Daily Brief: October 10, 2025
Crypto Moves, Bitcoin Gains, Global Expansion
Square's move to offer zero-fee Bitcoin transactions for a year could push Bitcoin mainstream and challenge competitors like PayPal. AMINA Bank's regulated staking for Polygon highlights growing institutional crypto involvement. Ripple's new partnership in Bahrain aims to boost blockchain adoption in the Gulf. Citi's investment in BVNK signals stablecoins' deeper integration into traditional finance. Bybit's new UAE license strengthens its presence in the MENA region, showcasing regulatory compliance.
💸 Square's Zero-Fee Bitcoin Push
Square has introduced Square Bitcoin, a new initiative allowing over four million U.S. merchants to accept Bitcoin payments without fees for the first year. This effort aims to make Bitcoin transactions as straightforward as traditional card payments. The platform combines payments, conversions, and custody into one interface, encouraging merchants to try Bitcoin transactions without financial risk.
The program has already shown promise, with participating sellers accumulating 142 Bitcoin during pilot tests. Square's initiative could significantly boost Bitcoin adoption, putting pressure on competitors like PayPal and Visa to improve their crypto services. However, the service is unavailable in New York due to state regulations.
Jack Dorsey, Square's founder, has also advocated for tax exemptions on small Bitcoin transactions to encourage its use as everyday money. This aligns with a broader industry effort to promote Bitcoin's adoption in retail and ensure the U.S. remains competitive in the global crypto landscape.
Why it matters: This development could reshape how merchants interact with cryptocurrencies, pushing Bitcoin further into mainstream financial practices and potentially transforming the payments landscape.
🏦 AMINA Bank Pioneers Regulated Staking for Polygon
AMINA Bank, a Swiss crypto bank, has become the first in the world to offer regulated staking for Polygon's POL token. This service enables institutional clients to earn up to 15% in rewards while adhering to financial regulations. The initiative seeks to connect traditional finance with blockchain networks, highlighting a shift towards greater institutional involvement in the crypto space.
The bank's new service targets asset managers and corporate treasuries, offering a compliant way to engage with blockchain technology. This move reflects the growing interest in staking services among institutions, similar to efforts by companies like Coinbase and Grayscale. Polygon, a significant player in blockchain, supports over $1 billion in tokenized assets and nearly $3 billion in stablecoin value.
AMINA's partnership with the Polygon Foundation enhances its service offerings, establishing Polygon as a credible platform in institutional finance. This initiative not only strengthens AMINA's custody and trading services but also represents a major step in how regulated finance interacts with blockchain, allowing institutions to act as validators rather than just holders.
Why it matters: This development highlights the increasing integration of traditional finance with blockchain, paving the way for more collaborative financial solutions and attracting institutional investments.
🌍 Ripple Expands into Bahrain with Fintech Partnership
Ripple is making a strategic move into Bahrain by partnering with Bahrain Fintech Bay. This collaboration aims to enhance blockchain education and adoption in the region. Ripple's expertise in cross-border payments and stablecoins will be central to this initiative, following its recent acquisition of a regulatory license in Dubai.
The partnership will focus on integrating blockchain and stablecoin technology into Bahrain's financial markets. Ripple's RLUSD stablecoin is a key component, connecting tokenized assets with traditional payment systems. This move highlights Bahrain's ambition to lead in blockchain technology within the Gulf region.
Ripple's collaboration with Bahrain Fintech Bay will also support the development of the kingdom's Web3 ecosystem. This includes pilot projects and industry events aimed at increasing the RLUSD stablecoin's adoption. Despite its growing market cap, RLUSD's user activity remains low, emphasizing the need for greater market engagement.
Why it matters: This partnership enhances Ripple's presence in a growing fintech market, potentially increasing blockchain technology adoption in Bahrain.
💰 Citi Backs BVNK in Stablecoin Push
Citi Ventures has invested in BVNK, a London-based company focused on stablecoin infrastructure. This investment underscores Wall Street's growing interest in blockchain finance. With this backing, BVNK's valuation now exceeds $750 million, supported by investors like Coinbase and Tiger Global.
Citi's investment comes as it predicts the stablecoin market could reach $4 trillion by 2030. This marks a significant shift in traditional finance towards digital assets, spurred by regulatory clarity from the GENIUS Act. BVNK's expansion in the U.S. market highlights this trend.
At the same time, Coinbase and Mastercard are in discussions to acquire BVNK for up to $2.5 billion. This potential deal highlights the competition between traditional finance and crypto firms in digital payments, with BVNK's technology offering instant settlements and reduced fees.
Why it matters: Citi's investment in BVNK signals a deeper integration of stablecoins into traditional finance, potentially reshaping global payment systems.
🇦🇪 Bybit Earns UAE Crypto License
Bybit, the world's second-largest cryptocurrency exchange, has reached a significant milestone by securing a Virtual Asset Platform Operator License from the UAE's Securities and Commodities Authority. This makes Bybit the first crypto exchange to obtain such a license, allowing it to offer regulated trading, brokerage, custody, and fiat conversion services in the UAE. The exchange plans to expand its operations by establishing a larger regional center in Abu Dhabi.
With its new license, Bybit is set to strengthen its presence in the rapidly growing crypto market of the MENA region. The company plans to hire around 500 employees for its Abu Dhabi office, demonstrating its commitment to local engagement and regulatory compliance. Bybit is also expanding globally, with strategic moves in Europe, Vietnam, and India.
The UAE's regulatory approval for Bybit follows eight months of in-principle approval, underscoring the country's growing role as a leader in digital asset regulation. Bybit's CEO emphasized the importance of compliance and transparency in building trust, especially after the company faced a major security breach earlier this year.
Why it matters: Bybit's licensing achievement positions it as a leader in regulatory compliance, potentially setting a precedent for other exchanges in the region and enhancing investor trust in the UAE's crypto market.
