
Revolut has scrapped its plan to buy a U.S. bank, deciding instead to apply for a brand new federal banking license directly from the Office of the Comptroller of the Currency. It's a notable gamble that the regulatory winds have shifted enough under the Trump administration to make the slower, riskier path actually the faster one.
The pivot comes after Revolut apparently concluded that acquiring an existing American bank would take longer and create more headaches than originally expected. Sources familiar with the matter say the acquisition route would have forced the digital-only company into owning physical branches, which is basically the opposite of everything Revolut stands for. Not exactly ideal when your whole pitch is "banking on your phone, no branches needed."
Here's where it gets interesting. Revolut is clearly betting that the new administration's much friendlier stance toward fintech and crypto companies means they can actually get a de novo charter approved in a reasonable timeframe. That would have been borderline laughable just two years ago.
The OCC under Biden basically shut the door on crypto firms and fintechs looking for national bank charters. But things changed fast after Trump took office. By late 2025, the agency started conditionally approving charters for companies like Circle and Ripple, which would have been unthinkable under the previous regime. The regulatory floodgates didn't just open, they got ripped off the hinges.
So Revolut's calculation seems to be: why spend months or years trying to negotiate an acquisition, deal with integration nightmares, and inherit a bunch of branches we don't want, when we might be able to get a fresh charter approved faster than ever before?
For those not deep in banking arcana, a de novo license means starting from scratch. You're building a new bank rather than buying an existing one. It's traditionally been the longer, harder path because regulators scrutinize new applications intensely.
But for a company like Revolut, it has some real advantages. They get to build exactly what they want without dealing with legacy systems, outdated tech stacks, or that branch in Des Moines that somehow still uses fax machines. Everything can be designed for mobile-first customers who expect instant everything.
The company already has experience running banks in other markets. They've held a European banking license since 2018 and got a restricted UK banking license in 2024. So it's not like they're starting completely fresh, they know how this game works.
Revolut isn't exactly limping into this application process. The company hit a $75 billion valuation in a secondary share sale back in November 2025, making it one of the most valuable private tech companies in Europe. That funding round pulled in heavy hitters like Coatue, Greenoaks, and even Nvidia's venture arm.
The financials back up the hype too. Revolut reported $4 billion in revenue for 2024, up 72% year over year. Pre-tax profit jumped 149% to $1.4 billion. They've got over 65 million users across 39 countries. These aren't struggling startup numbers, this is a company that's figured out how to grow profitably at scale.
Right now, Revolut operates in the U.S. through a partnership with Metropolitan Commercial Bank, which limits what they can offer. A full federal banking license would unlock deposit accounts, loans, overdraft protection, basically the full menu of services that would let them actually compete as a primary bank rather than a secondary account people use for travel.
The American market is the big prize that Revolut hasn't quite cracked yet. It's the world's largest financial market and arguably the toughest nut to crack for foreign fintechs. But the potential upside is massive.
U.S. consumers have shown they're willing to ditch traditional banks for digital alternatives. Chime has millions of customers. SoFi went public. There's clearly appetite for what Revolut does, they just need the regulatory approvals to do it properly.
The company calls itself "the world's first global financial superapp," which is the kind of ambitious branding you'd expect from a $75 billion fintech. But you can't really claim to be global if you're hamstrung in the U.S. market.
The U.S. license application fits into Revolut's broader expansion blitz. They applied for a banking license in Peru in January 2026, their fifth market in Latin America after Mexico, Colombia, Argentina, and Brazil. They've also moved into India, got regulatory approval in the UAE, and announced a $1.1 billion investment in France over three years.
Latin America in particular seems ripe for disruption. In Peru, the top four banks control over 82% of total loans. That kind of concentration creates opportunities for newcomers, especially ones focused on remittances and cross-border payments where traditional banks tend to charge hefty fees.
Revolut's crypto capabilities might actually help its case, which would have sounded absurd a few years ago. The company runs a crypto exchange called Revolut X and has a MiCA license from Cyprus to offer regulated crypto services across the European Economic Area.
Under Trump, the OCC has made clear that crypto activities are fair game for national banks, assuming they have proper risk controls. The agency issued multiple interpretive letters throughout 2025 clarifying that banks can do crypto custody, stablecoin activities, and participate in blockchain networks.
The GENIUS Act passed in July 2025 created a federal framework for payment stablecoins, requiring full reserve backing and putting federal banking regulators in charge of oversight. That kind of regulatory clarity is exactly what banks need to feel comfortable offering crypto services without worrying they'll get slapped down later.
So Revolut's crypto experience could actually be a selling point rather than a liability, depending on who's reviewing the application.
Revolut has some baggage to deal with. The company's customer service has been criticized pretty heavily, with some customers reporting major difficulties resolving fraud claims or getting help with account issues.
In 2023, Action Fraud in the UK received 10,000 reports of fraud naming Revolut, which was more than Barclays, one of Britain's biggest banks. Consumer organization Which? has warned people not to keep large amounts of money with Revolut, citing concerns about fraud reimbursement.
Those aren't the kind of headlines that make regulators eager to approve your banking license application. The OCC is going to want to see evidence that Revolut has seriously upgraded its consumer protection and customer support operations. A few bad reviews are one thing, but systematic problems with fraud response could sink the whole application.
Revolut confirmed it's exploring multiple paths for U.S. expansion but the de novo license is currently the priority. They haven't said when they'll formally submit the application or how long they expect the process to take.
