SVB Ventures Newsletter No.20 - April 2025

 

SVB Ventures | Newsletter No. 20

🔸 Macro News

✔ Trump announces tariffs; Trump, Vietnam's Tô Lâm agree to discuss tariffs deal

US President Donald Trump has signed an executive order imposing retaliatory tariffs on many countries worldwide, including a standard 10% import tax on all goods entering the US, which may increase if the US economic situation worsens. Trump also unveiled a new tariff schedule that will be applied to 180 countries and territories, including China (34%), Vietnam (46%), the European Union (20%), Taiwan (32%), Japan (24%), and others, in response to the import taxes those countries impose on US goods. These tariffs will take effect on April 9 and are seen as likely to spark a new trade war, with many countries possibly retaliating to protect their own economies; and raise concerns about the negative impact on the global economy and render many economic forecasts inaccurate if these tariffs are maintained for an extended period.

On April 4, General Secretary To Lam held a phone call with President Donald Trump, expressing Vietnam's readiness to discuss reducing import tariffs on U.S. goods to 0% and requesting the U.S. to apply the same rate to Vietnamese imports. The call emphasized the desire to strengthen bilateral cooperation for mutual benefit and global stability. Both leaders discussed measures to boost trade, with To Lam inviting Trump and his wife to visit Vietnam soon, and Trump expressing eagerness for future meetings. In 2024, Vietnam exported $119.5 billion to the U.S. while importing $15.1 billion. On April 2, Trump announced retaliatory tariffs of 10-50% on over 180 trading partners, with Vietnam facing the rate of 46%, justified by the U.S. as a response to Vietnam's alleged 90% tariffs on U.S. goods, a figure contested by Vietnam’s Ministry of Finance, which stated that the actual average tariff is around 9.4%.

✔ Trump raised tariffs on China to 145%, delayed others for 90 days, while China increased tariffs on U.S.goods to 125%

On the night of April 9, 2025, as U.S. tariffs on over 180 countries took effect, President Donald Trump announced a 90-day delay in tariffs to allow countries time to negotiate agreements with the U.S. Since the U.S. announced tariffs on April 2, more than 75 countries have contacted the U.S. to discuss trade issues. In response, Trump reduced tariffs to a basic 10% during this period. However, this delay does not apply to China, which has continued retaliatory measures, increasing tensions. China raised tariffs on U.S. goods from 84% to 125% after the U.S. increased tariffs on Chinese goods to 125%, resulting in a total of 145% including a previous 20% increase. This move positively impacted financial markets, with significant increases in stock values and cryptocurrency prices. Bitcoin rose nearly 9% to over $85,000, and Ethereum recovered to nearly $1,690.

The Trump administration has exempted smartphones, computers, and other electronics from "reciprocal" tariffs, including the 125% levies on Chinese imports. This decision excludes these products from both Trump's 10% global tariff and the higher Chinese import tax. The exemptions, effective from April 5, also cover semiconductors, solar cells, and memory cards. This move is seen as a significant reprieve for tech companies like Apple, Nvidia, and Microsoft, which heavily rely on Chinese manufacturing. The White House stated that the exemptions aim to give companies time to relocate production to the U.S., as part of Trump's broader strategy to reduce dependence on China for critical technologies. Despite these exemptions, a 20% tariff on Chinese goods related to fentanyl remains in place.

On April 17, President Trump said he does not want to raise tariffs on Chinese goods further, fearing harm to trade. He noted senior Chinese officials, reportedly for President Xi Jinping, have contacted the U.S., though he didn’t confirm direct contact with Xi. Trump highlighted his good relationship with Xi and said these contacts show Xi’s control over the issue. He expressed willingness to reduce tariffs, as high taxes hurt consumer spending. The U.S. currently imposes tariffs up to 145% on Chinese goods; China charges up to 125% on U.S. products. On TikTok, Trump said a deal to sell its U.S. operations is reached but needs China’s approval, leaving room for more tariff talks. China seeks more U.S. goodwill, less criticism, consistent Taiwan and sanction policies, and clear negotiation contacts before resuming trade talks.

