Market Trends & Crypto Performance - Digital currencies are experiencing a pullback amid volatile trading [1] - Bitcoin is holding at the $100,000 level, while Ether dropped to $3,276 and Solana fell to $155 [2] - Coinbase shares are down more than 6% [2] - Hedge funds are increasing their crypto exposure, with 55% invested in crypto this year, up from 47% in 2024 [11] Company Performance & Revenue - Robin Hood reported a 129% increase in year-over-year transaction-based revenue, primarily driven by cryptocurrencies [6] - Robinhood's revenue for digital assets rose over 200% to $268 million, and net income rose 271% year-over-year to $556 million [6] - Kraken quietly raised $500 million at a $15 billion valuation [33] Regulatory Landscape & Challenges - Robinhood's European arm is facing a nearly $25 million fine from Irish regulators for failing to meet anti-money laundering and counterterrorism financing standards [3] - Changing US crypto regulations are influencing institutional investors to increase their investments in crypto products [12] - Kraken is actively engaging with Congress, regulators (SEC, CFTC), and the US administration regarding market structure and crypto regulations [17][18][19] Stablecoins & Tokenized Equities - Stablecoins are taking some of the utility role initially expected for Bitcoin [8] - ARK Invest suggests stablecoins could reduce Bitcoin's bullish forecast by $300,000 by 2030 [9] - Kraken launched tokenized equities (stocks) available in several countries, including Europe, and aims to bring them to the US [20][21]

Stablecoin Market & Onchain Settlement - Onchain stablecoin settlement exceeds $15 trillion (15,000 billion) in 2024, surpassing Visa and Mastercard's combined transaction volume [1] Blockchain Payments Consortium (BPC) - The industry is forming the Blockchain Payments Consortium (BPC) to establish a unified framework for blockchain payments [1] - BPC aims to define standards to accelerate the future of blockchain payments [2] - Key members of the BPC include TON Blockchain, Polygon, Solana, Sui Network, Stellar, Mysten Labs, Monad, and Fireblocks [2]

Stablecoin Growth on Solana - Two institutional stablecoins, USDG and PYUSD, have reached $655 million and $1 billion in outstanding supply on Solana, respectively [1] - PYUSD grew from $170 million to $1 billion in 2025 [2] - USDG reached $655 million within months of launch [2] - Crypto-native stablecoins like USDS and USDe followed similar trajectories, crossing $1 billion in their first year and reaching $99 billion and $91 billion currently [2] Institutional Adoption and Potential Impact - USDG is issued by Paxos for the Global Dollar Network, which includes exchanges like Robinhood and OKX, neobanks, fintechs, wallets, and infrastructure providers [1] - PYUSD is issued by Paxos for PayPal [1] - USDG is held by 7,203 unique addresses on Solana, while PYUSD is held by 45,790 [3] - Robinhood reported 268 million funded accounts in Q3, and PayPal reported 227 million monthly active accounts [3] - If institutional stablecoin issuers leverage their reach, it could shift Solana's usage from speculative trading to payments [3]

Core Insights - Visa Inc. demonstrated strong performance in fiscal Q4 2025, driven by increased processed transactions and payment volumes, indicating stability for investors [1][2] - Despite a recent 2% decline in share price, Visa's growth potential remains significant, with robust earnings and sales figures [2][3] Financial Performance - Visa's Q4 EPS reached $2.98, exceeding estimates by a penny and reflecting a 10% year-over-year growth [3] - Total revenue for Q4 was $10.7 billion, surpassing consensus estimates by 1% and showing a 12% increase from the previous year [3] Transaction Metrics - Processed transactions grew by 10% year over year, totaling 67.7 billion, which was above the model estimate [4] - Cross-border volumes increased by 12% year over year on a constant-dollar basis, driven by rising travel activity [4] - Payment volumes also rose by 9% year over year on a constant-dollar basis [4] Value-Added Services (VAS) - Revenue from VAS grew by 25% in constant dollars, reaching $3 billion, now accounting for nearly 30% of Visa's total revenue [5][9] - VAS includes services such as advisory, fraud prevention, and risk management, enhancing Visa's integration with banks and merchants [5][6] Digital Asset Initiatives - Visa has managed over $140 billion in crypto and stablecoin flows since 2020, with more than 130 stablecoin-linked card programs across 40+ countries [8] - The company is expanding its Visa Tokenized Asset Platform, allowing banks to issue stablecoins, which enhances cross-border transactions [6][10] Shareholder Returns - Visa returned $6.1 billion to shareholders in Q4, including $4.89 billion through buybacks and $1.2 billion in dividends [13] - The dividend yield stands at 0.69%, slightly above the industry average, reflecting confidence in long-term cash generation [13] Future Outlook - Analyst estimates suggest an 11.7% and 13.3% increase in EPS for fiscal 2026 and 2027, respectively, with revenue growth projected at 10.8% and 10.4% [14] - Visa's shares have increased by 7.6% year to date, outperforming the industry but lagging behind the S&P 500 [15] Competitive Landscape - Visa faces increasing competition from retail giants like Walmart and Amazon, which are exploring their own stablecoins [19] - Ongoing legal challenges, including an antitrust lawsuit and regulatory scrutiny, pose risks to Visa's operations [20][23] Conclusion - Visa's fiscal Q4 results reaffirm its position as a leader in digital payments, with growth in Visa Direct and VAS contributing to its resilience [24] - Despite competitive pressures and regulatory challenges, Visa's strong cash flow and innovative strategies support its long-term growth potential [24]

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Fastest growing stablecoins, based on 30d growth (%) in market cap.One key takeaway:The stablecoin market attracts both TradFi & crypto-native teams; many of them building on @ethereum. https://t.co/epKfKxBTAI ...

🆕📊 Institutional stablecoins are gaining momentum on @solana.Each week in The Snapshot, we share data-driven insights, highlight new listings, and showcase the latest product updates.Read on for the latest edition, authored by @f9s216 👇 https://t.co/lPm9SdxYPK ...

Stablecoin Market - Stablecoins settled over $15 trillion (万亿) onchain in 2024, surpassing Visa and Mastercard's combined transaction volume [1] Blockchain Payments Consortium (BPC) - The Blockchain Payments Consortium (BPC) is introduced to define a common framework for blockchain payments [1] - The alliance includes @ton_blockchain, @0xPolygon, @solanafdn, @SuiNetwork, @Mysten_Labs, @monad, and @FireblocksHQ [2] - The consortium aims to accelerate the future of blockchain payments by defining industry standards [2]

Final question. Uh, Bitcoin down about 16% I think for the month now. Past month we're at what 102 now.103 something like that. Where do you think it where do you think we're going. I know you have you have big ambitions for Bitcoin.>> Yes, we do. Um, I will tell say one thing that has shifted for us in the last few years. Uh, stable coins are usurping part of the role that we thought uh, Bitcoin would play.So our bullish forecast out there is 1.5% million uh by 2030. Uh given what's happening to stable coi ...

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