Token Chronicle - Week 4 July 2025

Top cryptos

Meme of the week:

Market Sentiment:

Market update: The market is correcting with BTC today at $113K, driven by several factors: the deadline for Trump's tariffs, with failed negotiations with a number of countries + an upcoming deadline with China (August 12); Jerome Powell's press conference on Wednesday, which made it clear that rate cuts won't happen anytime soon; movements in large wallets that had been inactive for a very long time (which could indicate upcoming sell-offs); and massive liquidations of locked long positions.

But this correction is entirely healthy and normal after such a strong upward trend and presents opportunities to reposition. Massive investments and corporate reserve announcements continue, and we’ve even seen early signs of retail returning this week, with Google searches related to crypto surging and heavy downloads of apps like Coinbase, etc.

August is typically bearish or quiet, but we can’t rule out the possibility that the uptrend continues anyway—we’ll see in the coming days.

Main points this week:

International Highlights:

1. USDT: Tether Aims to Focus on the U.S. as Paolo Ardoino Reveals the Stablecoin Giant’s Investments – In an interview, Paolo Ardoino, CEO of Tether, discussed the company’s plans to expand in the U.S. At the same time, he also revealed many of the stablecoin giant’s investments. Greater development in the U.S. could widen the gap with Circle, which, despite USDC’s second-place market cap of $64.69 billion, has seen explosive growth since its stock market debut. To date, Circle’s market cap has reached $46.08 billion.

2. Tariffs: Facing Trump, Europe Chose Submission Over Confrontation – Europe ultimately bowed to Washington. Ursula von der Leyen and Donald Trump reached a tariff agreement yesterday after months of negotiations. However, the agreement is imbalanced, heavily favoring the U.S. The central measure is the imposition of 15% tariffs, half the initially planned rate. Additionally, a zero tariff is applied to certain strategic goods (aviation parts, semiconductors, certain raw materials). Steel and aluminum remain subject to 50% tariffs, and duties on spirits have yet to be determined. The pharmaceutical sector is also in limbo at this stage. Another key aspect of the agreement is an economic commitment from the European Union. The EU has pledged to purchase $750 billion in U.S. energy over three years, as well as invest an additional $600 billion in the U.S. economy, including acquisitions of military equipment.

3. IMF Confirms El Salvador May Have Stopped Buying Bitcoin (BTC), Despite Nayib Bukele’s Claims – The International Monetary Fund (IMF) confirms that El Salvador has not purchased Bitcoin (BTC) for months, merely moving BTC between addresses. In other words, El Salvador appears to be transferring Bitcoins to simulate purchases. This information directly contradicts claims from El Salvador’s National Bitcoin Office, which continues to list these "purchases" of Bitcoin.

4. For the First Time, a Bank Allows Its Customers to Invest in Crypto in the UAE – As the UAE strengthens its position as a global hub for digital assets, RAKBANK stands out by launching the first integrated crypto trading service from a conventional bank. Partnering with Bitpanda, this service marks a turning point for crypto inclusion in the local banking landscape. The service is currently invitation-only, with a gradual rollout planned in the coming months. This move aligns with the UAE’s crypto-friendly environment, where over 600 crypto companies are already registered in Dubai’s DMCC free zone alone.

5. Cryptocurrencies: Algeria Enacts a Complete and Total Ban on Crypto – Algeria has just banned all crypto-related activities: buying, selling, holding, mining, using crypto as payment or investment, and promoting crypto are now prohibited. This law, published on July 24, 2025, criminalizes all use of crypto assets, punishable by prison time and heavy fines. In reality, this law amends the 2005 anti-money laundering framework and the 2018 law that already banned "the use of virtual currency." Now, the entire crypto ecosystem is targeted. This decision is motivated by the desire to combat money laundering and terrorist financing. Authorities believe cryptocurrencies, which are difficult to trace, facilitate illicit financial flows and evade state control. Thus, anyone involved in crypto activities now faces prison time, as stipulated in Article 31 bis. Sentences can range from 2 months to 1 year. Offenders also face fines between 200,000 and 1,000,000 Algerian dinars (approximately $1,540 to $7,700), with the possibility of both penalties being applied.

6. "Too Stupid": Donald Trump Insults Fed Chair for Not Cutting Rates – Donald Trump harshly criticized Jerome Powell after the Fed decided to maintain rates between 4.25% and 4.50% on July 30, 2025. On his Truth Social platform, he didn’t mince words, calling the Fed chair "too stupid" and "too political" to "hold the position of Fed chair."

