Latest news with #Allman
Yahoo
7 days ago
- Business
- Yahoo
Wall Street 2.0: What stablecoins did for the dollar, Ondo is doing to capital markets
Wall Street 2.0: What stablecoins did for the dollar, Ondo is doing to capital markets originally appeared on TheStreet. The old system still sleeps. Closes on weekends. Clears trades in days. Moves money in loops and calls it 'settlement.' A slow maze of custodians, paper trails, and batch processors dressed up as modern finance. Everyone nods. No one questions the lag. It's a scaffold of rules and rituals. Stitched together by inertia, policy, and trust in institutions that forgot how to earn it. Then stablecoins exposed the whole thing. They didn't just digitize the dollar, they outperformed it. Moved faster. Worked harder. Never closed. The result? A $230 billion asset class, foundational to crypto and leaking into TradFi like a quiet virus. A dollar that didn't need permission. Nathan Allman, founder and CEO of Ondo Finance saw it early. The Markets aren't built for a world that never closes. 'The financial system wasn't designed for the world we live in—it was stitched together over centuries,' he wrote. 'It's a patchwork of middlemen, paper trails, and private databases.' 'We have global investors, 24/7 assets, and programmable money. But the infrastructure they run on is still built around banking hours.' 'That's the disconnect we're addressing.' OUSG isn't a whitepaper. It's a pipeline. It wraps short-term U.S. Treasuries into a tokenized instrument that behaves like software. Internet-native yield. Real-time liquidity. Fully composable. It's not trying to be flashy. It just works. This isn't a concept. It's already in motion: -$1.3 billion in Treasuries tokenized between OUSG and USDY -BlackRock's BUIDL sits around $2.9b -Franklin Templeton's fund holds roughly $752b The total tokenized RWA market has surpassed $7 billion and it's no longer just theory. It's becoming standard infrastructure. 'Our approach is simple,' Allman says. 'Tokenize high-quality, yield-bearing assets. Wrap them in code. Make them programmable. Make them liquid.' 'What we've seen with OUSG is that institutions want the yield of Treasuries, but they also want the speed and composability of crypto. We're giving them both.' Earlier this month, Ondo integrated PayPal's PYUSD, bridging Treasuries and a major fiat-backed stablecoin. The result? Investors can now convert between sovereign debt and digital dollars instantly, on-chain. No wires. No waiting. Just finality. 'Finance is built on conversions,' Allman said in a recent statement. 'If you can't convert between assets instantly, at scale, you don't have real liquidity—you just have accounting entries.' The ambition isn't subtle. 'What stablecoins did for the dollar, Ondo will do for capital markets.' Not a tagline. A declaration of intent. Stablecoins cracked one flaw. Dollars couldn't function online. The rest of finance never caught up—yield markets, settlement logic, compliance theater—all still trapped in a paper-era fantasy of how money's supposed to move. Ondo's rewriting the stack—liquidity without pause, compliance baked into the logic, capital that moves like it forgot friction was ever a thing. 'We're not trying to create parallel universes,' Allman says. 'We're building bridges—between legacy finance and programmable finance.' The world is catching on. The World Economic Forum, Citi, and Bank of America all estimate tokenized assets could hit $5–10 trillion by 2030 Ondo isn't projecting it. Ondo is routing it. 'We're not here to disrupt,' Allman says. 'We're here to rebuild. The rails. The flow. The logic of how capital moves.' Ondo isn't projecting it. Ondo is routing it.' Most people can't move money without a delay. They can't see all their assets in one place. They can't borrow against U.S. Treasuries unless they're already rich or plugged in. Meanwhile, the machinery is unmistakably antiquated—batch processes, blind spots, and rails built for a slower world Wall Street 2.0: What stablecoins did for the dollar, Ondo is doing to capital markets first appeared on TheStreet on May 30, 2025 This story was originally reported by TheStreet on May 30, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
27-05-2025
- Business
- Miami Herald
Transit cuts would pose an ‘existential threat' to Philadelphia's Center City, business owners say
PHILADELPHIA - At Reading Terminal Market, CEO Annie Allman says, there's a common refrain among merchants during bad weather: "If SEPTA is running, the market is open." Now, Allman said, the phrase seems foreboding. What will happen if SEPTA reduces service, eliminating dozens of bus and Regional Rail lines? She is "horrified" by the possibility. "I've never used the phrase existential threat as much," said Allman, who is CEO and general manager of the nonprofit Reading Terminal Market Corp. "This would just cripple Philadelphia, and it also would crush the market." The proposed cuts, announced last month, would slash the transit agency's service by 45%, with reductions beginning this fall. Trains and buses would run less frequently, and 55 bus routes and five Regional Rail lines would be eliminated entirely. That could all be avoided if the Pennsylvania legislature manages to pass Gov. Josh Shapiro's latest proposal to increase state aid for mass transit systems. Last Monday was the first day of public budget hearings, and SEPTA users lined up to testify. The state budget deadline is June 30. Philadelphia leaders, commuters, and even the city's pro sports teams have expressed "deep concerns" about the planned cuts. Traffic projections have shown