Quick Take

• Stablecoin market capitalisation reached $300 billion; Crypto.com obtains a full stack of CFTC derivatives licenses; Cronos partners with Amazon Web Services (AWS) to advance institutional tokenisation and real-world assets (RWA).
• US spot BTC ETFs had a net inflow of US$3.2 billion last week, the second largest weekly net inflow since inception. Spot ETH ETFs saw a net inflow of $1.3 billion in the same period, compared to a net outflow of $796 million the week before.
• On the macro side, the US government entered a shutdown beginning last Wednesday, the first time since 2018. This temporarily halted the release of key economic data including jobs reports. ISM Manufacturing PMI increased to 49.1 from 48.7 in August, the seventh consecutive month the PMI remained below 50, indicating manufacturing contraction. The latest CME FedWatch Tool showed a 95% probability of a rate cut in October, compared to 89% the week before. Australia’s RBA held rates steady and remained cautious on inflation. 
• Notable update: Tether is seeking at least $200 million for a digital asset treasury company that will acquire Tether’s gold token XAUT.
• Notable events in the coming week: US Fed Chair Powell Speech and FOMC Minutes, New Zealand RBNZ Interest Rate Decision.

Weekly Market Index

Price, volume, and volatility indices were up by +11.56%, +11.11%, and +14.30% respectively last week. All tokens in our index saw positive growth last week. BTC reached an all-time high above $125,500 over the weekend, while ETH surpassed $4,600. This coincided with the US government shut down earlier last week, which some analysts believe shifted attention towards bitcoin’s store-of-value role. US spot bitcoin ETFs also recorded the second-largest weekly net inflow last week.

Chart of the Week

Stablecoin market capitalisation reached a milestone of $300 billion last week, reaching $303 billion as of 5 October and marking a 48% growth year-to-date. This is supported by growing institutional adoption and increasing regulatory clarity (e.g., US GENIUS Act), fostering confidence.

Weekly Performance

Top-cap tokens increased in prices last week. BTC and ETH increased by +10.1% and +9.0%, respectively.

Price increase was led by APT. Aptos partnered with Trump family’s World Liberty Financial to deploy the USD1 stablecoin, as well as other retail and banking products.

All key categories increased in market capitalisation in the last seven days, led by Layer-1 and Layer-2.

News Highlights

Crypto.com & Cronos News

• Crypto.com has approval of a full stack of US Commodity Futures Trading Commission (CFTC) derivatives licenses, becoming the first major cryptocurrency platform globally to hold Futures Commission Merchant (FCM), Designated Contract Market (DCM), and Derivatives Clearinghouse Organisation (DCO) licenses in the US for derivatives.
• Cronos partnered with AWS to accelerate institutional adoption of tokenisation and RWA by making Cronos data, infrastructure, and AI tools more accessible to developers. AWS will provide selected Cronos builders with up to $100,000 in credits to support the development of tokenisation pilots, DeFi protocols, and AI-powered applications.
• Crypto.com, Cronos, and Morpho announced a collaboration to expand DeFi lending and tokenisation opportunities. The parties will together launch stablecoin lending markets backed by wrapped assets such as CDCBTC and CDCETH. The first vaults on Cronos network are anticipated in Q4 2025, giving users the ability to borrow against their holdings or supply assets into Morpho Vaults.
• Crypto.com and Sharps Technology (STSS) announced the expansion of STSS's Solana-focused digital asset treasury strategy, leveraging Crypto.com’s custody infrastructure and OTC desk.
• Crypto.com partnered with SOL Strategies (CSE: HODL) to support its treasury strategy and power validator integration. SOL Strategies will diversify its custody operations by utilising Crypto.com Custody for a portion of its treasury operations. In addition, SOL Strategies’ validator services will be made available to Crypto.com’s institutional custody clients.

Adoption

• Visa launched a cross-border stablecoin payments pilot. The programme will allow selected partners to use USDC and EURC as pre-funded assets to settle transactions.
• Société Générale’s crypto arm, SG-FORGE, is expanding its EUR CoinVertible (EURCV) and USD CoinVertible (USDCV) stablecoin into DeFi. The stablecoins will be available for lending, borrowing and trading on Ethereum via Morpho and Uniswap.

Regulation

• Bank of England Governor Andrew Bailey suggested stablecoins can reduce the UK’s reliance on commercial banks, noting potential for a system where money and credit are partially separated and both banks and stablecoins co-exist.

Investment Vehicles

• Chicago Mercantile Exchange (CME) Group plans to offer 24/7 trading of crypto derivatives, pending regulatory review. The service is expected to be available in early 2026.
• 21Shares launched a Jupiter Exchange exchange-traded product (AJUP) in Europe for institutional investors.

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