The OCC typically aims to make decisions within 120 days of accepting an application, though that timeline can stretch depending on complexity. Given Revolut's size, international operations, and the breadth of services they want to offer, this probably won't be a quick rubber stamp approval.
Still, the recent approvals for crypto-focused companies suggest the regulatory environment is about as friendly as it's been in years. If there was ever a time to roll the dice on a de novo application, this is probably it.
Revolut's strategic flip illustrates how quickly regulatory changes can reshape business strategy. Two years ago, every fintech was looking at acquisitions as the realistic path into U.S. banking. Now the calculus has completely reversed for some companies.
The Trump administration's lighter touch on fintech and crypto regulation has opened a window that might not stay open forever. Companies are rushing to get applications in while the getting's good. Whether this regulatory approach proves sustainable long-term is anyone's guess, but for now it's created opportunities that simply didn't exist under the previous administration.
For Revolut specifically, cracking the U.S. market is kind of the final boss level in their quest to become a truly global financial platform. They've got strong financials, solid user growth, and a regulatory environment that's actually receptive to innovation for once.
The next few months will show whether their bet on going the de novo route pays off, or if U.S. banking regulation proves too complex even for a $75 billion company to navigate smoothly. Either way, it's going to be an interesting case study in how fintechs approach regulatory strategy in an era of rapid political change.
One thing's for sure though: if Revolut pulls this off, expect every other major fintech to start reconsidering their U.S. market strategies too.


Rain just raised $250 million at a valuation just shy of $2 billion, and the size of the round is only part of the story.
What really stands out is what investors are backing. This is not a bet on a new token, a trading platform, or a speculative crypto narrative. It’s a bet that stablecoins are quietly becoming part of the global payments system, and that Rain is positioning itself as one of the companies building the pipes.
For years, stablecoins have been treated as a behind-the-scenes tool for traders and crypto-native users. Rain is trying to move them out of the background and into everyday spending.
Rain describes itself as stablecoin payments infrastructure, but in practice, it operates more like a full-stack payments company.
The platform allows partners to issue payment cards that are directly connected to stablecoin balances. Those cards can be used anywhere Visa is accepted, which immediately changes how practical stablecoins become for everyday use. From the user’s perspective, it looks and feels like a normal card transaction. Under the hood, the value is settled using stablecoins.
Rain also provides wallets, on- and off-ramps, compliance tooling, and APIs that enterprises can plug into. The goal is to let fintechs, crypto companies, and global platforms launch stablecoin-based payment products without having to build payments infrastructure from scratch.
This setup is already live across more than 150 countries, giving Rain a global footprint that goes well beyond experimental pilots.
One of the reasons Rain stands out is its direct relationship with Visa.
Rain is a Visa principal member, which means it can issue cards directly on the Visa network rather than relying on third-party sponsors. That status is not trivial. It places Rain closer to traditional payments infrastructure while still operating on crypto rails.
Even more important is how settlement works. Rain has been involved in Visa’s move toward stablecoin settlement, allowing card transactions to be settled on chain using stablecoins rather than relying entirely on legacy banking settlement systems. That opens the door to faster settlement cycles, including weekends and holidays, and reduces some of the friction that exists in traditional cross-border payments.
In simple terms, Visa handles the merchant acceptance and point-of-sale experience. Rain handles the stablecoin side of the transaction. Together, they create something that looks familiar to users but operates very differently in the background.
Rain’s growth metrics look more like a payments company than a typical crypto startup.
The company reports billions of dollars in annualized transaction volume, rapid growth in active cards, and a growing list of enterprise partners using its infrastructure to launch payment programs. That traction helps explain why investors were willing to price the company near $2 billion in this round.
The investor roster also tells a story. The round was led by a major growth firm, with participation from both traditional venture capital and crypto-focused investors. That mix suggests Rain is being viewed as a bridge company, one that sits between fintech and crypto rather than fully in either camp.
The fresh capital is expected to support expansion into new markets, deeper enterprise integrations, and continued investment in compliance and licensing, which remain critical for any payments business operating at global scale.
Rain’s rise comes as stablecoins themselves are going through a quiet identity shift.
They still play a major role in trading and on-chain finance, but more companies are now looking at them as a way to move dollar-like value globally with fewer intermediaries. The challenge has always been usability. Most people do not want to think about wallets, gas fees, or blockchain confirmations when they pay for something.
Rain’s model hides that complexity. Users swipe a card. The merchant gets paid. The settlement happens using stablecoins in the background.
That approach aligns with a broader trend across payments and fintech, where blockchain is increasingly treated as infrastructure rather than a product in itself.
None of this guarantees success.
The space is getting crowded. Other crypto infrastructure companies are building similar tools, and large fintechs and banks are experimenting with stablecoin settlement of their own. Regulatory frameworks are evolving, but uncertainty still exists, especially across jurisdictions.
Rain’s challenge now is execution. Scaling payments infrastructure is hard. Doing it globally, while staying compliant and reliable, is even harder. The Series C gives Rain the resources to try, but the next phase will be about proving that stablecoin-powered payments can move from niche programs to mainstream usage.
Rain’s funding round is a signal that the crypto market’s focus is shifting again.
Not toward speculation, but toward utility. Not toward flashy narratives, but toward infrastructure that quietly connects crypto to the real economy.
If stablecoins are going to become everyday money, they will need to work through systems people already trust and understand. Rain’s partnership with Visa, and its push to make stablecoin settlement invisible to users, suggests one possible path forward.
