Introduction: The Qualitative Change of Financial Clearing and Commercial Hematopoiesis

On September 4, 2026, as we examine the announcements from yesterday’s US and Hong Kong stock markets, the interaction logic between crypto assets and the traditional fiat financial system has fundamentally reversed. If in the past crypto companies struggled to seek bank accounts in traditional banks, today, SoFi opens its SEN settlement network directly to Kraken, and seven mid-sized American banks spend tens of millions of dollars to form the Cari digital currency clearing network, reflecting the deep anxiety of the banking industry about losing control over fund clearing and a proactive counterattack. Interestingly, long undervalued listed crypto service providers (Amber, New Fire Group) have officially delivered profitability statements to Wall Street, with nearly 80% high gross margins and asset management scales in the billions.

1. SoFi Teams Up with Kraken and Cari Alliance: Active Control of 24/7 Settlement Rights by the Banking Industry

The strategic cooperation reached yesterday between SoFi and Kraken, along with the $32.5 million financing of the Cari network, marks a milestone in the restructuring of traditional banking systems' clearing architecture.

• SEN Network Breaks Legal Settlement Time Cage: The parent company of Kraken accesses SoFi's USD settlement network (SEN), allowing massive institutional funds to escape the constraints of the Federal Reserve's traditional business day clearing schedules, achieving 24/7 instant legal liquidity transfer. More profoundly, it facilitates asset synergy: Kraken will list the SoFiUSD stablecoin, while SoFi’s retail customers directly obtain Kraken Prime institutional-level deep liquidity. This combination of “digital bank compliant liabilities (stablecoins) + top-tier exchange trading engines” provides a strong endogenous closed loop for traditional banks to resist the outflow of crypto capital.

• The Regional Bank Self-Rescue Behind the Cari Alliance: Meanwhile, seven traditional banks including First Horizon, Huntington, and KeyBank jointly invested $32.5 million in Cari, representing a collective awakening of regional banks. In the context of Wall Street giants like JPM Coin building their own clearing barriers, mid-sized banks must join in building their own underlying digital currency networks to avoid being completely sidelined in future commercial payments and capital flows based on smart contracts.

2. New Fire Group and Amber's Performance Self-Proof: Business Closed Loop Driven by High Gross Margin and AUM Expansion

As infrastructure progresses rapidly, New Fire Group (01611.HK) and Amber (NASDAQ: AMBR) disclose the latest data, which completely breaks outside assumptions about “crypto service providers only making money from market speculation.”

• The Institutional Asset Management Moat of New Fire Group: By the end of August, New Fire Group's global AUM officially stood at over 2 billion Hong Kong dollars, with its private banking-level custodian Bitfire Premium showing a month-on-month increase of 30% to $200 million. Continued monthly transaction volumes exceeding $100 million and an expanding OTC share indicate that under Hong Kong's increasingly完善的 virtual asset compliance framework, demands for fiat currency allocations from traditional high-net-worth clients and family offices are continuously focusing on compliant licensed leaders, providing the group with certainty in management fees and facilitation revenue.

• The Turnaround Logic Behind Amber's 79.5% Gross Margin: The financial report of the US-listed company Amber for the second quarter is equally compelling. Total revenue surged by 38.8% to $13.9 million, and more surprisingly, its gross margin reached 79.5%. Relying on high technical premiums and operating leverage, Amber achieved strong positive results in operating income and adjusted EBITDA for the quarter. This proves that crypto tech service providers, detached from low-level price wars, have the powerful capability to generate their own revenue relying on high-margin enterprise-level products.

Market data from September 3 sent a highly certain signal to the global capital markets: the crypto financial track is completely bidding farewell to the primary speculative stage. Bankers are no longer watching from the sidelines but are personally laying the groundwork for around-the-clock USD clearing foundations and stablecoin systems; compliant public market service providers are building a fundamental moat through deep cultivation of high-net-worth asset management and high-margin enterprise-level technology services, crossing over market fluctuations. When the clearing pipelines are fully opened by traditional capital, the grand blueprint of the digital financial new era is clearly visible.

Data source: https://bbx.com/ Crypto concept stock information database, organized based on yesterday's global listed company announcements and SEC/TSE disclosure documents.

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