Mercury wants a national bank charter — choosing regulation and control over speed and vibes. Klarna is quietly tapping stablecoins to unlock faster, cheaper institutional capital without going full crypto bro. And Plaid might finally be ready to test public markets as fintech IPOs start to thaw.

In today’s episode of Fintech Stacks, we break down why fintechs are chasing charters, why stablecoins are sneaking into real finance, and why infrastructure companies like Plaid could define the next IPO cycle.