EVOLUTION-NINJA

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Return-Path: <bounces+215474388172985@outbound.intercom.wayex.com> Delivered-To: dominic@e24.com.au Received: from myaccount8.wpcpanel.com by myaccount8.wpcpanel.com with LMTP id eJ9QBiO8Dmo4qw8AycIfzw (envelope-from <bounces+215474388172985@outbound.intercom.wayex.com>) for <dominic@e24.com.au>; Thu, 21 May 2026 18:02:43 +1000 Return-path: <bounces+215474388172985@outbound.intercom.wayex.com> Envelope-to: dominic@e24.com.au Delivery-date: Thu, 21 May 2026 18:02:43 +1000 Received: from mta-174-84-119.intercom.com.sparkpostmail.com ([192.174.84.119]:7008) by myaccount8.wpcpanel.com with esmtps (TLS1.2) tls TLS_ECDHE_RSA_WITH_AES_128_GCM_SHA256 (Exim 4.99.2) (envelope-from <bounces+215474388172985@outbound.intercom.wayex.com>) id 1wPyMT-00000004J9n-2ubX for dominic@e24.com.au; Thu, 21 May 2026 18:02:42 +1000 X-MSFBL: piglqrIScgbyyYnFrpN04oYc4d6loUVgY/mefIkUL7Q=|eyJ0ZW5hbnRfaWQiOiJ pbnRlcmNvbSIsInIiOiJkb21pbmljQGUyNC5jb20uYXUiLCJtZXNzYWdlX2lkIjo iNmEwZGVkYmIwZTZhMDkwODM1ODYiLCJzdWJhY2NvdW50X2lkIjoiMjE4NTcyIiw iY3VzdG9tZXJfaWQiOiIxIn0= DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=wayex.com; s=intercom; t=1779350509; i=@wayex.com; bh=PTAyBcssjMtLSbO0J0+aUDzZSLnPKFEAQVe9n2ENaKc=; h=To:Content-Type:List-Unsubscribe-Post:Message-ID:Subject:From: List-Unsubscribe:Date:From:To:Cc:Subject; b=n7efr7AEMcwOSc7otIrxi+t18aOZJV0BwED2VXM7bp1RWqlWVgAHOAS9udFijev5U y9SNnL2zg9oFwepplxOxGfq9SrxvyGbbQKYCsPirtlfQPv788U+bDZQCe0zp95I9F3 p6Jd8h+QTwQNqJndMML5Im4XTLWLSHdr725l2vrk= Received: from [10.90.13.135] ([10.90.13.135]) by i-0ec0b957bb0842787.mta2vrest.sd.prd.sparkpost (ecelerity 5.2.0.75900 r(msys-ecelerity:tags/5.2.0.29)) with REST id 68/53-44674-DEBBE0A6; Thu, 21 May 2026 08:01:49 +0000 To: dominic@e24.com.au Content-Type: multipart/alternative; boundary="_----0rew9rpvEeBFlr/4CGd/YA===_28/53-44674-DEBBE0A6" MIME-Version: 1.0 X-Mailgun-Variables: {"app_id":"mfj0shyv","conversation_id":"215474388172985","user_id":"60f268f99daa641b496bd4ee","intercom_localized_email_content_id":"87144261"} X-Auto-Response-Suppress: OOF, AutoReply Reply-To: Christo from Wayex <christo@wayex-1ebef8f94122.intercom-mail.com> X-Intercom-App-Id: mfj0shyv X-Intercom-Bin: 150 List-Unsubscribe-Post: List-Unsubscribe=One-Click Message-ID: <25ef0c09-aa9cbd75-1779350508-215474388172985-1586167@outbound.intercom.wayex.com> X-Report-Abuse: Please report spam or abuse to abuse@intercom.io Subject: Wayex Weekly Wrap: $649M Out. Burry's Watching. The Stablecoin Warning Nobody Wanted From: "Christo from Wayex" <christo.m@wayex.com> List-Unsubscribe: <mailto:unsubscribe_215474388172985_60f268f99daa641b496bd4ee@wayex-1ebef8f94122.intercom-mail.com>, <https://wayex-1ebef8f94122.intercom-mail.com/subscriptions/unsubscribe_post?app_id=mfj0shyv&conversation_id=215474388172985&user_id=60f268f99daa641b496bd4ee> Date: Thu, 21 May 2026 08:01:48 +0000 X-Spam-Status: No, score=2.2 X-Spam-Score: 22 X-Spam-Bar: ++ X-Ham-Report: Spam detection software, running on the system "myaccount8.wpcpanel.com", has NOT identified this incoming email as spam. The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: [Image] Hi Dominic, Welcome to our Weekly Wrap Up! _ What_s Making News This Week This week in crypto feels like the market finally stopped pretending everything was fine. Bitcoin dropped below U [...] Content analysis details: (2.2 points, 4.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.8 BAYES_50 BODY: Bayes spam probability is 40 to 60% [score: 0.5088] 1.5 NA_DOLLARS BODY: Talks about a million North American dollars -0.0 SPF_PASS SPF: sender matches SPF record 0.1 URI_HEX URI: URI hostname has long hexadecimal sequence 0.0 HTML_MESSAGE BODY: HTML included in message 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain -0.1 DKIM_VALID_EF Message has a valid DKIM or DK signature from envelope-from domain -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO --_----0rew9rpvEeBFlr/4CGd/YA===_28/53-44674-DEBBE0A6 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: quoted-printable [Image] Hi Dominic, =0A Welcome to our Weekly Wrap Up! =F0=9F=93=B0 =0A Wha= t=E2=80=99s Making News This Week =0A This week in crypto feels like the ma= rket finally stopped pretending everything was fine. Bitcoin dropped below = US$77,000 (AU$108,416.35) as geopolitical tensions, inflation fears, and hi= gher US Treasury yields weighed on risk assets, and the data beneath the pr= ice tells a more uncomfortable story than most people want to sit with. Spo= t Bitcoin ETFs shed another US$648.64 (AU$913.29) million in a single day, = following last week's US$1 billion (AU$1.4 billion) in outflows, as BlackRo= ck's IBIT led the exit with US$448 million (AU$630.79 million) in redemptio= ns alone. That is not noise. That is institutional money making a deliberat= e decision about risk. Michael Burry, the investor who called the 2008 hous= ing crash, issued a fresh warning this week, this time targeting the conver= gence of crypto and traditional equities, calling the direction of travel a= harbinger of a cyberpunk future that needs to be stopped. Meanwhile, an ex= pert warned publicly that even a mountain of T-bills might not protect Teth= er and Circle from a sudden liquidity crisis. Trump signed an executive ord= er pushing crypto firms closer to the Fed's payment rails, which is genuine= ly positive news, but it landed in a week where the cautionary signals were= too loud to ignore. The infrastructure story remains intact. The short-ter= m environment is asking harder questions than usual. =0ARead More Top Gaine= rs &amp; Losers Of The Week On Wayex =0A [Image] =F0=9F=94=BC Gainers =E2= =80=8B =0A =E2=80=A2 DeXe (DEXE): +13.5% =E2=80=A2 Kaia (KAIA): +11.1% =E2= =80=A2 NEAR Protocol (NEAR): +8.5% =0A =F0=9F=94=BD Losers =E2=80=8B =0A = =E2=80=A2 Ether.fi (ETHFI): -15.4% =E2=80=A2 Arbitrum (ARB): -15.2% =E2=80= =A2 Official Trump (TRUMP): -13.6% =0A [Image] Market sentiment=3F Currentl= y =E2=80=9CNeutral=E2=80=9D. =0A Trump, The Fed, and Crypto's Access to Pay= ment Rails =0A =0A President Trump signed an executive order on May 19 dire= cting federal financial regulators, including the Federal Reserve, to revie= w rules that limit fintech and digital asset firms' access to US payment sy= stems, with findings due within 90 days. The US payment system has largely = been off-limits to crypto-native firms for years, with many digital asset c= ompanies forced to rely on a small number of crypto-friendly banks or opera= te without direct access to the central banking system at all. This order c= ould change that. Stablecoin issuers, digital asset exchanges, and blockcha= in-based payment processors could gain direct access to the rails that trad= itional finance runs on. =0A The context matters, though. This arrives at a= moment when the relationship between the White House and the Fed has never= been more politically charged, and executive orders do not automatically c= hange regulations. This initiates a rulemaking process that will involve th= e Treasury, the Fed, and multiple agencies over months. Kraken has already = been granted a limited Fed master account. Ripple, Anchorage Digital, and W= ise are next in line. The direction is right. The path to get there is goin= g to be complicated. For platforms like Wayex operating in regulated market= s, the principle of crypto firms gaining proper payment rail access is one = we have been building toward from day one. =0ARead More Fund Managers Are D= erisking, And The Numbers Show It =0A =0A Spot Bitcoin ETFs recorded their = largest single-day net outflows since January, with US$648.64 million (AU$9= 13.29 million) leaving across seven funds in a single session, extending la= st week's US$1 billion (AU$1.4 billion) in total withdrawals and ending a s= ix-week positive streak. BlackRock's IBIT led the exit with US$448 million = (AU$630.98 million) in redemptions alone, followed by Ark and 21Shares with= US$110 million (AU$154.93 million) and Fidelity with US$63 million (AU$88.= 73 million). This is not a rounding error. This is institutional money maki= ng a deliberate decision about risk. =0A The drivers are interconnected. Ge= opolitical escalation between the US and Iran is pushing oil prices higher,= which feeds inflation, which kills the case for rate cuts, which removes t= he tailwind that has been supporting risk assets, including Bitcoin. US Tre= asury yields are rising, making safer assets more attractive and reducing a= ppetite for non-yielding assets like BTC. The market is pricing in a higher= -for-longer rate environment, and institutions are positioning accordingly.= The honest read is not panic, but it is not comfort either. Institutions a= re managing short-term risk, not abandoning crypto as a long-term asset cla= ss. Long-term holders have been accumulating through this weakness, which h= istorically limits how far the downside goes. That is the counterweight wor= th holding onto right now. =0A Why The Clarity Act Still Matters, Maybe Mor= e Than Ever =0A =0A The Clarity Act cleared the Senate Banking Committee on= May 14 and is heading toward a full Senate floor vote. In a week dominated= by cautionary signals, it would be easy to treat this as background noise.= It is anything but. The bill establishes clear rules separating which digi= tal assets are securities and which are commodities, ending years of jurisd= ictional confusion between the SEC and CFTC. It protects software developer= s who publish code without controlling customer funds. It preserves the rig= ht to self-custody. It requires exchanges, brokers, and dealers to comply w= ith anti-money laundering and sanctions compliance obligations. In short, i= t gives the industry the structural certainty it needs to attract long-term= institutional capital that does not get spooked by a week of ETF outflows.= =0A The remaining hurdle is the conflict-of-interest provision, with Democ= rats insisting the bill cannot pass the Senate floor without language restr= icting government officials from profiting from the crypto industry. It sti= ll needs 60 votes, which means it needs bipartisan support. The connection = between this week's cautionary signals and the Clarity Act is more direct t= han it might appear. The US$649 million (AU$914.08 million) in ETF outflows= , the Burry warnings, and the stablecoin vulnerability concerns are all sym= ptoms of an industry that has grown large enough to attract serious capital= but has not yet secured the regulatory foundation that serious capital ult= imately requires. The Clarity Act is that foundation. The July 4 target dat= e the White House set remains in play. =0A USDT and USDC: Is The Stablecoin= Safety Net Thinner Than We Think=3F =0A =0A An expert warned publicly this= week that even a mountain of T-bills will not save Tether and Circle from = a sudden liquidity crisis. The argument is more technically grounded than t= he headline suggests and is worth understanding properly rather than either= dismissing it or spiralling into alarm. =0A The core issue is not the qual= ity of the assets. Both Tether and Circle hold the majority of their reserv= es in short-term US Treasury bills, which are among the safest assets on ea= rth. The problem is speed. In a sudden confidence shock, where a large numb= er of holders simultaneously demand redemption, the time it takes to liquid= ate even high-quality assets like T-bills, settle the trades, and return fi= at to users can create a gap between the demand for liquidity and the abili= ty to supply it. That gap, even if temporary, can trigger the kind of bank-= run dynamic that turns a