JPMorgan Steps Further Into Crypto With Tokenized Money Fund — WSJ
The Wall Street Journal
Exclusive | JPMorgan Steps Further Into Crypto With Tokenized Money Fund
The new private fund will run on the Ethereum blockchain and be available to qualified investors.
- BlackRock / State Street: Global systemic asset managers
- Wellington / PIMCO: Institutional active asset managers
- Hamilton Lane: Private markets multi-manager platform
- GS / JPM / SC / MUFG: Global universal banks
- SBI / KDDI: Diversified Asian financial conglomerates
- Tradeweb: Electronic fixed income trading venue
Now all in tokenization business
- Wellington / PIMCO: Institutional active asset managers
- Hamilton Lane: Private markets multi-manager platform
- GS / JPM / SC / MUFG: Global universal banks
- SBI / KDDI: Diversified Asian financial conglomerates
- Tradeweb: Electronic fixed income trading venue
Now all in tokenization business
EF is building "Enterprise Team" — David Walsh on LinkedIn
Linkedin
We're hiring on the Ethereum Foundation Enterprise Team
Currently looking for two Enterprise Leads to help drive institutional…
Currently looking for two Enterprise Leads to help drive institutional…
We're hiring on the Ethereum Foundation Enterprise Team
Currently looking for two Enterprise Leads to help drive institutional adoption of Ethereum globally:
→ Enterprise Lead - U.S. (East Coast)👇
https://lnkd.in/dUJPQupQ
→ Enterprise Lead - APAC👇
htt…
Currently looking for two Enterprise Leads to help drive institutional adoption of Ethereum globally:
→ Enterprise Lead - U.S. (East Coast)👇
https://lnkd.in/dUJPQupQ
→ Enterprise Lead - APAC👇
htt…
Fifth Third and Brex Partner to Bring AI-Powered Finance to Businesses, Unlocking $5.6B in Commercial Card Volume — Brex
Fifth Third Bank and Brex have entered a multi-year partnership to power Fifth Third’s commercial card program using Brex’s API-driven, AI-native infrastructure, unlocking roughly $5.6 billion in annual commercial card volume.
The new “Fifth Third Commercial Card powered by Brex” gives business clients access to corporate card issuance, automated expense management, real-time payments, and AI agents that reduce manual workflows and improve spend visibility.
Brex gains rapid distribution into traditional banking networks (≈8 % of the U.S. commercial banking sector), while Fifth Third accelerates digital transformation without building technology in-house.
Takeaways: Embedded partnerships redefine where the moat sits. In commercial finance, durable advantage accrues not from brand-level customer ownership, but from deep integration into financial workflows and control planes that banks are structurally unable or unwilling to rebuild.
Fifth Third Bank and Brex have entered a multi-year partnership to power Fifth Third’s commercial card program using Brex’s API-driven, AI-native infrastructure, unlocking roughly $5.6 billion in annual commercial card volume.
The new “Fifth Third Commercial Card powered by Brex” gives business clients access to corporate card issuance, automated expense management, real-time payments, and AI agents that reduce manual workflows and improve spend visibility.
Brex gains rapid distribution into traditional banking networks (≈8 % of the U.S. commercial banking sector), while Fifth Third accelerates digital transformation without building technology in-house.
Takeaways: Embedded partnerships redefine where the moat sits. In commercial finance, durable advantage accrues not from brand-level customer ownership, but from deep integration into financial workflows and control planes that banks are structurally unable or unwilling to rebuild.
Brex
Fifth Third and Brex Partner to Bring AI-Powered Finance to Businesses, Unlocking $5.6B in Commercial Card Volume
Intelligent finance for the businesses that power America: Brex and Fifth Third Bank deliver AI-native corporate cards and automation at scale.
Facta non verba.
Hashed Thesis 2026 is out! For the fourth year in a row, I had the opportunity to edit this piece together with Simon, SB, and Wooster. I’d also like to thank our investment team members for sharing their valuable insights, and Hashed Open Research for adding…
Dan Park — Stablecoin Rails Become Enterprise Working Capital (from Hashed Thesis 2026)
By 2026, infrastructure alone no longer differentiates a team. High-throughput chains, modular stacks, and commoditized validators made “launching an L1/L2” trivial. The real asymmetry — the place where economic depth actually forms — has moved upstream: how stablecoin infrastructure integrates into enterprise cash cycles.
