FIFA World Cup Returns to US – Payments Infrastructure Highlighted as Key Factor for Sportsbook Growth

Key Takeaways

World Cup Returns to US in a Regulated Betting Era

The FIFA World Cup is returning to U.S. soil for the first time since the 2018 repeal of PASPA, the federal law whose removal led to the emergence of regulated sports betting markets across the country. In the years following that repeal, more than 30 states have moved to permit online wagering.

This regulatory shift has fundamentally changed the landscape in which major sporting events take place. When the tournament was last held in the United States, regulated online sports betting did not exist on a state level in the way it does today. The current edition therefore unfolds in a market environment where licensed operators can offer digital betting products to customers in a majority of states.

For users of online sportsbooks, this means the tournament is accessible through regulated platforms in many jurisdictions. For operators, it represents a large scale test of their technical and operational infrastructure during a period of heightened activity.

Operators Expect Record Betting Handle

According to reporting by SBC Americas, U.S. operators are preparing for unprecedented betting handle during the tournament. Handle refers to the total amount of money wagered by customers. Expectations of record volumes indicate that sportsbooks anticipate significant engagement from bettors across participating states.

Large international tournaments traditionally drive spikes in betting activity, and this edition of the World Cup comes at a time when online wagering is available in more than 30 states. The breadth of legal markets increases the potential customer base compared to earlier years.

For comparison platform users, elevated handle can translate into higher traffic on sportsbook platforms, more in play activity, and greater pressure on payment systems. Periods of intense betting activity often test the reliability and speed of deposits and withdrawals, particularly when millions of transactions are processed in a compressed timeframe.

Payments Infrastructure Under Scrutiny

In this context, the role of payments providers has moved into focus. Zak Cutler of Paysafe argues that a robust cashier will future proof sportsbook brands for what comes next. His comments highlight the operational side of online wagering that becomes especially visible during high demand events.

The cashier system handles deposits, withdrawals, and the routing of funds between players and operators. During global tournaments such as the World Cup, transaction volumes can rise sharply. If payment processing is slow or unreliable, it can directly affect user experience.

Cutler’s remarks point to payments infrastructure as a strategic component rather than a back end function. As regulated betting expands across states, operators compete not only on odds and product offerings but also on the efficiency of their financial transactions.

For crypto users and customers comparing payment options, this discussion is relevant. While the source material does not detail specific payment methods, the broader reference to cashier robustness underscores that transaction processing capacity is central during major events.

Post PASPA Market Maturity Meets Global Event

The timing of the World Cup in the post PASPA environment illustrates how far the U.S. market has evolved since 2018. At that time, the repeal triggered the emergence of regulated sports betting frameworks across individual states. Over subsequent years, more than 30 states have permitted online wagering.

This regulatory expansion means that a global tournament now intersects with a widespread domestic digital betting infrastructure. Operators licensed in multiple states can serve customers through online platforms, and payments providers must support transactions across those regulated environments.

The combination of a global sporting event and a mature, multi state online betting market places emphasis on scalability. Systems must handle peak traffic without service interruptions. For operators, performance during such events can influence customer retention and brand perception.

Operational Readiness as a Competitive Factor

The expectation of unprecedented handle suggests that sportsbooks are preparing for elevated volumes not only in wagers but also in financial transactions. A robust cashier system, as highlighted by Paysafe’s Zak Cutler, is positioned as a tool to ensure operational continuity.

From a structural perspective, payments form a core layer of the online betting ecosystem. Deposits enable participation, and withdrawals represent the realization of winnings. During a tournament that attracts global attention, any friction in these processes becomes more visible.

As more than 30 states permit online wagering, operators operate within regulated frameworks that require compliance and reliability. Payment processing must align with these regulatory environments while also managing increased demand.

Our Assessment

The return of the FIFA World Cup to the United States marks the first time the tournament is held domestically since the 2018 repeal of PASPA led to the emergence of regulated sports betting markets. With more than 30 states now permitting online wagering, operators expect unprecedented betting handle. In this environment, payments infrastructure, particularly the robustness of cashier systems as highlighted by Paysafe’s Zak Cutler, is presented as a central operational factor during a period of elevated transaction volume.

China Warns Sri Lanka Over Online Gambling Expansion – Authorities Intensify Cross-Border Enforcement

Key Takeaways

Chinese Embassy Flags Expansion of Gambling and Fraud Networks

China has formally warned that online gambling and telecom fraud groups are spreading their activities into Sri Lanka. In a statement dated May 29, the Chinese Embassy in Colombo said criminal networks from East and Southeast Asia are seeking new locations as enforcement tightens in other jurisdictions.

