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  • Fed pause, Ethereum rails, US onchain push, Nordic bets – Thu, 29 Jan 2026

Fed pause, Ethereum rails, US onchain push, Nordic bets – Thu, 29 Jan 2026

Your daily window into global signals and Nordic moves reshaping markets

Author

Morten Myrstad
January 29, 2026

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Welcome to Kaupr Today

Good morning. Today’s edition tracks how a cautious but still‑dovish Fed, booming on‑chain dollar flows and Wall Street’s new stablecoin bets are colliding with Europe’s “not so sick man” data, fresh stablecoin card experiments and Nordic‑led moves in regulated crypto, digital ID and full‑service digital banking.

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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.​

Have a good read,
Morten

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Macro and majors

Bitcoin and Ethereum hold steady as Fed keeps rates unchanged

The Federal Reserve left its benchmark rate unchanged at its first 2026 meeting, keeping the federal funds rate in its current range after three late‑2025 cuts and warning that economic and inflation uncertainty remains high. Bitcoin and Ethereum were roughly flat to slightly higher, rebounding about 2 percent from recent drawdowns as traders continued to price in a possible first 2026 rate cut around mid‑year, with lower borrowing costs generally viewed as supportive for risk assets like crypto by nudging investors out of Treasuries and into higher‑yielding exposures.

Why it matters: A cautious but still‑dovish Fed path keeps the “rates floor” under risk assets from rising again, preserving a macro backdrop where Bitcoin and Ethereum can trade more on their own structural drivers—ETFs, stablecoins and on‑chain activity—than on fresh rate‑hike shocks.

IMF chief tells Europe to drop the doom loop

IMF Managing Director Kristalina Georgieva argues that Europe is not trapped in terminal decline, noting that seven of the world’s 10 best‑performing economies in 2025 were EU countries, with Portugal topping the list by combining steady growth with debt reduction. She says this performance should be celebrated rather than overshadowed by constant pessimism, adding that Europeans are “modest” and don’t brag even when the data contradicts the prevailing doom narrative.​

Why it matters: Georgieva’s message challenges the “sick man of the global economy” storyline around Europe and reframes the region as an under‑credited outperformer, which matters for how investors, policymakers and voters think about EU growth, debt sustainability and policy space.​

Ethereum usage vs price

USDC usage on Ethereum hits all‑time high

Token Terminal data shows that USDC transfer activity on Ethereum has reached a new all‑time high, with quarterly transfer volume up roughly 400 percent year‑over‑year and surpassing 4.5 trillion dollars in Q4 2025, underscoring how quickly USDC is becoming core settlement liquidity on the network.​

Why it matters: The surge highlights USDC’s role as a key on‑chain dollar for DeFi, exchanges, payment apps and emerging AI‑agent and tokenization use cases, and signals that Ethereum’s dollar economy is scaling fast even as prices chop.​

“Smart money is watching Ethereum, not the price”

A post from BMNR Bullz highlights remarks attributed to BlackRock’s Joseph Chalom that institutional “smart money” is focused on Ethereum’s role in tokenization and scaling stablecoins rather than short‑term price moves, as on‑chain finance and real‑world assets expand.​

Why it matters: The quote reinforces that major asset managers increasingly see Ethereum as core market infrastructure for tokenized assets and dollar flows, suggesting ETH’s strategic relevance may grow even if spot price action lags headlines.​

​​TradFi in US going onchain

Morgan Stanley hires Head of Digital Asset Strategy

A post from Bitcoin Magazine highlights that Morgan Stanley has officially hired a “Head of Digital Asset Strategy,” a move Bloomberg describes as “a step forward” for Bitcoin and crypto, signalling that one of the largest U.S. banks is formalising leadership around digital assets rather than treating them as a side project.​

Why it matters: Dedicated digital‑asset leadership at a top‑tier Wall Street bank is another marker that Bitcoin and crypto are being pulled into mainstream strategy and governance, not just trading desks, reinforcing the institutionalisation trend behind the ETF wave.​

Fidelity launches Ethereum‑based FIDD stablecoin in big bet

Fidelity Investments is launching its first stablecoin, the Fidelity Digital Dollar (FIDD), an Ethereum‑based token redeemable 1:1 for U.S. dollars and issued by Fidelity Digital Assets, with reserves held in cash, cash equivalents and short‑term U.S. Treasuries under the GENIUS Act regime. FIDD will support 24/7 settlement for institutional traders and onchain payments for retail users, work across Fidelity’s platforms and be transferable to any Ethereum address, positioning the 5.9 trillion‑dollar asset manager as a direct competitor to USDC and USDT in a stablecoin market now above 300 billion dollars.​

