📈 USDC’s supply reached a record high above $60 billion; Crypto.com partners with Trump Media & Technology Group for ETFs issuance

USDC’s market cap reached a record high above $60 billion; Crypto.com partners with Trump Media & Technology Group to support TMTG-branded ETFs; Fidelity is exploring the launch of its own stablecoin

Quick Take

• USDC’s market cap reached a record high above $60 billion; Crypto.com partners with Trump Media & Technology Group to support TMTG-branded ETFs; Fidelity is exploring the launch of its own stablecoin
• US spot bitcoin ETFs had a net inflow of US$196 million last week, the second consecutive week of net inflows. Spot ether ETFs saw a net outflow of $9 million last week, 91% less than the week before. 
• On the macro side, the US core personal consumption expenditures (PCE) price index increased 0.4% month-on-month in February, the biggest monthly gain since January 2024 to reach a 2.8% annual growth. Both figures are higher than Dow Jones’s estimates of 0.3% and 2.7%, respectively. The University of Michigan’s consumer sentiment index was 57.0 in March, down 11.9% month-on-month, as worries over inflation intensified. US President Donald Trump is expected to announce tariff updates on 2 April. The latest CME FedWatch Tool showed a 83% probability of a May rate cut in the US (vs 87% last week).
• Notable updates: Ethereum core developers tentatively scheduled the Pectra mainnet upgrade on 30 April; Circle expands USDC access in Japan; Hyperliquid’s HyperCore and HyperEVM linking are live on mainnet; Proof of Liquidity is live on Berachain; the Crypto.com App listed Fartcoin (FARTCOIN) and Walrus (WAL)
• Notable events in the coming week: Australia RBA Interest Rate Decision, US ISM Manufacturing & Services PMI, US Nonfarm Payrolls

Weekly Market Index

Price and volatility indices were down last week by -4.26% and -3.56%, respectively. Volume index was up by +12.27%, led by CRO (+255.70%) and IMX (+58.33%). 

CRO’s volume increase coincided with Crypto.com announcing a partnership with Trump Media & Technology Group (TMTG) to support a series of TMTG-branded ETFs. In addition, the US Securities and Exchange Commission (SEC) informed Crypto.com that it has officially closed its investigation into the company and will file no enforcement action against it. 

Chart of the Week

The USDC stablecoin’s supply crossed the US$60 billion market cap milestone and reached a record high of $60.3 billion on 30 March. The overall stablecoin market cap also recently crossed $230 billion. Ethereum dominates the USDC supply with 60% market share, followed by Solana’s 16%. 

USDC’s market share increased from 21.6% in the beginning of 2025 to 25.7% on 30 March. The increase in adoption coincided with Circle becoming the first stablecoin issuer to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA) regulation, which came into effect on 31 December 2024, allowing USDC to be issued to customers in the EU. In addition, USDC dominates stablecoin supply on Solana with a 77% market share, and supply saw a 149% increase year-to-date to reach around $10 billion. 

Weekly Performance

BTC and ETH decreased by -3.1% and -9.3%, respectively, in the past seven days. 

Most of the selected top-cap tokens decreased in price, which coincided with US President Trump announcing 25% tariffs on automobile imports and hinting further tariff updates on 2 April. Price increase was led by CRO (+27.5%).

All key categories decreased in market capitalisation in the past seven days, led by the gaming category. 

Notable Updates

Newly Listed Tokens in Crypto.com App

News Highlights

Crypto.com / Cronos News

• The US SEC has informed Crypto.com that it has officially closed its investigation into the company and will file no enforcement action. This follows Crypto.com receiving a Wells notice from the SEC and Crypto.com filing suit against the SEC in October 2024. Crypto.com dropped its lawsuit against the SEC in December 2024.
• Crypto.com announced a partnership with Trump Media & Technology Group (TMTG) and its partner, Yorkville America, to support a series of TMTG-branded ETFs comprising digital and non-digital assets. This includes a first of its kind ETF basket of cryptocurrencies incorporating CRO and other crypto assets.

