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The Ledger
  • DriveWealth Moves Settlement Onto Ripple's RLUSD Rails

    DriveWealth Moves Settlement Onto Ripple's RLUSD Rails

    Payments and embedded finance

    DriveWealth's move to RLUSD settlement is an infrastructure deal, not a funding round: no value was disclosed. DriveWealth will settle and fund client accounts with Ripple's RLUSD on the XRP Ledger, starting in Europe. The signal is that brokerage funding is shifting toward stablecoin rails, while US timing remains unannounced.

  • OQEP Plans $2bn Sukuk Programme to Widen Funding

    OQEP Plans $2bn Sukuk Programme to Widen Funding

    Funding and deals

    Oman's OQEP plans a sukuk programme intended to generate $2 billion, AGBI reports, citing a Muscat Stock Exchange filing. The aim is to diversify funding beyond the equity it raised in its 2024 IPO. Terms, tenor and arrangers are not public in the reporting, so the $2 billion is intent, not completed capital.

  • MNX Prices Pre-IPO AI Futures Off Its Own Order Flow

    MNX Prices Pre-IPO AI Futures Off Its Own Order Flow

    Funding and deals

    MNX's launch matters less as a new venue than as a test of settlement design: its OpenAI, Anthropic, DeepSeek and Moonshot futures price off its own order flow and fall back to public valuations at a 2027 expiry. Compared with OKX, the open question is who decides a private company's value.

  • France's Stablecoin Swap Tax: Rules Still Far From Law

    France's Stablecoin Swap Tax: Rules Still Far From Law

    Regulation and compliance

    France's proposed stablecoin swap tax is a committee amendment, not law, and it targets only MiCA-regulated tokens. If enacted, swapping crypto into them would carry the 31.4% flat tax from 1 January 2027, a design Chainalysis warns could push trading toward untracked venues. The National Assembly votes on the revenue section on 20 October.

  • Bank of England ties frontier AI to cyber stability risk

    Bank of England ties frontier AI to cyber stability risk

    The Brief

    The Bank of England's July 2026 Financial Stability Report judges that frontier AI significantly raises cyber and operational risks to financial stability. The IMF's 2024 analysis shows how such attacks can reach banks' funding through lost confidence. No cyber-driven bank run has been recorded in that analysis, so the concern is a channel, not an event.

  • Interactive Brokers Adds ETH Staking via Zerohash

    Interactive Brokers Adds ETH Staking via Zerohash

    Crypto, stablecoins and digital assets

    Interactive Brokers now lets eligible clients stake ETH in its Client Portal, with zerohash providing the service, according to The Block. The item reviewed states no yield, fees or jurisdictions. The structural point is the split between a broker holding the client relationship and a specialist providing staking infrastructure.

  • Privy Brings Embedded Wallets to the XRP Ledger

    Privy Brings Embedded Wallets to the XRP Ledger

    Payments and embedded finance

    Privy's XRP Ledger support is a distribution move more than a technology one: it lets any app embed XRPL wallets holding XRP and RLUSD, without users managing a separate wallet. The Block reports the integration also covers AI-agent payments and x402, though adoption, volumes and fees remain unreported.

  • BlackRock Crypto AUM Up 63% to $79.6B, Still Below 2025

    BlackRock Crypto AUM Up 63% to $79.6B, Still Below 2025

    Crypto, stablecoins and digital assets

    BlackRock's crypto assets rose 63% to $79.6 billion in the third quarter, yet remain about 23% below the nearly $104 billion of a year earlier. Market gains supplied $22.9 billion of the $30.8 billion increase and inflows $7.9 billion, according to CoinDesk, so price, not new money, drove the rebound.

  • x402 hits 138M agent payments, mostly under 10 cents

    x402 hits 138M agent payments, mostly under 10 cents

    Payments and embedded finance

    Chainalysis counted more than 138 million x402 transactions on Base, but over 87% of payments fell between a hundredth of a cent and a dime, so the number measures metering activity, not merchant revenue. Chainalysis does not report take-rates or settled value, which is what payments operators need.

  • Embarrassment pushes UK bank customers to AI assistants

    Embarrassment pushes UK bank customers to AI assistants

    Banking, neobanks and open banking

    UK consumers are using AI assistants for money questions partly because they are embarrassed to reveal gaps in financial knowledge to other people, according to Finextra's report. For banks, the signal is that judgement-free help is a service gap, and the FCA is already tracking how consumers use generative AI for financial and debt advice.

