Good morning. AI agents are meeting onchain finance, and both BlackRock and a new payments network say stablecoins are what the machines will pay with. The rest of the day is infrastructure and rules: who builds the rails, and what Europe allows.
💎 BlackRock says AI agents will need stablecoins
💎 Bitcoin ETFs take almost $1 billion in a day
💎 21Shares lists Europe's first Zcash ETP
💎 ECB wants MiCA's deposit rule for stablecoins dropped
💎 Chainlink signs Infosys and its 1.7 billion accounts
🎧 Kaupr Weekly Episode 12 asks whether finance is finally going onchain.
— Morten
AI agents need a payment rail
BlackRock sees AI as a new driver for digital assets
In a report published on 22 September, BlackRock argues that broad AI adoption is an underappreciated source of demand for stablecoins, blockchains and tokenised assets. Agents need payment rails that run around the clock and handle very small transactions, which cards and ACH do not. Stablecoins in circulation passed $300 billion this month.
Why it matters: The report names compute contracts as a possible tokenised asset class. BlackRock adds its own caveat: agent payments are early, and the compute market has little liquidity.
Source: BlackRock sees AI as a new driver for digital assets — Kaupr
Atum launches a coordination layer for stablecoin payments
Atum came out of stealth on Tuesday with $13.5 million from Variant and PayPal Ventures. It issues no currency, runs no blockchain and holds no customer funds. Settlement providers compete to fulfil each payment request. It supports agent payments through x402 and MPP. Founder Pete Cooling led Visa's crypto products. (Source: press release)
Why it matters: Stablecoin payments are split across chains and providers, and Atum is betting that the routing between them is a business of its own.
Source: Atum Emerges from Stealth with The Open Payments Network for Global Money Movement — PR Newswire
The money came back to the ETFs
Bitcoin ETFs take almost $1 billion in a day
US spot bitcoin ETFs drew $998.95 million on Monday, their strongest day since October 2025. IBIT led with $381 million. The week before, the same funds managed $6.2 million, the weakest week in 141 weeks of trading. Eric Balchunas says Monday's flows likely reflect buying from Friday.
Why it matters: Bitcoin also passed the estimated average ETF cost basis of $81,722, putting the average holder back in profit for the first time since January.
Source: Bitcoin ETF inflows near $1B as average holder moves back into profit — Crypto Briefing
Ether ETFs log a third straight day of inflows
US spot ether ETFs took $162 million on Tuesday, a third consecutive day of net inflows. BlackRock's ETHA led with $88.13 million, bringing its cumulative total to $13.16 billion. Fidelity's FETH added $33.64 million. The figures come from SoSoValue.
Why it matters: The streak runs alongside the wider rally, with BlackRock taking more than half of Tuesday's flow.
Source: Ethereum spot ETFs see $162M net inflow on September 22, marking third consecutive day of inflows — PANews
21Shares listed a physically backed Zcash ETP on Euronext in Paris and Amsterdam, the first in Europe. It also launched an ETP tracking Ether.fi's ETHFI token the same day. Both carry a 2.5% annual fee, above most European bitcoin and ether products. Zcash is up about 1,100% over the past year.
Why it matters: European investors can now hold the privacy coin through a brokerage account, a month after Grayscale's Zcash ETF started trading in the US.
Source: 21Shares Launches Europe's First Zcash ETP, Lists Ether.fi Product — Bloomingbit
The rules get in the way of a euro stablecoin
ECB and EU central banks want the MiCA deposit rule dropped
The European System of Central Banks says stablecoin issuers should not have to hold 30% of reserves as bank deposits, or 60% for significant tokens. It wants a liquidity requirement instead, with assets maturing within one to five working days. The banks say such deposits leave lenders exposed to swings in stablecoin demand.
Why it matters: The same response keeps the line that multi-issuance with non-EU partners is not allowed under current rules. The consultation closes on 30 September.
Source: ECB, EU central banks oppose stablecoin bank deposit rule — Reuters
Danske Bank says no single bank can build a euro stablecoin
Mads Clemmensen of Danske Bank says 99.3% of stablecoins are tied to the dollar, which cuts against Europe's aim of relying less on US players. Danske was among the nine founders of Qivalis, now 37 banks from 15 countries. The consortium launches its euro stablecoin before the end of the year.
Why it matters: Clemmensen sees cross-border payments as the main use, where a transfer can pass through seven to ten parties and take up to a week.
Source: Danske Bank: No bank can build a euro stablecoin alone — Kaupr
The plumbing is built before the volume
Deutsche Bank puts tokenised assets at $3–4 trillion by 2035
A report from Deutsche Bank Research Institute forecasts $1.5–2 trillion in tokenised real-world assets by 2030 and $3–4 trillion by 2035, excluding stablecoins. The bank calls both ranges conservative. The market has grown from about $10 billion in January 2025 to $39 billion, with Ondo, BlackRock, Circle and Franklin Templeton the largest providers.
Why it matters: Tokenised Treasuries and money-market instruments are the fastest-growing part, and the report treats stablecoins as a separate category growing faster still.
Source: Deutsche Bank Tokenized Assets News: $4 Trillion Market Seen by 2035 — Coin Gabbar
Chainlink signs Infosys to connect banks to blockchains
Infosys, which runs banking and payments infrastructure for more than 1.7 billion customer accounts, is standardising on the Chainlink platform. Chainlink names CCIP, its runtime environment, an automated compliance engine and proof of reserve, but neither company says how they will be used. Accenture has a similar deal.
Why it matters: The announcement came through Chainlink's own channels, and Infosys has not set out its plans. Infosys already runs its Finacle banking software on Ethereum, Corda and Hyperledger.
🎧 More relevant than ever — Kaupr Weekly Episode 12: Is finance finally going onchain?
Banks, clearing houses and asset managers are wiring themselves into onchain markets well before the volume arrives. Eleven minutes on DTCC, DNB, Arc, the SEC's five-year test, Centiglobe and NBX.
KAUPR WEEKLY
Episode 12: Is finance finally going onchain?
Episode also available on Spotify · Apple Podcasts
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Wishing you a great Wednesday — and welcome back tomorrow morning for the next edition of Kaupr Daily.
Best regards Morten Myrstad Founder & Editor