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President Masoud Pezeshkian States That Iran Will End the War Only with Firm Guarantees for Iranian Security and National Interests 

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Iranian President Masoud Pezeshkian has stated that Iran has the necessary will to end the ongoing war with the United States and Israel but only with firm guarantees for Iran’s security and national interests.

This came in a phone call on March 31, 2026, with EU Council President António Costa, where Pezeshkian emphasized that any resolution must prevent future aggression and protect Iranian people. He reiterated Iran’s readiness to reduce tensions if there are tangible guarantees against renewed attacks.

The U.S.-Israeli military campaign against Iran, which began in early March 2026, has entered its second month. It involves airstrikes on Iranian targets including infrastructure and nuclear-related sites, Iranian retaliatory missile and drone attacks, and a disruption of the Strait of Hormuz, which has spiked global oil prices.

President Donald Trump has described the operation as nearing completion of its core strategic objectives, projecting it could wind down in another 2–3 weeks while warning of intensified strikes including on power plants if needed. He has also claimed Iran requested a ceasefire, a claim Iranian officials have repeatedly denied as false and baseless.

Pezeshkian has separately written an open letter to the American people questioning whether the war truly serves America First priorities and asking which U.S. interests it advances. Willing to end the conflict but demands security assurances to avoid repetition. U.S. intelligence assessments suggest Tehran is skeptical of serious U.S. negotiations right now and prefers to keep channels open without major concessions yet.

Trump has signaled the war could end quickly or soon but ties any de-escalation to reopening the Strait of Hormuz and has threatened further escalation if Iran doesn’t meet conditions. He has sent mixed signals on negotiations versus continued military pressure.

Fighting continues, with reports of ongoing strikes, intercepted missiles, and regional ripple effects. This is a fast-moving situation amid high tensions. Pezeshkian’s comments reflect a conditional openness to peace rather than an unconditional offer to end the war immediately. Diplomatic efforts are mentioned in reports, but no breakthrough has occurred.

Regional allies and neighbors have responded to the US-Israel military campaign against Iran  with a mix of condemnation of Iranian retaliation, quiet or overt alignment with Washington for security, frustration over lack of prior consultation, and diplomatic efforts to contain spillover. Iran’s strikes on Gulf energy infrastructure, airports, and US-linked sites—plus disruption of the Strait of Hormuz—have directly affected many, shifting some pre-war neutrality toward stronger anti-Iran stances while exposing limits of US protection.

Gulf monarchies (Saudi Arabia, UAE, Qatar, Bahrain, Kuwait, Oman) host significant US military assets and have borne the brunt of Iranian retaliation via missiles and drones targeting civilian areas, airports, hotels, and oil/gas facilities. Air defenses intercepted most threats, but some damage occurred, including casualties and temporary airspace closures.

Pre-war, many warned the US against escalation and sought to keep their territories out of any conflict. Post-strikes, patience has worn thin. Saudi Arabia reportedly granted US access to King Fahd Air Base. The UAE has signaled possible military involvement. Saudi, UAE, and Bahrain have told the US that a simple ceasefire is insufficient—Iran’s missile and drone capabilities and ability to weaponize the Strait of Hormuz must be degraded for long-term stability.

GCC states held emergency meetings, condemned Iranian aggression as violations of sovereignty, and affirmed the right to respond. They have shown unity despite past internal rifts. Complaints include lack of US advance notice for the initial strikes and insufficient defense of Gulf territory (focus seemed heavier on Israel and US forces). Some fear depleted interceptor stocks and question long-term US reliability.

Hawkish states like UAE/Bahrain lean toward defanging Iran. Oman and Qatar prioritize quick de-escalation and future coexistence with Tehran. Kuwait sits in between. Overall, Iranian attacks have narrowed space for neutrality, pushing some closer to the US while prompting hedging. Gulf states are now demanding a seat at any ceasefire talks and emphasize that attacks on their infrastructure cannot go unanswered.

