Impact Vector: Crypto Infrastructure

## Short Segments Corpay partners with JPMorgan and BVNK to integrate stablecoin settlement into its global platform, Western Union launches a USD-backed stablecoin for cross-border payments, Bitcoin Core quietly patches a high-severity memory bug, and BTQ Technologies' QSSN is selected for South Korea's first bank-led KRW stablecoin proof-of-concept. Coming up, Ripple, JPMorgan, and others use the XRP Ledger to cash out tokenized Treasurys internationally. Corpay taps JPMorgan and BVNK to bring stablecoin settlement to its global platform. Corpay, a major player in corporate payments, is modernizing its cross-border payments platform by embedding blockchain-based settlement. Through new agreements with JPMorgan Chase and BVNK, Corpay will offer 24/7 stablecoin and tokenized-fiat disbursements across select corridors. This move significantly enhances the speed and flexibility of international transactions, allowing Corpay to leverage both private blockchain and stablecoin-driven payment options. By expanding its multi-rail platform, which includes SWIFT and proprietary systems, Corpay aims to streamline global payments and reduce reliance on traditional banking hours. This development highlights the growing trend of integrating blockchain technology into mainstream financial services, offering a glimpse into the future of seamless, round-the-clock transactions. Western Union launches a USD-backed stablecoin for cross-border payments. Western Union, a longstanding leader in money transfers, has introduced USDPT, a U.S. dollar-denominated stablecoin, marking a significant shift towards digital-first financial infrastructure. Fully backed by U.S. dollars and issued by Anchorage Digital Bank, USDPT is built on the Solana blockchain. This stablecoin aims to modernize Western Union's payment systems, which have traditionally been constrained by time zones and banking hours. By offering a stablecoin-linked card for payments and cash-out options, Western Union is positioning itself to settle global transactions without relying on SWIFT. This move underscores the company's commitment to evolving its infrastructure to meet the demands of a digital economy, providing faster and more efficient cross-border payment solutions. Bitcoin Core quietly patched a high-severity memory bug months before public disclosure. Bitcoin Core, the primary software client for running full Bitcoin nodes, has disclosed that it patched a critical memory bug in April 2025. This vulnerability, a use-after-free bug, could have allowed miners to crash nodes and potentially execute remote code. The patch was implemented without public announcement, raising concerns about the security posture of the network. While the bug did not affect Bitcoin's consensus mechanism, it highlights the ongoing challenges in maintaining the security and stability of decentralized networks. Many nodes may still be running the affected software, emphasizing the importance of timely updates and vigilance in the crypto community. BTQ Technologies' QSSN selected as core security infrastructure for South Korea's first bank-led KRW stablecoin proof-of-concept. BTQ Technologies has been chosen to provide its Quantum Secure Stablecoin Settlement Network (QSSN) for South Korea's first bank-led KRW stablecoin proof-of-concept. This initiative, led by iM Bank and Finger, aims to advance post-quantum migration across global financial infrastructure. BTQ's QSSN will serve as the core post-quantum cryptography security technology, ensuring robust security for the stablecoin project. As South Korea focuses on bank-led stablecoin security, this development positions BTQ at the forefront of integrating cutting-edge cryptographic solutions into financial systems, paving the way for future commercialization under QUINSA-aligned guidelines. ## Feature Story Ripple, JPMorgan, and others use the XRP Ledger to cash out tokenized Treasurys internationally. In a groundbreaking move, Ripple, JPMorgan, Mastercard, and Ondo Finance have completed the first near real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund using the XRP Ledger. This pilot transaction marks a significant step in the evolution of global financial infrastructure, demonstrating the potential for 24/7 settlement systems that operate beyond traditional banking hours and cut-off windows. By leveraging the XRP Ledger, the transaction was executed in near-real-time, providing a framework for seamless cross-border settlement across global banks. This development is part of a broader trend towards tokenization, which is transforming static assets into dynamic, programmable tools. As highlighted in a recent report by Ripple and Boston Consulting Group, asset tokenization is expected to pave the way for a $19 trillion market by 2033. The successful execution of this pilot transaction underscores the growing institutional interest in integrating blockchain technology into traditional financial systems, offering a glimpse into a future where financial transactions are faster, more efficient, and more accessible. The implications of this development are far-reaching. For issuers and custodians, it means greater flexibility and efficiency in managing and settling assets. For payment companies and developers, it opens up new opportunities for innovation and service delivery. For regulators, it presents both challenges and opportunities in ensuring compliance and security in a rapidly evolving landscape. As the total value of real-world assets on the XRP Ledger continues to grow, this pilot transaction sets a precedent for future cross-border settlements, potentially reshaping the way financial institutions operate on a global scale. As we look ahead, the success of this pilot transaction could catalyze further adoption of blockchain-based settlement systems, driving the financial industry towards a more interconnected and efficient future. The collaboration between crypto firms and Wall Street institutions highlights the potential for synergy between traditional finance and emerging technologies, paving the way for a new era of financial innovation.

