The crypto trade is mostly over. Value accrual will primarily go to stablecoins and tradfi companies using their own blockchains (Stripe, Coinbase, Robinhood), not 95% of this dogshitOpportunities will mainly be in BTC, Privacy, Hype/DEX. Maybe AI/robotics x Blockchain in 2027+ ...

Core Insights - The payments landscape is undergoing a transformation with Buy Now, Pay Later (BNPL) becoming a popular financing option, challenging traditional credit card dominance [2][3] - Mastercard and Affirm are competing to shape the future of short-term credit in the digital economy [2][3] Mastercard Overview - Mastercard has a market cap of $489.4 billion and facilitates secure electronic payments globally, leveraging its network to support banks and merchants in providing installment solutions [5] - In Q3 2025, Mastercard's net revenues increased by 17% year over year, driven by strong consumer spending and cross-border volumes [6] - The company is investing in various innovative areas such as tokenization, cybersecurity, and AI-powered solutions to enhance its market position [7] - Mastercard maintains a strong cash position with $10.4 billion in cash and no short-term debt, allowing for share buybacks and dividends [8] Affirm Overview - Affirm is a key player in the BNPL space, focusing on transparency and data-driven underwriting, with features appealing to younger consumers [9][10] - The company reported a 34% revenue growth and a 42% increase in gross merchandise volume (GMV), expanding its ecosystem to 24.1 million consumers and 419,000 merchants [9][11] - Affirm's partnerships with major merchants enhance its market presence and allow for attractive financing options like 0% APR promotions [11] - The company utilizes AI for underwriting and customer support, contributing to its growth and efficiency [12] Financial Performance Comparison - Zacks Consensus Estimates predict Mastercard's 2025 sales and EPS growth at 15.8% and 12.6%, respectively, while Affirm's estimates indicate a 26% sales increase and a staggering 566.7% EPS growth for fiscal 2026 [14] - Year-to-date, Mastercard stock has returned 3.5%, while Affirm has outperformed with a 13% increase [15] - On a price-to-sales basis, Mastercard trades at 13.46X forward revenues compared to Affirm's 5.11X, indicating more room for growth for Affirm [16] Valuation Insights - Mastercard is currently trading below its average analyst price target of $659.38, suggesting a 21% potential upside, while Affirm trades below its target of $94.73, indicating a 37.7% potential upside [17] Conclusion - Both companies are strong players in the payment facilitation space, but Affirm's rapid user adoption and focus on BNPL innovation position it for greater long-term growth potential [18] - For investors seeking rapid gains, Affirm currently presents a more compelling opportunity compared to Mastercard [21]

🔥 BULLISH: Since the Oct. 11 market crash, Tether and Circle have issued a combined 17.25B in new stablecoins, per Lookonchain. https://t.co/r3ewsr39uM ...

🔥 BULISH: Since the Oct. 11 market crash, Tether and Circle have issued a combined 17.25B in new stablecoins, per Lookonchain. https://t.co/vEJaPXScFL ...

⚡️ INSIGHT: Web3 neobanks are changing how money moves, but is your “digital bank” still stuck in TradFi rails?@THORWallet shows what’s next; self-custody, Stablecoins + DeFi plugged into wallet and Swiss-regulated multicurrency account for real-world spending[Cointelegraph Acceleration] ...

Core Insights - ISO 20022 has become the universal standard for financial messaging, replacing SWIFT's legacy format on November 22 [1][5] - The integration of stablecoins and tokenized deposits is a significant advantage of the new standard, allowing for a broader range of digital asset transactions [1][5] - Not all stablecoins are equally integrated into ISO 20022 systems, highlighting the need for standardized identifiers for effective use [5][6] Summary by Sections How ISO 20022 Treats Stablecoins - ISO 20022 is asset-agnostic, allowing for the description of various settlement assets, including traditional fiat transfers, tokenized swaps, and stablecoin payments [2] - The standard does not endorse or prohibit any specific stablecoin, functioning instead as a messaging language for banks and market infrastructures [2] Identifier Codes for Crypto - The traditional ISIN system is being supplemented by ISO 24165, which provides unique alphanumeric codes for blockchain-based digital assets [3] - Most mainstream stablecoins now possess Digital Token Identifiers (DTI) for each instance across different networks, facilitating their identification [3] Compliance and Integration - The notion that some blockchains are compatible with ISO 20022 while others are not is misleading; the focus should be on whether a stablecoin can be clearly identified within ISO 20022 flows [6] - For deep integration into traditional finance, stablecoins require universally accepted DTI registrations that are mapped to an official ISIN [6]

Market Trends - U_S_ Ethereum Spot ETF recorded net inflows for four consecutive trading days [1] Cryptocurrency & Blockchain - Bitcoin mining difficulty decreased by 1_95% to 149_3 T [1] - Visa partners with AquaNow to use stablecoins to speed up settlements [1]