That makes this raise more than just another big crypto funding headline. It marks a moment where stablecoins start to look less like an experiment and more like a serious part of the global payments conversation.
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Stablecoins are not exciting.
They do not spike overnight. They do not crash and wipe out portfolios. They are not the thing people argue about on social media at two in the morning. Most days, they are barely mentioned at all.
And yet, when you look past the noise and actually follow where money moves in crypto, stablecoins are everywhere. They sit in the background of trades, payments, payouts, and transfers. They are the part of crypto people rely on without thinking about it.
That is usually how real adoption starts.
Stablecoins exist to do one job: move money without drama.
They are designed to stay pegged to a currency, usually the US dollar. One token equals one dollar. No guessing. No watching charts. No hoping the price holds long enough to send a payment.
That might not sound revolutionary, but in crypto, it is a big deal.
For years, using crypto for anything practical meant dealing with volatility. Stablecoins remove that problem. They let people move value on-chain without turning every transaction into a speculative bet.
That is why traders use them. That is why businesses are paying attention. And that is why stablecoins quietly became the default currency of crypto.
When markets slow down, most crypto activity drops with them. Stablecoin usage usually does not.
The reason is simple. Stablecoins are not about price. They are about function.
Traditional financial systems are slow and expensive in ways people have mostly just accepted. Transfers take days. Cross-border payments get complicated fast. Fees show up in places no one asked for.
Stablecoins cut through a lot of that. They settle quickly. They move globally. They do not care what day it is or which country you are in.
For individuals, that means easier access to dollar-denominated money. For companies, it means faster settlement and fewer moving parts. None of that depends on whether the market is up or down. Daily users of stablecoins has grown tremendously in the last few years and people should expect to see that continue to skyrocket as more payment rails and use-cases come on board.
One reason stablecoins feel easy to ignore is because they are often hidden.
In many cases, users never touch them directly. A payment looks normal. A balance looks normal. Behind the scenes, stablecoins handle settlement because they are simply better at it.
This is not crypto trying to replace everything at once. It is crypto quietly fixing specific parts of the system that were not working very well to begin with.
And when something works smoothly, no one talks about it.
The companies that benefit most from stablecoins are often not the ones issuing them.
They are the ones sitting in the middle of payments, wallets, and settlement. They already control how money moves. Stablecoins just make that movement cheaper and faster.
From that position, it does not really matter which stablecoin wins. Volume is what matters. Flow is what matters. Stablescoins are used in a wide variety of settlements and those are growing everyday.
Crypto mass adoption was never going to look like everyone trading tokens or using complex on-chain tools.
It was always going to look boring.
It looks like people getting paid faster. It looks like cheaper transfers. It looks like money moving globally without anyone thinking twice about it.
Stablecoins fit that picture better than almost anything else crypto has produced. They lower the barrier instead of raising it. They work with existing habits instead of fighting them.
For many people, stablecoins are the first time crypto feels practical.
Stablecoins change how money moves.
That turns out to be a much more useful problem to solve.
They support trading. They power on-chain finance. They help businesses operate across borders. They give people access to stable value when local systems fall short.
They do all of this quietly, without asking for attention.
And that is probably why they are working.
Stablecoins are not the loudest part of crypto. They might never be.
But they are becoming the part that actually touches real economic activity at scale. Not in theory. In practice.
By the time stablecoins feel obvious, they will already be everywhere.
That is usually how infrastructure wins.
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For years, stablecoins have lived in an uncomfortable gray zone in the U.S. financial system. Big enough to matter, but never quite official enough to be fully welcomed. That may finally be changing.
On December 16, the Federal Deposit Insurance Corporation took a significant step by proposing the first formal rules for stablecoins under the recently passed GENIUS Act. It is the clearest signal yet that Washington intends to treat certain stablecoins less like an experiment and more like financial infrastructure.
This is not a sweeping overhaul overnight. But it is a meaningful start.
The FDIC’s proposal focuses on process before product. Rather than setting hard capital or reserve requirements immediately, the agency is laying out how banks can apply to issue stablecoins through regulated subsidiaries.
In simple terms, the rule defines how a bank asks permission, what information regulators expect to see, how long the FDIC has to respond, and what happens if an application is rejected.
Under the proposal, banks would submit detailed applications covering governance, risk management, compliance controls, and operational readiness. The FDIC would have set timelines to review submissions, determine whether they are complete, and issue approvals or denials. There is also an appeals process, which is notable in a space where regulatory decisions have often felt opaque.
There is even a temporary safe harbor for early applicants, giving institutions a window to engage before all GENIUS Act requirements fully take effect.
None of this is flashy. That is the point.
The FDIC’s move only makes sense in the context of the GENIUS Act, which passed earlier this year after years of stalled crypto legislation. The law created a new category for payment stablecoins and, crucially, decided who gets to supervise them.
Under the act, stablecoins designed for payments are no longer left floating between agencies. The FDIC is responsible for stablecoin-issuing subsidiaries of insured banks, while other regulators handle different corners of the market.
The law also sets the broad expectations. Stablecoins must be fully backed, redeemable at par, and supported by transparent reserves. They are not treated as securities, and they are not left entirely to state regulators either.
That clarity alone has shifted the leading question from “Is this allowed?” to “How does this work in practice?”
What stands out about the FDIC proposal is how procedural it is. This is not Washington hyping innovation or trying to pick winners. It is regulators building guardrails, slowly and deliberately.
