Token Chronicle - Week 4 March 2025

Top cryptos

Meme of the week

Market Sentiment:

Market update: A week that started with renewed optimism but ultimately saw little change in the macroeconomic context; prices remain stuck around $82K–$84K BTC as the market awaits clarification on tariffs (possibly this Wednesday) and the conflict in Ukraine. This comes as announcements and adoption by traditional market players continue to grow.

Main points this week:

International News:

1. Swiss National Bank says "no" to Bitcoin (BTC): There will be no Bitcoin (BTC) in the Swiss National Bank’s reserves. This was affirmed by its governor, Martin Schlegel, in response to a request from Swiss citizens. According to the Swiss National Bank’s governor, cryptocurrencies do not have the “good characteristics” that currencies should possess. Martin Schlegel points out two major flaws: first, that cryptocurrencies are “extremely volatile,” and second, their lack of liquidity. The governor also criticized the very nature of cryptocurrencies, which he describes as software that could potentially contain “bugs.” According to Martin Schlegel, cryptocurrencies remain a niche phenomenon, representing only a small fraction of the global monetary system. He also emphasized that the Swiss franc holds a strong position compared to digital currencies.

2. Dubai officially launches real estate tokenization: Dubai continues its commitment to digitizing its real estate market by launching an ambitious project to tokenize real estate assets. This initiative, led by the Dubai Land Department (DLD), aims to integrate blockchain technology into property ownership and transaction processes. In partnership with the Dubai Future Foundation (DFF) and the Virtual Assets Regulatory Authority (VARA), the DLD becomes the first land regulatory authority in the Middle East to use blockchain to record property titles. According to DLD projections, the tokenized real estate market could reach 60 billion dirhams (about 15 billion euros) by 2033, representing 7% of the emirate’s real estate transactions.

3. Wyoming state aims to launch its own cryptocurrency by July: As stablecoins gain more prominence in the crypto ecosystem, the state of Wyoming appears eager to enter the race. The asset would be named WYST and would be secured at a minimum of 102% by U.S. Treasury bonds. As explained by the governor, the revenues generated from this reserve would be used to fund education and various infrastructure projects.

4. Bpifrance becomes the world’s first public bank to invest in crypto: The United States is making moves, issuing favorable announcements for cryptocurrencies and the development of the blockchain ecosystem. Specifically, the French public investment bank Bpifrance plans to allocate up to 25 million euros to invest in cryptocurrencies (referred to as “digital tokens,” “crypto-assets,” and “tokens”) for future French blockchain projects. This initiative, backed by the Ministry of Economy and Finance, is being presented as a world first among sovereign wealth funds.

5. The UK’s Financial Conduct Authority (FCA) has unveiled its five-year strategy, highlighting two key areas for digital assets: enhancing regulatory efficiency and combating financial crime. The FCA aims to become a “smarter regulator” by improving supervisory activities and investing in technology to digitize authorization processes. Additionally, tackling fraud and market abuse remains a top priority to protect the integrity of the digital asset ecosystem. Meanwhile, the UK’s National Crime Agency (NCA) released its 2025 National Strategic Assessment of Serious and Organised Crime (SOC), revealing that threats from fraud, illicit finance, and cybercrime have increased. The report highlights that criminals in the UK frequently use Bitcoin, Tether, DeFi platforms, and privacy coins like Monero for money laundering.

6. Taiwan’s Financial Supervisory Commission (FSC) has released a draft of the Virtual Asset Services Act, introducing a comprehensive licensing framework for virtual asset service providers (VASPs) such as exchanges, brokers, and custodians. The law mandates local incorporation, minimum capital requirements of NTD 10 million to 300 million (USD 300,000 to 9 million), and compliance with asset segregation and custody rules. Licensed entities must join the Taiwan VASP Association, which will enforce industry standards. Stablecoin issuers will require a dedicated license with full reserve backing, while foreign stablecoins can be listed under transparency requirements. The draft is open for public consultation until May 24, with plans for legislative review by June 2025.

Compliance/Regulation/Justice:

1. Bitcoin recognized by the IMF: For the first time since 2009, the International Monetary Fund (IMF) has revised its macroeconomic statistics standards, addressing cryptocurrencies. Regarding Bitcoin (BTC), governments should treat it as a “non-produced, non-financial asset,” similar to how natural resources are classified. This classification applies to all “crypto-assets without counterparty obligations.” In contrast, many other categories are linked to underlying liabilities, such as stablecoins, security tokens, and central bank digital currencies (CBDCs), which must be considered as forms of debt. Given the complexity of these standards, only the broad outlines have been covered here. The institution is set to publish a “Crypto-Asset Compilation Guide” soon, which should clarify these topics further.