Iraqi militias: Pledged attacks on US bases; some limited actions reported amid Iranian influence. These responses aim to stretch US/Israeli resources but risk further isolation for Tehran as proxies face backlash or degradation. Turkey: Condemned both US-Israeli strikes and Iranian retaliation. Denied US use of its territory/airspace for operations against Iran.

Pakistan: Emerged as a key intermediary, hosting or facilitating talks including with Saudi, Turkey, Egypt diplomats. Good ties with both US and Iran make it a neutral broker; army chief involved in back-channel efforts. Egypt: Participated in Islamabad talks; focuses on preventing wider spread.

Jordan and others: Targeted by some Iranian strikes; condemned them while aligning with anti-escalation calls. Russia and China have issued diplomatic condemnations of US-Israeli actions, called for immediate ceasefires, and positioned as potential mediators—but provided no direct military rescue for Iran. They prioritize avoiding high-cost entanglement.

The conflict has unified GCC states against Iranian tactics while highlighting vulnerabilities in the US security umbrella. Many regional actors especially Gulf now insist on a post-war Iran with reduced offensive capabilities, rather than quick de-escalation alone. Diplomatic tracks via Pakistan, Qatar, Oman, and Turkey continue amid ongoing strikes, but trust is low and maximalist demands from both sides complicate breakthroughs.

This remains fluid; Gulf solidarity could strengthen or fracture depending on escalation, while proxy actions risk new fronts in Lebanon or the Red Sea. Economic fallout pressures all sides toward resolution, but with differing visions for ending the threat.

Rebalancing the Smiling Curve: How African Startups Are Moving from Edge to Core

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As Flutterwave introduces a banking product, it signals a broader shift in African fintech: companies are moving from the edges of the smiling curve, where many have historically operated, back toward the center of the system. This transition is necessary because the edges, once rich with asymmetric value, are becoming increasingly crowded, with margins tightening under competition.

To rebalance, firms are returning to the center. But the center is not cheap. It demands investment in infrastructure, systems, compliance, and operational depth. Yet, within that complexity lies a powerful truth: the center still holds latent, largely untapped opportunities across Africa.

The Smiling Curve offers a simple but profound framework. At the center, the bottom of the curve, sit activities like manufacturing, assembly, delivery, and operational execution. These are typically commoditized. At the edges reside the domains of higher value: ideation, design, branding, aggregation, distribution, and customer ownership.

In essence: Where you operate in the value chain determines how much value you capture. Historically, staying at the center meant exposure to commoditization: intense competition, shrinking margins, and limited differentiation. Moving to the edges allowed companies to capture outsized value by controlling ideas or customer relationships.

But something is changing. As AI penetrates markets, the edges are becoming hyper-competitive. What once provided differentiation is now being democratized. The result? Even edge players are becoming vulnerable.

So, to build defensible advantage, companies are moving inward, toward full-stack control. By integrating the center with the edges, they create moats: tighter systems, deeper infrastructure, and end-to-end ownership of the value chain.

The new advantage is not just being at the edge. It is owning the system, from edge to core.

Good People, AI will continue to reshape market structures, and in doing so, it will force companies to rethink where they play. Increasingly, attention will shift back to the center, not as a place of weakness, but as a foundation for durable competitive advantage.

US-Listed ETF Trading Volume Hits a New All-Time in March 2026

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US-listed ETF trading volume hit a new all-time high in March 2026, with reports indicating approximately $7.8 trillion in total notional volume for the month—the highest monthly figure on record.

This surpasses previous peaks, including the elevated activity seen during the March 2020 pandemic volatility period. ETF trading now represents a significant portion of overall US equity market volume often cited above 30% in recent periods, underscoring the growing dominance of ETFs in market participation.