## Short Segments Today, Securitize partners with Jump and Jupiter to launch fully onchain, regulated stocks, while the Bank of Italy urges the EU to explore tokenized SEPA payments. FalconX and Sygnum introduce a tokenized credit offering for institutions. Coming up, Bullish's $4.2 billion acquisition of Equiniti could reshape the landscape for tokenized securities. Securitize taps Jump and Jupiter for fully onchain, regulated stocks. Securitize is rolling out a groundbreaking platform for trading real public stocks entirely onchain. Partnering with Jump for institutional liquidity and Solana's Jupiter for broader access, Securitize aims to offer a compliant trading experience with full legal ownership and shareholder rights. This move marks a significant step in integrating decentralized finance with traditional equity markets, allowing 24/7 trading and self-custody of tokenized shares. By leveraging blockchain technology, Securitize is set to transform how investors interact with public stocks, potentially increasing market efficiency and accessibility. The collaboration with Jump and Jupiter underscores the growing institutional interest in tokenization, as firms seek to capitalize on the benefits of blockchain for real-world assets. Bank of Italy calls for EU to explore tokenized SEPA payments. The Bank of Italy has urged the European Union to consider a tokenized version of its SEPA payments system. Deputy Governor Chiara Scotti highlighted the potential of blockchain-based settlement to enhance speed, efficiency, and programmability in cross-border euro payments. As digital money becomes more prevalent, the call reflects a broader trend of central banks evaluating blockchain's role in modernizing financial infrastructure. If adopted, tokenized SEPA payments could streamline transactions across the eurozone, offering a more resilient and adaptable payment system. This proposal positions tokenization not as a speculative venture but as a strategic upgrade to existing financial rails, potentially influencing future EU policy on digital finance. FalconX and Sygnum partner to launch tokenized credit offering for institutions. FalconX and Sygnum have teamed up to introduce a tokenized structured credit facility aimed at institutional clients. This facility, backed by overcollateralized loans, represents a novel approach to institutional lending in the digital asset space. By tokenizing credit, FalconX and Sygnum offer enhanced transparency, security, and efficiency, addressing a significant gap in the crypto market. The partnership leverages Sygnum's expertise in digital asset banking and FalconX's innovative lending solutions, providing institutions with a new avenue for accessing credit. This development could pave the way for broader adoption of tokenized financial products, as institutions seek more robust and flexible financing options in the digital economy. ## Feature Story Bullish to acquire Equiniti in a $4.2 billion deal, combining transfer agent and tokenization stack. Bullish, a global digital asset platform, has announced its acquisition of Equiniti, a leading global transfer agent, in a $4.2 billion transaction. This strategic move combines Bullish's tokenization capabilities with Equiniti's extensive infrastructure, serving nearly 3,000 issuer clients and processing $500 billion in annual payments. The acquisition, involving $2.35 billion in stock and the assumption of $1.85 billion in debt, positions Bullish as a major player in the tokenized securities market. This deal reflects a broader trend among crypto exchanges to diversify their offerings beyond volatile digital token trading. By integrating Equiniti's services, Bullish aims to create a fully integrated blockchain-enabled issuer services provider, offering 24/7 securities trading and stablecoin settlement. This could significantly enhance the efficiency and accessibility of securities markets, providing issuers and investors with a seamless experience. The acquisition also highlights the growing institutional interest in tokenization as a means to modernize financial infrastructure. With Equiniti's established client base, including major corporations like Berkshire Hathaway and Rolls-Royce, Bullish is well-positioned to drive the adoption of tokenized securities on a global scale. This move could set a precedent for other financial institutions to explore similar integrations, potentially reshaping the landscape of securities trading. As the deal awaits regulatory approval, the industry will be watching closely to see how Bullish leverages this acquisition to expand its market presence. The integration of traditional transfer agent services with blockchain technology could offer a blueprint for future developments in the tokenization space, signaling a new era of innovation in financial markets.

