Daily Crypto Briefs 
CASABLANCA, Nov. 12, 2026
UK bank Griffin said Thursday it raised $20 million to build stablecoin reserve and cross-border payment services and add card issuing, as Britain prepares to bring more crypto activities under financial regulation.
Octagon Partners led the Series B, which Griffin said valued the bank above $100 million. Notion Capital, A+ Ventures, Nordic Ninja, Breega and other existing investors also took part. The London-based bank supplies accounts and payment infrastructure to fintechs that offer financial services inside their own apps.
Bitcoin closed Wednesday’s UTC session at $73,927.63, up 0.31% for the day and down 11.8% from its October 11 close. Separately, Glassnode measured a $14.2 billion contraction in stablecoin supply in the 30 days through November 9.
In its funding announcement, Griffin said it would develop services for businesses that need stablecoin reserves and add the ability to make international payments over blockchains. The bank said it expects the financing to carry it through to profitability. It gave no date for reaching that milestone.
Bitcoin
BTCSampled completed UTC daily closes from ChartExchange.
Griffin adds stablecoins to its banking plans
Griffin received full authorization as a UK bank in March 2024 and made its platform generally available that September. Its existing services include bank accounts that fintechs can embed in their products and domestic transfers through the UK’s Faster Payments Service.
Griffin says its platform now supports more than 80 companies, including Uber, Countingup and Yonder. It counts more than 300,000 underlying retail and business customers and nearly 10 million payments a year. Those figures describe its existing banking operations. The bank also reported that recurring revenue reached 3.2 times its prior-year level in the year ended September 2026, based on unaudited accounts.
A stablecoin reserve holds assets that help an issuer maintain a token’s value and meet redemption requests. A payment service moves funds between parties. Adding both to a banking platform could let a fintech manage its bank accounts and some international transfers through one provider. The release gave no details on how Griffin would hold reserves, which tokens it would support or where recipients could convert funds into local currency.
Griffin’s debit card and payment rollout
The bank plans to let customers issue their own branded consumer and corporate debit cards and expects a credit card offering to follow. Griffin announced card issuing and stablecoin services as two additions to the same platform. It gave no details on whether customers could fund the planned cards with stablecoins or whether Griffin would use tokens to settle card transactions.
Some card issuers already use stablecoins to settle payments. In one model described by Visa, issuers settle with the network in a supported token such as USDC, and Visa’s custodian converts the funds into regular currency for merchants. Visa reported a $25 billion annualized stablecoin settlement pace on its October earnings call. Griffin gave no projected stablecoin payment or settlement volume.
UK stablecoin rules and Griffin’s next steps
Britain’s new cryptoasset regime is due to start October 25, 2027. The Financial Conduct Authority opened applications on September 30, 2026, and says firms already authorized for other activities may need to vary their permissions to carry out newly regulated crypto activities. The UK has also been working with the US on digital asset policy, including stablecoins and tokenized securities.
The FCA’s current consultation closes November 18. It covers draft guidance on proposed exclusions for some activities, including temporarily holding qualifying stablecoins for payments and certain arrangements involving assets that back them. How the rules apply to Griffin’s new services will depend on how the bank structures them.
The Crypto Fear & Greed Index read 28 on November 12, in the Fear range, down from 29 the day before.
Fear & Greed Index
Nov. 12, 2026Griffin has yet to give a launch date, name initial customers for the stablecoin services or identify the first countries its cross-border payments would connect. Those details will determine which businesses can use the service and which transfers it can handle at launch.
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Primary sources and further reading
| Source | Title |
|---|---|
| | Griffin Series B announcement |
| | Griffin company facts and banking license timeline |
| | FCA cryptoasset authorization timetable |
| | FCA consultation on cryptoasset perimeter guidance |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
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Frequently Asked Questions
How much did Griffin Bank raise for its payments expansion?
Griffin raised $20 million in a Series B led by Octagon Partners. The bank said the round valued it above $100 million and would support stablecoin services, card issuing and its path to profitability.
Is Griffin launching its own stablecoin?
Griffin announced plans to provide reserve services for businesses in the stablecoin market and add blockchain-based cross-border payments. Its November 12 announcement named no Griffin-issued token, supported blockchain or launch date.
Who would use Griffin's stablecoin services?
Griffin supplies banking infrastructure to fintechs and other businesses. The proposed services would sit alongside those tools. The bank did not name the first stablecoin customers or the countries its cross-border payments would connect.
When do the new UK stablecoin rules take effect?
The FCA says the new UK cryptoasset regime starts October 25, 2027. The authorization application window opened September 30, 2026. A consultation covering guidance on proposed exclusions for some stablecoin-related arrangements closes November 18, 2026.