This week in the crypto space, we've seen a flurry of activity across various fronts — from the impending release of MetaMask's token and a downturn in the meme coin market, to regulatory calls for stablecoin guardrails and the revival of a crypto reserve bill in Michigan. These developments present a complex, yet fascinating, picture of the evolving digital asset landscape.
The confirmation of MetaMask's token release is a significant development, adding to the growing list of protocols planning to drop tokens in the near future. This trend underscores the increasing institutional interest in the Web3 space, and legal and financial professionals should closely monitor these developments for their potential impact on market behaviour and compliance requirements.
Meanwhile, the downturn in the meme coin market, led by Pump.fun's PUMP token, signals a possible shift in market sentiment. Despite this, altcoins and gaming-linked crypto have shown resilience, indicating a potential diversification of investor interest.
On the regulatory front, the Deputy Governor of the Bank of Canada's call for federal regulation of stablecoins highlights the growing recognition of these digital assets' potential to modernize payment infrastructure. However, it also underscores the need for robust regulatory frameworks to ensure their safety and stability. This development could have significant implications for risk, compliance, and market behaviour in the Canadian crypto space.
In the U.S., the revival of Michigan's crypto reserve bill reflects a growing interest in integrating digital assets into public finance. If passed, this legislation could set a precedent for other states and potentially influence the broader national discourse on crypto regulation.
The integration of PayPal USD into the TRON network, the potential rally of Shiba Inu, and the surge of Binance Coin following the Federal Open Market Committee's rate cut, all point to an increasingly dynamic and diversified crypto market. These developments could present new opportunities and challenges for legal and financial professionals navigating the Web3 space.
As the crypto landscape continues to evolve, it's crucial for professionals in this space to stay informed and strategically adapt to these changes. Whether it's identifying jurisdictional patterns, understanding legal shifts, or interpreting market behaviour, a nuanced understanding of these developments can provide valuable insights for decision-making in the Web3 space.
The following article summaries have been sourced from Decrypt, CryptoSlate, NewsBTC, and Crypto Briefing. Each summary includes a direct link to the original source.
The co-founder of Consensys, Joe Lubin, has confirmed that a MetaMask token is coming "very soon", according to the Morning Minute newsletter. While there are no further details available and betting markets are predicting a September release with a 3% probability, this is the first formal confirmation of a MetaMask token. This adds to a growing list of major protocols planning to drop tokens in the near future, including OpenSea, Base, Pump Fun, Meteora, and Polymarket. The newsletter suggests that these airdrops could lead to increased activity in the Solana ecosystem, NFTs, and the broader crypto ecosystem.
In other news, crypto majors are retreating after the post-FOMC rally, with BTC down 1% at $116,300. Google Cloud and EigenLayer have partnered to make EigenCloud the verifiable backbone for AP2 agentic payments across cards, bank rails, and stablecoins. Coinbase has introduced USDC lending within its app, allowing users to earn yields up to 10.8% via Morpho. Kraken has partnered with Legion to debut "Kraken Launch," a token-sale platform that brings IPO-style, reputation-scored allocations and early token access to millions of users. Finally, Kevin Durant has regained access to Bitcoin he "lost" access to on Coinbase back in 2016, which he purchased when Bitcoin was ~$600.
The meme coin market experienced a downturn on Friday, with Pump.fun's native token, PUMP, leading the losses. The token's price dropped by 9.2% in 24 hours, despite a 142% surge over the past month. The downturn extended across the Pump.fun ecosystem, with its market cap slipping 6% to $3.85 billion. Other meme coins such as Dogecoin, PEPE, and BONK also saw declines. The overall meme market contracted by 4.8%, shrinking to $87.2 billion. This contrasts with relatively mild dips for major cryptocurrencies like Bitcoin and Ethereum.
Despite the downturn in the meme coin sector, altcoins have been rallying in recent days. Gaming-linked crypto, in particular, has shown resilience. Immutable's IMX token jumped 17% on Thursday and 47% over the past week, boosted by the Federal Reserve’s recent rate cut and partnerships with industry giants like Ubisoft and NetMarble. This momentum comes despite broader struggles in the crypto gaming space, where unsustainable token launches have led to multiple shutdowns this year. The first ETF with spot exposure to DOGE also launched this week, surpassing analyst expectations with nearly $6M in volume in the first hour of trading.
