Ripple’s Stablecoin Surges, Klarna Pauses IPO, and FedNow Stalls: What This Week Says About the Future of Fintech

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In this episode: NBC News, Banking Dive, Mondaq, Bloomberg Law, Reuters, Banking Exchange

For Watchers

For Readers:

📢 Top Regulatory Headlines This Week

Good morning from the eye of the financial storm—
Welcome back to Your Inbox Last Night, the only show where we stay up all night watching the Asian markets so you don’t have to (although… we might recommend a little melatonin if you’re watching those candles at 2am).

Today’s vibe? Somewhere between prepping for Black Monday and panic-Googling “how to short the entire economy.” We’re talking market freefalls, paused IPOs, stablecoins that aren’t securities (according to the SEC, at least for now), and the Fed basically shrugging and saying, “Let’s just… wait and see.”
So grab your cold brew, maybe fire up that Bloomberg terminal for emotional support, and let’s dive in.

📢 Let’s get started with today’s Tariff-related headlines

Morning Brew is reporting that The Fed isn’t about to rescue your 401k. Federal Reserve Chair Jerome Powell indicated that an interest rate cut is not imminent, despite significant market selloffs following President Trump's announcement of sweeping tariffs. Powell emphasized the need to assess the tariffs' impact on inflation and economic growth before making policy adjustments, noting they are "larger than expected" and could lead to higher inflation and slower growth.

Fintech Takes is reporting that “Liberation Day” fallout dashes hopes for fintech IPOs. A wave of anticipated fintech IPOs—including Klarna, Chime, eToro, and Circle—has stalled after Trump’s April 2nd tariff announcements triggered market volatility and a sharp drop in fintech stock values. Industry leaders now suggest fintech firms may delay listings indefinitely or seek acquisitions instead, as investor appetite wanes in the face of geopolitical uncertainty.

This Week in Fintech is reporting that Tariffs throw cold water on fintech thaw. Companies like Klarna and Circle were on the cusp of going public, but Trump’s tariffs caused a major market sell-off and forced them to pause IPO roadshows. Analysts note that the IPO window has effectively shut for now, with most fintechs reevaluating their options.

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🔥 Turning now to The BIG Story for today:

TechCrunch is reporting that Plaid raises $575M at $6.1B valuation, says it won’t go public in 2025. Plaid raised $575 million through a common stock sale to support employee liquidity and convert expiring RSUs. The raise brings its valuation down from $13.4 billion in 2021, and the company clarified that it has no plans to go public this year.

Fintech Takes is reporting that Plaid, Klarna, and Chime are all adapting amid IPO delays and market shifts. Klarna paused its $15B IPO amid market turmoil, Plaid raised new funds while avoiding a Series E, and Chime launched new products like Chime+ and Chime Workplace to position itself for future growth. The story reflects how even top fintechs are recalibrating for the post-tariff environment.

Nasdaq is reporting that 1 Spectacular Fintech Stock Down 80% to Buy Hand Over Fist in April. The article spotlights a severely undervalued fintech company and positions it as a potential strong buy for investors. It discusses how market corrections have created opportunities, despite the broader downturn in the sector.

🎙️ Checking in now on Crypto and Web3

Finextra is reporting that Ripple integrates stablecoin into cross-border payments platform. Ripple’s RLUSD, a USD-denominated stablecoin launched in December, has been added to Ripple Payments and is already being used by firms like BKK Forex and iSend to enhance treasury operations. Ripple emphasized RLUSD’s global enterprise utility, contrasting it with retail-focused stablecoins.

The Defiant is reporting that RLUSD market capitalization surges 21% after Ripple Payments integration. RLUSD’s market cap jumped to $294 million after being integrated into Ripple Payments, reflecting a 21% weekly and 122% monthly surge. The token is also being adopted by new exchanges and NGOs exploring stablecoin-based donations.

Reuters is reporting that Fed's Waller says stablecoins bring benefits to U.S. payments system. Federal Reserve Governor Christopher Waller praised stablecoins for their potential to increase competition and speed in the payments landscape. He noted that innovation in this area should be led by the private sector, not government mandates.

📊 It’s time for the Regulatory Round-Up

SEC.gov is reporting that Covered Stablecoins are not considered securities under federal law. The SEC’s Division of Corporation Finance clarified that stablecoins pegged to the USD and backed by low-risk reserves are not subject to registration under securities laws. The ruling provides regulatory certainty for issuers and paves the way for broader adoption.

Finextra is reporting that PSR accused of “failure of vision” over light-touch remedies on card scheme fees. The UK Payment Systems Regulator proposed increased transparency from Visa and Mastercard after finding they raised scheme fees by over 25% since 2017. However, merchant groups criticized the proposal as insufficient and called for stronger pricing interventions.

The Fintech Times is reporting that PSR Moves to Address Card Scheme Fees – But Is It Enough?. The regulator’s consultation on card scheme fees calls for clearer pricing and more governance oversight but has been met with skepticism from industry observers who say the remedies don’t go far enough to rein in fee hikes.

Finextra is reporting that DoJ antitrust officials clear Capital One and Discover merger. The U.S. Department of Justice approved Capital One’s $35 billion acquisition of Discover, stating there was not enough evidence to block the deal. This sets a precedent for how antitrust reviews under the current administration may unfold.

Banking Dive is reporting that Judge grants preliminary injunction in CFPB case. A federal court blocked the CFPB from enforcing reductions in force and ordered the reinstatement of terminated employees. The ruling also lifted a stop-work order issued by Acting Director Russ Vought.

