Good morning!
Visa brought its stablecoin case to Oslo yesterday: DNB said stablecoins will not go mainstream, while NBX was all in. Close to 100 people from banks, acquirers, merchants and crypto firms heard where Norwegian finance stands: banks are betting on tokenised deposits, while issuers and payment networks are building for stablecoins now. Our full report is in Onchain Growth.
Some stories in Kaupr Daily:
💎 OKX and NYSE owner ICE file to trade 63 tokenised stocks around the clock
💎 Circle, Ripple and Standard Chartered invest in OKX at $25 billion
💎 Stripe takes stablecoin cards to more than 100 countries
💎 Solana launches settlement where asset and payment move together
💎 The IPO market stalls four months after SpaceX
Today at 11:00 CET, Virtune's Christopher Kock and Andreas Severin go live with us on how to invest in the tokenization trends. 450 have registered, but you can go straight to the event page: Join the stream →
— Morten
How to invest in the tokenization trends
Live online today, 7 October, 11:00–12:30 CET. Virtune's chief executive and co-founder Christopher Kock and Chief Sales Officer Andreas Severin on what is driving tokenization, which platforms the financial industry is building on, and how investors can gain exposure through regulated ETPs. Moderated by Morten Myrstad. Free.
Where stablecoins fit, and where they don't
Visa makes the stablecoin case in Oslo, and DNB answers no
Visa gathered close to 100 people from banks, acquirers, merchants and crypto firms in Oslo yesterday for its first Norwegian stablecoin summit. Visa called them the only money ticking every box. DNB's Ole Morten Sunde said they will not go mainstream. On the panel, DNB saw a niche, Nets didn't mind, and NBX was all in.
Why it matters: The summit showed where Norwegian finance stands: banks see tokenised deposits doing the same job, while issuers and payment networks are building for stablecoins now.
Source: Where stablecoins fit, and where they don't: Visa, DNB, Nets and NBX in Oslo — Onchain Growth
Tokenised stocks move towards round-the-clock trading
OKX and NYSE owner ICE file to trade 63 tokenised stocks around the clock
OKXICE, a venture between crypto exchange OKX and NYSE owner ICE, has filed with the SEC to trade tokenised shares of 63 NYSE-listed companies around the clock. The companies have 30 days to opt out. Under the SEC's temporary exemption, the tokens must carry the same dividends and voting rights as the shares.
Why it matters: It is one of the first attempts by a crypto exchange to offer US stocks onchain through a regulated venue.
Source: OKX and ICE File to Trade 63 Tokenized NYSE Stocks — CryptoPotato
Solana launches settlement where asset and payment move together
The Solana Foundation has launched an open-source delivery-versus-payment tool, letting tokenised assets and payments settle in one transaction. If either side fails, neither settles, cutting settlement from days to seconds. J.P. Morgan advised on traditional settlement practice. The code is audited, and Solana is seeking design partners before wider use.
Why it matters: Removing the risk that one side pays without receiving is a basic requirement before banks settle securities onchain.
Source: Solana Launches DvP With JPMorgan Input to Cut Settlement From Days to Seconds — Coinpedia
OKX wants to be more than an exchange
OKX raises from Circle, Ripple and Standard Chartered at $25 billion
Circle, Ripple, quant firm QRT and Standard Chartered's SC Ventures have invested in OKX at a $25 billion pre-money valuation, extending ICE's March investment. The amount was not disclosed. Founder Star Xu says the exchange is evolving into a broader financial technology platform spanning crypto, payments and tokenised assets.
Why it matters: OKX's new backers are the stablecoin issuers and the bank it relies on to move beyond trading into payments and tokenised assets.
Source: OKX draws investment from StanChart, Circle, Ripple as it pushes beyond crypto exchange roots — CoinDesk
Stablecoin cards go global
Stripe takes stablecoin cards to more than 100 countries
Stripe plans to offer its stablecoin card programmes in more than 100 countries by year-end, Henri Stern, now head of stablecoins and crypto, told CoinDesk. Customers include Kraken and Ramp. About $1.2 billion of stablecoins were spent through cards last month, triple a year earlier, according to Paymentscan.
Why it matters: Stripe wants stablecoins as one more option inside products businesses already use, not a separate crypto stack they have to learn.
AI agents compete on trust
Wajo's agent can pay, call businesses and hire people
Wajo, founded by former Google DeepMind engineer Shivani Poddar and backed by Vinod Khosla, has launched Fo, a personal agent that works across iMessage and WhatsApp. It can call businesses, pay with a virtual card that hides the user's details, and hire a human when a task needs one.
Why it matters: Khosla argues trust will decide the agent market, since agents act on the user's behalf with their data and money.
Source: Vinod Khosla believes ex-DeepMind engineer's Wajo will win agent market on trust — TechCrunch
Underdog runs its AI assistant on the user's own device
Thiel Fellow Sigil Wen has launched Underdog, an AI assistant that runs entirely on users' Macs and PCs, so their data stays on their own devices. It is free and will never carry ads. Instead, it will take a small share of payments the assistant makes on Stripe's rails, similar to an interchange fee.
Why it matters: Payments rather than data could become the business model for AI assistants, aligning them with the user the way a bank or card issuer is.
Source: Silicon Valley's AI wunderkind launches Underdog, the most private Instinct/Muse competitor yet — TechCrunch
Mastercard will resell Rezolve's AI commerce tools worldwide
Mastercard has signed a non-exclusive, worldwide agreement to market and sell subscriptions to Rezolve Ai's software, covering conversational commerce, product search, personalisation and checkout orchestration. Mastercard will lead the sales process and contract directly with customers. The agreement does not guarantee any orders or revenue, Rezolve notes.
Why it matters: Card networks are preparing for shopping done by AI agents, and are adding merchant-side tools to what they sell.
Source: Mastercard Selects Rezolve Ai in Worldwide Reseller Agreement to Advance AI-Powered Commerce — Rezolve Ai (Source: paid press release)
The IPO market stalls
The IPO market stalls four months after SpaceX
Wall Street listings have slowed since SpaceX's $75 billion IPO in June. Oura, SB Energy, EG Group and Holtec have postponed or pulled deals, citing market uncertainty, while bankers point to AI valuation fears. OpenAI has pushed its IPO to 2027, and Anthropic is expected in mid-November, City AM reports.
Why it matters: Fewer money managers now expect new listings to pick up, according to Berenberg, as investors grow wary of high valuations.
Source: IPO Market Stalls Four Months After SpaceX's $75 Billion Debut — City AM
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Kaupr Daily — daily signals on onchain finance, every weekday.
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More from Kaupr
Onchain Growth — weekly briefing on the Nordic and Baltic onchain industry, every Tuesday.
Onchain Build — notes for builders, organisers and operators.
Onchain Community — where the industry meets between issues.
Kaupr Events — upcoming events, curated picks and full recordings.
Kaupr Weekly — ten-minute podcast on the week's most important news, every Sunday.
Wishing you a great Wednesday — and welcome back tomorrow morning for the next edition of Kaupr Today.
Best regards Morten Myrstad Founder & Editor