Western Union will roll out a “stable card” for high-inflation economies and issue its own coin as part of a multi-pillar stablecoin and digital asset strategy. Western Union has unveiled plans to introduce a new “stable card” to protect users in high-inflation economies as part of its stablecoin strategy. Speaking at the UBS Global Technology and AI conference, chief financial officer Matthew Cagwin said the initiative builds on the company’s investor-day reveal that it is moving beyond traditional cross-border payments and into a multi-pillar digital asset roadmap. Cagwin pointed to Argentina, where annual inflation recently hit 250–300%, noting that remittances can lose nearly half their value in a month. “Imagine a world where your family in the US is sending you $500 home, but by the time you spend it in the next month, it's only worth $300,” he said. Read more
New York brokerage Clear Street, a key underwriter of the crypto-treasury boom, is planning a $10–12 billion public listing. Clear Street, a New York brokerage that has become one of the most active underwriters in the crypto-treasury boom, is preparing to go public with an expected valuation of $10 billion to $12 billion. The IPO could come as early as next month, with Goldman Sachs lined up to lead the offering, the Financial Times reported, citing people familiar with the matter. One source reportedly told the FT that the deal is unlikely to price before January. Founded in 2018, Clear Street rose to prominence as dozens of public companies began adopting the “crypto treasury” playbook, raising capital through equity or debt markets and using the proceeds to buy large quantities of Bitcoin (BTC). The strategy was popularized by Michael Saylor’s Strategy, which has accumulated 650,000 BTC through multiple stock and convertible offerings underwritten in part by Clear Street. Read more
Bitcoin treasury firms are entering a “Darwinian phase” as equity premiums collapse, leverage turns into downside and DAT stocks flip to discounts, Galaxy warns. Bitcoin treasury companies are entering a “Darwinian phase” as the core mechanics of their once-booming business model break down, according to a new analysis from Galaxy Research. The report said that the digital asset treasury (DAT) trade has reached its natural limit as equity prices fell below Bitcoin (BTC) net asset value (NAV), causing the issuance-driven growth loop to reverse and turning leverage into a liability. That breaking point arrived as Bitcoin dropped from its October peak near $126,000 to lows around $80,000, triggering a sharp contraction in risk appetite and draining liquidity across the market. The October 10 deleveraging event accelerated the shift, wiping out open interest across futures markets and weakening spot depth. Read more