Banking Dive is reporting that DOJ denied appeal of CFPB injunction. The DOJ’s attempt to overturn the injunction was rejected by the court, reinforcing the mandate to restore prior staffing levels at the CFPB. The decision underscores a shift in judicial oversight of regulatory agencies.

Banking Dive is reporting that CFPB to revamp small-business data-collection rule. The CFPB announced plans to revise its 2023 rule for collecting small business lending data, possibly to address ongoing litigation. The agency will issue a Notice of Proposed Rulemaking in the near future to outline its changes.

BankInfoSecurity is reporting that Challenges Hamper FedNow Adoption in the U.S.. Despite launching as a cutting-edge real-time payment system, FedNow faces slow adoption due to weak financial incentives, legacy tech resistance, and heightened fraud concerns. Experts suggest more regulatory support and fraud mitigation strategies will be key to scaling it.

And that’s it for today’s edition of Your Inbox Last Night—where we read every fintech newsletter so you can keep pretending your portfolio is “diversified.”

If you’re feeling rattled, you’re not alone. Just remember: we’ve survived worse…
(Like when Meta renamed itself Meta. Dark days.)

In the meantime, good luck out there. May your trades be green, your stablecoins stable, and your macro bets slightly less cursed.
We’ll be here tomorrow—with more news, fewer meltdowns (hopefully), and just enough caffeine to power through another night of doomscrolling Tokyo.

Until then, stay safe and stay subscribed.

Links to the news sources from today's episode:

#FintechNews #Stablecoins #DigitalPayments #IPOMarket #FedNow

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Finextra | Ripple integrates stablecoin into cross-border payments platform | https://www.finextra.com/newsarticle/45762/ripple-integrates-stablecoin-into-cross-border-payments-platform

Finextra | PSR accused of ‘failure of vision’ over light-touch remedies on card scheme fees | https://www.finextra.com/newsarticle/45765/psr-accused-of-failure-of-vision-over-light-touch-remedies-on-card-scheme-fees

Fintech Takes | Big Fintech Energy | https://fintechtakes.com/articles/2025-04-04/big-fintech-energy

The Defiant | RLUSD Market Capitalization Surges 21% After Ripple Payments Integration | https://thedefiant.io/news/defi/rlusd-market-capitalization-surges-21-after-ripple-payments-integration

Morning Brew | The Fed Isn’t About to Rescue Your 401(k) | https://www.morningbrew.com/stories/2025/04/05/the-fed-isn-t-about-to-rescue-your-401k

SEC.gov | Statement on Stablecoins | https://www.sec.gov/newsroom/speeches-statements/statement-stablecoins-040425

Reuters | Fed’s Waller: Stablecoins Bring Benefits to Payment System | https://www.reuters.com/technology/feds-waller-stablecoins-bring-benefits-payment-system-2025-04-04/

BankInfoSecurity | What’s Ailing Faster Payments Adoption in US? | https://www.bankinfosecurity.com/whats-ailing-faster-payments-adoption-in-us-a-27918

The Defiant | Crypto Market Rebounds Slightly After Tariff-Induced Losses | https://thedefiant.io/news/markets/crypto-market-rebounds-slightly-after-tariff-induced-losses

Fintech Futures | Top Five News Stories of the Week – 4 April 2025 | https://www.fintechfutures.com/fintech/fintech-futures-top-five-news-stories-of-the-week-4-april-2025

TechCrunch | Fintech Plaid Raises $575M at $6.1B Valuation, Says It Will Not Go Public in 2025 | https://techcrunch.com/2025/04/03/fintech-plaid-raises-575m-at-6-1b-valuation-says-it-will-not-go-public-in-2025/

This Week in Fintech | Tariffs | https://www.thisweekinfintech.com/tariffs/

Innovate Finance | The UK’s Global Fintech Forum | https://www.innovatefinance.com/events/the-uks-global-fintech-forum/

Nasdaq | 1 Spectacular Fintech Stock Down 80% to Buy Hand Over Fist in April | https://www.nasdaq.com/articles/1-spectacular-fintech-stock-down-80-buy-hand-over-fist-april

The Fintech Times | PSR Moves to Address Card Scheme Fees, but Is It Enough? | https://thefintechtimes.com/psr-moves-to-address-card-scheme-fees-but-is-it-enough/

STAT | NIH Indirect Costs: Federal Permanent Injunction | https://www.statnews.com/2025/04/04/nih-indirect-costs-federal-permanent-injunction/

Banking Dive | CFPB, DOJ Appeal Injunction; 1,000 Workforce, 1,700+ | https://www.bankingdive.com/news/cfpb-doj-appeal-injunction-berman-jackson-1000-workforce-1700/744383/

Banking Dive | CFPB Preliminary Injunction: Martinez, Paoletta, Vought, and a Charade of Mass Firing | https://www.bankingdive.com/news/cfpb-preliminary-injunction-martinez-paoletta-vought-charade-mass-firing-data-reinstate-employees/743936/

Banking Dive | CFPB to Retool Small Business Data Collection Rule | https://www.bankingdive.com/news/cfpb-retool-small-business-data-collection-rule-court-race-gender-data-lending/744488/

Finextra | DOJ Antitrust Officials Clear Capital One and Discover Merger | https://www.finextra.com/newsarticle/45773/doj-antitrust-officials-clear-capital-one-and-discover-merger

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