The hottest Finance Substack posts right now

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A Play-By-Play Of Jeffrey Epstein's Staggering Financial Illiteracy

TK News by Matt Taibbi • 2765 implied HN points • 13 Feb 26
đź’° Finance Economics Markets Banking Regulation Wealth Management
  1. Jeffrey Epstein, long billed as a Wall Street whiz, comes across as financially illiterate in an interview about the 2008 crisis.
  2. Many people are puzzled about how he made his money, and viewers hoped footage from Steve Bannon’s abandoned documentary would shed light.
  3. The Department of Justice released over 3 million documents that include the Bannon footage, and much of the interview focuses on finance and economics but still doesn’t clearly explain his fortune.

Shocking Stats About Your Purchasing Power And The US Dollar

The Pomp Letter • 559 implied HN points • 17 Oct 24
đź’° Finance Inflation Investing Cryptocurrency Market Trends
  1. The US dollar's purchasing power has decreased by 50% over the last 30 years due to inflation. This means you can buy much less with a dollar today compared to what you could in the past.
  2. Despite wage increases, the average worker is effectively earning less after adjusting for inflation. This creates a situation where even though you might see more money in your paycheck, it doesn't go as far as it used to.
  3. Many people are looking for alternative ways to store value, like Bitcoin, as traditional currencies lose purchasing power and some goods continue to rise in price.

2026 Feels Like 2022. One Big Difference.

Spilled Coffee • 24 implied HN points • 25 Mar 26
đź’° Finance Markets Investing Equities Portfolio Management Monetary Policy Economic Indicators
  1. 2026 feels a lot like 2022, with the market peaking early and then grinding lower as rallies get sold and bad news moves stocks more than good news.
  2. The biggest tech names are leading the decline, with large drawdowns already visible (for example, Microsoft ~31% down, Meta ~24% down, Tesla ~24% down), so this is more than a small pullback.
  3. The macro backdrop — a midterm election year plus an energy shock — is adding to uncertainty and creating a similar wall of worry to what was seen in 2022.

Top Links 1028 The anti-Trump trade. Critical-mineral competition. Enoch's Hammer & solving the economic problem.

Chartbook • 572 implied HN points • 01 Mar 26
đź’° Finance Financial Markets Macroeconomics Global Trade Commodities Geopolitics
  1. Financial markets are shifting from the old 'Trump trade' to an 'anti‑Trump trade', with global investors actively avoiding exposure to a U.S. under Donald Trump.
  2. Competition over critical minerals is a key theme, highlighting strategic rivalry for resources needed for batteries, renewables, and high-tech supply chains.
  3. 'Enoch's Hammer' and 'solving the economic problem' signal renewed interest in bold, systemic ideas for organizing economies and addressing core economic challenges.

Can we make America feel more affordable?

Noahpinion • 12059 implied HN points • 20 Dec 25
đź’° Finance Inflation Monetary Policy Wages Cost of living Economic Policy Labor Market
  1. Many Americans feel the country is becoming unaffordable and put the cost of living ahead of other big problems, even though official inflation is relatively low.
  2. Measured inflation and real wages suggest prices are rising slowly and buying power is improving, but many people still say high prices hurt their finances and don’t trust the statistics.
  3. Since the pandemic, anger about the cost of living has drifted away from inflation expectations, creating a political and policy challenge because making prices actually fall — not just rise more slowly — will be hard.
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Investment Portfolio Strategies - A Beginner's Guide (Part 1)

Concepts of Finance 🧠 • 379 implied HN points • 26 Sep 24
đź’° Finance Investment Strategies Risk management Portfolio Management Financial planning Market Analysis
  1. Having an investment strategy is important because it helps you reach your financial goals. It guides your decisions based on your goals, how much risk you're comfortable with, and your future needs.
  2. Different investment strategies exist, like the 60/40 portfolio which mixes stocks and bonds, or the All Weather portfolio which is built for various economic conditions. Each has its pros and cons depending on your investment style.
  3. Before investing, ask yourself key questions about your savings, future expenses, and how much risk you can handle. This will help you create a strategy that fits your personal financial situation.

