Key facts
- Musk discussed a potential Tesla-SpaceX merger on a SpaceX Q3 earnings call.
- SpaceX's AI business became its largest revenue segment in Q3.
- Stablecoin transfers hit $891 billion in Q3, more than quadrupling since early 2023.
- 73% of screened stablecoin volume occurred outside traditional US banking hours.
- Seven of the 10 largest US banks have tested stablecoins or tokenized deposits.
- Bitget plans to acquire GMO-Z.com Cryptonomics to expand in Southeast Asia.
Elon Musk expressed support for merging Tesla with SpaceX, a move that would create a technology giant combining AI, space exploration, and electric vehicle manufacturing. Musk stated during a SpaceX Q3 earnings call that he believes the merger would be a good idea, though independent committees are discussing the possibility at the request of shareholders. SpaceX's AI business, developed by its subsidiary xAI, has become its largest revenue segment.
Separately, a report commissioned by Coinbase found that stablecoin transfer volume reached $891 billion in the third quarter of 2026, a significant increase since early 2023. The report also indicated growing institutional adoption, with seven of the top 10 US banks testing stablecoins for settlement and 30% of mid-market companies using or piloting them for cross-border transactions. Despite the rise in transaction volume, the overall stablecoin supply has remained relatively flat over the past year.
In other news, crypto exchange Bitget has announced its intention to acquire GMO-Z.com Cryptonomics, a Thai cryptocurrency exchange. This move aims to expand Bitget's presence in Southeast Asia, coming weeks after the exchange experienced a $388 million hack.