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Archive · June 5, 2026

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The Lead

Story 01

JPMorgan, BofA, and Citi Build Tokenized Deposit Network to Compete With Stablecoins

JPMorgan Chase, Bank of America, and Citigroup are collaborating on a blockchain-based payment network that will enable tokenized deposits and 24/7 settlement for corporate clients. By offering instant settlement and leveraging their regulatory standing, these banks aim to retain large business customers who might otherwise turn to stablecoins for cross-border and B2B payments. The project could limit stablecoin adoption among corporates by providing a familiar, regulated alternative, while fintechs may need to decide whether to partner with the banks or develop competing networks.

Source: PYMNTS
Also Worth Knowing
№02

Bank of America Targets Fintechs With Cross-Border Real-Time Payments Launch

Bank of America will roll out a cross-border real-time payments service for corporate and financial institution clients, using Swift and its CashPro platform. This initiative directly challenges fintechs and global banks already offering instant cross-border payments, as BofA seeks to win market share among large corporates. Fintechs and banks will compete to deliver faster settlement, greater transparency, and seamless FX integration to attract enterprise customers.

Source: Finextra
№03

Cash App Debuts Payment-Enabled Accessories, Expanding Wallet Competition

Cash App has launched Cash App Tags, starting with a tap-to-pay wand accessory, allowing users to make payments through physical objects. This move differentiates Cash App from digital-only wallets like PayPal and Apple Pay, and could attract younger users seeking novel payment experiences. The introduction of hardware may prompt merchants and brands to explore new partnerships, while competitors may respond with their own physical-digital payment innovations.

Source: PYMNTS
№04

Ramp Raises $750M at $44B Valuation, Intensifying Expense Management Race

Ramp’s $750 million Series F funding round boosts its valuation to $44 billion, enabling rapid product development and expansion into adjacent financial services. This influx of capital positions Ramp to challenge legacy expense management providers and fintech rivals like Brex, potentially driving increased M&A activity and new offerings for enterprise clients. Incumbents may need to innovate or consolidate to maintain market share.

Source: Finextra
№05

Visa and Mastercard Face DOJ Antitrust Probe Over Card Fee Practices

The U.S. Department of Justice has launched an antitrust investigation into Visa and Mastercard’s credit and debit card fee structures, focusing on potential anti-competitive practices. Merchants could benefit from lower fees if regulators push for changes, while the card networks may need to adjust their business models. The probe could also accelerate interest in alternative payment rails among retailers and fintechs.

Source: The Wall Street Journal
The Long Memory
“In 2014, Kenya’s Safaricom launched M-PESA 1Tap, a contactless payment solution using NFC-enabled cards and wristbands, expanding mobile money beyond phones to physical accessories.

Filed under: Payments History · The Long Memory

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