Plumbing Notes: Nothing Ever Happens

Concoda • 297 implied HN points • 01 Mar 26
đź’° Finance Money Markets Monetary Policy Interest Rates Fixed income
  1. Dollar funding markets are very calm now: money market volatility has fallen and overnight rates across repo, FX swaps, and unsecured markets have settled at a lower equilibrium.
  2. Higher interbank volumes and declining repo rates have kept the SOFR–FF basis narrow and swap spreads less negative, signaling easier plumbing even though further moves remain possible.
  3. The Fed’s shift away from QT toward reserve injections has compressed rates and volatility (the “Great Compression”), which is good for policy stability but has reduced trading opportunities and left few attractive relative-value trades.

@adlrocha - Money and collateral in an AI-first society

@adlrocha Weekly Newsletter • 129 implied HN points • 08 Mar 26
đź’° Finance Monetary Systems Tokenization Stablecoins Digital Assets Fintech
  1. Compute, energy, and AI tokens will become the new scarce commodities and collateral, so access to PFlops, MWh, and tokenised intelligence will be treated like money and hedged accordingly.
  2. Two parallel economies are likely to emerge: a fast, tokenised, agent-to-agent market running on stablecoins and tokenised assets, and a slower human-facing economy that uses fiat and stablecoins for everyday needs.
  3. The ultimate economic advantage will be inference efficiency — getting the most useful intelligence per unit of energy — so smaller, more efficient models and edge deployments will capture the most value.

Top Link 1026 Billionaire women. Why it sucks to be a graduate in the UK. Economy as utopia. The Luftwaffe's interrogator.

Chartbook • 600 implied HN points • 27 Feb 26
đź’° Finance Wealth Macroeconomics Labor markets Economic Policy Economic History Education
  1. Female billionaires are far rarer than male billionaires in the U.S., and profiles of these women show different pathways to extreme wealth.
  2. Being a graduate in the UK is portrayed as increasingly difficult, with weak job prospects and economic pressures making post‑university life tough.
  3. The pieces range across big ideas and vivid stories — from debates about the economy as a utopia to historical accounts like the Luftwaffe’s interrogator, paired with art and visual material.

Part 1: Current State of the Housing Market; Overview for mid-March 2026

CalculatedRisk Newsletter • 215 implied HN points • 13 Mar 26
đź’° Finance Real Estate Housing Market Mortgages Homebuilding Inventory Prices Regional Trends
  1. Existing-home inventory has risen and months-of-inventory are mostly above pre‑pandemic levels, putting downward pressure on prices and making a year‑over‑year price decline possible this year, though a large wave of distressed sales is unlikely because most owners have strong equity and low mortgage rates.
  2. The housing market is uneven across regions: some areas are seeing bigger inventory increases and price drops, while places like the Northeast have smaller inventory gains and continuing price increases.
  3. Homebuilders look to have a rough 2026 with many completed and under‑construction homes unsold, leading to price cuts to compete with existing‑home inventory; overall active listings are up year‑over‑year but remain below typical 2017–2019 levels and the pace of growth is slowing.

Pretty Stable

The Transcript • 59 implied HN points • 28 Oct 24
đź’° Finance Economy Consumer spending Monetary Policy Deficits Inflation
  1. The US economy is doing well with steady consumer spending and healthy household finances. People are still buying, even if the growth rate is slower than last year.
  2. There is a strong demand for jobs, especially for those with college degrees. Many companies are looking to hire, but the unemployment rate for skilled positions is still very low.
  3. The upcoming presidential election is creating some uncertainty in the markets. Once it's over, people expect a better outlook for economic policies.

Will data centers crash the economy?

Noahpinion • 48706 implied HN points • 03 Aug 25
đź’° Finance Economics Investments Debt Banking Market Trends
  1. The boom in AI data centers is raising concerns about whether it will lead to a financial crisis. Companies are spending a lot on infrastructure to support this growth, but there's a worry about whether the revenue will keep up.
  2. Most of the funding for data centers is coming through loans, particularly from private credit funds, which could be risky if these companies can't make enough money. This creates a potential problem for banks and insurers that are lending money.
  3. Historically, big spending sprees in tech have ended badly when demand doesn't match expectations, risking a crash. It's important to monitor this situation early to prevent severe economic fallout.