manageable situation into a systemic one. =0A This= matters because stablecoins sit at the intersection of almost every other = story in this newsletter. They are what institutional investors hold when t= hey derisk out of Bitcoin ETFs. They are the settlement layer for tokenised= equities and real-world assets. They are central to how crypto firms would= use Fed payment rails if Trump's executive order leads anywhere. The exper= t warning is not a prediction that Tether or Circle will fail. It is a remi= nder that size and safety are not the same thing. Using regulated platforms= , understanding what you hold and why, and keeping clean records matters mo= re than ever. Your full transaction history is in your Wayex account. That = clarity is worth having. =0A The Infrastructure Keeps Building: HYPE and To= kenised Equities =0A =0A After a week of cautionary signals, here are two s= tories pointing to the same underlying truth: regardless of what the macro = environment is doing in the short term, the infrastructure being built on b= lockchain rails keeps compounding. =0A Bitwise, one of the more credible in= stitutional voices in crypto asset management, called HYPE a generation-two= crypto token this week and flagged it as undervalued. The distinction matt= ers. Generation-one tokens are primarily stores of value or speculative ass= ets. Generation-two tokens have actual utility built into functioning ecosy= stems with real revenue, real users, and real network effects. Bitwise maki= ng that call publicly reflects a broader shift in how serious institutional= analysts are thinking about what gives a crypto asset durable value beyond= the cycle. =0A The tokenised equities story is even more significant. Toke= nised equities hit an all-time high of US$3.57 billion (AU$5.03 billion) in= daily volume this week, a number that would have seemed implausible two ye= ars ago. Burry's concern about where this leads structurally is legitimate = and worth taking seriously. The volume data tells you the market is moving = in this direction regardless. The infrastructure is not waiting for everyon= e to agree it is a good idea before it gets built. The question for partici= pants is not whether tokenised equities become a meaningful part of financi= al markets; that question is already being answered. The question is whethe= r the regulatory framework catches up fast enough to make it safe. =0ARead = More Something That Made Us Laugh This Week! =0A [Image] [Image] [Image] Fo= under's Corner =0A This week was a different kind of week to write about. M= ost weeks in crypto, the story is momentum, adoption, and institutions show= ing up. This week, the story was more honest than that, and honestly, more = useful. Fund managers pulling US$649 million (AU$914.08 million) out of Bit= coin ETFs in a single day, Michael Burry raising structural concerns about = where markets are heading, and an expert flagging stablecoin liquidity risk= s that most people in the industry prefer not to think about too carefully.= These are not reasons to panic. They are reasons to pay attention. =0A The= thread connecting all of it is simple. Crypto has grown large enough and c= omplex enough that the risks inside it are now systemic in ways they were n= ot three or four years ago. That is actually a sign of maturity. Serious ma= rkets generate serious risks. The question is whether the infrastructure, t= he regulation, and the platforms operating in this space are keeping pace w= ith the complexity. The Clarity Act, Trump's executive order on payment rai= ls, the stablecoin provisions being negotiated in Washington right now, the= se are not abstract policy debates. They are the regulatory foundation that= determines whether this industry can be trusted at scale. We are building = on the assumption that the foundation gets built properly. This week was a = reminder of why that work matters and why the platforms that take complianc= e, transparency, and user protection seriously are the ones that will still= be here when the dust settles. =0A Richard Voice, Co-Founder, Wayex =0A En= joyed the Weekly Wrap=3F =0A Send it to friends or family. If they join Way= ex using your referral link, you=E2=80=99ll both earn $10 in Bitcoin when t= hey sign up and trade. =0AOpen Wayex Open Wayex Web Got any questions=3F Re= ply to this email or contact our live chat within the Wayex app. =0A The Wa= yex Team =0A [Image] [Image] [Image] [Image] [Image] [Image] [Image] [Image= ] [Image] [Image] =C2=A92026 CRYPTOSPEND PTY LTD trading as 'Wayex' (ACN 63= 0 245 813). See wayex.com for more details. =0A Disclaimer: All information= in this article is for informational purposes only. You should not constru= e any such information or other material as legal, tax, investment, financi= al, or other advice. Nothing contained herein shall constitute a solicitati= on, recommendation, endorsement, or offer by CryptoSpend (Trading as Wayex)= to invest, buy, or sell any coins, tokens, or other crypto assets. Any des= criptions of CryptoSpend (Trading as Wayex) products or features are merely= for illustrative purposes. Past performance is not a guarantee or predicto= r of future performance. The value of crypto assets can increase or decreas= e, and you could lose all or a substantial amount of your purchase price. Y= ou need to do your research and due diligence to make the best possible jud= gement, as any purchases shall be your sole responsibility. 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=09=09=09<table class=3D"row-content stack" align=3D"center" border=3D"0" c= ellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"border-ra= dius: 0; color: #000000; width: 625px; box-sizing: border-box; margin: 0 au= to;" width=3D"625">=0A=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-siz= ing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09<tr style=3D"box-sizi= ng: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"column= column-1" width=3D"100%" style=3D"font-weight: 400; text-align: left; vert= ical-align: top; box-sizing: border-box;" align=3D"left" valign=3D"top">=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09<table width=3D"100%" border=3D"0" c= ellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"box-sizin= g: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style= =3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: border-box;">=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"col-pad" style=3D= "padding-bottom: 5px; padding-top: 5px; box-sizing: border-box;">=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09<div class=3D"spacer_block block-= 1" style=3D"height: 20px; line-height: 20px; font-size: 1px; box-sizing: bo= rder-box;">=E2=80=8A</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<table class=3D"paragraph_block block-2" width=3D"100%" border=3D"0" cel= lpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"word-break:= break-word; box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"= box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09<td class=3D"pad" style=3D"box-sizing: border-box; padding: 10px 2= 0px;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<div styl= e=3D"color: #ffffff; direction: ltr; font-family: Montserrat, Trebuchet MS,= Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, sans-serif; font-= size: 14px; font-weight: 400; letter-spacing: 0px; line-height: 1.2; text-a= lign: left; box-sizing: border-box;" align=3D"left">=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box-sizing: border-bo= x; line-height: inherit; margin: 0 0 24px;">Hi Dominic,</p>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box-sizing: bor= der-box; line-height: inherit; margin: 0;">Welcome to our Weekly Wrap Up! = =F0=9F=93=B0</p>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09<div class=3D"spacer_block block-3" style=3D"= height: 15px; line-height: 15px; font-size: 1px; box-sizing: border-box;">= =E2=80=8A</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table cl= ass=3D"divider_block block-4" width=3D"100%" border=3D"0" cellpadding=3D"10= " cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box;"= >=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-= sizing: border-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad" align=3D"cen= ter" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" role=3D"presentation" width=3D"90%" style=3D"box-sizing: border-box;= ">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody sty= le=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: border-box;">=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D= "divider_inner" style=3D"font-size: 1px; line-height: 1px; border-top-width= : 1px; border-top-color: #0372db; border-top-style: solid; box-sizing: bord= er-box;"><span style=3D"word-break: break-word; box-sizing: border-box;">= =E2=80=8A</span></td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<= /tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= </td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09<div class=3D"spacer_block block-5" = style=3D"height: 15px; line-height: 15px; font-size: 1px; box-sizing: borde= r-box;">=E2=80=8A</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<= table class=3D"heading_block block-6" width=3D"100%" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: borde= r-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style= =3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: border-box;">=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad" sty= le=3D"width: 100%; box-sizing: border-box; padding: 10px 20px;" align=3D"ce= nter">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<h1 style= =3D"color: #ffffff; direction: ltr; font-family: Montserrat, Trebuchet MS, = Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, sans-serif; font-s= ize: 24px; font-weight: 700; letter-spacing: normal; line-height: 1.2; text= -align: left; box-sizing: border-box; margin: 0;" align=3D"left"><span clas= s=3D"tinyMce-placeholder" style=3D"word-break: break-word; box-sizing: bord= er-box;">What=E2=80=99s Making News This Week</span></h1>=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<table class=3D"paragraph_block block-7" width=3D"100%" border=3D"0" cel= lpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"word-break:= break-word; box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"= box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09<td class=3D"pad" style=3D"box-sizing: border-box; padding: 10px 2= 0px;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<div styl= e=3D"color: #ffffff; direction: ltr; font-family: Montserrat, Trebuchet MS,= Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, sans-serif; font-= size: 14px; font-weight: 400; letter-spacing: 0px; line-height: 1.2; text-a= lign: left; box-sizing: border-box;" align=3D"left">=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box-sizing: border-bo= x; line-height: inherit; margin: 0;">This week in crypto feels like the mar= ket finally stopped pretending everything was fine. Bitcoin dropped below U= S$77,000 (AU$108,416.35) as geopolitical tensions, inflation fears, and hig= her US Treasury yields weighed on risk assets, and the data beneath the pri= ce tells a more uncomfortable story than most people want to sit with. Spot= Bitcoin ETFs shed another US$648.64 (AU$913.29) million in a single day, f= ollowing last week's US$1 billion (AU$1.4 billion) in outflows, as BlackRoc= k's IBIT led the exit with US$448 million (AU$630.79 million) in redemption= s alone. That is not noise. That is institutional money making a deliberate= decision about risk. Michael Burry, the investor who called the 2008 housi= ng crash, issued a fresh warning this week, this time targeting the converg= ence of crypto and traditional equities, calling the direction of travel a = harbinger of a cyberpunk future that needs to be stopped. Meanwhile, an exp= ert warned publicly that even a mountain of T-bills might not protect Tethe= r and Circle from a sudden liquidity crisis. Trump signed an executive orde= r pushing crypto firms closer to the Fed's payment rails, which is genuinel= y positive news, but it landed in a week where the cautionary signals were = too loud to ignore. The infrastructure story remains intact. The short-term= environment is asking harder questions than usual.