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The Ledger
  • Thailand, Malaysia Central Banks Back MAS's BLOOM

    Thailand, Malaysia Central Banks Back MAS's BLOOM

    The Brief

    Thailand's and Malaysia's central banks are reported to back the Monetary Authority of Singapore's BLOOM initiative, but backing is not settlement. No volumes, fees or go-live dates appear in the reporting reviewed, so BLOOM remains an industry-led effort whose test is live cross-border value clearing.

  • Cognitive Credit's $40m Raise Backs Credit Data

    Cognitive Credit's $40m Raise Backs Credit Data

    Funding and deals

    Cognitive Credit's $40 million growth investment, led by Summit Partners with ETFS Capital participating, is a bet on specialist credit data over generic AI. It is reported as four times its 2024 Series B of $10 million, and the test is whether credit-market buyers pay for data licences and analytics.

  • Fireblocks Rebuffs Reported $2.5bn Visa Takeover Talks

    Fireblocks Rebuffs Reported $2.5bn Visa Takeover Talks

    Funding and deals

    Fireblocks has distanced itself from reports of a $2.5 billion Visa takeover, calling them "news to us", so no deal is confirmed. The reported price would sit far below the $8 billion Series E valuation Fireblocks was reported to hold in 2022, which makes the figure harder to credit without a Visa statement or filing.

  • Stablecoins Move From Pilot to Production in Payments

    Stablecoins Move From Pilot to Production in Payments

    Payments and embedded finance

    Stablecoins are moving from pilot to production in corporate payments, but adoption remains a minority behavior. In the 2026 EY-Parthenon survey, 18% of corporates use them in production, double the 2025 share, and 69% offer or plan stablecoin services within two years; Qivalis, a euro consortium, is still early.

  • HSBC's RedCoin Puts a Licensed HKD Stablecoin in PayMe

    HSBC's RedCoin Puts a Licensed HKD Stablecoin in PayMe

    Payments and embedded finance

    HSBC's RedCoin rollout turns a licensed Hong Kong dollar stablecoin into a retail payment rail, and its real test is merchant economics, not token novelty. Activated inside PayMe, RedCoin competes with existing wallets and card networks, while the HKMA licence and one-for-one reserve design set the trust terms.

  • Coinbase Ireland's €3.25m fine targets safeguarding

    Coinbase Ireland's €3.25m fine targets safeguarding

    Regulation and compliance

    The Central Bank of Ireland fined Coinbase Ireland €3,252,618 for safeguarding and outsourcing failures, not money laundering. The signal is that supervisors now treat dependence on a parent company and an underfunded safeguarding account as enforceable control failures. The sanction takes effect only after High Court confirmation.

  • BIS: Fintechs undercut bank wires; stablecoins lag on cost

    BIS: Fintechs undercut bank wires; stablecoins lag on cost

    Payments and embedded finance

    Fintech transfer operators such as Wise and Remitly now beat retail bank wires on cross-border cost, while stablecoins do not clearly win once on- and off-ramp fees are counted, according to BIS research. The pricing pressure therefore falls on bank FX markups, not on crypto rails, which still carry friction.

  • Regulators Press Google on a Cloud Outage That Hit Banks

    Regulators Press Google on a Cloud Outage That Hit Banks

    Regulation and compliance

    Regulators treating a single Google Cloud power event as a supervisory matter signals that cloud concentration is now a bank-resilience question, not just a vendor problem. The European Banking Authority and the Financial Conduct Authority have reportedly contacted Google after the outage hit banking services, including Revolut.

  • South Korea Moves to Treat Stablecoins as Payment Tools

    South Korea Moves to Treat Stablecoins as Payment Tools

    Regulation and compliance

    South Korea is reportedly moving to treat stablecoins as payment instruments by amending the Foreign Exchange Transactions Act, folding cross-border use into oversight. The change, tied to the Digital Asset Basic Act, would close a gap that currently leaves dollar-pegged tokens outside foreign-exchange reporting, though passage and final text remain unconfirmed.

  • Robinhood's Prediction Markets Tilt Toward Bitcoin, Gold

    Robinhood's Prediction Markets Tilt Toward Bitcoin, Gold

    Crypto, stablecoins and digital assets

    Robinhood says price-volatility contracts on bitcoin, crude oil and gold are gaining share in its prediction markets, even though sports remains its largest product. The shift matters because Robinhood and its exchange partner Kalshi are turning event contracts into short-dated price instruments, with 15-minute crypto contracts now offered, according to Robinhood executive JB Mackenzie.

