Welcome to Kaupr Today

Good morning. Today’s edition tracks how tokenization is moving from pilots into core market design at the New York Stock Exchange, while MiCA turns compliance into a practical framework reshaping Nordic and broader European crypto business models. The line‑up also follows how record ETF inflows, yield‑bearing stablecoins, Bitcoin‑backed credit, national‑level on‑chain experiments and macro‑driven Bitcoin volatility are emerging as bridges between crypto, traditional markets and geopolitics.​

You’re receiving this email because you’re an active subscriber, or you previously signed up for one of Kaupr’s newsletters or briefings on digital assets, fintech, Web3 or the future of finance. If you no longer wish to receive Kaupr Today, you can unsubscribe instantly with a single click.

If you’re new to Kaupr Today or missed the first issues, you can jump straight into the latest editions from 4–16 January via the Kaupr Today home page.

Welcome!
Morten

Markets & makro risks

Bitcoin steadies at 93,000 dollars as Davos trade‑war risk looms

Bitcoin is stabilizing around 93,000 dollars after dipping toward 92,000 as traders brace for a bumpy week of tariff rhetoric from Davos following President Trump’s renewed threats against Europe. Derivatives data point to a major flush in leveraged longs and thinner liquidity, meaning any trade‑war headline could punch through order books and produce outsized price swings.​

Why it matters: Macro is back in the driver’s seat for crypto, with tariff threats, safe‑haven flows into gold and shifting Fed‑cut expectations now steering BTC as much as any “crypto‑native” news.​

Treasury holdings as Europe’s “big stick” in the Greenland dispute

Deutsche Bank’s George Saravelos argues that Europe’s roughly 8 trillion dollars in U.S. bonds and equities has become a key lever in the escalating dispute over Greenland, given how dependent the U.S. is on foreign capital to finance its external deficits. The analysis suggests that if tensions and tariff threats from Washington intensify, Europe could respond not only through trade measures but by rebalancing dollar exposure, with implications for the dollar, Treasury yields and broader risk sentiment.​

Why it matters: The idea of “weaponizing capital” instead of trade underscores how geopolitical shocks can now play out directly through FX and rates markets, with potential second‑order effects on safe‑haven flows into gold, Treasuries and even Bitcoin.​

Source: Treasury holdings can be Europe’s big stick in Greenland dispute – Deutsche Bank, Seeking Alpha​

Tokenization & 24/7 markets

The New York Stock Exchange develops tokenized securities platform

The NYSE is developing a tokenized securities platform to enable 24/7 trading and faster settlement for digital representations of U.S. stocks and ETFs, while keeping them fully fungible with traditional listings. The design connects NYSE’s Pillar matching engine to blockchain‑based post‑trade rails so that dividends, voting rights and corporate actions flow cleanly to on‑chain holders.​

Why it matters: This moves tokenization from pilot stage to core market design at the world’s most important equities venue, signaling that “always‑on” trading and programmable settlement are now a mainstream agenda item for Wall Street.​

Source: The New York Stock Exchange Develops Tokenized Securities Platform, Businesswire​

Bermuda partners with Coinbase and Circle on a fully on‑chain economy

Bermuda plans to become the world’s first fully on‑chain national economy, working with Coinbase, Circle and the Base network to route government payments, merchant infrastructure and parts of public finance through blockchain rails. USDC is positioned as a core settlement and savings instrument, with regulators pitching transparency and predictable rules as a magnet for fintechs and stablecoin issuers.​

Why it matters: Bermuda’s experiment is an early test of what it means to run meaningful parts of a country’s financial plumbing on‑chain, beyond sandbox pilots or isolated CBDC trials.​

Source: The Government of Bermuda Announces Plans to be the World’s First Fully On‑Chain National Economy, Circle​

Policy, MiCA & market structure

Lithuania’s crypto sector shrinks after MiCA

Lithuania, once a major hub for crypto startups, has seen its sector shrink sharply after MiCA implementation, with only three CASP licenses granted by the Bank of Lithuania as of January 2026 compared with hundreds of registered firms before. Many 2025 applications were clustered just before the transitional deadline and failed on basics like shareholder transparency, management competence, governance, AML/CTF controls and local substance, highlighting a gap between applicant expectations and regulatory demand​

