Two new dollar stablecoins · Robinhood's AI agents — Thu 1 Oct

Good morning!

Two new dollar stablecoins went live on the same day: AllUnity's USDAU under MiCA in Europe, and Open USD in the US with Coinbase, Visa and Mastercard as founding partners. On Kaupr TV, Bitwise's Nordic director Marco Poblete explains why he is more positive on bitcoin, but not fully bullish yet.

Some stories in Kaupr Daily:

💎 AI labs sign a voluntary safety commitment at the White House
💎 Robinhood lets AI agents trade for its customers
💎 Morgan Stanley opens a lab to test DeFi away from its core systems
💎 WisdomTree's tokenised funds pass $1.2 billion
💎 Northcrypto turns profitable as GreenMerc cuts costs

— Morten

German issuer AllUnity has launched USDAU, a dollar e-money token under MiCA, on six blockchains including Ethereum, Solana and Base. It joins the company's euro, Swiss franc and Swedish krona tokens. Its business account now also converts between all four currencies in real time, with stablecoins in between. Banking Circle holds the reserves.

Why it matters: Businesses can now move between dollars, euros, francs and kronor inside one regulated EU framework, without separate infrastructure for each currency corridor.

Source: AllUnity launches dollar stablecoin under MiCA — Kaupr

Open USD went live on Wednesday on Ethereum, Solana, Base and Tempo. Coinbase, Mastercard, Shopify, Stripe and Visa are founding partners with equal stakes and have committed over $1 billion for liquidity. Most of the equity will be distributed over four to five years to partners based on how much they grow supply and activity.

Why it matters: Tether keeps most of its reserve income and Circle shares some of it. Open USD tests whether handing ownership to the companies that distribute a stablecoin can win share from both.

Source: Open USD takes on Tether, Circle with a different stablecoin model that's 'building money' — CoinDesk

After a White House lunch on Tuesday, leaders of Alphabet, Anthropic, Meta, OpenAI, SpaceXAI and Nvidia signed a "Joint Commitment on Frontier Responsibilities". It covers internal controls on cyber, biological and chemical risks, independent external audits and board-level oversight. The pledge is not legally binding; President Trump called it "morally binding".

Why it matters: It follows months of incidents in which AI models acted outside their test environments, including the Hugging Face hack in July.

Source: Top AI tech executives promise to 'self-police' AI development — Tom's Hardware

Nvidia's Open Agent Safety Platform combines OpenShell, open-source software that sets a runtime boundary for agents, with Sentry, a watchdog on separate hardware that can quarantine an agent stepping outside its limits within milliseconds. More than 100 organisations are working with it, including Anthropic, Microsoft and SAP; Citi and JPMorgan collaborate on the technology.

Why it matters: Nvidia says recent incidents follow the same pattern: agents get around controls at the application layer. Its answer is enforcement the agent cannot reach.

Source: NVIDIA Launches Open Agent Safety Platform to Secure Agents From Testing to Deployment — Nvidia (Source: press release)

Robinhood is launching Robinhood Agents, AI agents inside its app that can research markets and trade within limits the customer sets. Each agent only accesses a dedicated account, and manual approval of every trade is on by default. Since May, 150,000 customers have opened agentic accounts. Robinhood also plans weekend stock trading.

Why it matters: When agents handle real money, safety stops being abstract. Robinhood shows what the controls look like in practice: a separate account, customer-set limits and human approval.

Source: Robinhood Puts the Power of Hedge Funds in Every Trader's Pocket — Robinhood (Source: press release)

Bitcoin is up more than 40% since June but still a third below its peak, Marco Poblete, Bitwise's Nordic director, tells Kaupr TV. Buying through spot ETFs makes him more positive, but the recovery only convinces "once buyers stay through a difficult week, not just a good one". Bitwise's BTC1 has passed SEK 2 billion.

Why it matters: The rally has come despite higher US interest rates, which Poblete reads as a sign of underlying strength.

Source: Bitwise sees a healthier crypto market, but not 100% bull yet
Kaupr TV

US spot bitcoin ETFs have taken in $2.95 billion over 30 days and posted inflows for eight straight trading days, according to SoSoValue. The rally lifted bitcoin above the average ETF holder's cost basis, putting fund investors back in profit for the first time since January. Monday's $31 million was the streak's weakest day.

Why it matters: The money keeps coming, but at a slower pace than in the week the streak began.

Source: Bitwise sees a healthier crypto market, but not 100% bull yet — Kaupr, article in English, Norwegian, Swedish and Danish, with the full interview embedded

Watch directly: Marco Poblete on Kaupr TV — interview in English

Morgan Stanley has set up a Digital Asset Lab where teams test stablecoins, tokenisation and DeFi tools in isolation before anything connects to the bank's systems, Bloomberg reports. DeFi vaults are a focus. Digital asset head Amy Oldenburg sees "a very reasonable path" for vaults, but calls the technology too nascent to risk the platform.

Why it matters: A major bank is treating DeFi as something to test seriously rather than ignore, while keeping it at arm's length.

Source: Morgan Stanley Opens a Digital Asset Lab to Test DeFi Vaults Away From Its Core Systems — Unchained

WisdomTree has gathered its tokenised funds and platforms under the name WisdomTree Onchain. Tokenised fund assets have risen from about $770 million at the start of the year to more than $1.2 billion, across 15 SEC-registered funds on eight public blockchains. Its tokenised money market fund offers round-the-clock secondary-market liquidity.

Why it matters: Stablecoin issuers can hold reserves in the money market fund, which ties tokenised funds directly to the stablecoin market.

Source: WisdomTree Introduces WisdomTree Onchain as Tokenized Fund Assets Surpass $1.2 Billion — WisdomTree (Source: press release)

Swedish GreenMerc has cut running costs by about SEK 4.8 million a year, more than its underlying loss in the first half. Finnish subsidiary Northcrypto, now the group's single MiCA-licensed platform, made an operating profit in July and August. The savings go to Trijo One, a bank account, card and crypto service built on Marginalen Bank.

Why it matters: A MiCA licence can be passported across the EU/EEA, letting the group run one platform instead of two.

Source: GreenMerc cuts SEK 4.8 million a year as Northcrypto turns profitable — Kaupr

Kaupr has launched Kaupr Events, a short newsletter about events in onchain finance: our own live events, curated picks from the Nordics and Baltics, and recordings of what you missed. It replaces our Luma calendar as the home for our events.

First up is How to invest in the tokenization trends, a joint event with Virtune on Wednesday 7 October, 11:00–12:30 CET, live online. Virtune's CEO and co-founder Christopher Kock and Chief Sales Officer Andreas Severin discuss what is driving tokenization, which platforms the financial industry is building on, and how investors can gain exposure through regulated ETPs. Moderated by Morten Myrstad.

Read the first issue → · Register for the event →

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

Best regards
Morten Myrstad
Founder & Editor