Stablecoins are no longer just payment tokens or trading collateral. They are increasingly behaving like units of account inside real workflows:
- Supplier payments and vendor settlements,
- FX hedging and intra-firm currency conversion,
- Inter-entity netting for global subsidiaries,
- Treasury routing, reconciliation, and end-of-day liquidity positioning.
In these workflows, on-chain liquidity isn’t idle capital anymore. It becomes working capital — cash that moves 24/7 through operational pipelines.
The leading indicator of this shift is B2B stablecoin settlement. When stablecoin flows begin to mirror traditional treasury operations — rolling cash sweeps, automated payables/receivables, multi-entity consolidation — adoption is no longer narrative-driven; it is embedded in enterprise infrastructure. This is the signal that matters.
What determines winning teams is not throughput, incentives, or synthetic ecosystems. It is functional depth:
- Can they move regulated liquidity across jurisdictions?
- Can they reconcile on-chain flows with ERP, accounting, and compliance systems?
- Can they close the loop between crypto rails and fintech rails without operational leakage?
- Can they support enterprise-grade auditability, traceability, and privacy constraints?
Technical novelty only matters when it compounds integration. The defensibility lies in how deeply stablecoins sink into enterprise workflows, not in how fast a chain produces blocks.
As regulation aligns and stablecoin frameworks mature across the U.S., EU, Singapore, Korea, Hong Kong, Abu Dhabi, Japan, and others, enterprises will shift from pilot usage to production integration. Stablecoins will become the transport layer for money — crypto will go invisible but indispensable.
By 2026, infrastructure alone no longer differentiates a team. High-throughput chains, modular stacks, and commoditized validators made “launching an L1/L2” trivial. The real asymmetry — the place where economic depth actually forms — has moved upstream: how stablecoin infrastructure integrates into enterprise cash cycles.
Stablecoins are no longer just payment tokens or trading collateral. They are increasingly behaving like units of account inside real workflows:
- Supplier payments and vendor settlements,
- FX hedging and intra-firm currency conversion,
- Inter-entity netting for global subsidiaries,
- Treasury routing, reconciliation, and end-of-day liquidity positioning.
In these workflows, on-chain liquidity isn’t idle capital anymore. It becomes working capital — cash that moves 24/7 through operational pipelines.
The leading indicator of this shift is B2B stablecoin settlement. When stablecoin flows begin to mirror traditional treasury operations — rolling cash sweeps, automated payables/receivables, multi-entity consolidation — adoption is no longer narrative-driven; it is embedded in enterprise infrastructure. This is the signal that matters.
What determines winning teams is not throughput, incentives, or synthetic ecosystems. It is functional depth:
- Can they move regulated liquidity across jurisdictions?
- Can they reconcile on-chain flows with ERP, accounting, and compliance systems?
- Can they close the loop between crypto rails and fintech rails without operational leakage?
- Can they support enterprise-grade auditability, traceability, and privacy constraints?
Technical novelty only matters when it compounds integration. The defensibility lies in how deeply stablecoins sink into enterprise workflows, not in how fast a chain produces blocks.
As regulation aligns and stablecoin frameworks mature across the U.S., EU, Singapore, Korea, Hong Kong, Abu Dhabi, Japan, and others, enterprises will shift from pilot usage to production integration. Stablecoins will become the transport layer for money — crypto will go invisible but indispensable.
❤1
Facta non verba.
Dan Park — Stablecoin Rails Become Enterprise Working Capital (from Hashed Thesis 2026) By 2026, infrastructure alone no longer differentiates a team. High-throughput chains, modular stacks, and commoditized validators made “launching an L1/L2” trivial. The…
+ Updated Thesis on B2B Stablecoin Payments
I don’t think stablecoin payments win by replacing banks or fintech platforms. In B2B/commercial finance, the real opportunity is in realm where banks and embedded finance players already struggle with slow settlement, FX friction, and treasury ops. As banks push UX and workflows to platforms like Brex, what’s left behind is a messy but critical backend — exactly where stablecoin infrastructure can slot in as invisible settlement rails.
The top B2B stablecoin payments players won’t own merchants or end customers. They’ll sit behind embedded finance platforms as treasury-grade, regulator-friendly infrastructure that nobody wants to build in-house. Adoption here won't be driven by crypto enthusiasm; it will be driven by CFOs caring about reliability, auditability, and operational risk. The moat isn’t volume or brand — it’s regulatory trust, liquidity management across borders, and operational complexity that compounds over time.
