Visa Has Partnered With Aquanow To Use Stablecoins for Faster Settlements
Visa has taken another major step into digital currency payments with the announcement of a new partnership with Aquanow, a global digital asset infrastructure provider. This collaboration expands Visa’s stablecoin settlement capabilities across Central and Eastern Europe, the Middle East, and Africa (CEMEA), marking one of the company’s most significant advancements since it began experimenting with stablecoin systems in 2023. Visa confirmed that its integration with Aquanow will allow issuers and acquirers across the region to settle transactions using approved stablecoins like USDC. According to the company, using blockchain-based settlement systems will help reduce operational costs, accelerate settlement times, and simplify the movement of money between financial institutions. “By harnessing the power of stablecoins and pairing them with our trusted global technology, we are enabling financial institutions in CEMEA to experience faster and simpler settlements,” said Godfrey Sullivan, Head of Product and Solutions for CEMEA at Visa. Key Takeaways Driving Faster Global Payments Cross-border payments have traditionally been one of the slowest segments of financial settlement due to legacy infrastructure and intermediary banks. Traditional wire transfers can take anywhere from three to seven business days—or longer—with added fees along the way. Stablecoins solve several of those issues. Backed by real-world assets such as the U.S. dollar, they enable near-instant transfers across blockchain networks at a fraction of the cost. The new Visa–Aquanow system operates seven days a week, including weekends and holidays, eliminating one of the biggest limitations of conventional banking rails. With USDC and other approved tokens, financial players in the region can now settle transactions in real time rather than waiting for traditional clearing cycles. Aquanow CEO Phil Sham emphasized the efficiency benefits, stating that the partnership enables settlements with “the speed and transparency of the internet.” Building on Visa’s Stablecoin Momentum Visa first started testing stablecoin settlement with approved corporate partners in 2023. Since then, the program has grown rapidly, now surpassing a $2.5 billion annualized transaction run rate. The company has expanded support to multiple stablecoins and blockchain networks through its multicoin infrastructure strategy. Earlier this year, Visa surpassed $200 million in cumulative stablecoin settlement volume, before expanding further into African markets and developing its seven-day settlement system. “Our partnership with Aquanow is another key step in modernizing the back-end rails of payments, reducing reliance on traditional systems with multiple intermediaries, and preparing institutions for the future of money movement,” Sullivan noted. At the same time, Visa CEO Ryan McInerney has stressed the need for clearer regulatory frameworks before stablecoins can be used at full scale across the global banking system. Countries are increasingly moving in that direction. Europe’s MiCA regulation now provides stablecoin standards, and the U.S. created federal-level guidelines with the GENIUS Act, passed in July 2025. Who Is Aquanow? Founded in 2018, Aquanow has built one of the most advanced infrastructure layers for institutional crypto services. The company serves more than 300 clients in over 50 countries and processes billions of dollars in crypto transactions each month. Its explosive growth—over 3,000% in four years—earned it recognition on Deloitte’s Technology Fast 500 list for consecutive years. Aquanow also holds regulatory licensing in Dubai via the Virtual Assets Regulatory Authority, enabling it to operate under a compliance-focused framework in one of the world’s fastest-growing fintech hubs. “Visa’s reliable global network has long moved money securely and efficiently,” said Aquanow CEO Phil Sham. “Together, Visa and Aquanow are unlocking new ways for institutions to participate in the digital economy.” Why This Partnership Matters The CEMEA region handles enormous volumes of cross-border payments, remittances, and digital commerce. Many local businesses—especially in regions like Sub-Saharan Africa—suffer from delayed international settlements that restrict liquidity and reduce operational efficiency. With this partnership: Institutions can access blockchain-based financial tools without directly managing blockchain infrastructure Visa acts as the bridge between traditional financial institutions and digital asset technology, while Aquanow provides the technical rails for stablecoin settlement. A Turning Point for Digital Currencies Once seen as experimental, stablecoins are now becoming foundational in global commerce. Overnight, we are moving from a world where blockchain-based settlements were niche, to one where they coexist directly with the world’s largest payment networks. Visa already supports more than 25 global fiat currencies, and with stablecoins now part of its settlement mechanisms, digital and traditional finance systems are becoming deeply interconnected. The partnership with Aquanow represents one of the clearest signals yet that digital asset settlement is no longer speculative—it’s operational and scaling. With faster settlement, lower costs, and greater transparency, this move could redefine how businesses move money internationally—and accelerate the shift toward a digital-first financial system.
