The stablecoin sector had increased activity following the creation of a legal framework regulating its activities. Other segments moved forward with tokenization, also making headlines.
The headlines:
- Several key players showed interest in launching stablecoins;
- PNC teamed up with Coinbase to enable increased crypto usage;
- Goldman Sachs and BNY unveiled a tokenized money market product;
- J.P. Morgan wants to enable crypto-backed loans;
- BitGo filed for a confidential IPO.
- Plus, the SEC seeks to merge digital asset platforms with regular ecosystems (More on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $118k (as of 7/28/25)
Volatility continued in the digital asset space. Bitcoin reached a high of $120,269.96 and a low of $ 114,759.82 before settling at $118,999.45.
The altcoins are in similar straits, too.
Ethereum (ETH) is at $3,885.94, Solana (SOL) is at $192.51, Chainlink (LINK) is at $19.26, Avalanche (AVAX) is at $26.47, Uniswap (UNI) is at $10.99, and Polkadot (DOT) is at $4.26.
Anchorage Digital Launched a GENIUS-Compliant Stablecoin
On July 24, digital asset infrastructure firm Anchorage Digital announced the US-based launch of a GENIUS Act-compliant stablecoin. Anchorage is onshoring Ethena’s synthetic dollar, the USDtb.
Furthermore, the move aligns with significant developments by major players in the stablecoin segment.
Western Union Wants in on the Stablecoin Action
Similarly, premier funds transfer ecosystem Western Union is mulling plans to launch its stablecoin. According to a July 21 Bloomberg interview, Western Union CEO Devin McGranahan revealed that pilots are being developed in regions including South America and Africa.
Furthermore, Western Union also plans to launch a crypto wallet. Details remain unclear.
WisdomTree will Pay Tokenized Asset Dividends Via its USDW Stablecoin
In a July 22 post on its website, WisdomTree’s Head of Digital Assets, Will Peck, revealed that the company will deploy its USDW stablecoin to pay dividends on tokenized funds. The investment behemoth will pay investors with the USDW stablecoin for dividends on qualified investments.
Moreover, the paid dividends will also have reinvestment options.
Tether is Coming Back to America
In a July 23 Bloomberg interview, Tether CEO Paolo Ardoino, the issuer of the USDT token, hinted at plans for a return to the United States. Ardoino revealed that Tether has a special, domestic strategy for its American homecoming.
Additionally, Ardoino also indicated that Tether’s competitors may have short-term advantages, but the firm has a superior technology stack and a long-term edge.
PNC Partnered with Coinbase to Enable Crypto Services
On July 22, banking giant PNC announced a collaboration with premier cryptocurrency exchange Coinbase. The cooperation integrates Coinbase’s Crypto-as-a-Service (CaaS) with PNC’s infrastructure.
Furthermore, the setup provides Coinbase users with access to several banking services.
Goldman Sachs and BNY Launched Tokenized Money Market Offering
In a July 23 announcement, banking titans BNY and Goldman revealed a joint effort to deploy a tokenized money market product. BNY will utilize a blockchain solution developed by Goldman internally to maintain Customer investment information in selected Money Market Funds (MMFs).
Moreover, other major players will participate in the initial setup, including Goldman Sachs Asset Management, BlackRock, BNY Investments Dreyfus, Fidelity Investments, and Federated Hermes.
J.P. Morgan Considers Crypto-Backed Lending
Banking giant J.P. Morgan Chase plans to enable crypto-secured collateral loans, as reported by The Financial Times on July 22. According to the report, J.P. Morgan is considering efforts to collateralize loans with tokens.
Additionally, there are no specific details regarding the effort, but the option may become available in early 2026.
Binance Partnered with Circle to Launch its USYC Yield-Bearing Offering
A July 24 announcement revealed a tie-up between Circle and Binance that enables the integration of Circle’s USYC yield-focused fund. The tie-up allows Binance to integrate the USDY yield-bearing tokenized product.
Additionally, institutional clients can access the USYC tokenized money market fund (TMMF) as an off-exchange option.
Coinbase Launched CFTC Crypto Perps
On July 21, leading crypto exchange Coinbase deployed CFTC-regulated crypto perpetual futures. Users can now trade nano Bitcoin Perpetual Futures and nano Ethereum Perpetual Futures offerings.
Furthermore, the instruments have five-year expiration deadlines and 10x leverage capabilities.
Kraken Unveiled INK Token Integration Plans
On July 24, boutique crypto exchange Kraken announced plans to integrate the INK token and Ink Layer-2 network into its ecosystem. Kraken also intends to deploy the setup as part of its Kraken airdrop initiative.
In addition, the move will improve network ecosystem interactions and enhance utility.
BitGo Filed for a Confidential U.S. IPO
On July 21, digital asset custodian BitGo filed for a confidential IPO with the SEC. The draft S-1 submission will offer Class A common stock.
Moreover, the number of shares and initial pricing have yet to be determined.
Franklin Templeton Partnered with VeChain for Tokenized Fund Distributions
On July 24, investment behemoth Franklin Templeton collaborated with VeChain, a smart contract-compatible Platform, to expand access to its BENJI tokenized infrastructure. VeChain’s users can access Treasury bills via the Franklin Templeton OnChain U.S. Government Money Fund (FOBXX).
Moreover, the setup also includes BitGo as a custodian and the digital asset ecosystem Keyrock for trading activities.
The SEC Met with Industry Leaders to Explore Ethereum Security Token Standards
On July 24, America’s top regulator met with critical industry players, mulling plans to establish security token standards on Ethereum. Interactions explored combining several standards, including ERC-3643 and the Chainlink Automated Compliance Engine (ACE), with current regulatory frameworks.
Key entities, including the Enterprise Ethereum Alliance, Chainlink Labs, the ERC-3643 Association, the Linux Foundation (LF) Decentralized Trust, and Etherealize, attended the event.
FTX’s Next Creditor Claims Payments Will Start on September 30
In a July 23 announcement, the estate of bankrupt crypto exchange FTX revealed that the subsequent creditor claims payouts will start on September 30. FTX also announced that it has received bankruptcy court approval to reduce claims from $6.5 billion to $1.5 billion.
Claimants have until August 15 to submit their claims.
Crypto ETFs Continued Progressing
There was some activity in the digital asset ETF segment with several moves from big players. Premier ETP asset issuer 21Shares led the charge with dual filings.
A preliminary filing on July 22 revealed efforts to launch the 21Shares Ondo Trust. Similarly, 21Shares also filed a registration statement for the 21Shares FTSE Crypto 10 ex-BTC Index ETF and the 21Shares FTSE Crypto 10 Index ETF.
A July 24 press release revealed the integration of Solana-focused staking ecosystem JitoSOL with the REX-Osprey™ Solana + Staking ETF (SSK). On July 22, several ETF issuers, including Franklin Templeton, Fidelity, and 21Shares, filed to amend ETFs to include in-kind redemptions.
On July 22, the SEC’s Division of Trading and Markets revealed its approval of Bitwise’s plans to convert its crypto index fund into an ETF. However, the regulator also ordered a pause on the conversion process for further review.