I don’t think stablecoin payments win by replacing banks or fintech platforms. In B2B/commercial finance, the real opportunity is in realm where banks and embedded finance players already struggle with slow settlement, FX friction, and treasury ops. As banks push UX and workflows to platforms like Brex, what’s left behind is a messy but critical backend — exactly where stablecoin infrastructure can slot in as invisible settlement rails.
The top B2B stablecoin payments players won’t own merchants or end customers. They’ll sit behind embedded finance platforms as treasury-grade, regulator-friendly infrastructure that nobody wants to build in-house. Adoption here won't be driven by crypto enthusiasm; it will be driven by CFOs caring about reliability, auditability, and operational risk. The moat isn’t volume or brand — it’s regulatory trust, liquidity management across borders, and operational complexity that compounds over time.
Facta non verba.
Dan Park — Stablecoin Rails Become Enterprise Working Capital (from Hashed Thesis 2026) By 2026, infrastructure alone no longer differentiates a team. High-throughput chains, modular stacks, and commoditized validators made “launching an L1/L2” trivial. The…
투자 논지: B2B 스테이블코인 인프라는 ‘결제’에서 끝나지 않고 ‘기업 운전자본 레이어’로 진화할 것이다
2026년에는 블록체인 인프라 자체는 더 이상 차별화 요소가 아닐 것이다. 스테이블코인은 기술적 선택지라기보다 전제 조건에 가까워지고 있고, 단순히 L1/L2를 출시하거나 새로운 레일을 주장하는 것만으로는 차별성을 만들 수가 없다. 진짜 비대칭적인 해자는 이제 스테이블코인 활용을 통해 기업의 현금 흐름(cash cycle)에 어떻게 통합되느냐, 즉 기업 금융의 워크플로우 안에서 어떤 역할을 하느냐의 구간으로 이동하고 있다.
스테이블코인은 더 이상 단순한 결제 수단이나 트레이딩에 사용되는 자산으로만 정의되지 않을 것이다. B2B 분야에서는 공급자 및 벤더 네트워크의 정산 및 청산, FX 헤징, MNC의 자회사 간 자금 네팅, 트레저리 라우팅과 일일 유동성 포지셔닝 등 전통적인 기업 재무 업무의 단위(unit of account)로 작동하기 시작할 것이다. 이 과정에서 온체인 유동성은 24/7로 움직이는 운전자본(working capital)이 될 것이다. 특히 B2B 스테이블코인의 사용이 기존 트레저리 운영(자동화된 AP/AR, 트레저리 단위의 캐시 스윕, 법인 간 네팅 및 회계/자금 통합)을 닮아가고 아웃퍼폼하기 시작할 때, 비로소 대대적인 차원의 채택이 진행될 것이다.
이 기회는 은행이나 핀테크를 대체하는 데 있지 않다. 오히려 상업은행들이 UX와 워크플로우를 임베디드 파이낸스에 위임할수록, 정산, FX 맟 트레저리 관리 등 백엔드는 비교적 느리고 비효율적인 채로 남겨지게 될 것이다. 이 지점이 바로 스테이블코인이 보이지 않게 침투할 수 있는 자리일 수 있다. 핵심 플레이어들은 머천트나 최종 고객을 소유하기보다, 임베디드 파이낸스와 은행이 직접 구축하기 부담스러워하는 규제 친화적/엔터프라이즈급 트레저리 백엔드를 운영하는 쪽에 가깝다.
이 모델에서 채택을 결정하는 주체는 CFO와 재무팀이다 (때때로는 CTO와 기술팀일 수도 있다). 따라서 성공 요인은 단순히 결제 볼륨이나 브랜드 인지도, 세부적인 기술적 차별성에서 나오지 않을 것이다. 중요한 질문은 오히려 다음과 같다:
- 다국가 및 다통화 환경에서 규제된 유동성을 실제로 이동시킬 수 있는가?
- 온체인 자금 흐름을 ERP, 회계, 컴플라이언스 시스템과 자연스럽게 연결할 수 있는가?
- 크립토 레일과 기존 핀테크 레일 사이의 정산 과정에서 운영 심리스한 루프를 만들어낼 수 있는가?
- 운영 단에서 엔터프라이즈 수준의 감사 가능성, 추적성, 프라이버시 기준을 충족하는가?
