Accelerating Stablecoin Frenzy

We also continue to track updates from the Nordic Bitcoin Treasury companies

Author

Morten Myrstad
July 25, 2025

Hi, and welcome to yet another edition of the Future of Finance newsletter!

In each edition of our Premium newsletter, we take a deep dive into one key topic. This time, we're focusing on stablecoins. You may have heard that the US has now officially recognized stablecoins as legal through the GENIUS Act — but what does this really mean? More importantly, what are the implications for the future of payments?

We begin with a clear definition and some essential facts, followed by a summary of the new US regulatory framework. Then, we explore how major players like PayPal and Circle are building stablecoin-powered global payment networks, and why Chainlink and Ethereum play a critical role in enabling this evolving ecosystem.

But first, a sincere thank you and some important information for you as a valued subscriber to Future of Finance!

Introducing the Future of Finance Newsletter Family

We’re thrilled to see the Future of Finance brand take shape as a dynamic meeting place where traditional finance, fintech, and digital assets converge. With 250 subscribers to Future of Finance Premium and 380 subscribers to the Future of Finance Digest on LinkedIn, we couldn’t be more grateful for your support. Thank you!

You noticed we said “Premium” — that’s deliberate. We recently updated the name of our hybrid newsletter to better differentiate the two editions and offer you flexibility in how you subscribe and engage with our content.

  • Future of Finance Premium delivers original insights, exclusive stories, and in-depth topic analysis — all thoughtfully structured and sent directly to your inbox. Premium subscribers are the first to get notified of new podcast episodes, onchain content, and related events.

  • Future of Finance Digest is currently a LinkedIn-only newsletter offering quick, easy-to-digest, and timely overviews of key financial headlines and discussions — pulled straight from the feed and curated by the Kaupr team.

Whichever you choose, or both, you’ll stay connected to the most important conversations and insights across the evolving finance landscape in the Nordics and beyond.

As we’re still at the beginning of this journey, we warmly welcome your feedback, questions, and suggestions!

Best regards,
Morten

Onward to the core content in this edition!

Bitcoin Treasury Companies and Strategies

As there are 11 Bitcoin Treasury Companies in the Nordics, this is a sector we follow closely — even though several companies release updates more or less every day. Below you'll find the latest news from Ace Digital, BTC AB, H100, and K33.

For a complete collection of all related news articles that we have published about these companies and the sector, visit the Kaupr news site landing page:

Latest from the Nordic Treasury sector

Latest from Ace Digital, Norway

Ace Digital Acquires 1.2 BTC at $118,386 for $142,063. As of 7/22/2025 Ace Digital holds 9.16 BTC acquired for an average of $109,526, Bitcoin Operations included.

Total Bitcoin exposure is now at ₿ 24.16.

Recommended fireside chat with Christoffer De Geer, BTC AB, and Alexander Hagen, Ace Digital, from the Nordic Blockchain Conference 2025, in English.

Recommended article with Alexander Hagen, CEO, and Håvard Lindstrøm, COO, in English, Norwegian and Swedish

Latest from BTC AB, Sweden

BTC B Treasury Capital AB has acquired an additional 10 bitcoin at an average price of approximately USD 119.687 per bitcoin, for a total amount of approximately USD 1,2 million or SEK 11,5 million.

BTC AB is now holding a total of 166 bitcoin

BTC AB has been approved for trading on the Frankfurt Stock Exchange. The Company’s Class B shares will begin trading on Wednesday, July 16, 2025, under the ticker X4L. BTC AB is already listed on Spotlight Stock Market in Sweden.

Bitcoin Strategy Tracker available on the website

Recommended fireside chat with Christoffer De Geer, BTC AB, and Alexander Hagen, Ace Digital, from the Nordic Blockchain Conference 2025, in English.