7. SEC Launches "Project Crypto" to Put U.S. Markets on Blockchain – Since Paul Atkins took the helm of the U.S. Securities and Exchange Commission (SEC), regulatory openness toward the crypto sector has been the trend. This shift has now taken a historic turn with the launch of "Project Crypto." What does this mean in practice? Essentially, Paul Atkins’ initiative lays the groundwork for what appears to be a blockchain infrastructure dedicated to financial markets. A service currently under evaluation by SEC staff, its central goal is to "unlock the potential of on-chain software systems for U.S. securities markets." At the heart of this effort is the effective regulatory recognition of tokenization applied to real-world assets (RWAs). The RWA market is booming, with the latest example being crypto exchanges and their tokenized stocks. But Paul Atkins seems to want to go even further. Indeed, he highlights the highly strategic development of super-apps implemented by crypto exchanges, such as the recent case of Coinbase Wallet becoming the multifunctional "Base app." The goal? Eliminate unnecessary intermediaries.

8. Pakistan's crypto minister says the country will "leapfrog" developed nations in Bitcoin adoption thanks to its young population. Pakistan signed a cooperation agreement with El Salvador to share Bitcoin education and digital asset infrastructure knowledge. The country is developing a comprehensive regulatory framework that includes licensing crypto exchanges, launching a stablecoin, and creating a strategic Bitcoin reserve.

9. The U.S. and China have each launched national AI blueprints, revealing starkly different approaches to securing dominance in the AI era. China’s state-driven "AI+" plan targets 2030 global leadership through centralized control, industry integration, and heavy subsidies. Meanwhile, the U.S. National AI Action Plan prioritizes private-sector innovation, fast-tracking chip/data infrastructure, and avoiding state-level regulation while boosting CHIPS Act investments. Both emphasize compute power, talent, and governance, but China pushes shared global standards while the U.S. focuses on countering adversarial use. These strategies aren’t just about tech—they’re battles for geopolitical influence in the AI age.

Compliance/Regulation/Legal/Cyber:

1. France: CoinShares Becomes First Crypto Asset Manager to Obtain MiCA License – This week, CoinShares became the first crypto asset management company in Europe to obtain its MiCA license in Europe. Earlier this year, CoinShares also partnered with BlackRock to offer crypto exchange-traded notes (ETNs) to BoursoBank customers.

2. Ethena (ENA) Launches First GENIUS Act-Compliant Stablecoin in the U.S. – In partnership with Anchorage Digital, Ethena Labs introduces its USDtb in the U.S., making it the first stablecoin to meet the requirements of the GENIUS Act, recently signed by Donald Trump. The race is now on.

3. Crypto Platform KuCoin Exits France and Explains Why – On Monday, KuCoin emailed its French users to inform them of the end of its services in France. The reason? Failure to comply with local regulations. Recall that since April 15, 2024, KuCoin has been on the AMF’s blacklist.

4. SEC Delays Crypto ETF Decisions Again – The SEC appears to need more time to make decisions on upcoming crypto ETFs. It has just postponed its ruling on the BTC ETF from Trump Media and Technology Group, Donald Trump’s company. The decision will be made by September 18 at the latest. The SEC has also delayed its decision on Grayscale’s Solana (SOL) ETF application. Canary Capital’s Litecoin (LTC) ETF has also been notified of a delay.

5. Samourai Wallet and Tornado Cash Developers Face Potential Decades in Prison – The Tornado Cash trial is taking place this week, while Samourai Wallet’s developers are also preparing to plead. Whether they consider themselves guilty or not, the defendants face sentences of up to several decades in prison. Recall that they are accused in connection with the use of the anonymous wallet Samourai Wallet by criminals, who allegedly laundered $100 million. Until now, the developers argued that they cannot be held responsible for how a decentralized service is used. But it appears they have changed their minds: they will modify their defense and plead guilty, according to the judge overseeing the case, Denise L. Cote.

6. SEC Makes Major Announcements for Bitcoin and Ethereum ETFs – On Tuesday, the Securities and Exchange Commission (SEC) finally approved in-kind creations and redemptions for Bitcoin and Ethereum ETFs, along with other new features. This means shares of these funds can now be bought or sold for their underlying assets, namely BTC or ETH, as is already the case with other commodities.

7. Recent Hyperliquid DEX Outage Due to "Traffic Surge," Not Hacking – Since its launch, the DEX Hyperliquid has emerged as an unprecedented success in the decentralized platform sector. This prominence has placed it under close scrutiny, as with its recent outage a few hours ago. "There was an issue with the API servers between 14:10 and 14:47 UTC, when orders were delayed in being sent to nodes. This was due to a significant traffic surge. There was no hacking or exploit. The issue has been resolved, and further improvements will be made in the future."

8. US Sen. Tim Scott and Republican colleagues Cynthia Lummis, Bill Hagerty, and Bernie Moreno released a discussion draft of new crypto market legislation, aiming to build on the House-passed Digital Asset Market Clarity Act. The draft proposes tailoring SEC regulations specifically for digital assets and defining “ancillary assets” to clarify which tokens are not securities — a key concern for the industry. The bill also emphasizes the need for clear rules to keep innovation in the U.S. while protecting consumers. The Senate proposal follows last week’s bipartisan House vote (294–134) in favor of Clarity, which outlined responsibilities for both the SEC and CFTC. Senate Republicans have set a September 30 deadline to advance the broader framework.

