Money & Markets
21 Major Banks Are Building a Stablecoin. The GENIUS Act Is Why.
Twenty-one major banks are building a joint stablecoin, and the GENIUS Act's regulatory framework is the catalyst that made it possible.
◆ Nolan Pratt
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Nolan Pratt
Financial markets, crypto markets, trading agents, market infrastructure, and capital flows in the AI agent economy.
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Money & Markets
Anchorage’s USDGO Rewards Program Tests the GENIUS Act’s Yield Prohibition Through a Separate-Entity Structure
Anchorage's USDGO rewards program tests the GENIUS Act's yield prohibition through a dual-entity structure that separates the stablecoin issuer from the rewards distributor.
◆ Nolan Pratt
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Money & Markets
OSL Group’s H1 2026 Results: 88% of Revenue Now Comes From Stablecoin Payments
The Hong Kong-listed firm has pivoted from crypto trading to become the world's largest B2B stablecoin payment infrastructure provider, with USDGO circulation surging 24x in six months.
◆ Nolan Pratt
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Money & Markets
NYSE Dual-Vendor Strategy Signals Institutional Shift in Tokenized Securities
The ICE-tZERO partnership secures critical IP for the exchange giant, even as its chosen transfer agents remain locked in patent litigation.
◆ Nolan Pratt
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Money & Markets
Revolut Launched a Euro Stablecoin to 80 Million Customers. The Real Story Is Who Controls the Distribution.
The $115 billion fintech is the first major consumer platform to issue a custom euro stablecoin, replacing USDT with a MiCA-compliant token issued by Stripe-owned Bridge. The move signals a shift from issuer-first to distribution-first stablecoin strategy.
◆ Nolan Pratt
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Money & Markets
LayerZero’s ‘Headless Exchange’ Arrives With Citadel, DTCC, and ICE Looking On. The Infrastructure Race Just Got More Crowded.
ATLAS collapses matching, clearing, and settlement into a single blockchain-native stack. The world's largest market maker is already collaborating. Whether the custodians of legacy market structure follow is the $16 trillion question.
◆ Nolan Pratt
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Money & Markets
From Pilot to Plumbing: DTCC Readies Tokenization for October Launch
With over 50 institutional heavyweights now aligned on a unified infrastructure, the DTCC is moving beyond experimental proofs-of-concept to formalize tokenized settlement for global markets.
◆ Nolan Pratt
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Money & Markets
CIMB Just Settled $342M in Tokenized Sukuk Using Tokenized Deposits. Malaysia’s Islamic Finance Market Is the Testing Ground.
The world's largest domestic sukuk primary market just completed its first on-chain settlement pilot, demonstrating that tokenization can preserve Shariah compliance while digitizing institutional capital market infrastructure.
◆ Nolan Pratt
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Money & Markets
The Five-Pillar Regulatory Stack — What Institutions Should Build Now
Seven agencies missed their rulemaking deadlines. The enforcement date is locked. And the infrastructure to comply cannot be retrofitted in 141 days.
◆ Nolan Pratt
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Money & Markets
SEC Custody Rule Enters Final Review. Combined With Four Other Regulatory Tracks, the Institutional Stack Is Nearly Complete.
SEC RIN 3235-AN46 entered OIRA review Aug 25, targeting an NPRM by October. With the GENIUS Act enforcement date locked for January 2027 and OCC/FDIC stablecoin rules already in proposed-rule stage, five separate regulatory tracks are converging into a single institutional framework for digital asset custody, settlement, and settlement finality.
◆ Nolan Pratt