  • Wise picks ex-NICE CEO Barak Eilam as next chair

    Wise picks ex-NICE CEO Barak Eilam as next chair

    The Brief

    Wise has named Barak Eilam, former NICE chief executive, as non-executive director and chair designate to succeed David Wells, according to Finextra and AJ Bell. AJ Bell reports Wells will leave the chair and board in April. Eilam's background is in enterprise software rather than payments.

  • Ramp's $60bn Valuation Prices Spend Management

    Ramp's $60bn Valuation Prices Spend Management

    Funding and deals

    Ramp's reported $1.85 billion round at a roughly $60 billion valuation, led by Dragoneer Investment Group, lifts its value about $16 billion in four months. It signals investors are pricing corporate spend management as a software-and-payments platform, though the pre-money versus post-money framing and Ramp's own confirmation remain unsettled.

  • Gold and Bitcoin: A Debasement Case, Not a Hedge Case

    Gold and Bitcoin: A Debasement Case, Not a Hedge Case

    Markets

    The CoinDesk column's case for holding gold and bitcoin together is an opinion on debasement, and only the gold half has sovereign-demand data behind it. The World Gold Council reports central banks bought 289 tonnes of gold in Q2 2026, 62% more than a year earlier. Bitcoin has no comparable official-sector buying in the sources reviewed.

  • Visa Gets PBOC Nod to Prepare China Card Clearing

    Visa Gets PBOC Nod to Prepare China Card Clearing

    The Brief

    Visa's China approval is a preparation permit, not an operating licence. The People's Bank of China accepted Visa's application to prepare a domestic bankcard clearing institution, reported on October 13, 2026. Visa Information Technology (Beijing) must finish its groundwork and apply again before it can compete with China UnionPay in yuan clearing.

  • EasyA's $1.1B Valuation Is a Listing Story, Not a Raise

    EasyA's $1.1B Valuation Is a Listing Story, Not a Raise

    Funding and deals

    EasyA's $1.1 billion valuation is an independent assessment, not a priced funding round: the company plans a direct listing in the first half of 2027, which raises no new capital. The signal is about audited readiness for the SEC process, while tokenized shares remain an undisclosed roadmap item.

  • FSB Finalises 12 AI Sound Practices for Banks

    FSB Finalises 12 AI Sound Practices for Banks

    Banking, neobanks and open banking

    The Financial Stability Board finalised 12 sound practices for responsible AI adoption on 15 October 2026, split between organisation-wide AI governance and risk management across the AI lifecycle. The FSB calls them a practical toolkit that institutions can tailor, and strongly encourages boards and senior management to reference them when building their frameworks.

  • Iberdrola loan puts a syndicated facility's full life

    Iberdrola loan puts a syndicated facility's full life

    Banking, neobanks and open banking

    Iberdrola, BBVA and Santander say a €150 million syndicated loan is the first managed entirely on blockchain, from execution through maturity. The claim is narrower than 'first blockchain loan': BBVA's 2018 Red Eléctrica deal was reported mainly as faster agreement. The test is whether more lenders join the ioBuilders platform.

  • EBA names Circle's USDC the EU's first significant

    EBA names Circle's USDC the EU's first significant

    Regulation and compliance

    The European Banking Authority has classified Circle's USDC as the EU's first significant e-money token, with direct EBA supervision of reserves, own funds and redemption plans starting November 12. The shift moves core prudential oversight from France's ACPR to Brussels-level supervision, raising the compliance bar for a token with nearly $73 billion in supply.

  • BNY and Citadel Run a Tokenized Treasury Through Repo

    BNY and Citadel Run a Tokenized Treasury Through Repo

    Funding and deals

    BNY's tokenized Treasury repo with Citadel Securities is a plumbing milestone, not a market shift: a tokenized two-year note settled within minutes and was pledged as collateral in an overnight triparty repo. The proof is the collateral reuse, but without disclosed size or an on-chain cash leg, scale remains unproven.

  • ASIC Sets Draft Custody Rules for Crypto Exchanges

    ASIC Sets Draft Custody Rules for Crypto Exchanges

    Regulation and compliance

    ASIC has opened consultation on standards that would make Australian crypto exchanges and custodians segregate customer assets, disclose trading practices and hold minimum financial resources. Final standards are expected in March 2027, rules start 8 April 2027, and existing firms must apply for a licence by 7 October 2027, according to CoinDesk.