According to the embassy, these networks operate across borders and increasingly rely on digital tools. Traditional crime models have moved online, while organized groups relocate when pressure from authorities increases in a specific country. Sri Lanka is now part of what Beijing describes as a broader regional enforcement picture.

The embassy linked online gambling operations to a wider set of activities, including telecom fraud, underground banking, scam compounds, and illegal digital marketplaces. Chinese officials argue that these interconnected activities make cross-border enforcement more complex and resource intensive.

Sri Lankan Authorities Conduct Raids and Arrests

Chinese officials stated that Sri Lankan police and immigration authorities have already taken action against suspected gambling and fraud operations. According to the embassy, authorities have dismantled several locations believed to be linked to online gambling and telecom fraud.

The operations reportedly resulted in the arrest of suspects from different countries. In cases involving Chinese nationals linked to fraud investigations, some individuals were transferred to China for further investigation.

The embassy framed these measures as part of growing cooperation between the two countries. In a joint statement issued in January 2025, Sri Lanka and China identified telecom fraud and online gambling as shared concerns. Both sides agreed at that time to strengthen judicial, law enforcement, and security cooperation.

For users and operators in the iGaming sector, this signals that Sri Lanka is now under increased scrutiny regarding cross-border gambling activities. Authorities appear to be coordinating more closely on investigations that involve foreign nationals and international financial flows.

China Reaffirms Ban on Cross-Border Gambling Participation

In its latest statement, Beijing reiterated its established gambling policy. Chinese citizens are prohibited from participating in overseas casino operations. Chinese capital cannot fund overseas casinos, and foreign casinos are not allowed to solicit Chinese citizens.

China has also amended its legal framework to criminalize the organization of cross-border gambling activities. This means that individuals or entities involved in facilitating such operations may face prosecution under Chinese law, even if the activities take place outside mainland China.

The embassy emphasized that Beijing views cross-border gambling networks as part of transnational organized crime. According to Chinese authorities, these activities can lead to financial losses, fraud, money laundering, kidnapping, human trafficking, and smuggling.

For international operators, including crypto-enabled betting platforms, this position underlines the legal risks associated with targeting or accepting Chinese customers. China’s stance applies regardless of where an online casino or sportsbook is physically located.

Regional Pattern of Warnings Across Asia

The warning to Sri Lanka follows similar messages issued by Chinese diplomatic missions in other Asian jurisdictions. The embassy in Colombo referred to comparable alerts in markets such as Singapore, where Chinese citizens were told to avoid gambling activities abroad.

In 2024, Reuters reported that Beijing had linked overseas gambling to fraud, money laundering, human trafficking, and related risks. The latest statement concerning Sri Lanka aligns with that broader narrative, which frames offshore gambling as part of a larger ecosystem of financial and cybercrime.

Chinese officials argue that as enforcement increases in one country, organized groups shift operations elsewhere. The relocation of gambling and telecom fraud networks into Sri Lanka is described as part of this pattern.

For the wider iGaming market, especially platforms operating across borders and accepting digital payments, this reflects an environment of tightening scrutiny. Authorities are paying closer attention not only to gambling activity itself but also to associated payment channels and digital infrastructure.

Implications for Cross-Border Online Gambling

The developments highlight the complexity of operating in jurisdictions where enforcement priorities can shift rapidly. According to the Chinese Embassy, illegal online betting and fraud operations can damage public safety, strain law enforcement resources, and harm a country’s reputation if left unaddressed.

Sri Lanka’s reported raids and suspect transfers indicate that authorities are willing to cooperate internationally when investigations involve foreign nationals. For users, particularly those in regions subject to strict gambling prohibitions, participation in offshore platforms may carry legal risks depending on national laws.

Operators that rely on cross-border customer acquisition, including those using cryptocurrencies for payments, face an environment in which regulatory and diplomatic pressure can intensify quickly. The emphasis on underground banking and illegal digital markets also suggests that financial flows connected to gambling remain under close review.

Our Assessment

China’s warning to Sri Lanka formalizes concerns about the relocation of online gambling and telecom fraud networks into the country. Sri Lankan authorities have already conducted raids, made arrests, and cooperated with China on suspect transfers. Beijing has reiterated its prohibition on Chinese citizens and capital participating in overseas casino operations and continues to frame cross-border gambling as part of transnational organized crime. The case illustrates expanding cross-border enforcement cooperation in Asia and increased scrutiny of international online gambling activities.

JPMorgan, Citi and Other Major Banks Plan Tokenized Deposit Network for 2027 – Clearing House Initiative Signals Push for 24-7 Digital Settlement Within Regulated Banking

Key Takeaways

The Clearing House to Operate Tokenized Deposit Network

The Clearing House, a bank owned payments operator in the United States, is preparing to launch a tokenized deposit network in the first half of 2027. The initiative was reported by The Wall Street Journal and confirmed through comments by CEO David Watson.