That may frustrate parts of the crypto industry that hoped for faster approval paths or broader access for nonbank issuers. But for traditional financial institutions, this kind of rulemaking is familiar. It reduces uncertainty, and uncertainty is often the biggest barrier to participation.
Banks have been hesitant to touch stablecoins directly, not because they lacked interest, but because the regulatory consequences were unclear. This proposal begins to close that gap.
The current proposal is only the first layer. The FDIC and other agencies are expected to follow with rules covering capital, liquidity, reserve composition, and ongoing supervision.
Those details will matter. A lot.
Too strict, and stablecoin issuance could remain concentrated among a small number of players. Too loose, and regulators risk recreating the same fragilities they are trying to prevent.
There is also the question of how these U.S. rules will interact with frameworks emerging in Europe and Asia. Stablecoins move across borders easily. Regulation does not.
Stablecoins are no longer just a crypto market issue. They sit at the intersection of payments, banking, and monetary policy.
If regulated correctly, they could make settlement faster, cheaper, and more resilient. If handled poorly, they could introduce new forms of run risk into the financial system.
The FDIC’s proposal suggests regulators understand that tension. This is not an endorsement of stablecoins, but it is an acknowledgment that they are not going away.
After years of debate, enforcement actions, and regulatory silence, the U.S. is finally starting to write the rulebook. Slowly. Carefully. And very much on its own terms.
That alone marks a turning point.
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YouTube letting U.S. creators get paid in PayPal’s stablecoin, PYUSD, might sound like a small update. It isn’t. It’s one of those changes that looks minor on the surface but actually says a lot about where tech and finance are headed.
This is a major platform, at massive scale, choosing to plug digital assets into a real payout system. Not a test. Not a pilot hidden in a corner. A real option for real creators.
And that matters.
YouTube touches millions of creators and billions of users. When a platform like that makes a decision, it’s usually because the risk feels manageable and the upside feels real.
Creators now have another way to get paid. Faster access to funds. More flexibility. Less dependence on slow banking rails. For some creators, especially those working internationally or managing income across platforms, that can make a noticeable difference.
What’s interesting is how this is being done. YouTube itself isn’t diving into crypto head first. PayPal handles the complexity. The blockchain stuff stays in the background.
That was actually the point. PayPal’s head of crypto, May Zabaneh, put it plainly.
“The beauty of what we’ve built is that YouTube doesn’t have to touch crypto and so we can help take away that complexity,”
She added that PayPal introduced the PYUSD payout option for payment recipients in the third quarter of 2025, with YouTube choosing to extend it only to U.S. creators.
That quote says a lot. Adoption works best when users don’t have to think too hard about what’s happening under the hood.
The bigger story is that this keeps happening. Not loudly. Not with flashy marketing. Just steadily.
Payment companies are experimenting with stablecoins. Fintech platforms are adding crypto rails next to traditional ones. Big institutions are building infrastructure instead of arguing about whether crypto is real.
That’s usually the sign that something is maturing.
Digital assets are starting to look less like a bet and more like plumbing. Not exciting, but very important.
A big reason this works is stablecoins.
They’re boring by design. Pegged to the dollar. Predictable. No wild price swings. That’s exactly why companies are comfortable using them for payouts.
For creators, it feels familiar. You’re still getting paid in dollars. It just moves faster and sometimes with fewer fees. The crypto part doesn’t have to be front and center.
That’s a good thing.
PayPal being involved matters more than people realize.
Most users don’t want to manage wallets or worry about private keys. They want to get paid and move on with their day. PayPal already has trust, compliance, and global reach. Adding stablecoins inside that ecosystem makes adoption feel safe and normal.
That’s usually how new tech wins. Not by forcing people to learn everything, but by quietly fitting into what already works.
For creators, this is about options. Choice matters.
Some will stick with traditional payouts. Others will experiment with stablecoins. Over time, those options can lead to better cash flow, easier global payments, and new ways to manage income.
For users more broadly, this kind of integration pushes innovation forward. Once digital asset rails exist, new tools and services tend to follow. Better monetization. Faster payments. More global access.
It doesn’t all happen at once, but it builds.
This kind of adoption doesn’t happen if companies think digital assets are a passing trend. It happens when the technology feels useful enough and stable enough to deploy at scale.
There are still risks. Regulation will keep evolving. Education is still needed. But the direction is clear.
Digital assets are no longer sitting on the sidelines. They’re being woven into systems people already use, without much fuss.
YouTube offering stablecoin payouts is a quiet move. But quiet moves from big companies are often the ones that matter most.
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Kraken is making a major push into the tokenization market with its agreement to acquire Backed Finance, the company behind the xStocks product line.
This move gives Kraken full control over a growing category of tokenized equities and positions the exchange for rapid expansion as it prepares for a public listing.
Backed Finance specializes in issuing tokens tied to real world assets, mainly public company stocks and ETFs. These assets are backed by real shares held in custody, allowing users to hold digital representations of traditional securities inside a blockchain environment.
By bringing Backed Finance in house, Kraken gains control over the entire tokenization stack. Issuance, collateral, custody, compliance, and product architecture will all operate under one roof. This eliminates reliance on an external provider and strengthens Kraken’s ability to innovate and scale. The exchange has been building aggressively in Europe and other global markets, and the acquisition aligns with its larger ambition to make tokenized securities a core part of its ecosystem.
Tokenized assets have gained momentum as traders and institutions look for a more flexible way to access traditional financial instruments. The benefit is simple. Stocks can be traded on chain, around the clock, with global reach and fewer barriers.
