Today’s fintech briefing also covers new US stablecoin rules, preliminary approval for World Liberty Financial’s trust bank, Tether’s first full audit, dLocal’s rapid payment-volume growth and Revolut’s move into branded airport lounges.
Stripe’s reported multibillion-dollar acquisition of OpenRouter is the biggest fintech development of the past two days, highlighting the growing convergence between payments and artificial intelligence infrastructure.
Stablecoins form the other major theme. The US Treasury has proposed rules determining how the GENIUS Act will apply to domestic and foreign issuers, while World Liberty Financial has received preliminary approval to establish a national trust bank. Tether, meanwhile, says KPMG has completed the company’s first full financial-statement audit.
Elsewhere, emerging-market payments provider dLocal reported a 92% rise in quarterly payment volume, Citi agreed to acquire rewards-infrastructure company Kard, and Revolut revealed plans to open its first branded airport lounge in Copenhagen.
Here are the most important fintech developments from 17 and 18 August 2026—and why they matter.
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Stripe reportedly agrees to acquire OpenRouter for more than $7 billion
Stripe has reportedly agreed to acquire OpenRouter, a platform that gives developers access to hundreds of artificial intelligence models through a single interface.
Axios reported that the transaction values OpenRouter at more than $8 billion in cash and shares, while separate reporting cited a figure above $7 billion. Neither Stripe nor OpenRouter had officially confirmed the agreement at the time of publication, meaning the price and final terms should still be treated as reported rather than definitive.
OpenRouter allows developers to access and switch between models from different providers without building a separate integration for each one. The platform can also select models based on factors such as cost, performance and availability.
The two companies already work together. OpenRouter uses Stripe to process payments, manage billing and tax obligations, and protect transactions from fraud. Stripe has previously described how its infrastructure supports OpenRouter’s global distribution and usage-based business model.
Why it matters
The acquisition would take Stripe beyond payment processing and closer to the infrastructure through which AI services are selected, consumed and monetised. Combining OpenRouter’s model routing with Stripe’s usage-based billing and payments could create an integrated commercial layer for the AI economy. However, the transaction and its reported valuation remain unconfirmed.
US Treasury proposes rules for implementing the GENIUS Act
The US Treasury has published proposed rules defining when a payment stablecoin will be considered issued, offered or sold in the United States.
The proposal is intended to clarify the geographic and operational reach of the GENIUS Act, including its application to foreign stablecoin issuers and companies providing stablecoin services to US customers.
According to the Treasury’s announcement, the expected implementation timetable includes two important dates:
- From 18 January 2027, issuing payment stablecoins in the US will generally require an appropriate federal or state licence.
- From 18 July 2028, digital-asset service providers will generally be prohibited from offering US customers payment stablecoins issued by unlicensed entities.
Foreign-issued stablecoins will also need to satisfy technological-compliance requirements and may be subject to reciprocal regulatory arrangements between the US and other jurisdictions.
Interested parties will have 60 days from publication in the Federal Register to comment on the proposal.
Why it matters
These rules will determine how the GENIUS Act operates in practice and which international issuers, exchanges, wallets and payment companies fall within its scope. They could be particularly significant for foreign stablecoin businesses serving US customers and for the continued availability of internationally issued stablecoins in the country.
World Liberty Financial receives preliminary approval for a US trust bank
The Office of the Comptroller of the Currency has granted preliminary conditional approval for World Liberty Trust Company, a proposed national trust bank associated with World Liberty Financial.
The proposed institution would issue and redeem the USD1 stablecoin, maintain its reserves and provide institutional digital-asset custody and stablecoin-conversion services.
USD1 issuance and custody are currently handled through BitGo. Under the proposed structure, those functions would transfer to the newly established trust bank.
The OCC’s decision does not give World Liberty Financial final permission to begin banking operations. The company must first meet a series of pre-opening requirements relating to capital, governance, risk management, compliance and operational readiness.
Why it matters
The decision is another example of stablecoin issuers moving within the regulated US banking system. A national trust-bank structure could provide USD1 with a federally supervised foundation, although the approval remains preliminary and World Liberty Financial’s political connections continue to raise conflict-of-interest concerns.
Tether says KPMG has completed its first full financial-statement audit
Tether says KPMG US has completed an audit of the stablecoin issuer’s full financial statements for 2025 and issued an unqualified opinion.
This represents a significant change from the periodic reserve attestations traditionally provided by Tether. An attestation examines specific information at a particular point in time, while a complete financial-statement audit considers a broader range of accounts, transactions, systems, valuations and supporting evidence.
Tether reported that its reserves exceeded liabilities by approximately $6.8 billion at the end of 2025.
The company described the audit as covering its complete balance sheet and financial activity. Reuters independently confirmed that KPMG had conducted the audit.
