USDTradFi-Crypto Ties This Week Spark Bank Expansions, Pokemon NFTs, XRP Push
Stripe Develops Stablecoin Product Targeting Clients Outside US, EU, and UK
Payments giant Stripe is developing a new stablecoin-based product utilizing its recently acquired stablecoin services unit, Bridge, purchased for $1.1 billion in October 2024. This initiative, which has been in the works for about a decade, is primarily aimed at clients outside the United States, European Union, and United Kingdom. Stripe CEO Patrick Collison announced that the product is ready for testing and is seeking customer feedback. In the initial three months of offering stablecoin services, Stripe reported engagements with customers from over 90 countries utilizing stablecoins for payments. The acquisition of Bridge marks the largest crypto M&A deal to date, with potential to unlock approximately $40 billion annually from yields generated by stablecoin reserves such as U.S. Treasurys. Stripe sees stablecoins facilitating various applications, including treasury management, remittances for immigrants, and providing stable savings in countries with unstable currencies.
CME Group to Launch XRP Futures Next Month Pending CFTC Approval
CME Group plans to launch XRP futures next month, pending approval from the CFTC, marking its fourth cryptocurrency offering alongside Bitcoin, Ethereum, and Solana. With a market capitalization of $127 billion, XRP is the fourth-largest cryptocurrency. The futures will consist of micro-sized contracts (2,500 XRP) and larger contracts (50,000 XRP), both cash-settled based on the CME CF XRP-Dollar Reference Rate calculated daily at 4:00 p.m. ET. This move reflects the CME’s growing interest in crypto amid a less restrictive regulatory environment under the Trump administration. Following the SEC's resolution of its case against Ripple, XRP adoption is expected to accelerate, with analysts predicting potential for a spot ETF approval in the U.S. Ripple has established partnerships with major institutions, positioning XRP as a fast, low-cost solution for global value transfers. Currently, XRP is trading at $2.19, down over 2% in the past 24 hours.
Pokemon Enters Web3 with 'Digital Souvenirs' NFTs on Sui Blockchain
Pokemon has officially launched 'Digital Souvenirs,' NFTs integrated with the Sui blockchain, marking its entry into Web3 gaming. This innovative feature allows players to collect Medals, digital collectibles linked to real-world Pokemon locations and events, enhancing social interaction through trading and gifting. The integration of cryptographic technology signifies a significant step for Pokemon's ecosystem, positioning it as a bullish example for crypto-enabled gaming. This initiative reflects a broader trend in the gaming industry, potentially encouraging other developers to adopt similar blockchain technologies, thus shaping the future landscape of interactive and collectible gaming experiences.
Deutsche Bank and Standard Chartered Pursue U.S. Expansion for Cryptocurrency Services
Deutsche Bank and Standard Chartered are exploring U.S. expansion for their cryptocurrency operations as part of a consortium of banks, according to a Wall Street Journal report. Deutsche Bank is valued at $900 billion, while Standard Chartered has a valuation of $300 billion. This initiative reflects a broader trend in the banking sector aimed at engaging with digital assets. The consortium is considering various services, such as trading, tokenization, and custody solutions for Bitcoin and other cryptocurrencies. This strategic move aims to cater to the increasing demand for crypto-related services from institutional investors.
Crypto Giants BitGo, Coinbase, and Paxos Eye Bank Charters Amid Regulatory Shift
Major cryptocurrency firms, including BitGo, Coinbase, and Paxos, are exploring the application for bank charters amid evolving US stablecoin regulations, as reported by The Wall Street Journal on April 21, 2025. The accelerating regulatory landscape follows the US Office of the Comptroller of the Currency granting a preliminary bank charter to Paxos in 2021. US Federal Reserve Chair Jerome Powell has mentioned the need for a legal framework for stablecoins, emphasizing consumer use cases. Two bills, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, are advancing through Congress, with differing regulatory approaches. A bank charter would allow crypto firms to operate like traditional banks but requires compliance with strict regulatory standards. Companies are weighing the costs and benefits, as seen with Anchorage Digital, which has faced scrutiny despite holding a federal charter.