Spain’s Sumar Party Has Proposed Hiking Crypto Capital Gains Tax to 47%
Spain’s left-wing Sumar party has ignited a fierce policy debate after submitting amendments that would dramatically increase cryptocurrency taxes and expand regulatory control over digital assets. The proposal seeks to reclassify crypto profits from “savings income” to “general income,” pushing the tax on high-end crypto gains to a top rate of 47%—up from the current 30% ceiling. A Fundamental Shift in How Spain Treats Crypto Gains Right now, cryptocurrency profits in Spain fall under the savings tax framework, with rates ranging from 19% to a maximum of 28–30% depending on the profit amount. Under Sumar’s amendment, profits from crypto—including Bitcoin, Ethereum, XRP, and others—would instead be taxed like wages or business earnings. High-income investors with more than €300,000 in annual profits could face the 47% bracket—and potentially more if regional surcharges apply. Corporate entities would also face a flat 30% tax rate on crypto-related profits, reflecting Sumar’s broader attempt to align crypto gains with traditional taxable activities. The amendments target three major laws: If passed, the law would not only redefine taxation, but also reclassify all digital tokens as “seizable assets.” The Controversial “Risk Traffic Light” System The Sumar proposal also mandates the National Securities Market Commission (CNMV) to introduce a visual risk rating system—described as a “risk traffic light”—for all cryptocurrencies offered in Spain. Trading platforms would be required to visibly display: According to the bill, there should be “no justification for different treatment between regulated and unregulated crypto-assets,” arguing that all digital tokens share the same economic nature as transferable, electronically stored representations of value. Supporters say the measure will protect retail investors, who often enter the market without fully understanding the volatility or custodial variations among different crypto assets. Critics Call It a “Useless Attack on Bitcoin” The reaction from economists, tax experts, and legal analysts was swift and pointed. Economist and tax advisor José Antonio Bravo Mateu branded the amendments as “useless attacks against Bitcoin.” He argues that: In his words, self-custodied crypto “cannot be supervised or seized through conventional processes.” In essence, one cannot freeze a private wallet without the private key—something the government cannot compel cryptographically. Lawyer Cris Carrascosa echoed this criticism, calling the proposal unenforceable. She cited stablecoins such as USDT, which fall outside EU MiCA custodial requirements and often have no regulated custodian. Without a custodian, there is no entity to comply with a court seizure order. She warned that the amendments “complicate the lives of CASPs [crypto asset service providers]” and risk creating “animal chaos throughout the crypto tax regime in Spain.” A Push-Out Effect: Will Crypto Holders Leave Spain? Crypto is geographically portable. No assets are physically tied to the territory. A resident holding €15 million in BTC can relocate to another tax jurisdiction in weeks and liquidate assets there. Critics warn that: Bravo warns that “the only thing they achieve with these measures is that their holders residing in Spain think about fleeing when BTC rises so much that they don’t care what politicians say.” If Spain pushes crypto gains into the highest income brackets, it risks placing itself among the highest-taxed cryptocurrency jurisdictions in Europe at a time when others are moving in the opposite direction. Spain’s Larger Crypto Crackdown This amendment does not exist in isolation. Spain has already begun tightening crypto compliance. In 2023: In 2024: Service providers must now report all relevant crypto transactions to both the Bank of Spain and the CNMV. Individuals must declare: This framework is part of Spain’s implementation of the EU’s MiCA regime, which aims to prevent tax evasion and money laundering. Spanish authorities have demonstrated aggressive enforcement capacity, as seen in the recent arrest of the alleged operator of the “CryptoSpain” fraud ring, accused of running a €260 million international investment scam involving crypto, real estate, whisky, and digital art. Political Outlook: Can the Proposal Pass? Sumar currently holds 26 of 350 seats in Congress. It is a minority partner in a governing coalition led by Spain’s Socialist Party (PSOE). For the tax hike to pass, PSOE would