Cloudflare IncNET
▲ PositiveTechnologyrelevance
Cloudflare launches a new product, Cloudflare Wallets, for AI agents with stablecoin payments.
Impact on assets 2
Artificial Intelligence
Cloudflare IncDigital Finance & Tokenization
Coinbase Global IncCOIN
▲ PositiveDemandrelevance
Cloudflare's wallet integrates with Coinbase's x402 protocol, potentially increasing usage of Coinbase's services.
Theme Impact 3
Off-coverage companies
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United States▲impact 4
Coinbase CEO Brian Armstrong Cheers Citi Stablecoin Payments Partnership
Coinbase Global Inc. CEO Brian Armstrong said Citigroup Inc. is partnering with Coinbase to enable stablecoin payments for large institutional clients, calling the tie-up a milestone for the cryptocurrency exchange he founded in 2012. Under the partnership, Citi's institutional clients, including multinational corporations, will be able to accept stablecoin payments from customers at checkout through the bank's merchant-processing services, while Coinbase customers can use Citi's banking capabilities and automatically convert incoming cash into stablecoins. Armstrong said that when he started Coinbase, getting a bank to work with the company at all was nearly impossible, and thanked Citi for the partnership. Stablecoins are a key and rapidly growing component of Coinbase's revenue; the company shares interest income on the reserve assets backing USDC with Circle Internet Group Inc. and monetizes customer balances held on the platform. USDC held in Coinbase products reached an all-time high of $20 billion in the second quarter, accounting for more than 30% of all USDC in circulation.
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Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure ▲Demand
Digital Finance & Tokenization › Distribution & Revenue-Share Partners ▲Demand
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Demand
Digital Finance & Tokenization › Payments Modernization & Rails ▲Demand
Digital Finance & Tokenization › Stablecoin Issuers ▲Demand
COIN · Demand · Positive Coinbase gains a major bank partnership enabling stablecoin payments and conversion, boosting its stablecoin-driven revenue.
C · Demand · Positive Citi partners with Coinbase to enable stablecoin payments for its institutional clients, expanding its merchant-processing offering.
USDC · Demand · Positive The Citi-Coinbase partnership enables stablecoin payments at checkout, increasing USDC usage and circulation.
CRCL · Demand · Positive Coinbase shares USDC reserve interest income with Circle, so expanded USDC usage via the Citi tie-up benefits Circle.
United States▲2
Coinbase CEO Brian Armstrong Cheers Citi Stablecoin Payments Partnership
Coinbase Global CEO Brian Armstrong said Citigroup has partnered with Coinbase to enable stablecoin payments for large institutional clients, calling the tie-up proof the crypto giant "has come a long way" since 2012. Under the partnership, Citi's institutional clients, including multinational corporations, will be able to accept stablecoin payments from customers at checkout through the bank's merchant-processing services, while Coinbase customers can use Citi's banking capabilities and automatically convert incoming cash into stablecoins. Armstrong recalled that getting a bank to work with Coinbase at its founding was "nearly impossible," and thanked Citi for the arrangement. Stablecoins are a key and rapidly growing revenue component for Coinbase, which shares interest income on reserve assets backing USDC with Circle Internet Group and monetizes customer balances on its platform; USDC held in Coinbase products hit an all-time high of $20 billion in the second quarter, more than 30% of all USDC in circulation. Coinbase shares finished Friday down 3.32% at $183.
About megatrends
Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure ▲Demand
Digital Finance & Tokenization › Distribution & Revenue-Share Partners ▲Demand
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Demand
Digital Finance & Tokenization › Payments Modernization & Rails ▲Demand
COIN · Demand · Positive Citi partnership enables stablecoin payments for institutional clients and lets Coinbase customers use Citi banking with auto-conversion to stablecoins, boosting Coinbase's stablecoin business.
C · Demand · Positive Citi partners with Coinbase to let its institutional clients accept stablecoin payments via its merchant-processing services, expanding Citi's payments offering.
CRCL · Demand · Positive Coinbase shares USDC reserve interest income with Circle, and USDC in Coinbase products hit a record $20B, over 30% of all USDC in circulation.
