Blockchain & Digital Assets Weekly Briefing - Week 11
- 3 days ago
- 13 min read
Week ending 13th March 2026
This week in digital assets: Mastercard teams with 85+ partners to enable blockchain payments; Nasdaq joins Kraken to launch issuer-controlled tokenized equities; Brian Armstrong predicts AI agents will soon outnumber humans in transactions; BlackRock adds an Ethereum staking crypto ETF; and Aon completes the first known stablecoin insurance premium settlement using USDC and PYUSD.
Mastercard taps 85+ partners to bring blockchain payments to its network.
Nasdaq partners with Kraken to build issuer-controlled tokenized equities.
"Very soon there are going to be more AI agents than humans making transactions" says Brian Armstrong.
BlackRock expands crypto ETF lineup with new Ethereum staking product.
Aon executes first known stablecoin settlement for insurance premiums using USDC and PYUSD.
Mastercard taps 85+ partners to bring blockchain payments to its network
Mastercard, the global payments technology company that operates a card network spanning more than 200 countries and territories, has launched a new Crypto Partner Program designed to integrate digital assets with traditional financial infrastructure. The initiative brings together over 85 companies across the crypto, fintech and banking sectors to collaborate on the next generation of blockchain-based payment systems.
The program reflects a broader shift in the digital asset industry. Technologies that once operated largely outside the traditional financial system are increasingly being applied to practical use cases such as cross-border remittances, business-to-business payments, settlements and global payouts. According to Mastercard, the goal is to connect blockchain innovation with the established payment rails that merchants, banks and consumers already rely on.
Mastercard spent the past few years building the infrastructure for digital-asset payments — including stablecoin payment rails and its global transfer platform Mastercard Move. The new crypto partner program is designed to bring industry players onto that infrastructure.
Initiative | Type | Purpose |
Multi-Token Network (2023) | Blockchain infrastructure | Tokenized assets for banks |
Stablecoin payment capabilities (2025) | Payment rails | Allow stablecoins in Mastercard payments |
Mastercard Move | Global transfer network | Cross-border payouts and remittances |
Crypto Partner Program (2026) | Ecosystem program | Coordinate partners building on these rails |
A collaborative framework for crypto payments
Mastercard’s new initiative aims to create a structured environment where companies across the ecosystem can jointly develop and scale blockchain-based payment products. Participants will work with Mastercard teams to design future solutions that combine the speed and programmability of digital assets with the reliability and regulatory frameworks of existing financial systems.
The program includes a diverse set of participants—from crypto exchanges and blockchain developers to financial institutions and fintech infrastructure providers. Reported partners include major industry names such as PayPal, Ripple, Circle, Gemini, Paxos and Binance, illustrating how traditional finance and crypto firms are increasingly collaborating on payments infrastructure.
Through the program, partners will also gain access to Mastercard’s existing global infrastructure, including connections to banks, merchants and payment providers worldwide. This allows blockchain-based services—such as stablecoin payments or crypto-to-fiat conversions—to integrate with systems already used in everyday commerce.
Bridging on-chain innovation with global commerce
One of the central challenges in digital asset adoption is the gap between blockchain networks and traditional financial systems. Mastercard’s initiative attempts to address this by aligning innovation with standardized security, compliance and interoperability frameworks—requirements that are essential for large-scale payment networks.
The program builds on several earlier blockchain initiatives from Mastercard, including partnerships with crypto companies and programs supporting startups in the digital asset sector. The company has consistently positioned itself as a facilitator that can help translate blockchain innovation into scalable, regulated payment solutions for businesses and consumers.
A strategic bet on the future of digital payments
The launch also comes at a time when stablecoins and blockchain-based transactions are expanding rapidly. In February 2026 alone, stablecoin transaction volumes reached roughly $1.26 trillion. For perspective, **Mastercard handled about $8 trillion in total payment volume across its network in 2025, indicating that a single month of stablecoin activity already amounts to roughly one-sixth of the annual throughput of one of the world’s largest payment networks.
