# Fintech Articoli collegati

Il Centro Notizie HTX fornisce gli articoli più recenti e le analisi più approfondite su "Fintech", coprendo tendenze di mercato, aggiornamenti sui progetti, sviluppi tecnologici e politiche normative nel settore crypto.

The Reality of Payments in Latin America Is Not What You Think

The payment landscape in Latin America is undergoing a fundamental shift, driven by on-the-ground realities that challenge common perceptions. Based on over 500 hours of field research across the region, key insights emerge. Firstly, QR code payments, like Brazil's Pix, are becoming the dominant payment method in most emerging markets, overtaking cards. However, these domestic instant payment systems lack international interoperability, creating a significant gap for cross-border users. Secondly, the narrative around crypto cards is often misunderstood; their primary volume comes from high-net-worth professionals using them for salary conversions (e.g., USDT to local currency via Pix), not retail micro-payments. Competition in payments is shifting from customer acquisition to controlling the settlement layer, leading fintechs to acquire banking licenses for efficiency. Thirdly, treating "Latin America" as a single market is a mistake. Countries like Argentina, Brazil, and Mexico have distinct economic realities, user segments, and regulatory approaches. Brazil alone has at least five distinct user segments with different financial flows. Overlooked markets like Guatemala, Honduras, and El Salvador (the "forgotten five") offer high remittance volumes with lower competitive density. Finally, regulation in Latin America is often ahead of the US, with clearer frameworks for digital assets and a pragmatic approach from regulators focused on safety rather than obstruction. The margin on stablecoin forex is rapidly compressing toward zero, meaning future winners will be those building value-added services on top of the infrastructure, not just the cheapest exchange.

marsbit3 h fa

The Reality of Payments in Latin America Is Not What You Think

marsbit3 h fa

Latin America's Payments Landscape Is Not What You Think It Is

This report challenges common misconceptions about Latin America's payment landscape, based on over 500 hours of firsthand research. Key findings include: 1) Crypto card transaction volume primarily comes from high-net-worth individuals receiving USDT salaries, not retail spending. 2) QR code payments (e.g., Brazil's Pix, Argentina's Mercado Pago) are the dominant payment method across most emerging markets, not cards. 3) A major untapped opportunity lies in enabling cross-border interoperability between domestic instant payment systems. 4) Payment competition is shifting from customer acquisition to owning the settlement layer (e.g., acquiring banks). 5) Latin America is not a single market; Brazil, Mexico, Argentina, and smaller "forgotten five" countries (e.g., Guatemala, Honduras) have vastly different dynamics. 6) Stablecoin-to-fiat conversion margins are collapsing toward zero, pushing companies to build value-added services on top. 7) Future payment winners will be multi-country brands, not single-corridor specialists. 8) Marketing must target specific user segments (e.g., digital nomads, unbanked immigrants) with tailored messaging, not a generic "Brazilian" audience. 9) Contrary to perception, Latin American regulators are often ahead of the US in creating frameworks for digital assets and instant payments, with clear licensing deadlines. The core takeaway is that the region's payment rules are being rewritten, moving beyond cards and stablecoin arbitrage towards integrated, cross-border QR-based solutions.

链捕手3 h fa

Latin America's Payments Landscape Is Not What You Think It Is

链捕手3 h fa

South Korea Moves to Regulate Cross-Border Crypto Transfers Under New Framework

South Korea is expanding its regulatory framework for cross-border virtual asset transfers, set to launch in December, by including fintech companies. Under the new rules, firms conducting such transfers must register with the Ministry of Economy and Finance and report transactions through the foreign exchange system. The move aims to bring previously unsupervised crypto transfers under formal oversight to address money laundering and crime risks. While initial expectations were that major crypto exchanges like Upbit would dominate the new licensing system, regulators now plan to extend eligibility to non-traditional entities, including fintech firms, if they can efficiently perform transfers. Authorities are finalizing implementation rules with industry stakeholders ahead of the December launch. This framework is part of broader efforts to strengthen digital asset oversight in South Korea, which includes developing rules for tokenized securities, potentially subjecting them to securities taxes.