need to formally support the measure. PSOE has taken a cautious approach to crypto but may hesitate to support a move that: The proposal is now part of broader negotiations surrounding the 2025 fiscal budget. Consequences for Spanish Crypto Investors If the bill appears likely to pass, analysts expect a wave of: In the short term, experienced investors may execute tax-loss harvesting strategies or realize gains under the current 30% cap before year-end. Final Outlook The proposed shift to treating cryptocurrency as general income rather than capital gains signals a major ideological stance: crypto is not an investment—it is income. That shift alone carries significant symbolic weight. For now, the amendment is still just a proposal. But it has already triggered pushback from economists, legal experts, industry advocates, and investors who view it as politically motivated and technically unenforceable. Spain now faces a choice: follow a punitive regulatory model—or remain competitive in a sector where capital, developers, and companies can move across borders with unprecedented speed. If this tax reform passes, it could mark the end of Spain’s nuanced middle-ground approach and the beginning of a much harsher regime for digital asset holders—one that may ultimately drive innovation and capital elsewhere.
Bolivia To Integrate Crypto Into Its Formal Financial System Starting With Stablecoins
Bolivia has taken a historic step by formally integrating cryptocurrencies into its banking system, beginning with stablecoins such as USDT. Economy Minister Jose Gabriel Espinoza confirmed the decision on November 26, 2025, marking a milestone moment for the South American nation. After nearly a decade of prohibitions and strict regulations, Bolivia is now transforming its financial system with a modernized adoption of digital currency services. Espinoza explained the shift plainly: “You can’t control crypto globally, so you have to recognize it and use it to your advantage.” This recognition marks a remarkable turnaround for a country that, until recently, strictly forbade the use of cryptocurrencies. Key Takeaways From Nationwide Crypto Ban to National Crypto Integration For years, Bolivia held one of the most restrictive positions against crypto, banning its use entirely in 2014 due to fears of financial instability. That stance changed in June 2024, when the Central Bank of Bolivia (BCB) issued Board Resolution N°082/2024, lifting the ban and authorizing cryptocurrency transactions through verified channels. This policy revision sparked rapid digital adoption. According to the BCB, crypto transactions through the financial system grew twelvefold between July 2024 and May 2025, totaling more than 10,193 operations worth over $88 million. Roughly 86% of these transactions were driven by individual users, revealing strong organic adoption rather than corporate or institutional use. Public adoption numbers also surged. Between July 2024 and June 2025, Bolivia processed roughly $14.8 billion in crypto and stablecoin payments, placing the country 46th globally in crypto engagement. During that period, transaction volumes jumped by more than 630%, demonstrating widespread public momentum. Banks Begin Offering Crypto Like Traditional Financial Services Under the new policy, Bolivian banks will be allowed to: Espinoza clarified that the government aims to enable stablecoins to “begin to function as a legal tender payment instrument” within the financial system—though not officially adopting them as legal tender. Banco Bisa, one of Bolivia’s top banks, has already moved ahead of the curve. In October 2024, it launched a custody service for stablecoins, particularly USDT, enabling faster and cheaper cross-border transactions and protecting depositors from boliviano depreciation. Economic Crisis Pushes Citizens Toward Crypto Stability Bolivia’s crypto pivot is grounded in pressing economic realities. The country is facing: Inflation averaged over 22% in the 12 months to October 2025, eroding savings and wages. Meanwhile, access to U.S. currency—critical for trade—became so constrained that major manufacturers, including Toyota, Yamaha, and BYD, began accepting USDT in Bolivia starting in September 2025. Stablecoins offered a digital alternative to the dollar—liquid, borderless, and resistant to government monetary controls. Anyone with a smartphone could access dollar-equivalent tokens via platforms such as Binance, bypassing shortages and capital restrictions. State Energy Company Becomes First Public-Sector