The Deputy Governor of the Bank of Canada, Ron Morrow, has called for federal regulation of stablecoins, citing the country's lagging payments modernization compared to the U.S. and UK. He also highlighted the significantly higher remittance costs in Canada, which could be reduced by the adoption of stablecoins. An expert told Decrypt that stablecoins could lower remittance fees from the current 5-10% to less than 1%. Morrow emphasized that while stablecoins offer opportunities to modernize Canada's payment infrastructure, they must be as safe and stable as bank balances before regulators allow them to scale.
Canada currently lacks federal regulation for stablecoins and instead relies on provincial securities frameworks and federal anti-money laundering provisions. Morrow suggested that Canada should consider federal stablecoin regulation, similar to other countries. Almost 60% of Canadian business leaders believe that the country's competitiveness will decline without further payment innovation, according to the Deputy Governor. Musheer Ahmed, founder of Finstep Asia, warned that Canadian firms could lose out if they don't have the opportunity to trial in their local ecosystems first, as the U.S. gains advantages under the GENIUS Act. He suggested that Canada could follow the HKMA and VARA playbook with sandboxes and pilots while regulations make their way through the legislative bodies.
Michigan lawmakers have rekindled a proposal that could permit the state to invest public funds in cryptocurrency. The Management and Budget Act, also known as House Bill 4087, which had been inactive for over seven months, has now advanced to its second reading and has been referred to the House Committee on Government Operations. The bill, introduced by Republican Representatives Bryan Posthumus and Ron Robinson, aims to establish a "strategic crypto reserve". The proposed legislation allows the state treasurer to allocate up to 10% of funds from the general fund, the countercyclical budget, and the economic stabilization fund into digital assets. The lawmakers believe this move could provide Michigan with an additional tool to hedge against financial downturns.
The bill also sets out strict guidelines for managing the proposed reserve. The state treasurer would be able to custody crypto through qualified custodians, secure storage providers, or exchange-traded products. The bill also permits the lending out of digital assets, as long as such actions do not present any financial risk. Although HB 4087 is still in the early stages of the legislative process, its revival is noteworthy, signaling a renewed interest among Michigan lawmakers in advancing digital asset policy at the state level. If the bill is passed and signed by the governor, Michigan would become the fourth US state to formally establish a crypto reserve, joining Texas, Arizona, and New Hampshire. This development aligns with broader national efforts to integrate crypto into the economy, as evidenced by a recent bill introduced by the US House of Representatives instructing the Treasury Department to evaluate the feasibility of a national strategic Bitcoin reserve and broader digital asset stockpile.
Stablecoin issuers are increasingly seeking bank charters in the United States, with Ripple applying to form Ripple National Trust Bank, a federal trust institution that could custody assets and potentially gain access to central bank payment rails. Tether is planning a U.S.-based stablecoin called USAT, which would allow onshore distribution with U.S.-based custodial partners. Meanwhile, the Bank of England has proposed limits on individual wallet holdings of systemic stablecoins, aimed at payment use and financial stability rather than large-scale savings balances. The U.S. path now hinges on whether any issuer gains Federal Reserve account access, which is discretionary and guided by the central bank’s Account Access Guidelines.
The implications of gaining Federal Reserve access are significant. If a payment-stablecoin issuer were admitted, reserves could be placed directly at the Fed, reducing duration and banking-counterparty risk and simplifying liquidity management during redemptions. Without access, the reserve model continues to rely on T-bill ladders, government money market funds, and systemically important custodians. The difference between having reserves sit at the central bank or in market instruments with custodians informs how fast redemptions clear in stress and the capital that intermediaries require to stand behind settlement.
In the United Kingdom, the proposed caps would change how GBP-pegged stablecoins are used, constraining consumer stores of value and corporate treasury balances. The Financial Conduct Authority’s consultation proposes same-day or next-day redemption expectations that push backing portfolios toward very short-duration instruments. This limits yield and makes the business model resemble a narrow bank or e-money program. For crypto-native activity, UK wallets would move value through GBP rails for settlement, then recycle into USD or EUR stablecoins or tokenized money market funds where permitted. The question of winners in this evolving landscape depends on the jurisdiction, with different factors favoring different types of issuers in the U.S. and the U.K.
The Rex-Osprey XRP exchange-traded fund (ETF) has made a record-breaking debut, posting the strongest opening of any US ETF introduced in 2025. The product, trading under the ticker XRPR, recorded $37.7 million in natural volume on its launch day, making it the most actively traded ETF this year. Eric Balchunas, a Bloomberg Intelligence analyst, noted that the scale of activity was evident from the opening bell, with the fund crossing $24 million in trades within 90 minutes of launch. This is five times the first-hour volume seen by any crypto futures ETF launched in 2025.
