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We’re kicking off a recurring AMA series led by operators who are actively building the future of crypto, fintech, and institutional infrastructure.

Privacy has moved from theory to requirement. From SEC discussions to a16z research, it’s now one of the biggest gates to real institutional adoption.

This week, Jose Anaya is leading the conversation.

Jose, Ecosystem Success at Matter Labs / zkSync and one of our Member Experts, will walk us through how privacy primitives are being used today to onboard the next wave of institutions.

Topic: Onboarding the Next Institutions Through Privacy

When: Today at 11:00 am EST

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👶 New Member Announcements:

The Introduction.com team is super excited to announce the newest additions to our community this week!

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Sebastian Faria @ Yield.xyz

Nick Chong @ Ethena Labs

Himanshu Kumar

Lauren Stephanian @ Pantera Capital

Shant Marootian

🌟 Stablecoins are having their mainstream moment and Stripe is leaning in hard

Between a Valora acqui hire, RedotPay’s massive Series B, and Visa pushing USDC deeper into bank settlement, the “digital dollar” story is turning into actual product

This week is less about crypto hype and more about who owns the rails that money will ride on🌟

Stripe is positioning stablecoins as mainstream payments infrastructure.

They believe stablecoins are a way for businesses to move money globally, reduce costs, and build borderless financial services. (Stripe)

Stripe has backed that belief with capital, using acquisitions to turn stablecoin ambition into product and distribution, not just a narrative.

The Deal 🤝

Currently, Stripe acqui hires the Valora team, while Valora’s intellectual property returns to cLabs, with deal terms undisclosed. (CoinDesk)

What we know

What we do not know

Signal 🚦

Stripe is not shopping for another business. It already believes in its product and distribution, and this deal is about accelerating scale by absorbing a team that has already shipped stablecoin UX and wallet infrastructure in the wild.

By leaving Valora as a product shell while moving the builders to Stripe, Stripe is effectively buying execution velocity and domain fluency, not revenue or users, which is where the real leverage sits in crypto payments today.

A massive Series B pushes RedotPay’s total 2025 raise past $194M.

RedotPay closed a $107M Series B as it doubles down on making stablecoins usable for everyday payments at global scale (The Block) (RedotPay).

Redot Rewind 🔁

RedotPay is a consumer payments product built to bridge stablecoins with traditional card networks so people can spend digital assets in everyday commerce

How it works in practice

The Raise and the Total 💰

RedotPay says the $107M Series B brings its total capital raised in 2025 to $194M.

What we know

What we do not know

Why Stablecoins, Why Now 🪙

Pantera framed its investment as a bet on bringing stablecoins into everyday payments at global scale

Circle is the issuer of USDC, a dollar stablecoin designed to be redeemable 1:1 for U.S. dollars, so stablecoin spending rails directly expand stablecoin utility (Circle).

Looking Ahead 🔮

RedotPay says the new capital will fund strategic acquisitions, licensing and compliance expansion, and global hiring across engineering, product, and compliance.

If stablecoins are becoming the default digital dollar, RedotPay is trying to be the place they get spent, not just stored.

TenX Protocols began trading on the TSX Venture Exchange after raising $24M in 2025, taking a public markets approach to validator infrastructure and staking. (CoinDesk)

What is TenX

TenX is a blockchain infrastructure company that operates validators and staking services across high throughput Layer 1 networks including Solana, Sui, and Sei.

The twist is that TenX is not just earning commissions on delegated stake. It is also deploying its own balance sheet to buy tokens and stake them on its own validators, combining infrastructure fees with direct exposure to staking yield and token performance. (Newsfile)

The raise and the Canadian market 🇨🇦

TenX went public on the TSX Venture Exchange through a qualifying transaction rather than a traditional IPO, a common Canadian path for early stage tech and crypto companies.

The company says it raised more than C$33M in 2025 through financings tied to the listing, including in kind contributions of digital assets like SOL, SEI, and USDC.

Why investors care

TenX gives public market investors compliant exposure to staking economics and high throughput networks without needing to custody, stake, or manage tokens themselves.

Instead of holding SOL directly, investors hold TenX shares while the company owns and stakes the assets on its balance sheet, packaging yield and infrastructure economics into a listed equity.

Vs the Market

Validator and staking infrastructure is crowded, but most operators are service businesses earning commissions on other people’s stake.

Comparable models

TenX is part of a growing pattern where staking, treasury strategy, and public market access converge, giving investors a new way to participate in network economics without touching tokens directly.

MetYa’s claimed $50M strategic raise hit X with a big splash, but outside the project’s own posts and site, there is very little independently reported detail yet, so it is hard to separate signal from marketing. (MetYa on X)

The raise 💰

MetYa says it secured $50M in strategic investment led by Century United Holdings Group (1959.HK) with participation from Castrum Istanbul, Alpha Capital, M2M Capital, and Vertex Capital UK.