TheNewsCrypto2 giorni fa 11:53

South Korea Moves to Regulate Cross-Border Crypto Transfers Under New Framework

TheNewsCrypto2 giorni fa 11:53

A Country That Mined Bitcoin for 8 Years Has Built Its Own Dedicated Crypto Bank

A country that has been mining Bitcoin for eight years has established its own dedicated crypto bank. DK Bank, located in Bhutan's newly developed GMC special administrative zone, aims to fill the significant banking service gap for the cryptocurrency industry. Its CEO, Zheng YD, explained that most banks avoid crypto businesses due to a lack of risk management frameworks for decentralized and anonymous protocols. Operating under a unique "one country, two systems" governance model separate from mainland Bhutan, GMC aspires to become a financial hub for South Asia. DK Bank differentiates itself by offering integrated multi-currency accounts where users can manage both fiat currencies and stablecoins like USDT and USDC in one place, alongside services like Bitcoin-backed loans. The bank faces technical challenges in merging traditional banking systems with 24/7 crypto markets and implements rigorous on-chain and off-chain transaction monitoring for risk control. GMC's regulatory framework draws from Singaporean common law and Abu Dhabi's ADGM rules, offering a fast-track licensing process for already licensed firms while maintaining high standards. The initiative is part of Bhutan's longer-term crypto strategy, which includes Bitcoin mining since 2018. The focus, however, is on building a diversified institutional-grade crypto ecosystem—including custody and asset management—rather than retail speculative tokens. Proponents argue such sovereign crypto infrastructure is necessary, and Bhutan's early, measured approach exemplifies the thoughtful integration needed in global finance.

Foresight News06/17 10:58

A Country That Mined Bitcoin for 8 Years Has Built Its Own Dedicated Crypto Bank

Foresight News06/17 10:58

a16z Crypto Partner: Cash Flow is the Moat

Cash Flow as the Moat: A Playbook for Crypto Founders Historically, the most enduring businesses have been built by positioning themselves within the "flow of funds"—facilitating the creation and transfer of value in a network and extracting a portion of it. Cryptocurrency is the first modern technology natively built for this purpose. For startups, failing to architect products and businesses to leverage these principles means missing a major opportunity. Blockchains are inherently network businesses. Each transaction settles on a shared ledger, and every new participant strengthens the underlying network for all. Well-designed network tokens amplify this by aligning users, developers, and validators around growing the network, with value flowing back to contributors in a transparent feedback loop. This model is not new; companies from railroads and Standard Oil to Google, Meta, and AWS have thrived by inserting themselves into critical flows of value (goods, attention, compute). Financial markets make it even clearer: firms like Visa and major market makers generate immense revenue not by predicting markets but by being in the path of transactions. The combination of fund flow and network effects creates one of the most durable business structures. The high margins in traditional finance (payments, custody, lending, FX) represent prime targets. Crypto founders have the opportunity to build the next version—programmable, instant, global, and natively in the flow of funds. The frontier extends beyond finance to areas like computing/GPUs, AI training data, energy, robotics, and space—markets without entrenched intermediaries, ripe for building new, efficient value rails on programmable infrastructure. Founders should ask: Are you in the flow of funds today? Does your revenue scale 10x with the value of activity on your platform? Where in your target market are profit margins highest relative to value created? The opportunity is clear: embed your startup into the new flows of value and let the network effects accumulate.

