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Klarna is launching KlarnaUSD, a fiat-backed stablecoin built on the Tempo blockchain to reduce cross-border payment costs. This marks a shift toward stablecoin-based settlement infrastructure, as fintechs begin replacing legacy rails like SWIFT and card networks with programmable money.
Crypto markets just flipped from euphoria to fear, with over $1 trillion in value erased and bitcoin down nearly 30% from its peak. But beneath the volatility, the infrastructure — from stablecoin volume to institutional rails — is still compounding.
As bitcoin and crypto assets get wrapped into ETFs, treasuries, and digital asset trusts (DATs), the market is becoming more accessible — and more fragile. This week’s volatility shows how quickly those wrappers can turn into points of failure.
Decentralized stablecoins keep breaking, and that’s exactly why they matter. Each failure is a stress test in public — a necessary part of building financial infrastructure that doesn’t rely on banks, governments, or permission.
Bitcoin miners are diverting power to AI hosting, slowing hashrate growth at the margins just as post-halving economics bite. This shift introduces long-term questions about network security, as fewer megawatts chase block rewards and more flow into contracted, non-Bitcoin workloads.
Open Money tracks how crypto becomes part of the financial and digital infrastructure beneath everyday life. This week, we break down a16z’s State of Crypto 2025 to show how stablecoins, ETFs, and new wallet UX are embedding open systems into how value moves.