## Short Segments Western Union launches USDPT stablecoin on Solana, marking a major step in global payments infrastructure. Today, Western Union announced the launch of USDPT, a U.S. dollar stablecoin issued by Anchorage Digital Bank on the Solana blockchain. This move enables 24/7 settlement across more than 200 countries, leveraging Solana's high-performance capabilities. By integrating USDPT into its network, Western Union aims to redefine global money transfers with a regulated, digital-first approach. This development is significant as it positions Western Union at the forefront of digital payment solutions, potentially reducing transaction times and costs for users worldwide. As stablecoins gain traction, Western Union's initiative could accelerate the mainstream adoption of digital dollars in cross-border payments. Tetra Digital Group launches Canada's first CAD-backed stablecoin, CADD, issued by a financial institution. Tetra Digital Group has introduced CADD, a stablecoin pegged to the Canadian dollar, marking a first for the country. Issued by a financial institution, CADD aims to meet the growing demand for digital currencies not tied to the U.S. dollar. This stablecoin is designed to facilitate instant payments and reduce costs in cross-border transactions. With backing from major Canadian fintechs and financial service providers, Tetra Digital Group is positioning itself as a leader in digital asset infrastructure. The launch of CADD could pave the way for broader adoption of stablecoins in Canada, offering a new avenue for financial transactions and digital asset management. African banks embrace stablecoins as the next payments inflection point. In Africa, banks are increasingly turning to stablecoins to enhance their payment systems. Standard Bank, the continent's largest lender by assets, is building stablecoin infrastructure to support the surge in digital asset adoption. In 2025, the bank processed over 1 trillion ZAR in cross-border transactions using its blockchain-based Aroko platform. This shift highlights the growing role of stablecoins in Africa's financial landscape, offering a more efficient and cost-effective solution for cross-border payments. As traditional financial institutions integrate stablecoins, the continent could see a significant transformation in its payment systems, potentially leading to greater financial inclusion and economic growth. Stablecoin startup Rain joins Mastercard as a Principal Member, expanding its payment network. Rain, a stablecoin infrastructure startup valued at $1.95 billion, has partnered with Mastercard to issue credit and prepaid cards. This collaboration follows Rain's existing relationship with Visa, where it has already transitioned settlement transactions to USDC. By working with both Visa and Mastercard, Rain is exploring stablecoin settlement options, aiming to offer seamless payment solutions. This partnership could enhance Rain's ability to provide fintechs and wallets with robust stablecoin-linked card programs, potentially revolutionizing how digital payments are processed and settled. As Rain continues to innovate, its integration with major card networks could drive further adoption of stablecoins in everyday transactions. ## Feature Story Securitize receives FINRA approval for tokenized IPO underwriting and custody, marking a pivotal moment for digital securities. Securitize has become the first firm to gain approval from the Financial Industry Regulatory Authority (FINRA) to custody tokenized securities and underwrite onchain IPOs and secondary offerings. This approval allows Securitize to expand its broker-dealer activities through its subsidiary, Securitize Markets, LLC. With this green light, Securitize can now offer custody and atomic settlement for tokenized securities, bridging a critical infrastructure gap in the market. The ability to conduct onchain IPOs and manage tokenized securities custody represents a significant advancement in the digital securities industry. By enabling atomic settlement between tokenized securities and stablecoins, Securitize is poised to streamline the process of issuing and trading digital assets. This development could attract more institutional investors to the space, as it offers a regulated and efficient framework for managing digital securities. Comparatively, this move echoes the broader trend of traditional financial institutions embracing blockchain technology to enhance their offerings. As Securitize leads the charge in tokenized asset management, the industry may see increased adoption of digital securities, potentially transforming how capital markets operate. Looking ahead, the success of Securitize's initiatives could set a precedent for other firms seeking to enter the tokenized securities market, further integrating blockchain technology into the financial ecosystem. As the landscape evolves, stakeholders will be watching closely to see how this approval impacts the broader adoption of tokenized assets and the future of digital finance.