2. Stablecoin regulation: A “bank run” risk for the financial system? Stablecoins are booming, with a total value exceeding $230 billion. While some see upcoming U.S. legislation as an opportunity to strengthen payment infrastructure, others worry about the risks they pose to economic stability. Lisa D. Cook, governor of the U.S. Federal Reserve, warned that in the event of market panic, “the liquidation of assets backing stablecoins could be disruptive, especially if these assets are tied to other financial markets.”

3. Binance suspends an employee accused of insider trading on UUU token: Another scandal at Binance? A Binance Wallet employee has been suspended after using insider information to make significant profits on a token before a public announcement was made. The world’s largest cryptocurrency exchange platform promises a thorough investigation and is already cooperating with the relevant authorities.

4. Ripple secures a partial victory against the SEC: The legal battle is now over: The SEC withdrew from its legal battle with Ripple (XRP) last week, and the crypto company agreed to pay a $50 million fine. Last week, the SEC agreed to drop its appeal unconditionally. In return, Ripple has dropped its counter-appeal. The SEC will retain $50 million of the $125 million in fines (already held in an interest-bearing escrow account), with the remaining amount being returned to Ripple.

5. The SEC’s “task force” tackles key crypto issues: The newly formed Securities and Exchange Commission (SEC) “task force” will soon convene to address several priority topics. The first will be regulations governing cryptocurrency trading. Next, the focus will shift to mechanisms for crypto asset custody. Finally, the last two discussion rounds will cover decentralized finance (DeFi) and tokenization.

6. Terraform Labs finally launches a compensation process, three years after Terra (LUNA) collapse: Nearly three years after Terra (LUNA) crashed, Terraform Labs has announced the opening of a claims portal. Investors impacted by the scandal may now hope to receive some form of compensation.

7. Galaxy Digital and New York Attorney General Letitia James have reached a $200 million settlement over alleged misconduct in promoting the failed LUNA cryptocurrency. The agreement, spanning three years, allows Galaxy to resolve the case without admitting wrongdoing. Authorities claim Galaxy misled investors, secretly selling millions of LUNA tokens while publicly endorsing them as a promising investment. The settlement highlights how CEO Mike Novogratz displayed LUNA enthusiasm, even getting a tattoo, while the firm quietly profited. The LUNA and UST collapse in May 2022 wiped out $40 billion, triggering the downfall of major crypto firms like BlockFi and 3AC.

8. The Federal Deposit Insurance Corp. has issued a new crypto policy that scraps previous guidance calling for banks to get the regulator's sign-off before engaging in any new crypto activity. The new stance comes closely on the heels of a similar move from a fellow U.S. banking agency, the Office of the Comptroller of the Currency. Regulators tapped by President Donald Trump have been rapidly reversing years of crypto hesitancy in the U.S. government.

Traditional Finance:

1. BoursoBank Introduces a Range of Crypto ETPs with BlackRock and CoinShares
   BoursoBank (formerly Boursorama) has launched a series of exchange-traded products (ETPs) based on cryptocurrencies, issued by BlackRock and CoinShares. This marks a significant step forward for the bank as it ventures into a lucrative market. Announced this Tuesday, BoursoBank’s crypto ETPs are exchange-traded notes (ETNs) backed by crypto assets. They are issued by iShares, a BlackRock brand known for its U.S. Bitcoin ETF, as well as CoinShares. BoursoBank’s crypto ETNs are available for five assets: Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Solana (SOL), and Cardano (ADA). Customers of BoursoBank can now access these products directly through their securities accounts.

2. BlackRock Launches Its First Bitcoin ETP in Europe
   After making history with the launch of IBIT, BlackRock is now setting its sights on Europe. By introducing its first Bitcoin ETP on European stock exchanges, the American giant sends a clear message: the institutionalized crypto product race is just beginning, and it now extends far beyond U.S. borders.

3. Tesla (TSLA): Cathie Wood Predicts Stock Surge to $2,600
   Cathie Wood, CEO of Ark Invest, remains confident in Tesla (TSLA) stock, forecasting a price of $2,600 within five years. She believes that Tesla’s development of "robotaxis" will capture a massive market share. These new products could account for 90% of the company’s value, revolutionizing transportation. Wood's optimistic prediction aligns with her firm’s investment strategy—Ark Invest has allocated 10% of its assets to Elon Musk’s company.