Kraken’s recent capital raise brought its valuation to roughly twenty billion dollars. The company has been preparing for a public offering targeted for 2026, and expanding into real world asset tokenization helps diversify its revenue streams before going public. Backed Finance already holds meaningful market share in the tokenized equity space, which gives Kraken a strong foundation to build on.
The acquisition formalizes a partnership Kraken has spent the past year expanding. Backed has powered xStocks since launch, supporting products that have now generated more than $5 billion in cumulative trading volume on Kraken.
Interest in real world asset tokenization has surged through 2025, but the sector still faces challenges. Liquidity varies widely across tokenized securities. Some assets trade actively, while others see thin volume. This raises questions about whether tokenization alone can deliver deeper markets.
Regulatory frameworks are also evolving. Tokenized shares do not always offer the same rights as traditional equities, such as voting or regular dividend distribution. As more platforms introduce tokenized stocks, market fragmentation becomes a risk, since liquidity can spread across multiple chains and issuers.
These challenges do not diminish the potential, but they highlight the need for stronger standards, clearer rules, and well capitalized issuers.
Kraken’s acquisition signals that tokenized equities are becoming a long term strategic priority rather than a side experiment. If successful, Kraken could set the standard for a hybrid financial model where traditional assets move seamlessly across blockchain infrastructure.
BlackRock executives Larry Fink and Rob Goldstein recently said tokenization could reshape financial markets as profoundly as the early internet reshaped information.
Kraken's users may gain access to more global equities, greater flexibility, fractional ownership, and always available markets. Institutions may find a more programmable way to issue and settle securities. The industry may see a blueprint for bridging regulated markets with decentralized technology.
The path will not be simple. Liquidity, compliance, and investor protections will remain central areas of focus. However, Kraken’s move shows that major players believe the future of equities includes both traditional exchanges and blockchain based markets working together.
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Robinhood Markets reported that its cryptocurrency-trading revenue surged by 339% in Q3 2025 to $268 million. This performance underscores the increasing role of crypto in Robinhood’s business model and reflects broader retail investor enthusiasm for digital assets. The rise comes against a backdrop of product innovation, global expansion and favorable sector sentiment.
While crypto trading was a standout, Robinhood’s overall performance paints a positive picture of a company gaining traction. Earlier in the year the company reported Q2 revenue of $989 million, up 45% year-on-year and with crypto revenue alone up 98% to $160 million. The momentum built into stronger Q3 performance where crypto contributed a larger share of transaction-based revenues. The company’s expanded crypto product offerings, including new tokens, staking and acquisition of Bitstamp, helped fuel activity.
Several factors helped drive Robinhood’s crypto-business acceleration:
For Robinhood, the spike in crypto revenue suggests the firm is successfully evolving beyond a retail stock-trading app into a broader digital-asset-centric platform. Crypto trading is no longer a niche segment, it is now a meaningful driver of revenue and growth.
For the broader crypto industry, Robinhood’s results highlight several important trends:
Robinhood’s impressive crypto performance came alongside strong overall financial results. Although shares dipped about 2% in after-hours trading, the stock remains up roughly 260% year-to-date, reflecting the market’s confidence in the company’s long-term trajectory.
Chief Financial Officer Jason Warnick said the quarter highlighted “another period of profitable growth” and emphasized the company’s diversification. He noted that Robinhood added two new business lines, Prediction Markets and Bitstamp, each already generating around $100 million in annualized revenue.
“Q4 is off to a strong start,” Warnick added, pointing to record trading volumes across equities, options, prediction markets, and futures, along with new highs for margin balances.
The company’s market capitalization has now reached $126 billion, placing it ahead of major competitors like Coinbase, which also reported strong earnings recently.
These results follow a string of moves aimed at deepening Robinhood’s role in the global crypto ecosystem. The acquisition of Bitstamp, one of the world’s oldest crypto exchanges, gave Robinhood an established regulatory presence and a user base spanning more than 50 countries. This acquisition not only expanded access to international markets but also strengthened its compliance infrastructure — a crucial advantage as global regulators define the next phase of crypto policy.
Robinhood’s record-setting quarter represents more than just strong numbers, it highlights a pivotal transformation in how traditional fintech and digital assets are converging.
The company’s 339% surge in crypto trading revenue reflects growing confidence among retail investors, while its acquisitions and new business lines show a clear pivot toward becoming a comprehensive global trading platform. With Bitstamp under its umbrella and new markets like prediction trading contributing nine-figure revenues, Robinhood is building an ecosystem that spans equities, options, futures, and crypto — all within a single, regulated framework.
Despite the minor dip in after-hours trading, investor sentiment remains overwhelmingly positive. Robinhood’s valuation of $126 billion underscores that the market views the company not as a speculative fintech, but as a major financial institution reshaping digital trading.
As the boundaries between finance and crypto continue to blur, Robinhood’s expansion signals a broader truth: the next generation of global markets will not separate traditional and digital assets. Instead, they will coexist on platforms that offer both speed and security — and Robinhood appears determined to lead that charge.
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Ripple Labs has announced a landmark $500 million fundraising round led by affiliates of Fortress Investment Group and Citadel Securities, propelling its valuation to approximately $40 billion. The raise cements Ripple’s position among the most valuable private blockchain companies in the world and underscores a powerful shift in institutional sentiment toward digital assets and crypto infrastructure.
