BVNK Powers Stablecoin Infrastructure for Visa's $1.7 Trillion Payout Network

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Introduction

Welcome to the Tokenized newsletter, brought to you by the creators of the Tokenized Podcast Simon Taylor of Fintech Brainfood, Pet Berisha of Sporting Crypto, and Shwetabh Sameer of Molten Ventures.

We are the newsletter for institutions that need help preparing for a Tokenized future.

We run through the headlines every week, what it means for you and a market readout. Always with an institutional, business-focused perspective. 

Join us every week as we meet your Tokenization needs.

In This Week's Edition:

📣 Simon's Market Readout – Thursday's Senate vote on the CLARITY Act could determine whether stablecoin yield is legal. Banks are fighting a two-front war: defending deposit economics against crypto platforms and facing potential credit card rate caps. The real question isn't about crypto. It's about whether value can flow to users without permission from incumbents.

🚀 BVNK Powers Visa Direct's $1.7 Trillion Network – Stablecoin prefunding and push-to-wallet payouts go live across Visa Direct's global payout infrastructure. BVNK targets $1 billion in transaction volume within six months. Plus: Our exclusive interview with BVNK Co-Founder Chris Harmse on what this partnership means for enterprise stablecoin adoption.

🏛️ Franklin Templeton Retrofits Money Market Funds for Stablecoin Infrastructure – The $1.7 trillion asset manager reveals five years of tokenization infrastructure and positions two funds for GENIUS Act-compliant stablecoin reserve management.

🚀 Polygon Labs Becomes a Regulated U.S. Payments Company – $250 million in acquisitions (Coinme + Sequence) give a public blockchain 48-state money transmission licenses, 50,000 retail locations, and a wallet infrastructure layer. A first for any Layer 2.

🚀 Ingenico Enables Native Stablecoin Payments Across Millions of Retail Terminals – One of the world's largest POS providers activates stablecoin acceptance on Android terminals via WalletConnect Pay, supporting 700+ wallets and bypassing card network rails entirely.

Simon’s Market Readout 💬 

Thursday the Senate votes on crypto market structure. The big debate is: 

Who gets to pay you for holding your money?

Banks earn 4-5% on Treasuries. They pass you 0.01% in checking. Coinbase wants to pass you that 4-5% on USDC. This week's vote decides if that's legal.

The back and forth over the market structure bill is fascinating, because as we are days away from something being passed, people are still scrambling to understand what it means. 

As of now, it looks like the stablecoin yield debate has been reopened, and direct yield is out. But stablecoin yield had a quirk before - it was able to go from the stablecoin issuer to a distributor, so USDC to Coinbase. Coinbase is not a stablecoin issuer, but they are somebody that can do marketing and rewards. The banks saw this as a loophole. Others saw it as a legitimate business model.

Last year's GENIUS Act banned stablecoin issuers from paying yield directly. But Coinbase and Kraken aren't issuers. They're platforms. They've been passing treasury yield as "rewards."

Community bankers are furious. The American Bankers Association wrote to the Senate with a number they want you to remember: $6.6 trillion. That's what they claim could flee deposits if stablecoin rewards stay legal.

Think about what that argument actually says. They're admitting their business model only works because competition is illegal.

The crypto counter is simple: Congress knew platforms weren't issuers. The distinction was intentional. If issuers earn 5% backing stablecoins with Treasuries, someone should pass that efficiency to users. Banks say: only us, we're regulated. Crypto says: efficiency doesn't need a banking license.

I'm with crypto. If non-banks can build products that safely return value to users, banks should compete - same way private credit ate their lunch on the corporate side.

"Regulatory moat" is not a business model. 

Lost in the yield drama: the CLARITY Act itself might be a trojan horse. Remember, this bill was originally about who wins in the turf war between the SEC and the CFTC. What is a security? What is not a security? As written, it should be clear on the surface: if you're a network token like Ethereum or Solana, you are a commodity and belong to the CFTC. If you're anything else, you might be a security depending on the conditions wrapped around you.

They call these "Ancillary Assets". And this language appeared at the 11th hour. Everyone's scrambling to figure out what it means. The fear is that if it becomes a way to tag everything as securities, you're expecting protocols to essentially fill in 10K forms like the SEC requires of public companies. That would be dramatic.

The tea: Friday night Trump called to cap credit card rates at 10%. Current average: ~20%. The timing is suspicious enough people are whispering coordination. Theory: if banks kill stablecoin yield, crypto allies back the populists on credit card margins.

