Daily Fintech Rundown (12/01) - Featuring Rain, BNY, Visa & Mastercard

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U.S. President Donald Trump called for a one year cap on credit card interest rates at 10 percent starting January 20. No legislation. No enforcement structure. Banks flag reduced credit availability and tighter underwriting. Without congressional action, this is signaling, not execution.

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Next, Rain raised 250 million dollars at a 1.95 billion dollar valuation. The company provides stablecoin-based wallets and card issuance on existing card networks such as Visa. The company said its valuation has increased more than 17-fold in just 10 months.

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BNY enabled tokenized representations of deposit balances on its digital assets platform. Deposits remain on regulated bank balance sheets and are mirrored on-chain for settlement and collateral workflows. Initial scope is institutional. In the future, bank aims to support rules-based, near real-time cash movements, to reduce settlement friction and boost operational efficiency for its institutional clients.

That's your fintech rundown for today. Stay tuned for more updates.