๐121: Green Light
SEC greenlights stablecoins. Circle and eToro file for IPO. SMBC plans Avalanche stablecoin. Fidelity launches crypto retirement plan. Sony partners with Animoca Brands. Solana starts lobbying.
๐ Hey, itโs Marc.
Remember Gatsbyโs green light? Today, the SEC greenlighted stablecoins: 1:1 dollar-backed tokens are not securities, ending years of uncertainty and opening the door for real crypto adoption. This is big and makes us hope for more. More here.
Weโre also soft-launching our enterprise intelligence service. If youโre exploring loyalty, stablecoins, payments, RWA, AI agents, DeAI or other Web3 & AI infrastructure plays โ but struggling to assess real market maturity, vendor reliability, or which tech to bet on โ we built this for you.
Other key signals you canโt miss:
Trumpโs sweeping "reciprocal tariffs" on 185 countries, impacting markets. [See details]
Solana launched Solana Policy Institute to start lobbying.
This weekโs question:
๐ Our Top Reads This Week
Why DePIN Matters. a16z crypto. Link
Why Everyone Is Wrong About Stablecoins. Forbes. Link
Global Gaming Landscape 2025. Xsolla. Link
Why MCP Won. Latent Space. Link
OpenAI adds 'open weight' AI models to the mix. Michael Parekh. Link
Crypto Market Outlook: Headwinds Becoming Tailwinds [Webinar]. Pantera. Link
Overview of the key building blocks in BlackRock's BUIDL. Token Terminal. Link
Blackbird: Revolutionizing the Restaurant Business with Blockchain. Link
Circleโs IPO
Circle has filed an S-1 for an IPO, with revenue jumping from $15.4M in 2020 to $1.7B in 2024.
What you should know: Circle reported $156M in net income and $285M in Adjusted EBITDA for 2024. The IPO is reportedly targeting a $4B to $5B valuation.
Its partnerships with Visa, Mastercard, and others have expanded USDC's reach in global payments.
Full control of USDC: It acquired Coinbaseโs 50% stake in Centre Consortium for $210M in stock, making it the sole issuer of USDC. Coinbase took a minority stake in Circle after the Centre consortium dissolved in 2023.
USDC is the default currency for new Binance Pay users, starting April 3, 2025.
VC Firms set to gain: General Catalyst, IDG, Breyer, Accel, Oak, and Fidelity hold 130M+ shares ahead of Circleโs IPO.
Why it matters: Circleโs IPO is a major test for stablecoins and cryptoโs integration into traditional finance. It brings regulatory scrutiny, financial transparency, and institutional validation and sets a precedent for other crypto firms looking to go public.
By the data: USDCโs market cap doubled in the past year to $60B. Tether (USDT) remains dominant with a market cap of over $140B.
Be smart: Its revenue heavily depends on interest from reserve assets (99%), making it sensitive to monetary policy changes. A 1% decrease in interest rates could reduce revenue by $441M.
Our take: The IPO haul could fund efforts to reduce Circleโs 99% reliance on interest income from reserve assets, perhaps through institutional investors and traditional financial players.
Sonyโs Move: Identity & Anime in Web3
Animoca Brands partners with Soneium to build Moca Networkโs identity layer and launch Anime ID, a decentralized identity and reputation system led by San FranTokyo.
What this means: By integrating Moca Networkโs identity layer into Soneium, Sonyโs Ethereum Layer 2, they aim to create a seamless digital passport for gaming and entertainment. This could standardize ownership, achievements, and reputation across platforms, making asset management simpler and engagement more personalized.
Be smart: Sonyโs Soneium blockchain hasnโt gained any traction yet. Moves like that are not optional, but needed.
See the detailed analysis and charts
๐จ News Flash
DTCC launches tokenized collateral platform. Link
Senator Tommy Tuberville plans to reintroduce the Financial Freedom Act. Link
eToro files for U.S. IPO. Link
Fidelity announces a zero-fee retirement plan that lets investors directly invest in crypto. Link
SMBC plans Avalanche-based stablecoin. Link
Off The Gridโs GUN token launches alongside GUNZ mainnet. Link
๐ Keep up with all our signals for Web3 execs on our Telegram channel.
๐ฐ Money Moves
Thatโs all for now, folks.
Talk soon,
โ Marc & Team
51: We help companies like Avalanche, Near, or MoonPay with industry-leading thought leadership campaigns. Interested? Start dominating your vertical.