By Iffa Jayyana 
The intersection of artificial intelligence, traditional banking, and global cryptocurrency markets dominated headlines today as tech visionary Elon Musk signaled strong support for a potential corporate consolidation between electric vehicle pioneer Tesla and aerospace giant SpaceX. The prospective deal—which would bring together AI development, space exploration, and automotive manufacturing under a single multi-trillion-dollar umbrella—comes on the heels of explosive revenue growth within SpaceX’s artificial intelligence division.
Simultaneously, broader macroeconomic and digital asset trends underscored a period of rapid institutional maturation and regional expansion across the crypto economy. A comprehensive new report commissioned by Coinbase revealed that stablecoin transfer volumes soared to an astonishing $891 billion during the third quarter, driven heavily by off-hours trading and increasing integration by major traditional financial institutions. Meanwhile, digital asset exchange Bitget pressed forward with its international growth strategy by announcing intentions to acquire a Thai cryptocurrency platform, navigating its expansion plans just weeks after suffering a massive $388 million security breach.
Musk Says SpaceX-Tesla Merger a “Good Idea” as AI Revenue Jumps Ninefold
Elon Musk confirmed on Tuesday that he views a merger between Tesla and SpaceX as a fundamentally sound proposition. Speaking during a SpaceX third-quarter earnings call, the billionaire entrepreneur acknowledged that the combination would forge a staggering $3.5 trillion technology juggernaut, seamlessly marrying artificial intelligence, advanced aerospace engineering, and electric vehicle production.
When directly asked about the viability of the consolidation, Musk offered a concise and affirmative response. "Do I think it would be a good idea? Yes," he stated during the earnings briefing.
The discussions regarding a potential tie-up are not merely speculative. Musk revealed that both Tesla and SpaceX have formally established special committees comprised of independent directors to evaluate the merits and structural implications of a merger. These committees were formed at the direct request of concerned shareholders. Because of his executive leadership roles and financial stakes in both entities, Musk noted that he is legally classified as a conflicted party and is therefore recused from participating directly in the internal boardroom deliberations.
Should the corporate marriage materialize, it would bring Tesla under the exact same corporate umbrella as SpaceXAI—formerly known as xAI and renowned for developing the Grok artificial intelligence model—alongside social media platform X, which SpaceX acquired earlier this year in February. The timing of these preliminary merger talks is deeply intertwined with the shifting financial landscape of Musk’s corporate empire. During the third quarter, SpaceX’s artificial intelligence business officially surpassed its other divisions to become its single largest revenue-generating segment. This dramatic ninefold surge in AI-related income highlights the pivotal role that artificial intelligence now plays in driving the future valuation and operational focus of Musk’s various enterprises.
US banks test stablecoin payments as quarterly transfers hit $891 billion
Beyond the high-profile corporate machinations of Silicon Valley, the foundational plumbing of the global financial system is quietly undergoing a digital transformation. According to a newly released report commissioned by Coinbase and conducted by The Block Research, stablecoin transfer volumes reached an unprecedented $891 billion in the third quarter. This figure represents more than a quadrupling of transaction activity since the early months of 2023, signaling a massive migration toward blockchain-based settlement rails.
The data indicates that stablecoins are now processing more than $400 million in adjusted transfers every single hour. Crucially, a remarkable 73% of this screened transfer volume occurs completely outside the traditional operating hours of the United States banking system, encompassing weekends, late nights, and federal holidays. This around-the-clock utility has made stablecoins an increasingly indispensable tool for modern liquidity management and cross-border commerce.
Institutional adoption is no longer a distant horizon but an active operational reality. The Coinbase-commissioned report noted that seven of the ten largest banking institutions in the United States have actively tested stablecoins or tokenized deposits for internal and external payment settlements. Furthermore, corporate adoption is accelerating sharply within the middle market. Approximately 30% of mid-market companies engaged in international business are either actively utilizing or piloting stablecoins for trade settlements, representing a dramatic tripling from the 10% adoption rate recorded in 2024.
Consumer sentiment is also shifting in favor of digital asset integration within traditional finance. A separate consumer survey conducted by the National Cryptocurrency Association found that 42% of adult respondents in the United States would feel significantly more inclined to open a new bank account or expand their existing relationship with a financial institution if that bank offered native cryptocurrency and digital asset services.
Despite these soaring transaction volumes and expanding institutional footprints, the aggregate supply of stablecoins has remained remarkably stable over the past year. Data from DeFiLlama indicates that the overall market capitalization of stablecoins stood at $301.4 billion on Tuesday, marking a slight contraction of approximately 0.6% compared to the same period twelve months prior. This dichotomy between surging transaction velocity and stagnant supply growth has forced industry analysts to recalibrate long-term projections. Standard Chartered recently adjusted its outlook, pushing back its forecast for a $2 trillion stablecoin market from 2028 to 2030 to account for the current pace of supply expansion.
Bitget plans Thai crypto exchange acquisition weeks after $388M hack
Amid shifting regulatory landscapes and macroeconomic tailwinds, cryptocurrency exchanges continue to execute aggressive geographic expansion strategies. Major digital asset platform Bitget has officially announced its intention to acquire Thailand-based GMO-Z.com Cryptonomics, marking a strategic push to deepen its operational footprint across Southeast Asia.
The proposed transaction is being channeled through BTGT Management (Thailand), a corporate entity in which Bitget has confirmed it holds a financial interest, according to corporate announcements shared with industry media. The acquisition is designed to serve as a strategic gateway, enabling Bitget to seamlessly introduce its comprehensive suite of digital asset trading services and platform infrastructure to retail and institutional users in Thailand.
Gracy Chen, Chief Executive Officer of Bitget, emphasized the strategic importance of the regional expansion. "Thailand is an important part of Southeast Asia’s digital asset landscape, and this acquisition gives us a great opportunity to establish local operations in a thriving country," Chen noted.
The proposed buyout first came to light when Japanese internet conglomerate GMO Internet disclosed the impending sale of its subsidiary to BTGT Management in a regulatory filing on September 24, setting an anticipated completion target for October 31. Bitget’s subsequent public confirmation shed light on its direct participation in the corporate maneuver. However, representatives for Bitget have thus far declined to comment on the precise scale of its equity interest in BTGT Management, nor have they disclosed the specific financial valuations or ownership terms governing the proposed acquisition.
The expansion announcement arrives just weeks after Bitget weathered a severe operational and financial crisis following a devastating security breach. The exploit, which targeted the exchange’s hot and warm wallets, resulted in estimated losses of $388 million. Despite the magnitude of the security failure and the ongoing remediation efforts required to stabilize its balance sheet, Bitget’s leadership is pressing ahead with its international M&A roadmap, signaling confidence in its underlying user base and long-term market strategy within emerging digital asset hubs.
Jia Lissa 
Laily UPN