## Short Segments Today, Payward, the parent company of Kraken, has completed its acquisition of Bitnomial, marking a significant expansion in the U.S. crypto derivatives market. This move grants Payward a full suite of U.S. derivatives licenses from the Commodity Futures Trading Commission, setting the stage for a new era of regulated crypto derivatives offerings in the United States. ## Feature Story Payward's acquisition of Bitnomial is a pivotal moment in the U.S. crypto derivatives landscape. By securing a full suite of derivatives licenses from the Commodity Futures Trading Commission, Payward is now positioned to offer a comprehensive range of regulated crypto derivatives products across its platforms, including Kraken and NinjaTrader. This acquisition is not just a strategic expansion for Payward; it represents a broader shift in the crypto market towards more regulated and institutional-grade offerings. With Bitnomial's decade-built U.S. regulatory infrastructure, Payward can now leverage its global distribution and multi-brand operating model to create one of the most comprehensively regulated and vertically integrated derivatives platforms in the United States. Outside the U.S., crypto exchanges have been actively expanding their derivatives offerings. For instance, in February, Kraken launched tokenized equity perpetual futures for non-U.S. clients, providing 24/7 leveraged exposure to assets like U.S. stock indexes and gold. Similarly, in March, Coinbase expanded its derivatives offerings in Europe, introducing new crypto and equity-index futures across 26 countries through its MiFID-regulated entity. With the acquisition of Bitnomial, Payward now holds a Futures Commission Merchant, Designated Contract Market, and Derivatives Clearing Organization licenses. This infrastructure is crucial for expanding CFTC-regulated products across its platforms, starting with spot margin trading. The company plans to introduce perpetuals and options in the near future, further enhancing its product suite. The integration of Bitnomial's regulatory framework with Payward's global reach is expected to attract more institutional investors to the crypto derivatives market. This move aligns with the growing demand for regulated and secure trading environments, as institutional players seek to mitigate risks associated with crypto investments. For issuers and custodians, this development means a more robust and compliant infrastructure for offering crypto derivatives. Payment companies and developers can also benefit from the increased liquidity and market depth that a regulated derivatives platform can provide. End users, particularly institutional investors, will likely see enhanced security and trust in the trading environment. As the crypto market continues to mature, the importance of regulatory compliance and institutional-grade infrastructure cannot be overstated. Payward's acquisition of Bitnomial is a testament to the industry's commitment to meeting these standards and providing a secure and reliable trading experience for all participants. Looking ahead, the successful integration of Bitnomial's capabilities into Payward's operations will be crucial. Market participants will be watching closely to see how Payward leverages its new licenses to expand its product offerings and capture a larger share of the U.S. derivatives market. In conclusion, Payward's acquisition of Bitnomial marks a significant step forward in the evolution of the crypto derivatives market in the United States. By combining regulatory compliance with global distribution, Payward is well-positioned to lead the charge in offering secure and regulated crypto derivatives to a growing audience of institutional and retail investors.

## Short Segments Anchorage Digital is advancing its GENIUS Act plan as Western Union prepares to launch its stablecoin, USDPT, on the Solana blockchain. This collaboration marks a significant step in merging traditional finance with digital assets. Anchorage Digital Bank, a federally regulated issuer, will mint and redeem the U.S. Dollar Payment Token under U.S. federal oversight. The stablecoin aims to offer faster and lower-cost cross-border transfers, integrating into Western Union's new Digital Asset Network. This initiative reflects a broader trend of traditional finance firms adopting stablecoins to enhance payment efficiency. For Western Union, this move could simplify global money transfers, making them more accessible and cost-effective for users worldwide. As the stablecoin market continues to grow, the integration of USDPT into Western Union's network could set a precedent for other financial institutions exploring digital asset solutions. Listeners should watch for the stablecoin's launch in the first half of 2026, as it may influence the future of cross-border payments. ## Feature Story MoonPay is set to power South Korea's won-backed stablecoin through a new partnership with Woori Bank. This collaboration marks MoonPay's first banking partnership in South Korea, aiming to build infrastructure for the Korean won stablecoin market. MoonPay Korea will provide global distribution, cross-border settlement, wallet access, and currency exchange infrastructure. With Bugeon Lee appointed as the Asia-Pacific regional head, MoonPay Korea will engage with Korean regulators, banks, and corporate partners to facilitate the stablecoin's development. The memorandum of understanding with Woori Bank serves as a foundation for discussions on the stablecoin's potential global use, particularly in remittances and payments. As one of South Korea's four major commercial banks, Woori Bank's involvement underscores the growing interest in stablecoins within the traditional banking sector. This partnership could pave the way for increased adoption of stablecoins in South Korea, offering a more efficient and secure means of conducting transactions. For issuers and custodians, this development highlights the importance of building robust infrastructure to support stablecoin ecosystems. As the stablecoin market evolves, the collaboration between MoonPay and Woori Bank may influence regulatory approaches and encourage further innovation in the sector. Listeners should keep an eye on how this partnership progresses, as it could shape the future of digital payments in South Korea and beyond. With the potential for global distribution and cross-border settlement, the won-backed stablecoin could become a key player in the international stablecoin landscape. As MoonPay continues to expand its presence in the stablecoin market, its collaboration with Woori Bank may serve as a model for future partnerships between fintech companies and traditional banks. Ultimately, this development could lead to more seamless integration of stablecoins into the global financial system, benefiting both consumers and businesses alike.