According to Watson, the planned network will link traditional banking payment systems with digital asset infrastructure. The goal is to enable 24-7 settlement, bringing continuous processing capabilities to bank based deposits through tokenization.

The Clearing House is co owned by several of the largest US and international banks operating in the country. Its ownership group includes JPMorgan Chase, Bank of America, Citibank, Barclays, BNY and Wells Fargo, among others. By positioning the new system under a jointly owned operator, the participating institutions are centralizing the infrastructure within an existing regulated framework.

Cointelegraph reported that it contacted The Clearing House for additional comment but had not received a response at the time of publication.

Response to Stablecoin Competition in Traditional Finance

The reported plan comes as stablecoin issuers and blockchain based companies expand further into traditional financial services. Stablecoins have gained attention for their ability to facilitate fast settlement and programmable transactions on blockchain networks.

Banks are seeking to offer similar functionality while keeping deposits within regulated banking channels. The tokenized deposit model would allow traditional deposits to be represented in digital form, potentially combining established compliance structures with features that have made stablecoins attractive for settlement and treasury purposes.

The competitive backdrop also includes legislative developments in the United States. US banks have expressed opposition to aspects of proposed crypto market legislation that could allow stablecoin issuers to offer yield to users on their holdings. Such yield bearing products would resemble interest payments on traditional bank deposits.

In late May, JPMorgan CEO Jamie Dimon stated that the banking industry would continue to oppose the current version of the Digital Asset Market Clarity Act, known as the CLARITY Act. He added that crypto companies seeking to offer yield bearing products should apply for banking charters. The comments followed a May committee vote to advance the CLARITY Act in the Senate Banking Committee. The bill must still pass both chambers of Congress before being sent to US President Donald Trump.

24-7 Programmable Settlement as Strategic Focus

Industry participants view continuous and programmable settlement as a central feature of the evolving payments landscape. Carl Grimstad, CEO of digital asset infrastructure provider Lydian, told Cointelegraph that the Clearing House announcement shows that 24-7 programmable settlement is becoming increasingly important.

Grimstad stated that banking institutions are reacting to where value is already moving. While banks have experimented with tokenization in controlled environments, public blockchain networks have already settled value at global scale, according to his comments.

He also highlighted a broader structural issue: how value will move across what he described as an increasingly fragmented mix of bank ledgers, public chains and digital assets. The planned Clearing House network represents one approach to integrating bank issued deposits into that multi system environment.

Broader Acceleration of Tokenization on Wall Street

The Clearing House initiative is part of a wider trend among major financial institutions to explore tokenization of financial assets and infrastructure.

On March 24, the New York Stock Exchange partnered with tokenization platform Securitize to develop blockchain based trading infrastructure. The partnership aims to enable the minting of tokenized shares of stocks and exchange traded funds.

Earlier, on March 18, the US Securities and Exchange Commission gave regulatory approval to Nasdaq’s pilot proposal supporting trading of tokenized versions of high volume stocks and securities.

In January, Intercontinental Exchange, the parent company of the New York Stock Exchange, shared plans for a tokenized securities venue designed for 24-7 trading, instant settlement, stablecoin based funding and onchain settlement.

Tokenization efforts are not limited to the United States. In April, South Korea’s Ministry of Economy and Finance announced a pilot project that will use tokenized deposits to execute government operational spending. A full rollout is scheduled for the fourth quarter of 2026.

These parallel initiatives show that both private sector institutions and public authorities are testing tokenized representations of traditional financial instruments and deposits within existing regulatory frameworks.

Implications for Digital Asset Users and Market Participants

For users of crypto based financial services, the planned Clearing House network reflects a convergence between traditional banking infrastructure and digital asset technology. Instead of relying solely on public blockchain issued stablecoins, banks are developing tokenized forms of deposits that remain within established banking systems.

For market participants evaluating payment options, custody structures or settlement mechanisms, the distinction between bank issued tokenized deposits and independently issued stablecoins may become more relevant as regulatory debates continue.

The proposed 2027 launch date indicates that large scale implementation will follow further technical development and coordination among participating banks.

Our Assessment

The Clearing House plan to launch a tokenized deposit network in 2027 demonstrates a coordinated effort by major US banks to integrate tokenization into regulated deposit infrastructure. Backed by JPMorgan Chase, Bank of America, Citibank and other large institutions, the initiative aims to provide 24-7 settlement while retaining deposits within the traditional banking system. The project unfolds alongside legislative discussions on stablecoin regulation and parallel tokenization initiatives across US and international financial markets.

