Core Insights - The dominance of USD-linked stablecoins like USDT and USDC, which account for over 99% of the $300 billion market, indicates a potential shift in global liquidity dynamics if a yuan-backed stablecoin captures a significant market share [1][6][7] - The dollar's share of global FX reserves is currently at 56.32%, and a decline below 55% by 2027 could signal a major shift in reserve structures and diversification of state money [2][3][6] - The rise of AI in financial infrastructure is accelerating changes in liquidity and settlement, with the Bank for International Settlements warning of increased systemic risks [5][24] Stablecoins and Global Liquidity - Stablecoins are becoming informal policy instruments in high-inflation economies, providing a digital hedge against currency collapse [9][10][8] - In Argentina, stablecoins account for over 60% of crypto transactions, and their destabilizing effects may arise if they exceed 20-25% of retail payments [10][11] - The annual on-chain settlement now exceeds $35 trillion, indicating a robust demand for USD beyond traditional banking systems [7][8] Central Bank Digital Currencies (CBDCs) - 94% of central banks are currently piloting CBDCs, reflecting a trend towards diversification and digitalization of state money [6][3] - A significant shift in reserve structures is anticipated if CBDC flows exceed $1 billion annually, marking a transition from theoretical diversification to practical policy [2][3] - China's e-CNY has processed 7 trillion yuan in transactions by mid-2025, showcasing the potential for state-led digital currencies to reshape financial systems [16][18] Tokenization and Sovereign Debt - Tokenization is gaining traction, with projections suggesting that 5% of new sovereign issuance could be tokenized by 2028, primarily in Asia and Europe [14][15] - The market for tokenized treasuries has already surpassed $5.5 billion, indicating a shift from pilot projects to practical applications [13][14] - The convergence of public and private efforts in tokenization suggests a gradual reform of traditional financial systems [15] Geopolitical Implications - The emergence of a "state-led Web3 bloc" between Russia and China could redefine global trade dynamics, especially if 50% of their trade shifts to digital assets [19][20] - The EU's ban on a ruble-backed stablecoin highlights the increasing use of digital assets as tools in financial conflicts [21] - The potential for blockchain technology to enhance transparency in government procurement systems could provide democracies with a governance advantage [26] Conclusion - The analysis suggests that the evolution of monetary power is shifting towards a more data-driven and shared system, rather than a complete disruption of the existing dollar-dominated framework [27][28]

Core Viewpoint - Visa Inc is expected to report strong fourth-quarter financial results, with analysts predicting revenue growth and earnings per share increase compared to the previous year [1][2]. Earnings Estimates - Analysts forecast Visa's fourth-quarter revenue to be $10.61 billion, an increase from $9.62 billion in the same quarter last year [1]. - Expected earnings per share for the fourth quarter are $2.97, up from $2.71 in the previous year [2]. Recent Performance - Visa has exceeded analyst revenue estimates in four consecutive quarters and in nine of the last ten quarters overall [2]. - The third-quarter results showed a revenue increase of 14% year-over-year and earnings per share of $2.98, with payments volume up 8% and processed transactions up 10% year-over-year [7]. Market Sentiment - Jay Woods, Chief Market Strategist at Freedom Capital Markets, highlighted Visa as a key stock to watch, noting concerns over competition and high valuation expectations [3]. - The stock has not shown significant movement recently, reflecting market apprehension [3]. Key Items to Watch - Investors will be looking for commentary on volume growth and competition from alternative payment methods, as any signs of slowing growth or margin compression could negatively impact stock performance [4]. - The earnings report follows a strong performance from American Express, which may positively influence Visa's results [5][8]. Analyst Ratings - Recent analyst ratings include Citigroup initiating a Buy rating with a price target of $450, Wells Fargo with an Overweight rating and a price target of $412, and Baird raising its price target from $400 to $410 while maintaining an Outperform rating [7]. Stock Performance - Visa's stock was trading at $349.34, with a 52-week range of $281.35 to $375.51, and has increased by 10.5% year-to-date in 2025 [9].

Core Insights - JPYC has launched a yen-pegged stablecoin, fully backed by yen deposits and Japanese government bonds, aiming to bridge traditional banking and blockchain payments [1][2] - The stablecoin market is dominated by dollar-pegged stablecoins, which account for 99.6% of the $308 billion market, while yen-pegged stablecoins represent only 0.2% [3][4] - JPYC plans to issue up to ¥10 trillion (approximately $66 billion) of the new stablecoin over the next three years, with no transaction fees at launch [5][6] Company Developments - JPYC's stablecoin complies with Japan's updated regulations on digital money, ensuring investor protection and transparency [6] - The launch coincides with Japan's three megabanks preparing to introduce their own stablecoins, indicating a competitive landscape [6][7] Market Context - Analysts predict significant growth in the stablecoin sector, with forecasts of reaching over $3 trillion by 2030 [4] - Stablecoin issuers are becoming major holders of US Treasuries, indicating their growing influence in the financial market [3][4]

Stablecoins are a bridge from fiat to crypto, but they're also a Trojan horse that bring us back to using Dollars and bank-like entities that can censor our transactions and surveil us at all times.This is from the FSB-DAC in NH.Thank you @CryptoCoinMind for the recording.https://t.co/Uzd5tBZJR2 ...

