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Central bank buys Bitcoin, stablecoin payroll, fintech banking — Wed 29 Apr

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Author

Morten Myrstad
April 29, 2026

Welcome to Kaupr Today

Good morning and welcome to Kaupr Today!

A European central bank has invested in Bitcoin — and published the research to prove it works. Meanwhile stablecoins are quietly replacing payroll rails at DoorDash, Toku and beyond, corporate treasuries are racing to corner supply of Bitcoin and ether, and the fintech-to-bank transition is accelerating on both sides of the Atlantic.

🔷 A European central bank just invested in Bitcoin
🔷 Stablecoins go to work
🔷 Strategy and Bitmine — two treasuries, two races
🔷 The fintech-to-bank transition accelerates
🔷 Nordic events and evergreen reads

Have a good read! Morten

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A European central bank just invested in Bitcoin

Czech central bank has invested in Bitcoin — and the numbers back it up

The Czech National Bank has already allocated to Bitcoin, with governor Aleš Michl revealing the results at Bitcoin Conference 2026 in Las Vegas. The bank's own study shows that a 1% Bitcoin allocation increases expected returns while keeping overall portfolio risk flat. The bank manages $180 billion in foreign reserves.

Why it matters: A European central bank has invested in Bitcoin and published internal research showing it improves portfolio performance. That's a fundamentally different signal than a proposal — and one every Nordic central bank risk department will now need to address.

Stablecoins go to work

DoorDash adopts stablecoin payouts for gig workers across 40 countries

DoorDash is integrating stablecoin settlement infrastructure through Tempo — a layer-1 blockchain that raised $500 million at a $5 billion valuation ahead of its March launch. The target is faster payouts for Dashers in international markets where standard bank transfers take one to three days. Tempo converts DoorDash's platform balances into stablecoin disbursements at the point of settlement — invisible to the end user, but cutting latency and cost across a contractor network spanning 40+ countries. Tempo's design partners include Visa, Stripe, Shopify and Fifth Third Bank.

Why it matters: DoorDash is not experimenting with crypto checkout — it's replacing legacy payout rails at scale. When gig economy platforms move, the stablecoin use case for real-world payroll becomes impossible to ignore.

Stablecoin payroll gets built-in yield — paychecks start working the moment they land

Toku, which processes over $1 billion in annual stablecoin payroll across 100+ countries, has integrated Paxos Labs' Amplify platform to let employees earn yield on USDC, USDT and USDG the moment pay arrives — without moving funds or giving up custody. Employers using ADP, Workday or Gusto can enable it without changing any workflow. No lockup, no third-party custody, no yield rate disclosed yet.

Why it matters: Stablecoin payroll is moving from a payment rail to a financial system — the moment your salary earns yield automatically, the case for a bank account weakens.

Stablecoin B2B payments to grow 37,000% — from $13 billion today to $5 trillion by 2035

Juniper Research forecasts stablecoin cross-border B2B payment volume will reach $5 trillion by 2035, up from $13.4 billion this year. By 2035, 85% of all stablecoin transaction value will come from international business payments, not retail or speculative activity. Juniper points to programmable settlement and 24/7 finality as the core advantages over correspondent banking — which operates on fixed schedules at higher cost.

Why it matters: The forecast reframes stablecoins as B2B infrastructure, not a consumer product — and puts numbers behind what DoorDash, Toku and others are already building toward.

Source: Stablecoin B2B Payments Forecast to Hit $5 Trillion by 2035, Juniper Research via CoinMarketCap

Strategy and Bitmine — two treasuries, two races

Strategy slows its Bitcoin buying — and the funding model is being tested

After a $3.5 billion buying surge, Strategy purchased just $255 million in Bitcoin last week — and is increasingly funding buys through common equity rather than STRC preferred shares. That shift transfers dilution risk to ordinary shareholders. With 818,334 BTC on the balance sheet and geopolitical uncertainty clouding sentiment, the question is no longer whether Strategy is committed to Bitcoin, but how much dilution existing shareholders will absorb to keep it going.

Why it matters: Strategy's model works when equity markets stay receptive. If appetite for new stock cools, the pace of accumulation slows — and so does the supply-tightening effect that institutional investors are counting on.