I don't know if I buy it. But banks are fighting two fronts now. They earn $176 billion on Fed reserves. $187 billion in swipe fees. Defending a lot of territory.

Thursday. Senate Banking Committee. 10 AM.

If they close the yield loophole, Coinbase hinted it might withdraw support for CLARITY entirely. That fractures the pro-crypto coalition at the finish line. Republicans need 60 votes. That means 7-10 Democrats saying yes. The 17 who voted for GENIUS are the target. If the committee vote isn't bipartisan, this bill probably dies before midterms.

One thing's for sure: stablecoin yield won't go away, even if it's not direct. You'll still get staking, and you'll still get many other forms of yield. If we do get clarity, the industry will react around it. The banks argue they need to protect their deposits, and maybe they'll see this as a win, or will they just come back in six months and argue that staking is a workaround?

This isn't about stablecoins. It's about whether value can flow to users without permission from incumbents.

Banks had a century to figure out how to pay depositors. The big ones chose to maximize profits. Now someone's building a better mousetrap and they're calling it a loophole.

That tells you everything about who's afraid of competition.

Thursday. 10 AM. Watch this one.

Stories You Can't Miss 📰

🚀 BVNK Powers Stablecoin Infrastructure for Visa Direct's $1.7 Trillion Network

Visa Direct's $1.7 trillion payout network just added stablecoin infrastructure. And BVNK is powering it.

We spoke with BVNK Co-Founder Chris Harmse about what this means. Watch the full conversation here.

This partnership does two things. Both matter.

Key Points:

• Firstly, on the Funding side, stablecoin prefunding goes live. Visa Direct clients can now prefund accounts with stablecoins instead of maintaining fiat balances across multiple currencies. Visa treats stablecoin balances as available funds for instant payouts, compressing settlement from days to minutes.

• Second, on Payout side, push-to-stablecoin wallet goes live. Visa Direct customers can now send payouts directly to recipient stablecoin wallets. Recipients receive USDC in minutes rather than days, adding a new endpoint alongside push-to-card, push-to-account, and push-to-wallet.

• Strategic relationship deepens. Visa Ventures invested in BVNK in May 2025. This integration marks Visa Direct's formal expansion into stablecoin infrastructure. BVNK processes over $30 billion in stablecoin payments annually.

• Select market rollout with global expansion planned. Initial focus targets markets with strong demand for digital asset payments, with broader expansion throughout 2026.

The Tokenized Take:

Here's what makes this strategically significant: Visa isn't building a parallel crypto network. They're embedding stablecoins directly into their existing money movement rails. That's a completely different playbook.

And the commercial ambition matches the strategic importance. As BVNK Co-Founder Chris Harmse told us exclusively: "I think Visa doesn't get excited for anything less than a billion dollars in TPV. So hopefully, target a billion of TPV in the first six months."

A billion dollars in transaction volume within six months - that's the benchmark. For context, that would represent meaningful share of BVNK's current $30 billion annual volume flowing through a single partnership.

What BVNK brings isn't just rails - it's the full stack. "This is us providing Visa with the full stack, including the compliance capability, the liquidity, as well as the orchestration of those payments," Harmse explained. Wallet screening, transaction monitoring, sanctions compliance - all handled by BVNK, allowing Visa to offer stablecoin functionality without building crypto-native infrastructure internally.

For Visa Direct customers, the experience stays familiar. "Any Visa Direct customer will come, they'll use the same APIs that they used to with Visa. But now there will be an additional option instead of saying, hey, pass through Joe's bank account details. It will be passed through Joe's crypto wallet details," Harmse noted.

The prefunding piece is where the real treasury value sits. Banks and remittance companies using Visa Direct currently park large dollar balances days in advance - sometimes a week for certain corridors. Dead capital. Sitting. Waiting. Stablecoin prefunding compresses settlement from days to minutes. For institutions running high-volume cross-border payouts, that's millions in freed-up liquidity annually.

The demand on the payout side is equally clear. 57% of creators say instant access is their top reason for choosing digital payments. 73% of gig workers report frustration with cross-border delays significant enough to switch platforms. Push-to-stablecoin wallet addresses both.

It's worth distinguishing this from Visa's card settlement business, which is approaching ~$4.5 billion in stablecoin volume. The Visa Direct integration operates on the money movement side - solving prefunding delays and cross-border complexity for non-US customers.

Stablecoins keep getting framed as a replacement for traditional rails. They're not. They're becoming a layer inside them. Push-to-card didn't kill cash. Push-to-account didn't kill cards. Push-to-stablecoin wallet is additive - another endpoint, more optionality.