By building a collaborative ecosystem around these technologies, Mastercard is positioning itself at the intersection of traditional finance and digital assets. Rather than competing directly with blockchain networks, the company’s strategy focuses on connecting them to the global commerce systems that already exist.
In practice, the Crypto Partner Program signals a broader industry trend: the convergence of on-chain innovation with established financial networks, as companies work to bring digital asset payments into mainstream economic activity.
Nasdaq partners with Kraken to build issuer-controlled tokenized equities
Nasdaq, one of the world’s largest exchange operators with a market capitalization of roughly $40+ billion and more than 3,000 listed companies on its flagship U.S. exchange, has unveiled a new equity token design framework aimed at integrating blockchain-based securities into traditional capital markets while keeping issuers at the center of the process.
The initiative marks another step in the growing institutional push toward tokenized financial assets, a trend gaining traction across global exchanges and major financial institutions.
An issuer-centric approach to tokenized equities
Nasdaq’s framework proposes that public companies directly sponsor and control the tokenization of their shares, rather than relying on third-party platforms issuing synthetic representations of equities.
Under this structure, tokenized shares would remain linked to the underlying stock and official share registry, ensuring that holders retain the same economic and governance rights as traditional shareholders, including voting rights and dividend entitlements.
The model is intended to address earlier concerns about tokenized stocks, which often lacked a direct legal connection to underlying securities. By keeping issuers involved and aligning tokens with existing regulatory frameworks, Nasdaq aims to integrate blockchain infrastructure into the established equity market structure rather than replacing it.
Kraken partnership to build the infrastructure layer
To support the initiative, Nasdaq has partnered with Payward, the parent company of the cryptocurrency exchange Kraken, to develop a technical gateway linking regulated stock markets with blockchain-based networks.
The collaboration will combine Nasdaq’s regulated market infrastructure with Kraken’s “xStocks” framework, a tokenized equities system that enables blockchain-based representations of publicly traded shares.
The gateway is designed to allow tokenized equities to move between institutional trading environments and decentralized blockchain ecosystems, while preserving compliance requirements and issuer rights.
Kraken’s xStocks infrastructure already shows early adoption: the platform has processed more than $25 billion in total transaction volume and attracted over 85,000 holders across supported networks since its launch in May 2025.
Within the proposed system, Kraken would also act as a distribution partner, making tokenized shares available to its global user base in jurisdictions where the service is permitted.
Regulatory approval still required
Nasdaq has already submitted a rule change proposal to the U.S. Securities and Exchange Commission (SEC) that would allow tokenized versions of listed stocks and exchange-traded products to trade alongside traditional securities on the exchange.
However, the initiative cannot launch until regulators approve the proposal. If authorization is granted and the supporting infrastructure is completed, Nasdaq expects the framework to become operational in the first half of 2027.
Why it matters for digital assets
Nasdaq’s initiative highlights a broader shift in financial markets toward tokenization of real-world assets, where blockchain technology is used to modernize trading, settlement, and shareholder engagement.
By combining regulated exchange infrastructure with crypto-native platforms such as Kraken, the project aims to create a system in which tokenized equities can function across both traditional financial markets and decentralized networks, potentially enabling faster settlement, automated corporate actions, and expanded global access to public equities.
Competition among exchanges accelerates
Nasdaq’s move reflects a broader race among financial market operators to integrate tokenized assets into regulated markets. Competing venues such as the New York Stock Exchange are also exploring blockchain-based trading infrastructure for tokenized equities.
Industry participants increasingly view tokenization as a potential way to expand market access, improve liquidity, and reduce settlement costs across global financial markets.
Nasdaq’s program is expected to launch in the first half of 2027, pending regulatory approvals and supporting infrastructure.
Why it matters for digital assets
By embedding tokenized securities into a regulated exchange framework, Nasdaq’s design attempts to bridge traditional finance and blockchain infrastructure rather than replacing existing market structures.