China is considering suspending its 125% tariff on some U.S. imports, including medical equipment, industrial chemicals like ethane, and aircraft leasing fees, as the economic impact of the trade war weighs heavily on key industries. This move aims to ease financial burdens on sectors reliant on U.S. goods, such as plastics manufacturing and healthcare, which depend on American supplies and advanced medical devices. The potential exemptions have boosted investor confidence, reflected in rising Asian stock markets and a stronger yuan. These considerations mirror recent U.S. tariff exclusions on electronics, highlighting the deep economic interdependence between the two countries despite ongoing tensions. Discussions are ongoing, with companies asked to submit lists of critical goods for exemption, but no official announcements have been made yet

Beijing is "evaluating" Washington's offer for trade talks on President Trump's 145% tariffs but warned against "extortion and coercion," insisting the U.S. must show sincerity by correcting its "erroneous practices" and canceling unilateral tariffs before negotiations can begin. This follows a period of back-and-forth where Washington sought discussions, and Beijing initially denied talks were underway. While China has compiled a list of U.S. products exempt from retaliatory tariffs, the U.S. ended duty-free access for low-value shipments from China and Hong Kong. Treasury Secretary Scott Bessent expressed hope for a deal, and President Xi urged officials to adapt to international changes. Additionally, Beijing is considering addressing U.S. concerns about China's role in the fentanyl trade, potentially sending Minister Wang Xiaohong to meet U.S. officials.

✔ The US sees strong March Non-Farm Payrolls

The US Labor Department reported that March job growth exceeded expectations, with nonfarm payrolls surging 228,000, beating the 140,000 estimate. However, the unemployment rate ticked up to 4.2%. President Trump hailed the "GREAT JOB NUMBERS" on Truth Social, but markets remained volatile, with stocks down over 900 points, amid concerns over his new tariffs that have sparked retaliation from China and others. Despite the strong report, economists warn that the data is backward-looking and may not reflect the impact of tariffs on future hiring, with average hourly earnings growing 3.8% annually. The labor market remains strong, but trade tensions loom large.

✔ U.S. inflation cooled to 2.4% in March, with both CPI and PPI falling below expectations

In March, the U.S. core Consumer Price Index (CPI) annual rate was 2.8%, marking its second consecutive decline and the lowest level since March 2021. This was below market expectations of 3.0%. The monthly core CPI after seasonal adjustment was 0.1%, the lowest since June 2024 and below expectations of 0.3%. Meanwhile, the U.S. Producer Price Index (PPI) for March fell 0.4% month-over-month, the largest drop since October 2023, contrary to an expected increase of 0.2%. The year-over-year PPI rose 2.7%, which was below the expected 3.3% and the previous month's 3.2%.

✔ Fed chair Powell signals caution as Trump tariffs loom over inflation

Federal Reserve Chair Jerome Powell warned that President Trump's tariffs are likely to boost inflation and slow growth, but signaled the Fed will hold off on interest rate changes until the effects are clearer. Citing a "highly uncertain outlook", Powell emphasized the Fed's focus on keeping inflation expectations anchored, dismissing Trump's calls for rate cuts. Markets expect rate cuts this summer, but Powell suggested this may be premature if inflation risks rise. The Fed's next policy decision is in May, with Powell giving no hint of an imminent shift, as markets remain volatile amid trade tensions and inflation concerns.

✔ Trump affirmed he has no plans to fire Jerome Powell but continues to urge the Fed to lower interest rates

President Donald Trump, despite publicly criticizing Federal Reserve Chair Jerome Powell for not cutting interest rates quickly enough and even suggesting Powell’s “termination cannot come fast enough,” stated he has no intention of firing him, aiming to quell speculation that had rattled markets. Trump’s frustration centers on the Fed’s cautious approach to lowering rates amid persistent inflation and new tariffs, while Powell and most Fed officials argue that keeping rates steady is necessary to continue cooling inflation, which remains above target.The ongoing tension highlights the Fed’s independence and the legal limits on presidential authority to remove its chair, with Powell insisting he will serve out his term through May 2026 despite Trump’s repeated attacks and calls for more aggressive monetary easing.

🔸  Bitcoin 

✔  Trump family enters Bitcoin mining industry with American Bitcoin 20% stake in Hut 8

Hut 8 has partnered with Eric Trump and Donald Trump Jr. to launch American Bitcoin, a new entity focused on industrial-scale Bitcoin mining and strategic reserve development. Hut 8 holds an 80% stake, with the Trump family and other investors controlling the remaining 20%. Eric Trump serves as Chief Strategy Officer, and the company aims to become the world's largest and most efficient pure-play Bitcoin miner. American Bitcoin's operations will be managed through long-term agreements with Hut 8, which will provide infrastructure support. The venture aligns with the Trump family's broader push into digital assets, reflecting their increasing involvement in the crypto sector through investments and advisory roles.

