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UBS’s US Charter: From a global wealth powerhouse into a full-service US bank

    How UBS is strengthening its operations, tech, and competitiveness in the world’s largest retail banking market.
    When you think of UBS, the Zurich-headquartered firm and one of the world’s largest wealth managers operating in over 50 countries, the first things that come to mind are exclusive clients, Swiss banking discretion, and global investment services. In January 2026, UBS Group AG, already publicly traded on the SIX and NYSE, signaled a broader ambition after receiving conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national bank charter. 
    The bank charter gives UBS the regulatory authority to accept deposits, expand checking accounts, and offer traditional lending products directly – a significant step beyond its historical US footprint focused on wealth and investment clients. For decades, UBS in the US operated largely as a wealth-centric entity, relying on brokerage and investment management platforms, rather than core banking relationships. With this bank charter, UBS moves into a domain where operational infrastructure, risk engines, and customer-facing technology are now mission-critical at scale.

    Why go for a US banking charter

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    How a Brazilian digital bank is restructuring the fintech playbook – and why Wall Street is listening

      From São Paulo to Wall Street…

      When a challenger bank born in São Paulo opts for Wall Street for its IPO filing over its home turf, it raises a question no growth investor can ignore: What does it take for a digital bank from an emerging market to play on the world’s biggest stage – and what does that tell us about the future of public fintechs?
      Agibank is the second Brazilian fintech in recent weeks to take this route, just days after PicPay, also in São Paulo, announced similar plans. These moves point to a renewed appetite among Latin American digital lenders to tap global capital markets after years of dormant IPO activity in the region.
      But beneath the headlines, the ticker symbol AGBK, and a reported target of raising up to roughly $1 billion in proceeds, lies a deeper story about scaling fintech infrastructure, navigating risk, and building a technology platform that can serve millions without collapsing.

      A backstory of growth and reinvention

      Agibank didn’t start life as a fintech powerhouse. Its roots trace back to 1999, when founder Marciano Testa, then a college student, launched Agiplan as a credit distributor serving financially underserved segments – eventually evolving into Agibank and becoming fully digital in 2018.

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      When Midwest roots meet Sun Belt growth: Fifth Third’s big bet on scale and relevance

        For Fifth Third, relevance and reach matter as much as scale.

        In today’s age, where finance is measured by margins, scale, and digital reach, strategic positioning matters as much as legacy positioning. For Cincinnati-based Fifth Third Bank [FITB], a storied regional bank with roots extending more than a century and a half, this reality has translated into decisive action. 

        In October 2025, the bank agreed to acquire Dallas-based Comerica Incorporated in a $10.9 billion all-stock transaction that materially expands Fifth Third’s scale, geography, and competitive posture as it enters 2026.

        It is one of the biggest regional bank acquisitions of 2025 and carries deeper significance.

        The deal highlights

        At its core, the Fifth Third–Comerica transaction is simple in structure but significant in impact:

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        Trust Bridges Matter: When agentic systems meet payment reality

        Agentic commerce, powered by AI agents that anticipate needs and act on a user’s behalf, is beginning to move from theory into practice. These agents promise to reshape commerce end-to-end, from discovery and negotiation through checkout and post-purchase workflows, potentially contributing trillions of dollars to global economic activity by the end of the decade, according to McKinsey. A key constraint, however, might already be at hand.

        While AI systems are increasingly trusted to make decisions, they are not yet entirely trusted to share payment credentials directly. It may be early to talk definitively about agentic commerce systems, but this trust gap is already shaping how pilots are designed and how much autonomy is granted to AI in payments.

        This article tracks those developments and the implications for commerce at large.

        Orchestration moves faster than execution: Generative AI can generate content, surface recommendations, and simulate conversations. Yet the moment money changes hands, whether in checkout, authorization, or settlement, execution is constrained by consumer trust and the need for secure, regulated rails.

        Recent PYMNTS data supports this trend: 33.5% of consumers prefer linking a digital wallet rather than allowing gen AI platforms direct access to card credentials or storing them directly. 

        This means trust in AI’s decision-making does not automatically extend to moving money – a challenge that emerging agentic commerce

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        Morgan Stanley’s crypto ETF move – and the risk of getting ‘institutional crypto’ wrong

          The next phase of bank innovation

          For years, Wall Street’s approach to crypto followed a familiar script: offer access, avoid ownership, and keep product risk at arm’s length. Large banks distributed crypto-linked funds, approved selective exposure for wealthy clients, and built infrastructure, while refraining from issuing products themselves.