Bitcoin Privacy in 2026 Relies on Self Custody, P2P Trading, and Network Protection Tools

Key Takeaways

Bitcoin’s Pseudonymous Design and the Role of Intermediaries

Bitcoin was initially described by some early observers as anonymous. In practice, the system functions as a pseudonymous monetary network. The protocol itself does not require users to submit names, addresses, or identification documents. Transactions are recorded on a public blockchain and are linked to public addresses rather than personal identities.

Privacy challenges arise primarily when users interact with companies built around Bitcoin. Exchanges and broker like platforms typically collect extensive personal data to comply with financial regulations. This can include names, home addresses, phone numbers, and IP addresses. According to the source material, such data can expose users to risks if it is leaked, misused, or accessed by unauthorized parties.

The text emphasizes that Bitcoin does not need user data to function. Instead, the broader digital environment relies heavily on data collection. Hacks and data breaches across banking, social networks, and government agencies illustrate systemic weaknesses in securing personal information. For users, this distinction is central: the protocol itself differs from the services built on top of it.

Different Privacy Risks Depending on Jurisdiction

The level and type of privacy risk varies depending on where you live. In some countries, capital controls have been imposed through the banking system. In such cases, holding bitcoin in self custody, combined with privacy preserving practices, is presented as a way to reduce exposure to these controls.

In other environments, organized crime is described as a significant threat. The source refers to cases in France where individuals who paid crypto taxes entered public records as crypto holders, followed by reports of related home invasions. The implication is that public association between identity and crypto ownership can create personal security risks.

The article also highlights activists operating under oppressive regimes. In these contexts, Bitcoin can serve as a financial channel when access to traditional banking is restricted. The underlying argument is that privacy measures are situational and depend on specific legal and social conditions.

Network Privacy: VPNs, Tor, and Browser Choices

Protecting your IP address is described as a first step in improving Bitcoin privacy. An IP address can reveal your internet service provider and potentially narrow down your physical location. VPN services are commonly used to mask this information. However, the source notes that not all VPN providers operate under the same privacy standards and some are rumored to retain logs.

Mullvad VPN is mentioned as having a positive reputation within the Bitcoin community and for accepting Bitcoin as payment. It can be used alongside Tor and offers an option to block traffic that does not pass through the VPN connection.

Tor Browser is identified as another tool, particularly for anonymized internet access. Many Bitcoin related privacy tools include built in Tor connectivity. Brave Browser is also cited for blocking tracking and offering integrated Tor support.

These tools address network level exposure rather than blockchain analysis directly. They are designed to reduce the traceability of your online activity when interacting with wallets, nodes, or peer to peer platforms.

Acquiring Bitcoin Without Centralized Exchanges

The source describes the acquisition phase as the most significant challenge to privacy. Centralized exchanges have become the dominant on ramp between fiat currency and bitcoin. To comply with regulation, they often collect extensive personal information.

Peer to peer models have offered alternatives. LocalBitcoins, founded in 2013, operated for about a decade before shutting down. It implemented know your customer requirements in 2019 following regulatory pressure in Finland and later ceased operations during the 2023 bear market and what is referred to as Operation Chokepoint 2.0.

LocalBitcoins functioned as an escrow service for bitcoin while fiat transfers occurred directly between buyer and seller bank accounts. The platform did not handle fiat funds directly and only accessed banking details in case of disputes.

Bisq is presented as a successor model that continues to operate. It uses a decentralized and Tor enabled structure to connect buyers and sellers globally. According to the source, Bisq records nearly 5 million dollars in monthly volume. Users can run the software locally and manage alerts or trades via mobile applications. The text advises selecting high reputation counterparties and notes that sellers often charge around 5 percent above spot price.

The source also recommends keeping individual peer to peer trades relatively small and highlights dollar cost averaging as a compatible approach. Offline transactions through local Bitcoin communities or accepting bitcoin in exchange for services are described as additional methods to acquire bitcoin with fewer data trails.

Onchain Privacy and Running Your Own Node

Bitcoin’s blockchain is fully public and auditable. While addresses are not inherently tied to identities, analytics firms may attempt to cluster transactions and associate them with known entities, particularly when combined with exchange data.

To limit data sharing, the source emphasizes running your own Bitcoin node. When you rely on third party nodes, you effectively query them for your balances and transaction history. Operating your own node reduces the amount of information disclosed to external infrastructure providers.

This approach shifts responsibility to the user but reduces dependence on centralized services for blockchain data access.

Our Assessment

The source material outlines a multi layer approach to Bitcoin privacy in 2026. It distinguishes between protocol level design and the data practices of exchanges and service providers. It identifies network privacy tools, peer to peer acquisition methods, and self hosted infrastructure such as personal nodes as practical measures. For users evaluating crypto platforms or payment options, the key factor is how much personal information is required and how that data is handled outside the Bitcoin protocol itself.