United States
Global▲4impact 4
OUSD Stablecoin Goes Live With Visa, Mastercard and Stripe Backing
The OUSD stablecoin has officially gone live with Visa, Mastercard and Stripe behind it, according to Scott Melker on "The Daily Wolf with Scott Melker." OUSD, or Open USD, is a consortium of fintechs and payment companies launching their own stablecoin to compete in a massive market where high interest rates generate essentially free money, and it is being run by Stripe, which acquired Bridge in a unicorn deal and whose Bridge CEO is also running the blockchain. The stablecoin is launching on multiple blockchains, including Ethereum, Solana, Base and Tempo, with the bulk of liquidity expected on Stripe's own Tempo blockchain, while reserves will be held at BlackRock, BNY and Lead Bank. Five founding members — Coinbase, Mastercard, Shopify, Stripe and Visa — will split the equity and have invested a billion dollars for initial liquidity, and depending on usage they will accrue more or less equity or earnings from the stablecoin, meaning earnings accrue to the companies promoting and using it rather than to a private company behind it. The launch follows a huge debate when it was announced, as 140 logos appeared including BlackRock and others, and some companies said they had never heard of it and had not gotten the memo.
About megatrends
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Competition
Digital Finance & Tokenization › Payments Modernization & Rails ▲Competition
Digital Finance & Tokenization › Stablecoin Issuers ▼Competition
Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure Competition
Digital Finance & Tokenization › Distribution & Revenue-Share Partners ▲Competition
Stripe, Inc. · Demand · Positive Stripe runs OUSD and its Bridge CEO leads the blockchain, with earnings accruing to the companies promoting and using the stablecoin.
V · Demand · Positive Visa is a founding member of OUSD, investing in initial liquidity and accruing equity/earnings based on usage of the stablecoin it promotes.
COIN · Capital · Positive Coinbase is a founding member that invested in OUSD and will accrue equity/earnings based on usage.
MA · Capital · Positive Mastercard is a founding member that invested in OUSD and will accrue equity/earnings based on usage.
SHOP · Capital · Positive Shopify is a founding member that invested in OUSD and will accrue equity/earnings based on usage.
Bridge · Demand · Positive Bridge, acquired by Stripe, is running the OUSD blockchain, positioning it at the center of the stablecoin's operations.
United States▲7impact 4
Coinbase and Citi Launch Stablecoin Payments for Merchants
Coinbase Global and Citi announced new fiat and stablecoin interoperability features linking Citi's banking rails with Coinbase infrastructure. Citi's Virtual Account Wallet for Coinbase will automatically convert client fiat balances into stablecoins and convert incoming stablecoins back into fiat. Merchants using Citi's Spring platform will be able to accept stablecoin payments while keeping settlement within Citi's regulated banking system. The Citi Virtual Account Wallet and Spring stablecoin rollout gives only a first glimpse of how far this Coinbase bank bridge could reach. The partnership plugs Coinbase's stablecoin and payments stack directly into a large commercial bank's cash management and merchant platforms, supporting Coinbase Global's effort to lean more on subscription style and service revenue rather than depending only on trading activity and market volumes.
About megatrends
Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure ▲Technology
Digital Finance & Tokenization › Payments Modernization & Rails ▲Technology
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Technology
Digital Finance & Tokenization › Distribution & Revenue-Share Partners ▲Technology
COIN · Demand · Positive Coinbase's stablecoin and payments stack plugs into Citi's banking rails, supporting subscription-style service revenue beyond trading.
C · Demand · Positive Citi's Virtual Account Wallet and Spring platform gain stablecoin interoperability with Coinbase, expanding its merchant and cash-management offerings.