Bitmine's ether buying is now matching Strategy's regular Bitcoin pace

Bitmine bought 101,901 ether for $234 million last week — its largest weekly purchase of 2026 — bringing total holdings to 5.08 million ETH, or 4.21% of circulating supply. Strip out Strategy's occasional STRC-fuelled spikes and the two firms are now buying at roughly the same weekly clip. Bitmine has staked 73% of its ETH, generating $264 million in annualised yield — a recurring income stream Strategy's Bitcoin treasury cannot replicate.

Why it matters: Ether may be getting its first Strategy-equivalent corporate buyer — a standing buyer that absorbs supply weekly regardless of price. That's a structural shift, not a trade.

Strategy's $7.2 billion Bitcoin buying spree drove the rally — Bitwise CIO

Bitwise CIO Matt Hougan says Strategy's $7.2 billion in Bitcoin purchases over the past eight weeks was the single biggest driver of the recent rally — outpacing the $3.8 billion in net inflows into US spot Bitcoin ETFs over the same period. STRC's 11.5% yield makes it an attractive funding vehicle at a time when even low-rated corporate bonds yield under 7%, and Hougan says Strategy could raise billions more. Galaxy Digital's Alex Thorn adds that if the buying pace holds, Strategy's holdings could approach Satoshi's estimated stash within two years.

Why it matters: This reframes the Bitcoin rally — it's not just macro or ETF flows, it's one company's capital structure doing the heavy lifting. That's a concentration of influence the market has never seen before.

Going deeper → MicroStrategy vs Tom Lee's BitMine: Who Hits Target First? — BeInCrypto via Yahoo Finance

The fintech-to-bank transition accelerates

Revolut opens its first physical store — Barcelona is the test case

Europe's most valuable fintech is going brick-and-mortar, opening a permanent store near Plaça Catalunya in Barcelona by end-2026 or early 2027. The store won't function as a bank branch — Revolut describes it as an immersive brand environment, closer to the Apple retail model than a traditional counter. Spain is already Revolut's third-largest market, and 300 new hires are planned in the region by 2028. If the pilot works, the format goes global.

Why it matters: A digital-first fintech targeting a $200 billion IPO valuation is betting that physical presence still builds the trust an app alone cannot — and that bet will be watched closely across the industry.

Mercury gets OCC conditional approval to become a national bank

Mercury, the fintech used by one in three US startups, has received conditional approval from the OCC to establish Mercury Bank N.A. — its first step toward becoming a fully chartered national bank. The company serves 300,000+ businesses, generates $650 million in annualised revenue, and has been GAAP profitable for four years. A full charter unlocks Zelle integration, expanded lending, and direct control over payment infrastructure — things Mercury currently cannot offer through its partner bank model.

Why it matters: The fintech-to-bank transition is accelerating across the US — Mercury's approval signals the OCC is open for business, and the playbook will be watched closely by European and Nordic fintechs eyeing similar moves.

Nordic events and evergreen content

Kaupr TV — recordings from 24 April 2026

Kaupr TV Live was back on air Friday 24 April, live from the studio in Stockholm — news, guests and conversations from the Nordic, Baltic and European Web3 and digital finance scene.

Nordic crypto adoption events

Baltic Crypto Adoption Hub Baltic Crypto Adoption Week 2026 (7–9 April) has wrapped, and all content is now available in an evergreen hub on Kaupr. Hub: Baltic Crypto Adoption, Kaupr

Nordic Crypto Adoption Week Hub Nordic Crypto Adoption Week 2026 (23–26 March) has wrapped, and all content is now available in an evergreen hub on Kaupr. Hub: Nordic Crypto Adoption — Kaupr

Nordic voices on diversity in crypto On 6 March, Kaupr brought together guests from Norway, Sweden, Denmark, and Finland for a Diversity in Crypto event. Hub: Diversity in Crypto — Kaupr

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Thank you for reading Kaupr Today. If you find this briefing useful, please share it with a colleague or friend who should be following Nordic and European digital‑finance news more closely. Wishing you a great Wednesday — and welcome back on Thursday morning for the next edition of Kaupr Today.

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Best regards
Morten Myrstad
Founder & Editor