4. BlackRock Expands Its Tokenized BUIDL Fund to Solana
   The asset management giant accelerates its push into decentralized finance. After Ethereum, BlackRock now partners with Solana for its tokenized BUIDL fund, marking a new phase of competition between blockchains.

5. Fidelity, a $5.8 Trillion Giant, Reportedly Plans to Launch Its Own Stablecoin
   According to rumors reported by the Financial Times, Fidelity is planning to launch its own stablecoin. The structure of this stablecoin remains uncertain. While it is almost certain to be backed by U.S. Treasury bonds, it is unclear whether it will generate yield (like BlackRock’s BUIDL) or if Fidelity will retain the interest earnings, as Circle and Tether do for USDT and USDC.

6. eToro Officially Files for IPO
   On Monday, retail investment giant eToro unveiled its plans to go public. While many details are yet to be determined, it is confirmed that eToro intends to be listed on the Nasdaq under the ticker symbol ETOR. Major banks like Goldman Sachs and Citigroup are working on the project.

7. The World's Largest Derivatives Exchange Ventures into Tokenization with Google Cloud
   CME Group, the American derivatives trading giant, has launched a pilot program with Google Cloud to explore asset tokenization. This collaboration aims to accelerate digital transformation by improving transaction efficiency through the Google Cloud Universal Ledger (GCUL). The GCUL enables faster and cheaper tracking, transferring, and settling of tokenized assets compared to current infrastructure. This initiative is part of CME’s broader strategy to modernize its technology in partnership with Google Cloud, which invested $1 billion in CME in 2021 to migrate its data and clearing services to the cloud. While the specific assets to be tokenized have not been disclosed, initial experiments involving various capital market players will begin in 2026.

8. Revolut’s Crypto App Goes Live in Europe
   While Revolut has been involved in cryptocurrencies for years, the fintech company has now launched its mobile app, Revolut X, across Europe. As of this week, all investors in the EU and the UK can access the app—provided they have a verified Revolut account. In total, over 220 cryptocurrencies and tokens can be traded on the platform, with more than 400 trading pairs available.

9. Wall Street Finally Turns to Stablecoins—Circle Leads the Charge with USDC
   The Intercontinental Exchange (ICE), parent company of the New York Stock Exchange (NYSE), has announced a partnership with Circle to explore the integration of USDC stablecoin and tokenized money market funds (USYC) into its derivatives markets and clearing services. The goal is to assess how these assets can be used across ICE’s platforms, furthering the institutional adoption of regulated cryptocurrencies. This move aligns with a broader trend of financial giants embracing digital assets, especially amid regulatory easing under the Trump administration. Fidelity recently applied to launch a tokenized money market fund, while CME Group is testing tokenization with Google Cloud. The biggest names in finance are joining forces in the crypto space.

10. Circle Prepares for IPO with Support from America’s Largest Bank
    Circle is preparing for a U.S. IPO, with JPMorgan Chase and Citigroup leading the effort. This signals a major step for the USDC issuer and the broader crypto industry, as Wall Street finally acknowledges stablecoins. This isn’t Circle’s first IPO attempt—its 2021 SPAC merger deal was blocked by the SEC, and a confidential filing in 2024 never materialized. Internal documents cited by Fortune reveal that in H1 2023, 99% of Circle’s revenue came from interest earned on reserve assets (Treasury bonds, cash equivalents, etc.). This reliance on interest income could raise investor concerns during the IPO, especially amid fluctuating interest rates. Will the third time be the charm?

11. Cboe BZX Exchange has filed a 19b-4 form with the SEC to list and trade shares of the "Fidelity Solana Fund," signaling Fidelity’s entry into the race for a spot Solana ETF. This move follows CSC Delaware Trust Company’s recent registration of a new statutory trust under the same name. Fidelity now joins firms like Franklin Templeton, Grayscale, Canary Capital, and VanEck in seeking approval for a Solana ETF, while Volatility Shares has already launched Solana futures ETFs. With prior approvals for its Bitcoin and Ethereum ETFs, Fidelity continues expanding its crypto offerings amid a growing wave of ETF applications under the crypto-friendly Trump administration.

12. Nasdaq filed a 19b-4 proposal to list Grayscale’s spot Avalanche ETF. The ETF would hold AVAX tokens directly. Grayscale's filing follows an S-1 filing for an Avalanche ETF from VanEck.

