Key Takeaways RGTI surged 69.4% in three months, outpacing IONQ's 13.6% gain and the S&P 500's 5.7% growth.IONQ posted Q3 revenues of $39.9M, up 222% YoY, beating guidance by 37% and boosting commercial footprint.2025 EPS estimates fell 229.5% for IONQ and 88.9% for RGTI, highlighting diverging investor sentiment.As 2025 draws to a close, quantum computing is entering a major transition, from scientific research and development to early commercial traction. There are only a few companies that embody this sh ...

Core Insights - Klarna has launched its first stablecoin, KlarnaUSD, making it the first bank to issue a stablecoin on the Tempo blockchain [1] - The stablecoin aims to reduce transaction fees in cross-border payments, which currently amount to approximately $120 billion annually [2] - KlarnaUSD is currently live on Tempo's testnet for advanced testing and integration, with plans for a public launch next year [3] Company Developments - Klarna's CEO highlighted the company's scale, with 114 million customers and $118 billion in annual gross merchandise value (GMV), positioning it to transform global payments [4] - The collaboration with Stripe and Tempo is expected to enhance Klarna's payment infrastructure across 26 global markets [3][4] - Klarna is set to announce further crypto initiatives and partnerships in the coming weeks [4] Industry Context - McKinsey estimates that annual stablecoin transaction volumes have reached $27 trillion, with expectations that stablecoins may outpace traditional payment networks by the end of the decade [2] - The fintech sector is witnessing a shift towards faster, low-cost, and secure payment solutions, with Klarna's entry into the stablecoin market being a significant development [5]

stablecoin, stablecoin supply, crypto market,. Photo by BeInCrypto Klarna has launched its first stablecoin, KlarnaUSD, marking a major shift for the global digital bank and BNPL provider.  Klarna becomes the first regulated payments provider to launch a stablecoin on Tempo, a payments-focused blockchain developed by Stripe and Paradigm. The firm says the move could help reduce the world’s $120 billion annual cross-border payment fees. Understanding KlarnaUSD KlarnaUSD is a US-dollar-backed stablecoin is ...

Financial Data and Key Metrics Changes - The company reported a return on equity (ROE) of 19.6%, reflecting strong performance across core businesses and contributions from the innovation portfolio [11][15] - Net interest income increased by 2.7%, supported by a contraction in interest expenses and an increase in low-cost deposits, leading to a net interest margin (NIM) of 6.6% [16][34] - The non-performing loan (NPL) ratio improved to 4.8%, with a cost of risk falling to 1.7% due to enhanced risk management [15][16] Business Line Data and Key Metrics Changes - Universal banking and insurance and pensions delivered strong results, while microfinance progressed towards profitability targets [11][15] - In retail banking, loans grew by 3% year-over-year, with NPL volumes declining, particularly among individuals and SMEs [20][22] - Mibanco's profitability rose to 18.8%, supported by increased loan disbursements and improved credit risk management [26] Market Data and Key Metrics Changes - Peru's GDP growth for 2025 is projected at 3.4%, driven by higher export prices and increased domestic consumption [9][18] - Inflation in Peru remains low, forecasted at 1.8% for 2025, allowing for a stable economic environment [10][19] - The macroeconomic environment in the region shows signs of recovery, with Colombia's GDP expected to grow by 2.3% in 2025 [10] Company Strategy and Development Direction - The company is focused on three strategic pillars: scaling its digital ecosystem, unlocking growth through business synergies, and executing with discipline to enhance profitability [5][6][7] - The medium-term targets include an ROE of 19.5% and an efficiency ratio around 42% over the next three to four years [7] - The company aims to deepen financial inclusion and expand monetization through platforms like Yape, Tempo, and Guarda [6][25] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the economic outlook despite political uncertainties, citing strong private investment and consumption [17][18] - The company expects to navigate the dynamic external environment with a focus on long-term value creation [8][11] - Future loan growth is anticipated to be robust, supported by favorable economic conditions and strategic initiatives [37] Other Important Information - The company aims to expand its user base for Yape to 18 million by 2028, with significant room for monetization [24] - The insurance underwriting results showed a year-over-year increase of 23%, driven by improved performance in the life business [29][30] - The efficiency ratio for the first nine months of the year stood at 45.7%, reflecting disciplined cost management [35] Q&A Session Summary Question: Regarding asset quality and cost of risk - Analyst inquired about the better-than-expected NPLs and cost of risk, questioning if the guidance was too conservative [41][42] - Management acknowledged the positive results due to improved risk management and a dynamic economic backdrop, expecting cost of risk to be around 1.8% [45][46] Question: On operating expenses growth - Analyst asked about the growth of operating expenses and its breakdown between core business and innovation initiatives [47] - Management indicated that operating expenses growth was planned and expected to be lower in the core business while remaining stable in innovation [48] Question: On growth expectations for the first quarter of the next year - Analyst expressed concerns about potential deceleration due to political uncertainty and asked about ROE levels [53] - Management noted that while there may be a slowdown in the first quarter, the overall economic indicators remain strong [56][58] Question: Regarding loan growth guidance - Analyst sought clarification on whether the loan growth guidance was nominal and if it would be achieved [69][72] - Management confirmed that the guidance is nominal and considers the adjustment from Bolivia's restatement, expressing confidence in achieving the target [72] Question: On Bolivia's political changes and their impact - Analyst asked about the potential positive effects of Bolivia's new government on the company's operations [80] - Management expressed optimism about the new government's pro-market stance and its potential benefits for BCP Bolivia [82] Question: On capital returns and dividends - Analyst inquired about future capital returns and dividend expectations [85] - Management indicated an expectation for higher payout ratios in the coming years, with a focus on increasing ordinary dividends [87]

