Founder @plutuscryptoo. Building crypto payments for businesses. I read the chain so you don't have to. Markets, stablecoins, and what the headlines miss.
Amsterdam
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I run a crypto payments company. Most days I read more chain data and bank paperwork than any sane person should.
So I'll post what I actually see: which coins businesses ask to accept, where the money moves, and which headlines are noise.
No bags to sell. Just the view from the till.
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5 things that happened in crypto today.
1. Bitcoin ETFs: $2.8B in six straight days
2. Bitget hack now $388M, North Korea named
3. Circle and Tether froze part, most got away
4. Kalshi sports contracts fall under state rules
5. Aave V4 on Base took tokenized stocks as collateral
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Exchange hacks all settle the same way. The money leaves in minutes, the freeze lands in hours, the estimate climbs for two days.
Bitget is at $387.5M and withdrawals are still frozen.
If your working capital sits on an exchange, you priced that risk at zero.
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Strategy needs a shareholder vote and a proxy filing to pay a dividend on a Saturday.
The stablecoin payments we settle at Plutus cleared last Saturday at 3am without asking anyone.
Wall Street is rediscovering the calendar day. Crypto never had to lose it.
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Morgan Stanley is joining NEXTPredict.
The same institutions that needed a decade to touch Bitcoin are a year late to prediction markets and will still call it early. Their compliance cycle is the indicator. Whatever they approve, retail traded two years ago.
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Ethena is backing USDe with equity perps and tokenized stocks on Binance.
I settle merchant money in stablecoins. That dollar has one job, stay boring on the day you need it.
A dollar backed by a perp book has a funding rate. I would not park payroll in it.
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Peirce is leaving the SEC arguing the KYC panopticon should end, and that zero knowledge proofs can verify a customer without hoarding the documents.
I onboard merchants. Every passport scan I am required to store is a liability I never wanted.
Right idea. Late exit.
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BlackRock did not tokenize a fund today. It let Ondo tokenize its strategies and carry the compliance risk.
Same pattern I see in payments. The incumbent lends the brand, the partner eats the edge cases.
ONDO is up 26%. Ask in a year who kept the margin.
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I keep hearing stablecoins will kill the card networks. Mastercard is still right in the middle. What died is the banking day, not the middleman.
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New York is suing Polymarket for unlicensed gambling. Kalshi in July, Coinbase and Gemini in April.
People keep telling me the US is the easy jurisdiction now. One federal license, then fifty states deciding what you actually sell. MiCA is slow. It is also one rulebook.
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IBM just plugged its Digital Asset Haven into Swift's blockchain ledger for tokenized deposits.
Banks are rebuilding settlement inside a walled garden while the merchants I talk to already move USDC in seconds for cents.
I want the open rail to win. On cost it is not close.
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$15.9M stolen from Coinbase users, $6M of it gambled away, about $500k recovered. The court still set restitution at $16M.
Every fraud headline is a sentencing number, not a refund. I build payment flows on the assumption that once money moves it is gone. Because it is.
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CFTC chair Mike Selig, live on CNBC: the agency is rewriting its rules for on chain systems, tokenization and 24/7 trading.
Crypto already settles at 3am on a Sunday. What breaks is the bank on the other side, which opens Monday at 9.
That gap is the whole job.
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Crypto mcap dropped 5.1% today. Fear and Greed still reads 71, which is Greed.
I have never seen sentiment move on the same day as price. It lags about two days. That gap is not a signal, it is people not having checked yet.
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BitMEX stopped trading today, 11 years in.
The perpetual swap it invented in 2016 is now the default product on every exchange that outlived it.
I build payment rails. Your best idea gets copied within a year. Distribution is the part nobody clones.
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Six Canadian banks want tokenized deposits that move between six Canadian banks.
I run a payments company. The point of a stablecoin is that my merchant in Lisbon and their customer in Toronto never have to share a bank.
A closed ledger is a faster wire.
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Visa asked Americans about stablecoins. 36% would use one. Add bank-level protections and it goes to 56%.
Nobody in that 20 point gap is asking for yield or self custody. They are asking who picks up the phone when a payment goes wrong.
That is the whole product.
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North Korea pulled $10.7M out of 7,000 wallets by booking job interviews and asking for a coding test.
I hire for a payments company. Our rule is boring: nothing a candidate sends us ever opens on a machine that has touched a key.
Your recruiting inbox is an endpoint.
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Raiffeisen is handing 18 million European customers a crypto button inside their bank app. Bitpanda runs it.
I sell payment rails to European merchants. Nothing I say moves them like their own bank quietly deciding this is normal now.
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