✔ Binance helps countries with Bitcoin reserves, crypto policies, says CEO

Binance CEO Richard Teng revealed on April 17 that the exchange is advising multiple governments and sovereign wealth funds on establishing strategic Bitcoin reserves and shaping crypto regulations, driven largely by the U.S.'s crypto-friendly agenda, including President Trump’s executive order to create a Strategic Bitcoin Reserve funded by seized cryptocurrencies. While Teng did not disclose specific countries involved, he noted the U.S. is far ahead in this space. Although Pakistan and Kyrgyzstan have recently partnered with Binance on crypto regulations, they have not announced plans for crypto reserves. Concurrently, Binance is reconsidering its previous stance on having no formal headquarters, actively evaluating plans for a global HQ as regulatory clarity increases worldwide.

✔ Cantor Fitzgerald partners with Tether, SoftBank and Bitfinex to launch $3B Bitcoin crypto venture

Brandon Lutnick, chairman of Cantor Fitzgerald and son of U.S. Commerce Secretary Howard Lutnick, is leading a $3 billion Bitcoin acquisition venture called 21 Capital, backed by SoftBank, Tether, and Bitfinex. The consortium plans to contribute Bitcoin valued at $85,000 per coin-$1.5 billion from Tether, $900 million from SoftBank, and $600 million from Bitfinex-with additional funds sought through convertible bonds and private equity. Modeled after MicroStrategy’s strategy of holding Bitcoin as a treasury asset, 21 Capital aims to become a publicly listed company capitalizing on renewed crypto enthusiasm under President Donald Trump’s administration. The initiative builds on Cantor Fitzgerald’s extensive crypto experience, including managing Tether’s treasury and launching Bitcoin financing programs, with an official announcement expected soon though details may still change.

✔ Roswell, New Mexico, becomes the first US city to adopt a Bitcoin reserve

Roswell, New Mexico, has become the first U.S. city to officially adopt Bitcoin as a municipal reserve asset, launching its Strategic Bitcoin Reserve with an initial donation of about 0.0305 BTC (around $2,900) received on April 29, 2025. The city plans to accumulate Bitcoin donations and sponsorships over at least 10 years, aiming to grow the reserve to $1 million before using it as an emergency fund, with up to 21% of the fund accessible every five years pending unanimous city council approval. The reserve’s funds will support local initiatives like subsidizing water bills for elderly residents and disaster response. Roswell’s move reflects a broader trend of governments embracing Bitcoin for financial resilience and innovation, alongside similar efforts in places like Arizona and Panama City.

🔸 Crypto Policies & Regulations 

✔ President Trump has signed the resolution to repeal the IRS DeFi broker rule

On April 10, President Donald Trump signed a congressional resolution repealing a contentious Biden-era rule requiring decentralized finance (DeFi) protocols to report transactions to the IRS. This move marks a significant victory for the crypto industry, which had criticized the rule for stifling innovation by forcing decentralized platforms into traditional financial frameworks. The repealed regulation would have mandated DeFi platforms to report all revenue and user identities related to crypto transactions starting in 2027. While crypto advocates celebrate this decision as a protection of innovation, Democratic lawmakers warn it could create tax loopholes. The Trump administration's actions align with a broader effort to ease regulatory pressures on the crypto sector.

✔ US DOJ disbands crypto enforcement team amid policy shift under Trump

The U.S. Department of Justice has disbanded its National Cryptocurrency Enforcement Team (NCET), marking a significant shift in federal oversight of the crypto industry. Launched in 2021 under the Biden administration, NCET focused on investigating crypto-related crimes. Deputy Attorney General Todd Blanche stated that the DOJ will now focus on prosecuting bad actors, such as those involved in scams and fraud, rather than scrutinizing legitimate crypto entities. This change aligns with President Trump's efforts to create a more favorable environment for crypto innovation, with other agencies like the SEC and CFTC also reviewing their policies to support this goal.