Major participants in the round reportedly include heavyweight firms such as Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace, marking one of the most significant institutional-backed financings in the digital asset sector to date. Ripple’s leadership described the round as “a signal that blockchain infrastructure is moving from experimentation to mainstream adoption.”
Ripple’s identity has long been associated with its cross-border payment technology and the XRP Ledger, but the company has spent the past several years expanding its footprint into institutional finance and enterprise-grade blockchain infrastructure.
This raise is intended to accelerate that strategy. Ripple plans to deploy the new capital across several key business segments, including stablecoin development, digital asset custody, prime brokerage services, and enterprise treasury solutions.
CEO Brad Garlinghouse noted that the company’s focus now extends far beyond the XRP token, emphasizing Ripple’s ambition to build “the next-generation infrastructure for global value exchange.”
Ripple has already launched its U.S. dollar stablecoin, RLUSD, which recently surpassed $1 billion in circulation, and the company’s acquisition of Metaco earlier this year established its presence in institutional digital asset custody. The new capital will help scale both of these ventures, as well as expand Ripple’s global payments and liquidity network, which has already processed nearly $100 billion in volume this year.
The participation of global financial powerhouses such as Fortress and Citadel is a major signal for the broader crypto market. It represents a notable shift from skepticism to conviction among traditional finance institutions, many of which are now actively positioning for the tokenization of assets, the growth of stablecoins, and blockchain-enabled payments.
The timing of the raise also reflects a broader resurgence of confidence in digital assets. Bitcoin’s continued strength above six figures, renewed attention on real-world asset tokenization, and rising institutional demand for compliant crypto infrastructure have all contributed to a more mature and sustainable growth environment.
Ripple’s successful raise at such a high valuation suggests that institutional investors see the company not merely as a crypto firm, but as a core component of global financial modernization. It represents the convergence of blockchain technology and traditional finance, a theme that has gained enormous traction as banks, funds, and corporates explore on-chain settlement and tokenized instruments.
The new capital positions Ripple to strengthen its role as a trusted partner for banks, governments, and enterprises looking to bridge traditional financial systems with blockchain innovation.
The company’s growing suite of products—ranging from cross-border payment solutions to custody, stablecoin issuance, and liquidity management—makes Ripple one of the few blockchain firms offering an institutional-grade platform that can integrate directly with existing financial infrastructure.
Ripple’s continued collaboration with regulators and financial institutions has also helped build credibility at a time when compliance and governance are key differentiators. Its ability to maintain relationships with central banks, sovereign partners, and large enterprises gives it a unique advantage as the financial industry transitions into tokenized models.
Ripple’s raise is more than a company milestone—it is a reflection of the growing institutionalization of crypto and blockchain technology. The same financial institutions that once viewed digital assets with caution are now leading billion-dollar funding rounds and integrating blockchain rails into their own operations.
This is part of a wider trend reshaping global finance. The lines between traditional banking, fintech, and crypto are blurring, and firms like Ripple are at the center of this transformation. As capital markets evolve toward digital-native assets, the companies that provide trust, scalability, and compliance will become the foundation of the next financial era.
Institutional investors increasingly view blockchain infrastructure as essential, not experimental. Ripple’s $40 billion valuation confirms that belief, underscoring the market’s confidence in the future of regulated, enterprise-grade crypto solutions.
Ripple’s $500 million raise represents a turning point not only for the company but for the broader digital asset industry. With leading global financial institutions now backing its vision, Ripple is positioned to become a cornerstone of blockchain-powered finance.
The company’s expansion into stablecoins, custody, and institutional liquidity services shows that it is evolving into a full-stack financial technology provider capable of powering the next generation of value exchange.
For the crypto ecosystem, this moment carries a clear message: institutional adoption is no longer theoretical—it is happening. Ripple’s success highlights how established players in finance are no longer standing on the sidelines but are actively investing in and shaping the future of blockchain infrastructure.
As capital flows, partnerships grow, and regulatory clarity improves, Ripple’s rise reflects the dawn of a more connected, compliant, and credible era for global crypto finance.
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A U.S. appeals court, the United States Court of Appeals for the Tenth Circuit, has affirmed that Custodia Bank is not automatically entitled to a Federal Reserve master account. The ruling supports an earlier decision from a Wyoming district court, which found that the Federal Reserve has discretion in granting or denying master account privileges.
The case centers on a special-purpose depository institution (SPDI) chartered in Wyoming that focuses on digital assets and crypto services. Custodia applied for a master account in October 2020 with the Federal Reserve Bank of Kansas City and later sued both the Federal Reserve and the Kansas City Fed for what it described as unfair delay and denial of access.
In its judgment, the appeals court agreed that the Fed acted within its legal authority, rejecting Custodia’s claim that it was unlawfully denied access under federal banking laws.
Access to a master account matters because it allows direct participation in core central bank services such as Fedwire and the Automated Clearing House (ACH). Without it, a bank must rely on a partner institution that already holds an account.
For Custodia and other crypto-friendly institutions, this ruling is significant because it reaffirms that eligibility does not guarantee access. Even if an institution meets charter requirements, the Federal Reserve retains discretion to deny or delay master account access.
For the broader banking and crypto industries, this decision sends a clear message: non-traditional or digital asset banks cannot assume central bank access simply because they hold a state charter. The Federal Reserve’s oversight and standards remain firm.
Custodia argued that under the Monetary Control Act of 1980, Federal Reserve services are mandatory for eligible depository institutions. The bank claimed that the word “shall” in the law means entitlement to master account services.
