Operating across 40+ blockchains, it functions like a real-time risk firewall.• 125k Daily Active Users (DAU).• Protected nearly 21M transactions.• ~$356M in assets safeguarded. ...

Core Insights - Naver Financial is set to launch a stablecoin wallet in Busan to support the city's blockchain economy initiative [1][3][9] - The wallet will allow conversion of fiat currencies into a stablecoin version of the local currency, Dongbaek-jeon, enhancing digital payment options for users [4][5][9] - The project is a collaboration with Hashed and the Busan Digital Asset Exchange, aiming to modernize the payment system for approximately 1.5 million monthly users [3][5][9] Company Developments - Naver has completed the development of the stablecoin wallet, which is currently undergoing final checks before its launch next month [3] - The wallet will be integrated with Naver Pay Wallet, which already supports crypto custody, although full functionality may be limited until regulatory clarity on local-currency stablecoins is achieved [6] - Naver is reportedly pursuing a merger with Dunamu, the operator of Upbit, which could lead to a Nasdaq listing [7] Financial Performance - Naver reported third-quarter revenue of 3.14 trillion Korean won ($2.32 billion) and an operating profit of 570.6 billion won ($422.6 million) [7] - Dunamu also experienced significant growth, with a revenue increase of 35% to 385.9 billion won ($262.9 million) and a net profit surge of 145% to 239 billion won ($162.8 million) [8]

Core Insights - Paxos has acquired Fordefi, a wallet provider startup, to enhance its custody offerings as institutional adoption of digital assets increases. The acquisition is reported to be over $100 million [1][2]. Company Overview - Paxos acts as a regulated custodian for major financial institutions, including PayPal and Mastercard, and issues PayPal's $3.7 billion stablecoin PYUSD. It is also the leading entity behind the $975 million Global Dollar (USDG) stablecoin [2]. Industry Trends - The acquisition of crypto wallet providers is becoming common as financial firms seek to expand their digital services. Wallet providers are essential for managing and transferring blockchain-based assets, including cryptocurrencies and tokenized assets [3]. Strategic Goals - By acquiring Fordefi, Paxos aims to provide a more flexible custody infrastructure for clients involved in stablecoin issuance, asset tokenization, or crypto payment systems. Paxos CEO Charles Cascarilla emphasized the need for a trusted regulated partner for complex wallet and custody needs [4]. Technology and Operations - Fordefi, founded in 2021, serves nearly 300 institutional clients and utilizes multi-party computation (MPC) to enhance security by splitting transaction approvals across multiple devices. Paxos had previously invested in Fordefi's $10 million fundraising round [4]. Future Operations - Fordefi will continue to operate independently during the integration process with Paxos, maintaining its team and platform [5].

NASDAQ's Digital Asset Strategy - NASDAQ has been involved in digital assets since 2021, launching the NASDAQ crypto index and further immersing in the space [1] - NASDAQ filed an application with the SEC for a proposed rules change to allow for the trading of tokenized stocks and ETPs [1] - The primary goal is to bridge the digital asset world and the traditional world, prioritizing investor-first principles [3] - NASDAQ aims to integrate tokenized assets into current market structures, applying current securities laws [7] Tokenized Assets and Market Impact - Tokenized shares will trade under the same ticker and CUSIP, fully fungible with their traditional counterparts, offering investors a choice in holding [5] - The trading of tokenized assets on NASDAQ aims to improve efficiency and enhance audit trails [12] - Near-term benefits include process efficiencies on the post-trade side, with potential for atomic instant settlement in the long term [13][14] - Mid-term benefits include collateral mobility for assets, enhancing capital efficiency by allowing equity to be used in collateral pools [15] - Tokenization enhances utility beyond the trade itself, with potential for better access for proxy and enhancements around corporate actions [17] Convergence of Traditional Finance (TradFi) and Decentralized Finance (DeFi) - The convergence of TradFi and DeFi is seen as a combination of traditional risk management, compliance, and regulation with the programmability of DeFi [36] - Stablecoins gained significantly in 2025, and their use in collateral management, along with tokenized treasuries, money market funds, and equities, could drive the next phase of adoption [37][38] NASDAQ's Infrastructure and Offerings - NASDAQ offers exchange technology, powering over 130 markets globally, including crypto markets using their matching engine technology [28] - NASDAQ has a crypto index and reference rates used globally for benchmarking [29] - NASDAQ acquired Calypso through the Adenza acquisition, integrating it with blockchain rails for collateral mobility [29] - NASDAQ offers data products and a surveillance business used globally to monitor markets for manipulation, including crypto markets [31][32]

Core Viewpoint - NASDAQ is advancing its involvement in digital assets by filing an application with the SEC to allow trading of tokenized stocks and ETPs, aiming to bridge the digital and traditional asset worlds while prioritizing investor rights and protections [1][3][4]. Group 1: Tokenized Assets and Investor Choice - The proposed rule change allows investors to choose between holding assets in tokenized form on the blockchain or in traditional accounts, emphasizing investor-first principles [3][4]. - The tokenized stocks will maintain the same ticker and be fully fungible with their traditional counterparts, ensuring that investors retain full rights and titles [5][6]. Group 2: Market Structure and Trading Process - The trading of tokenized assets will occur under existing SEC rules, ensuring that the current market structure remains intact while integrating new technologies [9][10]. - NASDAQ aims to maintain liquidity and depth in the market, avoiding fragmentation that could disrupt trading during stress periods [11][12]. Group 3: Benefits of Tokenization - Near-term benefits include process efficiencies in post-trade operations, with potential for faster settlement times in the future [13][14]. - Long-term advantages involve enhanced collateral mobility and capital efficiency, allowing for better utilization of assets in various financial applications [15][16]. Group 4: Regulatory Environment and Industry Collaboration - NASDAQ is committed to evolving the system responsibly, working within regulatory guidelines while promoting innovation in tokenization [19][21]. - The company is collaborating with other firms to mainstream tokenization, ensuring that the transition is beneficial for all market participants [22][24]. Group 5: Historical Context and Future Outlook - NASDAQ has a long history in digital assets, having launched various products and technologies to support the crypto ecosystem, including a crypto custody business and market technology for over 130 markets globally [27][28][29]. - The convergence of traditional finance and DeFi is anticipated, with stable coins and tokenized assets expected to play a significant role in capital efficiency and risk management by 2026 [35][38].

