ECB launches tokenized trades in central bank money
Pontes lets banks settle tokenized trades in central bank money. Our take on stablecoin competition, limited operating hours and Europe’s next test.
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196: Congress said no. The SEC yes.
The Senate killed the Clarity Act 49-50. Two days later the SEC gave tokenized stock venues a five-year exemption. And Deutsche Bank launches digital asset custody.
The SEC Took the Pen
The SEC legalized onchain US stock trading for five years, by order, two days after the Senate killed Clarity. Almost nothing trading onchain today qualifies.
Who won the Clarity fight
The Clarity Act died 49-50. The three fights that killed it were not about crypto, and the SEC walks away holding the pen. Winners and losers, by seat.
Who wins the clarity deal?
Clarity Act ethics concessions, developer protections and a proposed stablecoin rewards circuit breaker, plus the Fed meeting and Arc's planned launch.
Clarity’s three IOUs
The final Clarity Act text gives Democrats delayed ethics rules, developers a civil-only shield and banks an 18-month rewards brake. What each side got, and what it didn't.
195: Nasdaq’s $100M Kraken bet
Stablecoins and tokenized stocks: Nasdaq's Payward deal, U.S. Bank's USBDC pilot, Circle's Tazapay agreement and the Clarity vote.
Circle Buys Tazapay: $400M for Fees, Not Float
On September 8, Circle agreed to buy Tazapay, a Singapore B2B cross-border payments company, for $400M in Circle stock, closing in 2027. Investors shrugged; CRCL fell 5.75% to $96.18 on the day. Why it matters: Every write-up says Circle bought the last mile. Wrong frame. Circle keeps 39 cents of every dollar USDC earns in interest and gives the rest to distributors, mostly Coinbase. It will keep every cent Tazapay charges in fees.
Robinhood built a bigger business that makes less money
A tenth the take.
21 globally systemic banks to launch stablecoin
Shared float.
Japan Puts Its Settlement Layer on a Chain
Hey, it’s Marc.
A Wyoming Bank Beat JPMorgan Out the Door
Narrow banking.
Cloudflare gives AI agents a corporate card
Spend management.
190: Western Union ships a stablecoin card
Mastercard closed BVNK, Western Union shipped a stablecoin card, Visa opened stablecoin payouts, and Circle's numbers explain why: volume is exploding while the float lags far behind.
Circle Built a $73 Billion Dollar and Keeps a Quarter of a Cent
Circle reported $701 million in Q2 revenue this morning, took final approval from the OCC for its national trust bank charter, and set 16 September as the mainnet date for Arc, its own settlement chain, with BlackRock, DTCC, Visa, and Mastercard among the founding validators.
Tether’s gold pile grows while its safety buffer shrinks
Tether published its Q2 2026 attestation in late July.
Ten European banks launch joint blockchain
In 1973, a group of banks had a problem: none of them trusted a rival to run the wires between them.
The tokenized private credit opportunity
Our biggest report on the tokenized private credit opportunity yet.
one clause decides crypto's decade
The market-structure fight is narrowing to a single clause — and the outcome could set crypto's US path for the decade.
DTCC traded tokenized stocks in production
DTCC moved tokenized equities from pilot language into production. The real signal is what market infrastructure now treats as deployable.