궁극적으로 해자는 스테이블코인 레일이라는 기술 자체가 아니라, 그 전제 위에 지어진 규제, 운영 및 법무 노하우의 축적에 있을 것이다. 글로벌 유동성을 실제로 운용해본 경험, 규제 기관과의 신뢰 관계, 그리고 시간이 쌓이면서만 형성되는 운영 복잡성이 진입장벽이 될 것이다. 미국, 유럽, 아시아 주요 금융 허브에서 스테이블코인 규제 프레임워크가 구체화될수록, 기업들은 파일럿을 넘어 전면 채택의 단계로 이동할 것이다. 그 결과 스테이블코인은 전면에 드러나지 않지만, 기업 금융의 필수 운송 레이어로 자리 잡게 될 것이다. 크립토가 엔드유저에 직접적으로 드러나지는 않지만, 제거할 수 없는 인프라가 되는 길이다.
2026년에는 블록체인 인프라 자체는 더 이상 차별화 요소가 아닐 것이다. 스테이블코인은 기술적 선택지라기보다 전제 조건에 가까워지고 있고, 단순히 L1/L2를 출시하거나 새로운 레일을 주장하는 것만으로는 차별성을 만들 수가 없다. 진짜 비대칭적인 해자는 이제 스테이블코인 활용을 통해 기업의 현금 흐름(cash cycle)에 어떻게 통합되느냐, 즉 기업 금융의 워크플로우 안에서 어떤 역할을 하느냐의 구간으로 이동하고 있다.
스테이블코인은 더 이상 단순한 결제 수단이나 트레이딩에 사용되는 자산으로만 정의되지 않을 것이다. B2B 분야에서는 공급자 및 벤더 네트워크의 정산 및 청산, FX 헤징, MNC의 자회사 간 자금 네팅, 트레저리 라우팅과 일일 유동성 포지셔닝 등 전통적인 기업 재무 업무의 단위(unit of account)로 작동하기 시작할 것이다. 이 과정에서 온체인 유동성은 24/7로 움직이는 운전자본(working capital)이 될 것이다. 특히 B2B 스테이블코인의 사용이 기존 트레저리 운영(자동화된 AP/AR, 트레저리 단위의 캐시 스윕, 법인 간 네팅 및 회계/자금 통합)을 닮아가고 아웃퍼폼하기 시작할 때, 비로소 대대적인 차원의 채택이 진행될 것이다.
이 기회는 은행이나 핀테크를 대체하는 데 있지 않다. 오히려 상업은행들이 UX와 워크플로우를 임베디드 파이낸스에 위임할수록, 정산, FX 맟 트레저리 관리 등 백엔드는 비교적 느리고 비효율적인 채로 남겨지게 될 것이다. 이 지점이 바로 스테이블코인이 보이지 않게 침투할 수 있는 자리일 수 있다. 핵심 플레이어들은 머천트나 최종 고객을 소유하기보다, 임베디드 파이낸스와 은행이 직접 구축하기 부담스러워하는 규제 친화적/엔터프라이즈급 트레저리 백엔드를 운영하는 쪽에 가깝다.
이 모델에서 채택을 결정하는 주체는 CFO와 재무팀이다 (때때로는 CTO와 기술팀일 수도 있다). 따라서 성공 요인은 단순히 결제 볼륨이나 브랜드 인지도, 세부적인 기술적 차별성에서 나오지 않을 것이다. 중요한 질문은 오히려 다음과 같다:
- 다국가 및 다통화 환경에서 규제된 유동성을 실제로 이동시킬 수 있는가?
- 온체인 자금 흐름을 ERP, 회계, 컴플라이언스 시스템과 자연스럽게 연결할 수 있는가?
- 크립토 레일과 기존 핀테크 레일 사이의 정산 과정에서 운영 심리스한 루프를 만들어낼 수 있는가?
- 운영 단에서 엔터프라이즈 수준의 감사 가능성, 추적성, 프라이버시 기준을 충족하는가?
궁극적으로 해자는 스테이블코인 레일이라는 기술 자체가 아니라, 그 전제 위에 지어진 규제, 운영 및 법무 노하우의 축적에 있을 것이다. 글로벌 유동성을 실제로 운용해본 경험, 규제 기관과의 신뢰 관계, 그리고 시간이 쌓이면서만 형성되는 운영 복잡성이 진입장벽이 될 것이다. 미국, 유럽, 아시아 주요 금융 허브에서 스테이블코인 규제 프레임워크가 구체화될수록, 기업들은 파일럿을 넘어 전면 채택의 단계로 이동할 것이다. 그 결과 스테이블코인은 전면에 드러나지 않지만, 기업 금융의 필수 운송 레이어로 자리 잡게 될 것이다. 크립토가 엔드유저에 직접적으로 드러나지는 않지만, 제거할 수 없는 인프라가 되는 길이다.
