Is there one crypto project left that hasn’t announced they’ve become a fintech ?

Introducing Underdog, your Private Personal AI on devices you already own Today we're announcing our backing from @a16z @khoslaventures @HummingbirdVC Anthology (@AnthropicAI @MenloVentures) @patrickc @naval @rauchg @polynoamial @Thom_Wolf @Mascobot @tszzl @OfficialLoganK and other top AI leaders Our mission is to provide free, capable, reliable and private AI to billions of people. Underdog’s Law: today’s frontier intelligence reaches your devices in six months. We’re starting with fast, capable AI that runs on consumer hardware. By co-designing models and inference engines, we’re pushing the frontier of capability, speed, power and data efficiency. Our research also spans agentic commerce, confidential inference, and how AI will reshape the internet economy. Privacy and capability no longer needs to be a tradeoff. If you believe in this future, join us. Time to build.

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🚨 𝘽𝙍𝙀𝘼𝙆𝙄𝙉𝙂: 🇪🇺 Europe’s biggest local payment systems are joining forces. And together, they already reach ~130 MILLION users across Europe. BANCOMAT, Bizum, Wero/ EPI Company, MB WAY and Vipps MobilePay have created a new joint entity: the European Network for Payments (ENP): lnkd.in/dh4PhGKw The goal? Connect Europe’s existing payment solutions so consumers can use them seamlessly across borders. Together, they already cover: → 13 European countries → More than 70% of the EU 🇪🇺 + Norway 🇳🇴 population → ~130 million users The new Madrid-based entity will operate a common interoperability hub connecting the different systems through a shared technical and operational layer. First up: cross-border P2P payments. Then: → E-commerce payments → In-store / POS payments. Importantly, each payment system keeps its own brand and user experience. So instead of building another European wallet from scratch, Europe is now connecting the payment networks people already use. This could become a very important piece of Europe’s push for greater payments sovereignty. What do you think? can this become a real European alternative at scale?

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🔥Nearly ten years of privacy research, protocol design, and community building🙌 @reubenyap shares the story of #Firo - the breakthroughs, the hard lessons, the people who kept it alive, and what's coming next 🗣 📖 A good read for anyone who wants to understand what Firo is really about. firo.org/2026/09/20/firo-10-…

Read Shao's story now at Azuki.com/manga

1/ The SEC granted a five-year "Innovation Exemption" today letting onchain AMM venues trade tokenized stocks without registering as exchanges. Here's what's in it, and what isn't 🧵

As the number of viable markets narrows, companies and projects that started from very different positions are converging on the same set of products.

A New Genesis x.com/i/broadcasts/1lKQRWEXL…

Some bonds are stronger than fate. Chapter 1 of AZUKI arrives Sep 17 at 9AM PT. New manga chapters are free to read, releasing every third Thursday of the month. Get notified: vist.ly/5hpdx

Pulsar Pro. That's the point. Rewards on every action, cashback you control, and the full partner stack running underneath your money app. Live day one of @Arc mainnet, September 16.

scaling a neobank explained: Low IQ: offer 10% cashback spend $200 to acquire a user with $40 in their account subsidize every transaction celebrate TPV screenshots call it “hypergrowth” lower cashback to 2% when the VC money runs out users immediately move to the next neobank offering 5% Midwit: launch 14 financial products create a points system nobody understands advertise 10% cashback but cap it so nobody can actually earn 10% launch a crypto token that goes down 99% add “agentic finance” to your bio because the board asked about AI try to differentiate on features every other neobank can ship High IQ: own distribution solve one financial problem extremely well use that wedge to bring deposits in build products that make the money stay monetize every time the money moves expand once you own the financial relationship

