Dear PointPay Family,
Let’s sum up this week! We’ve selected the top 5 most interesting and important news stories from the past few days for you, so you can quickly immerse yourself in the ever‑changing world of cryptocurrency.
Mastercard backs XRP Ledger hackathon ahead of Ripple Swell
Mastercard has joined an upcoming XRP Ledger hackathon in New York as a sponsor, adding another major payments company to the growing list of organizations exploring blockchain technology. The 36-hour event, scheduled for October 24-25, will bring developers together to build and launch new projects on the XRPL shortly before Ripple's Swell conference.
Participants will compete across several areas, including protocol development, AI-driven finance, and lending solutions. Existing projects can also integrate XRP Ledger functionality, potentially expanding the range of applications being built within the ecosystem.
Gold and Bitcoin ETFs attract record $7 billion in five days
Concerns over the United States' fiscal outlook and rising government debt are driving investors toward assets with limited supply. Over the past five trading days, gold and Bitcoin ETFs attracted a combined record $7 billion in inflows, highlighting a notable shift in how investors are responding to financial uncertainty.
State Street's SPDR Gold Shares received around $3.4 billion, while BlackRock's spot Bitcoin ETF, IBIT, attracted approximately $1.5 billion. The simultaneous demand for both assets is particularly significant: investors have traditionally turned to gold during periods of market stress, while Bitcoin played a smaller role. Growing institutional inflows now suggest that Bitcoin is increasingly being considered alongside gold as a tool for portfolio diversification, despite its significantly higher volatility.
Shinhan and Visa team up to test stablecoin payments in South Korea
Shinhan Financial Group, one of South Korea's largest financial conglomerates, has partnered with Visa to explore stablecoin infrastructure and new AI-powered payment models. The collaboration will test key functions such as stablecoin issuance, transfers, and redemption while developing solutions tailored to the South Korean market.
The companies also plan to launch pilots involving stablecoin-powered card payments and expanded B2B and B2C settlement models. The partnership comes as South Korea advances a broader regulatory framework for digital assets, including stablecoins and crypto-related financial products, creating new opportunities for major financial institutions to expand their blockchain initiatives.
Bitcoin records its largest-ever weekly dollar gain
Bitcoin delivered its biggest weekly increase in dollar terms on record, climbing roughly $15,000 over seven days and closing the week above $77,700. The cryptocurrency gained 23.8%, as market sentiment shifted rapidly from caution to renewed optimism.
The rally was accompanied by strong institutional demand, with spot Bitcoin ETFs recording $1.9 billion in net inflows during the trading week ending August 21. Rising risk appetite also pushed the Crypto Fear and Greed Index to 78, its highest level since December 2024, bringing the market close to the "extreme greed" zone.
Revolut launches EURR in the European stablecoin market
Revolut has started rolling out EURR, its first euro-backed stablecoin, to selected customers in Denmark, Poland, and Portugal. The token is designed to maintain a one-to-one value with the euro and is issued by Bridge under Europe's MiCA regulatory framework.
Initially launched on Ethereum, EURR allows eligible users to move between traditional euro balances and an onchain version of the currency within the Revolut app. The launch marks the first stage of a broader stablecoin strategy, with plans to expand to additional European markets and eventually introduce tokens linked to other currencies.
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