SAP and Samsung add stablecoins · Dalio, Hayes, Tom Lee — Thu 8 Oct

Good morning!

At Visa's stablecoin summit in Oslo this week, DNB said stablecoins will not go mainstream. Meanwhile, Circle is bringing USDC and EURC into SAP's business software, and Samsung Wallet will let about 82 million US Galaxy users send USDC across borders.

Some stories in Kaupr Daily:

💎 Polygon connects Tron's $94 billion USDT pool to US bank accounts
💎 Kazakhstan's central bank explores a tenge stablecoin with Tether
💎 Tom Lee, Ray Dalio and Arthur Hayes read the market differently
💎 South Korea's $449 billion crypto economy leads East Asia

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Circle has partnered with SAP-backed Tereina to embed USDC and EURC in SAP Pay, the first payment function built into SAP's cloud ERP. Eligible customers can pay invoices in stablecoins without leaving their approval and reconciliation tools. SAP Pay launches in the US and UK. Tereina says it can cut payment costs by up to 25%.

Why it matters: Stablecoin payments move into the system where large companies already approve invoices and manage cash, rather than into a separate crypto tool.

Source: SAP Stablecoin Payments Arrive as Circle Embeds USDC in Cloud ERP — FinanceX Magazine

Samsung Wallet and Samsung Pay will let users send cross-border transfers in USDC on Solana, with built-in conversion to and from local currency. The service starts in the last week of October in the US, covering about 82 million Galaxy devices. More markets will follow, subject to local regulation.

Why it matters: Users can send stablecoins from a phone wallet they already have, without needing to understand the crypto underneath.

Source: Samsung Wallet Adds Solana-Based USDC Cross-Border Transfers — Solana Foundation (Source: press release)

Polygon Labs has added Tron to its Open Money Stack, letting businesses move USDT between Tron and other networks and convert to and from bank accounts through a single integration. The fiat ramp is covered by money-transmitter licences in 48 US states. More than $94 billion of USDT circulates on Tron.

Why it matters: Remittance firms and fintechs can reach the largest pool of dollar stablecoins without stitching together wallets, bridges and banking partners.

Source: Polygon taps TRON's $94 billion stablecoin supply for seamless cross-border transfers — CoinDesk

The National Bank of Kazakhstan, Tether and the Alatau City Authority have signed a memorandum to study stablecoins, tokenisation and DeFi. They will prepare a pilot proposal for a tenge-pegged stablecoin and plan a tokenisation pilot in Alatau City, a special fintech zone. The agreement does not commit Kazakhstan to issuing a stablecoin.

Why it matters: Tether is moving beyond issuing dollar tokens, offering central banks its tokenisation platform and training on reserves and issuance.

Source: Kazakhstan's central bank explores stablecoin and tokenization projects with Tether — CoinDesk

Bitmine has published Tom Lee's Token2049 presentation in a filing to the SEC. The company says a major crypto bull market is underway, citing ETF flows, bitcoin's technical picture and institutional interest. Bitmine holds nearly 6 million ETH, close to its target of 5% of supply, and completed a $350 million share buyback in August.

Why it matters: Bitmine's model rests on ether at scale: it buys ETH, stakes it through MAVAN, which manages about $2 billion, and returns capital through buybacks.

Source: Bitmine outlines bullish outlook on crypto, cites ETH accumulation, $350M buyback, and staking scale — TradingView (Source: company filing)

Speaking at the Forbes Global CEO Conference in Singapore, Ray Dalio said markets are late in the AI cycle, though not yet at the peak. Rising interest rates and heavy corporate borrowing for AI infrastructure could push the bubble to breaking point. Bubbles tend to burst when paper wealth must be turned into money, he said.

Why it matters: With the US 10-year yield at its highest since 2002, borrowing to fund the AI build-out is getting more expensive.

Source: Billionaire Ray Dalio Warns AI Bubble Could Soon Burst — Forbes

Maelstrom's Arthur Hayes expects the AI data centre build-out to overbuild, crash and be bailed out, with bitcoin absorbing the excess liquidity. He sees the reckoning in late 2027 or 2028, when new capacity is delivered. He is not shorting AI companies, and is launching Flop, a spot market for computing power.

Why it matters: Hayes links two of this year's biggest trades: if the AI build-out ends in a bailout, he expects the money created to flow into bitcoin.

Source: Arthur Hayes bets AI data center crash will boost bitcoin — Quartz

South Korea's crypto economy reached $449.1 billion between July 2025 and June 2026, up 12.3% and the largest in East Asia, Chainalysis says. Retail investors drove the growth. AI-related tokens made up about 18% of won-denominated trading in June, around 19.5 times their share in yen trading. Japan followed with $228.3 billion.

Why it matters: Korea's AI stock rally around Samsung and SK hynix has spilled into crypto. A 22% crypto tax and wider corporate access arrive in 2027.

Source: Korea's $449 bil. crypto economy leads in East Asia: Chainalysis — The Korea Times

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

Best regards Morten Myrstad Founder & Editor