9. Australia's AUSTRAC is ramping up oversight of crypto exchanges, warning their variable AML/CTF standards create criminal risks. By mid-2026, only exchanges proving strong anti-money laundering controls will remain registered, with reckless or inactive firms facing deregistration. A dedicated crypto ATM task force enforces new rules including a $5,000 transaction cap. The crackdown reflects growing concerns about criminals exploiting digital assets' anonymity and cross-border nature. AUSTRAC's move follows recent enforcement actions as authorities balance innovation with financial security. The measures aim to weed out bad actors while allowing compliant crypto businesses to operate. Australia joins global regulators tightening crypto oversight amid rising adoption.

10. Polymarket is making a strategic U.S. comeback after regulatory troubles, acquiring CFTC-licensed QCEX for $112 million and exploring a proprietary stablecoin. The move follows the DOJ and CFTC dropping investigations into the prediction market platform, signaling a friendlier stance under the Trump administration. While the acquisition allows Polymarket to operate legally stateside, key uncertainties remain—whether it will transfer QCEX’s derivatives licenses (requiring CFTC approval) or bifurcate operations between regulated U.S. and global platforms. Either path poses challenges: fragmenting liquidity or imposing universal KYC, which could dilute the platform’s edge as an open forecasting tool. The pivot marks a hard-won victory for crypto innovation, but execution risks linger.

11. The Trump administration unveiled its 180-Day Report on Digital Asset Policy, outlining a comprehensive federal strategy for crypto regulation, innovation, and security. The report urges immediate agency action on market structure, stablecoins, and AML reforms, including modernizing suspicious activity reporting (SAR) for crypto and integrating blockchain analytics into law enforcement. It also proposes "safe harbor" pilots for DeFi compliance and new protocols for seizing cross-chain assets. Backing ongoing legislative efforts like the CLARITY Act, the plan emphasizes public-private collaboration to balance security with innovation. The roadmap signals a major shift toward crypto-native regulation in the U.S.

12. South Korea's ruling and opposition parties have each introduced stablecoin bills, signaling bipartisan momentum for regulation. Both proposals mandate full asset backing, white papers, and redemption guarantees, though they differ on timelines (3 vs. 10 business days). The ruling party’s bill bars interest payments to avoid monetary policy impacts and proposes strict oversight by the Financial Services Commission, requiring issuers to hold KRW 5 billion (USD 3.6M) in reserves. A joint committee with the Bank of Korea would monitor reserves and circulation, reflecting concerns over monetary sovereignty. With stablecoins seen as critical to Korea’s digital economy, the push aligns with President Lee Jae-myung’s pro-crypto agenda and follows global regulatory trends.

13. Hong Kong's Stablecoin Ordinance takes effect August 1, bringing all fiat-referenced stablecoin (FRS) issuers under HKMA oversight with strict reserve, redemption, and transparency rules. The HKMA plans to issue only a few licenses, with Chief Eddie Yue warning of market "frothiness" and rejecting issuers lacking viable use cases. Existing operators must apply by October 2025 or shut down, while provisional licenses may be granted by February 2026. The framework aligns with FSB global standards, but success hinges on whether any issuers meet the HKMA’s high compliance and commercial viability thresholds.

Traditional Finance:

1. Can a $7 Trillion Money Market Be Transformed by Tokenization? Goldman Sachs and BNY Believe So – The principle of tokenizing real-world assets (RWAs) places blockchain at the heart of financial market development. An innovation that banks Goldman Sachs and BNY Mellon want to apply to the money market. In practice, this tokenized option will allow investors and businesses to rely on stablecoins for global payments while favoring tokenized money market funds for treasury management, with the key advantage of not being dependent on market opening hours.

2. U.S. Banks Oppose Banking License Applications from Circle, Fidelity, and Ripple – Major U.S. banks have declared war on stablecoins. Five large U.S. banking associations are urging regulators to suspend the national "trust" bank charter applications filed by Circle, Ripple, Fidelity Digital Assets, and Protego. The stated reason: overly opaque filings and a "circumvention" of traditional banking status. The associations argue that the applications submitted by major stablecoin providers are "opaque, incomplete, and heavily redacted," making the public comment process useless. "The public portions of the applications do not allow for meaningful review," they added. Approximately 90% of the information is reportedly hidden from the public, whereas traditional bank applications are typically more transparent, they note.

3. France: Société Générale to Provide Liquidity for 21Shares’ Bitcoin and Ether ETPs – French bank Société Générale will ensure liquidity for 21Shares’ Bitcoin- and Ethereum-backed ETPs in Germany and Eastern Europe, enhancing institutional investor access to cryptocurrencies. The agreement includes a market-making and OTC liquidity provider role for the ABTC, CBTC, AETH, and CETH products.