          Morgan Stanley’s early‑year filings signal a notable shift in that posture. 

          The bank plans to launch a spot Bitcoin ETF, a Solana ETF with staking exposure, as well as an Ethereum Trust offering staking rewards to investors for potential extra yield.

          The question attached to Morgan Stanley’s recent move

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          Deposits vs. Payments – What drives more value for banks today?

            The new banking formula: deposits plus payments

            There was a time when banks and fintechs competed mostly on bells and whistles: smoother apps, faster checkout, appealing rewards. But in the world of public markets and quarterly earnings, functionality gives way to fundamentals. At the intersection of traditional banking and modern fintech lies a simple but growing question: what actually drives sustainable value for banks today?

            Is it the buzz‑worthy growth of payment volumes and new revenue streams – or the old‑school strength of deposit balances and net interest income? The answer isn’t as cut-and-dry as headlines might suggest; it’s a mix of factors.

            Banks that are expanding their deposit base while also focusing on building fee-based revenue, payments, and now blockchain payments are pursuing a hybrid model approach. If executed carefully, this model can strike a balance between stability and growth, keeping deposits at the core while payments support expansion. 

            SoFi is a case in point.

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            Crypto made a comeback in 2025 – this time with banks testing the waters

            On a cold Monday evening in December 2025, a corporate treasurer walked into a standing meeting with a request: “Can we settle this cross-border payment tonight instead of tomorrow?”

            In any other year preceding 2025, the answer would’ve been a polite laugh. Settlement calendars have been carved into the industry’s muscle memory for decades: markets open, markets close, and money moves when the banking system says so. But in 2025, something structurally significant had changed.

            The treasurer wasn’t asking for a miracle. She was asking for a stablecoin settlement.

            And the response wasn’t a laugh. It was a yes.

            In the blur of AI news cycles and political discourse throughout 2025, crypto staged a comeback; not in meme tokens or speculative blow-ups, but as experimental infrastructure for treasury, payments, and cash flow.

            In this piece, we examine how a small but growing group of banks began engaging more actively with crypto following its resurgence – and what that shift may signal for the future of institutional money movement.

            By the end of 2025, three narratives had come together:

            • Banks are issuing deposit tokens and have begun settling on public blockchains

            • Stablecoins have a regulatory framework under the GENIUS Act

            • Treasurers began using tokenized instruments for real settlement, liquidity management, and global payments

            These developments signal crypto maturation toward a more controlled, mainstream, institution-friendly phase, even if adoption remains uneven and early.

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            Why every bank now needs a stablecoin strategy (whether they like it or not)

            Kirill Gertman, Conduit on the Tearsheet Podcast

            The GENIUS Act brings regulatory clarity to stablecoins, but Conduit CEO Kirill Gertman argues that clarity alone won’t guarantee success. Banks face a choice between building their own infrastructure or becoming the pipes for others.

            Gertman has watched the stablecoin industry evolve from multiple angles. He spent nearly two decades in financial services before founding Conduit in 2021, including six years in crypto and a stint as VP of product at BRD, which became Coinbase Wallet. His company grew 16x in 2024 by solving a practical problem: businesses in emerging markets were accumulating stablecoins to hedge against local currency volatility but couldn’t use those balances in their day-to-day operations. Conduit now works with tier-one banks and multinational corporations, processing billions in cross-border payments. And with the GENIUS Act bringing the first comprehensive regulatory framework for stablecoins in the United States, Gertman argues the legislation’s passage raises as many strategic questions as it answers—particularly for banks that have been sitting on the sidelines.

            Today, we’ll explore why the GENIUS Act matters, the critical difference between stablecoins and deposit tokens, what strategy banks should actually pursue, and where Gertman sees the industry heading as major players race to build vertically integrated stacks.

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            The big ideas

            1. Regulatory clarity finally exists, but creates new competitive pressures

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            Web3 companies also need payroll: Franklin’s CEO Megan Knab explores blockchain’s role in financial tools

            crypto megan knab

            Franklin bridges the gap between Web3 and traditional finance, rethinking how businesses manage payroll and payments. Today’s podcast features Megan Knab, Franklin’s CEO. She shares insights into the transformative role of blockchain in financial operations. She has a vision: leveraging blockchain to modernize payroll and financial tools. Megan has a rich fintech background comprised of roles at Serotonin, DriveWealth, and Veriledger.

