Stablecoin

The recent initial public offering of cryptocurrency exchange Bullish was remarkable in that the company received the proceeds in stablecoins. The move could signal a revolution in finance.

The dollar-backed digital assets have to clear many hurdles before they find a place in the future of finance, speakers at a Columbia University event said.

The crypto company's x402 Foundation will standardize transactions, making the company one of many technology firms working on standards for AI-powered commerce.

PayPal agrees to a $7 billion BNPL loan purchase agreement with Blue Owl Capital, while Revolut, which is building a financial superapp, is looking for permission to offer more banking products. That and more in the American Banker global payments and fintech roundup.

There's no designated lender of last resort for nonbank stablecoin issuers in either the recently-passed stablecoin bill or the crypto market structure bill being considered, which experts say could mean bailouts down the road.

Excluded from the stablecoin revolution by law, banks deserve the opportunity to participate in the evolution of digital finance. Regulatory clarity on the treatment of tokenized deposits is an essential first step.

Stablecore, a recently founded fintech, completed its first funding round with the goal of bringing stablecoin technology to banks and credit unions.

The Treasury Department proposed a rule delaying investment adviser AML requirements to 2028 and sought public comment on implementing regulations for a stablecoin bill passed earlier this summer.

The payments company has used an acquisition of digital asset firm Bridge to gain ground, reminiscent of how fintechs have honed in on banks' payment turf for years.

Stablecoins don't compete with payment platforms. They do, however, provide a turbo-powered springboard for new projects that will, just as incumbents are adapting to the new tools.