4. BlackRock’s Crypto Lead Joins Ethereum Treasury Company SharpLink Gaming – The number of corporate crypto treasuries continues to grow week after week. This highly popular adoption trend is clearly in search of visionary leaders, as seen with SharpLink Gaming, which has just poached BlackRock’s crypto lead to manage its Ethereum-dedicated treasury. It must be said that Joseph Chalom’s resume is impressive, as he actively participated in launching BlackRock’s two crypto ETFs—IBIT for Bitcoin and ETHA for Ethereum—the most profitable in the history of these exchange-traded funds.

5. Stablecoins: Trading Giant Interactive Brokers May Enter the Market – Like other finance giants, the renowned broker Interactive Brokers may also venture into stablecoins. To date, Interactive Brokers already claims some openness to cryptocurrencies, notably by allowing their trading. Although transfers are not yet possible, this issue is also on the agenda. To offer these services, the company has already partnered with stablecoin issuer Paxos and invested in the exchange Zero Hash. Eventually, instant funding for stablecoins, available 24/7, should also be implemented.

6. Are Stablecoins a Risk to Financial Stability? This ECB Advisor Weighs In – As stablecoins gain momentum, an advisor to the European Central Bank (ECB) shared his opinion on the matter. "If yield-bearing stablecoins became widespread and more businesses used them, they could divert deposits from traditional banks, which could undermine financial intermediation and hinder access to credit. This problem would be more acute in Europe, where banks play a central role in the financial system and where deposits are their primary source of refinancing. Such a development could pose risks to financial stability."

7. eToro: Soon 100 Tokenized Stocks and ETFs Available for 24/5 Trading – During a webinar, the renowned trading platform eToro announced its intention to venture into tokenized stocks and ETFs. For Yoni Assia, eToro’s co-founder and CEO, who has "long believed in a tokenized future," blockchain plays a pivotal role in this transformation. Additionally, he highlights the regulatory clarity that has now emerged: "Obstacles remain, including special interests, but we are witnessing key milestones on this path. New regulations, such as MiCA in Europe and the adoption of the GENIUS Act in the U.S., make the tokenization of real assets a new opportunity to create legally backed and regulated digital assets. The benefits of tokenization, including 24/7 transferability, have been clearly demonstrated by stablecoins, and these opportunities now extend to other asset classes."

8. The Largest U.S. Bank Will Allow Customers to Link Their Accounts to Coinbase – This is a major milestone in the history of relations between traditional banks and crypto giants. JPMorgan Chase and Coinbase announced a strategic partnership aimed at simplifying bank customers’ access to crypto, starting with unprecedented integrations between bank accounts, credit cards, and crypto wallets. In 2026, two additional components will complete the setup: a direct connection between Chase bank accounts and Coinbase wallets via a secure API, and the ability to convert Chase Ultimate Rewards points into Circle’s stablecoin, USDC, at a fixed rate of 100 points per $1.

9. Approval of Staking on Spot Ethereum ETFs Could "Redefine the Market" – Arbitrage operations between spot Ethereum ETFs and Ethereum futures currently generate an annualized yield of around 7%. This trading option would immediately become much more profitable with the addition of an extra 3% yield. An innovative investment logic that would allow spot Ethereum ETFs to offer a different proposition from Bitcoin’s store-of-value status, serving both as central infrastructure for the stablecoin market and as an investment capable of offering compounded yields that BTC cannot provide. The clear promise of much greater adoption.

10. Toward Automatic Approval of Crypto ETFs? U.S. Exchanges Pressure the SEC – The development of the spot crypto ETF market in the U.S. largely depends on the goodwill of the Securities and Exchange Commission (SEC). Faced with this situation, exchanges are pushing for an automated approval process.

11. Ethereum (ETH) ETFs Set a New Record with Billions in Inflows – On Thursday, U.S. spot Ethereum (ETH) ETFs achieved a new record, marking their 20th consecutive day of net inflows.

12. Several crypto ETF issuers — including 21Shares, Fidelity, Franklin Templeton, Galaxy, VanEck, and WisdomTree — filed amendments Tuesday seeking in-kind creation and redemption mechanisms for their spot bitcoin and ethereum ETFs. The filings aim to bring crypto ETFs in line with traditional exchange-traded products and improve structural efficiency. Bloomberg’s James Seyffart called the development a positive sign of continued engagement with the SEC. In-kind redemptions, long requested by issuers, would allow authorized participants (not retail) to swap ETF shares for the underlying crypto assets. SEC Commissioner Hester Peirce recently said such mechanisms are “on the horizon.”

13. BNY Mellon and Goldman Sachs have partnered to tokenize ownership records of select money market funds, using blockchain infrastructure developed by Goldman. The initiative enables institutional investors to subscribe to fund shares via BNY’s LiquidityDirect and Digital Assets platforms, with “mirrored” records created on Goldman’s GS DAP blockchain. BlackRock, Fidelity, Federated Hermes, Goldman Sachs Asset Management, and BNY’s Dreyfus unit are participating in the initial launch. BNY will continue to maintain the official books and settlements under existing regulations, while the mirrored tokens aim to improve how fund shares can be moved or used, including as collateral. The project highlights rising institutional interest in tokenizing traditional financial products — particularly money market funds — as firms explore more programmable, blockchain-based infrastructure.

