This week, the distance between traditional finance and onchain markets shrank on multiple fronts simultaneously. From Fidelity managing stablecoin reserves to Schwab entering prediction markets, the institutions are arriving — and the regulatory framework is racing to keep up.

In today's edition:
💎 Wall Street is building the reserve infrastructure behind the $315 billion stablecoin market — Fidelity is the latest to join
💎 BlackRock launches a Bitcoin ETF designed for income investors, not just price believers
💎 Kraken brings DEX trading into its main app; Schwab moves into prediction markets with Cboe
💎 1,200 tech companies tell the Senate: pass the CLARITY Act now
💎 At the Web3 Summit in Berlin: the average person gives away $162,000 in data value over a lifetime — and AI is making that worse

— Morten

With one week to go before MiCA's transition period ends on 1 July, host Morten Myrstad takes stock of where the Nordics and Baltics actually stand — who got licensed, who exited, and why one of the region's most established exchanges is winding down despite being fully solvent. Plus: is the licence really the prize everyone thinks it is?

Episode also available on Spotify · Apple Podcasts · YouTube

On June 30, Kaupr brings together senior voices from issuers, researchers, platforms and asset managers to take stock of the Nordic digital-asset ETF and ETP market — built around the wealth management, family office, private banking and institutional investor perspective. Live on LinkedIn, YouTube and kaupr.io from 11:00–13:00 CET. Open to all.

Read more: ETF and ETP in digital assets — what does the growth mean for Nordic investors? — Kaupr

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Fidelity enters the stablecoin reserve race with new fund

Fidelity launched the Fidelity Reserves Digital Fund (FYMXX) on June 15 — a government money market fund for stablecoin issuers managing reserves under the GENIUS Act. It invests in US Treasuries, cash, and overnight repos, targets a $1 NAV, charges 0.25%, and requires a $1 million minimum. Fidelity joins State Street, BlackRock, Goldman Sachs, and BNY Mellon in the race to manage reserves behind the $315 billion stablecoin market.

Why it matters: Traditional asset managers are racing to own the reserve management layer created by the GENIUS Act — turning T-bills and money markets into core crypto-adjacent business.

Source: Fidelity Debuts GENIUS Act Aligned Stablecoin Reserve Fund With 0.25% Fee — Bitcoin.com News

REPAY completes USDC payment proof of concept on Stellar

US payment processor REPAY (NASDAQ: RPAY) has completed a proof of concept for consumer payments using USDC on the Stellar blockchain. Customers can select USDC as a payment method, authorize via a browser wallet, and see the transaction recorded on-chain and within REPAY's platform.

Why it matters: Mainstream payment processors moving onto stablecoin rails — even at PoC stage — signals that on-chain infrastructure is entering everyday fintech. (Source: press release)

Source: REPAY Completes Successful Proof of Concept for Stablecoin Payments — BusinessWire

Custodia and Vantage unveil token that is both a bank deposit and a stablecoin

Custodia Bank and Vantage Bank have published a white paper on the Hazel Network — a token that functions as an FDIC-insured deposit inside a banking consortium and automatically becomes a Treasury-backed stablecoin when transferred outside it. The system has run on Ethereum since March 2026, is in testing with participating banks, and targets a Q4 2026 rollout.

Why it matters: Hazel gives community banks a path into tokenized payments without losing deposits to outside stablecoin issuers — a model that could define the banking sector's post-GENIUS Act response. (Source: white paper/press release)

Source: Custodia, Vantage propose token that toggles between bank deposits and stablecoins — Cointelegraph

BlackRock calls Bitcoin "too big to ignore" — launches income ETF

BlackRock's US Head of Equity ETFs Jay Jacobs said Bitcoin has reached a scale where investors "can't ignore it," as the firm launched the iShares Bitcoin Premium Income ETF (BITA). The product layers a covered-call strategy on 25–35% of its IBIT exposure to generate monthly income, targeting a 15–25% annual yield from Bitcoin volatility.

Why it matters: A covered-call Bitcoin ETF from the world's largest asset manager shifts the institutional pitch from price appreciation to yield — opening the asset class to a new category of income-focused investors.

Source: BlackRock Executive Calls Bitcoin "Too Big to Ignore" — Bitcoin Magazine

Kraken brings Solana DEX trading into its main app

Kraken has integrated on-chain DEX trading into its core mobile app, giving users in the US and 100+ countries access to nearly 2,500 verified Solana tokens — no separate wallet or seed phrase required. Trades route through Jupiter via Privy's embedded wallet, with on-chain holdings appearing alongside existing Kraken balances. More networks are planned.

Why it matters: Putting DEX access inside a mainstream exchange app lowers the barrier to on-chain trading significantly, potentially routing millions of KYC-verified retail users into Solana's ecosystem.

Source: Kraken integrates Solana DEX trading into core app, support for additional networks planned — The Block

Schwab plots S&P 500 prediction markets with Cboe

Charles Schwab ($11.8 trillion in client assets) is partnering with Cboe Global Markets to offer binary options on the S&P 500 — yes-or-no wagers on whether the index closes above or below a set level, with a fixed cash payout. CEO Rick Wurster limits the product to financial market outcomes, explicitly excluding sports and politics. Rollout is expected within months.

Why it matters: With Schwab already offering spot Bitcoin and Ethereum, this move puts one of the world's largest brokerages in direct competition with Kalshi, Polymarket and Coinbase — further blurring the line between TradFi and onchain markets.

Source: Schwab plots S&P 500 prediction markets push with Cboe — TheStreet

1,200 tech companies urge Senate to pass the CLARITY Act without delay

The Consumer Technology Association, representing 1,200+ tech companies, sent a letter to Senate leaders Thune and Schumer on June 17 urging rapid passage of the Digital Asset Market CLARITY Act. The CTA argued that regulatory uncertainty is costing the US competitiveness as other jurisdictions move faster. The bill cleared the Senate Banking Committee 15-9 in May and is now on the Senate Legislative Calendar.

Why it matters: The CLARITY Act is the next major legislative battle for US crypto market structure — determining how digital assets are classified and which regulator oversees them.

Source: 1,200 Tech Companies Push Senate to Pass CLARITY Act Quickly — Bitcoin.com News

At the Web3 Summit: can decentralization reclaim the internet?

Last week's Web3 Summit in Berlin drew developers, economists, and activists around one question: can Web3 deliver on its promise of user ownership in a digital economy shaped by AI and Big Tech? Web3 Foundation VP Bill Laboon argued that people give away around $162,000 in data value over a digital lifetime — and that AI is making data ownership more urgent. The summit's defining theme: "less trust, but more truth."

Why it matters: The debate about who owns digital data and identity is shifting from philosophical to practical — with decentralized tools increasingly presented as a working alternative, not just an idea.

Source: At the Web3 Summit, a growing movement wants to reclaim the internet for the people — Euronews

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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