A pedagogical tax

Global Inequality and More 3.0 • 1328 implied HN points • 11 Feb 26
đź’° Finance Taxation Inequality Public Policy Political Economy Behavioral Finance
  1. A tougher Zucman-style tax on the ultra-rich would mainly serve as a moral, pedagogical signal rather than a big revenue source, showing society objects to extreme greed and vanity.
  2. Greed (pleonexia) is driven by a need for social validation, so people keep accumulating and displaying wealth with no natural limit, which makes status-driven consumption endless and socially harmful.
  3. A social-credit-style system for billionaires could tie tax rates to behavior, rewarding decent conduct and raising taxes for abusive or unethical actions to create real accountability and reduce elite impunity.

Lawler: Update on MBS Yields and Spreads

CalculatedRisk Newsletter • 181 implied HN points • 13 Mar 26
đź’° Finance Fixed income Interest Rates Market volatility Treasuries Monetary Policy
  1. Current-coupon MBS yields jumped to their highest since last September and CCMBS/Treasury spreads widened to levels not seen since December as surging oil prices and war-related uncertainty pushed overall interest rates up.
  2. Implied interest-rate and equity volatility (MOVE and VIX) spiked, and higher rate volatility tends to raise MBS yields versus Treasuries because the mortgages’ embedded prepayment option becomes more costly to investors.
  3. A prior announcement that GSEs would buy about $200 billion of MBS briefly tightened spreads, but since then CCMBS yields are roughly 21 basis points higher and spreads 10–13 bp wider, so investors buying alongside GSEs should have a clear exit strategy.

Before You Research Apple ($AAPL), Read This | PULSE Framework

Behavioral Value Investor • 126 implied HN points • 17 Mar 26
đź’° Finance Equities Valuation Fundamentals Cash Flow Leverage Investment strategy
  1. PULSE is a quick triage framework that uses five signals across all three financial statements to decide if a stock deserves deeper research, classifying names as not interesting, attractive at a high price, or attractive at an interesting price.
  2. Apple shows strong economic profits, strong underlying free cash flow, and almost no net debt, but its smoothed FCF yield (~3.5%) and EV cap rate (~3%) are low, meaning the market is pricing in high future growth.
  3. As a result, Apple is a high-quality company but not interesting at the current price, so it isn’t worth a deeper research effort right now.

1. Three Rules for AI in Finance

Arpitrage • 2299 implied HN points • 02 Feb 26
đź’° Finance Fintech Quantitative Methods Risk management Regulation Markets Automation
  1. AI creates simpler, lower-dimensional maps of a complicated world so people can act on it; judge models by whether they improve real decisions and the cost–quality tradeoffs, not just narrow benchmarks.
  2. AI gains are capped by the slowest bottleneck in a process (Amdahl’s Law), so focus on speeding up the truly constraining steps — often regulatory, organizational, or incentive-related rather than purely technical.
  3. Automation drives prices down for commodified tasks and raises the value of scarce complements like private information, relationships, and judgment, so follow price signals and elasticities to see what gets automated and what stays valuable.

Open Thread: Thoughts on 2026?

BIG by Matt Stoller • 6990 implied HN points • 28 Dec 25
đź’° Finance Economy Markets Monopolies Antitrust Regulation Investment Policy
  1. An open-thread invites the community to reflect on the past year in monopolies and finance and to share predictions for 2026.
  2. There wasn’t much news, so the usual monopoly roundup is paused and the newsletter is taking a short break to recharge.
  3. Readers are encouraged to answer three optional questions and continue the conversation, with access offered via a free courtesy post or a paid subscription.

The Bear Cave #313

The Bear Cave • 933 implied HN points • 15 Feb 26
đź’° Finance Markets Investing Activism Governance Regulation Short selling Prediction Markets
  1. Activist and short-seller reports accuse companies such as Super Group, BigBear AI, Archer Aviation, and Syntec Optics of accounting problems, misleading disclosures, or governance failures, and claim these issues could materially overstate profitability or render companies uninvestable.
  2. A spate of sudden C‑suite and senior departures — including at GEO Group, Ecarx, Radian, Kyndryl, and Goldman Sachs — points to turnover and potential governance or operational stress, with some departures coinciding with filing delays and other red flags.
  3. Market chatter and data show new structural threats: prediction markets are pressuring incumbent sportsbooks like DraftKings, AI product moves and acquisitions invite skepticism about execution, and shifts like GLP‑1 weight‑loss drugs are changing consumer demand while SEC FOIA logs hint at possible regulatory scrutiny.