The billion-dollar TPV target will serve as the benchmark for enterprise stablecoin adoption velocity within legacy rails. If BVNK and Visa hit that number, expect other card networks and money movement platforms to accelerate similar integrations. The institutions making infrastructure decisions now are determining competitive positioning for the next decade.

🏛️ Franklin Templeton Retrofits Money Market Funds for Stablecoin Infrastructure

Franklin Templeton just made a move that tells you exactly where institutional stablecoin infrastructure is heading. Rather than launching new crypto-native products, the $1.7 trillion asset manager retrofitted two existing Western Asset money market funds to plug directly into GENIUS Act-compliant stablecoin reserve structures and blockchain-enabled distribution channels.

The approach is deliberate: keep the familiar SEC-registered 2a-7 wrapper that institutional clients already trust, but extend it to serve the emerging stablecoin reserve management opportunity that the firm projects could reach $2 trillion by 2030.

Key Points:

• LUIXX (Western Asset Institutional Treasury Obligations Fund) now invests exclusively in U.S. Treasuries with maturities of 93 days or less, structured to be directly compatible with GENIUS Act reserve requirements. This is for stablecoin issuers themselves - banks, fintechs, or state programs launching payment stablecoins who need SEC-registered, government-only collateral backing their reserves but prefer working with a traditional fund structure rather than blockchain-native tools

• DIGXX (Digital Institutional Share Class) adds a blockchain-enabled share class to the existing Western Asset Institutional Treasury Reserves Fund. This is for intermediaries and platforms - custodians, broker-dealers and tokenization platforms that want to offer clients 24/7 onchain collateral and cash management without moving into unregistered vehicles

• Wyoming proof of concept now publicly available: Wyoming's FRNT stablecoin went live for public purchase on January 7, 2026, making it the first U.S. state-issued stablecoin available on the open market. Franklin Templeton manages the reserves, backed by dollars and short-term Treasuries with 2% overcollateralization

• Stablecoin subscriptions already operational: Per Sandy Kaul, Franklin Templeton already allows clients to subscribe and redeem from money market funds using stablecoins - this isn't theoretical infrastructure, it's production-tested

• Five years of infrastructure building: Franklin Templeton launched its first tokenized fund in April 2021, holds a patent on its proprietary KYC/AML compliant wallet developed in consultation with the SEC, and has deployed tokenization infrastructure across at least eight public blockchains plus Canton Network securities

• BlackRock moved first: BlackRock restructured its BSTBL fund in October 2025 with similar GENIUS Act alignment, positioning itself as "the reserve asset manager of choice for the digital payments ecosystem"

The Tokenized Take:

This story isn't really about two money market funds getting minor amendments. It's about a $1.7 trillion asset manager revealing just how much infrastructure they've quietly built over five years - and now deploying it to capture the stablecoin reserve management opportunity before the market fully forms.

The "extend rather than replace" thesis in action. Roger Bayston, Franklin Templeton's head of digital assets, made the strategic logic explicit: "Many large clients still want familiar, SEC-registered 2a-7 wrappers as they plug into onchain distribution and collateral systems." Corporate treasury teams aren't asking for exotic new structures. They want the same regulatory wrappers they've used for decades, just with blockchain rails underneath.

LUIXX and DIGXX serve different clients with different operational needs. LUIXX targets the issuers - if you're a bank or fintech launching a GENIUS-compliant stablecoin, you need clean Treasury-only reserves that satisfy regulatory requirements. LUIXX gives you that in a familiar SEC-registered MMF wrapper, no blockchain integration required on your end. DIGXX targets the distribution layer - if you're a custodian, broker-dealer, or tokenization platform that wants to offer clients real-time onchain cash management, DIGXX provides blockchain-enabled fund shares you can integrate into your infrastructure. Same underlying goal (capture the stablecoin reserve opportunity), two different client types (issuers vs intermediaries).

But here's what most observers will miss: Franklin Templeton isn't scrambling to catch up with BlackRock's October 2025 BSTBL announcement. They've been building tokenization infrastructure since 2021.

Sandy Kaul laid out the depth in our recent interview: "We actually designed our own KYC/AML compliant wallet working with the SEC. We've gotten a patent on that wallet. And we built an entire tokenization platform that can issue tokens, trade tokens, registered fund tokens. And we actually launched our first tokenized fund on that platform all the way back in April of 2021."

