Capgemini SECAP
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Capgemini Research Institute's report on stablecoin disruption to bank payments revenue is the subject of the article, showcasing its research offering
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Information Technology▲ · 1 stocks
Capgemini SEOthers▲ · 1 stocks
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Mastercard, Visa and Ant International Team on Know-Your-Agent Framework
Ant International, Mastercard and Visa have announced a collaboration on a Know-Your-Agent interoperability framework designed to streamline agent onboarding and identification across card networks, digital wallet ecosystems and agent platforms. The framework relies on shared principles while allowing each network to maintain its own verification and decisioning processes, a step the article calls critical as AI agents and automated payment workflows expand. For Mastercard and Visa, the partnership is meant to reinforce network scale and transaction growth by embedding their infrastructure into emerging AI agent ecosystems and cross-border digital wallets, while also creating a tailwind for their value-added services such as identity verification, cyber risk management, fraud decisioning and security tools. The article cautions that integrating the framework carries execution and margin challenges, requiring sustained technology and integration spending at a time when operating expenses and client incentive pressures are already elevated, with rising rebates and promotional spend potentially compressing net take rates. It adds that both companies face revenue growth deceleration relative to historical double-digit rates, alongside moderately higher leverage and cash flow moderation, leaving near-term benefits conditional on managing implementation costs without sacrificing profitability.
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Solana Stablecoins Now Book Flights With 300 Airlines
Travelers can now use Solana-based digital dollars to book flights across more than 300 airlines, according to a recent announcement. The move extends Solana stablecoin payments into airline ticketing, covering a network of over 300 carriers. No further details on the participating airlines, launch partners, or transaction terms were provided in the announcement.
▲impact 4
Stablecoin Issuers Keep Treasury Yield as GENIUS Act Bans Payouts
The GENIUS Act's Section 4(a)(11), enacted in July 2025, now explicitly bars permitted stablecoin issuers from paying holders any interest or yield tied to holding tokens, locking in a business model built on reserve income the issuers keep entirely. Tether, issuer of USDT, ranks as the 17th-largest holder of US Treasuries globally with approximately $141 billion in direct and indirect Treasury exposure as of Q1 2026, per its BDO Italia attestation, while Morgan Stanley projects stablecoin issuers could collectively hold $1.2 trillion in US Treasuries by 2030. Circle's FY2025 SEC 10-K showed $2.75 billion in total revenue, of which $2.64 billion, or 96%, came from reserve income, yet the company still posted a $70 million net loss as distribution costs reached $1.66 billion, including approximately $1.36 billion to Coinbase and a $152.1 million increase attributable to Binance. Tether, lacking a partner on Coinbase's scale, retains roughly 3.0 to 3.5 cents per dollar annually versus Circle's 0.8 to 1.0 cents, posting $13 billion in net profit in 2024 and $1.04 billion in Q1 2026 with excess reserves of $8.23 billion. In September 2026 Circle sold $100 million in equity to Binance, 1,237,011 Class A shares at $80.84 per share, a 5% discount, alongside a five-year agreement paying Binance a monthly incentive fee on USDC held through Circle's Modular Smart Contract Wallet infrastructure, as the January 18, 2027 enforcement cliff approaches with Tether holding roughly 60% market dominance and Circle at 24%.