The Gaping Hole in the Housing Market

CalculatedRisk Newsletter • 229 implied HN points • 11 Mar 26
đź’° Finance Real Estate Housing Market Mortgages Affordability Home Sales Interest Rates Inventory
  1. Many upbeat predictions about the existing home market have turned out to be wrong.
  2. The existing home market has stayed in a deep recession, with sales remaining weak.
  3. Lower mortgage rates do help with affordability. But that only explains part of the weak sales — other factors are keeping the market down.

Infographics: Treasury Buybacks

Concoda • 281 implied HN points • 27 Feb 26
đź’° Finance Public Finance Bond Markets Monetary Policy Debt Management Fixed income
  1. A set of infographics explains the flows and step‑by‑step mechanics of Treasury buybacks in a clear, visual way.
  2. The content is image‑heavy and uses large, detailed graphics that are best viewed on desktop with click‑to‑enlarge options.
  3. These infographics were created as part of an upcoming project called The Warsh Ultimatum.

The Transcript Editor's Commentary

The Transcript • 19 implied HN points • 30 Oct 24
đź’° Finance Economics Investment Monetary Policy Consumer spending Elections
  1. The economy seems stable and strong, with good consumer spending and low delinquency rates. People are feeling positive about their finances.
  2. Optimism in businesses is growing, especially with recent changes in interest rates. However, for more demand, companies want more rate cuts and easier lending conditions.
  3. The upcoming presidential election is important for the economy. The new president will influence economic policies that could affect the markets for years to come.

Stocks Have Done Something Crazy Every 20 Year Period...

The Pomp Letter • 439 implied HN points • 14 Oct 24
đź’° Finance Investing Stock Market Market Strategy
  1. Investing in stocks is usually better over the long term. If you hold onto your stocks for 20 years, you have never lost money.
  2. While some people trade stocks for quick gains, sticking to long-term strategies is often smarter and more rewarding.
  3. Global trends like rising liquidity might help both stocks and assets like bitcoin succeed in the future.

Market Movers - 12 October 2024

The Wolf of Harcourt Street • 539 implied HN points • 12 Oct 24
đź’° Finance Market Trends Investment Analysis Economic Reports Consumer behavior
  1. MercadoLibre in Argentina is seeing a boost in consumer spending after a tough few months, with more people buying and selling on its platform.
  2. Nubank has made it easier for customers to increase their credit limits by using government bonds as collateral, giving them more financial flexibility.
  3. InPost is dominating the logistics market in Poland with a huge share of parcel deliveries and is investing in new facilities to handle growing demand.

March ICE Mortgage Monitor: "Average annual property insurance payments rose to an all-time high"

CalculatedRisk Newsletter • 272 implied HN points • 09 Mar 26
đź’° Finance Mortgages Housing Market Refinancing Delinquencies Home Prices Home Equity
  1. Mortgage lending climbed to a 3.5‑year high in Q4, driven by a surge in refinances as lower rates improved affordability and expanded the pool of refinance‑eligible borrowers.
  2. Average annual property insurance payments reached an all‑time high in 2025, rising 6.6%, and borrowers with higher insurance burdens are more likely to fall behind on payments.
  3. Overall delinquencies dipped slightly, but serious delinquencies and active foreclosures rose, leaving over 850,000 borrowers 90+ days past due or in foreclosure—the highest level since mid‑2018.

2nd Look at Local Housing Markets in February

CalculatedRisk Newsletter • 258 implied HN points • 09 Mar 26
đź’° Finance Real Estate Housing Market Mortgages Market Data Sales trends Inventory Levels
  1. February existing-home sales look to be down slightly year-over-year based on early market data.
  2. Active inventory is higher than a year ago—Altos shows about a 6.9% rise for single-family homes and reporting markets show roughly a 10% increase—but levels are still low within the year and a seasonal pickup is expected.
  3. New listings have ticked up modestly (around 1.8% YoY) while closed sales in early-reporting markets fell about 1.1% YoY, and sales remain well below February 2019 levels.

Copper: Imminent Supercycle or Mostly Hype?

Doomberg • 516 implied HN points • 20 Feb 26
đź’° Finance Commodities Metals Investing Markets Macro Mining Resources
  1. Copper was fairly inactive for about a decade, but interest and market attention have suddenly spiked.
  2. There’s growing hype that future supply will fall far short of demand, which supporters say could trigger a copper 'supercycle'.
  3. The full, in-depth analysis is behind a paid subscription, so accessing the complete argument requires upgrading.