Recommended video interview with Christoffer De Geer, BTC AB, in Norwegian / Swedish

Latest from H100, Sweden

H100 Group has purchased an additional 117.93 BTC at an average price of SEK 1,120,973 per BTC. Total BTC holdings: 628.22 BTC

H100 Group AB has been approved for trading on the Frankfurt Stock Exchange (Open Market).

Bitcoin Strategy Tracker launched on H100 website

Recommended video interview with Sander Andersen as CEO of Finpeers and H100 - in Norwegian:

Latest from K33, Norway, listed in Sweden

K33 AB announces the acquisition of 36 Bitcoin (BTC) for a total consideration of approximately SEK 42.8 million.

Following today’s transaction, K33 holds a total of 121 BTC on its balance sheet, with an average acquisition cost of SEK 1,119,121 per BTC.

Recommended strategic outlook from Torbjørn Bull Jenssen, video in English

Recommended video interview with Torbjørn Bull Jenssen, in Norwegian

Stablecoin momentum driven by regulatory clarity

As an investor or finance professional, you’ve likely heard that stablecoins are now regulated in the US under the GENIUS Act. But what does this mean for the future of payments?

In this edition, we’ll start with a quick definition and key facts, then summarize the new US regulation. After that, we’ll look at how PayPal, Circle, Chainlink, and Ethereum are building or supporting payment networks for stablecoins.

Stay tuned for ongoing updates on established and emerging players in future editions of Future of Finance Premium.

Stablecoins - A definition

Stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to a reserve asset such as a fiat currency or commodity. They aim to provide the benefits of digital currencies while minimizing price volatility

The leading stablecoins and issuers

Tether (USDT) – Issued by Tether Holdings Ltd. It is the largest stablecoin by market cap, pegged 1:1 to the US dollar, widely used for liquidity and trading. Market cap around $155 billion.

USD Coin (USDC) – Issued by Circle and Coinbase consortium. Known for regulatory compliance and transparency, also pegged 1:1 to the US dollar, with a market cap around $62–63 billion.

US Passes GENIUS Act

Sets Foundation for Stablecoin Regulation

In a landmark moment for the crypto world, the U.S. House of Representatives last week passed the GENIUS Act, establishing the first comprehensive federal framework for fiat-backed stablecoins. The bill passed with a 308–122 vote, reflecting bipartisan support.

The GENIUS Act was signed into law by President Donald Trump the following day at a ceremony attended by leading politicians and industry figures.

Clarity after Years of Debate

After prolonged debate, regulatory uncertainty, and increasing calls for oversight from both industry leaders and policymakers, the Guiding and Establishing National Innovation for U.S. Stablecoins Ac t— better known as the GENIUS Act—received strong bipartisan backing. The legislation creates a clear framework for fiat-backed stablecoins, enhancing consumer protection and offering long-awaited regulatory clarity for crypto markets in the world’s largest economy.

A Bipartisan Victory for Crypto Regulation

On the House floor, lawmakers voted 308–122 in favor of the GENIUS Act. The breakdown shows widespread Republican support and a split Democratic caucus.

While a majority of Democrats voted against, over 100 Democratic lawmakers joined Republicans in backing the bill, including House Minority Leader Hakeem Jeffries. The result signals growing bipartisan consensus around the need for a clear and enforceable set of rules for digital assets — particularly those acting as digital equivalents of the U.S. dollar.

What's in the GENIUS Act?

The GENIUS Act creates a federal regulatory framework specifically for fiat-backed stablecoins, such as USDC and PayPal USD. These tokens—pegged 1:1 to traditional assets like the dollar—are increasingly used for payments, cross-border transfers, and decentralized finance (DeFi) activities.

Key provisions include:

  • Full Reserve Backing: Stablecoins must be backed by high-quality liquid assets like dollars, Treasury bills, or cash equivalents. Monthly public disclosures and audits are required.

  • Dual Oversight System: Large issuers (over $10B market cap) face federal regulation; smaller players can operate under state-chartered licenses.

