Coinbase and Mastercard Have Both Held Advanced Talks to Buy Stablecoin Startup BVNK For Around $2 Billion
Stablecoins
“Almost one year after the fintech giant Stripe struck a $1.1 billion deal to acquire the stablecoin startup Bridge, two other big corporate players want to scoop up a stablecoin firm of their own. The U.S. crypto exchange Coinbase and the payments giant Mastercard have each held advanced acquisition talks to buy London-based BVNK, according to six sources familiar with the dealings, who asked for anonymity to talk about confidential business discussions. The terms and winning bidder haven’t been finalized, but the sale price is in the range of $1.5 billion to $2.5 billion, according to some of the sources. The talks may not result in a final deal, but at present Coinbase appears to have the inside track over Mastercard, three of the sources told Fortune.”
Source: Fortune
Governments Weighing Crypto Reserves Target $75 Billion Pot
Strategic Crypto Reserve
“Donald Trump has spearheaded a global push by governments to establish a strategic crypto reserve using assets seized from criminals, betting that the rising value of tokens like Bitcoin could aid overall economic growth. But how much is theoretically out there for the taking? All told, more than $75 billion, according to research by blockchain analytics firm Chainalysis Inc. That figure tracks the amount of crypto tied to illicit activity that’s sitting ‘on chain’ - meaning in an online wallet or platform - and within reach of law enforcement. The US already has an estimated $15 billion to $20 billion in forfeited Bitcoin, Treasury Secretary Scott Bessent said in August.”
Source: Bloomberg
JPMorgan Says Solana ETFs Could See Low Inflows of Around $1.5 Billion in First Year
ETPs
“Spot Solana exchange-traded funds are likely to be approved soon but will attract far lower inflows than spot Bitcoin or Ethereum ETFs, according to JPMorgan analysts. The U.S. Securities and Exchange Commission is expected to decide on nearly 16 spot crypto ETF applications this month, including those tied to Solana and XRP. The SEC recently simplified the process by introducing generic listing standards, removing the need for token-specific filings - a change that has led to a surge in new crypto ETF proposals. The final deadline for spot Solana ETFs is Oct. 10, and approval is widely anticipated. ‘The strong likelihood of approval for Solana spot ETFs is reinforced by the fact that there is an already established futures contract at CME,’ JPMorgan analysts led by managing director Nikolaos Panigirtzoglou said in a report on Wednesday.”
Source: The Block
TP ICAP Crypto Exchange to Add Stablecoin Pairs as Volume Jumps
Exchanges
“TP ICAP Group Plc’s crypto spot trading exchange plans to start offering stablecoin trading pairs, as volume growth on the platform mirrors the wider boom in digital assets. Fusion Digital Assets, which offers trading in spot Bitcoin and Ether to institutional market participants, is looking to add the additional assets in the first half of next year, Simon Forster, TP ICAP’s global co-head of digital assets, said in an interview. The move reflects the firm’s view that over time multinational institutions will start exchanging different currency-denominated stablecoins directly, leading to the emergence of a parallel ‘on-chain’ spot FX market, added Duncan Trenholme, TP ICAP’s global co-head of digital assets.”
Source: Bloomberg
State Street Finds Institutional Investors Eye Doubling Their Digital Asset Exposure Within Three Years
Tokenization
“Institutional investors are accelerating their shift toward blockchain and tokenization technology, with the majority expecting average exposure to digital assets to double within three years, according to a new research study from global custody and asset-management giant State Street. The report also shows that nearly 60% of institutions plan to increase their digital asset allocations in the coming year, reflecting growing confidence that blockchain-based assets are becoming a permanent part of long-term investment strategies. The findings come from the bank's 2025 Digital Assets Outlook, which surveyed senior executives across global asset managers and owners to assess sentiment, strategy, and operational readiness regarding emerging technologies.”
Source: The Block
