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The stablecoin economy is being built in real time — MoneyGram, Franklin Templeton, and the UK House of Lords all moved on the same day. Meanwhile, capital is quietly rotating away from the US, Bitcoin is caught in the crossfire, and Wall Street is rewriting its own rules to accommodate the largest IPO in history.

Stories in today's newsletter:

♦️ The stablecoin economy takes shape — three moves in one day.
♦️ Family offices are leaving the US — and Bitcoin is collateral damage.
♦️ Citi: tokenized securities will hit $5.5 trillion by 2030.
♦️ SpaceX IPO: Morningstar says it's worth half of what Musk is asking.
♦️ ChatGPT hits 1 billion monthly users — faster than any app ever.

Have a great read!

Morten

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MoneyGram has launched MGUSD, a US dollar-backed stablecoin on the Stellar blockchain, embedded directly in its app. Customers can hold a dollar balance in a self-custodial wallet and transfer funds across MoneyGram's network of 60 million customers and 500,000 retail locations. The token is issued by Stripe-owned Bridge; smart contracts by M0, wallet infrastructure by Fireblocks.

Why it matters: MoneyGram is one of the world's largest remittance networks. Embedding a stablecoin into its core infrastructure signals that digital dollar rails are becoming the default plumbing for cross-border payments.

Source: MoneyGram launches stablecoin on Stellar, joining rush toward digital dollar payments — CoinDesk

Franklin Templeton has integrated its Benji Technology Platform with MoonPay Trade, letting eligible institutions move between stablecoins and its tokenized money market fund entirely onchain, 24/7. Unlike traditional money market funds, the tokenized version distributes yield based on the precise period an investor holds the asset.

Why it matters: This moves tokenized money market funds from concept to live infrastructure. Institutional demand for round-the-clock yield on cash-like assets is real — and now it has a product.

Source: Franklin Templeton teams up with MoonPay to let big investors swap stablecoins for yields 24/7 — CoinDesk

The UK Parliament's Financial Services Regulation Committee has called on the Bank of England to reconsider proposed holding limits of £20,000 per individual and £10 million per business, and a requirement that issuers hold 40% of backing assets in unremunerated central bank deposits. The Bank of England's own deputy governor admitted last month the proposals were "overly conservative."

Why it matters: The UK risks falling behind the EU and US on stablecoin competitiveness. The Lords committee is giving the central bank political cover to loosen its stance.

Source: UK House of Lords committee calls on Bank of England to reconsider proposed stablecoin restrictions — CoinDesk

A UBS Global Family Office Report found 60% of family offices plan strategic allocation changes in the next 12 months — roughly double the five-year average. North America is the only region where they plan to cut exposure. The drivers: a concentrated stock market, AI bubble fears, a weaker dollar, unpredictable policy, and rising debt. Advisors call it geographic diversification, not a wholesale "sell America" trade.

Why it matters: When the world's most sophisticated capital allocators move, markets follow. A sustained rotation away from US assets reshapes global liquidity — and opens space for alternative stores of value.

Source: The wealthiest investors are pulling money out of the U.S. in the 'de-dollarization' trade — CNBC

Binance Research says Bitcoin's drop below $67,000 — its lowest since April — is not a crypto story. It is a capital rotation story. The CBOE Dispersion Index hit 42, its third-highest reading ever, as money concentrates into AI, defence, and energy. Binance calls it a "capital black hole." Historically, Bitcoin has recovered from similar episodes in 0–20 weeks when there is no crypto-native crisis — which Binance says is not the case now.

Why it matters: Bitcoin's weakness is collateral damage from an equity rotation, not a fundamental breakdown. That distinction matters for how quickly a recovery could come.

Source: Bitcoin crash explained: Binance Research blames outflows toward US equities — NewsBTC / TradingView

Companies pledged €93 billion in investments in France at a Paris summit hosted by President Macron, as the country positions itself as Europe's AI hub using its nuclear energy capacity. Roughly €46 billion is tied to a single SoftBank-backed data centre project.

Why it matters: Capital is flowing into AI infrastructure at a scale that dwarfs most other categories. Europe is emerging as a serious destination — with direct implications for where digital infrastructure and data-driven finance are built next.

Source: Companies pledge €93 billion to invest in France, with half for SoftBank data centre — The Edge Malaysia

Citi's report Tokenization 2030: Wall Street On-Chain puts the current tokenized asset market at $17 billion and projects $5.5 trillion by 2030 — with a bull case of $8.2 trillion. Three drivers: DTCC, Nasdaq, and the NYSE's owner are embedding tokenization into core trading infrastructure; stablecoins are providing settlement rails; and the Clarity Act is advancing. Stablecoin growth alone could create $1 trillion in demand for US Treasuries and $2.6 trillion for tokenized stocks.

Why it matters: When DTCC and the NYSE embed tokenization into capital markets, this stops being a crypto story and becomes a market structure story. The $5.5 trillion figure is a base case, not a ceiling.

Source: Citi predicts the tokenized securities market will grow to $5.5 trillion by 2030 — CoinDesk

Morningstar initiated coverage of SpaceX with a fair-value estimate of $780 billion — less than half the $1.75 trillion IPO target. The roadshow launches June 4; Nasdaq debut on June 12. Core launch and Starlink businesses are valued at $611 billion, with $170 billion in probability-weighted AI scenarios. On xAI: "We don't see Grok as one of the leading AI labs today." Governance concerns flagged: Musk holds 85% voting control through a dual-class structure.

Why it matters: A $1 trillion gap between IPO price and independent analysis is not noise — it is a signal. Retail investors may end up holding SpaceX through index funds without having chosen to buy at $1.75 trillion.

Source: Morningstar values SpaceX at $780 billion, half its IPO target — Reuters

Nasdaq and FTSE Russell have changed their rules to allow large IPOs to join major indexes far sooner than before — 15 trading days under Nasdaq's new rule, five under FTSE Russell's. Tesla took roughly 10 years to join the S&P 500. If SpaceX joins major indexes quickly, funds tracking those indexes — including millions of pension and retirement portfolios — will be forced to buy its shares.

Why it matters: The rules of market access are being rewritten for one company in real time. When index funds are forced to buy a stock, it restructures where passive capital flows — and who bears the risk.

Source: Wall Street is already bending its rules to suck more people into SpaceX's IPO — Gizmodo

ChatGPT crossed 1 billion global monthly active users in May, roughly three years after launch — faster than Google Maps, TikTok, Instagram, and YouTube, which each took five to eight years. The app grows at 62% year-on-year. Anthropic's Claude has 56 million monthly active users, growing at 640% — and users who installed Claude spent 5% less time on ChatGPT the following month. Both OpenAI and Anthropic are now preparing IPO filings.

Why it matters: A billion users in three years signals that AI has crossed into mass consumer adoption. The race between OpenAI and Anthropic is now a race for everyday habits, not just enterprise contracts.

Source: ChatGPT app hits 1 billion monthly active users in record time, data shows — Reuters

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A new episode drops each weekend — four 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.

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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