=C2=A0</p>=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</div>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<t= able class=3D"button_block block-8" width=3D"100%" border=3D"0" cellpadding= =3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: border= -box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style= =3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: border-box;">=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad" ali= gn=3D"center" style=3D"box-sizing: border-box;"><a href=3D"https://wayex-1e= bef8f94122.intercom-mail.com/via/e=3Fob=3DUmkS4ok8e0t463oKPD%2FHEs%2BzfEHBj= e064YXlBrpTvVB%2FBmGGrFOlcz3oKZ73aD6aClIS5B%2BypY6M3lORPoCB9A%3D%3D&h=3D799= daf13e12918e8b11773137c89a0d54a9d9b5c-mfj0shyv_215474388172985&l=3Da8f4d089= 7773c8dc30ef895e8139c4f34829a479-217576752" target=3D"_blank" style=3D"colo= r: #ffffff; text-decoration: none; box-sizing: border-box;"><!--[if mso]>= =0A<v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"urn:sc= hemas-microsoft-com:office:word" href=3D"https://www.wayex.com/au/blog/way= ex-weekly-wrap-21-05-2026/" style=3D"height:42px;width:126px;v-text-anchor= :middle;" arcsize=3D"10%" fillcolor=3D"#0173dd">=0A<v:stroke dashstyle=3D"S= olid" weight=3D"0px" color=3D"#0173dd"/>=0A<w:anchorlock/>=0A<v:textbox ins= et=3D"0px,0px,0px,0px">=0A<center dir=3D"false" style=3D"color:#ffffff;font= -family:sans-serif;font-size:16px">=0A<![endif]--><span class=3D"button" st= yle=3D"background-color: #0173dd; border-radius: 4px; color: #ffffff; displ= ay: inline-block; font-family: Montserrat, Trebuchet MS, Lucida Grande, Luc= ida Sans Unicode, Lucida Sans, Tahoma, sans-serif; font-size: 16px; font-we= ight: 400; text-align: center; width: auto; word-break: keep-all; letter-sp= acing: normal; box-sizing: border-box; border: 0px solid transparent;"><spa= n class=3D"btn-pad" style=3D"word-break: break-word; display: block; box-si= zing: border-box; padding: 5px 20px;"><span style=3D"word-break: break-word= ; line-height: 32px; box-sizing: border-box;">Read More</span></span></span= ><!--[if mso]></center></v:textbox></v:roundrect><![endif]--></a></td>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09<table class=3D"divider_block block-9" width= =3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"present= ation" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style= =3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<td class=3D"pad" align=3D"center" style=3D"box-sizing: border-= box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table bo= rder=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" width= =3D"90%" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">= =0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<td class=3D"divider_inner" style=3D"font-= size: 1px; line-height: 1px; border-top-width: 1px; border-top-color: #0372= db; border-top-style: solid; box-sizing: border-box;"><span style=3D"word-b= reak: break-word; box-sizing: border-box;">=E2=80=8A</span></td>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<div class=3D"spacer_block block-10" style=3D"height: 15px; lin= e-height: 15px; font-size: 1px; box-sizing: border-box;">=E2=80=8A</div>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table class=3D"heading_blo= ck block-11" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0= " role=3D"presentation" style=3D"box-sizing: border-box;">=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-b= ox;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09<td class=3D"pad" style=3D"width: 100%; box-s= izing: border-box; padding: 10px 20px;" align=3D"center">=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09<h1 style=3D"color: #ffffff; dire= ction: ltr; font-family: Montserrat, Trebuchet MS, Lucida Grande, Lucida Sa= ns Unicode, Lucida Sans, Tahoma, sans-serif; font-size: 24px; font-weight: = 700; letter-spacing: normal; line-height: 1.2; text-align: left; box-sizing= : border-box; margin: 0;" align=3D"left"><span class=3D"tinyMce-placeholder= " style=3D"word-break: break-word; box-sizing: border-box;">Top Gainers &am= p; Losers Of The Week On Wayex</span></h1>=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>= =0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<div class=3D= "spacer_block block-12" style=3D"height: 15px; line-height: 15px; font-size= : 1px; box-sizing: border-box;">=E2=80=8A</div>=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<table class=3D"image_block block-13" width=3D"100%= " border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" st= yle=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-si= zing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<td class=3D"pad" style=3D"width: 100%; 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color: #000000; width: 625px; box-sizin= g: border-box; margin: 0 auto;" width=3D"625">=0A=09=09=09=09=09=09=09=09= =09=09<tbody style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09=09<td class=3D"column column-1" width=3D"50%" style=3D"font-weigh= t: 400; text-align: left; vertical-align: top; box-sizing: border-box;" ali= gn=3D"left" valign=3D"top">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09<table= width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pr= esentation" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"= box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<t= d class=3D"col-pad" style=3D"padding-bottom: 5px; padding-top: 5px; box-siz= ing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table= class=3D"paragraph_block block-1" width=3D"100%" border=3D"0" cellpadding= =3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"word-break: break-= word; box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-si= zing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<td class=3D"pad" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09<div style=3D"color: #ffffff; dir= ection: ltr; font-family: Arial, 'Helvetica Neue', Helvetica, sans-serif; f= ont-size: 14px; font-weight: 400; letter-spacing: 0px; line-height: 1.2; te= xt-align: center; box-sizing: border-box;" align=3D"center">=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box-sizing: bor= der-box; line-height: inherit; margin: 0;">=F0=9F=94=BC <strong style=3D"bo= x-sizing: border-box;">Gainers</strong><br style=3D"box-sizing: border-box;= "><br style=3D"box-sizing: border-box;">=E2=80=A2 DeXe (DEXE): +13.5%<br st= yle=3D"box-sizing: border-box;">=E2=80=A2 Kaia (KAIA): +11.1%<br style=3D"b= ox-sizing: border-box;">=E2=80=A2 NEAR Protocol (NEAR): +8.5%</p>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</div>=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</= td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09= =09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"column colum= n-2" width=3D"50%" style=3D"font-weight: 400; text-align: left; vertical-al= ign: top; box-sizing: border-box;" align=3D"left" valign=3D"top">=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09<table width=3D"100%" border=3D"0" cellpad= ding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: bor= der-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-= sizing: border-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"col-pad" style=3D"padding-= bottom: 5px; padding-top: 5px; box-sizing: border-box;">=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<table class=3D"paragraph_block block-1" w= idth=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"pre= sentation" style=3D"word-break: break-word; box-sizing: border-box;">=0A=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing:= border-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad" style=3D"box-sizin= g: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<div style=3D"color: #ffffff; direction: ltr; font-family: Arial, 'Helve= tica Neue', Helvetica, sans-serif; font-size: 14px; font-weight: 400; lette= r-spacing: 0px; line-height: 1.2; text-align: center; box-sizing: border-bo= x;" align=3D"center">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09<p style=3D"box-sizing: border-box; line-height: inherit; margin: = 0;">=F0=9F=94=BD <strong style=3D"box-sizing: border-box;">Losers</strong><= br style=3D"box-sizing: border-box;"><br style=3D"box-sizing: border-box;">= =E2=80=A2 Ether.fi (ETHFI): -15.4%<br style=3D"box-sizing: border-box;">=E2= =80=A2 Arbitrum (ARB): -15.2%<br style=3D"box-sizing: border-box;">=E2=80= =A2 Official Trump (TRUMP): -13.6%</p>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr= >=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody= >=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09= =09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09</tbody>=0A=09=09= =09=09=09=09=09=09=09</table>=0A=09=09=09=09=09=09=09=09</td>=0A=09=09=09= =09=09=09=09</tr>=0A=09=09=09=09=09=09</tbody>=0A=09=09=09=09=09</table>=0A= =09=09=09=09=09<table class=3D"row row-4" align=3D"center" width=3D"100%" b= order=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style= =3D"box-sizing: border-box;">=0A=09=09=09=09=09=09<tbody style=3D"box-sizin= g: border-box;">=0A=09=09=09=09=09=09=09<tr style=3D"box-sizing: border-box= ;">=0A=09=09=09=09=09=09=09=09<td style=3D"box-sizing: border-box;">=0A=09= =09=09=09=09=09=09=09=09<table class=3D"row-content stack" align=3D"center"= border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" sty= le=3D"border-radius: 0; 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line-height: 1px; border= -top-width: 1px; border-top-color: #0372db; border-top-style: solid; box-si= zing: border-box;"><span style=3D"word-break: break-word; box-sizing: borde= r-box;">=E2=80=8A</span></td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr= >=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<div class=3D"spacer_block = block-6" style=3D"height: 15px; line-height: 15px; font-size: 1px; box-sizi= ng: border-box;">=E2=80=8A</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09= =09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09= =09=09=09=09=09=09=09</tbody>=0A=09=09=09=09=09=09=09=09=09</table>=0A=09= =09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09= =09</tbody>=0A=09=09=09=09=09</table>=0A=09=09=09=09=09<table class=3D"row = row-5" align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cells= pacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box;">=0A=09= =09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A=09=09=09=09=09= =09=09<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09<td = style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09<table clas= s=3D"row-content stack" align=3D"center" border=3D"0" cellpadding=3D"0" cel= lspacing=3D"0" role=3D"presentation" style=3D"border-radius: 0; color: #000= 000; width: 625px; box-sizing: border-box; margin: 0 auto;" width=3D"625">= =0A=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">= =0A=09=09=09=09=09=09=09=09=09=09=09<tr style=3D"box-sizing: