wrong (almost) every time. I really should pay more attention to his show:

h/t The Milk Road

https://mrcrypto.milkroad.com/subscribe/57f0955a-42d9-435b-8a8f-e75d9bfa17f9/referrals

Curious Cryptos’ Commentary – Nasdaq

I am not quite sure how I missed this, but all the way back on September 8^th Nasdaq submitted this filing to the SEC:

https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2025-072.pdf

What, you don’t want to read all 43 pages? You want me to do it for you? Well, OK, this is the important bit:

Now, what was it that Larry Fink and Robin Vince were telling us just yesterday about the opportunity in the tokenisation of financial assets (https://www.curiouscryptos.com/post/17th-october-2025-tokenisation-stablecoins)?

Curious Cryptos’ Commentary – Peter Schiff

Schiff, a long-term crypto naysayer whose personal ambition is to maintain the hegemony of the technocratic elite at the expense of the world’s poor and dispossessed, posted this comment:

“De-bitcoinization trade” – now there’s an interesting concept. In a few hundred or a few thousand years’ time, he might eventually be proved right though, to date, his track record when it comes to BTC has not been that impressive:

Curious Cryptos’ Commentary – Paxos

Paxos is the issuer of PYUSD, PayPal’s USD stablecoin. Backed by cash or cash-like instruments, PYUSD adheres to the requirements made by the GENIUS Act which regulates stablecoins in the US (yah boo sucks to you, Senator Elizabeth Warren).

CNBC has reported that following an internal transfer, Paxos accidentally minted $300 TRILLION of PYUSD, more than double the world’s global GDP, and certainly more than the number of dollars in circulation.

Paxos commented on X:

“At 3:12 PM EST, Paxos mistakenly minted excess PYUSD as part of an internal transfer. Paxos immediately identified the error and burned the excess PYUSD. This was an internal technical error. There is no security breach. Customer funds are safe. We have addressed the root cause.”

Senior officials in all fiscally incontinent Western governments are now furiously investigating how they can magic up cash on that scale, to allow them the luxury of giving to train drivers the pay package that is truly deserved.