13. BlackRock CEO Larry Fink warned in his annual investor letter that the U.S. dollar risks losing its world reserve currency status if the U.S. debt and deficits remain unchecked. He highlighted decentralized finance (DeFi) as a major innovation, making markets faster, cheaper, and more transparent, but cautioned that bitcoin could challenge the dollar’s dominance if investors see it as a safer store of value. Fink also celebrated BlackRock’s spot Bitcoin ETF (IBIT), which grew to $50 billion AUM in under a year, marking it as the largest ETF launch in history. He further emphasized that tokenization could revolutionize investing, making assets like stocks, bonds, and real estate tradable as digital tokens on blockchain networks.

Tech News:

1. Major Update Lands on Berachain (BERA) Today—What Changes?
   Today, Proof of Liquidity is launching on Berachain (BERA). This concept determines validator rewards based on the liquidity they provide to the ecosystem. Users supplying liquidity earn BGT tokens, which can either be staked or burned at a 1:1 ratio for BERA tokens.

2. World Liberty Financial Quietly Launches Its Stablecoin on BNB Smart Chain
   After months of rumors, the Trump family's World Liberty Financial (WLFI) project has reportedly launched its stablecoin on the BNB Smart Chain (BSC).

3. Worldcoin: With Visa, Is Sam Altman Trying to Impose His Super-App on the World?
   Sam Altman and Elon Musk are competing on multiple fronts—AI, influence, and now the race for the super-app, an all-in-one platform combining banking, social media, and messaging (like WeChat in China). While Musk bought Twitter to advance his vision, Altman is quietly building his own app, called "World." Worldcoin serves as the payment component of this broader project, featuring a volatile cryptocurrency (WLD) and a likely stablecoin. Visa could play a key role:
   “The goal is to integrate Visa card functionality into World Network wallets, enabling fintech applications, fiat on-ramps and off-ramps, and stablecoin payments at thousands of Visa-affiliated merchants worldwide.”

4. Elon Musk Merges X and xAI—Is His Super-App Finally Taking Shape?
   Yesterday, Elon Musk surprised everyone by announcing that his social network X is being acquired by xAI, his AI company. The all-stock transaction values xAI at $80 billion and X at $33 billion (after deducting $12 billion in debt, according to Musk). This move consolidates both entities under "XAI Holdings," worth over $100 billion. By merging a rising AI powerhouse (Grok 3 ranks 4th globally) with a social platform boasting 600 million active users, Musk is making a bold play in the AI-driven social media space.

5. After years of controversy, Tether is finally taking a step that could change everything. The stablecoin giant is seeking a full audit from one of the "Big Four" accounting firms – something they've never done before. CEO Paolo Ardoino has declared this a "top priority" and suggested the process would be streamlined under the pro-crypto Trump administration. The move comes amid growing concerns about Tether's massive $118 billion in claimed reserves.

6. Tools for Humanity, the company that oversees Worldcoin and World Network, sent out a request for product form to card issuers, which was seen by CoinDesk. Earlier this month, World Network announced a World Chat application and the ability to send money in the form of crypto-based transactions between users on the network.

7. Celo has officially transitioned from a standalone Layer 1 blockchain to an Ethereum Layer 2 network, enhancing security while preserving its fast and low-cost transactions. Originally proposed by developer CLabs in July 2023, the shift utilizes Optimism’s OP Stack to improve scalability and interoperability. Now operating as an optimistic rollup, Celo benefits from native Ethereum bridging and faster block times, reducing from 5 seconds to 1 second. The upgrade brings new integrations with major DeFi players like Aave, Fireblocks, and Uniswap, positioning Celo for broader adoption within the Ethereum ecosystem.

8. Ethereum's final dress rehearsal for the upcoming Pectra upgrade took place Wednesday on the new Hoodi testnet, following two previous failed tests on the Holesky and Sepolia testnets. The test aimed to implement several changes to improve Ethereum's usability for both end-users and developers, including adding smart contract functionality to wallets, which would allow transactions fees to be paid in cryptocurrencies other than ether (ETH). Testnets like Hoodi are used to simulate changes in a low-risk environment before they reach the mainnet. If successful, Pectra will be monitored for 30 more days before being activated on Ethereum’s mainnet.