Free-market economics is working surprisingly well

Noahpinion • 41294 implied HN points • 10 Jul 25
đź’° Finance Economics Markets Policy Trade
  1. Free-market economics can have real benefits, as seen in Argentina, where new policies helped lower inflation and boost growth. It shows how changing economic strategies can lead to improvements.
  2. Critics of free markets often underestimate their potential, thinking policies like austerity will only hurt people. But in some cases, these approaches can actually help an economy recover.
  3. Every country needs to find its right mix of economic policies, balancing government action with market freedom. It's important to keep adapting rather than sticking to one ideology.

What It Means To Be A Bank Is Rapidly Changing

Fintech Business Weekly • 304 implied HN points • 01 Mar 26
đź’° Finance Banking Regulation Fintech Crypto Payments Risk Policy
  1. The definition of a bank is changing quickly as many fintechs, crypto firms, and nonbank companies apply for charters to offer digital-asset, stablecoin, and payment services.
  2. That rapid shift is drawing pushback and scrutiny from regulators, trade groups, and lawmakers who say some approvals lack transparency, may exceed legal intent, and risk conflicts or political influence.
  3. Despite the upheaval, FDIC data shows the banking system remains broadly healthy with strong net income, slightly higher net interest margins, shrinking unrealized securities losses, loan growth, and generally stable credit metrics.

3. The Cause of and Solution to all of Life's Problems

Arpitrage • 548 implied HN points • 23 Feb 26
đź’° Finance Credit Risk Banking Fintech Risk management Regulation Artificial Intelligence Systemic Risk
  1. AI and richer data can meaningfully improve credit scoring and underwriting by uncovering low-risk borrowers traditional models miss and by using unstructured inputs like digital footprints and text.
  2. More powerful, complex models introduce new risks: they can worsen fairness across groups, be brittle to regime shifts, enable adversarial attacks or coordinated runs, and create competitive arms races and herding that amplify systemic risk.
  3. Managing these dangers requires verification and simpler hybrid or explainable rules, active monitoring (often with AI itself), and more documentation, validation, and regulatory effort because system-wide feedbacks and incentives will shift.

What Happens Next?

The Honest Broker • 10106 implied HN points • 20 Nov 25
đź’° Finance Equities Tech Stocks Investing Market Trends Market volatility Macroeconomy
  1. There are growing concerns that a backlash against AI could seriously hurt big tech, with Meta seen as especially vulnerable.
  2. Meta’s stock has plunged roughly $180 per share since early August and the NASDAQ has dropped about 1,400 points in the same period, showing a sharp market pullback.
  3. This sudden decline raises urgent questions about what happens next for investors and the broader market, so close attention and caution are warranted.

Global. Synchronized. Recession

COVID Reason • 535 implied HN points • 10 Oct 24
đź’° Finance Global Economy Consumer confidence Labor Market
  1. The global economy is in a full-blown recession, not just a minor slowdown. Signs like credit card shutdowns and a weak job market clearly show the situation is serious.
  2. Declining consumer confidence is a big red flag. People are feeling uncertain, which affects how much they spend and can worsen the economic crisis.
  3. This recession isn’t just affecting one place; it’s happening worldwide. Countries like China and Japan are facing similar struggles, indicating a synchronized economic downturn.

The St. Louis Fed reminding me I can still be surprised

Erdmann Housing Tracker • 105 implied HN points • 16 Mar 26
đź’° Finance Housing Mortgages Real Estate Credit Markets Monetary Policy Financial regulation
  1. The 2008 mortgage crackdown was a huge, lasting drop in buyer demand that reshaped housing markets, and leaving it out of explanations leads to misleading conclusions about rising prices.
  2. Most post-2009 price gains happened in the cheapest neighborhoods because investors bought up homes left unattainable to denied buyers, so investor activity often signals the mortgage access collapse rather than acting as an independent cause.
  3. Homebuilding capacity fell after 2008 and completions remain well below pre-crisis levels, meaning supply shifted left and affordability worsened; treating the crash as an inevitable, unquestioned correction blocks better policy thinking.

The Fed's Independence is at Stake and it May Be Its Own Fault!