That's not a press release claim. That's five years of operational learning - running nodes across multiple public blockchains, building order routing algorithms that optimize for different chain economics, maintaining triple-redundant infrastructure that operates 24/7. When Kaul says they already accept stablecoins for fund subscriptions and redemptions, she's describing production systems, not pilot programs.

Wyoming validates the model at government scale. Franklin Templeton managing FRNT reserves isn't a side project - it's proof they can handle stablecoin reserve management for an issuer processing statewide payments. FRNT went live for public purchase just last week on January 7, available through Kraken on Solana with transfers supported across Arbitrum, Avalanche, Base, Ethereum, Optimism, and Polygon. If the infrastructure works for a state government, it works for banks and payment companies.

The competitive landscape is forming fast. BlackRock has BSTBL and already manages BUIDL (the largest tokenized Treasury fund) plus portions of Circle's USDC reserves. Fidelity and Superstate are positioning through partnerships with Stripe's Bridge/Open Issuance platform. Franklin Templeton brings the Benji platform, the Wyoming track record, and five years of multi-chain operational experience.

So the question becomes: who wins the mandate wars as stablecoin issuance scales toward that projected $2 trillion?

First movers matter less than infrastructure depth. BlackRock announced first, but Franklin Templeton may have more operational runway. The issuers choosing reserve managers over the next 18-24 months will evaluate based on regulatory relationships, operational resilience, and the ability to serve both traditional and tokenized distribution channels simultaneously.

Franklin Templeton is betting they can do both. As Kaul put it: "Every financial firm is going to have to be able to interoperate across those two extremes for the next decade at least." LUIXX serves the traditional side. DIGXX serves the tokenized side. Same firm, same compliance framework, same client relationship.

For institutional decision-makers watching this space: the stablecoin reserve management opportunity is real, it's forming now, and the major asset managers are already positioning. The window to establish relationships with these managers - or to evaluate launching your own stablecoin with institutional-grade reserve infrastructure - is measured in quarters, not years.

🚀 Polygon Labs Is Moving to Become a Regulated U.S. Stablecoin Payments Company

Polygon Labs announced deals to acquire Coinme and Sequence for over $250 million. Once closed, Polygon will own a 48-state money-transmission footprint, 50,000 retail locations, and a wallet infrastructure layer. This is a first for a public blockchain.

Key Points

• Coinme brings the regulatory moat. Money transmitter licenses across 48 U.S. states, 50,000+ retail locations through Coinstar and Walmart partnerships, and FinCEN registration. The company has been operating since 2014.

• Sequence brings the infrastructure. Enterprise smart wallets and a cross-chain intents engine that handles bridging, swaps, and gas abstraction. The Trails platform reports 2x transaction conversion rates versus standard wallets and has processed over 10 million transactions since launch.

• The Stripe comparison is intentional. Polygon Foundation CEO Sandeep Nailwal directly compared the acquisitions to Stripe's playbook - which acquired Bridge for $1.1 billion, bought wallet developer Privy, and is building its own payments blockchain called Tempo. Polygon is assembling the same stack from the opposite direction.

• The "Open Money Stack" thesis. Polygon is packaging this as integrated middleware - one API that takes you from bank account to on-chain settlement to local payout. Target customers: banks, fintechs, remittance providers, and payout platforms.

•  Business model pivot. CEO Marc Boiron explicitly stated Polygon is shifting from "driving value to POL stakers" toward generating direct revenue - targeting $100M+ annually through basis points on transaction volume. The company hired Stripe's former head of crypto, John Egan, last year.

• Stablecoin traction validates timing. Polygon's onchain stablecoin supply hit $3.3 billion at the end of 2025 - a three-year high.

• Regulatory baggage included. Coinme faced a cease-and-desist order from Washington State in December 2025 over $8 million in allegedly mishandled customer vouchers. The company resumed operations on December 30 after reaching an interim agreement with regulators - a permanent resolution is still being negotiated. California's DFPI separately imposed a $300,000 penalty for exceeding daily transaction limits and missing disclosures. Polygon inherits this regulatory scrutiny alongside the licenses.

The Tokenized Take

Everyone assumed enterprise-grade blockchain payments would arrive through permissioned chains. Private networks. Vertically integrated from the start. A public Layer 2 just proved that assumption wrong.

What makes this strategically significant isn't just the $250 million price tag - it's what Polygon is admitting about the limits of the open ecosystem model. For years, the chain playbook was straightforward: build great infrastructure, let partners bring volume, watch the flywheel spin. Coinme and Sequence represent Polygon saying "we can't rely on third parties anymore."