Why it matters: The transition shows how MiCA is already turning from abstract regulation into a concrete sorting mechanism between lightly regulated outfits and firms willing to run a European‑scale business.​

Source: Lithuania’s Crypto Sector Shrinks Following MiCA Implementation, Fintech Baltic​

Nordic MiCA map: where licenses are landing

MiCA is turning compliance into a practical framework that gives Nordic retail and institutional customers clearer rules, better protection, and easier access to regulated crypto services across the EU/EEA, while opening new business opportunities for Nordic crypto companies at home and abroad. In Denmark, Lunar, Penning and GC Exchange are now licensed under MiCA by Finanstilsynet; in Sweden, Safello has MiCA authorization from Finansinspektionen; in Finland, Kvarn X, Coinmotion, Tesseract and Northcrypto all hold MiCA licenses from the FIN‑FSA; and in Norway, there are still no MiCA‑licensed players yet, as Finanstilsynet has extended the transition period to 30 June 2026​

Why it matters: This emerging Nordic MiCA cluster shows how regulation is becoming a competitive asset: licensed platforms gain passportable access to EU markets, while Norwegian firms now face a clear timetable to either align with MiCA or risk being left outside a more regulated regional ecosystem

Source: Danish Penning obtains a MiCA license for trading and management of crypto, Kaupr

Fintech, banks & crypto access

K33 launches crypto‑backed lending tied to its Bitcoin treasury

K33 is launching a lending product that lets selected clients pledge bitcoin and other digital assets as collateral for loans in USDC, giving them access to liquidity without selling assets they want to hold over time. The product is directly linked to K33’s strategy of using its own Bitcoin treasury more actively, positioning that balance‑sheet bitcoin to generate returns while supporting a broader digital‑asset product offering..​

Why it matters: By combining brokerage services with crypto‑secured lending backed by its own treasury, K33 is turning balance‑sheet bitcoin into an operational asset, creating new revenue streams while deepening the set of services available to long‑term crypto holders.

Source: K33 launches lending with crypto‑backed collateral and deploys its own Bitcoin treasury, Kaupr

Digital asset funds see highest inflows since October

Digital‑asset investment products took in around 2.17 billion dollars last week, the strongest weekly inflow since October 2025, with Bitcoin vehicles capturing most of the demand. CoinShares notes that flows were heavily front‑loaded early in the week, before 378 million dollars in Friday outflows as tariff and geopolitical headlines hit risk sentiment.​

Why it matters: Despite macro jitters, regulated fund wrappers remain the preferred entry point for institutional capital, and the flows show allocators still “buying the dip” via ETFs and ETPs.​

Source: Crypto Investment Products See 2.17 Billion Dollars Inflows Despite Volatility; CoinShares Digital Asset Fund Flows Weekly Report​

Stablecoins & yield‑bearing dollars

Sky’s USDS stablecoin rides institutional yield wave

Sky’s USDS is marketed as an institutional‑grade, yield‑bearing dollar, directing reserves into short‑duration Treasuries, repo and tokenized money‑market strategies. The protocol is experimenting with higher‑yield, higher‑risk variants like stUSDS, but keeps those ring‑fenced for sophisticated users under growing scrutiny of how “yield on stablecoins” is structured and disclosed.​

Why it matters: Yield‑bearing stablecoins are turning dollar exposure itself into an investable product, blurring lines between cash, money‑market funds and DeFi income strategies.​

Source??​

What to watch out for

Watch how Davos discussions lean into practical implementation of tokenization, stablecoins and digital money rails, including concrete integration steps for banks, exchanges and payment players, while a second wave of Nordic MiCA applications and licenses builds a more clearly regulated regional market.​

Why it matters: Together, Davos agendas and the evolving Nordic MiCA map will help set the pace for how fast digital‑asset rails move from pilots into mainstream, passportable products for retail and institutional clients.​

Stay with Kaupr Today

Thank you for reading Kaupr Today – feel free to forward this briefing to a colleague or reply with news tips and perspectives from across the Nordic and European digital‑finance ecosystem. Wishing you a great Tuesday, and welcome back tomorrow morning for the next edition of Kaupr Today.​

Best regards
Morten Myrstad
Founder & Editor