  • HSBC puts RedCoin stablecoin inside its PayMe app

    HSBC puts RedCoin stablecoin inside its PayMe app

    Payments and embedded finance

    HSBC has put RedCoin, a Hong Kong dollar stablecoin, inside its PayMe app, giving a regulated token access to more than 3 million everyday users, according to CoinDesk. Distribution is the story, not token design. The test is whether wallet activations turn into payments volume, which HSBC has not disclosed.

  • Fiserv Adds Mastercard's Raj Seshadri to Its Board

    Fiserv Adds Mastercard's Raj Seshadri to Its Board

    Payments and embedded finance

    Fiserv's board appointment of Raj Seshadri, a Mastercard senior strategic advisor, is a governance signal rather than a strategy change. Fiserv framed it as adding expertise in uniting commerce and finance. The SEC filing reports no side arrangements behind her selection, so any read on Fiserv and Mastercard's relationship is inference.

  • Sezzle Seeks a National Bank Charter to Hold Deposits

    Sezzle Seeks a National Bank Charter to Hold Deposits

    Banking, neobanks and open banking

    Sezzle's application for a national bank charter is a funding decision as much as a licensing one. By applying to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, the buy-now-pay-later provider is trying to replace third-party balance-sheet dependence with insured deposits. Reported timelines of 12 to 18 months mean nothing changes soon.

  • Customers Bank's AI Pilot Cuts Loan Closings to 7 Days

    Customers Bank's AI Pilot Cuts Loan Closings to 7 Days

    Banking, neobanks and open banking

    Customers Bank's AI pilot is a real but narrow result: select commercial loans closed in seven days against a typical 30 to 60, according to Customers Bancorp's own Q2 2026 release. It is a company-reported pilot, not a network-wide rollout, so the durable test is whether the cycle time holds as volume scales.

  • Netanyahu Wants a Blockchain Plan for Sanctions Risk

    Netanyahu Wants a Blockchain Plan for Sanctions Risk

    Regulation and compliance

    Netanyahu's reported request for a blockchain plan is a signal, not a mechanism: he named no builder, chain or currency. Blockchain rails can move value outside correspondent banks, but any Israeli shekel or dollar exit still needs fiat on- and off-ramps, which banks control. The Block's report is based on a translated transcript.

  • Polygon closes Coinme deal, gains US payments licences

    Polygon closes Coinme deal, gains US payments licences

    The Brief

    Polygon's completed Coinme acquisition gives Open Money Stack direct U.S. money-transmission coverage: 37 state licenses and 11 exemptions across 48 states, plus FinCEN registration, per Polygon's own Oct. 14, 2026 post. That moves Polygon from renting regulated fiat access toward holding it, but the figures are company-reported and the integration remains in technical preview.

  • HSBC Launches RedCoin, Its First Stablecoin

    HSBC Launches RedCoin, Its First Stablecoin

    Payments and embedded finance

    HSBC has launched RedCoin, its first stablecoin, for public use, according to Finextra. The launch itself is reported by trade press; the details that decide whether it matters, including reserve composition, redemption terms, distribution channels and volumes, are not in the item and should be read from HSBC's own disclosures before treating it as a payments shift.

  • Robinhood says bitcoin, gold event contracts lead growth

    Robinhood says bitcoin, gold event contracts lead growth

    Payments and embedded finance

    Robinhood says its prediction-market growth is shifting from sports to price contracts, but the evidence is one executive's remarks. JB Mackenzie called bitcoin, oil and gold contracts the fastest growing, while sports stays largest. Robinhood Derivatives routes event contracts through Kalshi, ForecastEX or Rothera, and no volumes were disclosed.

  • Gulf AI bubble warning puts data-centre financing in focus

    Gulf AI bubble warning puts data-centre financing in focus

    The Brief

    Mo Gawdat's warning is a financing question more than a technology one: he told AGBI the AI sector is in a bubble that could burst next year and that data centres will not earn their money back. Standard Chartered, by contrast, casts Gulf investors as shock absorbers. Neither view is backed by published returns data.

  • Electrum Flaw Let Rogue Servers Hijack Fee Bumps

    Electrum Flaw Let Rogue Servers Hijack Fee Bumps

    Fraud and financial crime

    Electrum versions before 4.8.3 let a malicious server replace a user's just-broadcast payment with a fake, invalidly signed transaction, then get the wallet to sign it at a higher fee when the user used Replace-by-Fee. Electrum released the fix on 24 October 2026; users of their own servers were not affected.