❤5
교보생명은 최근 국내보험사중 유일하게 미국 스테이블코인 발행사 서클(Circle)이 개발한 블록체인 네트워크 ‘아크(Arc)’의 공개 테스트넷에 참여하며 디지털 자산 인프라 선점에 나섰다.
이를 통해 교보생명은 스테이블코인 기반 금융 인프라의 기술적 타당성을 점검하고, 향후 실제 사업에 적용 가능한 모델을 발굴한다는 계획이다.
스테이블코인의 특성을 고려하면 재보험과 공동인수 등 보험 거래 과정에서 정산 속도를 높이고 수수료 부담을 낮출 수 있을 것으로 기대된다.
외화 결제와 국경 간 자금 이동의 효율성도 개선될 전망이다.
온체인 기반 검증을 통해 지급 흐름과 잔액을 실시간으로 확인할 수 있어 보안 체계 고도화 효과도 예상된다.
— 교보생명, 전사 AX 조직 신설… 오너 3세 ‘AI·디지털 경영’ 전면에
www.fins.co.kr
교보생명, 전사 AX 조직 신설… 오너 3세 ‘AI·디지털 경영’ 전면에 - 보험매일
인공지능(AI)이 금융권의 핵심 경쟁력으로 부상한 가운데 교보생명이 오너 3세를 전면에 내세워 AI 전환(AX)과 디지털 사업 전략을 본격화하고 있다. 교보생명이 연말에 단행한 정기 임원인사는 단순한 조직 개편...
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GPS_Report_Stablecoins_2030.pdf
2.6 MB
Stablecoin 2030 — Citi
Key Takeaways (from Citi)
1. In our April 2025 Citi GPS: Digital Dollars, we argued 2025 would be a ChatGPT moment for the institutional adoption of blockchain. The past six months have confirmed this, with digitally native companies leading the “real world” charge.
2. Reflecting rapid YTD growth and new project nnouncements, we revise our 2030 base case estimate for stablecoin issuance to $1.9 trillion (previously $1.6 trillion) and bull case to $4.0 trillion (previously $3.7 trillion).
3. At 50x velocity (see page 24), similar to fiat payment velocity over time, stablecoins could support nearly $100 trillion in transaction activity by 2030 (base case). The same velocity for our bull case (market size $4.0 trillion) would imply $200 trillion.
4. We see an ecosystem where stablecoins, tokenized deposits, deposit tokens, and CBDCs can all flourish and co-exist. Different forms of money will find different product market fit with usage shaped by trust, interoperability, and regulatory clarity.
5. Bank tokens (tokenized deposits, deposit tokens, and similar), offering the trust, familiarity and regulatory safeguards of bank money, are preferred by many corporates. 2030 bank token transaction volumes could exceed stablecoins.
6. Large corporate treasuries are interested in programmability, enabling real-time settlement/reconciliation, compliance embedded at the point of transaction, and fewer friction points. These can be offered by bank tokens and stablecoins.
7. On-chain money volumes are likely to remain heavily USD denominated and are a source of incremental new demand for U.S. treasuries. However, HK, UAE and other innovative hubs are also hot spots of activity – this is not just about USD.
8. While our annual turnover forecasts for stablecoins (base case: $100 trillion) and bank tokens (above $100 trillion) may appear large to the layperson, this is still small relative to money flows: leading banks move $5-10 trillion per day today.
Facta non verba.
그런 의미에서 올해 여러 매체를 통해 접했던 것들 중에 가장 의미 있었던 리포트는 올해 6월 작성된 아래 Ribbit Capital의 리포트입니다. Token Letter (2025) by Ribbit Capital
RWA, Stablecoin, DeFi의 부상은 금융의 주체를 ‘사람’에서 ‘에이전트’으로 재정의되는 흐름의 일부분이다.
토큰은 상품이 아니라, 에이전트가 실행하는 계약/권리/자본 그 자체다.
- RWA의 본질은 ‘자산’이 아니라 에이전트가 신뢰할 수 있는 상태(state)
- Stablecoin은 인간 결제 UX의 미래가 아니라, 에이전트 금융의 기본 연산 단위
- DeFi는 에이전트가 자산을 교환/헤지/레버리지하는 자동 금융 레이어
RWA + Stablecoin + DeFi = Agent Balance Sheet Stack
토큰은 상품이 아니라, 에이전트가 실행하는 계약/권리/자본 그 자체다.
