BofA, Goldman Sachs, and Citi join push to launch a bank-led stablecoin
The London Stock Exchange is teaming up with Kraken's parent company to put the UK's biggest stocks on the blockchain.
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Nobody wants to be the last bank without a stablecoin.
A coalition of 21 major banks is moving ahead with plans to jointly launch a bank-led stablecoin, while the London Stock Exchange is bringing tokenized UK stocks to the blockchain rails.
Meanwhile, Morgan Stanley is putting fresh weight behind Robinhood's growth story.
And Bitcoin is quietly breaking away from the stock market's gravitational pull.
Here's your daily market briefing.
21 banks agree to build a global stablecoin together
A consortium of 21 major financial institutions is developing a dollar-denominated stablecoin for launch in early 2027.
Bank of America, Goldman Sachs, and Citi are among the firms backing the project, which aims to streamline cross-border payments and digital asset settlements.
If banks start issuing their own stablecoins, Tether and Circle may finally have real competition.
Markets
Bitcoin breaks free from the stock market's orbit
Bitcoin's correlation with US equities has dropped to its lowest level in nearly two years.
The decoupling comes as rising Treasury yields and hawkish Fed signals punish traditional risk assets.
Gold fell over 2% on Tuesday, but Bitcoin's selloff has been relatively mild by comparison.
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BTC slipped below $78K, ETH drifted near $2,400, SOL traded around $101, and XRP settled near $1.37.
London Stock Exchange puts top UK stocks on blockchain rails
Payward, the parent company of Kraken, will tokenize the 100 largest London-listed equities as xStocks.
The partnership with the LSE aims to let investors worldwide trade fractional shares of blue-chip UK companies on-chain.
A 300-year-old exchange embracing tokenization signals that traditional markets see blockchain as infrastructure, not a threat.
Morgan Stanley upgrades Robinhood, sees 43% upside
Morgan Stanley raised its Robinhood price target to $150, upgrading the stock to overweight.
The thesis centers on squeezing more revenue from existing users rather than chasing new signups.
As digital assets become a bigger piece of Robinhood's business, Wall Street is finally pricing that in.
On Our Radar
Crypto tax reality check: Your portfolio's gains might need actual accountant help, not spreadsheets.*
Blockchain's new housekeeping: Ripple and SettleMint consolidate tokenized asset management.
Crypto's favorite messenger app: Telegram quietly testing a wallet feature with early users.
*sponsored
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