Fintech: Remittance M&A, Stablecoin Policy, and On-Chain IPOs (Aug 11–24, 2025):
In mid-August, fintech trends centered around growth, regulation, and new ways of moving money. Major players announced acquisitions and IPO plans, while crypto firms signaled a return to public markets. Regulators advanced new rules for digital assets, and even state-level initiatives entered the mix.
Earnings reports showed a split picture: some firms faced challenges from global trade pressures, while others posted strong growth. In emerging markets, approvals and IPO plans highlighted how local reach and payment infrastructure remain key drivers of expansion.
Remittances consolidate and retool: Western Union acquires Intermex; SoftBank lines up a U.S. IPO for PayPay. Scale and corridor distribution are in the spotlight again.
Stablecoins hit the policy fast lane: U.S. Treasury begins implementing the new federal law; Wyoming launches a state-issued stablecoin; banks and crypto groups clash over capital rules.
Crypto enters capital markets: Bullish completes the first IPO settled entirely in stablecoins; filings like Figure’s show appetite for token-native firms.
Earnings diverge: Adyen cuts guidance amid tariffs, while Nubank posts double-digit profit growth.
India doubles down on rails + reach: Paytm wins approval as a payment aggregator; PayNearby prepares for IPO, proving agent-assisted finance remains powerful.
Cross-Border Power Plays
Western Union buys Intermex. On August 11, Western Union announced it would acquire Intermex for about $500 million, paying a 70%+ premium. Intermex’s strength is U.S.-to-LATAM corridors where agent density and cash pickup still win. This is a classic distribution grab.
SoftBank preps PayPay for a U.S. IPO. On the same day, SoftBank chose banks to take PayPay public in the U.S. PayPay is Japan’s dominant payments super-app — and public markets will expect evidence of sustainable take-rates, GAAP-clean incentives, and lending optionality.
Figure files to go public. On August 18, blockchain-native lender Figure filed its IPO, showing 22% H1 revenue growth. Just days earlier, Reuters flagged a “crypto IPO rush” as valuations and policy aligned.
Stablecoins Go Operational
Treasury kicks off rulemaking. On August 18–19, the Treasury Department issued its first consultation under the new federal stablecoin law, starting the process of defining reserves, issuer obligations, and illicit finance controls.
Wyoming issues a public stablecoin. The Frontier Stable Token launched on August 19 as a fully reserved, state-issued stablecoin — a milestone in public sector experimentation.
Banks vs. crypto. Banks lobbied regulators for softer capital treatment of tokenized assets, while crypto firms argued stablecoins haven’t drained deposits. Expect an extended tug-of-war.
Other signals:
Bullish settled $1.15B IPO proceeds entirely in stablecoins — mostly USDC on Solana, custodied by Coinbase.
Tether hired a U.S. policy advisor, proof that regulation is now a competitive advantage.
““Policy is now part of product. Roadmaps must include compliance milestones and owners — not just features.””
Earnings Divergence
Adyen trims outlook. On August 14, Adyen cut its revenue guidance, citing weaker volumes from Chinese merchants hit by U.S. tariffs. It was a reminder that even the strongest PSPs are tethered to geopolitics.
Nubank grows profit by 42%. On the same day, Nubank reported sharp profit growth from disciplined lending, deposit-led growth, and steady cross-sell. A reminder that controlled credit expansion remains a winning formula.
India’s Fintech Machine
Paytm gets aggregator approval. On August 12, RBI approved Paytm Payments Services to operate as a payment aggregator, restoring momentum after regulatory turbulence.
PayNearby eyes IPO. On August 21, PayNearby confirmed plans to go public in 2026, funding expansion of its 1M+ retailer network for cash-in/out and bill pay. Distribution and local presence remain India’s growth engine.
“Distribution still beats design in frontier markets. Reach is the feature.”
Crypto + Capital Markets
Alongside Figure, Bullish, and Circle’s earlier debut, Reuters reported on August 14 that crypto firms are lining up IPOs again. With regulatory clarity emerging, liquidity is back on the table.
Product Insights
Programmable settlement = margin strategy. It’s about faster reconciliation and lower treasury costs, not pushing crypto on users.
Distribution > design in many markets. Agent networks and aggregators matter more for onboarding and scale.
Macro is a hidden risk lever. Adyen’s tariff shock is proof: treat corridor exposure like uptime SLAs.
Policy is product. Treasury’s consultation and Wyoming’s launch show compliance can’t be left to legal alone — it belongs in the roadmap.
Sources
“Western Union to acquire Intermex for about $500 million.” Reuters, Aug. 11, 2025. Reuters
“SoftBank selects banks for U.S. IPO of payments app PayPay.” Reuters, Aug. 11–12, 2025. Reuters
“U.S. Treasury Starts Work on Stablecoin Law, Gathering Views.” CoinDesk, Aug. 18–19, 2025. CoinDesk
“Wyoming State Launches Frontier Stable Token.” CoinDesk, Aug. 19, 2025. CoinDesk
“Finance Industry Seeks Overhaul of Global Crypto Rules for Banks.” Bloomberg, Aug. 19, 2025. Bloomberg.com
“Bullish’s $1.15B in IPO Proceeds Was Entirely in Stablecoins, a First.” CoinDesk, Aug. 19, 2025. CoinDesk
“Tether Taps Bo Hines as Advisor for U.S. Strategy.” CoinDesk, Aug. 19, 2025. CoinDesk
“Brazilian digital lender Nubank posts 42% profit boost.” Reuters, Aug. 14, 2025. Reuters
“Adyen trims forecast as U.S. tariffs hurt customers.” Reuters, Aug. 14, 2025. Reuters
“Trump-Fueled Crypto Frenzy Sparks Rush to Wall Street IPOs.” Reuters, Aug. 14, 2025. Reuters
“Figure Technology reveals revenue surge in U.S. IPO filing.” Reuters, Aug. 18–19, 2025. Reuters
“Paytm Payments Services gets RBI nod to operate as online payment aggregator.” Reuters, Aug. 12, 2025. Reuters
“India’s PayNearby plans to go public next year.” Reuters, Aug. 21, 2025. Reuters