What we know

What we do not know

Who is MetYa 🧩

MetYa positions itself as a Web3 dating and social product, and says the round will accelerate an AI powered social roadmap plus MePay payments and liquidity connectivity. (MetYa)

Founder and leadership details are not clearly documented in major coverage tied to this raise.

Also, the name is close enough to Meta that casual search results can get noisy fast.

Signal vs noise 🚦

This is the part where you keep your wallet in your pocket.

Right now, the biggest claims are coming from MetYa itself, and I cannot find independent reporting from top crypto outlets on this $50M round yet.

Has anyone actually used it

MetYa provides an install path on its own site, but we do not have credible third party metrics for users, retention, or payment volume tied to MePay.

Until there is a filing, a lead investor statement, or credible outlet coverage, treat this as an announcement, not proof of scale.

Congrats, you made it through this year’s conference circuit! Now get some rest, enjoy the holidays, and start prepping for 2026, starting in….

_IRL:

Marshall Islands 🇲🇭

The Marshall Islands launched a national UBI style program that distributes roughly $200 per resident per quarter, with the option to receive funds through a government backed digital wallet using a USD pegged stablecoin (CoinDesk).

Funding comes from the country’s Compact Trust Fund and is designed to stay within sustainability caps under external oversight, while the blockchain option is meant to reach remote outer islands where traditional banking access is limited.

This is a live test of stablecoins as public finance infrastructure, not just private payments, and shows how small, geographically fragmented nations may adopt crypto rails first for practical reasons.

Brazil 🇧🇷

São Paulo state is piloting blockchain in a real estate auction process to reduce fraud and disputes by creating a traceable, tamper evident record of auction documents and events (CoinDesk).

Key records are hashed or recorded on chain so any modification leaves an auditable trail, allowing buyers and regulators to verify provenance without relying on a single intermediary.

For public asset sales, credibility is everything, and this approach aims to raise trust and reduce post auction litigation through transparency rather than new bureaucracy.

United Kingdom 🇬🇧

UK crypto ownership fell from 12% to 8% according to FCA commissioned research, even as the amount held by remaining users increased, signaling fewer participants with higher conviction (CoinDesk).

The data comes from consumer surveys conducted alongside the UK’s broader push to formalize crypto regulation around listings, market abuse, staking, and lending rules.

This looks like market maturation, with casual users exiting while more committed holders consolidate positions as regulation tightens.

Qatar 🇶🇦

Doha Bank issued a $150M digitally native bond using Euroclear’s DLT platform, achieving near instant settlement in the primary issuance process (CoinDesk).

The bond was issued through regulated DLT market infrastructure designed to integrate with existing market standards, rather than bypass them, and was listed on the London Stock Exchange’s International Securities Market.

This is tokenization in its most conservative form, using blockchain to shorten settlement cycles and reduce operational friction without forcing investors to touch crypto directly.

The market appetite has shifted toward stablecoins as the clearest on chain product with real world pull. Instead of chasing the next meme cycle or social token narrative, more serious capital and distribution is flowing to stablecoin issuance, settlement, and payments rails that make cross border money movement feel instant, cheap, and programmable (Visa) (Barron’s).

This week’s headlines show the trend in real time: stablecoins are moving from crypto native plumbing into regulated financial infrastructure, with banks, fintechs, and payment networks treating them less like assets and more like settlement technology

United States, Visa and Circle 🇺🇸

Visa is expanding USDC settlement to U.S. banks after reporting its stablecoin settlement program hit a $3.5B annualized run rate as of Nov 30, 2025, signaling that stablecoin settlement is no longer an experiment and is being positioned as a mainstream treasury tool (Visa) (Barron’s). Cross River Bank and Lead Bank are cited as early participants settling USDC with Visa over Solana, with broader rollout expected through 2026.

Mechanically, this is stablecoins doing what bank rails struggle with: always on settlement. Visa can move value using USDC as the settlement asset while the merchant and bank experience stays within familiar payment workflows, effectively letting the settlement layer modernize without forcing end users to change behavior.

Singapore, StraitsX on Solana 🇸🇬

StraitsX plans to launch its Singapore dollar stablecoin XSGD and U.S. dollar stablecoin XUSD on Solana in early 2026, enabling instant SGD USD swaps on chain and pushing stablecoins toward digital FX infrastructure rather than just crypto trading pairs (StraitsX) (Cointelegraph).

The way it works is simple but powerful: put regulated, fiat referenced stablecoins on a fast chain, then let users and apps swap between currencies as a token to token exchange with near instant settlement. It is basically FX conversion with blockchain finality, where liquidity and compliance live inside the stablecoin rails instead of inside correspondent banking layers.