border-box;">= =0A=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"column column-1" width= =3D"100%" style=3D"font-weight: 400; text-align: left; vertical-align: top;= box-sizing: border-box;" align=3D"left" valign=3D"top">=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09<table width=3D"100%" border=3D"0" cellpadding=3D"0= " cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box;"= >=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: b= order-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09<td class=3D"col-pad" style=3D"padding-bottom: 5= px; padding-top: 5px; box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<table class=3D"heading_block block-1" width=3D"100= %" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" s= tyle=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-si= zing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<td class=3D"pad" style=3D"width: 100%; box-sizing: border-box; padding:= 10px 20px;" align=3D"center">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09<h1 style=3D"color: #ffffff; direction: ltr; font-family: Mo= ntserrat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Ta= homa, sans-serif; font-size: 21px; font-weight: 700; letter-spacing: normal= ; line-height: 1.2; text-align: left; box-sizing: border-box; margin: 0;" a= lign=3D"left"><span class=3D"tinyMce-placeholder" style=3D"word-break: brea= k-word; box-sizing: border-box;">Trump, The Fed, and Crypto's Access to Pay= ment Rails<br style=3D"box-sizing: border-box;"></span></h1>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09<table class=3D"paragraph_block block-2" width=3D"100%" border=3D"0" = cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"word-bre= ak: break-word; box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style= =3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<td class=3D"pad" style=3D"box-sizing: border-box; padding: 10p= x 20px;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<div s= tyle=3D"color: #ffffff; direction: ltr; font-family: Montserrat, Trebuchet = MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, sans-serif; fo= nt-size: 14px; font-weight: 400; letter-spacing: 0px; line-height: 1.2; tex= t-align: left; box-sizing: border-box;" align=3D"left">=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box-sizing: border= -box; line-height: inherit; margin: 0 0 16px;">President Trump signed an ex= ecutive order on May 19 directing federal financial regulators, including t= he Federal Reserve, to review rules that limit fintech and digital asset fi= rms' access to US payment systems, with findings due within 90 days. The US= payment system has largely been off-limits to crypto-native firms for year= s, with many digital asset companies forced to rely on a small number of cr= ypto-friendly banks or operate without direct access to the central banking= system at all. This order could change that. Stablecoin issuers, digital a= sset exchanges, and blockchain-based payment processors could gain direct a= ccess to the rails that traditional finance runs on.</p>=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box-sizing: border= -box; line-height: inherit; margin: 0;">The context matters, though. This a= rrives at a moment when the relationship between the White House and the Fe= d has never been more politically charged, and executive orders do not auto= matically change regulations. This initiates a rulemaking process that will= involve the Treasury, the Fed, and multiple agencies over months. Kraken h= as already been granted a limited Fed master account. Ripple, Anchorage Dig= ital, and Wise are next in line. The direction is right. The path to get th= ere is going to be complicated. For platforms like Wayex operating in regul= ated markets, the principle of crypto firms gaining proper payment rail acc= ess is one we have been building toward from day one.</p>=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09</div>=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tb= ody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table cl= ass=3D"button_block block-3" width=3D"100%" border=3D"0" cellpadding=3D"10"= cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box;">= =0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-s= izing: border-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad" align=3D"cen= ter" style=3D"box-sizing: border-box;"><a href=3D"https://wayex-1ebef8f9412= 2.intercom-mail.com/via/e=3Fob=3DUmkS4ok8e0t463oKPD%2FHEs%2BzfEHBje064YXlBr= pTvVB%2FBmGGrFOlcz3oKZ73aD6aClIS5B%2BypY6M3lORPoCB9A%3D%3D&h=3D799daf13e129= 18e8b11773137c89a0d54a9d9b5c-mfj0shyv_215474388172985&l=3Da8f4d0897773c8dc3= 0ef895e8139c4f34829a479-217576752" target=3D"_blank" style=3D"color: #fffff= f; 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display: block; box-sizing: borde= r-box; padding: 5px 20px;"><span style=3D"word-break: break-word; line-heig= ht: 32px; box-sizing: border-box;">Read More</span></span></span><!--[if ms= o]></center></v:textbox></v:roundrect><![endif]--></a></td>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<table class=3D"divider_block block-4" width=3D"100%" bor= der=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style= =3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizin= g: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<t= d class=3D"pad" align=3D"center" style=3D"box-sizing: border-box;">=0A=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table border=3D"0" c= ellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" width=3D"90%" styl= e=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"= box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<td class=3D"divider_inner" style=3D"font-size: 1px; 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color: #000000; width: 625px; = box-sizing: border-box; margin: 0 auto;" width=3D"625">=0A=09=09=09=09=09= =09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A=09=09=09=09=09= =09=09=09=09=09=09<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09= =09=09=09=09=09=09=09<td class=3D"column column-1" width=3D"100%" style=3D"= font-weight: 400; text-align: left; vertical-align: top; box-sizing: border= -box;" align=3D"left" valign=3D"top">=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0= " role=3D"presentation" style=3D"box-sizing: border-box;">=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<= tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<td class=3D"col-pad" style=3D"padding-bottom: 5px; padding-top= : 5px; box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09<table class=3D"heading_block block-1" width=3D"100%" border=3D"0"= cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"box-siz= ing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tb= ody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: border-bo= x;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"p= ad" style=3D"width: 100%; box-sizing: border-box; padding: 10px 20px;" alig= n=3D"center">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<h= 1 style=3D"color: #ffffff; direction: ltr; font-family: Montserrat, Trebuch= et MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, sans-serif;= font-size: 21px; font-weight: 700; letter-spacing: normal; line-height: 1.= 2; text-align: left; box-sizing: border-box; margin: 0;" align=3D"left"><sp= an class=3D"tinyMce-placeholder" style=3D"word-break: break-word; box-sizin= g: border-box;">Fund Managers Are Derisking, And The Numbers Show It<br sty= le=3D"box-sizing: border-box;"></span></h1>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody= >=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table class= =3D"paragraph_block block-2" width=3D"100%" border=3D"0" cellpadding=3D"0" = cellspacing=3D"0" role=3D"presentation" style=3D"word-break: break-word; bo= x-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: bor= der-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td clas= s=3D"pad" style=3D"box-sizing: border-box; padding: 10px 20px;">=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<div style=3D"color: #ff= ffff; direction: ltr; font-family: Montserrat, Trebuchet MS, Lucida Grande,= Lucida Sans Unicode, Lucida Sans, Tahoma, sans-serif; font-size: 14px; fon= t-weight: 400; letter-spacing: 0px; line-height: 1.2; text-align: left; box= -sizing: border-box;" align=3D"left">=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09<p style=3D"box-sizing: border-box; line-height:= inherit; margin: 0 0 16px;">Spot Bitcoin ETFs recorded their largest singl= e-day net outflows since January, with US$648.64 million (AU$913.29 million= ) leaving across seven funds in a single session, extending last week's US$= 1 billion (AU$1.4 billion) in total withdrawals and ending a six-week posit= ive streak. BlackRock's IBIT led the exit with US$448 million (AU$630.98 mi= llion) in redemptions alone, followed by Ark and 21Shares with US$110 milli= on (AU$154.93 million) and Fidelity with US$63 million (AU$88.73 million). = This is not a rounding error. This is institutional money making a delibera= te decision about risk.</p>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09<p style=3D"box-sizing: border-box; line-height: inherit; ma= rgin: 0;">The drivers are interconnected. Geopolitical escalation between t= he US and Iran is pushing oil prices higher, which feeds inflation, which k= ills the case for rate cuts, which removes the tailwind that has been suppo= rting risk assets, including Bitcoin. US Treasury yields are rising, making= safer assets more attractive and reducing appetite for non-yielding assets= like BTC. The market is pricing in a higher-for-longer rate environment, a= nd institutions are positioning accordingly. The honest read is not panic, = but it is not comfort either. Institutions are managing short-term risk, no= t abandoning crypto as a long-term asset class. Long-term holders have been= accumulating through this weakness, which historically limits how far the = downside goes. That is the counterweight worth holding onto right now.