## Short Segments Bakkt completes its acquisition of Distributed Technologies Research, aiming to expand its stablecoin payments infrastructure. Visa partners with WeFi to bring stablecoin payments to Europe, Asia, and Latin America. And MoonPay launches a stablecoin debit card for AI agents on the Mastercard network. Later, we'll dive into Brazil's central bank decision to prohibit crypto in regulated cross-border payments. Bakkt completes acquisition to expand stablecoin payments infrastructure. Bakkt has finalized its acquisition of Distributed Technologies Research, a move that combines Bakkt's regulated infrastructure with DTR's AI-native engine and compliance stack. This acquisition is part of Bakkt's strategy to enhance its global stablecoin settlement capabilities, addressing a $44 trillion global payments market. By integrating DTR's technology, Bakkt aims to offer a more robust platform for institutional clients, potentially transforming how stablecoin payments are processed worldwide. This development could significantly impact the stablecoin market by providing a more secure and compliant infrastructure for large-scale transactions. Visa taps WeFi to expand stablecoin payments across continents. Visa has partnered with WeFi to introduce stablecoin payments in Europe, Asia, and Latin America. This collaboration aims to integrate stablecoins into Visa's existing payment network, allowing users to spend stablecoins like traditional currency. WeFi's technology bridges decentralized finance with conventional banking systems, offering a unique "deobanking" model that doesn't require custodial wallets. This initiative could enhance financial inclusion by providing underbanked populations with access to stablecoin-based financial services, potentially reshaping the landscape of cross-border payments. MoonPay launches stablecoin debit card for AI agents on Mastercard network. MoonPay has introduced the MoonAgents Card, a virtual Mastercard debit card that enables users and AI agents to spend stablecoins directly from onchain wallets. This card can be used globally at any online merchant accepting Mastercard, integrating MoonPay's AI infrastructure with Monavate's card issuing capabilities. By leveraging Mastercard's network, MoonPay aims to mainstream stablecoin payments, offering a seamless way for users to transact with stablecoins. This launch could accelerate the adoption of stablecoins in everyday transactions, bridging the gap between digital assets and traditional payment systems. ## Feature Story Brazil's central bank prohibits crypto in regulated cross-border payments. In a significant regulatory move, Brazil's central bank has banned the use of virtual assets, including cryptocurrencies, in regulated cross-border payments. This decision is part of a broader effort to integrate cross-border payments into the regulated foreign exchange system, aiming to close existing regulatory loopholes and potentially increase public revenue. The new rules classify stablecoins as foreign exchange operations, subjecting them to stricter oversight and prohibiting their use within authorized settlement systems. This regulatory shift comes amid rising stablecoin adoption, prompting Brazil to enhance its payment oversight. The central bank's Resolution No. 521, adopted in November 2025, extends existing anti-money laundering and terrorism financing rules to virtual asset service providers. This move aligns with Brazil's 2022 legal framework for cryptocurrencies, which required complementary regulation from the central bank. The prohibition affects regulated payment providers, barring them from using crypto for cross-border services. This could impact businesses relying on stablecoins for international transactions, forcing them to adapt to the new regulatory landscape. As Brazil tightens its grip on crypto-based payments, the global crypto community will be watching closely to see how these changes influence the broader market and whether other countries might follow suit.

