Week 37, August 31 – September 6, 2026 The infrastructure of digital money is being divided up by banks, exchanges, and regulators. The world’s largest financial institutions have joined forces to launch their own stablecoin, the operator of the NYSE bought access to tokenization patents, and a global bank opened a spot crypto desk in Dubai. A US regulator brought fintech into the banking system through a federal license. Banks are building stablecoins and tokenization for themselves Bank of America, Goldman Sachs, Citi, Deutsche Bank, UBS, Santander, MUFG, Fidelity, and 13 other institutions announced on September 2 the creation of an issuer company. The dollar stablecoin is set to launch in the first half of 2027, followed by tokens in G7 currencies. On August 31, the chief of the Bank for International Settlements (BIS), Pablo Hernández de Cos, said that tokenized deposits are preferable for mass payments, while dollar tokens could undermine monetary sovereignty and make bank funding more expensive. A banking license is becoming a ticket into crypto Crypto services are shifting to holders of banking licenses, while fintechs are obtaining those licenses. On September 6, the US Office of the Comptroller of the Currency (OCC) conditionally approved Revolut’s banking license. On September 4, Standard Chartered launched spot BTC and ETH trading for institutional clients through an entity in the Dubai International Financial Centre (DIFC). Prediction markets are being divided between the CFTC and the states States, exchanges, and a federal agency are suing over the right to regulate prediction markets. On September 3, New Jersey Attorney General Jennifer Davenport appealed to the US Supreme Court a ruling in favor of Kalshi. The court will determine whether sports betting is regulated by the US Commodity Futures Trading Commission (CFTC) or by the states; if the case is accepted, a ruling is expected in summer 2027. On September 4, the CFTC asked for CME’s lawsuit over Kalshi’s perpetual BTC futures to be dismissed, calling the claims unfounded.