</p>= =0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</div>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<table class=3D"divider_block block-3" width=3D"100%" border=3D= "0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"box= -sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: bor= der-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td clas= s=3D"pad" align=3D"center" style=3D"box-sizing: border-box;">=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table border=3D"0" cellpad= ding=3D"0" cellspacing=3D"0" role=3D"presentation" width=3D"90%" style=3D"b= ox-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-si= zing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<td class=3D"divider_inner" style=3D"font-size: 1px; line-heigh= t: 1px; border-top-width: 1px; border-top-color: #0372db; border-top-style:= solid; box-sizing: border-box;"><span style=3D"word-break: break-word; box= -sizing: border-box;">=E2=80=8A</span></td>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody= >=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A= =09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09</tb= ody>=0A=09=09=09=09=09=09=09=09=09</table>=0A=09=09=09=09=09=09=09=09</td>= =0A=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09</tbody>=0A=09=09=09=09= =09</table>=0A=09=09=09=09=09<table class=3D"row row-7" align=3D"center" wi= dth=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"prese= ntation" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09<tbody styl= e=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09<tr style=3D"box-sizi= ng: border-box;">=0A=09=09=09=09=09=09=09=09<td style=3D"box-sizing: border= -box;">=0A=09=09=09=09=09=09=09=09=09<table class=3D"row-content stack" ali= gn=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"pres= entation" style=3D"border-radius: 0; color: #000000; width: 625px; box-sizi= ng: border-box; margin: 0 auto;" width=3D"625">=0A=09=09=09=09=09=09=09=09= =09=09<tbody style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09=09<td class=3D"column column-1" width=3D"100%" style=3D"font-weig= ht: 400; text-align: left; vertical-align: top; box-sizing: border-box;" al= ign=3D"left" valign=3D"top">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09<tabl= e width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"p= resentation" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"= box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<t= d class=3D"col-pad" style=3D"padding-bottom: 5px; padding-top: 5px; box-siz= ing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table= class=3D"heading_block block-1" width=3D"100%" border=3D"0" cellpadding=3D= "0" cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box= ;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"bo= x-sizing: border-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad" style=3D"= width: 100%; box-sizing: border-box; padding: 10px 20px;" align=3D"center">= =0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<h1 style=3D"co= lor: #ffffff; direction: ltr; font-family: Montserrat, Trebuchet MS, Lucida= Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, sans-serif; font-size: 2= 1px; font-weight: 700; letter-spacing: normal; line-height: 1.2; text-align= : left; box-sizing: border-box; margin: 0;" align=3D"left"><span class=3D"t= inyMce-placeholder" style=3D"word-break: break-word; box-sizing: border-box= ;">Why The Clarity Act Still Matters, Maybe More Than Ever<br style=3D"box-= sizing: border-box;"></span></h1>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<= /tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>= =0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table class=3D"paragrap= h_block block-2" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" role=3D"presentation" style=3D"word-break: break-word; box-sizing: b= order-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody st= yle=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: border-box;">= =0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad" = style=3D"box-sizing: border-box; padding: 10px 20px;">=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09<div style=3D"color: #ffffff; direct= ion: ltr; font-family: Montserrat, Trebuchet MS, Lucida Grande, Lucida Sans= Unicode, Lucida Sans, Tahoma, sans-serif; font-size: 14px; font-weight: 40= 0; letter-spacing: 0px; line-height: 1.2; text-align: left; box-sizing: bor= der-box;" align=3D"left">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09<p style=3D"box-sizing: border-box; line-height: inherit; ma= rgin: 0 0 16px;">The Clarity Act cleared the Senate Banking Committee on Ma= y 14 and is heading toward a full Senate floor vote. In a week dominated by= cautionary signals, it would be easy to treat this as background noise. It= is anything but. The bill establishes clear rules separating which digital= assets are securities and which are commodities, ending years of jurisdict= ional confusion between the SEC and CFTC. It protects software developers w= ho publish code without controlling customer funds. It preserves the right = to self-custody. It requires exchanges, brokers, and dealers to comply with= anti-money laundering and sanctions compliance obligations. In short, it g= ives the industry the structural certainty it needs to attract long-term in= stitutional capital that does not get spooked by a week of ETF outflows.</p= >=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D= "box-sizing: border-box; line-height: inherit; margin: 0;">The remaining hu= rdle is the conflict-of-interest provision, with Democrats insisting the bi= ll cannot pass the Senate floor without language restricting government off= icials from profiting from the crypto industry. It still needs 60 votes, wh= ich means it needs bipartisan support. The connection between this week's c= autionary signals and the Clarity Act is more direct than it might appear. = The US$649 million (AU$914.08 million) in ETF outflows, the Burry warnings,= and the stablecoin vulnerability concerns are all symptoms of an industry = that has grown large enough to attract serious capital but has not yet secu= red the regulatory foundation that serious capital ultimately requires. The= Clarity Act is that foundation. The July 4 target date the White House set= remains in play.</p>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>= =0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<table class=3D"divider_block block-3" wid= th=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"prese= ntation" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr sty= le=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09<td class=3D"pad" align=3D"center" style=3D"box-sizing: bord= er-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table= border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" wid= th=3D"90%" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">= =0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<td class=3D"divider_inner" style=3D"font-= size: 1px; line-height: 1px; border-top-width: 1px; border-top-color: #0372= db; border-top-style: solid; box-sizing: border-box;"><span style=3D"word-b= reak: break-word; box-sizing: border-box;">=E2=80=8A</span></td>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09= =09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09= =09=09=09=09=09=09=09=09</tbody>=0A=09=09=09=09=09=09=09=09=09</table>=0A= =09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09</tr>=0A=09=09=09=09= =09=09</tbody>=0A=09=09=09=09=09</table>=0A=09=09=09=09=09<table class=3D"r= ow row-8" align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" ce= llspacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box;">=0A= =09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A=09=09=09=09= =09=09=09<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09<= td style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09<table c= lass=3D"row-content stack" align=3D"center" border=3D"0" cellpadding=3D"0" = cellspacing=3D"0" role=3D"presentation" style=3D"border-radius: 0; color: #= 000000; width: 625px; box-sizing: border-box; margin: 0 auto;" width=3D"625= ">=0A=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;"= >=0A=09=09=09=09=09=09=09=09=09=09=09<tr style=3D"box-sizing: border-box;">= =0A=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"column column-1" width= =3D"100%" style=3D"font-weight: 400; text-align: left; vertical-align: top;= box-sizing: border-box;" align=3D"left" valign=3D"top">=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09<table width=3D"100%" border=3D"0" cellpadding=3D"0= " cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box;"= >=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: b= order-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09<td class=3D"col-pad" style=3D"padding-bottom: 5= px; padding-top: 5px; box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<table class=3D"heading_block block-1" width=3D"100= %" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" s= tyle=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-si= zing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<td class=3D"pad" style=3D"width: 100%; box-sizing: border-box; padding:= 10px 20px;" align=3D"center">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09<h1 style=3D"color: #ffffff; direction: ltr; font-family: Mo= ntserrat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Ta= homa, sans-serif; font-size: 21px; font-weight: 700; letter-spacing: normal= ; line-height: 1.2; text-align: left; box-sizing: border-box; margin: 0;" a= lign=3D"left"><span class=3D"tinyMce-placeholder" style=3D"word-break: brea= k-word; box-sizing: border-box;">USDT and USDC: Is The Stablecoin Safety Ne= t Thinner Than We Think=3F<br style=3D"box-sizing: border-box;"></span></h1= >=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09<table class=3D"paragraph_block block-2" width=3D"100%= " border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" st= yle=3D"word-break: break-word; box-sizing: border-box;">=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;= ">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09<td class=3D"pad" style=3D"box-sizing: border-bo= x; padding: 10px 20px;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09<div style=3D"color: #ffffff; direction: ltr; font-family: Montser= rat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma,= sans-serif; font-size: 14px; font-weight: 400; letter-spacing: 0px; line-h= eight: 1.2; text-align: left; box-sizing: border-box;" align=3D"left">=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box= -sizing: border-box; line-height: inherit; margin: 0 0 16px;">An expert war= ned publicly this week that even a mountain of T-bills will not save Tether= and Circle from a sudden liquidity crisis. The argument is more technicall= y grounded than the headline suggests and is worth understanding properly r= ather than either dismissing it or spiralling into alarm.</p>=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box-sizing: = border-box; line-height: inherit; margin: 0 0 16px;">The core issue is not = the quality of the assets. Both Tether and Circle hold the majority of thei= r reserves in short-term US Treasury bills, which are among the safest asse= ts on earth. The problem is speed. In a sudden confidence shock, where a la= rge number of holders simultaneously demand redemption, the time it takes t= o liquidate even high-quality assets like T-bills, settle the trades, and r= eturn fiat to users can create a gap between the demand for liquidity and t= he ability to supply it. That gap, even if temporary, can trigger the kind = of bank-run dynamic that turns a manageable situation into a systemic one.<= /p>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style= =3D"box-sizing: border-box; line-height: inherit; margin: 0;">This matters = because stablecoins sit at the intersection of almost every other story in = this newsletter. They are what institutional investors hold when they deris= k out of Bitcoin ETFs. They are the settlement layer for tokenised equities= and real-world assets. They are central to how crypto firms would use Fed = payment rails if Trump's executive order leads anywhere. The expert warning= is not a prediction that Tether or Circle will fail. It is a reminder that= size and safety are not the same thing. Using regulated platforms, underst= anding what you hold and why, and keeping clean records matters more than e= ver. Your full transaction history is in your Wayex account. That clarity i= s worth having.