Digital Assets: Investing in the Onchain Economy; Initiating Coverage on FWDI and CYPH at OW

研报英文原文证据摘录

Digital Assets: Investing in the Onchain Economy; Initiating Coverage on FWDI and CYPH at OW

June 30, 2026

give investors yield-prioritized exposure to blockchain balance sheets rather than direct token appreciation and give

issuers a capital formation tool better aligned with the long-duration nature of digital asset ownership than

conventional debt. However, the structures are not risk-free: because they are backed by digital-asset-linked balance

sheets, they can inherit the volatility they aim to dampen, as Apyx's apxUSD demonstrated when it briefly slipped to

~91 cents amid an STRC drop in early June 2026.

Outlook

These developments sit alongside a broader onchain credit stack: tokenized Treasuries (BlackRock's BUIDL, Franklin

Templeton, Ondo), tokenized private credit (Maple, Centrifuge, Goldfinch), DeFi-native lending, and public-market

entrants such as Figure (Nasdaq: FIGR), whose blockchain-native marketplace has originated over $21 billion in

onchain credit and produced the first AAA-rated blockchain securitization. While the market remains early, we

believe the emergence of digital-asset-backed preferred securities, tokenized yield products, and related credit

infrastructure marks an important step in blockchain-based finance merging with traditional markets, and further

suggests digital assets are increasingly serving not only as speculative assets or stores of value, but as collateral

supporting entirely new forms of capital markets activity.

Trading: Perps, Prediction Markets, Everything Exchanges & Beyond

The next structural evolution in digital asset markets is the rise of the “everything exchange.” Historically, trading

venues were segmented by asset class and regulatory perimeter. Equity exchanges listed stocks. Commodities venues

cleared futures.