- RWA의 본질은 ‘자산’이 아니라 에이전트가 신뢰할 수 있는 상태(state)
- Stablecoin은 인간 결제 UX의 미래가 아니라, 에이전트 금융의 기본 연산 단위
- DeFi는 에이전트가 자산을 교환/헤지/레버리지하는 자동 금융 레이어
RWA + Stablecoin + DeFi = Agent Balance Sheet Stack
Stablecoin Issuer Circle to Acquire Axelar Developer Interops Assets to Boost Crosschain Tech — Coindesk
Very interesting acquisition.
USDC stablecoin issuer Circle signed a deal to acquire the Axelar developer Interop Labs' team and intellectual property.
The purchase aims bolster Circle’s multichain strategy for its Arc blockchain and cross-chain protocol.
The deal doesn't include the Axelar network, which will continue independently under open-source governance with new stewardship.
Very interesting acquisition.
USDC stablecoin issuer Circle signed a deal to acquire the Axelar developer Interop Labs' team and intellectual property.
The purchase aims bolster Circle’s multichain strategy for its Arc blockchain and cross-chain protocol.
The deal doesn't include the Axelar network, which will continue independently under open-source governance with new stewardship.
Coindesk
Circle (CRCL) News: Aiming to Boost Crosschain Capabilities with New Deal
The agreement involves folding engineers and IP into Circle (CRCL), while the Axelar network and its token will continue to operate independently.
Klarna Launches Agentic Product Protocol: The Open Standard That Makes 100M+ Products Instantly Discoverable by AI Agents — Klarna
Klarna launched the Agentic Product Protocol, an open standard that enables AI agents to discover, understand, and compare real-world products.
The protocol provides a live, structured feed of 100M+ products and 400M prices across 12 markets.
Merchants can integrate once and become discoverable by any AI agent, without ads, reformatting, or intermediaries.
Takeaways: Commerce distribution is shifting from search/marketplaces to AI agents, and Klarna is attempting to own the standard layer of that transition. The real strategic value is not payments, but controlling a canonical, trusted product & price data layer for agents.
Klarna launched the Agentic Product Protocol, an open standard that enables AI agents to discover, understand, and compare real-world products.
The protocol provides a live, structured feed of 100M+ products and 400M prices across 12 markets.
Merchants can integrate once and become discoverable by any AI agent, without ads, reformatting, or intermediaries.
Takeaways: Commerce distribution is shifting from search/marketplaces to AI agents, and Klarna is attempting to own the standard layer of that transition. The real strategic value is not payments, but controlling a canonical, trusted product & price data layer for agents.
Klarna
Klarna Launches Agentic Product Protocol: The Open Standard That Makes 100M+ Products Instantly Discoverable by AI Agents
Klarna, the global digital bank and flexible payments provider, today announced the launch of its Agentic Product Protocol, a new open standard that makes every product on the internet easily discoverable and understandable by AI agents. As AI becomes the…
Facta non verba.
Robinhood to Buy Indonesia Brokers to Join Retail Investing Boom — Bloomberg Robinhood Markets is set to enter the Indonesian market after signing deals to acquire two local brokerages, PT Buana Capital Sekuritas and PT Pedagang Aset Kripto. The number of…
OCC Approves Trust Charters for Stablecoin Firms: What It Means for Regulated Digital Payments — Modern Treasury
Legal impact
- Stablecoins move from fragmented oversight to clear federal regulatory status
- Enterprise counterparties gain greater certainty when assessing “regulated” issuers and custodians
Payments impact
- Signals U.S. adoption of a multi-rail payment model (traditional rails + blockchain settlement)
- Supports regulated use cases such as cross-border settlement and programmable payments
Open issue
- Whether OCC-chartered trust banks will obtain Federal Reserve master account access (full or “narrow”), which would enable direct access to ACH, Fedwire, and FedNow
Legal impact
- Stablecoins move from fragmented oversight to clear federal regulatory status
- Enterprise counterparties gain greater certainty when assessing “regulated” issuers and custodians
Payments impact
- Signals U.S. adoption of a multi-rail payment model (traditional rails + blockchain settlement)
- Supports regulated use cases such as cross-border settlement and programmable payments
Open issue
- Whether OCC-chartered trust banks will obtain Federal Reserve master account access (full or “narrow”), which would enable direct access to ACH, Fedwire, and FedNow
Moderntreasury
Recapping the OCC's Conditional Trust Charters for Stablecoin Issuers
The OCC’s conditional trust charters for stablecoin issuers mark a major post–GENIUS Act milestone. Learn how new federal oversight shapes the future of regulated stablecoin settlement, custody, Federal Reserve master accounts, and multi-rail payment infrastructure.