</p>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>= =0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<table class=3D"divider_block block-3" wid= th=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"prese= ntation" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr sty= le=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09<td class=3D"pad" align=3D"center" style=3D"box-sizing: bord= er-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table= border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" wid= th=3D"90%" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">= =0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<td class=3D"divider_inner" style=3D"font-= size: 1px; line-height: 1px; border-top-width: 1px; border-top-color: #0372= db; border-top-style: solid; box-sizing: border-box;"><span style=3D"word-b= reak: break-word; box-sizing: border-box;">=E2=80=8A</span></td>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09= =09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09= =09=09=09=09=09=09=09=09</tbody>=0A=09=09=09=09=09=09=09=09=09</table>=0A= =09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09</tr>=0A=09=09=09=09= =09=09</tbody>=0A=09=09=09=09=09</table>=0A=09=09=09=09=09<table class=3D"r= ow row-9" align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" ce= llspacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box;">=0A= =09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A=09=09=09=09= =09=09=09<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09<= td style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09<table c= lass=3D"row-content stack" align=3D"center" border=3D"0" cellpadding=3D"0" = cellspacing=3D"0" role=3D"presentation" style=3D"border-radius: 0; color: #= 000000; width: 625px; box-sizing: border-box; margin: 0 auto;" width=3D"625= ">=0A=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;"= >=0A=09=09=09=09=09=09=09=09=09=09=09<tr style=3D"box-sizing: border-box;">= =0A=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"column column-1" width= =3D"100%" style=3D"font-weight: 400; text-align: left; vertical-align: top;= box-sizing: border-box;" align=3D"left" valign=3D"top">=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09<table width=3D"100%" border=3D"0" cellpadding=3D"0= " cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box;"= >=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: b= order-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09<td class=3D"col-pad" style=3D"padding-bottom: 5= px; padding-top: 5px; box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<table class=3D"heading_block block-1" width=3D"100= %" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" s= tyle=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-si= zing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<td class=3D"pad" style=3D"width: 100%; box-sizing: border-box; padding:= 10px 20px;" align=3D"center">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09<h1 style=3D"color: #ffffff; direction: ltr; font-family: Mo= ntserrat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Ta= homa, sans-serif; font-size: 21px; font-weight: 700; letter-spacing: normal= ; line-height: 1.2; text-align: left; box-sizing: border-box; margin: 0;" a= lign=3D"left"><span class=3D"tinyMce-placeholder" style=3D"word-break: brea= k-word; box-sizing: border-box;">The Infrastructure Keeps Building: HYPE an= d Tokenised Equities<br style=3D"box-sizing: border-box;"></span></h1>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<table class=3D"paragraph_block block-2" width=3D"100%" b= order=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style= =3D"word-break: break-word; box-sizing: border-box;">=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">= =0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<td class=3D"pad" style=3D"box-sizing: border-box; = padding: 10px 20px;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09<div style=3D"color: #ffffff; direction: ltr; font-family: Montserrat= , Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, sa= ns-serif; font-size: 14px; font-weight: 400; letter-spacing: 0px; line-heig= ht: 1.2; text-align: left; box-sizing: border-box;" align=3D"left">=0A=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box-si= zing: border-box; line-height: inherit; margin: 0 0 16px;">After a week of = cautionary signals, here are two stories pointing to the same underlying tr= uth: regardless of what the macro environment is doing in the short term, t= he infrastructure being built on blockchain rails keeps compounding.</p>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box= -sizing: border-box; line-height: inherit; margin: 0 0 16px;">Bitwise, one = of the more credible institutional voices in crypto asset management, calle= d HYPE a generation-two crypto token this week and flagged it as undervalue= d. The distinction matters. Generation-one tokens are primarily stores of v= alue or speculative assets. Generation-two tokens have actual utility built= into functioning ecosystems with real revenue, real users, and real networ= k effects. Bitwise making that call publicly reflects a broader shift in ho= w serious institutional analysts are thinking about what gives a crypto ass= et durable value beyond the cycle.</p>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09<p style=3D"box-sizing: border-box; line-height:= inherit; margin: 0;">The tokenised equities story is even more significant= =2E Tokenised equities hit an all-time high of US$3.57 billion (AU$5.03 bil= lion) in daily volume this week, a number that would have seemed implausibl= e two years ago. Burry's concern about where this leads structurally is leg= itimate and worth taking seriously. The volume data tells you the market is= moving in this direction regardless. The infrastructure is not waiting for= everyone to agree it is a good idea before it gets built. The question for= participants is not whether tokenised equities become a meaningful part of= financial markets; that question is already being answered. The question i= s whether the regulatory framework catches up fast enough to make it safe.<= /p>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</div>=0A=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09<table class=3D"button_block block-3" width=3D"100%" border= =3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"= box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: = border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td c= lass=3D"pad" align=3D"center" style=3D"box-sizing: border-box;"><a href=3D"= https://wayex-1ebef8f94122.intercom-mail.com/via/e=3Fob=3DUmkS4ok8e0t463oKP= D%2FHEs%2BzfEHBje064YXlBrpTvVB%2FBmGGrFOlcz3oKZ73aD6aClIS5B%2BypY6M3lORPoCB= 9A%3D%3D&h=3D799daf13e12918e8b11773137c89a0d54a9d9b5c-mfj0shyv_215474388172= 985&l=3Da8f4d0897773c8dc30ef895e8139c4f34829a479-217576752" target=3D"_blan= k" style=3D"color: #ffffff; 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line= -height: 1px; border-top-width: 1px; border-top-color: #0372db; border-top-= style: solid; box-sizing: border-box;"><span style=3D"word-break: break-wor= d; box-sizing: border-box;">=E2=80=8A</span></td>=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<= /tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<div c= lass=3D"spacer_block block-2" style=3D"height: 15px; line-height: 15px; fon= t-size: 1px; box-sizing: border-box;">=E2=80=8A</div>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09<table class=3D"heading_block block-3" width= =3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presenta= tion" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style= =3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<td class=3D"pad" style=3D"width: 100%; box-sizing: border-box;= padding: 10px 20px;" align=3D"center">=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<h1 style=3D"color: #ffffff; direction: ltr; font-f= amily: Montserrat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida= Sans, Tahoma, sans-serif; font-size: 21px; font-weight: 700; letter-spacin= g: normal; line-height: 1.2; text-align: left; box-sizing: border-box; marg= in: 0;" align=3D"left"><span class=3D"tinyMce-placeholder" style=3D"word-br= eak: break-word; box-sizing: border-box;">Founder's Corner</span></h1>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<table class=3D"paragraph_block block-4" width=3D"100%" b= order=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style= =3D"word-break: break-word; box-sizing: border-box;">=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">= =0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<td class=3D"pad" style=3D"box-sizing: border-box; = padding: 10px 20px;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09<div style=3D"color: #ffffff; direction: ltr; font-family: Montserrat= , Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, sa= ns-serif; font-size: 14px; font-weight: 400; letter-spacing: 0px; line-heig= ht: 1.2; text-align: left; box-sizing: border-box;" align=3D"left">=0A=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box-si= zing: border-box; line-height: inherit; margin: 0 0 24px;">This week was a = different kind of week to write about. Most weeks in crypto, the story is m= omentum, adoption, and institutions showing up. This week, the story was mo= re honest than that, and honestly, more useful. Fund managers pulling US$64= 9 million (AU$914.08 million) out of Bitcoin ETFs in a single day, Michael = Burry raising structural concerns about where markets are heading, and an e= xpert flagging stablecoin liquidity risks that most people in the industry = prefer not to think about too carefully. These are not reasons to panic. Th= ey are reasons to pay attention.</p>=0A=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<p style=3D"box-sizing: border-box; line-height: in= herit; margin: 0 0 24px;">The thread connecting all of it is simple. Crypto= has grown large enough and complex enough that the risks inside it are now= systemic in ways they were not three or four years ago. That is actually a= sign of maturity. Serious markets generate serious risks. The question is = whether the infrastructure, the regulation, and the platforms operating in = this space are keeping pace with the complexity. The Clarity Act, Trump's e= xecutive order on payment rails, the stablecoin provisions being negotiated= in Washington right now, these are not abstract policy debates. They are t= he regulatory foundation that determines whether this industry can be trust= ed at scale. We are building on the assumption that the foundation gets bui= lt properly. This week was a reminder of why that work matters and why the = platforms that take compliance, transparency, and user protection seriously= are the ones that will still be here when the dust settles.