United States▲
SoFi Launches SoFiUSD Stablecoin Settlement on Mastercard Network
SoFi Technologies has begun migrating its full debit and credit card program to stablecoin settlement using SoFiUSD across Mastercard's network, a live card program expected to handle more than $25 billion in annualized volume. SoFi Bank has already moved transactions onto blockchain rails, and merchants do not need to hold stablecoins or build new infrastructure to participate. Payward will join the SoFi Exchange Network, list SoFiUSD on Kraken and use SoFi's Big Business Banking capabilities, while SoFi will use Kraken Prime for digital-asset liquidity. In the second quarter, management said roughly $300 million of SoFiUSD was in circulation, and second-quarter adjusted net revenues rose 40% year over year to $1.2 billion, with adjusted EBITDA of $358 million at a 30% margin and fee-based revenues of $472 million. Management lifted 2026 adjusted net revenue guidance to $4.75 billion-$4.85 billion while maintaining about $1.6 billion of adjusted EBITDA, and consensus estimates point to 2026 and 2027 EPS increases of 53.85% and 35.91%, respectively. SoFi shares have fallen 36.7% year to date as of Sept. 25, 2026, compared with a 5.7% decline for PayPal and a 17.4% gain for Block, and SOFI trades at a forward 12-month price-to-sales multiple of 3.83X versus 1.32X for PayPal and 1.63X for Block; SOFI carries a Zacks Rank #3 (Hold).
About megatrends
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Demand
Digital Finance & Tokenization › Stablecoin Issuers ▲Demand
Digital Finance & Tokenization › Payments Modernization & Rails ▲Technology
Digital Finance & Tokenization › Distribution & Revenue-Share Partners ▲Demand
Digital Finance & Tokenization › Digital Banking & Neobanks Technology
Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure Competition
SOFI · Capital · Positive Q2 adjusted net revenues rose 40% to $1.2B with 30% EBITDA margin, and management lifted 2026 revenue guidance.
SOFI · Demand · Positive SoFi launched SoFiUSD stablecoin settlement for its card program, with over $25B annualized volume and $300M of SoFiUSD in circulation.
Kraken (Payward Inc.) · Demand · Positive Payward will join the SoFi Exchange Network, list SoFiUSD on Kraken, and use SoFi's Big Business Banking, while SoFi uses Kraken Prime for liquidity.
MA · Demand · Positive SoFi is migrating its full debit and credit card program to stablecoin settlement across Mastercard's network, bringing live card volume onto Mastercard rails.
United StatesCoinbase Draws Split Ratings as Fee Pressure Tests New Growth Engines
Keefe Bruyette resumed coverage of Coinbase Global on September 28 with an Outperform rating and a $237 price target, while Mizuho kept a Neutral rating and a $155 target after the company cut trading fees for active traders. The $82 gap between the two targets reflects disagreement over whether Coinbase's newer businesses can scale fast enough to offset pressure on trading economics. At Citi's Global TMT Conference on September 10, Coinbase said prediction markets had crossed a $100 million annualized revenue run rate six months after launch, with second-quarter revenue up 106% quarter-over-quarter, while Coinbase One passed 1 million paying subscribers and expenses came in about $500 million below the fourth quarter run rate. Mizuho's caution centers on pricing: retail take rates near 150 basis points sit well above the 40 to 50 basis points charged by Robinhood, and the firm believes competitive pressure that began with active traders could eventually reach retail customers, following the September 17 fee cut that lowered spot rates and reduced the entry threshold for the first Advanced tier to $10,000 from $25,000. Citigroup's September 28 decision to use Coinbase for stablecoin payments adds another institutional distribution channel, with balances held at Coinbase earning a reward currently set at 3.75%, though the revenue contribution is not yet quantified.
About megatrends
Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure Pricing
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Demand
Digital Finance & Tokenization › Distribution & Revenue-Share Partners Competition
Digital Finance & Tokenization › Stablecoin Issuers ▲Demand
COIN · Capital · Neutral KBW resumed Outperform with a $237 target while Mizuho stayed Neutral at $155, reflecting split analyst views on Coinbase.
COIN · Pricing · Negative Coinbase cut trading fees for active traders and faces take-rate pressure versus Robinhood's lower fees.
8411.JP · Capital · Neutral Mizuho kept a Neutral rating and $155 target on Coinbase, citing fee/competitive pressure.
HOOD · Competition · Positive Robinhood's 40-50 bps retail take rates are cited as undercutting Coinbase's ~150 bps, implying competitive advantage.
C · Demand · Positive Citigroup chose Coinbase for stablecoin payments, adding an institutional distribution channel for Citi.