Charles Schwab Plans to Launch Direct Spot Crypto Trading by April 2026
Charles Schwab Corp. aims to launch direct spot crypto trading within 12 months, targeting an April 2026 rollout. CEO Rick Wurster announced this during the 2025 Spring Business Update, citing a favorable regulatory environment. Currently, Schwab clients can access crypto through ETFs, closed-end funds, and futures. The company's move reflects a larger trend of traditional financial institutions responding to rising investor demand for digital assets. Wurster, who took the helm in January, indicated a commitment to expanding services in the wake of shifting regulatory conditions following Donald Trump's re-election, despite his personal hesitations about investing in crypto.
SGX to Launch Bitcoin Perpetual Futures in H2 2025, Boosting Institutional Crypto Investment
The Singapore Exchange (SGX) is set to launch Bitcoin perpetual futures in the second half of 2025, targeting institutional and professional investors. This move aims to keep SGX competitive as cryptocurrency gains recognition as an investment asset. Industry experts view this launch as a significant step towards the institutionalization of digital assets, reinforcing Bitcoin's legitimacy and appeal to traditional investors. Initial feedback on the product is positive, and its introduction is expected to attract new investors while providing regulated access to crypto trades. SGX's status as a tier-one global exchange positions it well to support institutional demand, especially as the market matures. Additionally, the rollout may prompt other exchanges to consider similar offerings, enhancing the integration of digital assets into mainstream financial infrastructure. However, SGX must manage trading risks, including volatility and liquidity concerns, by adhering to traditional market regulations and implementing protective measures.
ING Develops Stablecoin Project Under EU's MiCA Regulations
Dutch bank ING is developing a stablecoin project, potentially in collaboration with other banks and crypto firms, to leverage Europe’s new cryptocurrency regulations under the Markets in Crypto Assets (MiCA) regime. This initiative aims to compete with Société Générale, which has already launched a stablecoin. MiCA mandates stablecoin issuers to obtain authorization and maintain significant reserves in European banks. The move reflects a shift towards euro-denominated stablecoins, enhancing compliant offerings like Circle’s EURC. The project is progressing slowly due to the need for board approvals among participating banks.
Bithumb to Spin Off Non-Core Units Ahead of 2025 IPO
South Korea's cryptocurrency exchange Bithumb plans to restructure ahead of its IPO in the second half of 2025 by spinning off non-core businesses into a new entity, Bithumb A, effective July 31, 2025. This move aims to enhance operational efficiency and mitigate risks. Samsung Securities will lead the IPO, with a potential listing on KOSDAQ or Nasdaq. In 2024, Bithumb reported a net profit of $110 million, a 560% increase year-over-year, although it remains second in market share to Upbit. The spin-off and IPO require shareholder approval and regulatory review, with timelines not yet specified.
PayPal to Launch 3.7% Yield on PYUSD Stablecoin for U.S. Users This Summer
PayPal plans to offer U.S. users a 3.7% annual yield on its PayPal USD (PYUSD) stablecoin starting this summer, with daily accrual and monthly payments. This initiative aims to increase PYUSD adoption amidst rising competition in the stablecoin market. PYUSD can be used for transactions, transferred, or converted to traditional dollars. Currently, it holds a market share of $868 million, compared to Tether's $143 billion USDT. PayPal's strategy, part of a 10-year vision to revolutionize payment systems, includes a broader cryptocurrency offering, supported by Paxos Trust, which issues PYUSD backed by reserves like U.S. Treasuries. Coinbase also introduces free conversions between PayPal's PYUSD stablecoin and U.S. dollars, targeting both retail and institutional users. This partnership aims to enhance stablecoin adoption, facilitating payments for PayPal's merchants.
Binance Launches Fund Accounts to Facilitate Institutional Crypto Asset Management
Binance has launched Fund Accounts, a new service designed for digital asset managers to pool investor assets, mirroring traditional finance practices. Key features include a Universal NAV for clear profit-and-loss tracking, catering to institutional investors with assets ranging from $1 million to $20 million AUM. The platform enhances transparency and trust by providing proof of reserves and transparent NAVs. It reduces administrative burdens for licensed asset managers, allowing for multiple fund accounts and tailored trading strategies. This initiative marks a significant step toward maturing the crypto market, shifting focus from retail to institutional investment.
