Core Insights - The future of banking will be determined by the reliability of payments infrastructure rather than the number of features offered [19][20][21] - Payments are critical systems that require robust governance and accountability to maintain customer trust and operational efficiency [15][16][18] Payments Infrastructure - Payments infrastructure must be treated as a core institutional capability, not merely a supporting function [16] - The reliability, economics, and governance of payment systems shape banks' trustworthiness and profitability [6][21] - Payments are industrial systems operating under continuous load, with real-time consequences and limited tolerance for error [5][21] Operational Challenges - Payments fail not due to poor design but because they are pushed beyond their operational limits as transaction volumes and complexities increase [2][3] - Every payment involves multiple systems, and the challenge arises when volume, speed, and diversity converge [3][10] - Increased transaction volumes lead to higher costs that do not scale down easily, such as fraud losses and compliance overhead [10][11] Governance and Accountability - Fragmentation in payments ecosystems leads to governance gaps, making it difficult to determine accountability during failures [13][14] - Strong payments governance requires designing accountability into systems and contracts from the outset [15][18] - Clear ownership of outcomes can reduce recovery time and improve customer experience during incidents [18] Strategic Recommendations - Banks should understand payment economics end-to-end, including the allocation of fraud costs and operational overhead [16][17] - Systems should be evaluated based on their performance during stress and unexpected interactions, not just under normal conditions [17] - Operational discipline and respect for system complexity are essential for maintaining reliability and institutional credibility [18][21]

Core Viewpoint - Several stock splits may occur in 2026, which could create investment opportunities as companies often see a rise in share prices following a split announcement [1][2]. Group 1: Microsoft - Microsoft has the lowest stock price on the list at just under $500 per share and has not split its stock since 2003, making a split overdue [4]. - The company's stock price has risen due to its significant role in the artificial intelligence sector and its investment in OpenAI, which could further boost its stock if OpenAI goes public [5]. Group 2: MercadoLibre - MercadoLibre has the highest stock price on the list at about $2,000 per share and has never split its stock, raising skepticism about a potential split [7]. - The company has built a robust e-commerce network in Latin America and a payments infrastructure, showing strong growth potential despite a sluggish 2025 [8]. Group 3: Goldman Sachs - Goldman Sachs has a stock price around $850 and is a significant component of the Dow Jones Industrial Average, accounting for about 11% of its total weighting [9]. - The company may face a decision on whether to split its stock to maintain its position in the index or to reduce its weight within it [11][12]. Group 4: Caterpillar - Caterpillar has a stock price of about $600 and is the second-largest component of the Dow Jones index, making up nearly 8% of its total weighting [13]. - Similar to Goldman Sachs, Caterpillar may need to consider a stock split to manage its significant influence on the index [13]. Group 5: Costco - Costco's stock is valued at about $900 per share, and it has not split its stock in 25 years, indicating it is overdue for a split [14]. - Although not a member of the Dow Jones index, a stock split could enhance its chances of inclusion, making it a strong candidate for a split in 2026 [16].

Core Viewpoint - MoonPay has received approval to operate as a New York Limited Purpose Trust Company, enabling it to offer crypto custody and OTC trading services to institutions under regulatory oversight [1][2]. Group 1: Regulatory Approval and Licensing - MoonPay is now among a select group of digital asset firms, including Coinbase, PayPal, and Ripple, that possess both a BitLicense and a Trust Charter from the New York State Department of Financial Services (NYDFS) [2]. - The Trust Charter allows MoonPay to act as a fiduciary, safeguarding digital assets on behalf of clients, which is essential for banks and asset managers considering crypto investments [3]. Group 2: Strategic Implications - The New York Trust Charter reflects MoonPay's commitment to compliance, security, and governance, facilitating deeper relationships with global financial institutions and expanding its regulated service offerings [4]. - The new status enhances MoonPay's credibility with traditional financial institutions, making it a more appealing partner for banks and fintechs looking to enter the crypto market while adhering to regulatory standards [5].