Good morning and welcome to Kaupr Today — a little later than usual!

Today is a special day. We are launching Kaupr Onchain — a free account giving access to the entire Kaupr universe, two to three years in the making. That is why this edition is arriving a little later than your usual 08:00. We think it was worth the wait.

Other stories in today's newsletter:

♦️ Sweden gets the Nordics' first private e-krona — AllUnity launches SEKAU in June. ♦️ The 30-year US Treasury yield hits 5.2% — highest since 2007.
♦️ Zerohash becomes first MiCA-licensed firm with full EMI status in Europe.
♦️ Google retires the keyword box — search is now a conversation.
♦️ K33: this Bitcoin bear market is different — and the downside may already be limited.
♦️ Revolut launches first physical crypto card — 70 million users, Dogecoin-themed.

Have a great read!

Morten

Kaupr today launches Kaupr Onchain — a free account giving investors, professionals, and builders access to everything Kaupr publishes: news, analysis, video, TV, community, newsletters, Voice Letter, and exclusive events. Passwordless registration: email address, six-digit code, done. Two to three years in the making.

Why it matters: Kaupr Onchain is not a blockchain product — it is a name that describes a direction. The same direction traditional finance, fintech, and agentic AI are all moving toward.

Join the journey: In Norwegian · In Swedish · In Danish · In English

Source: Kaupr launches Kaupr Onchain — a content and engagement solution for onchain finance — Kaupr

AllUnity — backed by DWS, Flow Traders, and Galaxy — launches SEKAU in June: the first MiCA-regulated stablecoin in a Nordic currency, pegged 1:1 to Swedish kronor. Alongside it, Agentic Payments on the x402 standard lets autonomous AI agents transact with near-instant finality and settle to business bank accounts. The state e-krona is still years away.

Why it matters: Sweden leads the cashless transition, but the digital krona gap is real. [TAG @AllUnity] is not waiting for central banks.

Source: Sweden Gets the Nordics' First Private E-Krona — AllUnity Launches Swedish Stablecoin — Kaupr

Zerohash Europe secured an EMI license from De Nederlandsche Bank — the first MiCA-licensed firm to also hold full EMI status. The EBA's June 2025 No Action Letter required stablecoin-handling firms to obtain both licenses. Zerohash beat the March 2026 deadline and can now serve banks, brokerages, fintechs, and payment providers across all 30 EEA countries.

Why it matters: Most competitors are still working toward dual licensing. Zerohash sets the compliance template for European stablecoin infrastructure.

Source: Zerohash secures first EMI license under MiCA for stablecoin and brokerage services in Europe — The Block

Revolut is launching a Dogecoin-themed physical crypto debit card with an LED display that lights up on tap — usable anywhere Visa and Mastercard are accepted, rolling out in the UK and EEA. Links directly to crypto balances, converts at real-time rates, no extra exchange fees, supports 200+ cryptocurrencies. Industry-wide daily crypto card transactions have recently exceeded 100,000. Tax caveat: spending crypto is treated as a disposal in most jurisdictions.

Why it matters: Adding a physical card to a 70-million-user platform creates a mass adoption vehicle most crypto-native card products have lacked. For Nordic Revolut users, crypto spending just became a physical reality.

Source: Revolut unveils first physical crypto card as industry-wide card usage grows — The Block

The 30-year US Treasury yield hit 5.20% on Tuesday — last seen in 2007. The Iran war has shut the Strait of Hormuz, pushing oil to four-year highs and reigniting inflation fears. Traders now price in a Fed hike — in February they priced in three cuts. Bitcoin sits at $76,758.

Why it matters: Breaking 5% on an energy shock is a macro regime change, not a technical move. The path of least resistance for risk assets is down until yields stabilise.

Source: US 30-Year Yield Hits Highest Since 2007 as Selloff Deepens — Yahoo Finance / Bloomberg

Bitcoin's 30-day average funding rate has stayed negative for 81 consecutive days — nearing its record — showing persistent bearish positioning even as prices recovered from February's $60,000 lows. K33's Vetle Lunde calls it "uniquely pessimistic sentiment" that historically resembles bottoms, not bear market rallies. Base case: February's $60,000 was the deepest drawdown of the cycle.

Why it matters: When everyone is positioned for the worst, the worst often doesn't come. K33 argues this bear market lacks the leverage-driven collapse risk of 2018 and 2022 — changing the calculus for when to re-enter.

Source: This Bitcoin bear market is different, with 'uniquely pessimistic' traders limiting downside, K33 says — CoinDesk

At Google I/O, Google announced the biggest search redesign in 25 years — a dynamic AI interface accepting text, images, PDFs, videos, and Chrome tabs. Persistent AI agents now monitor topics and push notifications without being asked. AI Mode: one billion monthly users in year one, queries doubling every quarter. Google processes 3.2 quadrillion tokens per month, up seven-fold. CapEx 2026: $180–190 billion.

Why it matters: Google taught the world to think in keywords. Now it asks it to think out loud. The persistent information agents are the infrastructure layer beneath every agentic payments and onchain finance use case.

Source: Google just redesigned the search box for the first time in 25 years — here's why it matters more than you think — VentureBeat

Listen directly by clicking on the paragraph above. You can also listen to this podcast episode on Spotify, Apple, or YouTube podcast / music.

A new episode drops each weekend — three episodes so far. Kaupr Weekly is Morten Myrstad's short, news-oriented podcast on the week's biggest stories in crypto and fintech.

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.

Kaupr Today now has its own home — read, listen, watch and explore at today.kaupr.io.

Wishing you a great Wednesday — and welcome back on Thursday morning for the next edition of Kaupr Today.

Best regards
Morten Myrstad
Founder & Editor