Regulators and legal experts disagreed, stating that the Federal Reserve Act gives the Fed discretion to assess risks and decide whether to grant access.
The court found that Custodia failed to show a legally enforceable right to a master account. It also ruled that Custodia did not properly challenge a “final agency action” under the Administrative Procedure Act (APA).
The district court judge warned that removing the Fed’s discretion could lead to a “race to the bottom,” with states offering light regulations to attract new banks looking for automatic access to Federal Reserve services.
Custodia may still seek further review, but this ruling narrows the path forward. The company can request a rehearing or appeal to the Supreme Court, though both options face long odds.
For the crypto banking industry, the message is clear: meeting state charter requirements is necessary but not enough. Institutions must also demonstrate strong risk management, compliance, and operational standards that meet Federal Reserve expectations.
Regulators and the financial sector will likely use this case as a precedent to define clearer guidelines for digital asset banks. Risk management, anti-money-laundering measures, and transparent governance will remain top priorities before granting master account access.
This case also signals that the Federal Reserve is cautious about integrating crypto-related banks into traditional financial systems until their risk frameworks align with established banking norms.
While the ruling is a setback for Custodia, it reinforces an important principle: access to central bank systems comes with oversight and responsibility. The decision does not shut out crypto banks entirely, but it does raise the bar for entry.
For the broader digital asset sector, this moment highlights the ongoing challenge of bridging innovation with regulation. The focus for crypto banks will now shift from arguing for entitlement to demonstrating readiness — proving that they can meet the same safety, stability, and trust standards that define the U.S. banking system.
In the end, this case is less about denial and more about definition. It sets the boundaries for what a compliant, well-managed crypto bank must look like if it wants a seat at the table in traditional finance.
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Western Union is stepping boldly into the future of digital finance. The company has announced plans to launch a U.S. dollar backed stablecoin on the Solana blockchain in early 2026. This initiative marks one of the most significant moves yet by a global money transfer leader to embrace blockchain technology at scale.
Western Union’s stablecoin will be issued by a regulated U.S. bank partner and fully backed by cash and short-term Treasuries. The company aims to deliver instant cross-border settlement, dramatically lower transfer costs, and a modern user experience for millions of customers worldwide.
Western Union’s entry into blockchain payments signals a major milestone for the broader crypto industry. For years, stablecoins have demonstrated their potential to move money quickly and efficiently. Now, one of the largest payment companies in the world is validating that model.
Rather than viewing crypto as a competitor, Western Union is integrating it into its business. The company’s network of digital users, agents, and mobile partners will give blockchain payments global reach. This could open new corridors for stablecoin adoption in countries that depend heavily on remittances.
Solana’s technology is at the heart of this project. The network is known for its high transaction speed, low fees, and scalability, which are critical factors for small-value remittances. Solana can process thousands of transactions per second with settlement finality measured in seconds.
These capabilities make Solana a practical choice for Western Union’s global payment volume. Low-cost transfers ensure affordability for customers, while rapid settlement creates a better experience for both senders and receivers. Solana’s expanding ecosystem of wallets, exchanges, and payment apps also strengthens the project’s foundation for future growth.
Western Union brings something to the blockchain space that few crypto projects can match: decades of experience in global money movement, deep compliance expertise, and an existing infrastructure for cash pick-up and payout. Combining these strengths with Solana’s performance creates a bridge between traditional finance and digital assets.
Anchorage Digital, Western Union’s issuance and custody partner, ensures that the stablecoin is backed by regulated reserves and operates under strict banking standards. This structure combines the security of traditional banking with the speed and transparency of blockchain technology.
This project could have an especially meaningful impact in emerging markets. In many countries, remittances are a vital lifeline for families, yet traditional transfers can take days and cost up to ten percent in fees. A blockchain-based stablecoin can cut those costs significantly while allowing users to hold digital dollars safely during times of local currency volatility.
Western Union’s massive footprint, which includes hundreds of thousands of agent locations and mobile partnerships, allows it to bridge the gap between digital and physical money. Customers could send and receive digital dollars instantly, then cash out locally or use their balance in digital apps.
The Western Union stablecoin represents more than a new product. It is a roadmap for how traditional financial institutions can integrate crypto responsibly. It shows that public blockchains like Solana can serve as infrastructure for regulated money movement on a global scale.
This model could inspire other banks, payment firms, and fintechs to issue stablecoins backed by transparent reserves. It also sets the stage for a world where cross-border transactions happen in seconds, with full auditability and minimal friction.
Western Union’s stablecoin initiative positions it at the intersection of finance and technology. It reflects growing confidence in blockchain as a foundation for everyday payments. If successful, it could redefine how money moves around the world and accelerate mainstream adoption of stablecoins.
This is more than just another digital asset project. It is a vote of confidence in Solana’s technology and in the promise of crypto to create faster, fairer, and more inclusive financial systems.
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President Donald Trump has nominated Michael Selig to serve as Chair of the U.S. Commodity Futures Trading Commission (CFTC). The move marks one of the clearest signals yet that the administration intends to take a pro-innovation approach toward digital assets.
If confirmed by the Senate, Selig would succeed acting Chair Caroline Pham and lead one of the key federal agencies overseeing U.S. derivatives and crypto markets. His background in crypto policy and law positions him as a potential bridge between the CFTC and the Securities and Exchange Commission (SEC), which have often clashed over digital asset oversight.
