Kraken acquired a U.S. clearinghouse and brokerage, SoFi expanded its Fed-backed stablecoin to Solana, and Upbit launched a sovereign Ethereum Layer-2 in South Korea. The EU reclassified fiat-stablecoins as electronic money while the Bank of Italy proposed a tokenized extension for the SEPA network. These developments represent an effort to integrate regulated settlement and blockchain infrastructure directly into the financial system
Kraken Secures Full-Stack US Regulatory Infrastructure
As of May 1, 2026, Payward (parent company of Kraken) has completed its acquisition of 100% of Chicago-based Bitnomial in a deal worth up to $550 million in cash and stock.
This follows a $200 million investment from Deutsche Börse Group in mid-April and a confidential S-1 filing for a potential public listing submitted in November 2025.
Through Bitnomial, Payward gains a full-stack U.S. regulatory foundation consisting of three critical licenses: a regulated exchange (DCM), a clearinghouse (DCO), and a brokerage (FCM).
This infrastructure enables the launch of CFTC-regulated spot margin, perpetuals, and options for U.S. clients, complementing Payward’s existing operations in the UK and EU. Payward intends to scale Bitnomial’s specialized team while maintaining its established regulatory framework and third-party business operations
SoFi Bank expands stablecoin settlement to Solana
SoFi Bank, N.A. has expanded its native stablecoin, SoFiUSD, to the Solana blockchain
following its initial Ethereum launch in late 2025.
As the first U.S. nationally chartered bank to issue a stablecoin on a public ledger, SoFi is utilizing the asset for 24/7 payments and settlement infrastructure rather than
retail trading.
The token is backed 1:1 by dollar reserves held at the Federal Reserve and integrated with Mastercard’s Multi-Token Network for global merchant settlement.
This move establishes SoFiUSD as a regulated settlement layer for enterprises seeking to bypass legacy banking cutoffs and high transaction costs.
Upbit launches GIWA Chain as sovereign Ethereum L2
South Korea’s largest crypto exchange, Upbit, has finalized a partnership with the Optimism Foundation to launch GIWA Chain, a new Ethereum Layer-2 network built on the OP Stack.
As the first network to deploy under the Self-Managed tier of OP Enterprise, Upbit will maintain full operational control over the primary sequencer and core network decisions.
This sovereign model allows the exchange to meet specific institutional compliance and performance standards while capturing transaction fee revenue.
Currently live on testnet, GIWA Chain is positioned as the settlement backbone for Upbit’s expanding fintech services, including planned integrations for cross-border remittances and Korean won-backed stablecoins.
The 2026 European Digital Payment Standards
Following the publication of final compromise texts in late April 2026, the EU’s new payment framework (PSR/PSD3) has established a uniform standard across all 27 member states.
The regulation integrates fiat-backed stablecoins—classified under MiCAR as Electronic Money Tokens—directly into the EU’s payment infrastructure.
Key protections include a mandatory refund right for consumers targeted by impersonation (spoofing) scams and the requirement for Verification of Payee (VoP) to ensure recipient names match account identifiers before execution.
Additionally, the framework prohibits banks from denying services to digital asset platforms without providing a formal, written justification, effectively curbing the practice of “de-banking” within the sector.
Italy proposes tokenized SEPA extension
On May 4, 2026, the Bank of Italy proposed a tokenized extension of the Single Euro Payments Area (SEPA) to introduce programmable payments and institutional-grade settlement efficiency.
The framework aims to ensure interoperability between central bank money and private tokenized deposits, utilizing established SEPA infrastructure.
This project is complementary to the Digital Euro, which has a potential issuance date of 2029, with technical pilot programs scheduled for mid-2026.
Wrapping Up.
This week ends here. The pattern is clear: the industry is moving from renting third-party services to owning the infrastructure itself.
Whether it’s Kraken acquiring its own clearinghouse or Upbit running its own sequencer, the goal is total operational sovereignty.
These developments represent an effort to integrate regulated settlement and blockchain infrastructure directly into the financial system.
While the technology is standardizing, the competitive edge now belongs to those who control the underlying plumbing.
With special thanks to Aviv Barkan and Dean Shuker – without whom there would be no news!
