Crypto
💳Nasdaq Backs Kraken as Stablecoins Gain Traction in Traditional Finance
The Rundown: Nasdaq invested $100M into Kraken's parent at a $21B valuation, while U.S. Bank and MoneyGram launched stablecoin products.
The details:
- ●Nasdaq acquired a stake in Payward (Kraken's parent) at a $21B valuation, with plans to integrate surveillance technology.
- ●U.S. Bank issued its own stablecoin USBDC on Stellar and tested cross-border payments.
- ●MoneyGram launched a stablecoin-backed Visa card in Colombia using USDC and Stellar.
- ●Tether and Fasanara seeded a $400M private credit fund, and Valinor wrapped private-credit funds into a token.
Why it matters: Traditional finance is embracing crypto infrastructure, signaling a new wave of institutional adoption. For fintech founders, this opens up partnership and integration opportunities, while also signaling that stablecoins are becoming a legitimate bridge between traditional and decentralized finance.
📰 Source: The Defiant