Rex-Osprey’s companion product, a Dogecoin ETF with the ticker DOJE, also attracted significant market interest. It saw nearly $6 million traded in its first hour and a closing tally of $17 million, placing it among the top five ETF debuts in 2025. These strong early numbers reflect the growing investor appetite for regulated exposure to alternative digital assets. Unlike the spot Bitcoin and Ethereum ETFs that went live last year, Rex-Osprey’s products are structured through Cayman Islands subsidiaries and registered under the Investment Company Act of 1940. This sets them apart from the 1933 Act funds used for spot BTC and ETH, indicating that issuers are exploring different regulatory paths to bring altcoins into the ETF market.
Despite the heavy ETF volumes, the underlying tokens did not see immediate price strength. XRP slipped 3% over the past 24 hours to $3.02, continuing a week of gradual declines that have kept the asset between $3 and $3.15. Dogecoin price followed a similar pattern, pulling back 2% to $0.2735 after briefly hitting a seven-month high of $0.2879 on the ETF’s debut. This highlights the difference between secondary-market enthusiasm for ETFs and direct spot demand for the coins themselves.
Tron's recent recovery has been bolstered by the announcement that PayPal USD (PYUSD) will now be integrated into the TRON network. The integration, facilitated by Stargate Hydra, will enable PYUSD to be available as a permissionless token, PYUSD0, using LayerZero’s Omnichain Fungible Token (OFT) Standard. This collaboration between PayPal and LayerZero aims to extend PYUSD's reach across multiple blockchains, thereby ensuring the stablecoin's seamless access to markets and users via LayerZero’s distribution network. The integration of PYUSD0 into Tron's ecosystem not only enhances its relevance in the stablecoin market but also showcases the chain's capacity to attract significant integrations.
The launch of PYUSD0 marks a significant stride for PayPal USD in terms of its reach across the crypto ecosystem. PYUSD0 extends the reach of PayPal’s stablecoin beyond its native deployments on Arbitrum, Ethereum, Solana, and Stellar to Abstract, Aptos, Avalanche, Ink, Sei, Stable, and Tron, with more chains anticipated to be added soon. Existing permissionless versions on Berachain (BYUSD) and Flow (USDF) will also upgrade to PYUSD0, creating a unified and standardized deployment of the stablecoin across multiple networks. End users will not need to take any action, as PYUSD and PYUSD0 will be fully fungible and interoperable across blockchains, ensuring seamless usability and compatibility.
For Tron, the integration of PYUSD0 is particularly significant, as it has been a hub for stablecoin activity. This development adds to its reputation as a key player in the digital finance ecosystem, and by aligning with PayPal and LayerZero’s multi-chain strategy, Tron is poised to benefit from increased liquidity, adoption, and developer activity. This move could drive long-term adoption and strengthen Tron’s position in the next phase of crypto growth.
Crypto analyst Javon Marks has indicated that Shiba Inu, the leading meme coin, has completed a bullish setup and could potentially rally by approximately 138%. This prediction is based on a divergence confirmation for Shiba Inu, which Marks believes could lead to a bullish reversal for the coin. Despite underperforming with a year-to-date loss of around 38%, Marks suggests that Shiba Inu could rally to as high as $0.000081, nearing its current all-time high.
The potential launch of a Shiba Inu ETF could act as a catalyst for a significant price increase. The coin's regulated futures on Coinbase make it eligible for an ETF listing under the recently approved SEC generic listing standards. Marketing lead Lucie noted that even before a Shiba Inu-only ETF, the coin could be included in a multi-asset-backed ETF, which could inject new liquidity into the coin's ecosystem and potentially drive up prices.
Crypto analyst Shib Spain has also predicted a new all-time high for Shiba Inu, suggesting that the coin will bounce off the support zone around $0.000013 and rally to new highs. Analyst Ragnar Shib noted that Shiba Inu, the top meme token on Ethereum, has seen a 19% gain in the last 90 days. However, Investing Haven warned that despite auto burns and Shibarium upgrades reducing the circulating supply, the risk associated with the Shiba Inu ecosystem remains high. At the time of writing, Shiba Inu was trading at around $0.00001325.