They're now controlling wallets. On-ramps. Compliance. The end-user relationship.

Consider who this is actually for. Not crypto traders. Not DeFi protocols. This targets corporate treasurers at remittance companies who need compliance handled but won't bet their entire operation on a single vendor. Fintechs that want blockchain settlement without building a compliance department. Payout platforms that need cash-to-digital conversion at 50,000 physical locations.

The revenue angle is also important. POL is down roughly 66% from its highs. This pivot represents Polygon building an income stream that doesn't depend on token speculation or network fee volatility - a fundamentally different business model for a Layer 2. When Boiron talks about capturing "basis points on transactions" and targeting $100M+ annually, he's describing margin extraction that traditional payments companies understand. That's a language institutional buyers speak.

But vertical integration comes with trade-offs. Polygon has historically positioned itself as neutral infrastructure - letting third-party wallet providers, on-ramp services, and payment apps build on top. Now Polygon owns a wallet layer (Sequence) and a fiat on/off-ramp (Coinme). Partners offering those same services on Polygon may start to wonder whether they're building on a platform or competing with it.

The Coinme regulatory history adds complexity. Washington regulators alleged the company treated $8 million in unredeemed customer vouchers as income and failed to maintain required reserves. Coinme resumed Washington operations on December 30, 2025 after submitting financial records that "clarified key facts". But the permanent resolution is still being negotiated. California's $300,000 penalty stemmed from separate violations around transaction limits and disclosure requirements. These aren't the kind of headlines enterprise customers ignore during due diligence. Polygon's compliance team just inherited active remediation obligations alongside those 48-state licenses.

So here's the main question: What is Polygon actually becoming? It's not a merchant payment processor like Stripe. It's building regulated middleware - infrastructure that banks, fintechs and remittance providers plug into to move money on-chain. That puts Polygon in more direct competition with Bridge (stablecoin orchestration) than Stripe's core business. The Stripe comparison is really about approach: both are betting that owning the full stack (blockchain, wallets, on-ramps, compliance) beats relying on partners. Polygon is testing whether a public chain can win that game.

🚀 Ingenico Enables Native Stablecoin Payments Across Millions of Retail Terminals

One of the world's largest POS terminal providers just enabled native stablecoin payments across its Android terminal network - no card rails required. Ingenico's partnership with WalletConnect Pay allows consumers to pay directly from crypto wallets, with funds settling through existing PSP infrastructure. The capability reaches an installed base of ~40 million terminals, with millions of Android devices live at launch.

Key Points:

• Scale of deployment: Ingenico operates across 120 countries with an installed base of 40 million terminals. The stablecoin integration launches on Android-based devices, allowing merchants to accept USDC, EURC, and USDT directly from consumer wallets - bypassing card network rails.

• Wallet compatibility: The system supports 700+ WalletConnect-compatible wallets including MetaMask, Trust Wallet and Coinbase Wallet. Consumers scan, approve, and pay directly from their mobile wallet. No crypto debit card required.

• Settlement flow: Funds move from the customer's wallet to the merchant's payment provider on-chain, then the PSP delivers settlement to the merchant in fiat or crypto based on preference. Card networks are bypassed, but merchants settle through familiar PSP flows.

• WalletConnect's network scale: WalletConnect facilitated over $400 billion in onchain activity during 2025, with Q4 alone moving $93.3 billion in stablecoin value. The network connects ~55 million unique users across 85,500 applications.

• Refunds solved: Merchants can process refunds through a dashboard click or automated workflows, with WalletConnect's infrastructure preventing user-side errors like sending funds to wrong networks. This addresses one of the persistent pain points that has stalled crypto retail adoption.

• Ingenico's crypto progression: This isn't a sudden pivot. The company partnered with BitPay in 2015 for Bitcoin acceptance, expanded globally with Crypto.com in 2024 via AXIUM terminals, and integrated Lunu Pay's 70+ wallet solution for same-day crypto-to-fiat conversion.

The Tokenized Take:

The structural significance here isn't the technology - it's who's deploying it. Ingenico is embedded in the checkout infrastructure of retailers, hospitality chains and transport networks worldwide. When this company announces native stablecoin acceptance, merchants don't need new hardware or new providers. The capability arrives through a software update on devices they already own.