marsbit06/12 02:38

a16z Crypto Partner: Cash Flow is the Moat

marsbit06/12 02:38

a16z Crypto Partner: Cash Flow is the Moat

Title: a16z Crypto Partner: Cash Flow Is the Moat Summary: Historically, many of the best businesses were built by positioning themselves within the "flow of funds"—facilitating the creation and transfer of value within a network and taking a cut. The more value flows through, the larger the business grows. Cryptocurrency is the first modern technology natively built for this purpose. If a startup hasn't architected its product and business to benefit from these principles, it's missing a major opportunity. Thanks to stablecoins, capital and value now move at internet speed—globally settled, 24/7, with end-to-end programmability. Blockchains are inherently network businesses. Each transaction settles on a shared ledger, and every new participant strengthens the same underlying network. Network tokens amplify this effect. A well-designed token aligns all participants—users, developers, suppliers, validators, the protocol—around a single goal: growing the network. Participants are paid proportionally to their contributions, creating a transparent feedback loop between value flowing in the system and value accumulating to those building it. This model isn't new; crypto simply makes it more accessible and scalable for startups. The pattern is consistent: find where value flows and position yourself in the middle. Examples range from railroads (earning from freight) and Standard Oil to Google, Meta, and AWS (earning from attention, commerce, and compute flows, respectively). Financial markets make this even clearer. Visa's net income stems from its position in the $15.7 trillion payment flow. Major market makers profit from being in the flow of every order. This combination of fund flow and network effects creates one of the most durable business structures. Jeff Bezos's adage "your margin is my opportunity" applies perfectly here, especially to traditional finance—a massive pool of profit extraction. Crypto founders have the chance to build the next version: programmable, instant, global, and natively in the flow of funds. The frontier extends beyond finance to areas like compute/GPUs, memory chips, AI training data, energy, robotics, space, and rare earth metals—all domains where global value can flow at unprecedented scale on new, programmable infrastructure. Founders should ask: Are you currently in the flow of funds? Does your revenue scale 10x if the value of activity on your product grows 10x? Where in your target market is profit extraction highest relative to value created? The opportunity is there. Seize it, integrate into the new flow, and let the network effects accumulate.

链捕手06/12 02:33

a16z Crypto Partner: Cash Flow is the Moat

链捕手06/12 02:33

Mastercard Just Built A Payment Network For AI Agents — And It Runs On Crypto

Mastercard has launched "Agent Pay for AI," a new payment protocol enabling AI agents to conduct small, automated, machine-to-machine transactions. The system addresses a gap in traditional payment infrastructure, which is poorly suited for such micropayments. A key feature is the storage of human-granted permissions on the Polygon blockchain, allowing for decentralized verification without a central authority. Mastercard is developing the protocol with partners Adyen, Coinbase, and Cloudflare. It enters a competitive field where Visa, Stripe, and Google have also introduced similar AI payment tools. While Mastercard's Chief Product Officer, Jorn Lambert, does not expect significant near-term revenue, he views it as a strategic infrastructure investment for an anticipated future where AI agents facilitate a meaningful share of commerce. This move follows Mastercard's recent integration of stablecoins, signaling a broader shift towards incorporating crypto into its core systems.

bitcoinist06/10 16:32

Mastercard Just Built A Payment Network For AI Agents — And It Runs On Crypto

bitcoinist06/10 16:32

Banks Battle Stablecoins: Where Will Deposits Ultimately Flow?

Banks are facing a challenge from stablecoins, which offer near-instant, low-cost global transfers and the potential for higher yields via DeFi protocols, threatening traditional deposit bases. The article draws a historical parallel to the 1970s when Merrill Lynch's Cash Management Account (CMA) circumvented Regulation Q's interest rate caps by funneling client funds into money market funds, forcing banks to adapt with new products. Today, the competition centers on two forms of digital dollars. The first is stablecoins (e.g., USDC), which remove funds from bank balance sheets, reducing lending capital. While regulations like the GENIUS Act prohibit issuers from paying interest, users can seek yield elsewhere in crypto. The second is tokenized deposits, where banks represent deposits as on-chain tokens for efficient settlement while keeping funds insured and on their books for lending. Bank consortia like the Clearing House network and Cari Network are developing such platforms. The core battleground is control over the movement and utility of money. SoFi Bank exemplifies a potential fusion path by launching its own stablecoin (SoFiUSD) and allowing seamless conversion to/from insured, interest-bearing tokenized deposits within one app, giving users flexibility between crypto's efficiency and banking's safety/yield. The article concludes that blockchain technology is not replacing bank deposits but forcing the industry to disaggregate and improve its value propositions—security, yield, and liquidity. The ultimate winners will be institutions that enable frictionless switching between these attributes, much as banks historically absorbed innovations (like the CMA) to maintain their role.

marsbit06/10 10:27

Banks Battle Stablecoins: Where Will Deposits Ultimately Flow?

marsbit06/10 10:27

Banks Battle Stablecoins: Where Will Deposits Ultimately Flow?