## Short Segments Gemini secures a pivotal license, Hedera welcomes Accenture, Shinhan Card tests stablecoin payments, and Meta rolls out USDC payouts. First, Gemini's Olympus unit has received a Derivatives Clearing Organization license from the CFTC, allowing it to act as an in-house derivatives clearinghouse. Hedera Council welcomes Accenture to advance trusted infrastructure for enterprise AI. Hedera has announced that Accenture is joining its governing council to enhance trusted infrastructure for enterprise AI. This collaboration aims to leverage Hedera's network to create verifiable AI governance solutions, particularly for the public sector. By integrating Accenture's expertise, Hedera seeks to deliver transparent and tamper-proof oversight for AI systems, empowering governments with reliable AI decision-making tools. This move underscores Hedera's commitment to expanding its enterprise blockchain capabilities, positioning itself as a leader in AI governance solutions. South Korea’s Shinhan Card to test real-world stablecoin payments on Solana. Shinhan Card, one of South Korea's largest credit card providers, is partnering with the Solana Foundation to test stablecoin payments in real-world scenarios. This proof-of-concept project aims to evaluate the effectiveness of stablecoins for retail payments, focusing on speed, cost, and reliability. By integrating stablecoins with existing card systems, Shinhan Card seeks to enhance payment experiences and explore non-custodial wallets and DeFi-based services. This initiative marks a significant step in adopting blockchain technology for mainstream financial services in South Korea. Meta rolls out USDC stablecoin payments via Stripe for selected content creators. Meta has launched a pilot program offering select content creators the option to receive earnings in USDC stablecoin. This rollout, available to creators in Colombia and the Philippines, represents Meta's most concrete step into crypto payments since the Diem project. By partnering with Stripe, Meta ensures seamless backend infrastructure and crypto-specific tax reporting. This move reintroduces stablecoins into Meta's ecosystem, leveraging Solana and Polygon blockchains to facilitate payouts, and signals a renewed focus on integrating digital assets into social media platforms. ## Feature Story Gemini secures a Derivatives Clearing Organization license as it works toward a full CFTC stack. Gemini's Olympus unit has received a crucial Derivatives Clearing Organization (DCO) license from the Commodity Futures Trading Commission (CFTC), allowing it to operate as an in-house derivatives clearinghouse. This development marks a significant milestone for Gemini, as it expands its capabilities in the regulated derivatives market. With this license, Gemini can now clear and settle trades internally, providing greater control over its prediction market products and potentially expanding into perpetual futures trading. This move follows the CFTC's previous designation of Gemini Titan as a Designated Contract Market (DCM), which enabled the launch of Gemini's prediction markets. By obtaining the DCO license, Gemini strengthens its position in the derivatives market, offering products such as futures, options, and event-based contracts. The internal clearing operations are expected to reduce costs through direct settlement management, enhancing Gemini's competitive positioning as other exchanges accelerate their derivatives offerings. Co-Founder Cameron Winklevoss highlighted the strategic importance of this approval, emphasizing Gemini's commitment to building an integrated financial services model with expanded regulatory compliance. As Gemini continues to broaden its offerings beyond digital asset trading, the DCO license represents a critical step in its journey toward a comprehensive CFTC regulatory stack. Looking ahead, Gemini's ability to clear and settle trades in-house could lead to more efficient and scalable operations, potentially attracting more institutional participants to its platform. As the crypto exchange landscape evolves, Gemini's strategic focus on regulatory compliance and infrastructure development positions it as a key player in the future of regulated derivatives markets.