Philippine Gaming Revenue Could Fall to PHP320-350 Billion in 2026 – Pagcor Cites Payment Limits and Economic Pressure

Key Takeaways

Pagcor Lowers Full Year Outlook After Strong 2025

The Philippine Amusement and Gaming Corp, known as Pagcor, expects the country’s gaming industry to post lower gross gaming revenue in 2026 compared with the previous year. Speaking at the SiGMA Asia Summit 2026 in Manila, Chairman and CEO Alejandro Tengco said total GGR could reach between PHP320 billion and PHP350 billion for the full year.

In 2025, the Philippine gaming market generated PHP396.14 billion in gross gaming revenue. Based on Pagcor’s current estimate, the 2026 figure would represent a decline of approximately 11.6% to 19.2%.

Tengco stated that he personally expects a lower result than in 2025 and indicated that the revised range reflects current market conditions. The updated outlook was first reported by BusinessWorld.

For users and operators monitoring the Southeast Asian gaming market, the revised projection signals a potential contraction after a period of growth driven largely by electronic gaming.

First Quarter Data Shows 15.87% Year on Year Decline

Official Pagcor data for the first quarter of 2026 shows that total gross gaming revenue reached PHP87.6 billion. This represents a 15.87% decrease compared with the same period in 2025.

Licensed casinos accounted for PHP44.52 billion, or 50.83% of total GGR during the quarter. Electronic gaming generated PHP39.90 billion, representing 45.55% of the market.

This distribution marks a notable shift. In 2025, online and electronic gaming platforms had overtaken land based casinos as the primary revenue driver. Following the first quarter decline, licensed casinos once again contributed the largest share of total gaming revenue.

The reversal highlights how sensitive the electronic gaming segment has become to changes in consumer behavior and regulation.

Electronic Gaming Segment Loses Momentum

Electronic gaming had been the main growth engine for the Philippine gaming industry in 2025. That year, total GGR rose 6.39% from PHP372.33 billion in 2024 to PHP396.14 billion, with online and electronic platforms offsetting weaker performance from brick and mortar casinos.

In early 2026, however, this same segment contracted considerably. According to Ser Percival Peña-Reyes, senior research fellow at the Ateneo Center for Economic Research and Development, the sharp decline indicates that digitally driven demand is also vulnerable to broader economic stress.

Peña-Reyes told BusinessWorld that inflation, weaker consumer confidence, and slower economic growth could continue to weigh on gaming revenue in the Philippines. The data from the first quarter supports this assessment, as electronic gaming experienced a significant drop compared with the previous year.

For international operators and payment providers, the shift underscores that digital channels are not insulated from macroeconomic pressure.

Payment Delinking Requirement Adds Friction for Players

Pagcor also linked the weaker performance to regulatory changes affecting online gambling payments. Tengco pointed to a rule requiring online gambling platforms to delink from e wallets.

According to Tengco, the change reduced friction for regulators but added friction for players. While the measure may strengthen oversight and compliance, it has altered the user experience for online gambling customers.

In markets where payment convenience plays a central role in user acquisition and retention, adjustments to deposit or withdrawal processes can have measurable effects on activity levels. In this case, Pagcor identifies the delinking requirement as one of several contributing factors behind the revenue slowdown.

For users comparing payment options, including digital wallets and alternative methods, regulatory changes in the Philippines illustrate how quickly access conditions can shift.

Macroeconomic Pressures and Middle East Tensions Affect Spending

Beyond regulatory adjustments, Pagcor attributes the downturn to broader economic factors. Tengco cited tensions in the Middle East as a primary concern, stating that the crisis has contributed to weaker gaming demand.

Pagcor also pointed to lower discretionary spending and inflation. According to Tengco, lower middle income consumers who previously supported online gaming growth are now facing higher living costs and are prioritizing essential expenses over entertainment.

The first quarter data reflects this change in spending patterns. As household budgets tighten, sectors dependent on discretionary income, including online gaming, may experience sharper fluctuations.

For market participants, the combination of external geopolitical developments, domestic inflation, and regulatory adjustments creates a more complex operating environment in 2026 than in the previous year.

Our Assessment

Pagcor’s revised forecast indicates that Philippine gross gaming revenue in 2026 could fall between 11.6% and 19.2% compared with 2025. First quarter results already show a year on year decline of 15.87%, with electronic gaming losing ground and licensed casinos regaining the largest market share.

The data identifies three main factors behind the slowdown: regulatory changes affecting online payment links, inflation and weaker consumer spending, and economic pressure linked to Middle East tensions. For users and operators tracking the Philippine market, the figures confirm that both digital and land based segments are influenced by macroeconomic and regulatory developments.