            As an accountant by trade, Megan is no stranger to navigating financial systems. She became passionate about blockchain in business school after discovering an accounting fraud at work. “Public blockchains,” she recalls, “have the power to create an open financial system.”  

            Megan founded Franklin two years ago to simplify financial operations for Web3 businesses. She focuses on making finance easier and more efficient. She notes, “Anyone who’s used payroll software in the last 10 years knows it can be an antiquated experience.” Franklin integrates both fiat and on-chain payment capabilities. This strategy allows it to operate in both Web3 and traditional finance. As a result, Franklin is carving out a unique niche in both areas.

            Crypto and financial tools  

            Megan highlights blockchain’s potential to enhance back-office operations for B2B organizations. She notes, “Stablecoins can leapfrog current payroll technologies by facilitating faster payments.” She also explains that blockchain’s immutability ensures greater accuracy in financial reporting. This also builds trust in the data. “By using public ledgers, businesses can reduce errors and streamline audits. This creates efficiencies that traditional systems struggle to match,” Megan adds.

            Blockchain’s ability to integrate with existing payment systems is driving innovation. This is creating new financial tools for modern business needs.

            Tax compliance and crypto  

            One of Franklin’s standout features is its focus on tax compliance. Megan explains, “We build tools that ensure every transaction adheres to federal and state regulations.”  She emphasizes that Franklin’s proactive approach simplifies navigating the regulatory maze. “With over 675 tax jurisdictions in the U.S., automation is critical for ensuring accurate reporting. And avoiding costly errors,” Megan notes. This commitment makes Franklin a trusted partner for businesses handling complex payroll systems.

            Decentralized finance for B2B

            Megan believes decentralized finance (DeFi) has practical use cases for businesses. ” We’re helping companies operate seamlessly in fiat and crypto. Whether it is multi-currency payroll or international remittances,” she says. 

            She also highlights the cost advantages of DeFi. “Businesses can reduce transaction fees and enhance payment speed. It does so by eliminating intermediaries. These are critical factors for today’s global operations,” Megan explains.

            Early Wage Access without loans

            Franklin’s approach to early wage access differs from traditional models. Megan critiques typical earned wage access programs as “modern payday lending”. She advocates for faster money movement using stablecoins instead. She adds, “Why burden employees with hidden loan agreements when we can facilitate instant payouts?” This method empowers workers and also minimizes administrative overhead for businesses. Franklin uses stablecoins to provide an alternative to outdated payroll systems. This creates more flexibility for both employers and employees.

            The Path Forward: Privacy and adoption of crypto

            For broader blockchain adoption, Megan identifies a need for privacy technologies. “Financial institutions will continue experimenting rather than integrating. This will happen until we address privacy concerns.” she asserts.

            She highlights solutions like zk-SNARKs as promising but notes their computational expense. “The key lies in enabling selective disclosure of transaction data. It includes ensuring both compliance and confidentiality,” Megan explains. She envisions a future where blockchain is a core part of financial infrastructure — not just an experiment. Advances in privacy tech can make this possible.

            The Big Ideas  

            1. Blockchain Drives Transparency and Efficiency. Megan states, “Public blockchains can create transparency in financial systems. But adoption in heavily regulated industries remains challenging.”

            2. Multi-Currency Payroll Is a Necessity for Modern Businesses. Franklin’s tools enable businesses to pay in both fiat and stablecoins. “This flexibility is crucial for modern, remote-first teams,” Megan explains.

            3. Tax Compliance Is Key to Crypto Adoption. “With over 675 tax jurisdictions in the U.S. alone,” Megan points out, “building a compliant payroll system is no small task, but it’s essential.”

            4. Faster Payroll Cycles Empower Both Employers and Employees. Megan challenges traditional pay cycles. She asks, “Why should employees give interest-free loans to their employers? Stablecoins offer a faster alternative.”

            5. Bridging Traditional Finance and Decentralized Systems Is the Real Opportunity. Megan underscores the importance of hybrid models. She says, “Real market potential lies in bridging traditional finance with decentralized systems.”

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            From Bitcoin to Tokenized Assets: A roadmap for Web3 in finance with Rumi Morales

            bitcoin rumi morales

            Is the promise of Web3 in finance finally coming to fruition, or are we still in the early stages of a long journey from Bitcoin to tokenized assets?

            As the cryptocurrency and Bitcoin market evolves, Bitcoin’s price swings draw attention. Traditional banks explore blockchain cautiously. People are curious about the current stage of Web3 development. The question remains: where are we on the timeline?