Crypto User On March 13, 2025, the state-owned energy company YPFB became Bolivia’s first government entity authorized to use crypto for international imports. The company received approval to settle fuel contracts with digital assets, a strategic solution to navigate shortages of foreign exchange currency required for international settlement. While full-scale implementation is still underway, this marks a major endorsement of blockchain-based payment infrastructure at a national economic level. International Partnerships Strengthen Bolivia’s Crypto Framework Bolivia has not taken this journey alone. In July 2025, the Central Bank of Bolivia signed a cooperation agreement with El Salvador’s National Commission of Digital Assets. El Salvador—the first country to adopt Bitcoin as legal tender—will provide consulting on regulatory oversight, risk controls, and financial monitoring tools. Additionally, Bolivia has launched national crypto education programs. Over 3,000 citizens attended official workshops across its nine departments, aimed at increasing digital asset literacy and warning of potential scams and volatility. The central bank maintains one important clarification: cryptocurrencies are not legal tender in Bolivia, and users assume responsibility for their use. But functionally, stablecoins will circulate like digital cash under regulated banking services. Part of a Larger Economic Reform Push The crypto announcement is one component of Bolivia’s broader economic reset. The government is in negotiations for over $9 billion in multilateral financial support—well above the earlier estimate of $4–5 billion. These funds will support private sector investment, energy development, infrastructure, and digital financial inclusion. At the same time, Bolivia has eliminated wealth taxes and removed taxes on financial transactions to attract investment. A leaner 2026 budget will reduce public spending by 30%, reflecting a shift toward fiscal tightening and market-friendly policies. President Rodrigo Paz and Espinoza have made it clear: Bolivia’s new strategy blends modernization with caution, inviting investment while avoiding destabilizing shocks. Looking Ahead Bolivia’s move establishes it as a rising player among Latin American nations embracing digital finance. While neighbors such as Brazil and Argentina have integrated crypto to varying degrees, Bolivia’s approach is uniquely pragmatic—focused on stablecoins, financial integration, and risk-managed regulatory development. With the introduction of crypto-linked bank accounts, digital asset credit cards, crypto-backed loans, and public-sector crypto payments, Bolivia is positioning itself to become a leader in the practical use of blockchain-based financial infrastructure. What began as a grassroots workaround to inflation and currency scarcity has now become a national policy. From strict prohibition in 2014 to today’s full-throttle crypto integration, Bolivia is proving that economic necessity can accelerate financial innovation—and open a path toward a modernized, digitally inclusive financial future.
UPDATE: JustLend DAO Has Surpassed $6.28B in TVL, Delivering $189M in Payouts to 479K Users
Impressive TVL and payouts from JustLend. $189M spread across 479k users means some folks got a nice dinner, and others probably bought a small island. Always good to peek under the hood to see where the real yield magic comes from. JustLend DAO Hits a New Milestone JustLend DAO—the major DeFi lending protocol on TRON—has reportedly surpassed $6.28 billion in total value locked (TVL). Alongside this milestone, the platform has distributed approximately $189 million in payouts to its 479,000 users. That’s a strong signal: liquidity and participation on JustLend continue to rise. What This Means A Glimpse Into the Mechanics JustLend isn’t just a simple “lending protocol.” According to recent reports, the platform integrates multiple services: traditional lending, staking (via sTRX), and even energy leasing mechanisms for on-chain operations. This combination helps diversify rewards and makes the platform more resilient than a single-purpose protocol. A Heads-Up While these numbers are impressive, there’s a broader context: some recent reports suggest JustLend’s TVL could already be above $6.9 billion — or even higher, depending on data source. So if you’re reading this just after the announcement, keep in mind: the crypto world moves fast. TVL and user counts can shift quickly, which means headline numbers may lag behind real-time data.