Bitcoin-Backed Mortgage Closed by Better and Coinbase – First Fannie Mae-Backed Structure Links Crypto Collateral to US Home Loans

Key Takeaways

Better and Coinbase Close First Bitcoin-Backed Fannie Mae Mortgage

Better Home and Finance Holding Company and Coinbase announced the funding of what they describe as the first Fannie Mae-backed mortgage collateralized by Bitcoin in the United States. The transaction marks the first time a conforming mortgage supported by Fannie Mae has been combined with a crypto-backed loan for a home purchase.

The inaugural loan was issued to a married couple in their early 30s in Ann Arbor, Michigan. According to the companies, the borrowers used their Bitcoin holdings as collateral to finance the down payment instead of selling their assets. The mortgage was originated through Better, while the pledged cryptocurrency is held in custody by Coinbase.

The companies state that the structure allows borrowers to complete a home purchase without liquidating their crypto positions and without triggering capital gains taxes that could arise from selling digital assets. The borrowers retain exposure to potential price movements in Bitcoin while servicing their mortgage.

How the Dual-Loan Structure Works

The product is built around two separate but coordinated loans. First, the borrower receives a standard 15-year or 30-year Fannie Mae-backed mortgage secured by the property itself. Second, a privately financed loan covers the down payment amount and is secured by pledged digital assets.

Both loans carry the same interest rate and term. They are consolidated into a single monthly payment for the borrower. The pledged cryptocurrency is held in Coinbase Prime custody for the entire duration of the loan. Once the borrower fully repays the obligations, the digital assets are returned.

The structure initially supports Bitcoin and USDC. For Bitcoin, the required collateral level is set at 250 percent of the down payment loan amount. For USDC, the requirement is 125 percent. This means borrowers must pledge digital assets with a value significantly above the amount financed for the down payment.

According to the companies, the product does not include margin calls. If the price of Bitcoin declines, borrowers are not required to post additional collateral solely because of market movements. Liquidation of the pledged assets is not triggered by price volatility alone. Instead, the collateral becomes at risk only if the borrower is at least 60 days delinquent on payments, in line with conventional foreclosure timelines in housing finance.

Target Group: Borrowers With Digital Asset Wealth

Better stated that 41 percent of its pre-approved customers qualify for a mortgage based on income and credit criteria but lack sufficient cash for a traditional down payment. The company positions the product as a solution for borrowers whose wealth is concentrated in digital assets rather than in liquid cash or savings accounts.

The backdrop cited by Better includes rising barriers to homeownership. The median age of first-time homebuyers in the United States has reached 40 years, up from 32 a decade earlier, according to data referenced from the National Association of Realtors. The new mortgage structure is designed to address the gap between asset ownership and liquidity.

Better Chief Executive Officer Vishal Garg has indicated that the company plans to expand the range of eligible collateral over time. Future additions could include tokenized equities, fixed income instruments, and other real estate assets. At launch, however, the product is limited to Bitcoin and USDC.

Regulatory Basis: FHFA Directive on Digital Assets

The development follows a June 2025 directive from the Federal Housing Finance Agency. The agency instructed Fannie Mae and Freddie Mac to recognize digital assets as eligible collateral within the broader mortgage market, which is valued at 18.5 trillion dollars.

This directive created the regulatory pathway for integrating digital assets into conforming mortgage structures. The newly closed loan represents the first publicly announced transaction under that framework involving Bitcoin as pledged collateral.

Fannie Mae-backed mortgages are part of the conventional US housing finance system. By aligning the crypto-backed down payment loan with a conforming mortgage, the structure connects digital asset holdings with established mortgage underwriting and servicing standards.

Implications for Crypto Holders and Financial Platforms

For crypto holders, the structure offers a mechanism to access liquidity tied to real estate purchases without selling their digital assets. The absence of margin calls reduces the risk of forced liquidation due to market volatility alone, although payment delinquency can still lead to loss of collateral.

For platforms operating in crypto financial services, the transaction demonstrates how digital asset custody and traditional lending can be combined within an established regulatory framework. Coinbase provides custody infrastructure, while Better originates and services the mortgage.

For users of crypto-focused financial products, including those active on platforms that compare crypto services, the announcement signals a further integration of digital assets into conventional financial markets. The structure remains limited to specific assets and requires substantial overcollateralization.

Our Assessment

The closing of the first Fannie Mae-backed mortgage that uses Bitcoin as collateral establishes a formal link between digital asset holdings and conforming US home loans. The structure combines a traditional property-backed mortgage with a separately secured crypto loan, without margin calls tied to price volatility. Enabled by a 2025 directive from the Federal Housing Finance Agency, the product reflects the recognition of digital assets as eligible collateral within the existing mortgage framework and introduces a new use case for Bitcoin and USDC in regulated housing finance.

