USDTradFi-Crypto Ties This Week: Maldives $8.8B Bets, ECB - COTI, Citi to Tokenize $75B
Maldives Signs $8.8B Deal for Cryptocurrency Hub, Aims to Double GDP Amid Economic Risks
The Maldives has signed an $8.8 billion deal with MBS Global Investments to establish a cryptocurrency and blockchain hub in Malé, aiming to double its GDP within four years and generate $1 billion in revenue by the fifth year. Covering 830,000 square meters, the project could create 16,000 jobs and house 6,500 residents. However, with a GDP of $7 billion and substantial debt obligations, concerns revolve around feasibility, reliance on foreign direct investment, and infrastructural readiness. The project faces environmental risks tied to climate change. Its success depends on effective implementation and sustained investor confidence amidst global scrutiny.
Kyrgyzstan Launches $500M Gold-Backed USDKG Stablecoin to Boost Cross-Border Trade
Kyrgyzstan is launching a gold-backed stablecoin, the USDKG, pegged 1:1 to the U.S. dollar supported by a $500 million gold reserve, with aims to expand this reserve to $2 billion. The USDKG, debuting in Q3 2025, seeks to enhance cross-border trade, crucial given remittances make up 30% of GDP. Key to its strategy is transparency through independent audits. Additionally, a partnership with Binance focuses on integrating Bitcoin and Binance Coin into national reserves, enhancing crypto usability. The initiative reflects Kyrgyzstan's commitment to modernizing its financial landscape and fostering a digital economy.
Bybit to Introduce Stock and Gold Trading by Q2 2025, Expanding into Traditional Markets
Bybit plans to launch trading for U.S. stocks and commodities like gold and crude oil by the end of Q2 2025, expanding its role as a major crypto derivatives exchange. CEO Ben Zhou announced that users will access traditional markets with leverage up to 500x, allowing significant position control. The existing gold trading feature via Bybit MT5 has gained popularity, responding to heightened interest in safe haven assets during market uncertainty. This move reflects the growing convergence of traditional finance and digital assets, targeting the 20% of adults globally invested in crypto seeking diversification amidst macroeconomic challenges.
COTI, QNT, HBAR, and KIMA Selected for ECB's Digital Euro Project
COTI, alongside Quant (QNT), Hedera (HBAR), and Kima (KIMA), has been selected as a pioneer partner in the European Central Bank's (ECB) Digital Euro project, aiming to launch by early 2026. COTI's privacy technology, based on Garbled Circuits, will facilitate secure conditional payments, ensuring user privacy in transactions. This follows COTI’s prior success in the Bank of Israel's Digital Shekel trials. The initiative seeks to create a secure digital currency for the euro area, enhancing efficiency and addressing privacy concerns. CEO Shahaf Bar-Geffen emphasizes privacy as essential for the future of finance in Web3 and CBDCs.
MapleStory N Launches on Avalanche Blockchain, Empowering User-Generated Worlds with Rewards
Nexon is launching MapleStory N on the Avalanche blockchain, marking a significant evolution for the iconic franchise known for pioneering the free-to-play model. Set to debut on May 15, 2025, this Web3 version empowers players to create and share their worlds while earning rewards through Avalanche's customizable Subnet architecture, which facilitates high-speed transactions and digital ownership. This initiative aligns with a broader trend, as game studios like Gunzilla and TSM also adopt Avalanche, which reported a 116% increase in monthly active users in early 2024, highlighting the platform's growing influence in the gaming sector.
Square Enix Expands Symbiogenesis to Sony’s Soneium Network with Exclusive NFT Rewards
Square Enix is expanding its blockchain game, Symbiogenesis, to Sony's Ethereum layer-2 network, Soneium, as it nears its final season. Originally launched on Polygon, Symbiogenesis now offers players incentives through limited-time NFT quests that yield collectibles usable across Soneium games, including Evermoon and Sleepagotchi. Players must complete story epilogues from chapters 1-4 by May 31 to qualify. Although this move is not a direct collaboration with Sony, it builds on their historical partnership, dating back to Final Fantasy VII's 1997 PlayStation launch. Symbiogenesis is set to conclude in July, with potential future collaborations hinted at.
