Crypto’s Institutional Leap: Weekly Recap of IPOs, Tokens, and Takeovers

Circle Collaborates with JPMorgan and Citi for IPO, Seeks $4-5 Billion Valuation

Circle, the issuer of the USDC stablecoin, is collaborating with JPMorgan and Citi to prepare for its IPO, expected to be filed in late April 2025. The company aims for a valuation between $4 billion and $5 billion, marking it as one of the largest crypto offerings of the year. This move follows Circle's earlier attempt to go public in 2022, which was abandoned due to market conditions and SEC scrutiny. Circle's market cap currently stands at around $60 billion, up 18% over the past year. Its prior SPAC merger plan had valued the company at $9 billion. Circle's CEO, Jeremy Allaire, emphasized the importance of going public for enhancing trust. The firm is strategically relocating its headquarters to NYC, aligning more closely with traditional finance. With favorable conditions under the Trump administration, other crypto firms like Gemini and Kraken are also exploring IPO opportunities.

SMBC to Launch Stablecoin with Ava Labs and Fireblocks, Aiming for 2026 Rollout

Japan's second-largest bank, SMBC, is set to launch its own stablecoin in collaboration with Ava Labs and Fireblocks, as reported by Nikkei. The launch aims to streamline cross-border payments and reduce transaction costs, circumventing the inefficiencies of the current SWIFT system. Experiments for the stablecoin are scheduled to begin in the latter half of 2025, with a potential launch in 2026. SMBC has previously engaged in Web3 initiatives, establishing the Token Business Lab and trialing soulbound tokens for identity verification. Japan has proactively regulated stablecoins, with amendments to the Payment Services Act in June 2022 recognizing fiat-pegged stablecoins as "Electronic Payment Instruments," limiting issuance to licensed entities. In the U.S., pro-crypto President Donald Trump has advocated for dollar-backed stablecoins, emphasizing the need for regulatory clarity. As of now, the stablecoin market cap is approximately $234.6 billion, reflecting a 56% year-over-year growth.

Sony Electronics Singapore Partners with Crypto.com to Accept USDC Payments

Sony Electronics Singapore has partnered with Crypto.com to accept USDC stablecoin payments, marking a significant move toward mainstream crypto adoption in the region. This initiative aligns with Singapore's ambition to become a global Web3 hub, complementing similar efforts in South Korea and the UK. The partnership aims to enhance awareness of cryptocurrency as a convenient payment method, with other local retailers like Metro also accepting stablecoins. Singapore has seen a surge in crypto licenses, issuing twice as many in 2024 compared to the previous year, thanks to its favorable regulatory framework. Crypto.com is expanding its presence in Asia-Pacific, having recently partnered with Deutsche Bank for corporate banking services. Additionally, Singapore Gulf Bank is pursuing a $50 million fund injection to acquire a stablecoin payments company in 2025. A 2024 study ranked Singapore highest in blockchain leadership, highlighting its regulatory clarity and significant crypto adoption.

9GAG's Ray Chan Acquires Howkingtech to Launch MemeStrategy, a New Crypto and AI Venture

Ray Chan, co-founder of 9GAG, is transitioning into the cryptocurrency and blockchain space by acquiring a controlling stake in Howkingtech International Holdings Limited, which he plans to rename MemeStrategy. This pivot aims to transform the company into a Web3 venture, incorporating Bitcoin and cryptocurrencies into its balance sheet while investing in promising AI and Web3 startups. Chan will serve as chairman and CEO, pending shareholder approval, with several 9GAG team members joining the board. MemeStrategy boasts 200 million followers across various social media platforms, providing a substantial audience for growth and marketing. Additionally, the firm aims to support the "Creator Economy 4.0," empowering creators to monetize their intellectual property using Web3 tools. The company will also explore Decentralized Physical Infrastructure Network (DePIN) services, blending its legacy IoT business with decentralized models. This venture follows Chan’s prior efforts in the Web3 space with the launch of Memeland and its associated NFT projects.

Hut 8 Partners with Trump-backed Firm to Launch American Bitcoin Mining Company

Hut 8 has announced an 80% acquisition of Trump-backed American Data Centers, now rebranded as “American Bitcoin,” in a cashless merger that marks a significant entry for the Trump family into the cryptocurrency sector. Following the announcement, shares of the Florida-based mining company surged over 6% in pre-market trading, although Hut 8’s stock remains down 46% year-to-date due to increased revenue pressures post-April’s Bitcoin halving. The new venture will deploy more than 60,000 ASIC mining machines and will be led by Mike Ho as executive chairman, with Donald Trump Jr. serving as chief strategy officer. This partnership emphasizes the Trumps' ongoing commitment to Bitcoin and their broader strategy to capitalize on its favorable economics through mining. The family has also been involved in projects like the decentralized finance protocol World Liberty Financial and two declining memecoins, TRUMP and MELANIA, showcasing their expansive interests in the digital asset landscape.