Binance Discloses Revenue-Sharing Agreement With Alpaca – Exchange Expands Monetization of Tokenized Stock Trading

Key Takeaways

Binance Details Revenue Split in Securities Trading Terms

Binance has published details of a revenue-sharing arrangement with Alpaca, a brokerage and custody infrastructure provider that supports the exchange’s stock trading services. The disclosure appears in Binance’s Securities Trading Terms and outlines how revenues linked to stock trading activity are divided between the two companies.

Under the agreement, Binance will receive 50% of Alpaca’s payment-for-order-flow fees. In addition, Binance will receive 65% of the remaining profit generated from user stock lending after interest payments have been made to users.

Payment-for-order-flow, often abbreviated as PFOF, refers to fees that trading venues receive for directing customer orders to specific market makers or liquidity providers. Stock lending, by contrast, involves lending out user-held securities and sharing interest income. According to the disclosed terms, users are paid interest first, and Binance then receives 65% of the remaining profit generated through Alpaca’s stock lending operations.

The document provides a clearer picture of how Binance may generate revenue from its stock and tokenized equity offerings, beyond standard trading fees.

Alpaca’s Role in Tokenized US Stocks and ETFs

Alpaca acts as a brokerage, clearing, and custody infrastructure provider for Binance’s stock trading product. The company is also described as a major infrastructure provider in the custody of tokenized US stocks and exchange-traded funds.

As of December 2025, Alpaca held $480 million in assets under custody. According to data cited from RWA.xyz, this represents approximately 29% of the total $1.62 billion market value of tokenized stocks.

The broader tokenized stock market has shown notable changes in recent weeks. The total value of tokenized stocks increased by around 29% over the past 30 days. The number of holders rose by 35% to 304,700. At the same time, monthly active addresses declined by more than 77% to 31,877. This data indicates that while overall market value and holder counts have grown, active trading activity has decreased, suggesting that many participants are holding rather than frequently transacting.

Alpaca raised $150 million in January at a valuation of $1.15 billion for its brokerage infrastructure. The funding and custody figures position the company as a significant infrastructure player in the tokenized equity segment.

Binance Expands Beyond Crypto Into Equity Access

The revenue-sharing disclosure comes as Binance continues to expand its offering beyond traditional cryptocurrency trading. The exchange has launched access to more than 7,000 US-listed stocks and ETFs. It has also previewed a tokenized stock product called bStocks, which is expected to further integrate equity exposure into its platform.

By combining brokerage infrastructure from Alpaca with its own trading interface, Binance is positioning itself to offer both crypto assets and tokenized representations of traditional financial instruments within a single ecosystem. The revenue-sharing terms indicate that equity-related activity may become a structured income stream for the exchange.

Cointelegraph reported that it contacted Binance for comment on the arrangement and asked whether the exchange holds a minority stake in Alpaca. No further details were included in the published report.

Other Exchanges Introduce US Stock and ETF Trading

Binance is not alone in expanding into tokenized or blockchain-based stock offerings. Other cryptocurrency exchanges have introduced products that connect users to US equities and related instruments.

In April, Bitget launched a proxy offering tied to the pre-initial public offering phase of SpaceX. Binance also introduced a SpaceX-linked pre-IPO futures product tied to the expected valuation of the company ahead of a potential public listing.

In January, Vienna-based exchange Bitpanda announced it was expanding its product range to include approximately 10,000 stocks and ETFs. In April 2025, Kraken launched 11,000 US-listed stocks and ETFs with commission-free trading as part of what it described as a phased national rollout.

These launches indicate a broader trend among crypto exchanges to integrate traditional financial instruments, including equities and ETFs, into digital asset platforms. The focus is on combining blockchain-based access with established securities markets.

Market Structure Signals in Tokenized Stocks

The data cited in Binance’s disclosure highlights structural developments in the tokenized stock market. While total market value and holder numbers have grown over the past month, the sharp decline in monthly active addresses suggests lower transaction frequency.

For users evaluating tokenized stock offerings on crypto platforms, custody arrangements and revenue models can affect how products are structured and how platforms generate income. The disclosed agreement clarifies that Binance participates directly in order-flow and stock-lending revenues generated through Alpaca’s infrastructure.

This level of transparency in published trading terms provides insight into how tokenized equity trading may be monetized within centralized exchange environments.

Our Assessment

Binance’s published Securities Trading Terms confirm a defined revenue-sharing structure with Alpaca covering payment-for-order-flow and stock-lending profits. Alpaca’s role as a brokerage, clearing, and custody provider connects Binance’s stock trading product to a significant share of the tokenized US stock market. The disclosure outlines how Binance may generate revenue from its expanding equity and ETF offering while the broader tokenized stock market shows rising valuations and holder counts alongside declining active trading activity.