Metaplanet Announces a $130M Raise Collateralized by Bitcoin To Expand Its BTC Treasury
Metaplanet, the Tokyo-listed firm once known for hospitality operations, has just secured a fresh $130 million loan backed by its Bitcoin holdings, doubling down on its aggressive BTC-accumulation strategy despite sitting on significant unrealized losses. Key Takeaways Why the Loan Matters The loan was drawn on November 21, 2025, under a previously established $500 million Bitcoin-backed credit facility. With this drawdown, Metaplanet’s total borrowing under the facility has reached $230 million. The collateral: 30,823 BTC—currently valued at roughly $2.7 billion. Metaplanet describes this structure as maintaining “ample collateral head-room,” even if Bitcoin’s price remains volatile. What the Funds Will Be Used For According to the company’s filing and public disclosure: In short, the firm is using its digital-asset reserves not just as passive holdings, but as active financial collateral to unlock liquidity — enhancing its ability to expand operations without offloading Bitcoin. The Risk They’re Taking This move comes at a time when Metaplanet’s Bitcoin holdings have suffered a substantial downturn. With BTC trading well below the average acquisition cost, the company is carrying an unrealized loss in excess of $600 million. By borrowing against BTC during a downturn, Metaplanet signals confidence in a rebound. But the strategy is not without risk: should Bitcoin fall further, the collateral cushion would shrink, increasing potential liquidity pressure—especially if prices remain depressed for long. What It Means for the Market Metaplanet’s decision sends a clear signal: some corporate treasuries are treating Bitcoin not merely as investment, but as collateral-grade asset infrastructure. For investors and market watchers, this could embolden other firms sitting on large BTC reserves to adopt similar financing tactics—further entrenching Bitcoin’s role as a quasi-institutional reserve asset. At the same time, it highlights the growing tension between Bitcoin’s long-term appeal and short-term volatility. In a market where many crypto treasuries are watching valuations with concern, Metaplanet stands out — choosing to build rather than retrench. Whether that proves bold or reckless will likely depend on what Bitcoin does next.
Paxos Acquires New York-Based Defi Wallet Startup Fordefi for Over $100M
Paxos, the regulated blockchain infrastructure firm behind stablecoins such as PayPal USD (PYUSD), has acquired Fordefi, a New York–based institutional crypto wallet startup, in a deal valued at more than $100 million. The purchase marks a major expansion of Paxos’ custody and DeFi capabilities as institutional demand for secure decentralized finance access continues to rise. A Strategic Push Into DeFi Custody Paxos’ CEO and co-founder, Charles Cascarilla, emphasized that the move is driven by client demand for safer engagement with decentralized financial products. “Together, Paxos and Fordefi provide customers with a world-class custody solution built upon advanced wallet technology and regulated, qualified custody. We’re excited to welcome Fordefi to our team as we enter this new phase of growth,” he said. Fordefi currently supports nearly 300 institutional clients and operates multi-party computation (MPC) wallet systems—considered one of the industry’s highest standards for transaction security and private key protection. According to Fordefi’s data, the company processes more than $120 billion in monthly transaction volume and maintains a team of 40–50 employees across New York and Tel Aviv. For now, Fordefi will continue to operate independently, while its technology is gradually integrated into Paxos’ regulatory-grade custody architecture. Building a Broader Financial Infrastructure The Fordefi acquisition follows Paxos’ earlier 2025 purchase of Finnish fintech firm Membrane Finance, which expanded its regulatory footprint in Europe under MiCA requirements. Paxos has also rolled out multiple new stablecoins since 2023, including: With these developments, Paxos is evolving from being purely a token issuance and settlement service into a full-stack digital asset infrastructure provider—covering stablecoins, custody, regulatory compliance, and now institutional-grade DeFi wallet access. Why Wallet Technology Matters Fordefi’s MPC wallet infrastructure is at the center of the deal. MPC breaks a private key into multiple cryptographic fragments stored across separate parties or devices. This eliminates single points of failure—one of the leading causes of institutional loss in crypto breaches. Paxos’ acquisition gives it native wallet technology for functions including: Josh Schwartz, Fordefi’s CEO, said the partnership will help extend reach without compromising on security innovation. He noted that Fordefi’s core mission—bringing secure key management to institutions operating across both traditional and decentralized systems—remains unchanged. A Signal of What’s Coming Next This acquisition underscores a broader market trend: large financial entities are testing, entering, or expanding into regulated DeFi. While hacks, smart-contract exploits, and protocol failures still pose risks, institutional participation continues to increase—primarily through trusted, licensed entities like Paxos. By bringing wallet infrastructure in-house, Paxos can now: The deal also positions Paxos to become a foundational player in the transition from experimental DeFi to legally compliant, enterprise-grade decentralized finance.
