Institutions expand crypto presence amid easing inflation

This week saw traditional finance and major corporates deepening their crypto engagement, from Crypto.com pursuing a U.S. trust bank license to JPMorgan opening its lending operations to crypto collateral. Meanwhile, macro tailwinds from softer inflation data lifted sentiment, and stablecoin initiatives from Zelle and Stable underlined how mainstream payment networks are shifting toward blockchain-based rails. The global expansion of MiCA licensing and Fidelity’s latest listing move capped another week of steady structural progress.

Crypto.com applies for U.S. national trust bank charter

Singapore-based exchange Crypto.com has filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, signaling its ambition to enter the regulated banking landscape. The license would allow the company to expand custody, staking, and digital asset services across multiple blockchains, including Cronos, its in-house Layer 1 network. With this move, Crypto.com joins firms like Coinbase, Ripple, Paxos, Circle, and BitGo in seeking OCC approval to integrate directly into the U.S. financial system.

According to The Block’s data, Crypto.com has surpassed Coinbase in monthly trading volume, processing $83.9 billion in September and $94.3 billion so far in October, compared to Coinbase’s $80.5 billion. The expansion of its custody division could further strengthen its role as a key infrastructure provider for Digital Asset Treasuries, ETFs, and institutional investors.

The timing also aligns with a broader regulatory shift under OCC head Jonathan Gould, who recently approved Erebor Bank’s digital asset charter. Gould’s statement that the OCC “does not impose blanket barriers” on crypto-related banks has signaled a more open stance, suggesting that federal trust licenses could become an increasingly common path for institutional-grade crypto custodians.

SpaceX consolidates $400M+ in bitcoin transfers

Blockchain intelligence firm Arkham reported that SpaceX transferred roughly $133.7 million in bitcoin on Friday, the second major movement in a week, following a $268.5 million transfer earlier. The company now holds about 6,970 BTC, worth approximately $770 million, making it one of the largest corporate holders of the asset. The transactions appear to be internal reorganizations, migrating BTC from legacy wallets to newer, more secure addresses.

The move highlights an ongoing focus on treasury optimization among corporates with long-term exposure to bitcoin. While SpaceX reduced its holdings by 70% in 2022 during the Terra-Luna and FTX collapses, the company has retained a meaningful reserve. Its sister firm Tesla currently holds 11,509 BTC, valued at $1.24 billion, according to Arkham data.

Although no new purchases have been reported, the consolidation underscores a growing maturity in how major firms manage digital reserves. Analysts suggest that maintaining strong custody and wallet management procedures may become a standard corporate governance expectation for firms holding digital assets, particularly as audit requirements evolve globally.

Softer inflation gives Bitcoin room to rally

Bitcoin climbed above $111,000 after the latest U.S. CPI report showed inflation rising 3.0% year-over-year, slightly below the 3.1% forecast. The result provided relief amid a federal government shutdown that has delayed several economic data releases. Analysts said the softer reading removed a major policy overhang and paved the way for a continued Fed easing cycle.

“The most impactful inflation report of the year,” said Coin Bureau’s Nic Puckrin, noting it could extend risk-on sentiment and sustain ETF inflows. Puckrin highlighted $116,500 as the key breakout level that could push Bitcoin toward new all-time highs if retail capital continues rotating out of gold. Broader crypto capitalization ticked higher after the report, though strength remained concentrated among large caps.

Still, structural risks persist. BRN Research’s Timothy Misir warned that record options open interest and concentrated liquidation clusters could amplify volatility if prices approach $114,000. Onchain data shows mid-tier “dolphin” wallets (100-1,000 BTC) now hold 26% of supply, acting as the marginal buyers but potentially limiting upside momentum. While ETF inflows remain net positive, ongoing government paralysis could stall policy catalysts and dampen sentiment heading into November.

Zelle explores stablecoin rails for international payments

U.S. payments network Zelle is preparing to integrate stablecoin technology as part of its plan to expand internationally. Operator Early Warning Services (EWS) said the move aims to replicate Zelle’s domestic success, where users sent over $1 trillion in 2024, by introducing cross-border transfers with blockchain settlement.

While technical details remain limited, the integration would place Zelle among the first major U.S. payment networks to experiment with stablecoins under the GENIUS Act regulatory framework. CEO Cameron Fowler said the goal is to combine “trust, speed, and reliability” for international users, potentially leveraging regulated dollar-pegged tokens such as USDC.