Core Insights - tZero Group, Inc. has integrated with Zerohash to offer crypto funding for brokerage accounts, enhancing its Tokenize + Trade + Connect ecosystem [2][5] - The partnership allows seamless conversion of stablecoins and cryptocurrencies into U.S. dollar fiat for account deposits, marking a significant milestone for tZero [5] - Zerohash provides infrastructure for crypto and tokenized assets, supporting various financial applications and backed by notable venture capital firms [3][4] Group 1 - tZero's new capability enables investors to fund accounts using supported stablecoins and cryptocurrencies [5] - The integration with Zerohash complements tZero's broader strategy for cross-asset interoperability and liquidity [6] - tZero aims to provide institutional-grade solutions for private companies looking to digitize their capital tables through blockchain technology [6] Group 2 - Zerohash is licensed by the New York State Department of Financial Services to engage in virtual currency business activities [4] - The offerings of Zerohash are utilized by major financial institutions like Interactive Brokers and Franklin Templeton [3] - The partnership with Zerohash is part of tZero's vision to drive product innovation and liquidity in the market [6]

Klarna, the Sweden-based digital bank known for its "buy now, pay later" offering, said Tuesday that it will debut a U.S. dollar stablecoin, becoming the latest global fintech tapping blockchain rails to power global transfers. Dubbed KlarnaUSD, the token is set to go live on Tempo, a blockchain developed by Stripe and Paradigm specifically for payment use cases. The token will be issued through Bridge, Stripe’s stablecoin infrastructure product, and is currently in test mode. A full public rollout is pla ...

Garage startups are the lifeblood of Solanamattytay (@mattytay):One garage startup like @Pumpfun advanced blockspace utilization, revenue growth, onchain user growth, etc. more than every enterprise blockchain project combined.Something to consider when deciding where to allocate resources within a new crypto ecosystem. ...

RT Gareth Jenkinson (@gazza_jenks)So, does it matter that Bitcoin seems to be moving away from its cypherpunk roots?Bitcoin ETFs and Bitcoin Treasuries have taken BTC mainstream. So I asked @saifedean this very question.His answer might surprise you... 👀👇"If you have very strong feelings about how people should and shouldn't use Bitcoin, you're in for a rough time.""To be honest, a lot of people project too much onto Bitcoin. Ultimately, it's just a bunch of software and anybody can use it in any way they w ...

Financial Data and Key Metrics Changes - Total revenue for the third quarter grew by 5.1% year-over-year to RMB 1.55 billion, primarily driven by a 70% increase in the financial services segment [14][15] - Net income for the third quarter was RMB 318 million, translating to RMB 3.65 per ADR share or $0.51 per ADR share, representing a 12% decline from the previous quarter [21][22] - The net margin slightly decreased from 22% in the prior quarter to 20% [22] Business Line Data and Key Metrics Changes - In the financial services segment, loan origination reached RMB 20.2 billion, up 51% year-over-year, with repeat borrowers accounting for 77% of total loan volume [5][15] - The average size of new loans increased by 44% to RMB 10,100, reflecting a shift towards higher credit quality customer segments [6][15] - The insurance brokerage segment reported gross return premiums of RMB 1.15 billion, a 35% increase quarter-over-quarter, while revenue from this segment was RMB 84.2 million, up 45% from the prior quarter [11][18] Market Data and Key Metrics Changes - The total cumulative borrower base increased by 21% year-over-year to 14 million, despite a decrease in total borrowers by 11% to 1.3 million due to tighter credit policies [5] - The Internet insurance business delivered RMB 196 million in annualized premium, representing 204% quarter-over-quarter growth, with total customer numbers rising 93% quarter-over-quarter to 229,353 [11][18] Company Strategy and Development Direction - The company is focused on disciplined execution and positioning itself for the next generation of fintech through AI and blockchain technologies [4][12] - The agentic AI platform, Magicube, is enhancing process efficiency and driving productivity, which is crucial for offsetting margin pressures [5][12] - The company is exploring new ways to serve customers and manage assets through AI and blockchain-enabled solutions, including a partnership with ChainUp for crypto solutions [12] Management's Comments on Operating Environment and Future Outlook - Management noted a challenging operating environment due to heightened regulatory uncertainty and a cautious credit backdrop, but emphasized effective risk management and asset quality protection [4][22] - The company anticipates continued volatility in the credit and regulatory risk environment but remains cautiously optimistic about future growth, particularly in international and Internet insurance segments [22][23] Other Important Information - The company has been included in the whitelist of nearly 30 compliant funding partners under the new regulatory framework, enhancing its market position [8] - The average monthly labor cost savings from AI-driven collection capabilities increased to RMB 5 million, up from RMB 2.7 million in the previous quarter [10] Q&A Session Summary - No questions were recorded during the Q&A session as the conference concluded without any inquiries from analysts or participants [24][25]