US ETF assets reached new highs around $14.2–14.3 trillion by the end of February 2026, up substantially year-over-year. Global ETF AUM has also crossed the $20 trillion mark earlier in the year. While March trading volume was exceptional, net inflows (creations) moderated somewhat compared to January/February amid geopolitical tensions (e.g., Middle East developments).

Q1 2026 still saw strong overall flows of about $463.5 billion, putting the year on pace for potentially another record annual inflow total possibly exceeding $1.6–2 trillion. Equity ETFs led earlier in Q1 but slowed in March, while fixed income saw robust activity.

Heightened market volatility, ongoing retail and institutional adoption, rotation into international and sector ETFs, and the sheer liquidity/versatility of ETFs have fueled both volume and participation. Leveraged products, broad-market funds like those tracking the S&P 500, and even niche or active ETFs have seen heavy turnover.

This surge in trading volume reflects deeper market integration of ETFs—not just as investment vehicles but as primary tools for expressing views, hedging, and tactical allocation. It also highlights liquidity concentration: a handful of mega-ETFs often dominate daily turnover, but the overall ecosystem continues to expand with new launches.

Performance was heavily driven by surging energy and commodity prices, geopolitical tensions boosting oil/tankers/defense, and volatility in leveraged products. Many leaders were niche or leveraged funds rather than broad-market ones.

Returns can vary slightly by exact end date and source; figures below reflect reported Q1/YTD data as of late March and early April 2026. Leveraged and commodity ETFs often top lists due to amplified moves but carry significantly higher risk and volatility.

Leverage Shares 2X Long PBR Daily ETF (PBRG): ~188% — Leveraged exposure to Brazilian oil giant Petrobras. MicroSectors U.S. Big Oil 3X Leveraged ETN (NRGU): ~168% — Triple-leveraged energy/oil play. MicroSectors Energy 3X Leveraged ETNs (WTIU): ~142% — Another high-leverage energy bet.

Simplify Exchange Traded Funds (CCOM) and related commodity trusts: Extremely high returns; hundreds of percent in some commodity broad-basket or focused products, driven by oil and related futures rallies. Other notable high performers included various crude oil futures funds and energy futures products (DBE, UGA, DBO in the 60–70% range).

Energy dominated flows and performance amid rising oil prices and a rotation away from tech in parts of the quarter: Energy Select Sector SPDR Fund (XLE): Strong double-digit gains with related funds like XOP (45%) and oil services (OIH ~51% in broader energy context) performing well. iShares U.S. Aerospace & Defense ETF (ITA) saw solid gains ~10% early in the year, extending with geopolitical news.

Some outperformance in areas like Japan (EWJ) and South Korea like EWY ~29% in February snapshots, continuing 2025 trends of international strength. SPDR Gold Shares (GLD) and silver-related funds posted gains as safe-haven demand rose with tensions, though not at the extreme levels of energy plays. S&P 500 trackers like SPY/VOO/IVV delivered solid but more moderate returns ~15–18% in various YTD references, underperforming many sector and energy plays.

Nasdaq-100 (QQQ) and growth/tech leaned higher in some periods but faced rotation pressure. Funds like Vanguard FTSE Developed Markets, VEA ~31% in longer snapshots and Total International (VXUS ~29%) showed resilience or outperformance vs. pure U.S. in parts of the period. Products like SOXL and TQQQ (UltraPro QQQ) had strong runs in volatile up periods ~39–52% in referenced data, but they amplify losses too.

Key Drivers in Q1 2026

Rising crude oil and tanker rates. Geopolitical developments like the Middle East tensions, defense spending. Energy gained flows and leadership over tech in March. Commodity volatility benefiting futures-based and leveraged ETFs. Many top performers are leveraged, inverse, or highly specialized, making them unsuitable for most long-term investors due to decay, high expense ratios, and extreme swings. Past performance doesn’t predict future results. Q1 strength in energy came amid broader market volatility.