If successful, the initiative could establish a model where public companies, regulators, and exchanges—not crypto-native platforms—define how tokenized equities function in mainstream capital markets.
"Very soon there are going to be more AI agents than humans making transactions" says Brian Armstrong.
Artificial intelligence may soon play a larger role in blockchain activity than human users. According to Brian Armstrong, CEO of the U.S.-based cryptocurrency exchange Coinbase, the number of AI agents conducting transactions on blockchains could eventually exceed the number of humans using them.
The comment reflects a growing intersection between artificial intelligence and digital assets, where autonomous software systems may increasingly interact with each other using blockchain-based payment infrastructure.
AI agents as the next users of crypto networks
Founded in 2012, Coinbase is one of the largest cryptocurrency exchanges globally. The company serves more than 100 million verified users and reported roughly $7.2 billion in revenue in 2025, making it a central platform in the digital assets ecosystem.
Within this context, Armstrong recently suggested that the next major wave of crypto adoption may come from machines rather than people. In a post on X, he wrote that “very soon there are going to be more AI agents than humans making transactions.”
AI agents are autonomous software programs capable of executing tasks independently, such as purchasing data, accessing APIs, or interacting with other software services. If millions of these systems operate simultaneously, they could generate large volumes of blockchain transactions.
Why AI systems may rely on crypto infrastructure
Traditional financial systems are designed around human identity. Opening a bank account or accessing payment networks typically requires identity verification through Know-Your-Customer (KYC) procedures, which makes it difficult for autonomous software systems to operate independently within the banking framework.
Blockchain networks operate differently. Anyone can generate a crypto wallet using cryptographic keys without needing formal identity verification. As a result, both individuals and software agents can hold and transfer digital assets.
This technical structure makes cryptocurrencies a potential payment layer for machine-to-machine transactions, where AI agents automatically pay for services such as computing power, data access, or software tools.
Early signs of an emerging “agent economy”
Experiments involving AI-to-AI payments are already appearing in the ecosystem. Back in 2024, developers working with Coinbase had reported demonstrations in which one autonomous program paid another using blockchain infrastructure.
The company has also explored tools designed for AI systems, including “agentic wallets” that allow software agents to create and manage crypto wallets programmatically. These developments reflect broader industry discussions around an “agent economy,” where autonomous AI systems interact economically using programmable digital payments.
Research suggests AI systems prefer digital-native money
Separate research has explored how AI models might behave if they acted as independent economic agents. A study published by the Bitcoin Policy Institute on the research platform Money for AI evaluated 36 frontier AI models from six providers—including OpenAI, Google, Anthropic, xAI, DeepSeek, and MiniMax—across 9,072 simulated financial scenarios.
In the study, AI models were asked to make monetary choices across a wide range of scenarios without being guided toward any specific currency. Overall, Bitcoin was selected in 48.3% of responses, making it the most commonly chosen option, followed by stablecoins at 33.2%, while traditional fiat or bank money accounted for only 8.9%. When broken down by function, AI agents preferred Bitcoin as a store of value (79.1%), whereas stablecoins were chosen more frequently for payments and transactions (53.2%), with fiat chosen at only 5.1%, suggesting that AI systems may naturally separate currencies for savings versus spending.
Stablecoin Firms Position for AI‑Driven Payments
In addition to the views from crypto exchanges and research groups, broader payments firms are already making strategic bets on the prospect of AI‑centric commerce. According to a Bloomberg report, companies such as Circle and payments technology provider Stripe are developing systems intended to support a future where autonomous AI agents transact frequently and programmatically, settling payments in stablecoins rather than through traditional credit card rails. The initiatives include high‑throughput stablecoin settlement infrastructure and protocols designed for machine‑to‑machine payments, even though such activity remains nascent today. Bloomberg describes the market as “a world that doesn’t exist yet,” noting that current AI‑agent payment volumes are still very small, but that these firms are investing ahead of expected demand. This underscores how stablecoin and payments providers are positioning themselves to enable potential future use cases for AI agents within digital and decentralized payment networks.