Why it matters: Fidelity’s move signals that large incumbent banks see stablecoins and on‑chain settlement as core future infrastructure, raising the stakes for existing issuers and likely accelerating institutional adoption of blockchain‑based payments and treasury rails.​

Schwab says it will enable Bitcoin buy and sell for clients

A post from Bitcoin Teddy notes that 10 trillion‑dollar asset manager Charles Schwab has announced live on CNBC that it will enable Bitcoin buy and sell for its clients, signalling that another major U.S. brokerage platform is preparing to open direct BTC access.​

Why it matters: Schwab’s move would extend Bitcoin access to a vast U.S. retail and advisory client base, reinforcing the shift from niche crypto exchanges toward full integration of BTC trading within mainstream brokerage and wealth platforms.​

European and Nordic news

OKX launches stablecoin card for everyday use in Europe

OKX is rolling out a Mastercard‑branded card in the EEA that lets users pay from self‑custodied stablecoin balances anywhere Mastercard is accepted, including via Apple Pay and Google Pay, with no extra transaction or FX fees from OKX and a 0.4 percent euro conversion mark‑up at purchase. The card, issued via a European licensed payment provider under EEA AML/KYC rules, launches with time‑limited crypto rewards of up to 20 percent (then up to 15 percent) and is pitched as the first step in a broader push to make stablecoins a practical everyday payment method and bridge onchain ecosystems with traditional payment rails.

Why it matters: By combining self‑custody, stablecoin rails, Mastercard acceptance and aggressive rewards, OKX is testing whether crypto cards can move from niche to mainstream in Europe and challenge both neobanks and incumbents on everyday spend.

Coinmotion bets on regulated crypto to go mainstream in Sweden

Finnish crypto investment platform Coinmotion has opened its MiCA‑licensed CASP platform to Swedish customers, aiming to turn Sweden’s strong savings culture into a regulated crypto market where bitcoin and other assets become a natural part of long‑term portfolios. With over 170,000 clients and 60 employees across Finland and Sweden, Coinmotion is positioning itself as a Nordic, licence‑first alternative to global exchanges, combining its Finnish FSA CASP licence (now passported to Sweden) with BankID, SEK interfaces and new local deposit methods to mirror Swedish payment habits.

Why it matters: Coinmotion’s move tests whether a clearly regulated, Nordic‑rooted platform can unlock Sweden’s large but under‑cryptoed savings base, and will pressure both domestic brokers and global exchanges to sharpen their MiCA story and local UX in the Swedish market.

Digital ID wallet in Norway could unlock billion‑kroner gains

A new analysis for the Norwegian Digdir finds that introducing a state‑backed digital identity wallet on smartphones could generate 921–949 million kroner in quantified benefits over ten years by digitizing key credentials such as driver’s licences, vehicle registrations and housing finance certificates, while also delivering non‑priced gains like stronger privacy, less fraud and smoother cross‑border use under eIDAS 2.0.

Why it matters: Norway is now on a concrete path toward an EU‑aligned digital ID wallet, which will reshape how individuals present credentials to both public agencies and private services and could become a core layer for future financial and mobility products.

Lunar raises 350M DKK to scale Nordic full‑service bank ambitions

Danish challenger bank Lunar has raised 350 million Danish kroner from a mix of existing owners and new investor 100a to fund growth in its fast‑expanding business segment, develop new lending products and deepen its presence in Norway and Finland. With a full banking licence, one of the first MiCA‑based crypto permissions from the Danish FSA, more than one million users and over 40,000 business customers, Lunar plans to leverage its proprietary Moonrise platform to deliver “invisible” banking experiences across retail, SME and partner channels as it targets profitability in 2026.

Why it matters: Lunar is emerging as a key Nordic testbed for how a fully licensed, MiCA‑aligned digital bank can blend traditional lending with crypto‑enabled services and platform banking, making it a bellwether for regional competition and for incumbents deciding how hard to push into embedded and on‑chain finance.

What to watch for

One thing to watch is whether US rule‑making and dollar strategy keep marching in the same direction: treating USD‑backed stablecoins and digital asset markets as tools for exporting the dollar system rather than threats to it.

Why it matters: If GENIUS‑style stablecoin regimes, CLARITY‑style market rules and Wall Street product design all converge on “more onchain dollars, under US rules,” the rest of the world has to decide fast whether to plug into that architecture, compete with it, or deliberately route around it.

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