Financial Data and Key Metrics Changes - The company reported a return on equity (ROE) of 19.6%, reflecting strong performance across core businesses and contributions from the innovation portfolio [10][13] - Total assets contracted by 2.1% year-over-year due to the revaluation of Bolivia's balance sheet [13] - Net interest income increased by 2.7%, supported by a contraction in interest expenses and an increase in low-cost deposits [15][31] Business Line Data and Key Metrics Changes - Universal banking and insurance and pensions delivered strong results, while microfinance progressed towards its profitability target [10] - Fee-based and transactional income grew, with gains on foreign exchange transactions rising by 23.4% [15][33] - Yape contributed 6.6% of Credicorp's risk-adjusted revenue, with plans to expand its user base and revenue streams significantly by 2028 [24][25] Market Data and Key Metrics Changes - Peru's GDP growth for 2025 is projected at 3.4%, driven by higher export prices and increased domestic consumption [8][17] - Inflation in Peru is forecasted to remain below 2%, with the central bank's policy rate cut to 4.25% [9][18] - Economic conditions in Chile and Colombia are improving, with GDP growth expected to rise in both countries [9][18] Company Strategy and Development Direction - The company is focused on three key pillars: scaling its digital ecosystem, unlocking growth through business synergies, and executing with discipline on profitability and capital allocation [4][5] - The medium-term targets include an ROE of 19.5% and an efficiency ratio around 42% over the next three to four years [5] - The company aims to deepen financial inclusion and scale monetization through its digital platforms [24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the economic resilience of Peru despite political changes, emphasizing a strong capital and liquidity position [6][7] - The macroeconomic environment is stable, with expectations for continued growth supported by favorable terms of trade and domestic demand [8][9] - The company anticipates a gradual increase in the cost of risk as it shifts towards higher-yield segments in its loan portfolio [41] Other Important Information - The efficiency ratio for the first nine months of the year stood at 45.7%, with operating expenses growing primarily due to investments in innovation [34][36] - The company expects to maintain its full-year ROE guidance at around 19%, reflecting solid core performance and disciplined risk management [38] Q&A Session Summary Question: Regarding asset quality and cost of risk - The company noted that asset quality has improved, with NPLs and cost of risk performing better than expected, and guidance for cost of risk is around 1.8% [40][41] Question: On operating expenses growth - Management indicated that operating expenses growth is planned and will likely be lower in the core business while remaining stable in innovation initiatives [42] Question: About growth expectations in the first quarter of the upcoming year - Management expects some slowdown in the first quarter due to elections but does not anticipate a significant reduction in long-term growth [43][45] Question: Impact of the eighth pension fund withdrawal - The withdrawal is expected to have a positive impact on local funding but may reduce loan growth by about half a percentage point next year [57] Question: Update on Yape's unit economics - The company is scaling multi-installment loans in Yape, which are showing positive business metrics [59]