  • Anti-Money Laundering Compliance: All issuers are classified as financial institutions under the Bank Secrecy Act, and must comply with AML and KYC (know-your-customer) standards.

  • Holder Protection: In insolvency scenarios, stablecoin holders are prioritized in recovery, strengthening trust in the asset.

  • Rules for Politicians: Members of Congress and their immediate families are barred from profiting off investments in stablecoins regulated under the Act.

What This Means for the Crypto Industry

For years, crypto companies operating in the U.S. have warned that regulatory uncertainty stifles innovation and drives talent overseas. The GENIUS Act is seen as a game-changer for multiple sectors:

  • Stablecoin Issuers now have a rulebook to follow without fear of ambiguous enforcement actions.

  • Banks and fintechs have a clear entry point into the digital dollar space.

  • Consumers and investors benefit from transparency, capital protection, and standardized reserves.

“Regulatory clarity changes the game for crypto in America,” said a spokesperson from Coinbase. “This is the kind of leadership we’ve been asking for.”

Global Ramifications

Because the U.S. plays such a disproportionately large role in global finance, analysts believe the GENIUS Act will set a global benchmark for stablecoin regulation. Other major economies—including the EU, UK, and Japan — are closely watching how U.S. standards evolve, and may craft their own frameworks in response.

Building new payment networks

PayPal building a new global payment network

PayPal is building a new global payment network called PayPal World, set to launch later in 2025, which connects major digital wallets and payment systems — initially including UPI (India), Tenpay (China), Mercado Pago (Latin America), PayPal, and Venmo—to enable seamless cross-border payments and remittances for nearly two billion users.

Key features and context:

  • Interoperability: PayPal World allows users to pay globally using their domestic wallets (like UPI or Mercado Pago) without needing a separate PayPal account, enabling consumers and merchants to transact across borders with reduced complexity.

  • Partnerships: The first batch of partners includes NPCI (UPI), Tencent’s Tenpay Global (WeChat Pay), Mercado Pago, and PayPal-owned Venmo, representing a massive combined user base.

  • Platform design: The network is technology-agnostic, built for open commerce APIs and cloud-native infrastructure, aiming to be a foundational global payments layer rather than just another wallet.

  • Merchant integration: Merchants that accept PayPal will be able to receive payments from all supported wallets with no additional development, streamlining acceptance of international payments.

  • Future expansion: PayPal plans to expand the network with more wallet partners and introduce features like dynamic payment buttons, agentic (AI-assisted) shopping, and eventually the integration of stablecoins.

  • Strategic intent: The initiative is positioned as a major advance in payment interoperability, shifting PayPal from a consumer wallet to an enabling payments network that increases its global addressable market and competitive positioning.

According to PayPal CEO Alex Chriss, the goal is to "make [cross-border payments] so simple for nearly two billion consumers and businesses," addressing long-standing challenges in global money movement.

PayPal World is expected to roll out in late 2025, bringing new payment possibilities and broader global reach to both consumers and merchants.

Circle Payment Network - an update since april

Circle’s launch of the Circle Payments Network (CPN) in late April 2025 has been followed by rapid developments and significant institutional adoption, as well as expansion plans to new regions. Here’s a summary of what’s unfolded since the original pre-launch coverage:

Network Launch and Rollout

  • CPN officially went live in April 2025, with a high-profile launch event at Circle’s New York headquarters, signaling an ambitious move to challenge legacy payment processors like Visa and Mastercard for global, cross-border settlements.

  • The network enables financial institutions, neobanks, payment providers, and digital wallets to directly connect and settle transactions in stablecoins (USDC, EURC), delivering near-instant, 24/7 cross-border payments and reducing both cost and complexity compared to traditional rails.

  • The initial focus is on high-value, underserved global trade corridors, where efficient dollar-based settlement can be transformative

Institutional Partners and Integration

  • More than 20 global partners joined at or shortly after launch, including Alfred Pay, BCB Group, BVNK, DLocal, Coins.ph, Conduit, TazaPay, OpenPayd, and major digital wallets and payment networks.