Japan, SBI and Startale 🇯🇵

SBI Holdings and Startale signed an MOU to jointly develop and launch a regulated yen denominated stablecoin for global settlement, explicitly framing the product as compliant with Japan’s stablecoin regulatory regime and aimed at institutional grade cross border workflows (Yahoo Finance).

If this progresses from MOU to production, the significance is not that Japan has a yen stablecoin. The significance is that one of Japan’s largest financial groups is treating stablecoins as a regulated settlement instrument, meaning issuance, redemption, and distribution can be structured like a financial product from day 1 rather than a crypto experiment bolted on later.

Web3 based tech is quietly becoming core financial infrastructure, with tokenization and programmable settlement moving from pilots into real products and real balance sheets (PRNewswire).

JPMorgan’s edge

JPMorgan has gone head first into blockchain, integrating it directly into treasury flows, capital markets issuance, and asset distribution through its Kinexys platform (JPMorgan).

What sets it apart

Tokenized cash goes live

JPMorgan launched My OnChain Net Yield Fund (MONY), a $100M tokenized money market fund on Ethereum, with shares issued on chain and subscriptions in cash or USDC (PRNewswire).

This is not a new asset but a new wrapper. Tokenizing money market fund shares turns idle cash into programmable, 24/7 settlement infrastructure while keeping the underlying assets conservative cash equivalents

What that unlocks

Capital markets, on chain

JPMorgan arranged a $50M U.S. commercial paper issuance for Galaxy Digital on Solana using its tokenization infrastructure, with Coinbase and Franklin Templeton as buyers and USDC used for issuance and redemption (JPMorgan)

This is end to end capital markets plumbing on a public chain. The security itself is tokenized, and delivery versus payment settlement compresses issuance, settlement, and reconciliation into a single workflow(Reuters).

Everyone else is still choosing a lane

JPMorgan may be leading, but other banks are taking narrower approaches

The takeaway

Most banks are experimenting at the edges. JPMorgan is putting real assets, real cash, and real settlement flows on chain. That gap is widening.

Gemini is entering prediction markets with a CFTC approved venue, which matters because it is one of the first times a major crypto exchange brand can offer event contracts to U.S. users inside a regulated framework. That gives Gemini a compliance and distribution angle Polymarket cannot match in the U.S., but it does not automatically translate into share without product depth and liquidity (CoinDesk)

On volume, the benchmark is already large. Reuters has reported Kalshi weekly volumes topping $1B, and multiple reports point to multi billion dollar monthly activity across Polymarket and Kalshi during peak periods. Gemini’s potential market share is unknown because the product is just launching and there is no disclosed volume guidance yet

Washington is rewriting the stablecoin playbook in real time.

Between the FDIC’s first GENIUS Act stablecoin proposal and a market structure bill slipping into next year, the U S regulatory posture is shifting from headlines to hard rules.

🇺🇸 Warren Calls For Trump Tied Crypto Probe As Market Structure Talks Stall

Senator Elizabeth Warren asked for a probe into Trump linked crypto activity as negotiations drag on a U S market structure bill (CoinDesk).

🇺🇸 FDIC Proposes First GENIUS Act Stablecoin Rule

The FDIC proposed the first U S stablecoin rule to emerge from the GENIUS Act, outlining how compliant stablecoin activity could fit inside the banking system (CoinDesk).

🇺🇸 Custodia Seeks Full Appellate Rehearing

Crypto bank Custodia filed a petition requesting a rehearing by all appellate judges in its ongoing legal battle tied to U S banking access (CoinDesk).

🇬🇧 UK FCA Opens Crypto Rules Consultation Ahead Of 2027 Regime

The UK FCA launched a consultation on crypto rules as the country moves toward a formal regulatory framework expected in 2027 (CoinDesk).

🇺🇸 PayPal’s PYUSD Issuer Seeks Utah Industrial Bank License

The issuer of PYUSD applied for a Utah industrial bank license, signaling a push to deepen regulated banking rails around stablecoin infrastructure (CoinDesk).

🇺🇸 Senate Pushes Crypto Market Structure Bill Into Next Year

The U S Senate punted the crypto market structure bill to next year, extending uncertainty on jurisdiction, trading rules, and custody standards (CoinDesk).

🇺🇸 SEC Chief Warns On Regulator Overreach In Crypto Surveillance

The SEC chief argued watchdogs should be limited in using crypto’s traceability to expand surveillance powers without clear guardrails (CoinDesk).

🇬🇧 UK Supreme Court Rejects BSV Appeal In $13B Exchange Lawsuit

The UK Supreme Court refused a BSV appeal, narrowing a $13B lawsuit against crypto exchanges (CoinDesk).

🇬🇧 UK Confirms Plan To Start Regulating Crypto In 2027

The UK set expectations for a formal crypto regulatory regime beginning in 2027 as it brings the sector into mainstream financial oversight (CoinDesk).