## Short Segments Visa's stablecoin settlement pilot is expanding rapidly, now reaching a $7 billion annualized run rate as it adds five more blockchains to its network. Coming up, we'll explore how this expansion is reshaping payment infrastructure. But first, Stable Sea partners with WisdomTree to offer tokenized Treasury access to small and medium-sized businesses, aiming to transform how companies manage idle cash. Also, Canada plans to ban crypto ATMs, citing them as a primary method for fraud. And Securitize teams up with Computershare to bring more stocks onchain, potentially revolutionizing equity ownership. Finally, Ripple and OKX expand RLUSD access with over 280 spot pairs and derivatives use, enhancing liquidity and trading options. Stable Sea partners with WisdomTree to offer tokenized Treasury access to businesses. Stable Sea has teamed up with WisdomTree to provide small and medium-sized businesses with access to tokenized Treasury products. This partnership aims to address a common issue in business treasury management, where operating cash often sits idle in low-yield accounts. By integrating WisdomTree's tokenized money market fund into its platform, Stable Sea enables businesses to earn yield on idle cash instantly. This move not only offers real-time liquidity but also positions Stable Sea as a key player in the onchain treasury space. For businesses, this means a more efficient way to manage cash flows and potentially higher returns on their operating capital. Canada moves to ban crypto ATMs, labeling them as a primary method for fraud. The Canadian government has announced plans to ban crypto ATMs, citing their use as a primary method for fraud and money laundering. This decision follows investigations revealing how these machines are exploited by scammers to defraud victims. The move is part of a broader effort to combat financial crime and protect the integrity of Canada's financial system. For crypto ATM operators and users, this ban could significantly impact access to digital currencies, pushing transactions to more regulated platforms. The ban reflects ongoing regulatory challenges as governments seek to balance innovation with security. Securitize partners with Computershare to bring more stocks onchain. Securitize has announced a partnership with Computershare to facilitate the tokenization of U.S. equities. This collaboration aims to enable Wall Street firms to issue capital onchain, potentially transforming the ownership layer of stocks. Computershare, which supports a significant portion of S&P 500 companies, will work with Securitize to offer a new pathway for issuing equity securities in tokenized form. This development could unlock new opportunities for investors, providing full legal ownership and self-custody of shares. As tokenization becomes more integrated into financial markets, this partnership marks a significant step towards modernizing equity trading. Ripple and OKX expand RLUSD access with over 280 spot pairs and derivatives use. Ripple and OKX have expanded the availability of RLUSD, Ripple's regulated USD-pegged stablecoin, across more than 280 spot pairs and derivatives markets. This strategic partnership enhances RLUSD's liquidity and utility, allowing it to be used as margin collateral on OKX's platform. The integration is expected to boost RLUSD's market cap and adoption, providing traders with more options for collateralizing positions. For Ripple, this expansion represents a significant step in scaling RLUSD's presence in global markets, offering deeper liquidity and improved execution for users. ## Feature Story Visa's stablecoin settlement pilot reaches a $7 billion run rate as it expands to nine blockchains. Visa has significantly expanded its stablecoin settlement pilot, now supporting nine blockchains and achieving a $7 billion annualized run rate. This expansion marks a 50% increase in volume from the previous quarter, highlighting the growing demand for stablecoin-based payment solutions. By adding five new blockchains, Visa is enhancing its multi-chain settlement capabilities, providing partners with more choices and a unified settlement layer. This development is part of Visa's broader strategy to integrate stablecoins into existing payment systems, maintaining its market leadership as these digital assets gain traction. The pilot, which began with a focus on a few blockchains, now includes a diverse range of networks, reflecting the mainstream acceptance of stablecoins in payment flows. Visa's collaboration with Bridge, a stablecoin infrastructure platform, and Lead Bank, allows for onchain settlement of card transactions, further embedding stablecoins into the financial ecosystem. This integration offers businesses the speed, transparency, and programmability of blockchain technology, aligning with Visa's commitment to meet businesses where they operate. For issuers, custodians, and payment companies, this expansion means greater interoperability and efficiency in processing transactions. It also opens up new opportunities for fintech developers to create innovative payment solutions leveraging stablecoins. As Visa continues to expand its stablecoin capabilities, it sets a precedent for other financial institutions to follow, potentially accelerating the adoption of digital currencies in mainstream finance. Looking ahead, Visa's stablecoin pilot could pave the way for broader acceptance of digital currencies in everyday transactions, bridging the gap between traditional finance and the emerging digital economy. As stablecoins become more integrated into payment systems, they could offer a viable alternative to traditional payment methods, providing users with faster and more cost-effective options. Visa's leadership in this space underscores the transformative potential of stablecoins in reshaping the future of payments.

