Fintech Rundown (5/02) - Tether, UBS, Visa and Unionpay

First up, Tether’s CEO pushed back on reports that the company pulled back its fundraising ambitions. The Financial Times reported investor resistance to a proposed $500B valuation, with advisers later floating a raise closer to $5B versus earlier targets of $15–20B. 

Next up, UBS CEO Sergio Ermotti confirmed the bank is exploring crypto access for private clients while positioning itself as a “fast follower” in tokenization. The strategy lands as UBS posts a 53% jump in 2025 net profit to $7.8B, with total invested assets exceeding $7T. Digital assets are being treated as an extension of wealth management, not a standalone bet, with rollout expected over three to five years.

And finally, Visa and UnionPay International agreed to connect Visa Direct with UnionPay’s MoneyExpress platform, enabling cross-border remittances and B2C payouts into Mainland China. Once live, the setup will reach over 95% of UnionPay International debit cardholders, tightening the bridge between global payout rails and domestic Chinese card infrastructure.

That’s your fintech rundown. Stay tuned for more updates.