There is nevertheless an important limitation: Tether had not publicly linked to the complete audited financial statements or the full KPMG report at the time of writing.
Why it matters
A full audit by a Big Four accounting firm is a major governance milestone for the issuer of USDT, which plays a central role in crypto liquidity and increasingly in international payments. The real transparency test, however, will be whether Tether publishes the complete financial statements and KPMG report for independent scrutiny.
dLocal’s payment volume rises 92%, but processing yield declines
Emerging-market payment provider dLocal processed $17.7 billion in total payment volume during the second quarter of 2026—an increase of 92% compared with the same period last year.
Revenue increased by 56% to $399.7 million, while gross profit reached a record $127.2 million. Net income rose by 28% to $54.8 million.
Following the results, dLocal raised its full-year expectations to:
- Total payment-volume growth of 60% to 70%.
- Gross-profit growth of 25% to 30%.
The results demonstrate strong demand for infrastructure that helps international companies collect payments and send payouts in emerging markets.
However, dLocal’s gross profit as a percentage of payment volume declined from 1.07% to 0.72%. The company attributed the change to factors including higher volumes from large merchants, local-to-local transactions and expansion into additional markets and payment methods.
Why it matters
dLocal’s results demonstrate strong demand for emerging-market payment infrastructure, but also the margin pressure associated with rapid expansion and larger merchants. Payment volume is growing considerably faster than gross profit, making the company’s ability to convert scale into sustainable profitability the key question.
Also worth watching
Bank Leumi prepares integrated crypto trading
Israel’s Bank Leumi and its PEPPER digital-banking brand plan to introduce Bitcoin, Ether and Solana trading inside the Leumi Trade application from early 2027.
Galaxy will provide the trading infrastructure, while its former GK8 platform will support custody.
The development reflects a wider shift toward banks embedding digital assets inside their existing investment products instead of directing customers to external crypto exchanges.
Citi agrees to acquire rewards platform Kard
Citi has agreed to acquire Kard Financial, a technology company that helps banks and fintech platforms provide personalised, merchant-funded rewards.
Kard uses transaction information and machine learning to match customers with relevant offers. Following completion of the acquisition, its technology could ultimately be used across Citi’s approximately 70 million US cardholders.
The undisclosed transaction shows major banks becoming increasingly interested in owning the technology behind rewards, personalisation and commerce media rather than relying entirely on outside providers.
Klarna expands paid memberships across Europe
Klarna has introduced four membership plans priced between €4.99 and €44.99 per month, combining benefits such as cashback, insurance, travel services, airport-lounge access and external subscriptions.
Spain is among the initial European markets.
The move brings Klarna closer to the premium membership model used by Revolut and leading credit-card providers. Competition between financial apps is increasingly centred on bundled subscriptions and lifestyle benefits—not only payments or credit.
Revolut will open its first branded airport lounge in Copenhagen
Revolut plans to open its first branded airport lounge at Copenhagen Airport in 2027, taking one of its most recognisable premium travel benefits into a physical environment.
The CPH Revolut Lounge is expected to become the largest common-use lounge in the Schengen area. It will be developed and operated in partnership with Plaza Premium Group, an established international airport-lounge operator.
Copenhagen is intended to be the first location in a broader network of Revolut lounges across selected priority markets. The company has not yet announced the following airports or a detailed expansion timetable.
Important information—including the lounge’s size, capacity, facilities, prices and eligibility rules—also remains undisclosed. Revolut has not confirmed which subscription plans will provide access or whether entry will be available to non-customers.
Why it matters
The lounge will turn an existing digital subscription benefit into a physical Revolut experience, potentially helping the company attract and retain premium customers. Partnering with Plaza Premium reduces the operational risk, while Copenhagen will test whether branded travel experiences can meaningfully deepen loyalty to a financial app.
The bigger picture: fintech companies want to control more of the customer relationship
Several of today’s developments share a common theme: fintech businesses are moving beyond individual financial products and attempting to control more of the underlying infrastructure and customer experience.
Stripe’s reported OpenRouter acquisition could connect AI-model access directly with usage measurement and billing. Stablecoin companies are moving towards regulated banking structures and full financial audits. Banks are embedding crypto trading and buying rewards technology. Revolut is extending its subscription proposition from the application into the airport itself.
These businesses are no longer competing only over who processes a payment, offers an account or provides the lowest transaction fee.
They increasingly want to own the infrastructure, distribution, data, subscription and customer experience surrounding the transaction.
FinTech Observe’s Daily Briefing selects and verifies the most important developments across digital banking, payments, investing, cryptoassets and financial technology. Company claims are attributed, reported information is distinguished from confirmed announcements, and primary sources are used wherever available.
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