The 10-year Treasury yield surpassed 5%, hitting its highest point since 2007 due to rising oil prices and persistent inflation. In corporate moves, BitGo purchased NYDIG's institutional trading unit for $42.5 million, while fintech startup Pulley is closing and transferring clients to rival Carta. Meanwhile, Revolut secured a banking licence in Colombia, and India introduced a 0.4% fee on digital merchant transactions above ₹2,000.
01Market mover
US 10-Year Treasury Yield Nears 5% Threshold
Mounting fiscal supply and basis-trade leverage make long-dated sovereign borrowing costs vulnerable to market structure shocks rather than just economic fundamentals.
The 10-year rose above 5% on Tuesday to touch 5.04%, reaching its highest level since 2007 amid surging oil prices and persistent pressures. The yield was up 2 at 5.016%, while the 2-year Treasury note yield increased by more than 7 basis points to 4.738%. Global wholesale oil prices climbed past $109 a , driven by tensions in the U.S.-Iran war and concerns over Middle Eastern energy exports. Treasury Secretary Scott Bessent attempted to calm the market through expanded operations, though traders largely pushed past the intervention. policymakers are expected to raise the overnight lending rate by a quarter percentage point to a range of 3.75% to 4.00% following a two-day meeting. Higher borrowing costs threaten to squeeze , freeze housing transaction volumes as approach 8%, and pressure companies facing a looming debt refinancing wall.
U.S. Treasury Yields (%)
The 10-year Treasury yield rose above the 5% threshold to 5.04%.
Deutsche Bank Awaits Regulatory Approval to Launch Institutional Crypto Custody
MiCA licensing allows traditional European banking giants to absorb digital asset custody into standard institutional asset servicing, shifting crypto holding from specialized venues to legacy bank balance sheets.
Deutsche Bank plans to launch a digital custody service for European institutional and corporate clients by the end of 2026, pending regulatory approval. The service will initially support , ether, and including USDC and EURC. Germany's largest bank expects to receive its custody license in October under the European Union Markets in Assets framework. Standard Chartered and BBVA already offer comparable regulated crypto custody services.
BitGo Acquires NYDIG's Institutional Trading Business
Absorbing prime brokerage and structured derivatives onto a pure custodian's balance sheet converts BitGo from a passive asset keeper into a full-service capital markets counterparty.
BitGo Holdings acquired NYDIG's institutional trading business for roughly $42.5 million, closing the transaction on August 27, 2026. The purchase price consisted of $7 million in cash and approximately $35.5 million in BitGo stock, alongside potential performance-based earnouts of up to $15 million tied to future milestones. The brings , structured products, financing, and markets infrastructure into BitGo's existing custody and settlement platform. About 30 former NYDIG employees moved to BitGo as part of the deal. BitGo used its public currency, which trades on the NYSE under the ticker BTGO following its January 2026 listing, to fund the majority of the purchase. Meanwhile, NYDIG is redirecting its resources toward power generation, mining, and high-performance computing .
India Ends Free Transactions for Larger Payments on Digital Network
Introducing a tiered interchange structure to a zero-fee public payment network creates an explicit monetization model for acquiring banks while preserving low-value consumer volume.
techcrunch.com reports that India is imposing a 0.4% merchant fee on certain transactions above ₹2,000 on its Unified Payments Interface starting October 15. The National Payments Corporation of India stated that consumers will continue using the service for free while authorities seek to make the digital network financially self-sustainable. Transactions of ₹2,000 or less remain free, and small merchants receiving up to ₹100,000 a month are exempt from the charges. Specific sectors including railways, telecom, insurance, and fuel will pay a flat ₹5 fee on transactions above ₹2,000, whereas -market transactions will attract a 0.02% fee capped at ₹300. The network processed 24.51 billion transactions worth ₹29.9 trillion in August alone. Industry estimates put the annual cost of running the network at about ₹200 billion. The new fees will be distributed among ecosystem participants to fund infrastructure and cybersecurity investments.
Deposit insurance backed by Fogafín lowers local funding costs, letting global fintechs leverage strong group balance sheets to undercut domestic banks on cross-border retail spreads.
Revolut secured its sixth global banking licence on September 15, clearing the final regulatory hurdle to launch commercial operations in Colombia. The Superintendencia Financiera de Colombia granted the operating licence after the fintech met local requirements and established deposit insurance protection through Fogafín. Approximately 200,000 users have already joined the domestic waitlist for the platform. The company reported $6 billion in for the previous year alongside a pre-tax profit of $2.3 billion. Global customer balances reached $67.5 billion across a base exceeding 80 million accounts. Revolut also holds banking licences in the UK, France, Australia, Lithuania, and Mexico.
House passes bill offering advisors new tools to assist fraud victims
Removing disaster-declaration prerequisites for tax deductions aligns theft-loss tax policy with actual fraud discovery timelines, lowering the net capital destruction experienced by victimized retail investors.
The House of Representatives passed the bipartisan Tax Relief for Fraud Victims Act (HR 9500) by a 408-17 vote, according to americanbanker.com. The legislation restores the section 165(a) tax deduction for personal casualty losses while removing limits that previously restricted such relief to specific disasters. Under current rules, victims forced to liquidate accounts like a 401(k) cannot claim tax deductions for the stolen funds. Beyond restoring the deduction, the bill waives the 10 percent penalty, extends refund claim deadlines, and gives taxpayers a one-year window from the discovery of a theft to repay early distributions. Financial scam losses for Americans reached $68 billion in 2025, according to the CFP Board. The bill now awaits consideration in the Senate.
AI-assisted spreadsheets lowering the barrier for internal equity tracking destroys the software pricing power required to sustain dedicated cap table management platforms.
Techcrunch.com reports that cap table management platform Pulley is shutting down, with its final day of operations set for December 8. The company has partnered with its rival, Carta, to offload existing customers and redirect prospective clients. Founded in 2020 by Yin Wu, Pulley raised over $50 million from backers including General Catalyst, Stripe, and Founders Fund. The startup did not provide a reason for the closure. A former employee attributed the wind-down to competition from spreadsheets, which startups increasingly maintain using . Wu stated that she and members of her team plan to pursue new ventures.
Institutional fintech expansion continues alongside sharp consolidation and rising capital costs. With bond yields at multi-year highs and private startups facing operational shutdowns, it is unresolved whether tightening liquidity will stall further crypto and banking infrastructure investments.
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