the move would result in longer commutes, with about 275,000 more people driving into Philadelphia daily. Several employers and business leaders said they worry there is not enough parking in the city to accommodate them. Inside the largely empty concourse at Suburban Station, SEPTA's potential cuts loom over the few remaining business owners, who say foot traffic and sales are a fraction of what they were pre-pandemic. And in the office buildings that tower over Center City, the possibility complicates the debate around return-to-office policies. "We don't need any more deterrence to come into the city," said Brenton Hutchinson, chair of the Building Owners and Managers Association (BOMA) of Philadelphia. "We want to see something resolved, and sooner the better, so that there's no disruptions." The impact of the proposed cuts would be "so far-reaching and so deep," said Chellie Cameron, president and CEO of the Chamber of Commerce for Greater Philadelphia. SEPTA connects suburban residents to their jobs in the city, and city dwellers to suburban offices, Cameron said. Consumers, patients, and students also rely on SEPTA. If cuts are implemented, "it's gonna fracture the connections that we have between the city and the suburbs," she said, "and that's really the underpinning of the success of our economy." "When we start to talk about bigger issues like upward economic mobility, and how we continue to create good-paying jobs for people," she added, "how are we gonna do that if [the system] we actually rely upon to connect our region together is fractured?" Philly workers would be 'tremendously affected' Scores of Philadelphia workers would have their daily lives upended by SEPTA cuts. "You will be adding hours to people's commutes every week," Cameron said, "and that doesn't just impact their ability to get into work. It impacts their ability to access childcare, to pick their kids up from school." Businesses are afraid of losing employees because of these ancillary impacts, she said. Employees of Philadelphia libraries, water and sanitation departments, and other municipal services will be "tremendously affected," by the proposed cuts, said Greg Boulware, president of their union, AFSCME District Council 33. "This will impact their ability to get to and from work and provide the services that the city of Philadelphia needs for all its residents," said Boulware, who represents around 10,000 workers. DC33 members are feeling "a huge amount of frustration," he said. Some are talking about using Uber or Lyft to get to work, but Boulware calls that an added expense "for workers that don't make enough money as it is." At Comcast, leaders are "discussing the challenges the planned cuts could bring," spokesperson John Demming said. And at Philadelphia International Airport, "Reliable mass transit makes working at the airport a viable option for many individuals," airport officials said in a statement shared by a PHL spokesperson. A setback to return-to-office policies Five years after COVID-19 shutdowns forced many professionals to work from home, some Philadelphia employers are still pushing to get their employees back in the office more often. SEPTA's woes are another hurdle for those ambitions. Although some workers have argued in favor of continued remote or hybrid work for myriad reasons, dramatic reductions in SEPTA service are seen by employers as the most reasonable argument against return-to-office efforts. Brandywine Realty Trust, one of the region's predominant office owners, reports that 50% to 60% of its tenants' workers use mass transit, even as public transportation usage never fully recovered from the pandemic. "If mass transit schedules are impacted, the issue is: Can they bring people back into work?" said Jerry Sweeney, CEO of Brandywine. In the event of cuts, Sweeney said, some of Brandywine's tenants are considering reserving additional parking, or modifying work hours so employees could commute at off-peak times. "The world of business today is already complicated with the macroeconomic climate," Sweeney said. "This is something that no business needs." Philadelphia's office market took a blow during the pandemic, and it has not recovered. The number of workers in offices in the core West Market Street district at the end of 2024 was only 63% of what it was in 2019. (That's 11% higher than 2023.) A report from real estate brokerage Colliers showed that in the first quarter of 2025, office vacancy ticked up in both Philadelphia and the suburbs, although it remains higher outside the city. Some office market analysts speculate that the proposed SEPTA cuts could make suburban office buildings more appealing, because it would be easier for workers who live in the suburbs to drive to locations outside Center City, where parking is more plentiful. Impact on Reading Terminal Market Some businesses with deep roots in Philadelphia will be left to deal with the fallout of SEPTA cuts if they occur. Reading Terminal Market sits atop SEPTA's Jefferson Station, where Regional Rail passengers catch trains, walking distance from several bus stops and subway stations. Monday through Thursday, Reading Terminal serves about 16,000 customers on average, said Allman, the CEO. That's up from 14,500 at this time last year, before the city implemented its return-to-office mandate. And "the bulk" of the market's 600 employees rely on public transit, she said. Allman does not know yet how the market would respond to SEPTA cuts. It may have to adjust operating hours. "Between all the good news of rising egg prices, and tariffs, and lack of international visitors this summer, I