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Welcome to Kaupr Today

Good morning. Today’s edition looks at how capital is rotating across “hard assets” and digital rails — from Asia’s equity boom and silver’s surge past bitcoin’s post‑2017 gains, to shrinking stablecoin balances, new US‑regulated dollar tokens, AI‑agent standards on Ethereum, Europe’s evolving DLT collateral framework, and new on‑the‑ground initiatives in the Nordics.

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Kaupr Today is your daily briefing on digital assets, fintech, and web3 with a strong Nordic lens. It brings concise, high‑signal updates on markets, products, companies, community initiatives, and standout content from Kaupr’s channels (including Kaupr TV and events) and leading regional players.​

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Morten

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Macro, markets, flows and signals

Asia markets see ‘unbelievable’ rush of capital

Asian equity markets are seeing an “unbelievable” influx of capital, with the MSCI AC Asia Pacific Index up about 25% in 2025 and pushing to record highs on booming IPO, follow‑on and cross‑border activity. Asia‑Pacific has more than doubled IPO proceeds versus the prior year and captured seven of the 10 largest global listings, while indices such as Japan’s Nikkei 225 and Korea’s Kospi have hit fresh highs on AI‑driven chip demand and renewed foreign inflows.

Why it matters: The boom confirms that Asia is reclaiming centre stage in global capital formation just as US policy uncertainty and tariff risk push allocators to diversify listing venues. It also raises questions about overheating in pockets like tech and whether regulators’ macro‑prudential tools can cool froth without choking flows.

source: Asia markets see ‘unbelievable’ rush of capital amid equity and IPO frenzy, CNBC

Silver overtakes bitcoin’s post‑2017 gains above 115 dollars

Silver has traded above 115 dollars per ounce (briefly nearing 117) before easing toward 105, leaving it more than five‑times higher than in late 2017 and marginally ahead of bitcoin’s gain over the same period. The move is driven by structural supply tightness and strong industrial demand from solar and EVs, plus rising ETF and futures activity as investors rotate within the “hard asset” complex.

Why it matters: Silver outpacing bitcoin over a multi‑year window is a reminder that leadership within the inflation‑hedge complex can flip between metals and crypto depending on macro, energy‑transition and AI narratives. For allocators, it reinforces the case for treating crypto and metals as competing, not independent, risk buckets when constructing “hard asset” portfolios.

source: Silver price surges past $115, eclipsing Bitcoin’s post‑2017 performance, Various financial media

Prediction‑market interest rises as crypto trading cools

As speculative crypto trading has cooled, more traders and builders are gravitating toward prediction markets, treating event‑driven information trading as a more durable use case than memecoin‑style speculation. Platforms such as Polymarket and Kalshi are seeing rising engagement from both retail users and data buyers who treat them as continuous price‑discovery engines for macro and political outcomes.

Why it matters: This shift supports the idea that “information finance” could become a key growth vertical for crypto‑native infra, especially if regulators carve out clearer frameworks for event markets. It also offers a narrative pivot for builders and investors away from pure token mania toward markets that monetize forecasting skill and information.

source: Prediction Market Interest Soars as Crypto Sector Cools, PYMNTS

Top stablecoins shrink as cash exits crypto, posing risk to bitcoin

The combined market cap of major stablecoins, including USDT and USDC, is shrinking as investors pull capital out of crypto entirely rather than leaving it parked as “dry powder” in stablecoins. This is happening against a backdrop of rising concerns over reserves, regulatory pressure and lower yields on stablecoin backing assets.

Why it matters: Falling stablecoin balances mean less on‑chain liquidity to chase risk assets, making it harder for bitcoin and altcoins to sustain rallies and increasing the risk of sharp downside moves. It also signals that some capital is rotating into off‑chain safe havens instead of waiting on the sidelines for the next crypto leg higher.

source: Top Stablecoins Tether and USD Coin Shrink as Crypto Cash Flees, Posing Risk to Bitcoin, CoinDesk

​​Stablecoins and payment networks  

Tether launches ‘Made in America’ USA₮ stablecoin under GENIUS

Tether has launched USA₮, a dollar‑backed stablecoin issued by Anchorage Digital Bank under the new GENIUS Act framework, making it Tether’s first fully US‑regulated product with bank issuance, full reserves and continuous oversight. USA₮ targets US‑facing platforms and institutions that need a compliant digital dollar, with early access via partners such as Kraken, Crypto com, MoonPay, OKX and Bybit.