Facta non verba.
OCC Approves Trust Charters for Stablecoin Firms: What It Means for Regulated Digital Payments — Modern Treasury Legal impact - Stablecoins move from fragmented oversight to clear federal regulatory status - Enterprise counterparties gain greater certainty…
Stripe faces bank charter pushback — Payments Dive
Next to watch in the market — Stripe.
This news highlights that the recent rush by fintech and crypto companies to obtain bank charters is not merely a byproduct of looser regulation, but is unfolding amid structural tensions over regulatory authority and oversight.
Stripe’s attempt—via its acquisition of Bridge—to secure an OCC national trust bank charter can be read as an effort to bring stablecoin issuance, custody, and reserve management under a federal framework. At the same time, incumbent banking groups and advocacy organizations view this as a form of “lightweight banking” that potentially sidesteps Federal Reserve supervision. The core issue, therefore, is less about crypto itself and more about who regulates, and under what standards.
The broader implication is that bank charters are increasingly being used not as growth accelerants, but as strategic tools for managing regulatory and policy risk. The pushback against Stripe serves as an early signal for other large fintechs pursuing similar paths: while the OCC may currently offer a relatively open door, political and societal resistance remains close at hand.
Next to watch in the market — Stripe.
This news highlights that the recent rush by fintech and crypto companies to obtain bank charters is not merely a byproduct of looser regulation, but is unfolding amid structural tensions over regulatory authority and oversight.
Stripe’s attempt—via its acquisition of Bridge—to secure an OCC national trust bank charter can be read as an effort to bring stablecoin issuance, custody, and reserve management under a federal framework. At the same time, incumbent banking groups and advocacy organizations view this as a form of “lightweight banking” that potentially sidesteps Federal Reserve supervision. The core issue, therefore, is less about crypto itself and more about who regulates, and under what standards.
The broader implication is that bank charters are increasingly being used not as growth accelerants, but as strategic tools for managing regulatory and policy risk. The pushback against Stripe serves as an early signal for other large fintechs pursuing similar paths: while the OCC may currently offer a relatively open door, political and societal resistance remains close at hand.
Payments Dive
Stripe faces bank charter pushback
The National Community Reinvestment Coalition says the Office of the Comptroller of the Currency charter would let Stripe sidestep regulations, and offer the fintech legitimacy it does not deserve.
PayPal Applies to Become a Bank as US Loosens Regulatory Reins — Bloomberg
And a bit different angle from PayPal to become a bank.
PayPal Holdings Inc. applied to become a bank in the US by submitting applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions.
If approved, PayPal Bank would help the firm bolster its small-business lending capabilities, and the company has provided access to more than $30 billion in loans and capital since 2013.
PayPal is also interested in offering customers interest-bearing savings accounts as the firm builds out and improves its consumer-focused finance products.
And a bit different angle from PayPal to become a bank.
PayPal Holdings Inc. applied to become a bank in the US by submitting applications to the Federal Deposit Insurance Corp. and the Utah Department of Financial Institutions.
If approved, PayPal Bank would help the firm bolster its small-business lending capabilities, and the company has provided access to more than $30 billion in loans and capital since 2013.
PayPal is also interested in offering customers interest-bearing savings accounts as the firm builds out and improves its consumer-focused finance products.
Bloomberg.com
PayPal Applies to Become a Bank as US Loosens Regulatory Reins
PayPal Holdings Inc. applied to become a bank in the US, looking to take advantage of the Trump administration’s openness to financial-technology companies entering the banking system.
Facta non verba.
PayPal Applies to Become a Bank as US Loosens Regulatory Reins — Bloomberg And a bit different angle from PayPal to become a bank. PayPal Holdings Inc. applied to become a bank in the US by submitting applications to the Federal Deposit Insurance Corp. and…
Why Does Everyone Want to Be a Bank Now? — Bloomberg
TL;DR — This isn’t “fintechs becoming banks.” It’s banking functions being platformized, during a regulatory window that may not stay open forever.
In 2025, US bank charter applications hit a five-year high. Payments companies, crypto firms, and even non-financial corporates are all lining up. As Bloomberg notes, this surge reflects a regulatory mood shift under the Trump administration: not deregulation, but selective re-entry into the banking system.
