Crypto is the quietest part of the venture capital market. Funding is at multi-year lows. The narrative says the space is moribund.

But beneath the surface, something structural is happening.

Crypto is now a top-10 holder of US government debt. Stablecoin issuers hold $165b in US Treasury bills. That is 2.5% of the total $6.1t T-bill market.

To put that in perspective, stablecoin issuers now hold more T-bills than China, Norway, or Switzerland. They rank behind only Japan among foreign holders.

US Treasury bill holders ranked by size. US money market funds lead at $2.7t. Stablecoin issuers at $165b rank ahead of China and Switzerland. RWA tokenized treasuries at $14.5b are 11x smaller.

Then there is Hyperliquid. A new exchange founded four years ago. Its native token, HYPE, is worth $59b today.

Hyperliquid’s monthly average for June 2026 is $1.67m per day in trading fees. Annualized, that is $610m in real fee revenue.

Hyperliquid monthly average daily trading fees from December 2024 through June 2026. Peak was $4.4m/day in August 2025. June 2026 average is $1.67m/day, annualizing to $610m.

Real assets are trading on crypto. Gold, oil, & stocks trade 24/7, changing the way these markets work.

Tokenized real-world asset TVL grew from $2.1b to $26.9b over 30 months from January 2024 to June 2026.

Every chart in this post comes from Allium, a Theory company. Allium provides on-chain analytics across Hyperliquid, Ethereum, Solana, & other major chains through a single MCP connection.

Since our Series A investment, Allium has achieved:

  • 10x revenue growth
  • 150+ enterprise customers
  • 30+ petabytes of blockchain data

The death of crypto is greatly exaggerated! Congratulations to the Allium team on their Series B.1

  1. Data sourced from Allium on-chain analytics, Tether Q1 2026 attestation, Circle transparency reports, & US Treasury Direct. All data as of June 23, 2026. ↩︎