## Short Segments Today on Impact Vector, Amboss launches RailsX for self-custodial trading on the Lightning Network, Visa and WeFi explore stablecoin payments, US regulatory clarity brings stablecoins into the mainstream, and Israel approves a shekel-pegged stablecoin. Later, we'll dive into State Street's plans to launch tokenized fund servicing from Luxembourg by the end of the year. Amboss launches RailsX for self-custodial bitcoin and stablecoin trading on Lightning. Amboss has unveiled RailsX, a peer-to-peer exchange built natively on Bitcoin’s Lightning Network, enabling users to trade Bitcoin against stablecoins without surrendering custody of their funds. Launching with USDT-L and USDC-L pairs from Speed Wallet, RailsX allows trades to settle atomically through Lightning channels in seconds, eliminating the need for centralized exchanges. This development empowers users with complete control over their assets, combining Amboss’s Magma liquidity marketplace with Taproot Assets to facilitate decentralized BTC trading. As the first Lightning-native decentralized exchange, RailsX represents a significant step in expanding the utility of the Lightning Network for secure, fast, and self-custodial trading. Visa and WeFi team up to explore stablecoin payments and on-chain banking in select markets. Visa is collaborating with WeFi, a deobanking infrastructure provider, to explore stablecoin-based payments and on-chain banking across Europe, Asia, and Latin America. This partnership aims to connect crypto assets to Visa’s global payments network, initially focusing on regulated stablecoins for everyday transactions. As the initiative matures, additional digital assets may be considered, potentially broadening both supported assets and regional coverage. This collaboration builds on Visa’s ongoing work in digital asset payments, seeking to integrate on-chain value with familiar payment experiences within existing regulatory frameworks. By leveraging stablecoins, Visa and WeFi aim to enhance the efficiency and accessibility of cross-border payments. US regulatory clarity brings stablecoins into the payments mainstream. Recent regulatory changes in the US, including the GENIUS and CLARITY Acts, have paved the way for stablecoins to enter the mainstream financial ecosystem. These acts remove prior restrictions on banks engaging with digital assets, allowing them to custody digital assets, hold stablecoin reserves, and develop in-house blockchain solutions. As a result, stablecoins are poised to take a more prominent role in traditional finance, offering new opportunities for banks and financial institutions to integrate digital assets into their services. This regulatory clarity is expected to drive further innovation and adoption of stablecoins in the US financial market. Israel approves the launch of a shekel-pegged stablecoin. Israel has granted approval for its first regulated stablecoin, pegged to the shekel, marking a significant step in the country's financial market. The stablecoin, known as BILS, was developed in collaboration with the Solana network and crypto custodian Fireblocks, with auditing oversight by EY. Issued by Bits of Gold, a licensed financial asset service provider, BILS aims to create a direct bridge between the Israeli shekel and the global digital assets economy. This approval is part of a broader effort by the Israel Tax Authority and Finance Ministry to regulate the crypto industry, enabling real-time payments, on-chain trading, and programmable financial services. The launch of BILS represents a key milestone in integrating digital currencies into Israel's financial infrastructure. ## Feature Story State Street to launch tokenized fund servicing from Luxembourg by year’s end. State Street Corporation has announced plans to launch a tokenized fund servicing capability from Luxembourg by the end of 2026, marking a significant expansion into the realm of digital assets. This initiative will be delivered through State Street Investment Services and its Digital Asset Platform, extending the firm's established fund administration, custody, and transfer agency services to support digitally native fund structures. The platform will facilitate the issuance, administration, and custody of tokenized funds, allowing State Street to manage both digital and traditional funds under a single operating model. State Street Investment Management is expected to be an early adopter of this new structure, which aims to streamline operations and enhance efficiency in fund management. By integrating tokenized assets into its service offerings, State Street positions itself as a bridge between traditional and digital finance, providing clients with a secure and scalable infrastructure for tokenized assets. This move reflects a broader industry trend towards tokenization, as firms anticipate a boom in the adoption of digital assets. Tokenization offers numerous benefits, including increased liquidity, reduced settlement times, and enhanced transparency, making it an attractive option for asset managers and investors alike. As the financial industry continues to evolve, State Street's initiative underscores the growing importance of digital assets and the need for robust infrastructure to support their integration into mainstream finance. By launching tokenized fund servicing from Luxembourg, State Street not only expands its global footprint but also sets a precedent for other financial institutions to follow suit in embracing the digital asset revolution. This development is poised to reshape the landscape of fund management, offering new opportunities for innovation and growth in the financial sector.