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Stablecoins advanced on several fronts, with Visa and Stripe scaling infrastructure and Bessent pointing to Brazil's election-day stablecoin rush. Bitcoin held near $80,000 as ETFs became the market's main buyers, while a new European ETP opened synthetic exposure to Anthropic ahead of its IPO. Meta brought its Muse AI agent to Singapore, and in the Nordics, Sweden blocked ChatGPT and Claude for civil servants as Lithuania's VIALET added tokenized funds.

💎 Brazil's stablecoin volumes jumped nearly 800% on election day as the real crashed.
💎 Meta's Muse AI agent expanded to Singapore, its first market outside North America.
💎 Stripe plans to take its stablecoin card program from 18 countries to 100+ by year-end.

Also today: the latest Trendline on Bitcoin's stalled range.

— Morten

Visa has moved from piloting to commercial use of stablecoins within Visa Direct, letting companies pre-fund international payouts using USDC in near real time, bypassing traditional banking settlement windows. Inyo Global, a payments infrastructure provider covering more than 180 countries, is the first partner to go live with the feature through its existing API integration.

Why it matters: The launch marks the first commercial deployment of a program Visa has piloted since September 2025, signaling stablecoins are moving from test cases into production payment rails at one of the world's largest card networks.

Source: Visa Launches Cross-Border Transfers Using USDC Stablecoin — CoinsPaid Media

Stripe confirmed plans to expand its Bridge- and Visa-powered stablecoin card issuing from 18 countries to more than 100 by the end of 2026, spanning Europe, Asia-Pacific, Africa and the Middle East. The expansion builds on Stripe's $1.1 billion acquisition of Bridge and adds its own Open USD stablecoin, backed by a consortium including Visa, Mastercard and Coinbase, to business accounts.

Why it matters: The rapid geographic scale-up shows Stripe assembling a full stablecoin stack — cards, accounts and embedded wallets — as core payment infrastructure rather than a side experiment.

Source: Stripe Plans Bridge and Visa Stablecoin Card Expansion to More Than 100 Countries by End of 2026 — The Fintech Log

US Treasury Secretary Scott Bessent said dollar-backed stablecoins could become an important source of demand for government debt as adoption spreads internationally, speaking at Ripple's Swell conference. He pointed to Brazil, where investors fled the real after a surprise election result, as evidence that stablecoins let "small holders" instantly dollarize savings during currency stress.

Why it matters: A sitting Treasury Secretary actively promoting privately issued, dollar-backed stablecoins as a policy tool marks a notable shift from central-bank-digital-currency alternatives toward private-sector dollar tokens.

Source: Bessent: stablecoins will help ensure dollar dominance — American Banker

Corporate accounts drove 78% of Sunday trading on exchange Mercado Bitcoin as companies hedged currency risk ahead of Brazil's runoff election, with USDT volume up nearly 800% and bitcoin volume up 865% week-on-week. The Ibovespa stock index then fell 14% — its worst day since 2020 — after Lula's unexpected re-election win, while the real dropped more than 8% against the dollar.

Why it matters: The scale of the shift shows stablecoins functioning as a real-time corporate treasury hedge during acute currency stress, not just a retail trading tool.

Source: Brazilian companies turned to stablecoins on election day to dodge a currency crash — CoinDesk

Bitcoin climbed 0.6% to $80,717 and Ethereum gained 0.79% to $2,345, lifting total crypto market capitalization 0.5% to roughly $2.66 trillion, as markets await the US Federal Reserve's rate decision. The Fed is widely expected to hold rates steady, with attention shifting to signals for December. Elevated Treasury yields and a stronger dollar continue to weigh on risk appetite.

Why it matters: Traders are also watching a large Bitcoin options expiry scheduled for Oct 30, which could add volatility regardless of the Fed's decision.

Source: Crypto Market Steadies Ahead Of Fed Decision — Business Today

Spot bitcoin ETFs have become bitcoin's main buyers as purchases by bitcoin-treasury companies lose momentum, according to Coinbase. The funds still recorded a $635 million single-day outflow on Oct 23 amid renewed US-Iran tension, showing how quickly that support can fade. Stablecoin supply is down nearly $13 billion since its May peak.

Why it matters: Coinbase flags $80,000–$82,000 as the first key support level and $73,000–$75,000 as the next, with rising demand for downside protection in the options market.

Source: Bitcoin ETFs become the main buyers — Kaupr

21Shares has launched CLAU, a European ETP offering synthetic exposure to Anthropic's implied market value ahead of its anticipated IPO, priced off Anthropic futures already trading on Binance since June. Investor money flows into a special-purpose vehicle with crypto broker FalconX, tracking a reference price built by data provider Kaiko — without the product converting into real shares after listing.

Why it matters: The underlying futures market remains thin, with only about $42.5 million in open interest, which 21Shares itself flags as a liquidity risk for larger trades.

Source: European ETP offers exposure to Anthropic before IPO — Kaupr

From Oct 28, Singapore users can download Meta's Muse, pitched as the first AI personal agent built for the mainstream consumer market, for tasks like restaurant bookings, flights and price comparisons. Unlike agents focused on office productivity, Muse leans into consumer and retail use — but major platforms including Amazon, JPMorgan Chase, Delta and Amtrak are actively blocking third-party AI agents like it over security and competitive concerns.

Why it matters: Singapore is Muse's first market outside North America since its September launch, an early signal of how fast Meta plans to scale the agent globally despite the access fights it is already drawing from major retailers.

Source: Meta rolls out Muse AI agent in Singapore amid global safety, retail pushback — Asia News Network (syndicated from The Straits Times)

Sweden's Government Offices banned staff from reaching ChatGPT and Claude via browser from Oct 26, after an internal audit by the Swedish Transport Administration found "problematic" AI use, including sensitive information entered without a data processing agreement. Staff are directed to Microsoft Copilot instead; the Swedish Tax Agency and National Board of Institutional Care have made similar moves.

Why it matters: Shadow AI use — employees pasting sensitive data into consumer chatbot accounts without enterprise agreements — is becoming a formal security concern across Swedish public administration, not an isolated case.

Source: Sweden blocks ChatGPT and Claude for civil servants — Kaupr

Lithuanian e-money institution VIALET, which holds about €150 million in assets under management, is adding tokenized money-market funds from regulated infrastructure provider Axiology as a third option for safeguarding client funds, alongside bank accounts and government bonds. A separate liquidity deal gives VIALET access to cash intraday without changing the funds' standard redemption terms.

Why it matters: The global market for tokenized money-market funds grew about 110% in 2025 to roughly €7 billion, per the European Central Bank — VIALET's move taps directly into that growth.

Source: VIALET adds tokenised money market funds via Axiology — Kaupr

Venkat Hrushikesa Varri notes Bitcoin tested both boundaries of its range this week — rejected above $83,500 and below $79,700 — without a sustained breakout or breakdown. The Fear & Greed Index sits at a neutral 54, down from 71 a month ago. Ethereum, meanwhile, is testing the rising trendline from its May lows near $2,314. A reclaim of $83,500 would put the $86,700–$87,500 resistance zone back in focus, while a confirmed loss of $79,700 or Ethereum's May trendline would shift the picture toward further downside.

Source: Bitcoin Tried Both Directions. Neither Side Won. — Kaupr

Want to know more about the analyst behind Trendline? Onchain Growth profiled Venkat Hrushikesa Varri this week.

Key takeaways are also available in Norwegian, Swedish and Danish: kaupr.io/nyheter/trendline-bitcoin-fastlast-ethereum-naer-veiskille

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

Best regards Morten Myrstad Founder & Editor