Core Viewpoint - Naver Financial has agreed to acquire Dunamu, operator of Upbit, South Korea's largest cryptocurrency exchange, in an all-stock deal valued at 15.13 trillion won ($10.27 billion) to secure future growth in digital assets [1][2]. Group 1: Acquisition Details - The acquisition involves Naver's fintech subsidiary issuing 2.54 shares for every one share of Dunamu [2]. - This deal is one of the largest in Asia for the year and aims to enhance Naver's growth in the booming cryptocurrency market [1][2]. Group 2: Market Position and Synergy - Upbit holds approximately 70% market share in South Korea's cryptocurrency exchange market and is highly profitable [3]. - Naver is expected to leverage its user traffic to drive engagement with Upbit, targeting primarily the younger generation [3]. Group 3: Market Reaction and Future Plans - Following the acquisition announcement, Naver's shares initially rose by over 7% but later fell by 4.2% due to concerns over a significant cryptocurrency withdrawal from Upbit [4][5]. - Naver's CEO indicated that there are no immediate plans for a Nasdaq listing, emphasizing a focus on enhancing shareholder value if such a decision is made in the future [4].

Summary of J.P. Morgan's Global Markets Strategy Conference Call Industry Overview - **Focus**: Asian equity markets, particularly China, Korea, and India - **Outlook for 2026**: Bullish on Asian equities with expectations of moderate to exceptional gains driven by policy support and liquidity [2][41][42] Key Points 1. Market Valuations and Positioning - Equity market valuations are currently high, with positioning in regional equities above the 80th percentile since July [2][41] - Despite high valuations, the expectation is for Asian equities to deliver gains due to supportive policies and liquidity [2][41] 2. China Market Recovery - China is in the early stages of recovery from a ~4-year downcycle, with acceptable valuations and light positioning [5][42][88] - Multiple support factors for China include: - AI adoption and power generation advantages - Innovations in robotics, biotech, semiconductors, and fintech - Consumption and property support measures - Rising shareholder returns and domestic liquidity reallocation [5][42][88][89] 3. AI Sector Insights - AI-heavy stocks (~35% of MXASJ) present a mixed risk-reward scenario, with concerns about monetization and potential commoditization [5][41] - The balance of risk and reward suggests limited incentive to increase exposure to AI stocks at this time [5][41] 4. Sector and Country Allocations - **Overweight (OW)**: Korea, Hong Kong/China, India, Consumer Staples, Materials, Financials [5][41][46] - **Neutral**: Taiwan, Technology, Industrials, Real Estate [5][41][46] - **Underweight (UW)**: ASEAN, Utilities, Energy, Healthcare [5][41][46] 5. Earnings Growth and Sector Contributions - Approximately 70% of the EPS consensus growth forecast for 2026 is driven by sectors in Korea, Taiwan, China, and India [14] - A synchronized acceleration of year-on-year growth across markets is anticipated for the first time since 2021 [14] 6. Policy Environment - Global easing policies are expected to support earnings and inflate equity valuations beyond normal levels [57][60] - The US has shifted from austerity to expansionary fiscal policies, which is expected to have a positive impact on Asian markets [58][68] 7. Long-term Themes - Key long-term themes expected to gain traction in 2026 include: - Governance improvements driving re-rating - Localization of Asian equity markets - Stablecoins as a new financial frontier [5][46] 8. Market Index Targets - End-2026 index targets for MXASJ are set at 1025 (base case), 1200 (bull case), and 800 (bear case) [7][54] 9. Risk Considerations - The potential for large gains in 2026 is viewed as substantially higher than the risk of large losses, particularly in the context of China's recovery [5][42][88] Additional Insights - The report emphasizes the importance of monitoring governance reforms in Korea and the ongoing developments in China as critical factors influencing market performance [5][41][42] - The strategic case for allocation to Asia is strengthened by recent improvements in long-term headwinds such as margins and valuations [14][41] This summary encapsulates the key insights and recommendations from J.P. Morgan's conference call, focusing on the outlook for Asian equity markets and the specific dynamics affecting China, Korea, and India.

Core Insights - JPMorgan Chase & Co. has initiated a significant move by offering a Bitcoin-backed bond, which has been highlighted as a major milestone in the cryptocurrency space [1][2]. Company Developments - Anthony Scaramucci, founder of SkyBridge Capital, expressed enthusiasm over JPMorgan's offering, emphasizing its importance and questioning the lack of discussion surrounding it [2]. - JPMorgan has filed to offer structured notes that track the price of the iShares Bitcoin Trust ETF, designed for investors seeking a return of 1.50 times any increase in the fund's value at maturity [3]. - The structured notes allow for an early exit if the ETF trades at or above a preset price in December 2026 [3]. Market Context - The iShares Bitcoin Trust ETF is currently the largest cryptocurrency-based fund, with assets exceeding $67 billion [4]. - Despite CEO Jamie Dimon's previous skepticism towards Bitcoin, he has acknowledged the legitimacy of cryptocurrencies and digital assets [5]. - As of the latest data, Bitcoin was trading at $91,092.82, reflecting a 3.73% increase over the last 24 hours [5]. Stock Performance - JPMorgan's shares experienced a 0.31% increase in after-hours trading, closing 1.53% higher at $307.64 during the regular trading session [6].