Tech News:

1. 87 Million U.S. Users Now Have Access to Telegram’s TON Wallet – The Open Platform continues to develop its crypto ambitions by opening the TON Wallet to its 87 million U.S. users. A first in the U.S. for a crypto wallet linked to a social platform of this scale. According to Andrew Rogozov, the advantage of this crypto wallet is that it simplifies the use of cryptocurrencies as much as possible, without the need to "remember a seed phrase." Indeed, backups are done in a "split" manner, using the user’s Telegram account and email address.

2. Binance Aims to Revolutionize Institutional Trading with Integration of Circle’s USYC – The integration of tokenization into traditional finance has given rise to numerous projects and partnerships. This evolution has now enabled the USYC token—recently acquired by Circle (USDC)—to debut on Binance. According to Circle’s Commercial Director, Kash Razzaghi, the integration of USYC on Binance will primarily benefit institutional traders. Indeed, these traders often favor money market securities as collateral when trading on crypto platforms, with the drawback of sometimes waiting a full day to validate a transaction due to market closures. This reality no longer exists for tokenized assets issued on the blockchain, which are tradable 24/7 without interruption. For its part, Binance’s goal is clearly to secure institutional investors, who remain hesitant to join crypto platforms. This intention was affirmed with the launch of its Banking Triparty service, designed to work closely with certain traditional banking players. These partners are currently heavily involved in integrating USYC.

3. Binance Launches RWUSD: How to Generate Passive Yields with Real World Assets (RWAs)? – The Real World Assets (RWA) sector has seen unprecedented growth in recent months. An evolution that Binance wants to expose its users to, with the launch of its RWUSD option.

4. Monero (XMR) Under Pressure: Qubic Blockchain Founder Threatens a 51% Attack – The renowned privacy-focused blockchain, Monero (XMR), faces a significant economic threat: a competing project, Qubic, plans to launch a 51% attack on its network starting August 2, 2025. According to Ivancheglo, the stated goal is not to destroy Monero but to test its resilience under coordinated pressure while demonstrating the effectiveness of Qubic’s "Useful Proof of Work" (uPoW) technology. Qubic’s uPoW system allows its "AI miners" to secure their own blockchain while mining Monero (XMR) during idle cycles—when their computing power is not needed on the Qubic network. This mechanism maximizes miner profitability: during downtime, they use excess power to mine XMR. The mined Monero is then sold for USDT, which is used to buy QUBIC tokens, which are subsequently burned (i.e., permanently destroyed).

5. Ethereum Foundation Unveils "Lean Ethereum" Plan for the Next 10 Years – If there’s one blockchain with strong evolutionary ambitions in the crypto sector, it’s undoubtedly Ethereum. A development strategy that has just found new objectives with the "Lean Ethereum" plan recently published by its lead developer, Justin Drake. The first challenge highlighted by Justin Drake concerns transactions, with current efficiency set at an average of 20 per second for a gas limit estimated at 45 million units. These figures are expected to increase, with the goal of reaching 10,000 transactions per second (TPS) on Ethereum’s Layer 1 (1 gigagas/sec) and 1 million on its Layer 2 (1 teragas/sec). To achieve this, Justin Drake announces "bold upgrades to Layer 1’s three sublayers":

   • Lean consensus: A reinforced Beacon Chain 2.0 for maximum security and decentralization, with finality in seconds.

   • Lean data: Post-quantum blobs 2.0, with adjustable size for developers.

   • Lean execution: An Ethereum Virtual Machine (EVM) 2.0 compatible with SNARK proofs, improving performance while preserving EVM compatibility.

6. The Jito Foundation introduced the Block Assembly Marketplace (BAM), a system aimed at improving how blocks are built and transactions sequenced on the Solana blockchain. BAM is designed to make “transaction sequencing transparent and verifiable,” while enabling programmable innovation at the blockspace layer, unlocking new revenue opportunities for developers and reducing the harmful effects of Maximal Extractable Value (MEV). The launch builds on Jito’s established infrastructure, including its widely adopted validator client, and the Jito Block Engine. BAM introduces a modular architecture with three key components. BAM Nodes are specialized schedulers that privately organize transactions using secure hardware. BAM Validators run the updated Jito-Solana software client and receive the ordered transactions from the nodes and execute them on-chain. Finally, Plugins will offer developers, traders and applications a programmable interface to interact with the scheduler, enabling customized transaction logic.

7. Dogecoin might’ve started as a joke, but this upgrade isn’t one. DogeOS, the app layer developed by the MyDoge wallet team, submitted a formal proposal to Dogecoin Core introducing a new opcode to enable the network to verify zero-knowledge proofs (ZKPs) natively. Developers aim to transform an unused part of the script system into a tool that can verify cryptographic proofs, starting with ‘Groth16’ (a specific type of proof widely used in ZK systems) and allowing for future upgrades. This would enable Dogecoin to support more advanced, off-chain applications, such as rollups and smart contracts, while maintaining the main chain's speed and simplicity. The approach is modular by design because proof systems are mode-selectable, and the opcode behavior is strictly opt-in. If the proof verifies, the script proceeds; if not, it fails. Old nodes remain compatible, treating the opcode as a no-op.