The card network economics tell the story. A typical Visa or Mastercard transaction involves interchange fees, network fees, and processor fees - often 2-3% of transaction value. For cross-border retail where traditional card fees can exceed 4%, stablecoin rails offer a materially cheaper alternative. WalletConnect CEO Jess Houlgrave noted the integration is designed to "bring down transaction costs significantly, particularly for international purchases." This explains why Visa and Mastercard have spent years building stablecoin strategies - their settlement services and multi-token networks are defensive plays against exactly this scenario.

So what makes this different from previous crypto POS attempts? Infrastructure maturity. WalletConnect's $400 billion in 2025 volume demonstrates the wallet connectivity layer works at scale. Multi-chain settlement means transactions route to whichever network offers optimal speed and cost. And the refund mechanism (which has historically been a deal-breaker) now functions through familiar merchant dashboards.

The open question is demand. Having millions of terminals capable of accepting stablecoins means little if consumers don't use them. WalletConnect's ~55 million users hold stablecoins in compatible wallets, but most are DeFi-focused - not looking to pay for groceries with MetaMask. The infrastructure gap between "I have stablecoins" and "I can spend stablecoins at physical retail" just closed. Whether consumers walk through that gap is another matter entirely.

What to watch: Merchant incentive programs. If major retailers start offering 2-3% discounts for stablecoin payments  (passing interchange savings to consumers) that becomes the demand trigger this infrastructure needs. Also it will be interesting to watch volumes in tourist-heavy retail corridors and cross-border commerce, where card fees are highest and the stablecoin value proposition is clearest.

📰 Some More News:

🏦 Tokenization, Stablecoins & Finance

• ClearBank selects Taurus to support its stablecoins related services (Read more here)

• Noah and Nala launch instant stablecoin settlement network (Read more here)

• TD Bank Sees 'Terrific Opportunities' in Tokenized Deposits (Read more here)

• JPMorgan to bring deposit token natively to Canton Network (Read more here)

• BNY takes first steps in strategy to tokenise bank deposits (Read more here)

• CZ's YZi Labs invests in trading terminal as DeFi execution takes priority (Read more here)

• Wintermute OTC data shows crypto liquidity clustered in BTC and ETH as broader altcoin rallies faded in 2025 (Read more here)

• 21Shares lists ETP combining bitcoin and gold on LSE as UK retail crypto access expands (Read more here)

• BitGo Expands Institutional OTC Platform to Support Derivatives Trading (Read more here)

🤑 Funding and M&A

• Stablecoin platform Rain raises $250m (Read more here)

• Fireblocks acquires crypto accounting platform Tres Finance for $130 million (Read more here)

• Kraken-Linked SPAC Eyes $250 Million US Public Offering (Read more here)

• Crypto Firm BitGo Targets Nearly $2 Billion Valuation in US IPO Filing (Read more here)

• Bakkt Stock Jumps 18% Following Stablecoin Firm Acquisition (Read more here)

• Crypto exchange Coincheck to buy digital asset manager 3iQ (Read more here)

• LatAm stablecoin infrastructure platform VelaFi seals $20 million funding round (Read more here)

• Bernstein raises Figure price target, names stock its 2026 'best idea' with 38% potential upside (Read more here)

💼 Government & Policy

• Crypto Bill Draft Grants XRP, Solana and Dogecoin Same Legal Status as Bitcoin (Read more here)

• Senate Delays Crypto Market Structure Bill to Secure Bipartisan Support (Read more here)

• Banks Win Key Battle as Crypto Bill Bars Stablecoin Interest Payments (Read more here)

• New Senate CLARITY Act draft allows activity-based stablecoin rewards (Read more here)

• SEC chair says crypto market structure bill could reach Trump's desk this year (Read more here)

• US Lawmakers Introduce Standalone Bill to Protect Blockchain Developers Ahead of Broader Crypto Legislation (Read more here)

• CFTC Forms New Advisory Panel to Guide Blockchain and AI Regulation (Read more here)

• Warren Presses SEC Over Crypto Risk as Trump Pushes Crypto Into Retirement Plans (Read more here)

• Bitwise CIO calls Bitcoin 401(k) restrictions 'ridiculous' as Warren presses SEC (Read more here)

• Payments Association calls for Bank of England to stop stifling stablecoin progress (Read more here)

• Ripple wins EMI licence and crypto registration in the UK (Read more here)

• DFSA implements major updates to Crypto Token Regulatory Framework (Read more here)

• Dubai Bans Privacy Tokens on Regulated Exchanges (Read more here)

• Nigeria ties crypto oversight to tax IDs under sweeping reform (Read more here)

• Trump-linked World Liberty Financial applies for bank charter (Read more here)

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