PayPal Launches Direct Support for Solana and Chainlink in the U.S.

On April 3, 2025, PayPal announced the expansion of its cryptocurrency offerings to include direct support for Solana (SOL) and Chainlink (LINK) for users in the United States and its territories. Previously, these assets could only be purchased through a partnership with MoonPay. This new capability allows users to buy, sell, hold, and transfer SOL and LINK directly on the PayPal platform. The company, which began offering crypto services in October 2020, initially supported Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, later adding its own stablecoin, PayPal USD, in August 2023. Regulatory uncertainties had previously slowed PayPal's crypto listings, especially following scrutiny from the SEC over Solana. However, shifting political support for crypto in the U.S. may enhance the future landscape for these digital assets, underscored by recent discussions involving Chainlink co-founder Sergey Nazarov at a White House digital asset summit.

Visa to Launch Tokenized Asset Platform on Ethereum, Boosting Institutional Adoption in 2025

Visa is set to launch the Visa Tokenized Asset Platform (VTAP) on the Ethereum blockchain, allowing banks to issue and manage fiat-backed tokens. This platform will begin pilot programs in 2025, marking a significant step towards institutional adoption of Ethereum ($ETH). The initiative addresses concerns over centralization in the Ethereum ecosystem, especially as Coinbase controls 11.42% of all staked Ethereum. This move highlights the increasing institutional interest in cryptocurrency, signaling a broader trend of financial institutions exploring blockchain technology and its potential applications in the financial sector.

Republic to Acquire INX Digital Company for Up to $60 Million

Republic, a New York City-based financial services firm, has announced its intention to acquire Canadian crypto trading company INX Digital Company for up to $60 million. The deal involves a Republic subsidiary purchasing all of INX's outstanding shares for approximately $54.8 million, with potential adjustments based on shareholder conditions that may raise the total to $60 million. This acquisition is expected to close within eight months and represents a significant premium of 457% over INX's closing price as of the previous day. The merger aims to enhance Republic's blockchain investment services, including trading security tokens and real-world asset swaps. Shy Datika, INX's CEO, emphasizes that this partnership will facilitate a fully regulated tokenized economy. Republic's previous investment of $5.25 million granted it a 9.5% stake in INX, further solidifying their strategic collaboration initiated in June 2023 for web3 and tokenization development.

Itaú Unibanco Explores Issuance of Brazilian Real-Pegged Stablecoin Amid U.S. Regulatory Changes

Brazil’s largest bank, Itaú Unibanco, is considering launching a proprietary stablecoin, spurred by a shift in the U.S. regulatory landscape, particularly under the Trump administration. This move aims to serve over 55 million customers and aligns with the growing global interest in stablecoins as a more stable alternative to volatile cryptocurrencies. Guto Antunes, the bank’s digital asset head, emphasized that they are exploring the creation of a stablecoin pegged to the Brazilian real (BRL) and assessing its potential benefits for clients. The U.S. has recently implemented the STABLE Act, focusing on stablecoin regulation, influencing Itaú’s strategy. Meanwhile, Brazilian authorities have prohibited pension funds from investing in crypto due to associated risks. This initiative from Itaú follows Cardano’s recent expansion into Brazil, indicating a burgeoning interest in digital assets within the country.

Cango Sells China Operations for $352M to Focus on Bitcoin Mining

Cango, a publicly traded Chinese conglomerate, has sold its legacy auto financing business in China to Ursalpha Digital Limited for $352 million, aiming to shift its focus entirely to Bitcoin mining. This deal involves the transfer of 32 exahashes per second (EH/s) from Bitmain, boosting Cango's mining capabilities and effectively bringing Bitmain’s assets to the public market. The transaction is notable due to its association with Bitmain, whose structure is intertwined with American Bitcoin, a mining entity linked to Donald Trump’s sons. Despite recent scrutiny of Bitmain and challenges faced by Bitcoin mining stocks due to declining prices and the upcoming halving, which halves mining rewards from 6.25 to 3.125 BTC, Cango's NYSE shares have surged 25% this month. This strategic realignment positions Cango to capitalize on the evolving dynamics within the cryptocurrency mining sector.

This article has been refined and enhanced by ChatGPT.