Morning Minute: BlackRock Goes Risk-On for 2026

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

• Crypto majors slightly green with ETH leading post-Fusaka; BTC at $93k
• BlackRock shares risk-on outlook for 2026, points to AI and stablecoins as big forces
• Coinbase says top banks are piloting stablecoins in stealth
• Polymarket launches app in US to those on waitlist
• Kalshi partners with CNN, faces cease & desist in Connecticut

🌐 BlackRock Goes Risk-On for 2026

The world’s largest asset manager is betting big on equities into 2026.

Thanks to AI and the digital asset boom.

📌 What Happened

BlackRock released its 2026 Global Outlook yesterday, and the message is straightforward: they’re staying risk-on.

The firm is overweight equities, underweight long-term Treasuries, and doubling down on what it calls the “mega forces” driving markets for the next decade.

Specifically, they see AI, the digital-finance buildout, and major shifts in global supply chains and geopolitics as driving factors.

Here are the core takeaways from the report:

• AI is the new center of gravity: BlackRock frames the entire investing landscape around long-duration AI forces reshaping growth, margins, and capital allocation.
• Stablecoins are now part of the “future of finance:” BlackRock says the shift in how households and businesses hold cash, borrow, transact, and earn yield is a major structural force, now driven by crypto and stablecoins.
• Broad indexes aren’t the easy play anymore: If mega forces (i.e. AI) are pulling returns into specific sectors, buying the broader index doesn’t make as much sense – it’s time to get selective
• Equities > long-term bonds: Elevated deficits and ongoing investment cycles mean long-duration Treasuries don’t offer the safety they used to.
• Active, thematic exposure beats traditional diversification: Rather than spreading across asset classes, BlackRock says investors should tilt toward sectors positioned to benefit from structural transformation.

Not the advice many would’ve expected, even a few years ago.

🗣️ What They’re Saying

“We remain pro-risk and see the AI theme still the main driver of U.S. equities. Yet this environment is ripe for active investing – picking winners and losers from among the builders now and later as AI gains start to spread, in our view.” – BlackRock 2026 Global Outlook report

“Stablecoins are no longer niche–they’re becoming the bridge between traditional finance and digital liquidity,” BlackRock’s Global Head of Market Development Samara Cohen said.

🧠 Why It Matters

Essentially, BlackRock is betting on growth, innovation, and long-term risk assets.

Not on a cookie-cutter, ancient 60/40 playbook of bond and equity index diversification.

And crypto (stablecoins) has a seat at the table.

This matters because when the biggest capital allocator in the world is leaning into equities and structural growth themes and sectors, it pushes capital in that direction.

Investment managers don’t get fired tailing BlackRock.

The biggest takeaway for crypto is that digital assets and digital finance are now officially a “mega force,” to steal BlackRock’s term.

BlackRock explicitly frames stablecoins, tokenization, and digital-asset infrastructure as part of the long-run transformation they’re positioning around.

That’s significant validation from a financial giant, that crypto is both investable and here to stay.

Major forces are shaping the future, and crypto (stablecoins) are one of the forces alongside AI and geopolitics. It’s a nice group to be included in…

🌎 Macro Crypto and Memes

A few Crypto and Web3 headlines that caught my eye:

• Crypto majors are slightly green with ETH leading post-Fusaka; BTC +1% at $93,000; ETH +4% at $3,190, BNB +1% at $909, SOL +1% at $143
• ZEC (+10%), TAO (+8%) and DASH (+6%) led top movers
• Large ETH holders resumed big spot buys after Monday’s liquidations, hinting at renewed dip-buying by institutions
• Brian Armstrong said that “top banks” are partnering with Coinbase on pilots for stablecoins, custody and trading at the Dealbook Summit
• BlackRock shared its 2026 outlook with a risk-on theme, staying overweight U.S. equities, calling AI and booming stablecoin usage “mega forces” reshaping markets
• Binance launched “Binance Junior” crypto savings accounts for minors, with tight monitoring and oversight controls for parents
• Sony’s Soneium blockchain partner, Startale, launched a stablecoin USDSC as the default settlement asset on the Soneium L2

In Corporate Treasuries / ETFs

• Franklin Templeton’s SOL ETF went live yesterday, though the overall SOL ETFs saw $32.9M in net outflows yesterday
• The SEC paused review of high-leveraged crypto ETFs, telling issuers to address volatility and investor-protection risks before applications move forward
• Eric Trump’s American Bitcoin stock (ABTC) steadied after its first big unlock, initially causing the stock to dip 35%

In Memes / Onchain Movers

• Memecoin leaders are mostly flat with Fartcoin leading; DOGE -1%, Shiba -2%, PEPE +2%, PENGU -1%, BONK +1%, TRUMP -1%, SPX +1%, and FARTCOIN +12%
• Franklin (+300%) was a top new mover; FWOG (+20%) was also a notable mover

💰 Token, Airdrop & Protocol Tracker

Here’s a rundown of major token, protocol and airdrop news from the day:

• Solana Mobile announced its SKR token launch coming Jan 2026, with 30% of the SKR tokens earmarked for Airdrops
• Polymarket rolled out its US mobile app on Wednesday to those on the waitlist
• Kalshi announced a partnership with CNN to integrate Kalshi prediction markets into CNN’s newsroom
• The State of Connecticut issued a Cease & Desist against Robinhood, Crypto dot com & Kalshi for conducting unlicensed online gambling
• Ostium announced a $24M raise led by Jump Crypto and General Catalyst to build out RWA perps

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• NFT leaders were mostly red in ETH alongside the ETH pump; Punks -1% at 30.49 ETH, Pudgy -4% at 5.4, BAYC -1% at 5.65 ETH; Hypurr’s +1% at 593 HYPE
• Nakamigos (+28%) and Moonbirds (+6%) led notable movers
• Nakamigos launched a Strategy token MEEGSTR via TokenWorks
• The FWOG NFTs are trading at 0.25 ETH (from a free mint) ahead of today’s public round
• XCOPY dropped a Bubbles mint on Shape, 10M free NFTs to those eligible, dwindling down to 1 final bubble over 10 years