Circle’s dollar-backed stablecoin USDC can now be minted and redeemed across Flow, the high-speed blockchain platform created by non-fungible token (NFT) pioneers Dapper Labs.

Swiss-based Tyco International is merging its flow control business with Pentair in an all-stock deal valued at about $4.53 billion.

The playbook is starting to look familiar control the network, control the flow of money. But this new wave of closed-loop systems is raising eyebrows across the industry.