9. Bitcoin developers are exploring the possibility of adding zero-knowledge (ZK) proofs to enhance Bitcoin's decentralized finance (DeFi) capabilities. ZK proofs allow for proving the validity of statements without revealing any details, but introducing this functionality would require a soft fork in Bitcoin’s software, a process that Bitcoin veteran Edan Yago compares to "open-heart surgery" due to the blockchain's massive value. Yago suggests that ZK proofs can be implemented without a fork, relying on clever engineering solutions. BitcoinOS (BOS) aims to achieve this through its BitSNARK protocol, which offers ZK verification on Bitcoin and allows interoperability with other blockchains like Ethereum, Solana, and Cardano. This follows the introduction of BitVM, which provides a framework for enabling Ethereum-like smart contracts on Bitcoin.

Adoption:

1. Gaming Giant GameStop Buys Bitcoin for Its Treasury
   GameStop has announced plans to integrate Bitcoin into its treasury, marking another step in its digital transformation. The company will raise $1.3 billion to purchase BTC, joining other publicly traded firms that have adopted Bitcoin, such as Strategy and MetaPlanet.

2. $2 Billion: Strategy Executes Its Second-Largest Bitcoin Purchase of 2025
   Will Michael Saylor’s Bitcoin buying spree ever stop? Strategy has just announced a nearly $2 billion Bitcoin purchase—its second-largest acquisition this year.

Funding & Partnerships:

1. Rain, a crypto Visa card startup, has raised $24.5 million in a funding round led by Norwest Venture Partners, with participation from Galaxy Digital, Coinbase Ventures, and Lightspeed. The company aims to expand its stablecoin payment services, addressing the growing demand for seamless stablecoin transactions. Rain highlighted stablecoins' increasing role in cross-border payments, remittances, and dollar-based savings. Leveraging its Visa Principal Membership and proprietary blockchain infrastructure, Rain is pushing for a global rollout of stablecoin-enabled card issuance to enhance transaction speed and efficiency.

2. Trump Media is partnering with Crypto.com to launch ETPs and ETFs. The investment vehicles, backed by backend technology and custody solutions from Crypto.com, are set to launch in 2025. This partnership is the latest in a series of crypto initiatives backed by Trump and his family.

3. OpenAI is reportedly finalizing a $40 billion funding round, valuing the AI giant at an eye-popping $300 billion. The deal, led by SoftBank with $7.5 billion upfront, includes backing from Founders Fund and Altimeter, making it the largest-ever private fundraising round. This valuation nearly doubles OpenAI’s worth in just five months, reflecting its explosive growth. Revenue is projected to triple to $13 billion this year and approach $30 billion in 2026, yet profitability remains elusive, with the company not expecting to turn a profit until 2029.

4. AI hyperscaler CoreWeave raised $1.5 billion in its downsized IPO, significantly lower than its original $2.7 billion target. The company sold 37.5 million shares at $40 each, revising its earlier plan to sell 49 million shares at $47–$55 due to market decline and volatility. Initially, CoreWeave aimed to raise $4 billion at a $35 billion valuation. The stock debuted on Nasdaq under ticker CRWV with a valuation of $23 billion on a fully diluted basis. Founded in 2017, CoreWeave pivoted from crypto mining to AI after Ethereum’s 2022 shift to proof-of-stake and has a 12-year AI infrastructure deal with Core Scientific.

5. HashKey and Bosera plan to launch tokenized shares of two money market ETFs in April under Hong Kong’s "Project Ensemble" sandbox, marking a world-first initiative. The Hong Kong Securities and Futures Commission has approved the tokenized versions of Bosera’s HKD and USD Money Market ETFs. HashKey’s exchange will serve as the primary distribution platform, offering DeFi investors direct exposure to money market instruments to optimize yields and mitigate risks. The firms previously collaborated to launch spot Bitcoin and Ethereum ETFs in Hong Kong in April 2024.

6. Hut 8 has partnered with Trump-backed American Data Centers to launch American Bitcoin, a new mining company. Under the cashless merger, Hut 8 will own 80% of the venture, deploying over 60,000 ASIC machines and managing operations. American Data Centers will hold a 20% stake, further expanding the Trump family's involvement in crypto, including their reported 60% control of DeFi project World Liberty Financial. The leadership team includes Mike Ho as executive chairman, Matt Prusak as CEO, and Eric Trump as chief strategy officer, with Ho also joining the board alongside Hut 8 CEO Asher Genoot.

Disclaimer: The information disclosed here does not constitute an investment advice ; it is for informational purposes only and does not constitute investment advice. You should do your own research while investing in crypto and only invest money you are ready to lose.