Franklin Templeton Agrees to Acquire 250 Digital for An Undisclosed Price 

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Franklin Templeton has agreed to acquire 250 Digital, a cryptocurrency investment management firm that recently spun out from the venture capital firm CoinFund. The deal includes 250 Digital’s investment team and all its liquid cryptocurrency strategies previously managed under CoinFund. Following the acquisition, Franklin Templeton will launch a new dedicated unit called Franklin Crypto.

Christopher Perkins, formerly CoinFund president, will head Franklin Crypto and Seth Ginns formerly CoinFund managing partner and head of liquid investments, will serve as Chief Investment Officer. They will work alongside Franklin Templeton’s digital assets veteran Tony Pecore. The new unit will report to Sandy Kaul, head of innovation at Franklin Templeton.

Financial terms were not disclosed. Franklin Templeton will invest in the acquired strategies. A portion of the consideration is reportedly being paid in BENJI tokens (shares of Franklin Templeton’s tokenized on-chain U.S. government money market fund, one of the first U.S.-registered funds to use blockchain for share ownership).

This makes it a notable early use of tokenized assets in an M&A transaction. The deal is expected to close in Q2 2026, subject to customary conditions and client approvals. The move expands Franklin Templeton’s digital assets capabilities; it currently has about $1.8 billion in its digital assets group, out of over $1.7 trillion in total AUM.

Franklin Crypto will focus on active, liquid crypto strategies aimed at institutional investors such as pensions, sovereign wealth funds, and other large clients. It combines crypto-native expertise from the 250 Digital team with Franklin Templeton’s global distribution network. 250 Digital was formally spun out from CoinFund in January 2026 to focus on active cryptocurrency investment management (liquid strategies), separating from CoinFund’s core venture investing activities.

Perkins and Ginns brought a mix of traditional finance experience and crypto expertise. This acquisition is part of a broader trend of traditional asset managers deepening their involvement in crypto and digital assets, especially amid evolving regulatory discussions around tokenized securities and institutional adoption.

The firm, with over $1.7 trillion in total AUM, currently manages about $1.8 billion in digital assets. The acquisition brings in active, liquid crypto strategies, a seasoned team and shifts from mostly passive exposure to active management. This positions Franklin among a small group of traditional asset managers with dedicated institutional-grade crypto teams.

Combines crypto-native expertise with Franklin’s global reach and institutional relationships, potentially accelerating growth in digital assets under Sandy Kaul. Modest near-term balance sheet impact expected. Part of the consideration uses BENJI tokens from Franklin’s tokenized on-chain U.S. government money market fund, marking an early real-world use of tokenized assets in M&A.

Franklin will also invest directly in the acquired strategies. Franklin Resources (BEN) shares saw modest gains, up to ~1.5% in pre-market trading on announcement day, reflecting investor approval of the crypto expansion. Institutions gain access to active crypto strategies beyond basic ETF exposure.

This aligns with growing intentional engagement in digital assets, offering tailored, regulated products for portfolio diversification or alpha generation in a complex asset class. The move capitalizes on a recent crypto market selloff creating a unique opportunity and favorable U.S. policy signals under the current administration, potentially easing regulatory hurdles for tokenized securities and crypto integration.

SWIFT Completes the Design Phase of its Blockchain Shared Ledger with International Banks 

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SWIFT, the global financial messaging network connecting over 11,000 institutions across more than 200 countries, confirmed it has completed the design phase of its blockchain-based shared ledger in collaboration with a group of international banks. The project has now moved into active development of the first Minimum Viable Product (MVP).

The shared ledger creates a digital orchestration layer that records and validates interbank payment commitments. It enables interoperability between banks’ tokenized deposits (digital representations of commercial bank money on a ledger) for 24/7 real-time cross-border payments and settlement.

It builds on existing SWIFT standards and bank payment applications rather than overhauling them. Banks can continue using familiar workflows while gaining blockchain-based capabilities for faster, always-on settlement. It supports multiple settlement options and leverages existing compliance processes.

