Pyth and Membrane Introduce Experimental Protocol for Collateralized Debt Tokens

**The Challenge of Price Discovery** Bootstrapping a new market presents a fundamental challenge: establishing price without existing reference points or anchors. **Building 24/7 Market Infrastructure** At DAS, @mdomcahill explored how continuous markets like oil construct pricing mechanisms by: - Aggregating signals from traditional trading venues - Incorporating data from emerging platforms - Synthesizing derivatives market information This multi-source approach helps create reliable price discovery in markets that operate around the clock, addressing the core problem of establishing value in nascent trading environments.

**360X**, a regulated digital securities trading venue, has integrated **Pyth Pro** to power non-binding spot prices for stablecoin settlement on order entry. **Key Integration Details:** - Real-time market data feeds enable accurate pricing at the point of order entry - Powers stablecoin settlement infrastructure on the platform - Joins other major exchanges using Pyth Pro X's institutional data layer **About Pyth Pro X:** - Provides 3,000+ price feeds across crypto, equities, FX, and indices - Delivers sub-100ms latency with 96%+ accuracy vs. NBBO - Single subscription model with no exchange fees or redistribution barriers Learn more: [Pyth Pro X announcement](https://www.pyth.network/blog/introducing-pyth-pro-x-institutional-market-data-built-for-exchanges?utm_source=organic_social&utm_medium=x_post&utm_campaign=2603_post&utm_term=pythprox)

**Forbes** recently featured an in-depth analysis on the fundamental transformation of market infrastructure driven by three key forces: - **AI agents** automating investment decisions and execution - **APIs** enabling seamless system integration - **24/7 markets** breaking traditional trading hours The article examines how these technologies are converging to reshape the financial system's underlying architecture. This represents a shift from incremental improvements to a fundamental reimagining of how markets operate and how investors interact with them. The piece builds on previous Forbes coverage highlighting AI agents' revolutionary potential in democratizing investment access and decision-making. [Read the full Forbes article](https://www.forbes.com/sites/lawrencewintermeyer/2025/02/20/my-ai-agent-ais-role-in-transforming-investing-for-everyone/)

Flowdesk's AUSD vault on Morpho now accepts tokenized equities from xStocksFi as collateral, with pricing provided by Pyth's SPYx oracle feed. **Key developments:** - Tokenized stocks (SPYon, QQQon) function as collateral in DeFi lending protocols - Institutional risk management integrated through Gauntlet-curated vaults - RWA-focused lending pools provide borrowing liquidity - Stablecoin yield generation using traditional equity exposure This infrastructure enables users to leverage tokenized stock positions for onchain borrowing while maintaining exposure to traditional markets.

Pyth has launched equity price feeds designed with institutional precision: **Key Features:** - First-party data sourced directly from market makers, exchanges, and trading firms - Accuracy measured against primary exchanges rather than secondary licensing venues - Custom publisher sets for each of four trading sessions - 99th percentile deviation maintained within 20 basis points of primary markets This infrastructure brings institutional-grade market data onchain, building on Pyth's existing Pro package of 2,500+ feeds across crypto, equities, FX, and commodities from publishers including Jane Street, Jump, Cboe, and Blue Ocean. The approach prioritizes data quality through direct institutional relationships rather than relying on cheaper, potentially less accurate data sources.