Stripe acquires Privy, JPMorgan’s stablecoin, and Coinbase’s cashback card

Stable News is Lumx’s weekly curation of the most relevant updates from the stablecoin ecosystem and their impact on the digital financial market. In this edition, we highlight infrastructure advancements from Stripe, JPMorgan, and Bank of America, Coinbase’s new cashback card with Bitcoin rewards, and the latest data on digital identity and compliance in the crypto sector.

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Stripe acquires Privy and adds wallets to its stablecoin stack

Stripe announced the acquisition of Privy, a wallet-as-a-service platform used by projects like OpenSea, Pump.fun, and Hyperliquid. This integration builds on its previous acquisition of Bridge and positions Stripe as one of the few players with a complete stablecoin infrastructure — issuance, settlement, and custody, all through API.

The move advances the thesis of simplifying institutional crypto adoption by abstracting complexity for developers and enterprises.

Why it matters:

✅ Establishes Stripe as a foundational platform for B2B stablecoin integrations
✅ Removes technical friction, allowing any company to use stablecoins in their financial operations
✅ Repositions Stripe as a global transactional infrastructure player, competing with banks and acquirers

JPMorgan files trademark for “JPMD” and doubles down on stablecoin strategy

JPMorgan filed a trademark application for “JPMD”, focused on payments and digital assets. While the term “stablecoin” wasn’t explicitly mentioned, analysts suggest it refers to a new USD-backed token that is more interoperable than the current JPM Coin.

This comes in parallel with the formation of a banking consortium involving Citi, Wells Fargo, and Bank of America to develop stablecoin-based solutions.

Why it matters:

✅ The JPMD brand signals ambition for a product geared toward the open market beyond permissioned systems
✅ The coordinated efforts of major banks mark the beginning of an institutional agenda for tokenized USD settlements
✅ Interoperability and alignment between traditional players will be critical to avoiding ecosystem fragmentation

Bank of America confirms intention to launch its own stablecoin

At an event in Washington, the CEO of Bank of America stated that the bank will launch its own stablecoin as soon as there’s legal clarity. His statement was explicit: “If it becomes legal, we will enter this market.”

Long known for its cautious stance, BofA has accumulated hundreds of blockchain patents and now aligns with the growing trend of USD tokenization by major institutions.

Why it matters:

✅ Positions BofA as a future leader in a space it had been observing from the sidelines
✅ Underscores the timing of regulatory advances like the Genius Act and ongoing bank-led initiatives
✅ The coordinated entry of traditional banks marks the beginning of an era of institutional stablecoins with shared standards

Coinbase launches Bitcoin cashback card via American Express

Coinbase announced the launch of its Coinbase One Card, offering up to 4% cashback in Bitcoin for U.S. members. The card is powered by American Express, marking the first collaboration of its kind between the two brands.

This initiative is part of Coinbase’s strategy to build customer loyalty by linking everyday spending to digital asset accumulation.

Why it matters:

✅ Introduces Bitcoin as a loyalty tool for retail consumers
✅ Marks American Express’s entry into crypto rewards, legitimizing the model further
✅ Reinforces the idea that stablecoins and cryptoassets can coexist with traditional payment rails

Digital identity, fraud, and compliance in crypto: new data

A report by Sumsub mapped the key challenges and advancements in identity verification within the crypto ecosystem. Highlights include:

• 46% increase in verification speed

• 48% increase in fraud, driven by document forgery

• Improved approval rates via document-free methods, especially in Brazil and Africa

Click here to access the report.

Why it matters:

✅ Efficient onboarding is now a competitive edge, not just a regulatory obligation
✅ LATAM stands out for both best practice adoption and unique compliance challenges
✅ The evolution of reusable KYC and on-chain identity will be crucial for safe and scalable adoption

[Stable]Table: strategic discussions at the opening of Febraban Tech

At the opening of Febraban Tech 2025, we hosted the [Stable]Table, an exclusive Lumx side-event in collaboration with Sphere, Solana Foundation, and Chainalysis. In a private setting, we gathered executives and experts to discuss IOF tax reform and technical challenges for stablecoin adoption in Brazil.

The event highlighted the structural role of stablecoins in the new digital economy and brought together voices building the next generation of cross-border payments and settlements.

Stablecoins as a critical layer of financial infrastructure

The convergence of regulation, banking integration, consumer products, and tech innovation reinforces a thesis we’ve long followed: stablecoins are no longer niche assets, they are becoming core components of the global payment and settlement infrastructure.

At Lumx, we continue to connect these transformations with the real-world challenges and opportunities faced by the market through technology, strategy, and a long-term vision.