TK News by Matt Taibbi • 2849 implied HN points • 21 Jan 26
đź’° Finance Monetary Policy Central Banking Interest Rates Quantitative Easing Financial Stability Political Influence
  1. The Fed’s independence is under direct political threat, as prosecutions and public attacks on its chair show how easily monetary policy can be politicized.
  2. Since 2008 the Fed gained huge powers (QE and near-zero rates) and its leaders became public celebrities, which makes their decisions more influential and more attractive targets for presidents who want easier policy.
  3. By failing to stop the pre-2008 bubble and then rescuing the system with extraordinary tools, the Fed created moral hazard and invited interference; protecting independence means avoiding normalizing emergency policies and dialing back the public spotlight.

Disinflation is here: But it's not the kind we want!

COVID Reason • 376 implied HN points • 14 Oct 24
đź’° Finance Economics Inflation Consumer prices Federal Reserve Economic Policy
  1. Disinflation means prices are rising more slowly, but that doesn't always mean good news. If people aren't spending because they can't afford things, it can signal trouble in the economy.
  2. The Federal Reserve may lower interest rates in response to disinflation to try and encourage spending, but this might just be a way to show they are doing something without fixing the deeper issues.
  3. Sticky prices and disinflation can show that people are struggling financially. For a healthy economy, we need wages to rise so people can spend more, rather than just seeing temporary price drops.

The Bear Cave #311

The Bear Cave • 1352 implied HN points • 01 Feb 26
đź’° Finance Stocks Corporate Governance Accounting
  1. Multiple activist and short-seller reports allege accounting problems, sanction breaches, and misleading partnerships at a number of public companies, driving fresh scrutiny of firms like Ubiquiti, Richtech, and Carvana.
  2. There’s notable executive turnover, especially sudden CFO departures and terminations, which could point to governance or financial-control issues at affected companies.
  3. Regulators, the press, and research groups are increasingly calling out fraud, disclosure failures, and suspected pump-and-dump activity, underscoring heightened market and legal risks for investors.

10-Minute Investment Autopsy No. 7: Staples

Behavioral Value Investor • 52 implied HN points • 19 Mar 26
đź’° Finance Investing Equities Valuation Corporate Finance Private Equity Retail M&A
  1. Staples looked like a cheap, dominant player with big scale, strong cash flow and a growing online business, which supported the value thesis.
  2. Between 2012 and 2017 sales fell at a ~6% CAGR, EBIT and EPS declined, and the company was acquired at $10.25 per share, producing roughly a -2% total return.
  3. Major competitive risks—especially Amazon—materialized and eroded the business, showing that low price and market share alone don’t protect against secular threats.

Investing Update: Was That The Market Flush?

Spilled Coffee • 52 implied HN points • 21 Mar 26
đź’° Finance Markets Investing Stocks Commodities Crypto Macro Portfolio
  1. Stocks fell for a fourth straight week, with the S&P 500 down 1.9% and the Nasdaq and Dow about 2.1%, marking the longest losing streak in over a year.
  2. Gold plunged 11.1% this week — its worst weekly drop since 1983 and on pace for its worst month since 2013 — showing that even traditional safe havens can get crushed.
  3. Crypto and commodities diverged: Bitcoin dropped 5.7% on the week and is nearly 20% down year‑to‑date, while oil remains the big winner, up more than 70% YTD.

Getting to the Fun Part

The Transcript • 139 implied HN points • 21 Oct 24
đź’° Finance Market Trends Economic Policy Consumer behavior Investment Strategies Corporate Finance
  1. The economy is showing signs of resilience, with positive movements even though growth isn't super strong. People are feeling more optimistic about things improving.
  2. A drop in interest rates could lead to more business activity and investment. However, experts believe we might need more rate cuts for that to happen.
  3. Consumers are cautious but still spending. Overall, the job market remains steady, and many are waiting to see how upcoming events affect the economy.

After Missed Payments, Evolve Creditors Look To Dump Distressed Debt

Fintech Business Weekly • 438 implied HN points • 22 Feb 26
đź’° Finance Banking Fintech Payments Regulation Compliance Debt Markets Crypto
  1. Evolve Bancorp’s holding company is in clear financial distress, has missed coupon payments, and creditors are trying to sell its notes at heavily discounted prices.
  2. Evolve Bank itself trimmed losses and still meets regulatory capital ratios, but it’s losing fintech partners and deposits have declined sharply, which heightens liquidity and reputational risk.
  3. Stripe’s Bridge got conditional approval for a national trust charter and is pushing stablecoins for faster cross-border payments while tightening which countries it serves to reduce compliance and sanctions risk.