Zelle’s scale gives the initiative significant potential. Competing platforms like PayPal and Wise have gained traction with global users, but Zelle’s existing banking network could enable faster adoption. If successful, it could mark a milestone in the convergence of retail payments and regulated blockchain infrastructure, bringing crypto tech into mainstream financial rails.

JPMorgan to accept BTC and ETH as collateral

JPMorgan Chase will begin allowing institutional clients to pledge Bitcoin and Ethereum as collateral for loans by year-end, according to Bloomberg. The initiative, which will operate globally through third-party custodians, marks a pivotal expansion of crypto integration within traditional banking frameworks.

The move follows JPMorgan’s earlier decision to accept crypto-linked ETFs as loan collateral. Allowing direct pledging of digital assets could significantly improve liquidity options for institutional investors seeking leverage without liquidating long-term holdings. It also aligns with CEO Jamie Dimon’s evolving stance on crypto, shifting from skepticism to pragmatic accommodation as client demand grows.

JPMorgan joins peers like Fidelity, BNY Mellon, and State Street, which have expanded custody and settlement services this year. The growing comfort among banks highlights the effects of clearer U.S. regulatory frameworks and the maturing infrastructure supporting institutional digital asset finance. With the program set to launch globally, it signals a new phase of convergence between capital markets and crypto collateralization.

Stable reaches $825M pre-deposit cap amid scrutiny

Layer 1 blockchain project Stable closed its first pre-deposit phase after reaching its $825 million hard cap within minutes of launch. The round, denominated in USDT, was supported by major DeFi protocols including Frax Finance, Morpho Labs, Pendle, and LayerZero, positioning Stable as a potential hub for USDT-based payments and dApps.

However, the process drew criticism after onchain data revealed that most deposits came from a small cluster of wallets. Researchers claimed ten large wallets accounted for $600 million, while one linked to BTSE Exchange contributed $500 million, sparking allegations of front-running and limited retail access.

Despite the controversy, Stable’s strong institutional participation underscores growing demand for infrastructure optimized for stablecoin transactions. Backed by Bitfinex and USDT0, the project aims to build high-throughput settlement rails for enterprise-grade applications. A second deposit phase is expected, though no timeline has been provided.

Revolut, Blockchain.com, and Relai secure MiCA licenses

Three major firms, Revolut, Blockchain.com, and Relai, announced they have secured MiCA licenses to operate across the European Economic Area. The new regime requires crypto asset service providers (CASPs) to obtain authorization to offer trading, custody, and issuance within the EU, replacing earlier national VASP registrations.

Revolut obtained its license via the Cyprus Securities and Exchange Commission, Blockchain.com through the Maltese Financial Services Authority, and Relai from France’s AMF. Together, the approvals allow the firms to provide harmonized crypto services across all 30 EEA markets.

Revolut, serving over 65 million users, said the license supports its plan to expand Revolut X, its institutional and retail crypto exchange, across Europe. The wave of approvals signals that the EU’s MiCA framework is now fully operational, ushering in a uniform compliance standard that is rapidly becoming the global model for crypto regulation.

Fidelity adds Solana to institutional lineup

Fidelity Digital Assets has expanded trading and custody support to include Solana (SOL) across its institutional and retail platforms, including Fidelity Crypto, Fidelity IRAs, and Wealth Manager accounts. The move positions Fidelity among the first major asset managers to offer multi-chain institutional access beyond Bitcoin and Ethereum.

Solana joins Fidelity’s existing lineup of Bitcoin, Ethereum, and Litecoin, which collectively underpin an ecosystem of ETFs and managed portfolios. The firm’s spot Bitcoin ETF and Ethereum ETF, launched in 2024, now manage roughly $22 billion and $3 billion in assets, respectively.

A Fidelity spokesperson said the addition “continues our decade-long commitment to digital asset infrastructure and education.” The expansion reflects sustained institutional demand for high-performance networks, with Solana’s throughput and growing developer base making it a logical addition to Fidelity’s diversified digital asset strategy.

At Finery Markets, we continue to monitor how evolving regulatory frameworks, monetary policy shifts, and new market infrastructure are shaping digital asset adoption globally. Follow us for deeper insights into institutional flows, stablecoin strategies, and trading technology innovation. This newsletter is provided for informational purposes only and does not constitute investment, financial, or other professional advice.