Adoption

• Fidelity is exploring the launch of its own stablecoin, as part of its strategy to enter the tokenised government bonds market. The company also recently filed for a blockchain-based version of its Fidelity Treasury Digital Fund (FYHXX) that consists of almost entirely US treasury bills.
• The United Arab Emirates (UAE) expects its digital dirham central bank digital currency to roll out in Q4 2025. It will enable the development of innovative digital products and increase access to international markets. 
• World Liberty Financial, a crypto venture backed by Donald Trump, launched a US-dollar pegged stablecoin named the World Liberty Financial USD (USD1). It  will be backed by US treasuries, USD and cash equivalents, and will soon go live on Ethereum and Binance Smart Chain.
• French state-owned bank Bpifrance plans to invest €25 million ($27 million) in digital assets to strengthen the country’s blockchain industry. This includes plans to buy and hold tokens related to DeFi tokenisation and staking. 
• The US state of Wyoming is planning to issue its own Wyoming Stable Token (WYST), authorised by the Wyoming Stable Token Commission. The token is expected to be redeemable for $1 held in a trust by the state, and will begin testing soon with a launch expected in July.  
• The US state of Arizona’s House Rules Committee passed two strategic digital asset reserve bills, which will be sent to the House floor for a full vote. North Carolina lawmakers introduced bills that propose to allow the state’s treasurer to allocate up to 5% of various state retirement funds into crypto assets. South Carolina’s state representative introduced a bill that proposes to allow the state treasurer to allocate up to 10% of certain public funds to digital assets, starting with bitcoin. 

Regulation

• US Federal Deposit Insurance Corporation (FDIC) announced that institutions under its oversight, including banks, can engage in crypto-related activities without prior approval. Activities include custodians, maintaining stablecoin reserves, crypto issuance, and market-making or exchange. In addition, the Commodity Futures Trading Commission (CFTC) announced that digital asset derivatives will not be treated differently as other derivatives. 
• UK’s Financial Conduct Authority (FCA) intends to create a new authorisation regime for crypto companies in 2026, in addition to the current anti-money laundering rules. The FCA also intends to release papers on stablecoins, trading platforms, staking, and more in 2025, as mentioned by the director of payments and digital assets. 

Investment Vehicles

• BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) expanded to Solana. BUIDL was launched in March 2024 and is currently the largest tokenised US treasuries product with a $1.9 billion market cap, according to RWA.xyz. 
• BlackRock launched its iShares Bitcoin ETP on multiple exchanges in Europe, including Xetra, Euronext Amsterdam, and Euronext Paris. This is BlackRock’s first crypto ETP issuance outside of North America. 
• Cboe BZX Exchange filed with the US SEC for a Fidelity Solana Fund on behalf of Fidelity. Other asset managers including Franklin Templeton, Grayscale, Canary Capital, and VanEck, also filed for spot Solana ETFs.  
• Nasdaq filed with the SEC to list and trade shares of Grayscale’s proposed spot Avalanche ETF. This follows VanEck’s recent S-1 filing for a spot Avalanche ETF.

Recent Research Reports

• Wall Street On-Chain: Will Bitcoin Be Another Asset?: Based on bitcoin’s recent developments and adoption in institutions, this report explores if BTC could become a new asset beyond crypto.
• Research Roundup Newsletter [February 2025]: We present to you our latest issue of Research Roundup, featuring our deep dives into ‘Will Bitcoin Be Another Asset’ and ‘Institutional Crypto Market: From Liquidity to Global Adoption’.
• Alpha Navigator: Quest for Alpha [February 2025]: Asset performance was mixed. Crypto and Equities led the drop, while Real Assets and Fixed Income increased. Eurozone, Australia, and New Zealand cut interest rates; China kept rates unchanged.

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