Onigiri Weekend Digest: Institutional Lens #22

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Good weekend from the Onigiri team.

This week’s developments signal a decisive structural shift in the stablecoin landscape — one from both ends of the spectrum.

Recap this Week's Headliners

SS #75 – Tether Dives into On-Chain RWA Perps via Hyperliquid
SS #76 – Stripe Bridge Secures Federal National Bank Charter

On one side, Tether pushes USDT deeper into decentralized derivatives infrastructure. On the other, Stripe moves stablecoin issuance directly under federal banking supervision.

Together, these headlines illustrate a single theme: Stablecoins are no longer sitting between TradFi and crypto. They are becoming the infrastructure layer for both.

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🍙Onigiri Take

Two strategic moves. Two different battlefields.

1. Tether × Hyperliquid

Tether’s investment into Supreme Liquid Labs to launch USDT0-collateralized stock and gold perpetuals on Hyperliquid represents ecosystem capture at the derivatives layer.

By enabling synthetic exposure to equities like Tesla and Nvidia directly on-chain using USDT0 (via LayerZero), Tether transforms USDT from:

• Settlement currency → Collateral currency → Financial infrastructure primitive.

This expands USDT’s role beyond spot liquidity into derivatives margin infrastructure.

2.  Stripe × Bridge

Bridge securing a conditional National Trust Bank Charter from the OCC marks the formal institutionalization of stablecoin issuance.

Stripe is no longer merely integrating stablecoins. It is becoming a federally supervised digital dollar bank. Under the framework aligned with the GENIUS Act, Bridge can:

• Issue stablecoins

• Manage reserves

• Provide custody

• Operate under federal oversight

This removes reliance on fragmented state-level licensing and places stablecoins inside the U.S. banking perimeter.

The Convergence

Tether expands stablecoins into DeFi-native capital markets. Stripe embeds stablecoins into regulated banking rails.

One expands volatility-driven derivatives markets. The other expands regulated payment and settlement infrastructure. Both expand the surface area of digital dollars.

🍙Winners & Losers: Institutional Outlook

🍙Under the Hood: The Two-Speed Stablecoin Economy

A. Tether’s RWA Perps — Synthetic Finance Goes On-Chain

Tether’s strategy rests on three structural components:

1. USDT0 Cross-Chain Liquidity: Built on LayerZero, USDT0 reduces friction in collateral mobility. This is critical for derivatives markets where margin efficiency determines adoption.

2. Synthetic Asset Exposure (HIP-3 Standard):  No actual equity custody. Pure perpetual derivatives referencing underlying price feeds.

3. Incentive Engineering ($200k/week):  Liquidity mining + professional market making accelerates orderbook depth.

If volume sustains, this model scales to:

• Index perps (S&P 500)

• High-beta equities

• Emerging market synthetic exposures

This effectively recreates a shadow CME on-chain — but collateralized in USDT.

B. Stripe’s Federal Charter — Stablecoins Enter the Banking Core

Bridge’s charter is transformative because it:

• Moves stablecoin reserve management under OCC supervision

• Establishes direct federal oversight

• Eliminates patchwork money transmitter licensing

More importantly, Stripe can now:

• Embed stablecoin rails into global checkout

• Offer merchants programmable dollar settlement

• Potentially bypass correspondent banking friction

This is stablecoins becoming backend payment plumbing for global commerce.

Future Trajectory

We are entering a dual-track expansion:

1. DeFi-native capital markets (derivatives, synthetic RWAs)

2. Federally supervised stablecoin banking rails

The stablecoin issuer that controls both liquidity and regulatory access captures disproportionate value.

🍙Stablecoin ≠ Crypto — It’s Becoming Dollar Infrastructure

The market narrative often conflates stablecoins with crypto volatility. This week proves otherwise.

• Tether is expanding financial exposure markets.

• Stripe is embedding digital dollars into regulated banking systems.

Stablecoins are increasingly:

• Treasury instruments

• Settlement rails

• Collateral primitives

• Programmable payment APIs

Crypto assets fluctuate. Stablecoins build pipes. We believe that the institutions that understand this distinction will dominate the next phase.

🍙Institutional Risks & Unknowns

Despite the progress, several open questions remain:

1. Regulatory Arbitrage in On-Chain RWA Perps: Synthetic U.S. equity exposure on decentralized venues may trigger regulatory scrutiny regarding securities derivatives.

2. Systemic Stablecoin Concentration: USDT remains dominant. Increased collateral usage deepens systemic reliance on a single issuer.

3. Federalization vs. Decentralization: As Stripe, Circle, and others secure charters, stablecoins may concentrate within regulated U.S. entities — potentially marginalizing offshore issuers.

4. Liquidity Migration Shock: If retail traders migrate from CEXs to Hyperliquid, centralized exchanges could face structural revenue compression.

5. Banking Response: Traditional banks will not remain passive. Expect acquisition, partnership, or competitive stablecoin issuance acceleration.

Onigiri Capital (onigiri.vc), a US$50 million blockchain-focused investment fund, launched by Saison Capital, the venture arm of Japan’s Credit Saison. Onigiri Capital is on a mission to chart the next chapter of finance and invest in seed and Series A blockchain startups in stablecoins, payments, RWAs, DeFi and financial infrastructure. The fund’s strategy emphasizes connecting startups to Asia’s growing digital asset markets.

If you'd like to discuss or contribute to the next Institutional Lens, contact us at [email protected]

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.