Why it matters: GENIUS effectively pushes non‑bank, offshore stablecoins like USDT out of the US retail market, forcing Tether into a dual‑token structure where USA₮ competes with USDC on‑shore while USDT dominates offshore liquidity. This is a major test of whether regulatory clarity shifts market share in the “digital dollar” race or simply fragments liquidity between regulated and offshore pools.

source: Tether Announces the Launch of USA₮, the Federally Regulated, Dollar‑Backed Stablecoin, Made in America, Tether

Crypto payments network Mesh raises $75M, hits $1B valuation

Mesh has raised 75 million dollars in a Series C led by Dragonfly Capital with Paradigm, Moderne Ventures, Coinbase Ventures, SBI Investment and Liberty City Ventures, bringing total funding above 200 million dollars and valuing the company at 1 billion dollars. Founded in 2020, Mesh is building a globally interconnected crypto payments network that uses its SmartFunding tech to let users pay with any supported asset (for example BTC or SOL) while merchants receive instant settlement in stablecoins such as USDC or PYUSD or in local fiat, with the firm claiming reach to more than 900 million users worldwide.

Why it matters: The round underscores investor conviction that the next wave of crypto adoption will be infra‑driven, with networks like Mesh abstracting away chains, tokens and wallets so crypto rails can compete with card schemes and legacy payment networks. It also shows that large rounds are still available for regulated, infrastructure‑heavy plays even as speculative token funding remains muted.

source: Crypto Payments Network ‘Mesh’ Raises $75M, Achieves Unicorn Status, Bankless

AI agents, payments & Ethereum

Trustless AI agent standard ERC‑8004 set to hit Ethereum mainnet

A new Ethereum standard for trustless AI‑agent communication, ERC‑8004, is expected to deploy to mainnet around Thursday at 9 AM ET, with MetaMask’s head of AI Marco De Rossi saying development has been “frozen” for launch and the official Ethereum X account stating it is going live “soon.” ERC‑8004 defines registries and interfaces for discovering, registering and validating AI agents and their portable reputations, so agents can find and interact with each other across organisations and chains without pre‑existing trust, and is designed to work on Ethereum and L2s like Base alongside Coinbase’s x402 payment protocol.

Why it matters: ERC‑8004 is the missing coordination layer that can turn AI agents into on‑chain economic actors, not just siloed tools, by standardising discovery, identity and reputation. Combined with x402 and stablecoin rails, it points toward a world where autonomous agents become major users of blockspace and liquidity on Ethereum.

source: Trustless AI agent standard could hit Ethereum mainnet on Thursday, Cointelegraph via TradingView

​European opportunities and Nordic events

ECB opens collateral window to DLT‑issued assets

From 30 March 2026, the Eurosystem will accept marketable assets issued in CSDs using DLT‑based services as eligible collateral for Eurosystem credit operations, provided they meet existing eligibility criteria and can be settled in CSDR‑compliant systems reachable via TARGET2‑Securities. The ECB has also launched a work plan to explore how assets issued and settled entirely on DLT networks could gradually become eligible collateral under a staggered approach that tracks market and legal developments, including the DLT Pilot Regime and MiCAR.

Why it matters: This is a major step toward bringing tokenized securities into the heart of the euro‑area monetary system, not just into sandbox pilots. It effectively tells issuers that DLT‑native assets can become central‑bank‑eligible collateral, accelerating institutional comfort with tokenization.

source: ECB paves way for acceptance of DLT‑based assets as eligible Eurosystem collateral, European Central Bank

Northstake and Aros Capital hosted digital asset conference in Oslo

Northstake and Aros Capital Fondsmæglerselskab A/S hosted a half‑day conference bringing together Danish banks, wealth managers and other financial institutions to discuss how tokenization, staking and blockchain infrastructure can be integrated into traditional portfolios under Danish and EU rules. The discussions focused on concrete implementation paths for regulated firms rather than blue‑sky visions, reflecting a shift from experimentation to operational integration.

Why it matters: This is a strong signal that Nordic institutions are moving from “watching” tokenization to designing actual products and processes, especially around staking yields and tokenized fund units. It also positions Denmark as an early‑mover lab for MiCAR‑aligned, institution‑friendly on‑chain products in Europe.

source: Last week Northstake and Aros Capital Fondsmæglerselskab A/S had the pleasure of hosting a half‑day conference…, LinkedIn (Northstake)

What to watch for

The next leg of this cycle will hinge on three levers: how far the Fed is willing to trade inflation risk for growth support, how quickly rules like CLARITY turn “maybe one day” experiments into bankable product roadmaps, and whether politics turbocharges or chokes off cross‑border capital flows.

Why it matters: If policy, regulation and politics start pulling in the same direction, allocators get cover to make structural, multi‑year bets on new rails and asset types; if they stay at cross‑purposes, even good ideas will keep trading like short‑term trades rather than long‑term allocations.

Stay with Kaupr Today

Thank you for reading Kaupr Today – feel free to forward this briefing to a colleague or reply with news tips and perspectives from across the Nordic and European digital‑finance ecosystem. Wishing you a great Wednesday, and welcome back tomorrow morning for the next edition of Kaupr Today.​

Best regards
Morten Myrstad
Founder & Editor