Monoup News Digest: Main Updates From Fintech Industry
Traditionally, our Friday news digest is out, and today there’s plenty to discuss. October brings unexpected forecasts and major shifts in the fintech landscape. One of Tether’s co-founders predicts the imminent end of traditional money — a claim that can’t help but stir up questions: will this really happen, and how will it change our lives? Let’s dive into the details.
Meanwhile, Kazakhstan is gearing up for crypto payments via QR codes, leveraging Bybit’s exchange and its payment solution, similar to Binance Pay. The region’s fintech development is breaking records, especially as the country simultaneously rolls out its national QR payment system, which we’ve covered in our channel. Subscribe to stay updated on the latest news and insights!
Will Stablecoins Replace Fiat Money Soon? A Forecast from Tether’s Co-Founder
Reeve Collins, one of Tether’s co-founders, made a bold prediction: By 2030, all transactions will shift to stablecoins, rendering traditional fiat money — both cash and digital — a relic of the past.
While this may sound far-fetched, there are signs pointing in that direction. Still, the transition faces clear hurdles. Cash remains indispensable during technical failures — when connectivity or power is lost. In many regions, physical money is still the backbone of the economy. Plus, traditional fiat funds in bank accounts are easier to safeguard than cryptocurrency on exchanges.
Yet, Collins is confident: The future belongs to centralized platforms. Most users will migrate to exchanges and services, which will become the primary gateway for payments. Non-KYC cold wallets, meanwhile, will be sidelined with limited functionality.
Thus, to stay part of the economy, users will need to keep their assets on regulated platforms. Those who try to hide their funds will face restrictions in accessing payment tools. A fully digital economy promises transparency, with every transaction visible — but not every sector will benefit from this shift. For now, full transparency remains a distant goal.
Bybit Pay Enters the Kazakhstani Market
Kazakhstan is preparing to launch a national QR payment system, unifying all banks into a single ecosystem and allowing customers to make payments across any bank using a QR code.
Crypto exchange Bybit has announced its plans to integrate Bybit Pay service into this system. The process is simple: users scan a QR code, the payment is made in KZT, but settled in cryptocurrency from their exchange balance.
While the exact launch date hasn’t been announced, Bybit emphasized that the project has government support and will operate with full reporting and customer verification. A similar payment method has long been offered by Binance and remains popular, though it comes with additional costs — such as less favorable exchange rates at the moment of conversion from crypto to fiat.
Digital Euro to Feature AI-Powered Anti-Fraud
The full launch of the digital euro is still far off, but the European Central Bank has already selected a vendor for its anti-fraud system. The winner is Portuguese startup Feedzai, which, together with PwC, will develop an AI model to assess transaction risks.
The technology will analyze every transaction, comparing it to the user’s typical behavior and transaction history. If the system detects anomalies, the payment will be blocked; if everything goes alright it will be approved. This is classic predictive analytics, now applied to a state-backed digital currency.
The EU may lag behind many countries in adopting a digital euro, but it still plans to push forward. While not all Europeans support the idea, the global trend is forcing adaptation. However, practical use cases for the token — and its full functionality — remain unclear and will likely be refined along the way.
UK Fintech Move: Financial Hub Loses Its Appeal
For years, the UK was a hub for fintech companies, but the tide is turning. Local startups are increasingly looking abroad — and finding it easier to expand overseas than to operate in their home market. The relocation of Revolut’s co-founder to the UAE only fueled concerns, and Monzo recent announcement to reattempt the US market added to the unease.
The UK, once the fintech capital, has been slow to embrace the crypto future — approaching it with caution, which may cost it its market position. The global trend is clear: interest is shifting toward Asia and the Americas, while Europe and the UK lose ground due to higher taxes and bureaucracy. The main beneficiaries? Singapore and New York, where neobanks and tech companies are actively relocating.
The paradox is that high-quality products are still being developed in the UK, but registering businesses abroad deprives the country of revenue and tax income. Without more favorable conditions for domestic products, their numbers could shrink significantly in the near future.
What’s next?
Stay tuned for industry updates with Monoup: we regularly publish important news, analyze events, and maintain a knowledge base on the payment industry. On our website, you’ll find useful guides, market research, and detailed overviews of payment methods to help you in your business.
