Greetings from Outbanked!
It feels like the week money moved closer to the banking core.
Anchorage Digital – the only crypto firm with a U.S. federal bank charter – filed for a Fed master account just weeks after regulators lifted its consent order.
If approved, Anchorage could become the first crypto-native bank to settle directly on Fed rails. That’s the model others may follow.
In Europe, nine of the continent’s biggest banks are teaming up on a euro stablecoin, targeting launch in 2026 under MiCAR.
Call it what it is: banks building their own token rails rather than leaving the field to fintechs or U.S. dollar stablecoins.
And in Switzerland, UBS and Bern are circling a compromise after regulators floated a $24B capital buffer post-Credit Suisse. The deal looks headed toward something lower, but the balance between safety and competitiveness is the real test.
Add Bitcoin pushing $113K, and it’s clear: money’s “what if” phase is long gone.
The fights now are about structure, control, and who gets to own the rails.
— Janelle Cardozo, Publisher