  • Major infrastructure providers like Fireblocks are integrating with CPN, broadening institutional reach and connectivity for digital asset treasury, remittances, and B2B payments.

  • In Latin America, early integrations are underway with platforms like Alfred Pay (Brazil and Mexico) and RedotPay, facilitating USDC-based flows into these markets.

Geographic and Product Expansion

  • Expansion is planned throughout 2025 to key financial markets: the UK, Nigeria, India, UAE, the Philippines, and Argentina, aligning with regulatory clarity and rising demand for dollar-based cross-border payments in these regions.

  • CPN promises programmability, compliance, and embedded finance features, letting financial institutions automate workflows such as supplier payments, payroll, treasury management, and remittance at scale.

Strategic Vision and Industry Impact

  • CPN is positioned as a programmable, always-on “foundational layer” for global commerce, aiming to unify fragmented payment networks and currencies for transparent, real-time money movement.

  • The governance framework requires strict participant standards for licensing, AML/CFT compliance, and cybersecurity, supporting trust and regulatory alignment.

  • Industry experts have highlighted CPN as a key move in bringing stablecoins into mainstream finance, potentially disrupting a $190 trillion global payments market

In summary

Since April, Circle’s Payments Network has not only launched but seen active adoption and integration, with several global partners enabling real-world flows. Ongoing expansion, institutional onboarding, and regional deployments are set for the rest of 2025, marking CPN as one of the most significant new infrastructure initiatives in international payments this year.

Official source: Circle Payment Networks

From the Kaupr news site:

Chainlink - a Stablecoin winner?

Circle’s launch of the Circle Payments Network (CPN) in late April 2025 has been followed by rapid developments and significant institutional adoption, as well as expansion plans to new regions. Here’s a summary of what’s unfolded since the original pre-launch coverage:

This has positioned Chainlink at the center of the new regulatory landscape, both as a compliance enabler and as core infrastructure for institutional adoption

Compliance as Infrastructure: Chainlink's Automated Compliance Engine (ACE)

  • ACE Adoption: Chainlink’s Automated Compliance Engine (ACE) is being highlighted as a crucial “compliance gateway” for digital assets. ACE enables real-time regulatory checks, AML/KYC controls, and permissioned token standards, allowing digital asset transactions to meet U.S. regulatory standards seamlessly.

  • Bridging TradFi and DeFi: The engine is designed to make it far easier for traditional banks and financial institutions to onboard digital asset services without regulatory risk, addressing longstanding institutional concerns regarding crypto compliance.

  • Partnerships: Chainlink’s collaborations with identity standards agencies (such as GLEIF) and major custodians further solidify its reputation as a trusted compliance layer.

Market and Media Framing

  • Vital Infrastructure: Chainlink is increasingly described as “the backbone” or “critical infrastructure” for the compliant tokenization of real-world assets (RWAs)—including stablecoins, funds, and commodities.

  • Regulatory Integration: Unlike speculative projects, media and analysts see Chainlink as an “infrastructure-level” protocol that is purpose-built for regulatory integration and mass institutional adoption, not just for crypto-native products.

  • Price and Sentiment: Market reactions following the act’s passage—such as a notable LINK price rally—reflect not just optimism, but a recognition of Chainlink’s foundational role in the post-GENIUS regulatory framework.

Core Use Cases and Expansion

  • Proof of Reserves: Chainlink’s real-time proof of reserves offers the transparency and security that new regulations for stablecoins require. U.S. banks and potential stablecoin issuers are expected to use Chainlink to demonstrate their digital in- and outflows are fully backed and auditable.

  • Cross-Chain Connectivity: With increased needs for interoperability across blockchains and traditional systems, Chainlink’s CCIP (Cross-Chain Interoperability Protocol) is positioned as a standard for both compliance and connectivity.