The recent 25-basis-point interest rate cut by the Federal Open Market Committee has sparked renewed investor interest in risk assets, including cryptocurrencies. This has resulted in a surge in crypto prices, led by Bitcoin and Ethereum, with altcoins like Solana and Binance Coin (BNB) following suit. BNB even reached a new all-time high above $1,000. The total crypto market cap is estimated at around $4.19 trillion, with BNB ranked fifth. The price rally is attributed to unique catalysts such as increased on-chain and network activity, and Binance's potential closure of a Department of Justice deal related to compliance monitor requirements.
BNB's surge is also fueled by upgrades such as the Maxwell hard fork, which improves transaction speed, proposals for a BNB spot ETF, and use cases beyond just trading. The BNB network has seen a significant increase in monthly active addresses and daily transactions, indicating a bullish trend. The Maxwell hard fork has also cut BNB block times in half, increasing throughput and validator performance, making the chain more attractive to builders and users. The reduced legal risk following news of Binance nearing a DOJ resolution has also contributed to a shift in sentiment, coinciding with BNB reaching new all-time highs.
Emerging altcoins like Snorter Token and Pepenode are also poised to benefit from this wave of liquidity and optimism. Snorter Token is connected to a Telegram-native trading bot designed for speed and precision, offering the lowest fees in the space. It has already raised $3.9M and is trading at $0.1049 per token, with staking yields offering a 117% return annually. Pepenode, the first mine-to-earn meme coin that combines staking, mining, and flexibility into one platform, has raised $1.2 million and offers a dynamic staking APY of 1,054% annually. Both tokens are expected to see significant price growth in the coming years.
CoinGecko, a top-tier cryptocurrency data platform, has launched AI Prompts, a feature designed to enhance the efficiency of API integration for developers utilizing AI coding tools. The AI Prompts offer pre-written instructions that enable AI models to generate reliable code, specifically compatible with Python and Typescript SDKs. This code is used to access cryptocurrency market data through CoinGecko's platforms.
The AI Prompts are compatible with a range of popular AI coding assistants, including Cursor, Claude Code, ChatGPT, Gemini, and GitHub Copilot. This compatibility addresses the increasing intersection of AI development tools and cryptocurrency data integration. CoinGecko's cryptocurrency APIs are integrated into over 10,000 projects worldwide, indicating a rising demand for real-time data in AI-driven trading bots and analytics applications. Since its inception in 2014, CoinGecko has transitioned from a price tracker to a comprehensive API provider, catering to millions of daily queries as the crypto market has grown from $200 billion in 2019 to over $4 trillion in 2025.
Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, has expressed his confidence in the Federal Reserve's ability to achieve its 2% annual inflation target, despite the ongoing economic uncertainty. The 2% target has been in place since 2012, and the Fed has used various monetary policy tools, including interest rate adjustments, to maintain economic stability without causing excessive market volatility.
However, the post-pandemic period has seen inflation rates exceed this 2% benchmark in several key areas, despite a general decline from post-pandemic peaks. Recent data also suggests a slowing labor market, which could influence future Federal Open Market Committee rate decisions. Kashkari has a history of advocating for higher interest rates to combat rising prices, especially during periods of economic uncertainty when inflation has surged above target levels.
The crypto markets of 2025 are characterized by the increasing use of leverage, with platforms like Binance, Coinbase, BTCC, and BYDFi offering structured margin products and high leverage contracts. Amid this shift, Leverage.Trading has emerged as an independent website dedicated to crypto leverage, margin trading, crypto futures, and derivatives trading. The site provides retail traders with education and analytics based on real behavior, using professional-grade calculators and transparent insights to help them stress-test positions, check liquidation levels, and compare crypto leverage platforms.
Leverage.Trading was founded to give everyday traders access to professional preparation methods, with the aim of simplifying complex risk mechanics and making them transparent. The site's Global Leverage & Risk Report reveals how traders prepare for volatility, with data showing that most are not chasing high-risk trades, but rather checking liquidation levels and margin thresholds defensively. The report also highlights the shift in competitive dynamics, with platforms like Binance, Coinbase, and Kraken still leading in market share, but facing competition from offshore platforms like BYDFi and BTCC, which offer extreme leverage and looser KYC.
As the crypto derivatives market matures, the focus is shifting towards encouraging sustainable trading practices. Independent resources like Leverage.Trading are playing a key role in this evolution, providing risk-first tools and transparent analytics. The site's suite of calculators, which includes liquidation estimators and futures funding tools, has been used in over 15 million checks worldwide. These tools serve as a first line of defense against account-draining liquidations for many retail users. Looking forward, Leverage.Trading plans to expand its reporting and toolset, introducing new ways to analyze trader behavior and connect pre-trade risk checks with evolving market cycles.
