June extended the institutional convergence that has defined the year, but the centre of gravity has shifted towards stablecoins. The month's defining event was the launch of OpenUSD, a revenue-sharing stablecoin backed by more than 140 of the largest names in payments and finance, an arrangement widely read as a direct threat to Circle. Around it, the largest US banks moved to defend their deposit base with a shared tokenised network of their own, the tokenisation of public equities and private shares became a live commercial product rather than a pilot, and the perpetual futures opening we covered at the end of May hardened into an outright legal confrontation between CME and the CFTC.