  • Embedded Compliance: As U.S. regulation increasingly mandates identity, transparency, and auditability, Chainlink’s focus is now on becoming a “one-stop” shop: handling proof of reserves, compliance checks, and cross-chain data transfer within one unified workflow.

In Summary:
Since the passage of the GENIUS Act, Chainlink has been reframed in the U.S. digital asset ecosystem not merely as a technological innovator, but as a core compliance and interoperability provider—serving as a regulatory bridge between traditional finance and Web3. Its focus is now sharply on enabling regulated, scalable, and transparent markets for tokenized assets in alignment with new U.S. law

Ethereum - the comeback kid?

Ethereum’s importance in the post-GENIUS Act era is being strongly framed as foundational to the U.S. regulated digital asset ecosystem, especially for stablecoins and tokenized financial products:

  • Primary Stablecoin Platform: The GENIUS Act mandates that U.S.-licensed stablecoins be fully backed and regularly audited. Most major stablecoins—such as USDC, USDT, and others—are issued predominantly on Ethereum, placing Ethereum at the heart of compliant, institutional stablecoin activity.

  • Institutional Adoption Catalyst: Regulatory clarity has triggered a major surge in institutional allocations to Ethereum. The past week saw ETH price rise 25%, record ETF inflows, and heightened portfolio integration by asset managers, who need ETH for transaction fees tied to stablecoin and token settlement

  • DeFi and Yield Alternatives: The GENIUS Act’s ban on yield-bearing stablecoins is prompting both retail and institutional investors to seek returns within decentralized finance protocols, most of which are built on Ethereum. This migration of yield-seeking capital intensifies Ethereum’s relevance as the infrastructure for compliant, on-chain financial services.

  • Programmability and Tokenization: Regulatory commentators and industry leaders highlight that Ethereum’s programmable smart contracts make it uniquely suited for tokenizing real-world assets, delivering the compliance, auditability, and interoperability required by U.S. regulations.

  • Integration with Traditional Finance: The GENIUS Act is expected to drive greater bank, fintech, and Fortune 500 involvement in Ethereum-powered tokenization and payment solutions, accelerating mainstream digital asset adoption and embedding Ethereum as a core settlement and compliance layer.

  • Sector Framing: Media and analysts widely describe Ethereum as “the largest beneficiary” of the GENIUS Act, positioning it not only as a tech innovation but as critical infrastructure for regulated financial markets and the future of programmable money in the U.S.

In sum, Ethereum is being reframed — from an innovation-driven public blockchain to the regulatory and technical backbone for compliant U.S. stablecoins, institutional tokenization, and the future of finance under the GENIUS Act.

Evergreen & relevant stablecoin stories

From the Kaupr YouTube Channel - in English:

From the Kaupr YouTube Channel - In Norwegian:

NBX satser på stablecoins og godkjenning av kredittkort - Video intervju med Stig Aleksander Kjos-Mathisen

A reminder: A New Audio & Onchain Podcast!

Did you catch the new podcast? A week ago we shared with our subscribers that we had taken yet another step in building a hybrid presence of our Future of Finance content. Alongside our newsletter and videocasts on YouTube,, you can now listen to Future of Finance episodes as pure audio — available both onchain and on your favorite platforms like Spotify. You can read more about the launch in this update.

These are the episodes that are now available on Pods Media, Zora, Spotify, YouTube, and on the Future of Finance newsletter website. As a subscriber to the newsletter, you will be among the first to know about new episodes.

Bridging the Gap - TradFi vs Crypto - with Martin Leinweber & Jörg Willig

Bitcoin and Digital Assets - The Narratives - with Torbjørn Bull Jenssen

Thanks for following along!

That’s a wrap for this edition of the Future of Finance newsletter. We’d love to hear your feedback and any suggestions for topics you’d like us to cover next. And don’t forget to subscribe so you never miss an update!

Best regards,
Morten

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