8. Consensys-founded Ethereum Layer 2 network Linea will introduce native ETH staking rewards, an ETH burning mechanism, and deflationary tokenomics ahead of its LINEA token launch. The project becomes the first Layer 2 to commit to burning ETH at the protocol level, with 20% of ETH transaction fees burned and the remaining 80% used to burn LINEA. An Ethereum-aligned consortium — including Consensys, Status, Eigen Labs, ENS Labs, and SharpLink (chaired by Consensys CEO Joe Lubin) — will manage 85% of the LINEA token supply through a 10-year ecosystem fund.

Adoption (Retail & Corporate Reserves):

1. Western Union Also Wants to Integrate Stablecoins – Western Union’s turn. The corporate rush toward stablecoins continues: the international payments company is considering integrating this type of cryptocurrency into its services.

2. Bitcoin and Cryptocurrencies: Are Retail Investors Finally Back in the Market? – As Bitcoin flirts with $120,000 again, signals are lighting up one by one, suggesting a massive return of retail investors. Increased Google searches, a surge in exchange app downloads on the App Store, record on-chain address activity… Since mid-July and Bitcoin’s record high, the Coinbase app has risen from 162nd place in the App Store on July 16 to 114th today, peaking at 89th three days ago. It even ranks 9th in the Finance category. Robinhood is close behind, ranking 12th in Finance on July 19. The Kraken app has moved from 30th in the Finance category to 22nd, peaking at 14th yesterday.

3. New BTC Treasury: Volcon Invests 95% of Its Fundraising in Bitcoin – The U.S. all-terrain vehicle manufacturer Volcon has raised over $500 million and plans to convert nearly all of it into Bitcoin. A new strategy for the company, accompanied by a name change and a new crypto-focused governance.

4. A Real Estate Developer Takes Inspiration from Bitcoin Treasury Companies to Revolutionize Its Market – A major player in Mexican real estate is adopting the Bitcoin Treasury Company strategy. By converting its assets into BTC, it aims to hedge against inflation and reinvent its capital management. A first in a sector still heavily reliant on credit and interest rates. Elías Sacal, CEO of Mexican real estate group Grupo Murano, recently revealed in an interview with Bitcoin Magazine his new Bitcoin-focused strategy: converting a significant portion of the company’s assets into BTC, with the goal of building a $10 billion Bitcoin treasury within five years.

5. One of the Largest U.S. Brokerage Firms Enters 100% Crypto Real Estate – Christie’s International Real Estate has just launched a division dedicated to real estate sales settled exclusively in cryptocurrencies. The goal: to facilitate luxury transactions this summer… without banks. This wouldn’t actually be a world first: there have already been deals of this kind, such as a Beverly Hills villa that sold for $65 million… paid entirely in Bitcoin, whose price continues to hit new highs.

6. Tether Announces Launch of a Stablecoin for U.S. Retail Customers – Tether has announced a stablecoin for U.S. retail customers, just days after Donald Trump signed the GENIUS Act. This first U.S. crypto law legalizes dollar-backed stablecoins, giving Tether a clear framework to launch a fast, regulation-compliant consumer product.

7. All U.S. Businesses Can Receive Crypto Payments via PayPal: A Revolution? – Every year, businesses pay a heavy price for the slowness and complexity of international payments. What if cryptocurrencies could fix this? That’s PayPal’s bet with "Pay with Crypto," a feature that will soon allow U.S. businesses to receive payments in crypto from over 100 digital assets. To select their payment method, users will be able to connect their usual crypto wallet at checkout. Among the wallets expected to be available are MetaMask, Base Wallet, OKX, Binance, Kraken, Phantom, and Exodus.

8. Largest BTC Miner Raises Concerns About Bitcoin Treasuries – MARA Holdings CEO Fred Thiel is sounding the alarm about the proliferation of Bitcoin treasury companies—firms accumulating Bitcoin: this strategy could trigger forced sales that would weigh on Bitcoin’s price. While such treasuries are booming, he believes not everyone will succeed. He fears that in a downturn, these companies’ net asset value (NAV) multiples could drop to one or even below zero. This would mean these companies are worth less than their BTC holdings, or that investors anticipate a Bitcoin price drop… forcing massive Bitcoin sales.

9. Corporate Crypto Treasuries Now Hold $100 Billion in Cryptocurrencies – Corporate crypto treasuries are clearly taking center stage in the current bull market. This corporate adoption is now estimated at $100 billion in cryptocurrencies, with a total market cap exceeding $170 billion.

   • Bitcoin treasury companies dominate this category with over $93 billion in BTC, nearly 4% of its circulating supply.

   • Ethereum treasuries have accumulated over $4 billion in ETH, slightly more than 1% of its circulating supply.

