Citi, Schwab, Nubank, & Aureo: The Global Bitcoin Race for 21 Million
Timestamps:
00:00 - Intro & welcoming Gustavo Flores
01:17 - UK opens retail BTC/ETH ETPs
04:13 - Japan stablecoins & productization
07:49 - LATAM stablecoin wave; Brazil in focus
11:27 - Coinbase x CoinDCX (India/APAC)
15:47 - Stablecoin plumbing: BlackRock & Stripe
20:27 - BTC credit vs high LATAM rates; Bolivia case
23:31 - Nubank pursues U.S. bank charter
29:11 - 2026 custody (Citi/Schwab) & cycle timing
33:25 - Aureo announced (Swapido → Aureo)
35:03 - Aureo MIC thesis & team
42:21 - Storage-first: MIC + localized service
56:40 - Debasement trade & BTC hurdle rate
The UK is opening retail ETP access, Japan’s megabanks are circling yen and dollar stablecoins, and Coinbase is buying distribution in growth markets. Closer to home, Nubank is pursuing a U.S. bank charter while Citi and Schwab tee up 2026 access—an adoption wave that may elongate the cycle. However, great solutions already exist: Aureo’s MIC-first platform in Mexico, and Onramp’s enterprise controls show how custody and services are maturing. The through-line: sound money plus professional rails pulls the market toward Bitcoin as the base layer.
Global on-ramps accelerate; incentives rule
Local regulators and incumbents are moving from posture to product as capital-flight fears and fee opportunities make Bitcoin and stablecoins impossible to ignore.
FCA approvals bring UK retail access to BTC/ETH ETPs from 21Shares, Bitwise, and WisdomTree, with larger issuers watching demand.
MUFG, SMBC, and Mizuho are exploring yen- and dollar-pegged stablecoins, trading speed for committee governance and distribution.
Latin America’s local stablecoin wave grows amid inflation and regulatory arbitrage, with Brazil leading and Mexico/Colombia likely to follow.
Policymakers want assets and fees to stay onshore; while Bitcoin is the ultimate outside asset.
Stablecoins professionalize; charters, yields, and risks
Banks and asset managers are packaging stablecoin plumbing with money-market wrappers and trust charters, even as proof of reserves theater and margin compression loom.
BlackRock is tailoring a GENIUS-compliant money-market fund to serve stablecoin issuers’ liquidity needs.
Stripe’s Bridge unit has applied for a U.S. national bank trust charter to support agent- and merchant-grade payments.
Tempo raised big pre-mainnet to lure issuers with lower fees, evidence of a land-grab before revenue normalizes.
CoinDCX’s hot-wallet hack after a Proof of Reserves attestation underscored that “proof” without resilient custody remains fragile.
Distribution beats DIY for incumbents
Buy-vs-build is tilting toward distribution: stakes, partnerships, and charters unlock customers faster than greenfield stacks.
Coinbase’s investment in CoinDCX buys a foothold in India/MENA and distressed-asset upside after operational setbacks.
Nubank’s OCC charter push and Bitcoin-savvy leadership position it to link massive LatAm distribution with U.S. rails.
Citi and Schwab target 2026 crypto custody/trading turn-ons, creating latent demand that challenges old cycle timing.
Vanguard is re-examining ETF access under peer pressure as clients demand exposure framed as wealth conservation.
Multi-institution custody goes live in LatAm
Aureo’s MIC-first model and Onramp’s enterprise controls show how title, redundancy, and operations meet real-world risk in the region.
Bolivia now prices everyday goods in USDT, a live case of stablecoins and Bitcoin replacing broken local rails, which should only accelerate.
MIC distributes counterparty risk and preserves client title, solving inheritance, key-management, and confiscation concerns.
Aureo (ex-Swapido) offers private-client services today and automated buy in Mexico next—built on MIC from day one.
Onramp’s business product brings maker-checker, multi-user access, and auditability that public companies require.
Quote of the Week
“Bitcoin is money, and money requires local financial services.” — Michael Tanguma, Early Riders
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