✔ Senator Tim Scott is confident market structure bill passed by August

Senator Tim Scott, Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, expects a comprehensive crypto market bill to be passed into law by August 2025. This timeline aligns with the Senate Banking Committee's recent advancement of the GENIUS Act, a stablecoin regulatory bill, in March 2025, which demonstrates the committee's prioritization of crypto policy. Scott emphasized the importance of innovation preceding regulation to maintain U.S. economic leadership in digital assets. The Trump administration supports comprehensive crypto regulations to protect the U.S. dollar and attract investments to U.S.-based crypto firms. Bipartisan support exists for these regulations, with lawmakers like Representative Ro Khanna and officials like Bo Hines expressing confidence in the passage of both market structure and stablecoin bills this year.

✔ Fed Chair Powell advocates for stablecoin regulation, signals openness to crypto innovation

Federal Reserve Chair Jerome Powell emphasized the need for a regulatory framework for stablecoins, noting renewed congressional interest in legislation that ensures consumer protection and transparency. Speaking on April 16, he acknowledged past challenges but said the climate is changing as stablecoins gain importance. Powell also signaled the Fed may ease some conservative banking guidelines on crypto to support responsible innovation while maintaining safety. He affirmed that the Fed does not intend to restrict banks from serving lawful crypto clients and called for clearer oversight to integrate digital assets into traditional finance. His comments highlight the Fed’s support for balanced stablecoin regulation amid their growing use in payments and settlements.

✔ US Eyes Bitcoin Reserves Funded by Tariffs and Gold Revaluation, Not Taxpayers

Bo Hines, executive director of the Trump administration’s crypto council, said the U.S. plans to grow its forthcoming Strategic Bitcoin Reserve—initially seeded with crypto seized in criminal cases—through “budget‑neutral” methods such as applying tariff revenues and revaluing the Treasury’s gold certificates from $43 to roughly $3,200 per ounce, creating a paper surplus to buy Bitcoin without selling gold; he added that a comprehensive digital‑asset policy framework covering tokenization, staking, and global dollar‑backed stablecoins is slated for release by late summer, although the interview skirted questions about potential conflicts posed by the TRUMP memecoin, other Trump‑linked crypto ventures, and the still‑unpublished audit of existing federal Bitcoin holdings.

✔ Pro-crypto Paul Atkins takes over as SEC chair, calls for fresh SEC crypto rules to end years of innovation stifling

Newly sworn-in, Pro-crypto SEC Chairman Paul Atkins called for a comprehensive overhaul of the agency’s crypto regulations, criticizing current rules as outdated and enforcement-heavy, which he said have stifled innovation for years. Speaking at the SEC’s third crypto task force roundtable, Atkins emphasized the urgent need for a “rational, fit-for-purpose framework” to support responsible innovation while protecting investors. He pledged to work with Congress, industry, and fellow commissioners-especially crypto advocate Hester Peirce-to develop clear, workable rules that modernize markets and foster blockchain entrepreneurship, signaling a major shift toward a more innovation-friendly SEC stance.

✔ US bank regulators pull back guardrails on bank crypto activities

On April 24, 2025, the Federal Reserve Board withdrew key supervisory guidance from 2022 and 2023 that required state member banks to notify and obtain prior approval before engaging in crypto-asset and stablecoin activities. These activities will now be overseen through the Fed’s regular supervisory process, reflecting a shift toward a more innovation-friendly regulatory approach. Alongside the FDIC and OCC, the Fed also withdrew two 2023 joint statements warning banks about risks related to crypto fraud and financial stability. This move aligns with broader efforts under the Trump administration to ease regulatory barriers and support crypto growth within the U.S. banking system

✔ US crypto groups joins with 30 leading crypto organizations to urge SEC for clear guidance on staking regulation

Nearly 30 crypto groups led by the Crypto Council for Innovation’s Proof of Stake Alliance (POSA) have urged the SEC for clear guidance on crypto staking, arguing it’s a technical process, not an investment, and shouldn’t be regulated as a security. They say staking fails the Howey test since stakers keep ownership and rewards come from protocols, not managers. The coalition supports responsible inclusion of staking in exchange-traded products (ETPs) and warns against strict rules that could stifle innovation. Members include Andreessen Horowitz, Consensys, and Kraken. The SEC has yet to approve a staking ETF and recently delayed a decision on Grayscale’s Ether ETF with staking, though industry optimism for approval is growing amid increased dialogue with the SEC.