            Today’s episode of the Tearsheet podcast features Rumi Morales. She is a partner and board member at Outlier Ventures. She discusses the current state and future potential of Web3 in the financial sector. Morales brings extensive experience from her roles at CME Group, Digital Currency Group, and Goldman Sachs.

            Morales reflects on her decade-long journey in the cryptocurrency and Bitcoin space. She shares, “I would have answered this question a lot better 10 years ago when I first got into the space. I think I was full of hope and excitement and a lot of ambition.” Her perspective offers a nuanced view of the industry’s progress. She recognizes the progress and challenges of Web3 technologies in achieving mainstream adoption.

            As the discussion unfolds, Morales provides valuable insights into the current state of Web3. She discusses the role of decentralization. She elaborates on the potential for blockchain technology to reshape traditional financial services. Her position bridges traditional finance and emerging technologies. This gives readers a well-rounded view of the future of digital assets and decentralized systems.

            The Current State of Web3 in Finance

            Morales starts by discussing the slower-than-expected adoption of Web3 in finance. She notes, “Reality has shown me that today, where are we? For those that seem to be succeeding, they are with the broader marketplace, they’re succeeding in a rather traditional way.”

            This observation highlights a key challenge in the Web3 space. Such as the tension between decentralization and traditional business models. Morales says, “The question is, is that theory of decentralization ever gonna take over centralization? The jury is completely out for me on that one.”

            Challenges and Opportunities for Web3 Startups

            Morales notes the resource gap and bureaucracy Web3 startups face with traditional banks. She states, “Many times to get that contract signed, it has to go through how many layers of checks and approvals. And compliance and so on on the big companies and the little companies.”

            This underscores the need for Web3 startups to articulate the problems they’re solving. And to prove tangible value to potential partners in the financial sector.

            Role of Accelerators in Nurturing Web3 Innovation

            Morales shares details about Outlier Ventures’ role as a Web3-focused accelerator. She explains, “We’ve probably accelerated around over 200 companies at this point. Helping them in their earliest stages of growth.” The accelerator provides support in different areas, like legal, marketing, finance, and token design. The aim is to build a robust ecosystem for Web3 startups.

            Future of NFTs and Digital Collectables

            Morales stays optimistic about NFTs and digital collectables, despite recent market changes. She notes, “There’s something powerful in digital collectables in a lot of use around gaming and media and sports. And it’s these kinds of consumer-focused applications where I think a lot of Web3 solutions can make sense.”

            Morales recognizes the recent downturn in NFTs. Yet, she believes industries like fashion, gaming, and media will embrace them again. This is due to their focus on innovation. This perspective offers a counterpoint to the current narrative surrounding NFTs. It suggests that we may see a resurgence in this space as more practical use cases emerge.

            Real-World Assets, Bitcoin and the Future of Tokenization

            Discussing emerging trends, Morales highlights the potential of tokenizing real-world assets (RWA). She explains, “That is about being able to tokenize most anything. It doesn’t have to be a traditional security in the stock or bond sense of things.” This area represents a promising intersection between traditional finance and Web3 technologies.

            The Big Ideas

            1. Morales emphasizes the importance of data ownership and privacy in the Web3 ecosystem. She states, “I do think when it comes to data and data ownership and privacy and individual rights, this idea that humans and individuals should be owning their data. And not giving it away to centralized entities is becoming more and more and more important.”

            2. There is tension between centralization and decentralization (such as with Bitcoin) in the Web3 space. Morales notes, “The question is, is that theory of decentralization ever gonna take over centralization? The jury is completely out for me on that one.” This observation highlights a fundamental challenge in the Web3 ecosystem. It is balancing the ideals of decentralization with practical implementation and human nature.

            3. Web3 startups face significant hurdles when trying to collaborate with traditional financial institutions. These challenges stem from mismatches in resources, bureaucracy, and operational timelines. Morales explains, “Many times to get that contract signed, it has to go through how many layers of checks. And you’re just hoping that they don’t run out of money to get something done to prove that you can do this.”

            4.  Accelerators are essential for nurturing Web3 innovation by supporting early-stage startups. This highlights the importance of investing in startups. Morales explains the role of Outlier Ventures in this ecosystem. She says, “We’ve probably accelerated around over 200 companies at this point, helping them in their earliest stages of growth. So these are pre-seed or seed stage companies.”

            5. Tokenization of real-world assets represents a promising area for convergence between Web3 and traditional finance. Morales states, “That is around being able to tokenize most anything. It doesn’t have to be a traditional security in the stock or bond sense of things.”

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