Core Insights - Blockchain is transitioning from a proof of concept to becoming a fundamental financial infrastructure by 2025, with major institutions moving from testing to building [1][2] Group 1: Traditional Financial Institutions - In Q3 2025, traditional financial institutions began integrating blockchain to enhance operations, reduce transaction costs, and improve market positioning [2] - JPMorgan's Kinexys network processes over $2 billion in daily transactions and has cleared more than $1.5 trillion since its launch, indicating a strong commitment to blockchain as a standard for institutional settlements [3] - SWIFT is developing a shared real-time ledger that will connect over 30 global banks, operating alongside its existing messaging system [3] Group 2: Stablecoin Initiatives - Stablecoin-focused projects gained traction in Q3, with Circle launching Arc, a Layer-1 blockchain designed for stablecoin finance [4] - Stripe and Paradigm introduced Tempo, a payments-first Layer-1 blockchain for stablecoin transactions, with advisory partners including Deutsche Bank, Visa, and Shopify [4][5] - Visa initiated a pilot program for select partners to pre-fund accounts with stablecoins to expedite cross-border payouts, with a broader rollout planned for 2026 [5] - Standard Chartered's Anchorpoint joint venture applied for a stablecoin issuance license under Hong Kong's new regulatory framework, positioning itself as a pioneer in direct stablecoin issuance among multinational banks [5] Group 3: Technology Firms - Technology companies are establishing the infrastructure for blockchain applications, with Google Cloud launching the Universal Ledger (GCUL), a neutral Layer-1 blockchain aimed at banks and capital markets [6] - CME Group is testing GCUL for faster collateral settlement and margin optimization, showcasing the collaboration between tech firms and financial institutions [6]

Core Insights - The quantum computing sector has gained significant attention in 2025, driven by the increasing demand from AI, with a combined market cap of over $50 billion for key players like IonQ, Rigetti, D-Wave, and Quantum Computing Inc. [1] - Stock performance for quantum computing companies has been remarkable, with IonQ rising by 92%, Rigetti by 274%, and D-Wave by 400%, largely due to the strong connection between AI and quantum technologies [2] - AI and computing expenditures are expected to remain high through 2026, with quantum revenues projected to transition into actual bookings, and McKinsey estimates the quantum industry sales to reach around $1 billion by 2025, with a long-term market potential of $198 billion by 2040 [3] Company Insights - IonQ's CEO, Niccolò De Masi, has made bold claims about quantum computing potentially replacing current AI engines, challenging Nvidia's dominance in the AI space [4][5] - De Masi emphasizes the transformative potential of quantum processors (QPUs), suggesting they could eventually supplant GPUs, which currently dominate the market [6][7] - IonQ's latest hardware, Tempo, reportedly offers a computational capacity 36 quadrillion times larger than IBM's equivalent, outperforming nearly a billion GPUs, and has demonstrated significant efficiency in specific benchmarks [8]