"Banks vs. Stablecoins: Where Will Deposits Flow?" By: Prathik Desai The traditional banking model, where banks profit from lending out low-interest deposits, faces a fundamental challenge from blockchain-based stablecoins. While U.S. savings accounts offer ~0.6% interest, stablecoins provide near-instant, low-cost global transfers and, via DeFi protocols, access to 5-8% yields. This threatens bank deposit bases and their net interest margins. History offers a parallel: In the 1970s, Merrill Lynch's Cash Management Account (CMA) circumvented Regulation Q's interest caps by sweeping funds into money market funds, causing massive deposit outflows until banks responded with their own high-yield accounts. Today, two competing "digital dollar" models are emerging: 1. **Stablecoins (e.g., USDC):** Funds leave the banking system to back the tokens. While laws like the GENIUS Act forbid issuers from paying interest, users can earn yield via DeFi. This poses an existential threat, especially to regional banks. Predictions suggest significant deposit migration to stablecoins. 2. **Tokenized Deposits:** Banks convert deposits into on-chain tokens for fast, cheap transfers, while the original funds remain on their balance sheets, protected by FDIC insurance and available for lending. Two major bank consortia are developing platforms: one for institutions (led by JPMorgan, Citi, etc.) and Cari Network (regional banks) for retail users. The competition centers on control. Stablecoins offer openness and programmability but lack insurance. Tokenized deposits offer safety and yield but within the traditional, regulated system. A third path, exemplified by SoFi Bank's launch of SoFiUSD, aims to bridge this divide. SoFi integrates a stablecoin, a tokenized deposit (with yield and FDIC insurance), and a bank account in one app, allowing seamless switching based on the user's need for yield, safety, or liquidity. The core insight is that the future belongs not to a single product form, but to the *ability to frictionlessly switch* between forms—optimizing for security, yield, or liquidity as needed. Blockchain technology is becoming financial infrastructure, not to replace banks, but to force them to deconstruct and rebuild their services. The ultimate winners will be institutions that enable this seamless conversion, forcing an evolution similar to the post-Regulation Q era, where traditional finance absorbed innovations to survive.

Foresight News06/10 07:04

Banks Battle Stablecoins: Where Will Deposits Ultimately Flow?

Foresight News06/10 07:04

The Battle for the AI Payment Race: Traditional Card Networks Face Off Against Coinbase

With the rise of AI agents conducting transactions, a battle for the underlying payment infrastructure is underway. Two distinct and incompatible approaches have emerged for enabling autonomous AI payments. The first approach is championed by traditional card networks Visa and Mastercard. They leverage their existing tokenized card credential systems, extending them to allow verified AI agents to make purchases within user-defined limits. Services like Mastercard's Agent Pay and Visa's Intelligent Commerce integrate with major AI platforms (e.g., OpenAI, Anthropic) and keep transactions within the established, decades-old card payment model. This system offers advantages for consumer retail, including robust fraud protection, chargeback mechanisms, and extensive merchant networks. The second approach, led by Coinbase, utilizes stablecoins on open internet protocols. Its x402 protocol reactivates the HTTP 402 status code for machine-to-machine micropayments, using USDC for settlement directly on-chain. This method eliminates the need for accounts or card fees, making it highly efficient for high-frequency, low-value, cross-border transactions between AI agents—such as paying for API calls, data streams, or computational resources—where traditional card fees and settlement times are impractical. While card networks excel in consumer-facing scenarios requiring dispute resolution, stablecoin protocols are tailored for machine economies. A key challenge for both is agent identity verification and transaction authorization. Notably, Visa and Mastercard are hedging their bets by also investing in stablecoins. Visa has rapidly grown its stablecoin settlement volume and is collaborating with Coinbase to bridge its network with the x402 protocol. Mastercard plans to acquire stablecoin platform BVNK. Their strategy is to become the fee-collecting gateway for all payment flows, regardless of the channel. Current applications reflect this division: consumer AI shopping tools (e.g., ChatGPT's checkout, Amazon's "Shop for Me") predominantly use card networks, while machine-focused services (e.g., Amazon Bedrock's core payments) adopt stablecoins via the x402 protocol. In the short term, a coexistence model is expected, with cards dominating retail and stablecoins powering machine transactions. The long-term outcome depends on whether AI-driven commerce evolves to resemble traditional retail or becomes a vast network of machine micropayments. By investing in both tracks, the incumbent card networks are positioning themselves to capture transaction fees regardless of which future prevails.

marsbit06/08 09:57

The Battle for the AI Payment Race: Traditional Card Networks Face Off Against Coinbase

marsbit06/08 09:57

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