SnapShot 200

How Bitcoin could challenge USD’s reserve currency status, Circle plans IPO, Strategy and Tether buy billions worth of BTC

Hello SnapShotters,

Could Bitcoin become the next reserve currency? 

In his annual letter to investors sent earlier this week, BlackRock CEO Larry Fink cautioned that the U.S. dollar could lose its status as the world’s reserve currency to digital assets. He pointed to mounting deficits and unchecked debt as key factors that could open the door for Bitcoin to take its place.

Other Bitcoin news out this week: Hut 8 has joined forces with American Data Centers—investors include Eric Trump and Donald Trump Jr.—to launch a new Bitcoin mining venture, and Tether and Strategy bought billions worth of BTC in March.

Read on for the details.

Market Spotlight

News Snaps

💪 Bitcoin Could Challenge USD’s Reserve Status

In his annual letter to investors on Monday, BlackRock CEO Larry Fink cautioned that the U.S. dollar could lose its status as the world’s reserve currency to digital assets. He pointed to mounting deficits and unchecked debt as key factors that could open the door for Bitcoin to take its place.

🤝 Hut 8 Partners With Trump-Backed Firm to Launch U.S. Bitcoin Miner
Hut 8 has joined forces with American Data Centers — whose investors include Eric Trump and Donald Trump Jr. — to launch a new Bitcoin mining venture called American Bitcoin, aiming to expand mining operations on U.S. soil.

💰 Tether Buys 8,888 BTC
In Q1, stablecoin issuer Tether bought 8,888 BTC, bringing its total Bitcoin holdings to 92,646 BTC worth over US$7.8 billion. The purchase makes Tether the sixth-largest holder of BTC in a single wallet.

🔍 Privacy Tool Released on Ethereum

An Ethereum developer released a semi-permission privacy tool called Privacy Pools, allowing users to send transactions privately while proving that the funds are linked to legitimate activities. Transactions are batched into anonymous pools, and a ‘ragequit’ function returns the funds if the transaction is disqualified.

🕹️ Sony Singapore Accepts Crypto.com Pay

Sony Electronics Singapore has enabled USDC payments through Crypto.com Pay, marking the company’s move into direct crypto transactions. Currently exclusive to Sony Store Online, the integration allows customers to pay for their purchases using USDC stablecoins. 

🪙 Yield-Bearing Stablecoins a No-Go in STABLE Act

The Chairman of the House Financial Services Committee clarified his stance on not including yield-bearing stablecoins in the markup hearing for the STABLE Act, where he stated that stablecoins should be viewed as a means of payment rather than investment. This comes as voices in the crypto space called for stablecoin legislation that allows customers to earn interest on the asset type. 

What’s Ahead

Circle Taps JPMorgan and Citi for Its IPO

Circle has reportedly enlisted JPMorgan and Citi to lead its upcoming initial public offering (IPO), which could launch as early as late April, according to Fortune. The USDC stablecoin issuer is aiming for a valuation between $4 billion and $5 billion.

On April 1, Circle filed a prospectus for an IPO with the U.S. Securities and Exchange Commission.

Number of the Week

Chart of the Week

USDC’s supply crossed the $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), which came into full application on 31 December 2024, allowing USDC to be issued to customers in the EU.

Crypto Trivia

What is the USDC stablecoin pegged to?

A) Bitcoin
B) Gold
C) U.S. dollar

Find the correct answer at the end of this newsletter.

NFT Spotlight

🔥 Legends Awaken – A Mythic Saga on the Blockchain 🔥

The ‘Legends Awaken’ drop is the highly anticipated launch of Cronos Legends, featuring an exclusive collection of 500 NFTs. It’s created by Awerghx, a blockchain visionary with a proven track record of success, having spearheaded projects like the popular series, LEUGIM.

With his latest collection, you can “enter a world where two iconic factions of the Cronos Legends universe clash: the noble Cronos Guardians, defenders of order and light, and the fearsome Chaos Horde, champions of destruction and chaos.”

Each ultra-detailed NFT represents a unique character.

Utilities:

🏆 Hold 5 NFTs to get a free NFT from the next Legends Awaken collection

🚀 10x Discord Nitro

🔥 Daily $CLG rewards

⚔️ Battleground competitions

💎 NFT staking

♻️ NFT buybacks

This is more than a collection — it’s a legendary universe shaped by its community. Limited supply, eternal glory. 🚀🔥

Product Updates

Recurring Buy Is Now Available for Crypto Basket in the Crypto.com App

With Recurring Buy, you are able to purchase over 18 thematic baskets automatically at set intervals — daily, weekly, bi-weekly, or monthly. You can easily apply dollar-cost averaging (DCA) to even out your entry price. Furthermore, the DCA Calculator lets you model your potential performance, and easily purchase a Crypto Basket that works for them. Get started now. For more details, visit the Help Center. 

$100,000 Sports Giveaway

For the home stretch of the college basketball tournament, you get a shot at $100,000 in cash simply by making your first Sports prediction in the Crypto.com App. The prediction can be for any sports event and you have the chance to win whether or not your prediction is correct. Try It Now.

LION Now Available for DeFi Staking

We’re excited to share that Loaded Lions (LION) is now available on DeFi Staking, giving you another way to get rewarded in the Crypto.com App. DeFi Staking is a secure, custodial, and automated way for you to access DeFi yield generated from whitelisted DeFi protocols. Try It Now.

New Token Listing

GUNZ (GUN)

GUNZ is a Layer-1 blockchain built for Web3 gaming. It was created by game developer, Gunzilla Games, and was originally used to support  its flagship battle royale game “Off the Grid.”

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Crypto Learn

How AI Is Transforming Decentralized Finance

DeFi is evolving with the power of AI, creating more intelligent and automated financial systems.

Here are four key applications of DeFAI:

Automated Trading and Market Analysis
AI-driven bots analyze market trends and execute trades in real time, making DeFi trading more efficient and responsive.

Risk Management
AI models assess risks like impermanent loss and fraud by analyzing market conditions and transaction patterns, helping users avoid financial losses.

Yield Optimization and Portfolio Management
AI algorithms optimize yield farming and liquidity provision, maximizing returns and minimizing risks for retail investors.

Market Analysis
AI models provide insights into price trends, sentiment, and token performance, supporting data-driven investment strategies.Learn more about how AI is transforming DeFi in this University article.

CryptoIRL

A perfect day for a canal cruise with @_silverstar88_ and the Crypto.com Ruby Card. 

Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured!

Security Tips

Your Seed Phrase Is Key to Crypto Security

“Anyone asking for your 24-word seed phrase is a criminal,” warns Ian Rogers, Chief Experience Officer of hardware wallet company, Ledger. Scammers often impersonate trusted figures through fake websites or hijacked social media accounts to deceive users.

The seed phrase is the most critical element of your cryptocurrency wallet’s security. Whoever has access to it can fully control your wallet and its contents, regardless of whether multi-factor authentication is enabled.

Here’s how to stay safe:

1. Never share your seed phrase with anyone.
2. Consider storing your seed phrase offline.
3. Stay up to date with new types of phishing attacks.

Crypto Trivia Answer

C) USDC is pegged to the US dollar as its name, USD Coin, suggests.

That’s it for this week’s SnapShot. Want more? Find out what’s trending in the crypto world.