haven't really gotten to forecasting," she said with a laugh. For now, however, Reading Terminal is thriving, with nearly full occupancy, Allman said. Across the street at the Fashion District, occupancy is lower, but dozens of businesses are humming along, fueled by steady foot traffic. Suburban Station business owners worry A few blocks away at Suburban Station, the scene is different, with more at stake for business owners if transit is cut. The sprawling underground concourse, a bustling corridor on weekdays pre-pandemic, now has more closed storefronts than operating businesses. On a recent Thursday morning, foot traffic was light, and conversations with about half a dozen business owners and managers painted a grim picture of their potential future. More than 6,200 square feet of retail space is for lease, while several other large storefronts simply sit vacant, apparently not on the market. Business owners said sales are 20% to 50% of what they were before the pandemic. The concourse is so bleak, one business owner said, that commuters are increasingly exiting at the first opportunity, instead of walking farther underground and passing the stores as they once did. Some owners expressed concern that SEPTA cuts could worsen their situations, both by decimating the already-thin foot traffic and by making it harder for their employees to get to work. It would be just the latest blow. "We survived, kind of," said Michael Choi, manager of Penn Center Beauty Supply, referring to the pandemic. But business now is "slow, very slow." "It hasn't been good ever since COVID," said Kris Kim, owner of DBA Happy Jewelry. Pre-pandemic, the store would see more than 50 customers a day. Now, Kim said, they're lucky if a dozen people come in. When it comes to the future, "we're worried." Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
New York Post
09-05-2025
- Entertainment
- New York Post
Cher's son Elijah Blue Allman disheveled with fake nail, sores at LA hotspot after singer sounded alarm on his ‘mental health'
Cher's 48-year-old son, Elijah Blue Allman, was recently spotted looking worse for wear following the end of his ugly conservatorship battle with his superstar mom. Allman, whose father was the late Southern rockstar Gregg Allman, was caught on camera smoking a cigarette outside the famous Chateau Marmont hotel on the Sunset Strip in Los Angeles, Calif., this week. 11 Cher's 48-year-old son, Elijah Blue Allman, was spotted looking worse for wear outside the famed Chateau Marmont hotel in Hollywood. MHD/Avalon 11 Allman's clothes were in tatters and he appeared to have several marks on his legs. MHD/Avalon His clothes were in tatters, per a video first obtained by Daily Mail, and he struggled to stand up straight as he stumbled around the exclusive Hollywood hotspot. Allman, who had a long, nail-polished fingernail on his right hand, was also seen staring off vacantly before shakily wandering back into the famed hotel. The Post reached out to Cher's rep for comment. The disturbing footage of Cher's adult son comes after the 'Believe' singer, 78, and Allman months after they ended their bitter conservatorship battle. 11 Allman smoked a cigarette outside the hotel before stumbling back inside. MHD/Avalon 11 Cher's son's shorts were stretched out and stained. MHD/Avalon 11 Allman was also seen staring off vacantly. MHD/Avalon Cher first applied to place her son in a conservatorship in December 2023, claiming he could not 'substantially manage his own financial resources' because of 'severe mental health and substance abuse issues.' 'Any funds distributed to Elijah will immediately be spent on drugs, leaving Elijah with no assets to provide for himself, and putting Elijah's life at risk,' the legal documents stated. She also claimed that Allman's estranged wife, Marieangela King, was a bad influence on her son and actively worked against her efforts to get him help. 11 Cher and her son at the premiere of 'Blow' in March 2001. Getty Images 11 The 'Believe' singer and Allman at the New York premiere of 'Stuck on You.' WireImage The battle became so intense that King, 37, accused the Goddess of Pop of hiring four men to kidnap Allman to send him to a rehab facility. But Cher denied King's kidnapping allegations and told The Post at the time, 'I didn't do it, and if I did it, I wouldn't say I did it.' The 'If I Could Turn Back Time' singer ultimately dismissed the conservatorship case in September 2024. 11 Cher with Allman and his now estranged wife, Marieangela King, in 2016. Marieangela King /Instagram 11 Allman and King in February 2024. ASSOCIATED PRESS 'The team successfully defended Elijah, resulting in Cher voluntarily dismissing her petition,' Allman's lawyers told People following the dismissal. 'This outcome allows the parties to focus on healing and rebuilding their family bond,' they added, 'a process that began during mediation and continues today.' In April, King filed for divorce from Allman, citing irreconcilable differences. She marked their date of separation as March 31, 2025. 11 Allman and King arriving to court with their lawyers in January 2024. The New York Post 11 King filed for divorce from Cher's son on April 8. WireImage 'We had a beautiful 13-year journey, filled with memories I'll always cherish,' she said after filing for divorcen. 'I know we'll remain friends, and Elijah will always hold a special place in my heart.' 'As we turn the page to this next chapter,' she added, 'we kindly ask for privacy and truly appreciate your understanding.' King also requested $6K per month in temporary spousal support and the family vehicle: a 2017 Toyota Prius.
