Stablecoin transactions reached US$94 billion between Jan 2023 and Feb 2025; Canary Capital submits S-1 for the first spot CRO ETF in the US; Crypto.com signs a Memorandum of Understanding (MOU) to integrate Crypto.com Pay into NEXPACE’s gaming ecosystem
US spotbitcoin ETFs had a net inflow of $67 million in the past five trading days compared to $2.75 billion the week before. BlackRock’s IBIT ETF, on the other hand, experienced its highest daily net outflow of $431 million on 30 May. Spot ether ETFs also saw a net inflow of $344 million in the past five trading days.
On the macro side, the US FOMC Minutes revealed uncertainties around the economic outlook and tariffs that may worsen inflation. The US core Personal Consumption Expenditures (PCE) Price Index increased 2.5% year-on-year, which is lower than the estimated 2.6%. The latest CME FedWatch Tool showed a 5% probabilityof a June rate cut in the US compared to 6% last week. New Zealand’s RBNZ cut interest rates by 0.25% to 3.25%, in line with expectations.
Notable updates: The Crypto.com App listed Vaulta (A), Sophon (SOPH), and Space and Time (SXT).
Notable events in the coming week: ECB Interest Rate Decision, US ISM Manufacturing and Services PMI, US Nonfarm Payrolls
Weekly Market Index
Price, volume, and volatility indices were down by -2.45%, -21.69%, and -14.75%respectively.
Price decrease coincided with the US FOMC minutes highlighting inflation risks and economic uncertainties. The first rate cut is expected to occur in September according to the latest CME FedWatch Tool.
All tokens decreased in trading volume except CRO (+73.64%) and FIL (+3.59%), which coincided with Canary Capital filing for the first spot CRO ETF in the US.
Chart of the Week
Stablecoin transactions amounted to $94 billion between January 2023 and February 2025, according to data from Artemis. Business-to-business (B2B) payments dominated transactions since July 2024, growing from 39% in July 2024 to 49% in February 2025. Card-linked stablecoin payments grew by 103%, ballooning from $543 million in February 2024 to $1.1 billion in February 2025. This reflected the status of stablecoins as an essential part of the global payments infrastructure.
Weekly Performance
CRO (+9.6%) took the lead in price increase last week, coinciding with Canary Capital’s S-1 submission for the first spot CRO ETF in the US. BTC and ETH decreased by -3.4% and -0.9%, respectively, while other large-cap tokens saw a price downtrend.
All key categories decreased in market capitalisation in the past seven days, with the Layer-1 category seeing the least losses.
Vaulta (formerly known as EOS Network) is a banking operating system that aims to be the financial network for Web3 banking. It hopes to provide the financial infrastructure to bridge Web3 banking with institutional-grade performance for use cases like wealth management, consumer payments, portfolio investment and insurance. A serves as the native utility token for Vaulta.
Space and Time is a decentralised data platform built for Web3 applications and AI. It offers a secure and scalable way to analyse blockchain data without relying on a central authority. SXT serves as the native utility token for Space and Time, and is used to pay for data queries, reward contributors, and secure the network through staking.
The Sophon Network is a consumer-focused ZK chain built using Validium from the ZK stack, the same framework that powers ZKsync, an Ethereum scaling solution that makes transactions faster and cheaper through Hyperchains. By aiming to bridge the gap between traditional consumer applications and Web3, Sophon is able to process transactions efficiently with high throughput and low cost. SOPH serves as the native utility and governance token.
As of 1 Jun 2025 Sources: Crypto.com Research, Crypto.com Price, CoinGecko, Protocols’ websites
Crypto.com signed an MoU with NEXPACE, the Web3 and blockchain subsidiary of the global gaming company NEXON. The agreement aims to integrate Crypto.com Pay into NEXPACE’s gaming ecosystem, which will allow players to pay using cryptocurrencies across NEXPACE’s games and digital marketplaces.
Kazakhstan plans to launch Cryptocity, a pilot zone where crypto can be used to pay for goods and services in a regulated sandbox environment. The government and regulators are working together to finalise a suitable location for the pilot.
The head of Pakistan’s crypto council announced that the country is establishing a strategic bitcoin reserve, embracing pro-crypto regulatory policies. This comes after the country planned to use excess energy to support bitcoin mining and computing data centers in May 2025.
The Dubai Land Department launched its first licensed tokenised real estate project that can tokenise up to $16 billion worth of real estate. The title deeds will be tokenised on XRP Ledger, allowing investors to purchase a fraction of Dubai properties at a starting price of 2,000 dirhams ($540).
BNP Paribas Asset Management, the asset management arm of one of France’s largest banks, launched natively tokenised money market fund shares. The firm aims to test cross-border transactions using distributed ledger technology.
Premier football club Paris Saint-Germain F.C. (PSG) reportedly started buying bitcoin last year, and is holding the digital asset as part of their reserves. It is currently the first sports team known to be a bitcoin holder.
Trump Media and Technology Group, a company partially owned by US president Donald Trump, raised $2.5 billion to purchase BTC. This comes as more companies stockpile bitcoin in their treasuries.
Investment Vehicles
Nasdaq filed to list a spot Sui ETF for 21Shares with the US Securities and Exchange Commission (SEC), kicking off the review process with the SEC.
USDC issuer Circlelaunched an initial public offering (IPO) of 24 million shares of its class A common stock, and applied for listing on the New York Stock Exchange with the ticker ‘CRCL’. The company expects to potentially raise $576 to $624 million, with BlackRock considering buying approximately 10% of the total shares offered in the IPO.
Research Roundup Newsletter [April 2025]: We present to you our latest issue of Research Roundup, featuring our deep dives into ‘The Rise of Crypto Treasury’ and ‘Wall Street On-Chain Part 3: Trading & Liquidity’.
Alpha Navigator: Quest for Alpha [April 2025]: All asset classes had mixed performances in April, with BTC and Gold leading price increases. Trump reduced tariff rates on imports from most US trading partners and considered lowering tariffs on China.
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📈 Stablecoin transactions reached US$94 billion from Jan 2023 to Feb 2025; Canary Capital submits S-1 for first spot CRO ETF in the US
Stablecoin transactions reached US$94B from Jan 2023 to Feb 2025; Canary Capital submits S-1 for first US spot CRO ETF; Crypto.com signs MOU to integrate Crypto.com Pay into NEXPACE’s gaming ecosystem