The appeal of a bank charter is often misunderstood. It’s not mainly about growth. It’s about control over funding and infrastructure: access to deposits (cheap, stable capital), direct access to payment rails, and reduced reliance on partner banks — a risk laid bare by past failures like Synapse.
Recent events reinforce this. The OCC has conditionally approved several crypto-focused national trust banks, while PayPal has applied for a US banking license to deepen its lending and savings products. At the same time, Stripe’s bank push has triggered public opposition, highlighting unresolved tensions around lighter regulatory regimes and systemic risk.
The trade-off is real. Becoming a bank brings stability, but also lower valuation multiples, heavier compliance, and cultural friction. Tech companies won't get bank economics for free.
TL;DR — This isn’t “fintechs becoming banks.” It’s banking functions being platformized, during a regulatory window that may not stay open forever.
In 2025, US bank charter applications hit a five-year high. Payments companies, crypto firms, and even non-financial corporates are all lining up. As Bloomberg notes, this surge reflects a regulatory mood shift under the Trump administration: not deregulation, but selective re-entry into the banking system.
The appeal of a bank charter is often misunderstood. It’s not mainly about growth. It’s about control over funding and infrastructure: access to deposits (cheap, stable capital), direct access to payment rails, and reduced reliance on partner banks — a risk laid bare by past failures like Synapse.
Recent events reinforce this. The OCC has conditionally approved several crypto-focused national trust banks, while PayPal has applied for a US banking license to deepen its lending and savings products. At the same time, Stripe’s bank push has triggered public opposition, highlighting unresolved tensions around lighter regulatory regimes and systemic risk.
The trade-off is real. Becoming a bank brings stability, but also lower valuation multiples, heavier compliance, and cultural friction. Tech companies won't get bank economics for free.
Bloomberg.com
Why Does Everyone Want to Be a Bank Now?
Fintechs and other consumer companies are eager to take advantage of the changing regulatory mood.
HashKey’s lukewarm debut tests Hong Kong’s ambitions as digital asset hub — SCMP
HashKey became Hong Kong’s first crypto-native IPO, raising US$206m, but its debut was lukewarm amid weak equity and crypto markets.
The listing validated Hong Kong’s compliance-first digital asset strategy, even as Beijing reiterated its hardline stance on crypto.
Despite strong demand and market dominance, ongoing losses and a bearish macro environment tempered investor enthusiasm.
Takeaway: It is very obvious that a huge part of crypto will be influenced by regulations. Regulatory compliance is now table stakes. At the same time, it does not provide valuation upside. This case proved that a compliance-first crypto company can go public in Asia too — but public markets did not reward it with a premium.
HashKey became Hong Kong’s first crypto-native IPO, raising US$206m, but its debut was lukewarm amid weak equity and crypto markets.
The listing validated Hong Kong’s compliance-first digital asset strategy, even as Beijing reiterated its hardline stance on crypto.
Despite strong demand and market dominance, ongoing losses and a bearish macro environment tempered investor enthusiasm.
Takeaway: It is very obvious that a huge part of crypto will be influenced by regulations. Regulatory compliance is now table stakes. At the same time, it does not provide valuation upside. This case proved that a compliance-first crypto company can go public in Asia too — but public markets did not reward it with a premium.
South China Morning Post
HashKey shares debut flat in Hong Kong amid bitcoin bear market
The firm, one of 11 licensed virtual asset trading platforms in Hong Kong, raised US$206 million in the city’s first crypto-native IPO.
연말 규슈에서 닷새 정도 완전히 쉬고 돌아왔습니다. (회사 셧다운 최고)
올해는 싱가포르-한국-미국을 정신없이 오가며 인프라/핀테크 투자 건 관련된 데에만 거의 모든 시간을 쓰다 보니 어느 순간부터 시야가 지나치게 좁게 고정돼 있었던 것 같더라고요.
머리를 비우고 나니 다시 지금 이 시장에서 정말 중요한 질문이 뭔지 차분히 생각해볼 수 있게 된 느낌입니다.
올해는 싱가포르-한국-미국을 정신없이 오가며 인프라/핀테크 투자 건 관련된 데에만 거의 모든 시간을 쓰다 보니 어느 순간부터 시야가 지나치게 좁게 고정돼 있었던 것 같더라고요.
머리를 비우고 나니 다시 지금 이 시장에서 정말 중요한 질문이 뭔지 차분히 생각해볼 수 있게 된 느낌입니다.
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