Your Fintech Inbox Brief: Rails, Risk, and the New Treasury Fight

Good morning. Today's fintech inbox has one big theme running through it: the rails are being contested again. Not in the abstract, and not just by startups promising a cleaner app. The fight is moving into settlement, commercial treasury, exchange infrastructure, AI control systems, and the balance sheets behind crypto finance. The useful question for a reporter is not, "who had the loudest launch?" It is, "which incumbent profit pools just became newly contestable?" Let's start there.