AT&T Partners with Helium to Enhance Coverage and Services in the U.S.
On April 24, 2025, AT&T announced a partnership with Helium, a Solana-based DePIN project, to enhance mobile coverage and services in the U.S. This collaboration marks a significant shift for traditional telecommunications companies, as AT&T, with over 117 million subscribers, embraces Helium’s distributed network of internet hotspots. Helium aims to improve accessibility and affordability in connectivity, with CEO Amir Haleem emphasizing the transformative potential of this partnership. The Helium Network has seen remarkable growth, servicing between 650,000 to 800,000 users daily, a substantial increase from around 263,000 in early January 2025. Additionally, Helium has deployed over 93,000 operational hotspots this year, up 179% year-to-date, and introduced the world’s first free mobile plan, contributing to record-high daily signups. Following a legal victory against the SEC, Helium’s advancements bolster its native token, $HNT, through its unique mint-and-burn data credit model.
Ether.fi Transitions to Neobank, Launches Cash Cards and Staking in U.S.
Ether.fi has pivoted to become a neobank, integrating traditional banking services with its restaking product. The Ether.fi app will enable users to spend, save, and earn crypto, offering features like bill payments and payroll services. Currently, it boasts 2.7 million ETH ($4.4 billion) in total value locked (TVL). The company has launched a Visa "Cash" card in the U.S., allowing users to spend fiat while using crypto as collateral, initially in select states. CEO Mike Silagadze emphasizes bridging decentralized finance with everyday financial needs, making financial freedom accessible to all.
Sui Launches Virtual Mastercard with xMoney and xPortal
Sui has partnered with xMoney and xPortal to launch a virtual Mastercard and custom wallet, enabling SUI payments at over 20,000 merchants across Europe. The digital payment solution is available immediately, with plans for a physical card by the end of 2025. xPortal, with 2.5 million users, integrates Sui for seamless crypto transactions. SUI is currently priced at $3.03, reflecting a 2.6% daily increase and a 127% rise over the past year, despite a 43% drop from its January all-time high of $5.35. This collaboration aims to enhance accessibility and utility within the Sui ecosystem.
Blocksquare Partners with Vera Capital to Tokenize $1B in U.S. Commercial Real Estate
Blockchain platform Blocksquare has partnered with Florida’s Vera Capital to tokenize over $1 billion in U.S. commercial real estate, aiming to provide global investors with fractional ownership in diverse properties across seven states. The initiative, announced on April 18, will include a marketplace allowing users to purchase tokenized shares, beginning with an office building in Fort Lauderdale and a retail plaza in Dania Beach. Vera Capital oversees over $100 million in investments and plans to tokenize existing assets alongside new developments. Blocksquare, already active in 28 countries with roughly 150 tokenized properties worth over $145 million, is exploring potential applications of its Luxembourg legal framework in the U.S. By 2030, the market for tokenized financial assets is anticipated to reach $2 trillion, with estimates for tokenized illiquid assets possibly hitting $16 trillion, signaling significant growth and interest in this sector.
Mercoin Launches XRP Trading at Just 1 Yen, Enhancing Japan's Crypto Market
Japan’s Mercoin, a subsidiary of Mercari Inc., has launched XRP trading as of April 24, 2025, allowing users to purchase XRP for just 1 yen (about $0.007). This move marks a significant development in Japan’s crypto landscape, as Mercoin already boasts over 3 million users and aims to simplify crypto trading for beginners. The platform previously introduced Bitcoin in March 2023 and Ethereum in May 2024, gaining popularity among first-time traders. XRP's integration is bolstered by Ripple’s partnership with SBI Holdings, enhancing XRP's utility in payments and liquidity within Japan’s financial ecosystem.
This article has been refined and enhanced by ChatGPT.
