Kraken gains direct Fed payment access
Kraken's banking unit just won Federal Reserve master account approval, marking the first time a crypto-native firm has gained direct access to Fedwire, the central bank's core interbank payment system. The account gives Kraken a direct line into the Fed’s payments rails, but not full banking powers. The decision marks a historic shift for an industry long shut out of the traditional banking system, and implies that the Fed believes Kraken has sufficient anti-money laundering and sanctions compliance practices in place to curb illicit finance risk. The victory comes after Custodia Bank, another Wyoming-chartered crypto firm, failed in a similar bid. Read more →
A Record Month for Solana Stablecoins
Solana stablecoin transaction volume hit $650 billion in February, more than double the previous record from October and the highest volume across any blockchain last month. Solana leads in users, transaction volume, and fees—the key measures of blockchain activity. The surge signals growing adoption of stablecoins as a payment layer, with Solana positioned to capture retail market share in this emerging category. Read more →
Trump Backs Crypto in Yield Debate
After privately meeting with Coinbase CEO Brian Armstrong on Tuesday, President Trump publicly pressured banks to stop holding the Clarity Act “hostage” over stablecoin rewards and telling Congress to get market structure done “ASAP,” warning the U.S. risks handing the industry to China and others if it drags on. He even amplified Brian Armstrong’s messaging and leaned into the populist framing “Americans should earn more money on their money.” Read more →
Odds of the Clarity Act being passed this year have climbed to around 72% on Polymarket, up from lows of 40% in January.
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