   • The company Strategy alone represents over $28 billion in unrealized gains, with $71.8 billion in BTC at current market prices.

   • New treasury companies have begun holding at least ten other cryptocurrencies, including SOL, XRP, BNB, and HYPE.

10. Visa Strengthens Its Network with New Stablecoins: USDG, PYUSD, and EURC – Payments giant Visa has just announced the addition of three new stablecoins—USDG, PYUSD, and EURC—to its network. Two blockchains, Stellar and Avalanche, are also integrating its settlement infrastructure. This advancement comes as stablecoin transfers reached $27.6 trillion in 2024, surpassing Visa’s own volume.

11. Joseph Lubin-backed SharpLink Gaming has added 77,210 ETH worth roughly $295 million to its treasury, according to onchain data from Lookonchain and Arkham. The Nasdaq-listed company — trading under the ticker SBET — now holds 438,017 ETH, valued at around $1.7 billion at current prices. That makes it one of the largest Ethereum treasury holders globally. SharpLink’s latest ETH accumulation comes just days after the firm appointed former BlackRock executive Joseph Chalom as co-CEO. Chalom previously led digital asset strategy and partnerships at BlackRock, and his move to SharpLink was called a “resounding validation” of its ETH treasury strategy by Lubin.

12. Specialty finance firm Mill City Ventures III has raised $450 million to begin building a corporate treasury of Sui (SUI), the Layer 1 blockchain developed by Mysten Labs. The raise was led by London-based crypto hedge fund Karatage and backed by the Sui Foundation, with additional participation from Pantera Capital, Galaxy Digital, Electric Capital, and others. Mill City Ventures III says Sui’s infrastructure is well suited for institutional-scale crypto and AI applications. The firm’s stock jumped 16% on the news. The company has a market cap of around $40 million.

13. PayPal has launched “Pay with Crypto,” a new service that lets U.S. merchants accept over 100 cryptocurrencies — including memecoins like TRUMP and FARTCOIN — with all payments converted into its in-house PYUSD stablecoin. The new payment feature is designed to simplify international transactions for small businesses by offering lower fees (0.99% in year one, rising to 1.5%), near-instant access to proceeds, and the ability to earn 4% return on PYUSD balances held in PayPal. Initially, PayPal will support wallets from Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus. Depending on the token, the conversion to dollars will be handled via centralized or decentralized exchanges. This marks a deeper integration of PYUSD into PayPal’s ecosystem. Launched in 2023, the stablecoin — issued by Paxos — is now the 12th-largest globally with a market cap of $900 million.

14. Jack Dorsey's Block is pushing Bitcoin adoption by enabling Lightning payments for Square merchants, with transactions instantly converted to fiat, while its S&P 500 listing gives passive investors BTC exposure. The moves follow Dorsey's launch of Bitchat, a censorship-resistant app allowing offline Bitcoin transfers via mesh networks. Unlike stablecoin-focused rivals, Block prioritizes decentralized infrastructure—Square's Lightning integration simplifies BTC payments without centralized intermediaries. With 8,584 bitcoin ($1B+) on its balance sheet and Cash App driving retail adoption, Block advances Bitcoin's original vision of financial autonomy, particularly for underserved markets facing payment or communication restrictions.

15. Nasdaq-listed Windtree Therapeutics has secured up to $520 million in equity financing to build one of the largest BNB treasuries among public companies. The raise includes a $500 million equity line of credit from an unnamed institutional investor and a separate $20 million placement led by Build and Build Corp. The company says 90% of the proceeds will go toward purchasing BNB, pending shareholder approval to increase its authorized shares. Windtree also signed a term sheet with Kraken for custody, OTC execution, and trading support as it accelerates its pivot into crypto. If fully drawn, Windtree would have access to $720 million across its recent deals. That puts it in line with other emerging non-bitcoin treasury firms — including DeFi Development Corp, BitMine Immersion, and Nano Labs — that are raising large sums to add altcoins like Solana, Ethereum, and BNB to their balance sheets.

16. The Smarter Web Company has added 225 BTC — worth $26.4 million — to its treasury, bringing total holdings to 1,825 BTC at an average price of $109,088. The UK-based web design firm, now focused on a bitcoin treasury strategy, ranks 26th globally among public bitcoin holders, per Bitcointreasuries.net. The company also reported a $968K loss for the six months ended April 30. CEO Andrew Webley said bitcoin remains their preferred treasury asset for future business needs.

17. Ethereum treasury firms have rapidly accumulated 1.26 million ETH since June — about 1% of all ETH in circulation — according to Standard Chartered Global Head of Digital Assets Research Geoffrey Kendrick. Kendrick said this pace nearly matches the 2 million ETH inflows into Ethereum ETFs during the same period, marking the strongest buying streak on record for the funds. Furthermore, the analyst predicts Ethereum treasury holdings could grow tenfold to 10% of the total ETH supply, surpassing Bitcoin treasury companies' current 4.4% share of BTC supply. He argues ETH treasuries are more attractive than BTC ones due to staking rewards and DeFi access — features ETFs still can't tap.