Yahoo
06-05-2025
- Yahoo
North Carolina couple nabbed after deputies find enough fentanyl to ‘potentially kill ... 13,000 people': cops
Two people were arrested last week in North Carolina after deputies discovered a quantity of fentanyl large enough to "potentially kill 13,000 people," authorities said. The Burke County Sheriff's Office said Dustin McCurry, 41, and Kayly Allman, 33, were arrested on April 30 after deputies searched their vehicle and found a large amount of drugs during a traffic stop in the Clear Creek Access area of South Mountains State Park, according to a post on the department's Facebook page. Father Whose Son Died From Fentanyl Warns Overdoses 'Can Happen To Anyone' As States Fight Deadly Crisis Deputies allegedly found multiple items of drug paraphernalia in Allman's possession, along with approximately 13.59 grams of a crystalline substance that field-tested positive for methamphetamine. Officials said McCurry was found in possession of drug paraphernalia and approximately 26.96 grams of a substance suspected to be fentanyl. 'Major Drug Trafficker' Gets Lengthy Prison Sentence After Leaving Od Victims To Go To Wendy's: Authorities Read On The Fox News App "In this case, the suspect, McCurry, was found in possession of over 26,000 milligrams of fentanyl – enough to potentially kill approximately 13,000 people," the sheriff's office said. According to law enforcement, just 2 milligrams of fentanyl can be a lethal dose. Republican Ags Urge Trump To Crack Down On Obscure 'Loophole' Cartels Use To Flood Us With Fentanyl "The Burke County Sheriff's Office remains dedicated to protecting the safety and well-being of our community by proactively addressing illegal drug activity," the sheriff's office said. "It should be noted that the estimated lethal dose of fentanyl is approximately 2 milligrams (mg), depending on individual tolerance and the purity of the substance." Both Allman and McCurry were out on pretrial release at the time of the incident, officials said, and as a result, neither was issued a bond, pending judicial review. "This investigation is a powerful reminder of the severe threat fentanyl poses to public safety and highlights the critical need for ongoing vigilance and enforcement," the sheriff's office article source: North Carolina couple nabbed after deputies find enough fentanyl to 'potentially kill ... 13,000 people': cops
BBC News
14-04-2025
- Politics
- BBC News
Reform stands by candidate Elliott Allman over racist post in 2013
Reform UK has backed one of its county council election candidates in Leicestershire after local Conservatives called for him to be suspended over a racist comment he posted on Facebook in 2013. The remark, by Coalville North candidate Elliott Allman, accused black drivers of tailgating on the M1 and was re-posted by the X account Reform Party UK Exposed on 2 Allman responded on the same platform, saying: "Fail to see your point. What it shows is a fantastic maturing and development stage. I'm glad you've highlighted this to me. It reminds me of how far I've come."Reform UK said it was confident Mr Allman's views had matured since the post. Last week WhatsApp messages - labelled as being from the Reform UK North West Leicestershire branch's group chat - were posted by the same X them, one contributor suggested Mr Allman could respond to the social media reaction by having his photo taken with a black friend."I always have a black mate to pull out my back pocket," the comment led to a statement from Leicestershire Conservatives, saying they had submitted a formal complaint to Reform called on the party to "suspend the member involved while they carry out a full investigation into the apparent widespread racism within their North West Leicestershire branch".In response, in a statement, Reform UK said: "Mr Allman's comments were made over 12 years ago. We are confident that he and his views have matured and changed since."Reform UK party leader Nigel Farage previously said in September candidates for the 2025 local elections would be "vetted" following a number of controversies during the general BBC has also contacted Mr Allman for comment. He continues his election campaigning. The five candidates standing in the Coalville North division of Leicestershire County Council in the election on 1 May are:Elliott Allman - Reform UKAmanda Briers - Liberal DemocratsDavid Kellock - Green PartyRebecca Pawley - Labour Craig Smith - Conservative Party