🔸  ETF

 ✔ SEC approved options on spot Ether ETFs

On April 10, the U.S. Securities and Exchange Commission (SEC) officially approved options trading for several spot Ethereum ETFs, including those from BlackRock, Bitwise, and Grayscale. This approval, granted through an accelerated process, allows for options trading on platforms like Nasdaq ISE and NYSE American. Options enable investors to buy or sell Ethereum ETFs at a predetermined price before a set expiration date, enhancing market liquidity and providing more investment strategies. This move follows the SEC's earlier approval of Ethereum ETFs and mirrors similar actions for Bitcoin ETFs, marking a step in expanding financial derivatives linked to crypto assets.

✔ Trump Media inks deal with Crypto.com for 'Made in America' ETFs

US President Donald Trump’s media company, Trump Media and Technology Group (TMTG), has finalized a binding agreement with crypto exchange Crypto. com and asset manager Yorkville America Digital to launch a series of exchange-traded funds (ETFs) focused on digital assets and “Made in America” securities across industries like energy. The ETFs will be offered through TMTG’s decentralized finance brand Truth. Fi and Crypto. com’s broker-dealer Foris Capital, with a planned launch later in 2025 pending regulatory approval. TMTG plans to invest up to $250 million of its cash reserves into these funds, which will be available internationally. The initiative is part of TMTG’s broader fintech strategy and will be advised by law firm Davis Polk & Wardwell. This move follows a non-binding deal signed in March and complements other Trump family crypto ventures, including a crypto platform and a Bitcoin mining business.

🔸  Other News 

✔ Itaú Unibanco, Brazil's Largest Bank, Plans Stablecoin Development

Brazil’s largest bank, Itaú Unibanco, is exploring launching its own stablecoin, contingent on evolving local regulations and the performance of similar initiatives by global institutions such as Japan's Sumitomo Mitsui Financial Group and Bank of America in the U.S., which have announced comparable plans. Stablecoins represent an attractive middle ground for traditional banks, combining blockchain's efficiency with fiat currency trust, especially following recent shifts favoring private-sector stablecoins over state-issued digital currencies. While Brazil's regulatory framework remains under discussion, Itaú's preparations indicate Latin America's growing readiness to participate in the emerging digital finance landscape.

✔ Fidelity launches zero-fee crypto retirement accounts with exposure to Bitcoin, Ethereum and Litecoin

Fidelity Investments is launching zero-fee retirement plans that provide exposure to Bitcoin, Ethereum, and Litecoin for US citizens over 18 in supported states. The offering includes three IRA types: a tax-free Roth IRA, a traditional IRA with tax-deferred growth, and a Rollover IRA. Investors must hold a linked Fidelity brokerage IRA, with no maintenance fees, though Fidelity will apply a 1% spread on buy and sell orders. The crypto IRA allows users to retain traditional retirement account features like beneficiary management, reflecting Fidelity Digital Assets' continued expansion into cryptocurrency investment products. The plan focuses on established cryptocurrencies with high market capitalization and liquidity, providing a new avenue for retirement investing in digital assets.

✔ Mastercard is developing a way for consumers, merchants and financial institutions to transact digital assets

Mastercard is accelerating its blockchain and crypto initiatives, aiming to bridge traditional finance and digital assets through its Multi-Token Network, launched in 2023. Collaborating with J.P. Morgan and Standard Chartered, the company is developing use cases like cross-border payments and asset tokenization while enhancing transaction speeds. Mastercard has introduced over 100 crypto-focused card programs, enabling its 3.5 billion cardholders to move funds between fiat and crypto seamlessly. Regulatory clarity is improving, supporting Mastercard’s Venmo-like crypto services, backed by over 250 blockchain patents and partnerships like Ondo Finance. Despite challenges like market volatility and security risks, Mastercard continues expanding its blockchain team, positioning itself for long-term success in the evolving financial landscape

✔ Crypto firm Ripple to buy prime broker Hidden Road for $1.25 billion

Ripple has agreed to acquire Hidden Road, a multi-asset prime broker, for $1.25 billion, marking one of the largest deals in the digital assets space. This acquisition makes Ripple the first crypto company to own and operate a global prime broker, offering services across foreign exchange, digital assets, derivatives, swaps, and fixed income. Hidden Road processes $3 trillion annually and serves over 300 institutional clients. With Ripple's backing, Hidden Road will expand its capacity and become one of the largest non-bank prime brokers globally. The deal will also integrate Hidden Road's post-trade operations onto the XRP Ledger, enhancing Ripple's cross-border payments and custody solutions. Additionally, Hidden Road will utilize Ripple's RLUSD stablecoin as collateral, reinforcing its utility in bridging traditional and digital markets.