A potential shift in how crypto is used
If AI agents become widely deployed, blockchain networks could increasingly serve as infrastructure for automated economic activity rather than platforms used primarily by human traders or investors.
However, the scale at which autonomous AI systems will participate in financial networks remains uncertain. The outcome will depend on several factors, including technological development, regulatory frameworks, and the availability of infrastructure that allows software agents to safely manage digital assets.
For now, Armstrong’s comments highlight a broader trend: as AI systems gain autonomy, demand for programmable and borderless payment networks could expand alongside them.
BlackRock expands crypto ETF lineup with new Ethereum staking product
BlackRock, the world’s largest asset manager with over $14 trillion in assets under management, has expanded its regulated crypto offerings with the launch of the iShares Staked Ethereum Trust ETF (ETHB). This NASDAQ‑listed exchange-traded trust combines direct exposure to Ethereum (ETH) with the potential to earn staking rewards, reflecting BlackRock’s strategy to bridge traditional investment structures and decentralized blockchain networks.
The ETF is scheduled to begin trading on the Nasdaq exchange on Thursday morning, according to a Decrypt report. The listing makes the product available through traditional brokerage platforms, allowing investors to access Ethereum staking exposure without directly interacting with crypto infrastructure.
The ETHB ETF joins BlackRock’s existing cryptocurrency suite, which includes the iShares Ethereum Trust ETF (ETHA), a spot‑based Ethereum ETF with approximately $6.5 billion in net assets, designed to track Ether’s price without the operational complexities of self-custody. ETHB builds on this foundation by enabling investors to benefit from Ethereum’s proof-of-stake network, where ether is staked to validate transactions and earn rewards.
How Staking Rewards Are Distributed
According to the prospectus of the iShares Staked Ethereum Trust ETF, staking rewards generated by the trust are divided between investors and service providers involved in operating the staking infrastructure.
The document states that 18% of the gross staking rewards — referred to as “Staking Consideration” — are allocated to the sponsor and the Prime Execution Agent, which may share part of that amount with staking service providers. The remaining portion stays within the trust, benefiting ETF shareholders.
This reward allocation is separate from the fund’s annual sponsor fee of 0.25%.
How ETHB Works
Structure: Trust holding physically backed Ether.
Exposure: Provides both price tracking and staking reward accumulation.
Staking Mechanics: ETHB stakes a portion of its Ether holdings to earn network rewards (between 70%-95%), distributing them monthly to investors indirectly through the fund.
Custodian: Coinbase, Anchorage Digital Bank as an alternative custodian and BNY Mellon for cash holdings.
Fee: 0.25 % annually, with a temporary fee reduction to 0.12 % on the first $2.5 billion of assets for the first 12 months.
Inception date: February 18, 2026
Launch on Nasdaq exchange: March 12, 2026
ETHB allows investors to participate in staking without managing wallets, validators, or blockchain keys, addressing operational barriers that often deter institutional or retail participation. The ETF currently manages roughly $106.7 million in assets and holds around 514 Ether per basket unit (basket: large block of ETF shares), offering a regulated vehicle for earning yield while maintaining price exposure.
How the ETF Creation Mechanism Works
Like most ETF, the product uses a creation basket mechanism to issue shares. Authorized financial institutions known as authorized participants create new ETF shares by delivering assets to the trust in exchange for a block of shares.
For this ETF, a creation basket corresponds to approximately 514 ether, meaning institutions typically deposit that amount of ETH with the fund’s custodian to receive a creation unit of ETF shares. This in-kind structure, where cryptocurrency rather than cash is transferred into the fund, ensures that the ETF remains backed by actual Ether.
Institutional Demand for On-Chain Yield
The launch highlights a growing institutional interest in blockchain-based yield strategies, particularly those that can be delivered through regulated investment vehicles.