🇪🇸 Spain Busts Crypto Kidnapping Ring After Deadly Attack

Spanish authorities broke up a crypto linked kidnapping ring following a deadly incident, highlighting the real world criminal spillover tied to digital assets (CoinDesk).

🇯🇵 Bank Of Japan Rate Hike Risk Pressures Bitcoin Narrative

Markets are bracing for a Bank of Japan rate hike to a 30 year high, a macro shift that could weigh on risk assets including bitcoin (CoinDesk).

🇺🇸 Citadel Securities And DeFi Clash In SEC Correspondence

Citadel Securities and DeFi advocates traded sharp arguments through SEC letters, escalating the policy battle over how onchain markets should be regulated (CoinDesk).

🇺🇸 5 Crypto Firms Move Closer To Becoming Banks

5 crypto firms, including Ripple, Circle, and Fidelity, advanced in efforts to obtain bank like status, pushing the industry further into regulated finance (CoinDesk).

🇵🇱 Poland Government Pressures President To Sign Rejected Crypto Bill

Poland’s government is pressuring the president to sign a crypto bill he previously rejected, setting up a political showdown over the country’s regulatory direction (CoinDesk).

🇺🇸 SEC Gives Implicit Green Light For Tokenized Stocks

The SEC provided an implicit nod that tokenized stocks can move forward under certain structures, pushing the tokenization conversation closer to U S market rails (CoinDesk).

🇺🇸 CFTC Grants No Action Leeway To Prediction Market Firms On Data Rules

The CFTC issued no action relief affecting Polymarket, Gemini, PredictIt, and LedgerX tied to data reporting requirements (CoinDesk).

🇺🇸 FSOC Removes Digital Assets As Named Hazard Category

The U S Financial Stability Oversight Council erased digital assets as a potential hazard area, signaling a shift in how systemic risk is framed (CoinDesk).

🇺🇸 CFTC’s Pham Seeks Do Over On Actual Delivery Guidance

CFTC Commissioner Caroline Pham pushed for a redo of the agency’s actual delivery guidance, reopening a key definitional battle for spot crypto markets (CoinDesk).

🇺🇸 Senate Moves Toward Confirming Crypto Regulators At CFTC And FDIC

The U S Senate advanced toward a final vote on confirming crypto relevant regulators at the CFTC and FDIC (CoinDesk).

🇲🇽 Mexico Central Bank Keeps Distance From Crypto

Mexico’s central bank reiterated its cautious stance, keeping crypto at arm’s length from formal banking channels (CoinDesk).

🇺🇸 Do Kwon Sentenced To 15 Years For Fraud

Terraform founder Do Kwon was sentenced to 15 years in prison for fraud tied to the Terra collapse (CoinDesk).

🇺🇸 Crypto CEOs Join CFTC Innovation Council

Crypto executives joined the CFTC’s innovation council to help steer market development and regulatory priorities (CoinDesk).

🇺🇸 Banking Regulator Warns Wall Street On Debanking Claims

A U S banking regulator warned that certain debanking practices could be unlawful, escalating scrutiny around access to financial services (CoinDesk).

🇺🇸 Consumer Groups And Unions Push Back On Market Structure Bill

Consumer advocates and unions joined efforts to derail the U S crypto market structure bill, adding new political resistance (CoinDesk).

🇺🇸 Paxful Pleads Guilty Over AML Failures

Paxful pleaded guilty to aiding crime and ignoring AML laws, reinforcing enforcement pressure on peer to peer platforms (CoinDesk).

🇺🇸 Federal Reserve Cuts Rates By 25 bps

The Federal Reserve cut rates by 25 bps as expected, shifting the macro backdrop that often influences crypto risk appetite (CoinDesk).

🌍 IMF Flags Stablecoins As Emerging Market Risk Point

The IMF warned stablecoins may pose risks to emerging markets, though some experts argue the threat level is not yet systemic (CoinDesk).

The takeaway

Stablecoins are moving from crypto plumbing to regulated financial infrastructure.

With the FDIC drafting GENIUS Act rules, crypto firms racing toward bank status, and the SEC signaling openings for tokenized stocks, the U S is building the scaffolding for onchain finance inside traditional markets.

At the same time, the UK is setting its 2027 timetable, Mexico is holding the line, and enforcement is still defining the edges through courts and prosecutions.

The next phase is not whether crypto integrates, it is who gets the licenses, who writes the rulebook, and who gets priced out.

✨The pattern is clear: payments, banking, and stablecoin infrastructure are converging into one race for distribution and compliance

Some stories are pure signal, others are loud marketing with missing receipts, but the direction is the same

Stablecoins are no longer a crypto feature, they are becoming the default settlement layer for the internet✨