On Tokenized deposits, Interoperability, and Digital Central Bank Money: I’m putting together an article on this, but it’s fascinating to see how deposit tokenization is opening the door to some massively important decisions for the future of the financial system and crucially, how not just anything goes. In this piece, I want to start from the premise that I'm sticking to the two-tier hierarchy of money, meaning obligations must be settled in central bank money. I don't think anyone can really argue with that. There’s no viable alternative right now that can compete with this framework, nor is there any real push from central banks or governments to change it. So, let's work under the assumption that if the residual of an obligation is settled in something other than central bank money, it’s not actually being settled. It’s just being transferred to another counterparty who, unless they can net it out, will eventually have to settle it in central bank money anyway. Operating on that premise, commercial banks tokenizing their deposits will have to make decisions across several layers. First: why am I tokenizing my deposits? Is it for on-us transfers between branches, to join a specific initiative, or simply to avoid being left behind? Next is what I call the LSM (Liquidity Saving Mechanism) layer. This is essentially about finding ways to save liquidity to avoid settling as much residual as possible, without compromising balance sheet risk (remember, we use central bank money for settlement to eliminate counterparty risk and ensure the par value of each settlement unit). You have a few options here. One could be 24/7 A2A atomic gross settlement for every payment. It’s arguably the safest and fastest, but definitely the least efficient and probably impossible to scale, unless there’s a massive shift in the incentives and business models surrounding "liquidity" (which, at the end of the day, is just someone's ability to provide immediacy and balance sheet capacity). That’s why I call it LSM: this is where you decide to join an initiative to make your deposits interoperable. Within that interoperability layer, your goal is to minimize the liquidity you need to use. You’ll look for the most efficient netting combinations while balancing the SLA so no parties are left exposed or unhappy, which could compromise your efficiency. But even then, you can't completely eliminate the residual that has to flow down to the next layer (central bank money) because you have to assume flows are never perfectly symmetrical across the board (keeping it simple and high-level here). Then comes the last layer: funding the residual across operational silos. I call this the LMT layer, Liquidity Management Transfer, borrowing the term from FedNow and from Duffie’s discussion of transfers between reserve accounts and prefunded or omnibus positions. An LMT is the transfer that moves central-bank money, or a fully funded claim on it, from the silo where the balance sits to the silo where the obligation must be extinguished. We talk about the hierarchy of money and rarely about this fragmentation inside it. A bank can hold reserves and still be unable to pay: its master-account balance is not its RTP position, and a Fedwire-funded pay-in to CLS is no longer balance it can spend on Fedwire. That is why systems need an explicit rail, in FedNow, a pacs.009, to reallocate liquidity between those positions. So, how does all this tie into tokenized deposits? As mentioned earlier, we have the deposits, the coordination, and the LSM layer. But what happens if there’s a residual? We need the central bank. The central bank basically has 3 ways to adapt its deposits (reserves) to this new system: - wCBDC: It issues its own wholesale CBDC. - sCBDC: A third party, along with a consortium of banks, creates an omnibus account to hold and tokenize reserves. - Synchronization: Reserves aren't tokenized; instead, states are simply synchronized rather than being shared on a single ledger. Now you can see why I call this the LMT layer: the instrument that synchronizes all of these ultimately depends on the ultimate settlement asset, which is central bank money. So, it’s no longer just about the interoperability design between different tokenized deposits. It's also about how these initiatives will eventually connect to the final settlement instrument. This could mean your initiative is incredibly efficient in isolation, but the residual ends up making your business model completely useless at scale because it drives up costs everywhere else.

The dollar's share of FX reserves is at a two-decade low. Treasury convenience yields have turned negative. End of dollar dominance? No — but financial innovation could reshape the system. Our new Jackson Hole Economic Policy Symposium paper, w/ @EswarSPrasad & Tony Zhang 🧵

Sailors. 🔵 Blue pill: Gain exposure to maritime assets through tokenized debt. Earn the yield. 🔴 Red pill: Own the utility token that powers the entire ecosystem. $SHIP. One gives you exposure to maritime assets. The other gives you exposure to the infrastructure connecting them all. ⚓ Which one do you choose? Learn more: ethraship.com

AZUKI, a new original manga series created by Arnold Tsang (@steamboy33) releases this September on Azuki.com Read it first at Anime Expo at booth WH-424

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🚢 Ethra Portal is live: your entry point to one of the world’s most essential real-world markets. Secure early access to Ethra RWAs, rewards, and future perks. Shipping moves the world. Now you can move with it: app.ethraship.io

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