While most crypto ETFs focus solely on price exposure, staking-enabled products like ETHB integrate a core economic mechanism of Ethereum’s network into traditional investment structures. As a result, they may appeal to investors seeking both market exposure and recurring income from digital assets.
BlackRock’s move suggests that large asset managers are increasingly exploring ways to bring on-chain financial mechanisms into mainstream investment markets, potentially accelerating institutional adoption of digital assets.
Competition in Ethereum Staking ETFs
BlackRock’s staking-enabled Ethereum ETF enters a market where a limited number of exchange-traded products already incorporate staking rewards. For example, the REX-Osprey ETH + Staking ETF was launched in the United States to provide both direct exposure to Ethereum and monthly distributions from staking rewards.
Other asset managers have also introduced staking features in their products. The 21Shares Ethereum ETF, issued by 21Shares, added staking in 2025, allowing the fund to generate yield by staking a portion of its ether holdings.
In addition, some exchange-traded products from Grayscale Investments, such as the Grayscale Ethereum Staking Mini ETF and Grayscale Ethereum Trust ETF, have implemented staking strategies to earn network rewards on their ether holdings.
While staking-enabled Ethereum exchange-traded products already exist, BlackRock’s entry into the segment carries particular significance due to the firm’s scale. As the world’s largest asset manager, BlackRock oversees more than $14 trillion in assets, and its move into staking-based ETFs could accelerate institutional adoption of yield-generating crypto investment strategies. The launch of the iShares Staked Ethereum Trust ETF therefore marks a notable development in bringing Ethereum’s staking mechanism into mainstream financial markets.
Aon executes first known stablecoin settlement for insurance premiums using USDC and PYUSD
Aon plc (NYSE: AON), a global professional services and insurance brokerage firm operating in over 120 countries, has completed what it describes as the first stablecoin‑based insurance premium payment among major brokers. The company partnered with digital asset firms Coinbase and Paxos as part of a controlled proof‑of‑concept initiative to explore how regulated stablecoins could be used to settle real premium payments.
In the pilot, Aon executed premium settlements using U.S. dollar‑backed stablecoins — USDC on the Ethereum blockchain and PYUSD on the Solana blockchain — demonstrating the technical feasibility of moving institutional funds via blockchain rather than traditional banking rails.
Aon says this effort was designed to test whether stablecoin settlement can deliver faster transaction speed and enhanced transparency while maintaining robust governance and risk controls. It also reflects growing interest in tokenized payment systems amidst evolving regulatory frameworks for digital assets, including U.S. stablecoin legislation introduced in 2025.
Executives from Aon, Coinbase, and Paxos described the pilot as a step toward integrating digital asset infrastructure into traditional financial workflows, especially for clients in digital‑first markets that value quicker settlement and efficient capital movement.
"By settling insurance premiums using stablecoins, including USDC, we are helping Aon scale their financial operations with speed, transparency, and scalable institutional-grade infrastructure" said Brett Tejpaul, Co-CEO of Coinbase Institutional.
The initiative remains exploratory, with Aon planning further evaluation of stablecoin settlement across its broader insurance services to understand potential operational and efficiency gains over time.
WHAT WE ARE READING (OR WATCHING)
The Cryptography Frontier
Alibaba's AI Agent Mined Crypto Without Permission. Now What?
The Stablecoin Standard
HSBC, Standard Chartered to Get Stablecoin Licenses in Hong Kong
Circle moves $68 million in just 30 minutes by using its own stablecoin for internal payments
Governance Watch
BOE Open to Changing Stablecoin Caps After Industry Backlash
Kazakhstan central bank to invest up $350 million in crypto assets
The Nakamoto Engine
Metaplanet Deepens Bitcoin Strategy With $25M Investment Plan, New Venture Arm
The Ethereum & Altcoin Atlas
Solana ETFs Build ‘Serious Investor Base,’ Outpacing Bitcoin in Key Metrics
On the Launchpad
This article is for informational purposes only and should not be considered financial advice. Please do your own research or consult a licensed financial advisor before making investment decisions.