18. Tokyo-listed bitcoin treasury firm Metaplanet filed to issue up to $3.7 billion in new perpetual preferred shares by 2027 to fund its aggressive BTC accumulation plan. The proposed raise represents about 75% of its current market cap and would help support the firm's optimistic goal of reaching 210,000 BTC in treasury holdings, up from its current 17,132 BTC. However, the plan hinges on shareholder approval at a Sept. 1 meeting to increase the number of authorized shares and create two new preferred share classes. These shares would prioritize dividend payouts up to 6% over common shareholders, with proceeds earmarked for bitcoin acquisitions.

Funding & Partnerships:

1. $16 Billion Valuation: This Bitcoin-Friendly Company Wants to Go Public – Figma, the design software specialist, plans to go public. Interestingly, the company holds tens of millions of dollars in Bitcoin ETFs. According to the Financial Times, Figma is targeting a $16.5 billion valuation and hopes to raise $1 to $1.12 billion through this Initial Public Offering (IPO). The offering involves issuing 40 million shares priced between $25 and $28 million.

2. Messaging app Telegram has launched a new non-custodial crypto wallet in the U.S. via a partnership with MoonPay, allowing users to send, receive, and manage crypto directly within the app. The feature is built on The Open Platform (TOP), which runs on the TON blockchain, and requires no separate download. Telegram says the wallet will be instantly installed for U.S. users — mirroring the global rollout, which has already seen over 100 million activations. The Open Platform recently raised a $28.5 million Series A at a $1 billion valuation.

3. Michael Saylor's company expanded its latest fundraising round from $500 million to $2 billion, and every penny is going toward Bitcoin. They're selling preferred shares at $90 each with a 9% dividend. MicroStrategy now holds 607,770 BTC - that's 66% of all Bitcoin held by public companies.

4. MARA Holdings, the largest bitcoin holder among miners, is looking to raise $850 million via a zero-coupon convertible note offering due 2032, with proceeds earmarked for bitcoin purchases and debt restructuring. The notes, offered under Rule 144A, won’t accrue interest and are convertible into cash, stock, or a mix at MARA’s discretion under specific conditions. An additional $150 million could be raised if initial buyers exercise their option. Up to $50 million will go toward retiring part of MARA’s 1% notes due 2026. The miner recently boosted its BTC holdings to 50,000 and expanded its stake in SEC-registered lender Two Prime, allocating 2,000 BTC to its yield strategies.

5. CEA Industries (ticker: VAPE), a Colorado-based vape company, surged 600% on Monday after announcing a $500 million PIPE deal led by 10X Capital and YZi Labs to build the largest publicly traded BNB treasury in the U.S. The upsized deal includes $400 million in cash and $100 million in crypto, with potential to raise another $750 million through warrant exercises — totaling up to $1.25 billion in gross proceeds. The BNB treasury strategy will be managed by 10X Capital and supported by YZi Labs, the family office of former Binance CEO Changpeng "CZ" Zhao. Incoming executives include Galaxy Digital co-founder David Namdar and former Kraken director Saad Naja.

6. OSL Group, a Hong Kong-based crypto trading platform operator, raised $300 million in an equity round to support global expansion, acquisitions, and new initiatives in payments and stablecoins. The company is listed on the HKEX. Investors were not disclosed. KUN, a Hong Kong-based stablecoin payments platform, said it raised over $50 million in a Series A round. Investors include BAI Capital, GSR Ventures, Eternium Global, and an unnamed Hong Kong-listed conglomerate. Courtyard, a collectibles-focused NFT marketplace, raised $30 million in a Series A round led by Forerunner Ventures. Other backers include NEA, Y Combinator, Burst Capital, Prelude, and ParaFi. Data layer for physical AI, Poseidon, raises $15M in a seed funding round led by a16z crypto. Web3 gaming foundation, Delabs Games, raises $17.2M in a funding round led by Hashed, Spartan Group and TON Ventures, with support from Yield Guild Games, Merit Circle and more. Collectibles marketplace, Courtyard, raises $15M in a Series A funding round led by Forerunner, with support from existing investors, NEA and Y Combinator. Web3 domain platform, Freename, raises $6.5M in a Series A funding round led by Entree Capital, with participation from Polymorphic Capital, Blockchain Founders Fund and Sparkle Ventures.

7. Stable has raised $28 million in a seed funding round co-led by Bitfinex and Hack VC to build a USDT-native Layer 1 "stablechain" network optimized for payments and remittances. The network will use Tether's USDT as its gas token and aims to eliminate high fees, slow confirmations, and reliance on bridges by batching transactions and settling in stablecoins. Stable targets a mainnet launch in late 2025 and says USDT will remain central to the chain's design, with support for other stablecoins possible based on demand. Meanwhile, Tether announced a record $4.9 billion in net profit for the second quarter on Thursday.

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.