Fed Advances Crypto Master Accounts, MoneyGram-Tempo Deal, Qivalis Hits 37 Banks

Crypto News

SpaceX publicly disclosed its IPO filing on Wednesday, paving the way for a Nasdaq debut under the ticker SPCX and giving investors their first detailed look at Elon Musk's effort to fuse rockets, satellite internet, social media and artificial intelligence into one company. The prospectus assigns a $42.40 per-share value to 261.8 million shares issued via the EchoStar spectrum acquisition and lists Goldman Sachs, Morgan Stanley, Bank of America, Citi and JPMorgan among the lead underwriters. SpaceX initially filed confidentially in April at a $1.75 trillion target valuation. The document reveals 2025 revenue of $18.67 billion against a $2.59 billion operating loss, weighted toward AI and Starship.

The Federal Reserve advanced a revised proposal for limited payment accounts, opening a 60-day comment period on a framework that would let non-bank firms — long pursued by DeFi companies — access central bank payment rails without full master-account status. Holders would settle transactions through the Fed but would not earn interest, tap the discount window or borrow intraday credit, with automated controls preventing overdrafts. Closing balance limits were raised after industry feedback. The move follows a Trump executive order this week directing the Fed to examine how it grants payment access to uninsured depository institutions, non-bank financial firms and the 12 regional Reserve Banks operating independently of Washington.

Missouri Attorney General Catherine Hanaway sued GPD Holdings, the operator behind crypto ATM network CoinFlip, accusing the firm of knowingly facilitating fraudulent transactions that targeted seniors and veterans across the state. The complaint asks the court to enjoin CoinFlip from operating in Missouri and to impose civil penalties of $1,000 per violation over the past five years — up to $1.83 million — plus consumer restitution. CoinFlip runs 136 kiosks in Missouri and 4,229 nationwide. The action follows a December probe and arrives weeks after rival operator Bitcoin Depot filed for Chapter 11 bankruptcy under mounting legal pressure and tightening state-level regulations.

Cross-border money transfer giant MoneyGram is deepening its push into blockchain payments through a new partnership with Tempo, a Layer 1 network incubated by Stripe and Paradigm and engineered for stablecoin settlement. MoneyGram will operate as an anchor remittance validator on Tempo, processing transactions while Stripe settles cross-border flows to the remitter over the network. The arrangement expands MoneyGram's role from passive user of blockchain rails to active infrastructure operator. Tempo previously onboarded Visa as an early validator alongside Stripe and Zodia Custody, reflecting growing institutional alignment around stablecoin-based settlement as remittance providers seek faster and cheaper alternatives to legacy correspondent banking.

European banking consortium Qivalis expanded to 37 member institutions this week after adding 25 new banks across 15 countries to its regulated euro stablecoin project. The new members include ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo, with the Amsterdam-based group targeting a second-half 2026 launch. The push reflects an accelerating European effort to challenge dollar-denominated stablecoin dominance — dollar tokens currently account for roughly 98% of the global market. Consortium chairman Howard Davies framed the project as embedding European principles around data protection, financial stability and regulatory rigor into next-generation digital money, signaling that the bloc's banks intend to compete on rules-based credibility, not raw network effects.

Asset manager Yorkville America moved to withdraw multiple crypto exchange-traded fund applications it had filed in partnership with Donald Trump-backed Truth Social, citing a shift in product strategy. The withdrawn filings covered offerings registered under structures the firm is no longer pursuing. The retreat removes a high-profile branded entrant from the increasingly crowded queue of crypto ETF proposals awaiting SEC review, even as spot Bitcoin and Ether products continue to attract institutional flows. The pivot underscores how quickly ETF strategy can shift in response to regulatory clarity, market demand and shifting partnerships within the politically charged corner of US crypto product issuance.

Wednesday's headlines trace a single thread: traditional finance and government rails are absorbing crypto's most useful pieces — settlement networks, stablecoins, ATM corridors — while imposing the supervisory architecture they previously lacked. The Fed's skinny-account proposal, MoneyGram's Tempo pivot, Qivalis' bank-led euro stablecoin and Missouri's enforcement action all point in the same direction: integration with guardrails, not displacement. SpaceX's listing and the Truth Social ETF retreat reflect the parallel capital-markets story, where crypto-adjacent ambitions meet listing realities. The dominant bull market narrative this cycle is convergence — institutions building inside the very system the industry once pitched as its alternative.