For almost their entire history, despite designs to the contrary, the primary role of cryptocurrencies and digital assets has been confined largely to trading and speculation. But recent advancements in blockchain infrastructure are positioning digital assets as more functional tools for real-world financial transactions. And the shape that the blockchain industry is now taking as it matures underscores a rising trend among crypto entities striving to increase utility across the financial services ecosystem — a transformation that, if successful, could redefine cross-border payments and simplify cash management for both consumers and businesses. Still, it is a transformation that many have been waiting for since the first bitcoin came into existence on the blockchain

Crypto observers nowadays must feel as though they’re suffering from déjà vu. While the cryptocurrency-based prediction and betting platform Polymarket is in the news for the recent multimillion-dollar bets being placed on the upcoming U.S. presidential election, despite a ban on U.S. users, the biggest headline for Web3 payments and commerce was the Monday (Oct. 21) confirmation that Stripe plans to acquire stablecoin payments platform Bridge. “Stablecoins are room-temperature superconductors for financial services

Singapore’s DBS Bank is reportedly set to begin a custody service for stablecoin reserves. It’s part of a collaboration between the city-state’s largest lender and a local unit of cryptocurrency issuer Paxos Trust, Bloomberg News reported Tuesday (July 2), with the partnership also including cash management services. An official from the bank told Bloomberg this move will deepen its ties to the digital asset space, with the announcement coming after Paxos received a license from the Monetary Authority of Singapore