Tower Research Expands Crypto Operations Amid Rising Institutional Interest
Tower Research Capital is intensifying its crypto operations through its internal unit, Limestone Trading, amid a resurgence of institutional interest in digital assets. This shift is supported by favorable political changes and improved market conditions, including former President Trump's renewed backing. Limestone is enhancing its trading infrastructure with over 50 members globally, focusing on crypto arbitrage and market-making. Institutional interest is rising, with a Coinbase and EY-Parthenon survey indicating 86% of surveyed investors have crypto exposure or plans for allocations. The current environment includes 72 crypto ETFs pending SEC approval, reflecting growing acceptance of cryptocurrencies in mainstream finance.
Citi and SIX Digital Exchange Team Up to Tokenize $75 Billion Pre-IPO Shares Market by Q3 2025
Citi and SIX Digital Exchange (SDX) are collaborating to tokenize the $75 billion late-stage, pre-IPO shares market, aiming for a launch in Q3 2025. Citi will serve as custodian and issuer agent on SDX’s regulated blockchain-based Central Securities Depository. The platform, initially focused on Switzerland and Singapore, will not include U.S. investors. Tokenization seeks to streamline private equity transactions, which currently involve cumbersome paperwork and long settlement times. SDX’s platform utilizes R3’s Corda technology, ensuring a smooth investor experience. This partnership is part of Citi's broader strategy to tap into the global digital asset market.
Sentora Launches as Institutional DeFi Platform After IntoTheBlock-Trident Merger
Sentora, a new institutional DeFi platform, launched following the merger of IntoTheBlock and Trident Digital, combining over $3 billion in prior DeFi deployments. The initiative secured $25 million in Series A funding, led by New Form Capital, and targets the growing demand for regulated access to decentralized finance. Sentora offers a comprehensive suite of services, including yield strategies and real-time risk dashboards, designed with a compliant-first approach to meet institutional standards. As DeFi’s total value locked hovers around $100 billion, Sentora's emphasis on risk management positions it against market concerns about DeFi exploits amid evolving regulations.
Grab Partners with Natix to Enhance Mapping Technology Using Decentralized Data
Grab has partnered with Natix, a Solana DePIN project, to enhance mapping and autonomous driving technologies through crowdsourced data. The collaboration combines Grab's AI-powered GrabMaps with Natix’s decentralized mapping model, allowing real-time updates and fresh mapping solutions. Natix also plans to launch VX360 to enable Tesla drivers to share 360° imagery for improved maps and AI training. This partnership reflects Grab’s growing involvement in blockchain, following its March 2024 initiative to enable cryptocurrency payments. Grab reported $773 million in Q1 2025 revenue, an 18% year-over-year increase, showcasing its robust growth trajectory.
B3 to Launch Ethereum and Solana Futures on June 16 Amid Growing Investor Interest
B3, Brazil's leading stock exchange, will launch Ethereum and Solana futures contracts on June 16, priced in US dollars and referenced to Nasdaq indices. This follows the introduction of Bitcoin futures in April. The Ethereum contract will represent 0.25 Ether, while Solana will represent 5 SOL, both expiring on the last Friday of each month. The move comes after regulatory approval from the Securities and Exchange Commission (CVM), reflecting increased investor interest in digital assets. Additionally, Bitcoin futures will see a contract size reduction from 0.1 to 0.01 Bitcoin, aiming to enhance accessibility and liquidity.
Superstate to Launch 24/7 Trading of SEC-Registered Shares on Solana This Summer
Superstate, led by CEO Robert Leshner, plans to launch Opening Bell, a platform for trading SEC-registered public shares on the Solana blockchain, enabling 24/7 trading and instant settlement this summer. SOL Strategies has formed a non-binding agreement with Superstate to tokenize its shares, positioning itself as a pioneer in blockchain-public equities. Both firms aim to broaden access to retail investors, requiring a KYC process. Superstate currently manages $751 million across two funds, USTB and USCC. The initiative reflects a growing trend in asset tokenization and awaits regulatory approval, with Superstate having 150 institutional clients.
Meta Eyes Stablecoin Comeback Amidst Senator Warren's Push for Stricter Regulations
Meta is reportedly reconsidering entering the stablecoin market, despite past failures with its crypto project Diem. Senator Elizabeth Warren is advocating for stronger regulations under the GENIUS Act to prevent Big Tech’s control over stablecoins, stating the need for Congress to clarify that firms like Meta should not oversee digital currencies. The Senate recently blocked the GENIUS Act, falling short of the necessary votes, amidst concerns over national security and corporate influence. Warren argues this would threaten financial stability and democracy, prompting ongoing negotiations for a revised version of the bill, potentially to be reintroduced soon.
This article has been refined and enhanced by ChatGPT.
