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Tether and Circle continue to dominate as stablecoin market nears $300bn

Hedge Funds Correspondent

Can Tether CEO Paolo Ardoino stay on top amid increasing competition?

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The global stablecoin market hit almost $300bn this week. Despite banks’ best efforts, it is still dominated by two players: Tether and Circle

Your guide to the week’s biggest fintech stories

Bilal Jafar

Currencies

Brevan Howard’s Master fund trims year-to-date losses after August gains

Singapore-based hedge fund Quantedge rises more than 8% in August

Cboe taps Goldman Sachs for European equity sales director

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Emily Hackett joins the US exchange operator’s European business

Stifel poaches Citi banker Didier to bolster healthcare coverage

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The US bank has said it wants to focus on advisory functions after acquiring boutique Bryan Garnier in January

Houlihan Lokey hires Rezaie to lead financial sponsors in Germany

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The US-headquartered investment bank has been building its team in Europe

Shares in both banks rose as the deal to reshape Italy’s financial landscape is now set to go through.

Italy’s Monte Dei Paschi Secures Control of Mediobanca in Deal Valued at $19 Billion

The Citadel CEO wrote in an opinion piece that President Trump’s attack on the Federal Reserve “carries steep costs.”

Ken Griffin, a Republican Megadonor, Is Wall Street’s Loudest Trump Critic

Ken Griffin, Republican Megadonor, Is Wall Street’s Loudest Trump Critic

Leaders at the world’s most valuable startup have discussed the prospect of moving out of California if regulators complicate OpenAI’s transition to a for-profit company.

OpenAI Executives Rattled by Campaigns to Derail For-Profit Restructuring

A fundraising led by Europe’s biggest tech company gives the region’s top AI contender new firepower in its quest to build homegrown models.

Mistral AI Doubles Valuation to $14 Billion With ASML Investment

The Long-Term Stock Exchange plans to petition regulators to allow public companies to share results less frequently.

The Renewed Bid to End Quarterly Earnings Reports

The 2.9% gain in August keeps the positive times rolling. Plus: A Financial Flashback to 105 years ago, the Wall Street bombing of 1920.

A network of ultrawealthy investors including Peter Thiel and Sam Altman are infusing the longevity industry with cash and making big bets on where the science is headed.

By Shane Shifflett, Amy Dockser Marcus and Alex Janin | Graphics by Rosie Ettenheim

The Billionaires Fueling the Quest for Longer Life

European defense-related IPOs hit at least a ten-year high in 2024, but valuations still trail those of their American peers.

European Defense Companies Ready IPOs Amid Higher Spending, Valuations

The CEO, already the world’s wealthiest individual, stands to receive shares in installments dependent on Tesla hitting a series of milestones.

Tesla Proposes Musk Pay Package Worth as Much as $1 Trillion Over Decade

The bid to create one of the biggest lenders in the eurozone now lies in the hands of Sabadell shareholders.

BBVA Clears Last Hurdle to Open $17.4 Billion Bid to Sabadell Shareholders

A traditionally laissez-faire approach in much of Europe is giving way to more U.S.-style policing of workplace relationships.

Office Romance Rules Catch Up to European Executives

Mark Zuckerberg, Sundar Pichai and Sam Altman saluted the president’s leadership on innovation at an event that underscored the industry’s desire for his favor.

By Katherine Bunt, Meridith McGraw and Meghan Bobrowsky

Tech CEOs Take Turns Praising Trump at White House Dinner

The probe centers on whether the Fed governor submitted fraudulent information on mortgage applications.

By Brian Schwartz, C. Ryan Barber and Will Parker

DOJ Opens Criminal Investigation Into Fed’s Cook, Issues Subpoenas

The Treasury secretary in a court submission said the lower-court loss is already hurting trade negotiations.

Trump Administration Seeks Swift Supreme Court Review on Tariffs

American Bitcoin’s public listing comes days after the Trump family made as much as $5 billion on paper from a separate digital token.

Trump Brothers-Backed Bitcoin Mining Company Surges After Nasdaq Listing

Republican Rep. Rob Bresnahan of Pennsylvania campaigned on ending the practice, but has become a top trader after entering office.

Why Lawmakers Don’t Want to Ban Their Own Stock Trading 

The U.S. private-equity firm agreed to buy Australian share-registry provider Automic in the firm’s first local acquisition since opening its Sydney office.

Advent Acquires Australian Share-Registry Provider Automic

Annual inflation picked up pace a little in the eurozone last month, cementing expectations that the ECB will leave interest rates unchanged next week.

Eurozone Inflation Accelerates, Priming Continued Rate Pause by ECB

The WLFI token traded far above its previous value, confirming—at least on paper—a huge windfall for the president and his sons.

Trump Family Amasses $5 Billion Fortune After Crypto Launch

Laurent Freixe is out after just a year in the top job at the food giant, which is trying to sell a number of underperforming businesses.

Nestlé Fires CEO Following Probe of Romantic Relationship With Subordinate

A loss of independence at the Federal Reserve could have serious consequences for both the U.S. and the global economy, the eurozone’s top central banker warned.

Threats to Fed Independence Are ‘Very Worrying,’ ECB’s Lagarde Says

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