Singapore Exchange’s $BTC and $ETH Perps Saw 2,000 Contracts and $35M Notional on Day One
The Singapore Exchange (SGX) has made a significant entrance into the digital asset market with the launch of Bitcoin (BTC) and Ethereum (ETH) perpetual contracts. On day one, the platform recorded 2,000 contracts and a notional trading volume of $35 million—a clear indicator that institutional players in Asia are stepping deeper into regulated crypto derivatives. A Strategic Shift for SGX and Singapore’s Crypto Position For years, SGX has been synonymous with traditional equities, commodities, and bond listings. The introduction of crypto perps shows the institution is not simply observing digital asset growth — it’s participating in it. This aligns with Singapore’s wider regulatory and economic trajectory: controlled expansion into digital finance, with risk mitigation built into the framework. These perpetual contracts allow traders to gain directional exposure to BTC and ETH without holding the underlying tokens. Because the contracts are dollar-settled and fully regulated, they provide an environment that appeals to fund managers, prop trading desks, and conservative institutional allocators who require compliance clarity before participating in crypto. Key Takeaways Institutional Interest Driving Momentum The volume observed on the first day paints a clear picture of market behavior. Institutional traders—many of whom had avoided offshore, lightly regulated crypto derivatives venues—appear to be embracing SGX’s offering. The exchange’s reputation, combined with Singapore’s regulatory credibility, delivers a structure that risk-sensitive participants have been waiting for. As noted in the information provided, the strong initial demand “highlights growing institutional interest for regulated crypto derivatives in Asia.” That institutional participation matters. It not only boosts liquidity but also typically attracts even more players who until now were constrained by governance restrictions or investor mandates preventing use of unregulated platforms. Why This Matters for Crypto in Asia Singapore has consistently positioned itself as a hub for financial innovation, and SGX’s move adds momentum across the region. Other exchanges in Asia—from Japan to Hong Kong—have begun experimenting with regulated digital asset products, but SGX’s offering arrives with a high-trust profile that may accelerate adoption in a way smaller or newer exchanges cannot. Institutional participation also sends a psychological signal: crypto is no longer isolated from formal capital markets. The line between digital assets and traditional finance continues to fade as major exchanges treat BTC and ETH with the same structural seriousness as commodities or FX derivatives. Looking Ahead SGX’s debut could mark a turning point in how regulated markets embrace crypto exposure. If trading activity continues to expand, we may see increased derivative offerings, broader synthetic products, and possibly integrations with ETF-style structures or cross-asset settlement tools. For now, what stands out is the milestone itself: day-one performance of 2,000 contracts and $35 million notional underscores that real institutional money is entering — not through backchannels, not through offshore exchanges, but through a regulated, fully compliant marketplace. That may prove to be one of the most significant developments for the crypto industry in Asia this year — and potentially, a key signal of what mainstream participation in digital assets will look like going forward.