✔ Vietnam plans pilot crypto trading platform with Bybit support

Vietnam’s Ministry of Finance is launching a pilot crypto trading platform with technical support from Bybit to create a regulated environment for digital asset transactions, aiming to protect investors and manage risks amid high crypto adoption—Vietnam ranks fifth globally. The ministry will collaborate with state agencies to develop regulations, with a draft resolution expected in early May. Bybit will assist in designing the platform and implementing a sandbox model for testing under regulatory oversight, leveraging its expertise in anti-money laundering and compliance systems. This pilot is part of broader government efforts to foster blockchain innovation and integrate crypto into the digital economy, while ensuring market transparency and investor protection

✔ VanEck proposes Bitcoin-linked Treasury bonds to offset $14 trillion in US debt

VanEck’s Matthew Sigel proposed “BitBonds,” a 10-year hybrid US Treasury bond combining 90% traditional debt with 10% Bitcoin to help refinance $14 trillion in maturing government debt. Investors receive full Treasury principal plus Bitcoin gains up to a 4.5% annual yield, with excess returns split 50/50. This structure aims to lower borrowing costs and attract investors seeking inflation protection and Bitcoin upside, creating a new sovereign bond class blending safety with crypto exposure. While investors bear Bitcoin’s downside risk and the Treasury must issue extra debt for the Bitcoin portion, BitBonds offer asymmetric upside with a risk-free base, potentially saving billions even if Bitcoin’s value stays flat.

✔ Visa to Join Global Dollar Network Stablecoin Consortium

Visa is joining the Global Dollar Network (USDG), a stablecoin consortium led by Paxos, becoming the first traditional finance company to join crypto and fintech firms like Robinhood and Kraken. The consortium promotes the USDG stablecoin, pegged to the USD and issued under Singapore’s regulations, which shares yield with participants—unlike stablecoins like Tether’s USDT that keep all reserve interest. Visa’s move marks a key step toward mainstream stablecoin adoption and deeper integration of traditional finance with digital assets, complementing its crypto initiatives including support for Sam Altman’s World Network. Neither Visa nor Paxos have commented publicly.

✔ Ondo meets with SEC Crypto Task Force to discuss tokenizing US securities

Ondo Finance and legal counsel from Davis Polk & Wardwell met with the SEC’s Crypto Task Force on April 24 to discuss regulatory frameworks for tokenizing publicly traded US securities, focusing on structuring options, compliance with registration, broker-dealer rules, and anti-money laundering requirements. The firm proposed compliant issuance models and explored regulatory sandbox opportunities while highlighting its existing $1 billion in tokenized products, including the BlackRock-backed OUSG (short-term Treasuries) and USDY (yield-bearing token for non-US investors). This engagement aligns with broader SEC efforts under the Trump administration, which has held 81 crypto industry meetings since January to address regulatory clarity

✔ PayPal launches a loyalty program with a 3.7% yield on stablecoin balances, Coinbase and PayPal have expanded their partnership

PayPal plans to launch a rewards program this summer offering U.S. users a 3.7% annual yield on their PayPal USD (PYUSD) stablecoin balances, with interest accrued daily and paid monthly in PYUSD. Users can hold PYUSD in PayPal and Venmo wallets, spending it via PayPal Checkout, transferring it, or converting it to fiat. Launched in 2023 and issued by Paxos Trust, PYUSD is backed by U.S. Treasuries but holds a small market share compared to leaders like Tether. To boost adoption amid growing competition, PayPal has expanded its partnership with Coinbase, enabling Coinbase users to buy, sell, and trade PYUSD fee-free and redeem it 1:1 for U.S. dollars. Building on their 2021 collaboration, the two firms aim to streamline stablecoin transactions for retail and institutional users, explore PYUSD’s use in commerce, cross-border payments, and DeFi, and develop new financial tools, leveraging PayPal’s 430 million accounts and Coinbase’s crypto infrastructure to position PYUSD as a regulated, fully-backed digital bridge currency in global payments and DeFi ecosystems.