</p>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"box-sizin= g: border-box; line-height: inherit; margin: 0;"><strong style=3D"box-sizin= g: border-box;">Richard Voice, Co-Founder, Wayex</strong></p>=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</div>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>= =0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09= =09</td>=0A=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09= =09=09=09</tbody>=0A=09=09=09=09=09=09=09=09=09</table>=0A=09=09=09=09=09= =09=09=09</td>=0A=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09</tbody>=0A= =09=09=09=09=09</table>=0A=09=09=09=09=09<table class=3D"row row-12" align= =3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0"= role=3D"presentation" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09= =09<tbody style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09<tr sty= le=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09<td style=3D"box-= sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09<table class=3D"row-cont= ent stack" align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0= " role=3D"presentation" style=3D"border-radius: 0; color: #000000; width: 6= 25px; box-sizing: border-box; margin: 0 auto;" width=3D"625">=0A=09=09=09= =09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A=09=09=09= =09=09=09=09=09=09=09=09<tr style=3D"box-sizing: border-box;">=0A=09=09=09= =09=09=09=09=09=09=09=09=09<td class=3D"column column-1" width=3D"100%" sty= le=3D"font-weight: 400; text-align: left; vertical-align: top; box-sizing: = border-box;" align=3D"left" valign=3D"top">=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09<table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacin= g=3D"0" role=3D"presentation" style=3D"box-sizing: border-box;">=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;= ">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<td class=3D"col-pad" style=3D"padding-bottom: 5px; paddi= ng-top: 5px; box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09<table class=3D"divider_block block-1" width=3D"100%" border= =3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"= box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: = border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td c= lass=3D"pad" align=3D"center" style=3D"box-sizing: border-box;">=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table border=3D"0" cell= padding=3D"0" cellspacing=3D"0" role=3D"presentation" width=3D"90%" style= =3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"= box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<td class=3D"divider_inner" style=3D"font-size: 1px; line= -height: 1px; border-top-width: 1px; border-top-color: #0372db; border-top-= style: solid; box-sizing: border-box;"><span style=3D"word-break: break-wor= d; box-sizing: border-box;">=E2=80=8A</span></td>=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<= /tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<div c= lass=3D"spacer_block block-2" style=3D"height: 15px; line-height: 15px; fon= t-size: 1px; box-sizing: border-box;">=E2=80=8A</div>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09<table class=3D"heading_block block-3" width= =3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presenta= tion" style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style= =3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09<td class=3D"pad" style=3D"width: 100%; box-sizing: border-box;= padding: 10px 20px;" align=3D"center">=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<h1 style=3D"color: #ffffff; direction: ltr; font-f= amily: Montserrat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida= Sans, Tahoma, sans-serif; font-size: 21px; font-weight: 700; letter-spacin= g: normal; line-height: 1.2; text-align: left; box-sizing: border-box; marg= in: 0;" align=3D"left"><span class=3D"tinyMce-placeholder" style=3D"word-br= eak: break-word; box-sizing: border-box;">Enjoyed the Weekly Wrap=3F</span>= </h1>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09<table class=3D"paragraph_block block-4" width= =3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presenta= tion" style=3D"word-break: break-word; box-sizing: border-box;">=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: bo= rder-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad" style=3D"box-sizing: = border-box; padding: 10px 20px;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<div style=3D"color: #ffffff; direction: ltr; font-family= : Montserrat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans= , Tahoma, sans-serif; font-size: 14px; font-weight: 400; letter-spacing: 0p= x; line-height: 1.2; text-align: left; box-sizing: border-box;" align=3D"le= ft">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style= =3D"box-sizing: border-box; line-height: inherit; margin: 0;">Send it to fr= iends or family. If they join Wayex using your referral link, you=E2=80=99l= l both earn=C2=A0<em style=3D"box-sizing: border-box;">$10 in Bitcoin</em>= =C2=A0when they sign up and trade.</p>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr= >=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody= >=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09= =09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09</tbody>=0A=09=09= =09=09=09=09=09=09=09</table>=0A=09=09=09=09=09=09=09=09</td>=0A=09=09=09= =09=09=09=09</tr>=0A=09=09=09=09=09=09</tbody>=0A=09=09=09=09=09</table>=0A= =09=09=09=09=09<table class=3D"row row-13" align=3D"center" width=3D"100%" = border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" styl= e=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09<tbody style=3D"box-sizi= ng: border-box;">=0A=09=09=09=09=09=09=09<tr style=3D"box-sizing: border-bo= x;">=0A=09=09=09=09=09=09=09=09<td style=3D"box-sizing: border-box;">=0A=09= =09=09=09=09=09=09=09=09<table class=3D"row-content stack" align=3D"center"= border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" sty= le=3D"border-radius: 0; color: #000000; width: 625px; box-sizing: border-bo= x; margin: 0 auto;" width=3D"625">=0A=09=09=09=09=09=09=09=09=09=09<tbody s= tyle=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09<tr st= yle=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09<td = class=3D"column column-1" width=3D"50%" style=3D"font-weight: 400; text-ali= gn: left; vertical-align: top; box-sizing: border-box;" align=3D"left" vali= gn=3D"top">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09<table width=3D"100%" = border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" styl= e=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= <tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: border= -box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"col-pad= " style=3D"padding-bottom: 5px; padding-top: 5px; box-sizing: border-box;">= =0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table class=3D"button_b= lock block-1" width=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D= "0" role=3D"presentation" style=3D"box-sizing: border-box;">=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: border-b= ox;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09<td class=3D"pad" align=3D"center" style=3D"b= ox-sizing: border-box;"><a href=3D"app.wayex.com" target=3D"_blank" style= =3D"color: #ffffff; text-decoration: none; box-sizing: border-box;"><!--[if= mso]>=0A<v:roundrect xmlns:v=3D"urn:schemas-microsoft-com:vml" xmlns:w=3D"= urn:schemas-microsoft-com:office:word" href=3D"app.wayex.com" style=3D"he= ight:42px;width:141px;v-text-anchor:middle;" arcsize=3D"10%" fillcolor=3D"#= 0173dd">=0A<v:stroke dashstyle=3D"Solid" weight=3D"0px" color=3D"#0173dd"/>= =0A<w:anchorlock/>=0A<v:textbox inset=3D"0px,0px,0px,0px">=0A<center dir=3D= "false" style=3D"color:#ffffff;font-family:sans-serif;font-size:16px">=0A<!= [endif]--><span class=3D"button" style=3D"background-color: #0173dd; border= -radius: 4px; color: #ffffff; display: inline-block; font-family: Montserra= t, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, s= ans-serif; font-size: 16px; font-weight: 400; text-align: center; width: au= to; word-break: keep-all; letter-spacing: normal; box-sizing: border-box; b= order: 0px solid transparent;"><span class=3D"btn-pad" style=3D"word-break:= break-word; display: block; box-sizing: border-box; padding: 5px 20px;"><s= pan style=3D"word-break: break-word; line-height: 32px; box-sizing: border-= box;">Open Wayex</span></span></span><!--[if mso]></center></v:textbox></v:= roundrect><![endif]--></a></td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody= >=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A= =09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"column column-2" width=3D"= 50%" style=3D"font-weight: 400; text-align: left; vertical-align: top; box-= sizing: border-box;" align=3D"left" valign=3D"top">=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09<table width=3D"100%" border=3D"0" cellpadding=3D"0" cell= spacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box;">=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: borde= r-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09<td class=3D"col-pad" style=3D"padding-bottom: 5px;= padding-top: 5px; box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09<table class=3D"button_block block-1" width=3D"100%" b= order=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" styl= e=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizin= g: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<t= d class=3D"pad" align=3D"center" style=3D"box-sizing: border-box;"><a href= =3D"my.wayex.com" target=3D"_blank" style=3D"color: #ffffff; text-decoratio= n: none; box-sizing: border-box;"><!--[if mso]>=0A<v:roundrect xmlns:v=3D"u= rn:schemas-microsoft-com:vml" xmlns:w=3D"urn:schemas-microsoft-com:office:w= ord" href=3D"my.wayex.com" style=3D"height:42px;width:183px;v-text-anchor= :middle;" arcsize=3D"10%" fillcolor=3D"#0173dd">=0A<v:stroke dashstyle=3D"S= olid" weight=3D"0px" color=3D"#0173dd"/>=0A<w:anchorlock/>=0A<v:textbox ins= et=3D"0px,0px,0px,0px">=0A<center dir=3D"false" style=3D"color:#ffffff;font= -family:sans-serif;font-size:16px">=0A<![endif]--><span class=3D"button" st= yle=3D"background-color: #0173dd; border-radius: 4px; color: #ffffff; displ= ay: inline-block; font-family: Montserrat, Trebuchet MS, Lucida Grande, Luc= ida Sans Unicode, Lucida Sans, Tahoma, sans-serif; font-size: 16px; font-we= ight: 400; text-align: center; width: auto; word-break: keep-all; letter-sp= acing: normal; box-sizing: border-box; border: 0px solid transparent;"><spa= n class=3D"btn-pad" style=3D"word-break: break-word; display: block; box-si= zing: border-box; padding: 5px 20px;"><span style=3D"word-break: break-word= ; line-height: 32px; box-sizing: border-box;">Open Wayex Web</span></span><= /span><!--[if mso]></center></v:textbox></v:roundrect><![endif]--></a></td>= =0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09= =09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A= =09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09= =09</tr>=0A=09=09=09=09=09=09=09=09=09=09</tbody>=0A=09=09=09=09=09=09=09= =09=09</table>=0A=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09</tr>= =0A=09=09=09=09=09=09</tbody>=0A=09=09=09=09=09</table>=0A=09=09=09=09=09<t= able class=3D"row row-14" align=3D"center" width=3D"100%" border=3D"0" cell= padding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: = border-box;">=0A=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">= =0A=09=09=09=09=09=09=09<tr style=3D"box-sizing: border-box;">=0A=09=09=09= =09=09=09=09=09<td style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09= =09=09=09<table class=3D"row-content stack" align=3D"center" border=3D"0" c= ellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"color: #0= 00000; 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line-height: 1px; border-top-width: 1px; border-top-color: #0372db; bo= rder-top-style: solid; box-sizing: border-box;"><span style=3D"word-break: = break-word; box-sizing: border-box;">=E2=80=8A</span></td>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09<div class=3D"spacer_block block-2" style=3D"height: 15px; line-heigh= t: 15px; font-size: 1px; box-sizing: border-box;">=E2=80=8A</div>=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09<table class=3D"paragraph_block b= lock-3" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" rol= e=3D"presentation" style=3D"word-break: break-word; box-sizing: border-box;= ">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box= -sizing: border-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad" style=3D"box= -sizing: border-box; padding: 10px 20px;">=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09<div style=3D"color: #ffffff; direction: ltr; fo= nt-family: Montserrat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lu= cida Sans, Tahoma, sans-serif; font-size: 14px; font-weight: 400; letter-sp= acing: 0px; line-height: 1.2; text-align: left; box-sizing: border-box;" al= ign=3D"left">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<p style=3D"box-sizing: border-box; line-height: inherit; margin: 0 0 40= px;"><strong style=3D"box-sizing: border-box;">Got any questions=3F </stron= g>Reply to this email or contact our live chat within the Wayex app.