Built on open-source foundations using an Ethereum Virtual Machine (EVM)-compatible architecture based on Hyperledger Besu; an enterprise-friendly Ethereum client. It’s a permissioned system; not a public blockchain like Ethereum mainnet and does not involve a native cryptocurrency. Earlier prototypes involved collaboration with ConsenSys, developers of Linea, an Ethereum L2.

The MVP is scheduled to go live with real-world transactions later in 2026. Participating banks will start testing live tokenized deposit payments in the near term, with a focus on cross-border use cases initially. SWIFT is working with banks to define a roadmap for additional functionality, explore other on-chain settlement assets, and expand use cases to accelerate the shift toward digital finance globally.

This represents a pragmatic step by traditional finance toward tokenization and instant settlement without disrupting core infrastructure. It aligns with broader industry trends in tokenized bank deposits and programmable money, potentially reducing friction in cross-border flows that have historically relied on slower correspondent banking or messaging-only systems like SWIFT GPI.

This project acts as a digital orchestration layer on top of existing SWIFT infrastructure, enabling interoperability between banks’ tokenized deposits (digital representations of commercial bank money) for 24/7 cross-border payments and settlement. It is not replacing SWIFT’s core messaging system but augmenting it.

Traditional cross-border payments often take days due to time zones, intermediaries, and batch processing. The shared ledger supports real-time, 24/7 execution using tokenized deposits, with better liquidity visibility and reduced reconciliation efforts. This could significantly cut settlement risk and improve predictability.

By validating commitments on a shared ledger and supporting multiple settlement options while reusing existing compliance processes, it reduces reliance on correspondent banking chains. This may lower operational costs, fees, and friction for the ~$183 trillion annual cross-border payments market.

Banks keep familiar workflows and internal systems. SWIFT operates the ledger, making adoption easier for the 11,000+ connected institutions. It builds on open-source EVM-compatible tech (Hyperledger Besu) without introducing a native cryptocurrency. The MVP focuses on live transactions with tokenized commercial bank money.

This is a concrete step toward programmable money and atomic settlement. SWIFT plans to explore other on-chain settlement assets and expand use cases. This positions the ledger as a bridge for interoperability across tokenized ecosystems. As a permissioned system, it maintains regulatory compliance, security, and scalability—key for mainstream adoption of tokenization in trade finance, securities, or remittances.

Over 40 banks including JPMorgan, HSBC, Deutsche Bank, Bank of America, and others like Wells Fargo collaborated on the design, showing strong industry buy-in. Early participants gain competitive edges in speed and efficiency for international operations. Challenges include integration with legacy systems, cross-jurisdictional regulatory alignment, data privacy, and ensuring the MVP scales globally without introducing new risks.

This signals traditional finance’s serious embrace of distributed ledger technology (DLT) on its own terms—permissioned, controlled, and compliant. It could reduce fragmentation in digital finance and help banks compete with or integrate fintech/blockchain-native solutions. By acting as a coordination layer, it aims to connect different networks and asset types, potentially easing the shift to a more digitized global financial system.

It may pressure pure blockchain players while also creating opportunities for collaboration. Some observers note parallels to shared ledger concepts in crypto, but SWIFT’s version prioritizes regulated institutional use over public chains. With SWIFT’s reach across 200+ countries, successful rollout could accelerate the transition to digital finance worldwide, influencing standards for tokenized assets and real-time payments.

However, full impact depends on adoption rates, regulatory support, and expansion beyond the initial MVP. Early focus is narrow (tokenized deposits for cross-border), with full benefits emerging as functionality expands. Not all banks will move quickly; regulatory differences across jurisdictions could slow progress.

This remains a closed, bank-controlled environment—no public blockchain speculation or decentralization in the crypto sense. This is a pragmatic, high-impact development that could make cross-border value transfer more efficient and “always-on” while preserving the stability and compliance of the existing system. It reinforces tokenization as a mainstream trend rather than a niche experiment.