Michael Selig currently serves as Chief Counsel for the SEC’s Crypto Task Force, where he has played a central role in shaping digital asset policy. Before joining the SEC, Selig worked at the law firm Willkie Farr & Gallagher, focusing on fintech and blockchain regulation. Earlier in his career, he interned at the CFTC, giving him firsthand insight into how the agency functions.
Throughout his career, Selig has been recognized for his deep understanding of both traditional finance and emerging crypto ecosystems. He is considered one of the few U.S. legal experts who can navigate the complex line between securities and commodities law as it applies to digital assets.
The appointment sends a strong signal that the administration aims to modernize U.S. financial regulation. Selig is known for supporting clear, innovation-friendly frameworks rather than strict enforcement-first approaches.
For years, crypto companies and investors have criticized U.S. regulators for sending mixed messages about what counts as a security versus a commodity. The result has been uncertainty that stifled innovation and pushed some firms overseas. With Selig at the helm, the CFTC may seek to provide clarity while fostering responsible growth in digital markets.
The nomination also reflects a broader shift in Washington. Rather than treating digital assets purely as a threat, policymakers appear to be viewing blockchain technology as an opportunity for U.S. leadership in global finance.
The next step for Selig will be Senate confirmation, a process that could include tough questioning about his crypto-friendly stance. Lawmakers are divided on how much authority the CFTC should have over digital assets, and Selig’s confirmation could become a flashpoint in the broader debate over crypto regulation.
If approved, his leadership could influence key policy areas, including:
CFTC-SEC Coordination: Efforts to align rules between the two agencies and reduce regulatory overlap.
Market Structure Reform: Defining how tokens, stablecoins, and decentralized finance products are classified.
Industry Engagement: Building formal channels for dialogue between regulators and blockchain innovators.
Global Competitiveness: Positioning the U.S. as a leading market for compliant digital asset innovation.
Selig’s nomination comes at a pivotal time for crypto policy. Congress is considering new legislation that could expand or clarify the CFTC’s jurisdiction over digital assets. Having a chair who understands both the technology and the law could make a major difference in how those rules are implemented.
The crypto industry has responded positively, viewing Selig as someone who can combine pragmatic regulation with a commitment to innovation. However, optimism is tempered by the reality that new leadership alone will not resolve all challenges. Effective reform will still require interagency cooperation, clear legislative backing, and strong consumer protections.
Michael Selig’s appointment represents more than just a personnel change. It could mark the start of a new era for U.S. crypto policy, where innovation and regulation are not seen as opposing forces.
If confirmed, Selig will face the challenge of turning a fragmented regulatory landscape into one that encourages growth while maintaining market integrity. His success will depend on balancing ambition with accountability, and on ensuring that the U.S. remains both competitive and credible in the global digital economy.

Tether, the company behind the world’s largest stablecoin, is preparing for one of its most ambitious moves yet. The firm plans to launch USAT, a new U.S.-focused stablecoin, in December 2025, with a goal of reaching 100 million American users.
This represents a major shift in Tether’s strategy. The company is moving from global dominance to deep domestic integration, positioning itself to compete directly in the regulated U.S. financial landscape.
USAT will be a dollar-pegged stablecoin issued through a U.S.-based entity known as Tether America, developed in partnership with Anchorage Digital. The token will comply with new federal rules governing stablecoins under the recently approved GENIUS Act.
Tether says USAT will be fully backed and independently audited, with transparency and reserve management as top priorities. The product aims to serve not only crypto-native users but also the millions of Americans entering digital payments for the first time.
To reach its ambitious 100 million user target, Tether is expanding into the creator economy and consumer platforms. The company has already invested in Rumble, a U.S. video platform with over 50 million monthly users, suggesting that integration and distribution partnerships will play a key role in adoption.
This outreach shows Tether’s intent to move beyond crypto exchanges and into mainstream financial and social platforms. The strategy blends regulatory alignment with mass-market reach, a combination that could redefine how stablecoins enter daily life.
With USAT, Tether will compete directly with other major U.S. stablecoins such as USDC and PayPal USD. Unlike USDT, which dominates global markets, USAT is designed specifically for American consumers and institutions operating under U.S. financial oversight.
Analysts suggest this could allow Tether to capture both institutional trust and retail adoption. The focus on compliance and open auditing might also give it an advantage with regulators and payment partners.
Tether’s move comes at a time when stablecoins are being recognized as core infrastructure for digital finance. By aligning with U.S. law, Tether is signaling confidence in the regulatory environment and a willingness to help shape its evolution.
If successful, USAT could become a gateway for traditional finance, fintech, and creators to access digital payments at scale. It also sets a new benchmark for transparency and compliance, potentially reshaping how stablecoins operate worldwide.
Launch and Accessibility: USAT is expected to roll out in December across exchanges, wallets, and select consumer platforms.
Audits and Reserves: Investors will watch for regular public audits to verify Tether’s commitment to compliance.
Integration and Adoption: Partnerships in content, commerce, and fintech could drive rapid U.S. user growth.
Industry Response: Competing stablecoin issuers are likely to adjust strategies to maintain market share.
Tether’s upcoming USAT stablecoin launch represents a turning point for digital finance in the United States. The company is aiming to merge global liquidity with local regulation, creating a bridge between blockchain innovation and traditional banking.
Reaching 100 million users is an ambitious target, but Tether’s combination of brand power, compliance, and strategic partnerships gives it a strong foundation.
The message is clear: the next era of stablecoins will not only be global, it will be regulated, transparent, and built for everyday use.