=C2=A0<= /p>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style= =3D"box-sizing: border-box; line-height: inherit; margin: 0;">The Wayex Tea= m</p>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</div>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A=09=09=09=09= =09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09</tr>=0A= =09=09=09=09=09=09=09=09=09=09</tbody>=0A=09=09=09=09=09=09=09=09=09</table= >=0A=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09</tr>=0A=09=09=09= =09=09=09</tbody>=0A=09=09=09=09=09</table>=0A=09=09=09=09=09<table class= =3D"row row-15" align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D= "0" cellspacing=3D"0" role=3D"presentation" style=3D"box-sizing: border-box= ;">=0A=09=09=09=09=09=09<tbody style=3D"box-sizing: border-box;">=0A=09=09= =09=09=09=09=09<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09= =09=09<td style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09=09=09=09<= table class=3D"row-content stack" align=3D"center" border=3D"0" cellpadding= =3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"border-radius: 0; 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line-height: inherit; margin: 0;">=C2=A92026 CRYPTOSPEND = PTY LTD trading as 'Wayex' (ACN 630 245 813). See <a href=3D"https://wayex-= 1ebef8f94122.intercom-mail.com/via/e=3Fob=3DvNgy%2Buo1LtI0%2FCmgkUiG629k%2B= Yssmq3hFjtRIpbKEnE%3D&h=3D683769047ded932ba59fbf9e763611a10f001ef9-mfj0shyv= _215474388172985&l=3D5debb64a88d88bc2a4856849149d6a815da33432-217331683" ta= rget=3D"_self" style=3D"text-decoration: underline; color: #0372db; box-siz= ing: border-box;">wayex.com</a>=C2=A0for more details.</p>=0A=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</div>=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09</tr>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<= /tbody>=0A</table>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<div c= lass=3D"spacer_block block-5" style=3D"height: 40px; line-height: 40px; fon= t-size: 1px; box-sizing: border-box;">=E2=80=8A</div>=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09<table class=3D"paragraph_block block-6" widt= h=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"present= ation" style=3D"word-break: break-word; box-sizing: border-box;">=0A=09=09= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody style=3D"box-sizing: bo= rder-box;">=0A<tr style=3D"box-sizing: border-box;">=0A=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad" style=3D"box-sizing: = border-box; padding: 10px 50px;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09<div style=3D"color: #ffffff; direction: ltr; font-family= : Montserrat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans= , Tahoma, sans-serif; font-size: 9px; font-weight: 400; letter-spacing: 0px= ; line-height: 1.2; text-align: left; box-sizing: border-box;" align=3D"lef= t">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style= =3D"box-sizing: border-box; line-height: inherit; margin: 0;"><strong style= =3D"box-sizing: border-box;">Disclaimer</strong>: All information in this a= rticle is for informational purposes only. You should not construe any such= information or other material as legal, tax, investment, financial, or oth= er advice. Nothing contained herein shall constitute a solicitation, recomm= endation, endorsement, or offer by CryptoSpend (Trading as Wayex) to invest= , buy, or sell any coins, tokens, or other crypto assets. Any descriptions = of CryptoSpend (Trading as Wayex) products or features are merely for illus= trative purposes. Past performance is not a guarantee or predictor of futur= e performance. The value of crypto assets can increase or decrease, and you= could lose all or a substantial amount of your purchase price. You need to= do your research and due diligence to make the best possible judgement, as= any purchases shall be your sole responsibility. For additional informatio= n, please review our:=C2=A0<a href=3D"https://wayex-1ebef8f94122.intercom-m= ail.com/via/e=3Fob=3DkirjNcj2EUNvtdQM5aPBnCqxGZtEx%2BLrciMGVgoiXXwVbnsa4aCl= EBhbpq5HIhRi&h=3D3f30e5f686a4f67817e680154e410ba2cb916356-mfj0shyv_21547438= 8172985&l=3D0cc695341d9977476fe394ee8731e476e288fdc7-217331693" style=3D"te= xt-decoration: underline; color: #0372db; box-sizing: border-box;">Privacy = Policy</a>,=C2=A0<a href=3D"https://wayex-1ebef8f94122.intercom-mail.com/vi= a/e=3Fob=3DyqvkLmYRsr%2BuaqlFcviD%2BTva3f9j1j%2BgoI9kmm6d4qWlE6NpOti9RsEqdp= ePOVGY&h=3Dda48a07c1b6f424114de9e1a82450fe880e17135-mfj0shyv_21547438817298= 5&l=3Da2b101ee09139b6814bac5c326d3b308cce61514-217331694" style=3D"text-dec= oration: underline; color: #0372db; box-sizing: border-box;">Terms and Cond= itions</a>,=C2=A0<a href=3D"https://wayex-1ebef8f94122.intercom-mail.com/vi= a/e=3Fob=3DSQoAKh3eJVbT8ODL2UPVDsrJfuuAjv0KAaGrEqkAsesdK8RmxhG6ULQsxliUgq0%= 2B&h=3Dabeb103191c4e61c3ace6a6ca6c7bd5d8bae1828-mfj0shyv_215474388172985&l= =3D99b58635bfa3aba6696c152809d1b69104523ad5-217331695" style=3D"text-decora= tion: underline; color: #0372db; box-sizing: border-box;">Product Disclosur= e Statement=C2=A0</a>and=C2=A0<a href=3D"https://wayex-1ebef8f94122.interco= m-mail.com/via/e=3Fob=3DqZI5KLNiezXnXAPN%2B9pgm2Xq%2FykuNUoq%2B7oCdm8yp0PX6= kmGb%2BOaqQjYmrxiq2v6&h=3D73ca84857b9a52ec6534f2697ba716a4aa290980-mfj0shyv= _215474388172985&l=3Dabbf0f3401476de34f11dfc8b338a1285505eccd-217331696" st= yle=3D"text-decoration: underline; color: #0372db; box-sizing: border-box;"= >Target Market Determination</a>.</p>=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09</td>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr= >=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>=0A</table>=0A= =09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<div class=3D"spacer_block = block-7" style=3D"height: 40px; line-height: 40px; font-size: 1px; box-sizi= ng: border-box;">=E2=80=8A</div>=0A=09=09=09=09=09=09=09=09=09=09=09=09=09= =09=09=09<table class=3D"menu_block block-8" width=3D"100%" border=3D"0" ce= llpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"box-sizin= g: border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbod= y style=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: border-box;= ">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td class=3D"pad= " style=3D"color: #ffffff; font-family: inherit; font-size: 9px; font-weigh= t: 400; box-sizing: border-box;" align=3D"center">=0A=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09=09<table width=3D"100%" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" role=3D"presentation" style=3D"box-sizing: = border-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<tbody style=3D"box-sizing: border-box;">=0A<tr style=3D"box-sizing: bor= der-box;">=0A=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09= =09<td class=3D"alignment" style=3D"text-align: center; font-size: 0px; box= -sizing: border-box;" align=3D"center">=0A=09=09=09=09=09=09=09=09=09=09=09= =09=09=09=09=09=09=09=09=09=09=09<div class=3D"menu-links" style=3D"box-siz= ing: border-box;">=0A<!--[if mso]><table role=3D"presentation" border=3D"0"= cellpadding=3D"0" cellspacing=3D"0" align=3D"center" style=3D""><tr style= =3D"text-align:center;"><![endif]--><!--[if mso]><td style=3D"padding-top:5= px;padding-right:5px;padding-bottom:5px;padding-left:5px"><![endif]--><a hr= ef=3D"https://wayex-1ebef8f94122.intercom-mail.com/via/e=3Fob=3Dwmm07OYbz4x= 0UQh%2FdGQ6muUp4Vt65C9Pp%2FG3NnJNP2QgW91glHHwsGpsczygbQKgnIzLgnTlZufu1jr%2B= Z4TLfQ%3D%3D&h=3D0bedb69f3c14ac8eb61a69c2d4831259fcf6a9ef-mfj0shyv_21547438= 8172985&l=3D4db541380a079fe18504f581356317cdbd6226ee-217331697" target=3D"_= self" style=3D"mso-hide: false; display: inline-block; color: #0372db; font= -family: Montserrat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Luci= da Sans, Tahoma, sans-serif; font-size: 9px; font-weight: 400; text-decorat= ion: none; letter-spacing: normal; box-sizing: border-box; padding: 5px;">P= rivacy Policy</a><!--[if mso]></td><![endif]--><!--[if mso]><td style=3D"pa= dding-top:5px;padding-right:5px;padding-bottom:5px;padding-left:5px"><![end= if]--><a href=3D"https://wayex-1ebef8f94122.intercom-mail.com/via/e=3Fob=3D= 55dEYgXKY3lJ1vlY5oyArNIhbBixBotxuTQtqNm4T4vG4o7z9vhie2K%2BFespPGnS&h=3Da970= 8f47b4e6fc439bb1b09f0f6136951376ad49-mfj0shyv_215474388172985&l=3Dc11befa68= 69e8f79a84f373eb4cd77dc1f6e0bbe-217331698" target=3D"_self" style=3D"mso-hi= de: false; display: inline-block; color: #0372db; font-family: Montserrat, = Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, sans= -serif; font-size: 9px; font-weight: 400; text-decoration: none; letter-spa= cing: normal; box-sizing: border-box; padding: 5px;">Terms &amp; Conditions= </a><!--[if mso]></td><![endif]--><!--[if mso]><td style=3D"padding-top:5px= ;padding-right:5px;padding-bottom:5px;padding-left:5px"><![endif]--><a href= =3D"https://wayex-1ebef8f94122.intercom-mail.com/via/e=3Fob=3DN7AhwJxZ6Pt2M= MRVWIOoJCnTO6q%2B2qfFM7%2BbpREhxoP5pXk5Yy08e8ADGrJNvKIL&h=3D8b7895325cb46f2= 233b5d4178f4b3e1fb870bc20-mfj0shyv_215474388172985&l=3D447dd1fad6a7f8ce2cac= d93b32843aa0dfd83560-217331699" target=3D"_self" style=3D"mso-hide: false; = display: inline-block; color: #0372db; font-family: Montserrat, Trebuchet M= S, Lucida Grande, Lucida Sans Unicode, Lucida Sans, Tahoma, sans-serif; fon= t-size: 9px; font-weight: 400; text-decoration: none; letter-spacing: norma= l; box-sizing: border-box; padding: 5px;">Product Disclosure Statement</a><= !--[if mso]></td><![endif]--><!--[if mso]><td style=3D"padding-top:5px;padd= ing-right:5px;padding-bottom:5px;padding-left:5px"><![endif]--><a href=3D"h= ttps://wayex-1ebef8f94122.intercom-mail.com/via/e=3Fob=3Dogps1Wwtc2OQR5O%2F= q1CcytZOqEdXyPoUbygtt2HgOZA%3D&h=3Dfb5273bc6750ec4c778efbeaa8e267a0bc851093= -mfj0shyv_215474388172985&l=3Dfe95f4a65f7aafb1430ffb5d2b134c1187d2128c-2173= 31700" target=3D"_self" style=3D"mso-hide: false; display: inline-block; co= lor: #0372db; font-family: Montserrat, Trebuchet MS, Lucida Grande, Lucida = Sans Unicode, Lucida Sans, Tahoma, sans-serif; font-size: 9px; font-weight:= 400; text-decoration: none; letter-spacing: normal; box-sizing: border-box= ; padding: 5px;">FAQ</a><!--[if mso]></td><![endif]--><!--[if mso]><td styl= e=3D"padding-top:5px;padding-right:5px;padding-bottom:5px;padding-left:5px"= ><![endif]--><a href=3D"https://wayex-1ebef8f94122.intercom-mail.com/via/e= =3Fob=3DwGUjIR7DM%2FeWcK%2F%2FDczrYjX0InQkOCkFhRGe3uaLXwEKnlc3x9E2aE6Ubu2Zx= PXb&h=3Db3d38ca674e49196372e7bfa39bb571314a72dfe-mfj0shyv_215474388172985&l= =3D839e0cbbe85ea28ab15fa44990c9afea033ca3d0-217331701" target=3D"_self" sty= le=3D"mso-hide: false; display: inline-block; color: #0372db; font-family: = Montserrat, Trebuchet MS, Lucida Grande, Lucida Sans Unicode, Lucida Sans, = Tahoma, sans-serif; font-size: 9px; font-weight: 400; text-decoration: none= ; letter-spacing: normal; box-sizing: border-box; padding: 5px;">Target Mar= ket Determination</a><!--[if mso]></td><![endif]--><!--[if mso]><td style= =3D"padding-top:5px;padding-right:5px;padding-bottom:5px;padding-left:5px">= <![endif]--><a href=3D"https://wayex-1ebef8f94122.intercom-mail.com/subscri= ptions/unsubscribe=3Fapp_id=3Dmfj0shyv&conversation_id=3D215474388172985&us= er_id=3D60f268f99daa641b496bd4ee&source=3Dbody" target=3D"_self" style=3D"m= so-hide: false; 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