Kaupr Today — Monday, 13 July 2026
Circle just became a bank. Sony is becoming one too. And Robinhood's new blockchain hit $70 million in bridged ETH in its first week — faster than most Layer 2 networks manage in a month.
Some of the stories in today's edition:
💎 Circle gets OCC bank charter — USDC is now federally regulated
💎 Sony Bank gets conditional approval for a US stablecoin trust bank
💎 Robinhood Chain: $70M bridged, 194,000 daily users in week one
💎 Robinhood could be Solana's biggest threat — here's why
💎 Binance: 70% of EU withdrawals went to self-custody, not licensed platforms
💎 Bitcoin at its most oversold vs gold since 2010 — and what happened last time
— Morten
Robinhood Chain: one week in — and the numbers are talking
Robinhood Chain bridges $70 million in ETH in its first week — 194,000 daily active users
Robinhood Chain, the Arbitrum-based Layer 2 blockchain launched on July 1, attracted over $70 million in bridged ETH in its first week, according to Token Terminal. The network recorded 194,000 daily active users and $39,000 in daily revenue — equivalent to roughly $14 million annualised. DefiLlama data shows total value locked already above $83 million, with Thursday alone seeing $55 million in single-day inflows.
Why it matters: Speed of adoption matters as much as ambition. Robinhood Chain hit $70 million TVL faster than most Layer 2 networks do in their first month — driven by Robinhood's existing retail user base and ETH as the native gas token, creating structural demand for Ethereum with every transaction.
Source: Robinhood Chain sees over $70M in ETH bridged during first week — FXStreet
Robinhood could be a major threat to Solana — here's why
Solana currently settles more than 95% of the world's tokenised stock trading volume, with $568 million in tokenised equities. But Robinhood built its chain on Arbitrum — not Solana — and its users may not notice they're on a slower chain because they're already accustomed to Robinhood's interface and fees. That distribution advantage may prove more decisive than Solana's technical edge.
Why it matters: Solana's biggest near-term growth driver — tokenised equities — is now directly challenged by a platform with tens of millions of retail customers. Whether institutional asset managers follow Robinhood or stick with Solana is the question to watch.
Source: Robinhood could be a major threat to Solana. Here's why. — Yahoo Finance / Motley Fool
🔍 Going deeper: What is Robinhood Chain? Ethereum Layer 2, tokenized stocks explained — Decrypt
Circle and Sony just became banks
Circle gets OCC bank charter — USDC is now backed by a federally regulated trust bank
The US Office of the Comptroller of the Currency granted Circle final approval on July 10 to establish Circle National Trust — a federally chartered national trust bank. Previously, USDC reserves were held by third-party banks; the charter gives Circle direct custody under federal oversight. Shares rose as much as 16% on the news.
Why it matters: This is structural, not cosmetic. Circle can now hold $73 billion in USDC reserves directly under federal supervision — removing the third-party custodian risk that has always been USDC's hidden vulnerability. The charter also sets the template against which every other US stablecoin issuer will now be measured.
Sony Bank receives conditional OCC approval for a US stablecoin trust bank
Sony Bank secured conditional approval from the OCC on July 9 to establish Connectia Trust, a New York-based national trust bank subsidiary capitalised with $40 million. The entity is designed to issue and manage a dollar-backed stablecoin targeting Sony's gaming and entertainment ecosystem, with a commercial launch targeted for 2027 — pending final OCC sign-off.
Why it matters: When a Japanese consumer electronics giant pursues a federally chartered stablecoin bank in the US, the stablecoin market has moved beyond fintech and into global corporate treasury strategy. Sony joins Circle, Ripple, Paxos and Coinbase in the race for OCC banking infrastructure.
Source: Sony secures conditional approval to set up U.S. stablecoin trust bank — CoinDesk
MiCA: the first data from the real world
Binance co-CEO: 70% of EU withdrawals went to self-custody — not to licensed platforms
Speaking at the Reuters NEXT Asia summit in Singapore on July 9, Binance co-CEO Richard Teng revealed that 70% of EU user funds withdrawn after the exchange suspended services moved to self-custodied wallets, with only 30% going to MiCA-regulated exchanges. "Does the MiCA regime then serve its purpose to make sure that you minimize risk for the users because once it goes into self-hosted wallet, the risk actually amplified," Teng said.
Why it matters: MiCA was designed to channel users toward regulated platforms. The first real-world data shows it may have done the opposite — pushing the majority toward self-custody, which sits entirely outside AML, KYC and transaction monitoring. Whether that's a regulatory design flaw or a reflection of user preference is a question European policymakers will need to answer.
Source: Binance co-CEO says 70% of EU withdrawals went to self-custody after MiCA deadline — The Block
ESMA launches its first coordinated MiCA custody review — the licence was just the start
ESMA announced on July 8 a Common Supervisory Action covering MiCA-authorised crypto custodians across the EU. National regulators will inspect a risk-based sample of licensed firms from H2 2026 through H1 2027, examining private key management, transaction controls, incident response and third-party technology dependencies. A consolidated report is expected in H2 2027.
Why it matters: "Obtaining a MiCA licence is only the starting point," Sebastien Dessimoz of Taurus told ESMA. The review signals Europe's shift from licensing to active supervision — and sets the stage for whether ESMA or national regulators will become MiCA's ultimate enforcer.
Bitcoin: reading the signals
Bitcoin hits its most oversold level against gold on record — echoing a pattern that preceded a 660% rally
Bitcoin's ratio to gold has fallen to its deepest oversold reading since 2010, with the BTC/Gold oscillator at -1.81 standard deviations below its long-term trend. The last time this exact setup appeared, across the 2015 and 2018-19 bear markets, Bitcoin launched multi-year advances exceeding 660%.
Why it matters: The BTC/Gold ratio is a macro signal, not a trading indicator. At its most oversold reading on record, it suggests that Bitcoin's weakness relative to gold is at an extreme — not that a rally is imminent, but that the relationship has stretched to a point that has historically preceded major revaluations.
Source: Bitcoin hits record oversold level against gold, echoing a 660% rally — Yahoo Finance / BeInCrypto
Bitwise: Bitcoin's floor is rising — this is its mildest structural bear market on record
Bitwise Senior Investment Strategist Juan Leon told The Block that the current 50% drawdown is structurally milder than the 78% swing in 2022 and the 84% drop in 2018. Institutional clients with existing Bitcoin allocations are "treating the downturn as a gift" to dollar-cost average; a second group is waiting for CLARITY Act passage before committing. "In 2022, clients asked whether crypto would survive. In 2026, they're asking about entry points and position sizing. That's a different conversation entirely."
Why it matters: "The floor is rising every cycle, and that's not an accident. It's what happens when an asset matures and the marginal holder shifts from retail speculator to professional allocator." If Bitwise is right, the debate is no longer about survival — it's about timing.
Source: Bitwise says bitcoin's 'floor is rising' despite AI boom and regulatory delays — The Block
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Wishing you a great Monday — and welcome back tomorrow morning for the next edition of Kaupr Today.
Best regards Morten Myrstad Founder & Editor