We’re collaborating with @Citi to build the future of payments.→Exploring making it easier for Citi clients to use digital assets→Unlocking the power of stablecoins for payments→Improving on and off-rampsTime to make digital assets an integral part of the global economy. https://t.co/jGaTZ8wPRf ...

Market Trends - Arbitrum recorded a net inflow of $88 billion this month, the highest since Q1 2024 [1] - $1738 million of the inflow originated directly from the Ethereum mainnet [1] - Arbitrum absorbs 35% of Ethereum's outflows [1] DeFi Ecosystem - Morpho's TVL (Total Value Locked) on Arbitrum reached $485 million [1] - Silo's TVL on Arbitrum reached $113 million [1] - Arbitrum holds $47 billion in stablecoins and possesses actual DeFi infrastructure [1] Token Performance - ARB token price remains sideways at $050 [1]

Tokenization & Blockchain - Chainlink is leading the way in bringing everything on-chain through tokenization, including RWAs (Real World Assets), stablecoins, and government data [1] - The global financial system is predicted to be fully tokenized [1] - Stablecoins and tokenization are reshaping global finance [1] Chainlink's Activities - Chainlink co-founder Sergey Nazarov discussed tokenization with Coin Bureau [1] - Sergey Nazarov recently met on Capitol Hill to discuss market-structure legislation [1] - Chainlink is working with the U S Department of Commerce [1]

RT Tamar 天马 (@tamarincrypto)Stablecoins on @solana had another packed week.Here’s a quick look at what’s been happening:→ Annual stablecoin transfer volume surpassed $50T globally, with volume on @solana crossing $7T (source: @tokenterminal).→ Zepz, the multi-billion-dollar payments group, launched @sendwaveapp, a cross-border money app powered by Solana stablecoins and now live in 100+ countries.→ @coinbase users in New York can now send and receive USDC on Solana.→ MAJORITY, a leading neobank in Latin Ame ...

Core Insights - IBM is launching a new platform, the IBM Digital Asset Haven, aimed at banks, governments, and large corporations for secure management of digital assets across multiple blockchains [1][2] - The platform will provide custody, transaction routing, and settlement services across over 40 public and private chains, along with compliance tools such as identity verification and anti-money laundering checks [2][4] - The software-as-a-service (SaaS) version is expected to be operational in Q4 2023, with broader support anticipated by Q2 2026 [2] Industry Trends - Financial institutions and businesses are increasingly exploring the use of stablecoins and tokenized real-world assets to facilitate cheaper, faster, and less frictional cross-border transactions compared to traditional banking systems [3] - The rise in adoption of tokenized assets and stablecoins necessitates the evolution of institutions to modernize their product offerings [4] Collaboration and Technology - IBM's platform was developed in partnership with Dfns, a crypto wallet infrastructure firm, leveraging IBM's hardware-level security and Dfns' custody technology [4] - The platform supports features such as multi-party approvals, programmable access controls, and hybrid deployment options across various environments [4][5] - The infrastructure aims to meet the same standards as traditional financial systems to enable the integration of digital assets into core banking and capital markets [5]

Core Insights - Ant Group has applied for trademarks related to virtual assets and blockchain technology in Hong Kong, including "ANTCOIN" [1][2] - The applications cover online payments, electronic wallets, foreign exchange services, and stablecoins [2] - The trademark filings are seen as a strategic move to protect Ant Group's interests in the virtual asset sector [3] Company Developments - The ANTCOIN trademark application was submitted in June and is currently pending [1] - In July, Ant Group partnered with Circle to pilot USDC-based cross-border payments, integrating a regulated stablecoin into its payment infrastructure [5] - In September, Ant Digital Technologies launched a blockchain platform to tokenize energy assets in China, linking approximately $8 billion worth of infrastructure to on-chain systems [6] Industry Context - Major tech firms, including Ant Group, were reportedly ordered to suspend stablecoin initiatives in Hong Kong in October 2025 [4] - Traditional financial institutions globally are moving towards stablecoin adoption, with Japan's major banks planning to issue stablecoins and North Dakota announcing a state-backed stablecoin [7]