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THE DAILY INDEX

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TLDR Crypto

JPMORGAN EXPANDS ‘JPM COIN' DEPOSIT TOKEN TO ETHEREUM

JPMorgan's Kinexys brought its USD deposit token JPM Coin (JPMD) to Ethereum for institutional clients. JPMD launched on Base in November 2025 and now supports peer-to-peer transfers across the EVM ecosystem, including Base and Ethereum. It represents existing JPMorgan bank deposits on a public chain. Kinexys says it has handled over $4T in cumulative transactions, averaging $7B a day. The bank launched a tokenized money-market fund on Ethereum in December and a second in May.

REVOLUT SECURES GIBRALTAR CRYPTO LICENCE TO SUPPORT INTERNATIONAL EXPANSION PLANS

Revolut got a Distributed Ledger Technology provider licence from the Gibraltar Financial Services Commission for a new entity, Revolut Global Digital Assets Limited. The entity will support its international crypto operations, alongside its existing UK and EEA (MiCA) entities. Revolut says it has over 80M retail customers and over 16M crypto users. It did not say which markets the Gibraltar entity will serve or when. Other recent moves are conditional OCC approval for a US bank charter last month and the euro stablecoin EURR rolling out in Denmark, Poland, and Portugal since August.

ETH IS ETHEREUM'S MOST IMPORTANT APPLICATION

Gnosis is live with Ethereum's Fast Confirmation Rule (FCR), cutting L1-to-Gnosis deposit times from ~14 minutes to 12-24 seconds, with most consensus clients now shipping FCR behind an opt-in flag. AI agents completed formal verification of the FCR in Lean in 4-5 days, a task that used to take months, and the process caught a subtle fork-choice bug in the spec itself. A Cambridge workshop of 100+ researchers from 70 organizations advanced post-quantum cryptography and fast finality work, with Barnabé presenting a path to finality in tens of seconds in the I* fork after Hegotá, down from the current ~15 minutes. Quick Slots (EIP-8198) joined heze-devnet-2 alongside FOCIL, and Glamsterdam arrives on the Hoodi testnet on October 26.

SINGAPORE GULF BANK ENABLES NATIVE USDT/USDC CONVERSION

Singapore Gulf Bank, backed by Singapore's Whampoa Group, now lets retail customers convert between USD and USDT or USDC natively within its mobile banking app, eliminating the need to route funds through a separate crypto exchange. USD, USDT, and USDC sit in the same account, with conversions available around the clock Monday through Friday. SGB represents a growing class of Asia-based banks building stablecoin access directly into core banking infrastructure.

STABLECOIN SUPPLY STALLS, BUT PAYMENTS JUMP 45% AS VISA, MASTERCARD AND STRIPE CONNECT CRYPTO TO CASH

Stablecoin payment volume hit $482 billion through September 2026, a 45% year-over-year gain, while total supply held flat at $305 billion, pointing to rising velocity rather than new issuance. Card spending linked to stablecoins reached $3.9 billion, roughly 10x the prior year, with sub-$50 purchases driving 84% of transaction count growth. Mastercard deployed its BVNK-built Global Money Platform combining fiat accounts, stablecoin balances, and card spending with Nuvei and Marqeta as first customers; Stripe is expanding stablecoin card coverage from 30 to 100-plus countries via a partnership with Plasma; and Visa's Inyo Global became the first commercial user of Visa Direct's USDC prefunding service for cross-border settlement. Stablecoin card spending still totals roughly 0.03% of Visa's $4 trillion quarterly payment volume, marking the distance between infrastructure buildout and adoption scale.

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