Core Insights - Stripe has launched a stablecoin issuance platform called Open Issuance, aiming to integrate its payment services with digital currencies and AI in online transactions [1] - The platform allows businesses to create their own stablecoins easily, leveraging the stablecoin infrastructure from Bridge, which Stripe acquired for $1.1 billion [1][3] - The first stablecoin to be issued through Open Issuance will be Phantom's CASH token, with additional projects like Hyperliquid's USDH and MetaMask's mUSD also in the pipeline [2] Stablecoin Issuance - Open Issuance enables firms to mint and redeem stablecoins with minimal coding, allowing for customization and control over the tokens [1][3] - Issuers can manage reserves between Treasuries and cash, with asset management support from firms like BlackRock and Fidelity [3] - Stripe's network aims to provide interoperability across different tokens and reduce conversion costs [3] AI Commerce Tools - The showcase included the Agentic Commerce Protocol, developed in collaboration with OpenAI, which allows merchants to engage in transactions with AI agents while maintaining control over fulfillment and customer relationships [4] - Partners such as Microsoft Copilot and Anthropic are currently testing this AI commerce standard [4] Blockchain Initiatives - The launch of Open Issuance and AI tools is part of Stripe's broader strategy to enhance its blockchain capabilities, following its acquisition of crypto wallet provider Privy [5] - Stripe is also collaborating with crypto venture firm Paradigm to develop Tempo, a blockchain designed for scalable transactions [5] Future Outlook - Stripe's president of technology and business, Will Gaybrick, emphasized that the integration of stablecoins and AI marks the beginning of a new online economy, with a focus on mainstream adoption of frontier technologies [6]

Core Viewpoint - The long-term valuation of Ethereum (ETH) is under scrutiny, with significant criticism directed at bullish claims made by Wall Street figures, particularly regarding stablecoin adoption and institutional demand [2][3]. Group 1: Critique of Bullish ETH Outlook - Andrew Kang challenges Tom Lee's thesis that ETH could achieve a 100x increase, arguing that the macro super cycle and institutional adoption do not substantiate such a valuation [2][3]. - Lee's price targets for ETH range from $4,000 to $15,000 by 2025, with potential long-term upside exceeding $20,000 based on historical ratios and institutional buying [3]. - Kang describes Lee's arguments as financially illiterate, emphasizing that the increase in tokenized asset value and stablecoin transaction volumes has not translated into higher fees for Ethereum [4][3]. Group 2: Disconnect in Revenue Generation - Kang points out that despite the growth in tokenized assets and stablecoin volumes, Ethereum's fees have remained stagnant since 2020, indicating a disconnect between adoption and revenue [4]. - Factors contributing to this disconnect include more efficient Ethereum upgrades, the migration of stablecoin activity to other blockchains, and the tokenization of low-velocity assets that yield minimal fees [5]. Group 3: Competitive Landscape - Kang asserts that faster-moving competitors like Solana, Arbitrum, and Tempo are the primary beneficiaries of tokenization, rather than Ethereum [6]. - Tether's recent decision to expand USDT activity onto new chains is highlighted as evidence of this competitive shift [6]. Group 4: Institutional Demand and Technical Arguments - Lee's assertion that institutions will accumulate and stake ETH as part of their tokenization strategies is questioned, suggesting that this premise does not convincingly support a bullish outlook for Ethereum [8].

Group 1 - The rise of cryptocurrencies, particularly stablecoins, is disrupting traditional financial systems in the U.S. [1][3] - The signing of the stablecoin legislation by Trump in July marks a significant step for the crypto market, providing a national-level endorsement [3] - Stablecoins are pegged to the U.S. dollar and supported by cash and U.S. Treasury bonds, making them attractive for banks and payment giants to reduce transaction costs [3] Group 2 - Major financial institutions like Stripe, BNY Mellon, and Goldman Sachs are actively engaging in the stablecoin market, indicating a clash between traditional and new financial powers [5] - The competition in the stablecoin space raises concerns about systemic risks, particularly if a stablecoin fails, which could lead to panic and sell-offs across the financial system [5] - The IPO surge of crypto companies, such as Circle, which saw a 358% increase in stock price since June, reflects the growing acceptance and potential of the crypto market [5] Group 3 - Companies are increasingly converting their treasury into cryptocurrencies, with over 130 U.S. public companies raising more than $137 billion to invest in various cryptocurrencies [7] - The Nasdaq is beginning to scrutinize these practices, suggesting that the initial excitement may lead to challenges as market conditions change [7] - The transformation of traditional finance through cryptocurrencies brings both opportunities and significant risks, highlighting the need for trust and stability in the financial system [9]