The industry continued to evolve as the cryptocurrency narrative pushed boundaries. Threat actors now have solutions that loom on the horizon to deter their intentions and enable user safety.
The headlines:
- Circle’s IPO took off;
- Google unveiled wallet app compliance requirements for the Play Store;
- Citi wants to get into crypto;
- BIS researchers published an AML risk score framework for fiat-to-crypto offramps;
- Circle and Stripe unveiled Layer-1 blockchain launch plans;
- Plus, going to space on Blue Origin’s New Shepard? You can pay with crypto! (More on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is at $116k (as of 8/18/25)
Volatility hit the cryptocurrency markets as Bitcoin topped out at $124,454.11, then dropped to a current low of $116,007.67.
The altcoins are also a mixed bag, too.
Ethereum (ETH) is at $4,384.63, Solana (SOL) is at $185.88, Chainlink (LINK) is at $25.88, Avalanche (AVAX) is at $24.34, Uniswap (UNI) is at $10.78, and Polkadot (DOT) is at $10.95.
Circle Officially Launched its IPO
In an August 12 press release, Circle introduced its public offering of 10 million shares of its Class A common stock. Circle is offering 2 million shares, while selling stockholders are offering the remaining 8 million.
Additionally, underwriters have a 30-day option to purchase up to 1.5 million more shares.
Exodus Unveiled a Token Swap Partnership with MetaMask
Twin wallet providers MetaMask and Exodus revealed a collaboration that improves token swap functionality. The tie-up integrates the Exodus XO Swap Bridge with the MetaMask ecosystem.
Furthermore, the move enhances liquidity and transactions across networks.
Google Revealed Custodial Wallet Registration Requirements
A recent update by tech behemoth Google requires custodial wallet developers in 15 jurisdictions, including the US, to register with regulators for Play Store listings. Specifically, American firms must meet several compliance requirements, including FinCEN registration and other controls.
Self-custodial wallets aren’t affected by the recent move.
Gemini Introduced a Wallet
On August 14, the Winklevoss-owned crypto exchange Gemini launched the Gemini Wallet. The self-custody solution has integrations with its interface that enable seamless trading.
Gemini has yet to launch a standalone wallet app.
Citi Wants in on the Crypto Action
Financial giant Citi is interested in several crypto segments, Reuters reported on August 14. The banking behemoth is targeting stablecoin custody services.
Moreover, other areas of focus include tokenized payments and digital asset-related ETF solutions.
MetaMask Has Stablecoin Launch Plans
Premier web3 wallet MetaMask revealed intentions to deploy a stablecoin. The wallet provider is partnering with several players, including Stripe’s Bridge and Blackstone.
MetaMask has yet to announce an official launch date for the mUSD.
The BIS Explored a Crypto AML Framework
A new global financial feature from the world’s top central bank could make it more difficult for bad actors to launder money. On August 13, BIS researchers Iñaki Aldasoro, Jon Frost, Sang Hyuk Lim, Fernando Perez-Cruz, and Hyun Song Shin introduced a risk scoring model for crypto-to-fiat offramps.
Furthermore, the proposed AML scoring setup focuses on fiat integrations with the banking system.
BitPay Announced Solana Support for its Ecosystem
Premier crypto firm BitPay announced support for the Solana blockchain across its suite of products. The move brings real-world utility to Solana-based assets, including SOL, USDC, and USDT.
Moreover, the integration allows users to acquire, store, manage, and spend Solana tokens through the BitPay Wallet.
Stripe, Circle Want Layer-1 Blockchains
Still, on stablecoins, Stripe and Circle revealed intentions to deploy Layer-1 blockchains. Stripe’s recent job listing, which they pulled down, unveiled an (alleged) stealth partnership with Paradigm to launch the Tempo blockchain.
Subsequently, Circle revealed Arc, an open, stablecoin-focused network, in an August 12 press release.
Wisconsin State Senators Introduced a Crypto ATM Fraud Prevention Bill
In the Badger State, the Wisconsin State Senate introduced Senate Bill 386, a companion to Assembly Bill 384. Both bills propose strict regulations for crypto ATM operators, requiring them to obtain a money transmitting license and collect detailed user information.
Operators would also need to have user photos and identity verification processes for each transaction.
Several Banking Groups Raised GENIUS Act Stablecoin Concerns
An August 12 letter to the Senate Banking Committee by several banking groups revealed issues they have with the GENIUS Act. The groups include the Bank Policy Institute (BPI), the American Bankers Association (ABA), and fifty others.
In the document, the groups identified gaps that enabled crypto exchange payments via exchanges and other entities. Moreover, the letter warned of a $6.6 trillion capital flight risk that could affect the traditional banking system.
The Treasury Secretary Continued His Crypto Adoption Push
Treasury Secretary Scott Bessent maintained the current administration’s efforts to improve crypto adoption. In an August 16 Fox Business interview, Bessent indicated that regulatory clarity and interagency cooperation push access further.
Furthermore, Bessent called for alternative investment guardrails to enable a safe space for retail investors.
The Feds Ended a Crypto-Banking Supervision Program
An August 15 press release revealed the Federal Reserve’s decision to drop its novel activities supervision program. The central bank cited increased knowledge of the digital asset space as a primary reason for the move.
Consequently, the Feds will use the knowledge and experience gleaned from the program in regular banking supervisory activities.
MoonPay Announced a Crypto Payments Collaboration with Trust Wallet
Niche crypto wallet MoonPay and Trust Wallet formed a multi-year strategic partnership focused on seamless crypto transactions. MoonPay will serve as the exclusive provider for the Trust Wallet “Buy Crypto” feature for the next two years, starting with US users.
Moreover, the setup makes MoonPay the default provider for crypto token purchases within the Trust Wallet app.
Blue Origin’s Space Flight Payments are Crypto-Enabled
A partnership between boutique Fintech Shift4 and the Jeff Bezos-backed Blue Origin has enabled space flight ticket purchases. Customers can now pay via digital assets or with stablecoins for trips on Blue Origin’s New Shepard.
Additionally, customers can connect wallets directly to complete transactions.
Uniswap Proposed a Wyoming Legal Structure for Fee Distribution
Leading DeFi exchange Uniswap published a Request for Comment (RFC) on August 11 to adopt a Wyoming-based corporate structure for fee distribution activities. Uniswap wants to set up a Wyoming Decentralized Unincorporated Nonprofit Association (DUNA) for its DAO operations.
Moreover, if approved, Uniswap will name the entity DUNI and distribute $132.69 million (approximately) in generated swap revenue.
Grayscale Introduced Sui-Focused Trusts
Digital asset management giant Grayscale launched two investment products, the Grayscale DeepBook Trust and the Grayscale Walrus Trust. The products offer accredited investors exposure to the DEEP and WAL tokens, which are native to the Sui blockchain.
In addition, the offerings provide access to foundational trading and data infrastructure that support decentralized finance, social platforms, and gaming applications.
There Was Some Crypto ETF Activity
The digital asset ETF segment had some action. On August 14, the SEC announced its decision to postpone its final decision on two Solana-focused ETFs from Bitwise and 21Shares.
Additionally, the regulator extended the final review process by two months until October 16. Grayscale also filed for a spot Dogecoin ETF on August 15 in an S-1 form.