Pagcor Studies Esports Regulation as Philippine Gaming Revenue Slows in Early 2026

Key Takeaways

Pagcor Signals Potential Esports Regulation at SiGMA Asia 2026

The Philippine Amusement and Gaming Corporation, known as Pagcor, is assessing whether esports could become part of the country’s regulated gaming system. Chairman Alejandro Tengco raised the issue during SiGMA Asia 2026 in Manila, where he addressed both the current revenue slowdown and possible regulatory adjustments.

Tengco stated that Pagcor is trying to study whether it could regulate esports. He noted that esports represents an important activity for younger generations. The topic is relevant because esports operates at the intersection of competitive gaming, streaming, youth audiences and digital payment systems.

Any potential framework would require clarity on licensing, age verification, integrity safeguards and responsible gambling measures. It would also need to determine whether esports products fall under wagering, entertainment, or a combination of both within the existing regulatory structure. Pagcor has not announced a formal policy, but the public acknowledgment signals that the regulator is examining the sector.

Strong 2025 Followed by Revenue Decline in Q1 2026

The regulatory discussion comes as the Philippine gaming market recorded a slower start to 2026. In 2025, the industry posted gross gaming revenue of PHP396.14bn, an increase of 6.39 percent. Growth in online and electronic gaming offset weaker performance from brick and mortar casinos during that year.

That balance shifted in the first quarter of 2026. Pagcor reported that total industry GGR declined to PHP87.60bn. The drop was primarily attributed to reduced performance in the e gaming segment.

E gaming revenue reached PHP39.90bn in Q1 2026, representing 45.55 percent of the market. This marked a contraction compared with previous momentum and resulted in a lower share of total industry revenue.

Tengco linked the slowdown to external economic factors. He said that since the Middle East crisis, momentum has been moderated in the first quarter of 2026. He also cited softer discretionary spending and broader economic pressures as contributing factors. These statements connect the domestic revenue trend to wider economic developments affecting consumer spending.

Land Based Casinos Regain Leading Market Position

While digital gaming revenue declined, licensed land based casinos moved back into the leading position within the Philippine market during the first quarter.

Licensed casinos generated PHP44.52bn in Q1 2026. This accounted for 50.83 percent of total gross gaming revenue, surpassing the e gaming segment. The figures indicate that physical casinos provided a larger share of industry income during a period when digital spending weakened.

The quarterly shift highlights how different segments of the gaming industry can offset each other depending on consumer behavior and economic conditions. In 2025, online and electronic gaming supported overall growth. In early 2026, land based casinos provided a comparatively steadier base as digital revenue declined.

For users of online gaming platforms and crypto based betting services, the revenue mix reflects how market conditions can influence segment performance. Changes in consumer spending patterns directly affect both digital and physical operators under Pagcor’s supervision.

Responsible Gambling Measures Remain Central to Policy

Alongside revenue data and regulatory discussions, Pagcor has emphasized responsible gambling as a core priority. In May, the regulator launched a 24 7 National Problem Gambling Helpline. Callers are routed to trained counselors and mental health professionals.

Tengco stated that the true measure of the industry is not simply its size or rate of expansion, but its ability to remain properly regulated, socially responsible and beneficial to the communities it serves. This position places compliance and consumer protection at the center of future development, including any potential move into esports.

If esports were to fall under Pagcor oversight, issues such as age checks, player protection and clear product classification would become part of the regulatory discussion. The regulator’s recent actions suggest that expansion into new segments would likely be accompanied by formal safeguards.

What the Revenue Shift and Esports Review Mean for the Market

The combination of a revenue slowdown and a review of esports regulation marks a transitional phase for the Philippine gaming sector in 2026.

The decline in Q1 revenue contrasts with the 6.39 percent annual growth recorded in 2025. The change in segment leadership, with land based casinos accounting for 50.83 percent of GGR in the first quarter, underscores how quickly market dynamics can shift.

At the same time, Pagcor’s study of esports indicates that the regulator is considering how emerging digital activities fit into the formal gaming framework. The discussion connects youth engagement, digital platforms and regulated wagering within a single policy debate.

Our Assessment

Pagcor is responding to a measurable slowdown in early 2026 gaming revenue by reviewing both market performance and potential new regulatory areas. Q1 data show a decline in total GGR to PHP87.60bn, driven by reduced e gaming revenue, while licensed land based casinos regained the largest market share.

The regulator is also studying whether esports should be incorporated into the existing gaming system, with attention to licensing, age controls and responsible gambling standards. Together, these developments indicate that Philippine gaming policy in 2026 is focused on revenue stability, regulatory clarity and consumer protection within both traditional and digital segments.