✔ The electronic board of Techcom Securities (TCBS) displays prices for crypto coins

Techcom Securities (TCBS) has integrated a cryptocurrency price board into its online securities platform, offering real-time data on over 100 popular cryptocurrencies like Bitcoin, Ethereum, and Binance Coin. While investors can track prices, volumes, and market trends, direct crypto trading is not yet supported. This move highlights growing interest in digital assets in Vietnam, which ranks among the top three countries for crypto traders. However, due to the lack of clear regulations, trading remains informal and risky. The Vietnamese government, led by the Ministry of Finance, is developing a legal framework and plans to pilot a domestic crypto exchange to better manage risks and support sustainable market growth.

✔ Morgan Stanley plans to offer crypto trading via E*Trade by 2026

Morgan Stanley plans to introduce cryptocurrency trading on its E*Trade platform in 2026, currently in early development with potential partnerships being explored to support spot crypto trading. The bank has already offered Bitcoin ETFs and futures to wealthy clients since August 2024 and is expanding its crypto services amid a more favorable U.S. regulatory environment under President Trump and SEC Chair Paul Atkins. This move could increase competition with crypto-native platforms like Coinbase, reflecting growing institutional acceptance of digital assets, though Morgan Stanley has not yet commented publicly on the plan.

✔ Goldman Sachs looking toward 24/7 tokenized trading of Treasuries, money markets in US

Goldman Sachs plans to offer 24/7 trading of tokenized U.S. Treasuries and money market fund shares, integrating traditional collateral into blockchain to meet rising client demand for on-chain exposure. Building on its existing crypto derivatives desk, the firm will launch three tokenization projects in 2025, including a U.S. fund tokenization and a euro-denominated digital bond. Recent U.S. regulatory updates have cleared key obstacles for crypto activities. Goldman is also considering spinning off its Digital Asset Platform to improve efficiency and liquidity. While favoring permissioned blockchains for compliance, challenges remain around regulatory capital and limited liquidity in tokenized bonds. The initiative aims to enable continuous trading and better serve evolving institutional needs.

✔ MetaMask launches self-custody cryptocurrency card with Mastercard

CompoSecure, Baanx, and MetaMask have teamed up to launch the MetaMask Metal Payment Card, a premium metal card enabling users to spend crypto directly from their self-custody MetaMask wallets without preloading or converting assets. Powered by Mastercard’s global network and built on Consensys’ Linea blockchain, the card offers near-instant, secure transactions verified by smart contracts in under five seconds. Set for a global launch in Q2 2025, it aims to bridge Web3 and everyday finance by providing seamless, non-custodial crypto payments at millions of merchants worldwide, marking a major step toward integrating digital assets into daily spending.

✔ Visa and Bridge launch stablecoin-backed cards across Latin America

Visa has launched a pilot program enabling customers in six Latin American countries-Argentina, Colombia, Ecuador, Mexico, Peru, and Chile-to make everyday purchases using stablecoin-linked Visa cards, developed in partnership with Bridge, a Stripe-owned stablecoin infrastructure provider. Cardholders can spend stablecoins at any merchant accepting Visa, with Bridge handling real-time conversion to local currency, ensuring seamless transactions. The program aims to meet growing demand for stablecoin payments amid regional inflation and plans to expand to Europe, Asia, and Africa soon. This initiative reflects Visa’s commitment to integrating blockchain innovations into mainstream finance, making stablecoins more accessible for everyday use.

✔ SPAR is testing Bitcoin payments via Lightning at its Zug, Switzerland store in a major retail crypto trial

Global grocery giant Spar has introduced Bitcoin payments at its Zug, Switzerland store, enabling customers to pay via the Lightning Network by simply scanning a QR code at checkout. This implementation, powered by DFX Swiss’s OpenCryptoPay solution using the LNURL protocol, allows instant, peer-to-peer crypto transactions without fiat conversion at the point of sale. As one of the first supermarkets in Switzerland to accept Bitcoin directly, Spar’s move highlights the country’s crypto-friendly environment, where over 1,000 businesses already accept Bitcoin. With Spar operating over 13,900 stores in 48 countries and serving 14.7 million daily shoppers, this pilot could accelerate mainstream crypto adoption globally if expanded beyond Zug.