Today's News Recap

Global Crackdown -  US authorities target Cambodia's Huione Group over $4B laundering and crypto crime links, while Kraken detects North Korean hackers attempting infiltration.

Bitcoin Surge - Metaplanet issues $25 million bonds to buy more Bitcoin amid US expansion, as Bitcoin dominance reaches a four-year high of 64.73%, boosting the crypto market to $3 trillion..

Dark Verdict - Mango Markets exploiter Avi Eisenberg sentenced to four years for child exploitation material.

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Two Bits

Everyday Crypto: PayFi’s Push Toward Mainstream Payments

By: Austin Weiler

PayFi is gaining momentum in crypto. PayFi, representing the convergence of real-world payments and DeFi, is an emerging sector focusing on making digital assets usable for daily spending, not just investment. Leading companies like Bitget and Mastercard are driving this shift by building products and partnerships that simplify crypto payments and expand merchant acceptance. 

Bitget and Mastercard expanding PayFi’s reach

Bitget Wallet, a Web3 wallet with over 60 million users, has made PayFi central to its 2025 strategy. Its vision is to connect stablecoin deposits to DeFi protocols for yield-generation, allowing users to earn passive income while keeping funds liquid, referring to it as “Buy Now, Pay Never”.

Bitget wants to enable users to spend these yields directly on everyday expenses, from subscriptions and shopping to travel, without locking funds away or converting currencies. This “earn-and-spend” PayFi flywheel aims to make crypto assets productive and practical for non-crypto natives. Bitget’s partnerships with TripleA, IvendPay, and others also plan to enable gift card purchases, mobile top-ups, and in-store payments via QR codes.

A recent survey of Bitget users found that in emerging markets, transaction speed, global payment accessibility, and the ability to spend crypto without fiat conversion were the top motivators for crypto payment adoption. While in North America, the importance of smooth cross-border payments was the top motivator.

Regardless of the reason, this highlights PayFi’s growing product-market fit globally.

Mastercard is also accelerating PayFi adoption through a flurry of recent partnerships over the past week with Paxos, Circle, OKX, Nuvei, Metamas, and others. These collaborations are designed to enable stablecoin payments for USDC and USDP at up to 150 million merchant locations worldwide.

Why PayFi Matters 

PayFi is shifting crypto’s role from speculative asset to practical financial tool. By combining DeFi yields with real-world spending, platforms like Bitget and Mastercard are working to make crypto usable for everyday expenses such as groceries, dining, and subscriptions.

This shift is particularly important in regions with limited banking infrastructure, where PayFi solutions can enhance financial inclusion and offer new payment options. 

As PayFi ecosystems mature, expect continued growth in wallet features, merchant acceptance, and institutional partnerships, further embedding crypto into daily financial life.

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