Edgen Crypto·Nov 13 2025, 13:46
[1] BNY Mellon Launches Money Market Fund for Stablecoin Issuers (https://www.techflowpost.com/newsletter/detai ...)[2] BNY Launches Stablecoin Reserves Fund, Further Expanding BNY's Leadership in Digital Assets (https://vertexaisearch.cloud.google.com/groun ...)[3] New York Mellon Bank Launches Money Market Fund Designed for Stablecoin Issuers - Lookonchain - Looking for smartmoney onchain (https://vertexaisearch.cloud.google.com/groun ...)
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Nov 13 2025, 14:49
Grayscale Files for NYSE IPO, Reporting $35 Billion AUM and $318.7 Million Revenue
## Executive Summary Grayscale Investments, the world's largest digital asset-focused investment platform, has formally filed for a proposed Initial Public Offering (IPO) on the New York Stock Exchange. This strategic move positions Grayscale to transition from private ownership to a public listing, reflecting a maturing digital asset market and increasing institutional interest. As of September 30, 2025, Grayscale manages approximately **$35 billion** in assets. The company reported revenue of **$318.7 million** for the nine months ended September 30, 2025, underscoring its financial scale within the digital asset sector. ## The Event in Detail Grayscale submitted its IPO filing to the U.S. Securities and Exchange Commission (SEC), appointing **Morgan Stanley**, **BofA Securities**, **Jefferies**, and **Cantor** as lead underwriters for the offering. This consortium of established financial institutions highlights the mainstream engagement with digital asset ventures. According to financial data provided in the filing, Grayscale's revenue for the nine months ended September 30, 2025, stood at **$318.7 million**, compared to **$397.9 million** for the same period in 2024. Net income for these respective periods was **$203.3 million** and **$223.7 million**. The company, founded in 2013, has pioneered regulated access to the digital asset class, offering over 40 products with exposure to more than 45 tokens, including its flagship Bitcoin product. ## Market Implications Grayscale's IPO filing is interpreted by market analysts as a significant step towards greater legitimacy and mainstream adoption for crypto assets. The move is expected to attract further institutional investment by providing a publicly traded avenue for exposure to the digital asset market. A successful IPO could encourage other crypto firms to pursue similar public offerings, building on a trend observed with companies like Figure Technologies and Gemini, which are also targeting multi-billion dollar valuations in their respective IPOs. The timing of Grayscale's offering aligns with what industry experts, such as Bitwise Chief Investment Officer Matthew Hougan, have termed a "stampede of crypto unicorn IPOs" in 2025, driven by improving crypto prices, institutional adoption, and a more favorable regulatory environment for crypto asset managers. The conversion of Grayscale's Bitcoin trust into a spot exchange-traded fund (ETF) has already boosted institutional inflows and strengthened its public-market profile, setting a precedent for this current IPO effort. ## Broader Context Grayscale's mission, "to make digital asset investing simple and open to every investor," has been central to its growth into the largest digital asset-focused investment platform globally. Its extensive suite of investment products provides investors with diverse exposure to the digital asset class. The decision to go public underscores the increasing acceptance of digital assets within traditional financial frameworks. This follows other significant public market debuts in 2025, such as stablecoin issuer Circle's SPAC transaction and crypto exchange Bullish's public listing, all of which validate the growing momentum for digital asset firms accessing public capital markets. The IPO reflects an evolving landscape where digital finance is progressively integrating into mainstream investment portfolios, moving beyond its niche origins.
Nov 13 2025, 14:43
Circle Launches StableFX for 24/7 On-Chain Stablecoin FX, Introduces Partner Stablecoins
## Executive Summary Circle has introduced **StableFX**, an institutional-grade foreign exchange engine now on public testnet, and **Circle Partner Stablecoins**, a new initiative to support select non-USD stablecoins. These launches on Circle's **Arc** blockchain aim to facilitate 24/7 on-chain currency trading and expand the utility of stablecoins in global financial markets. ## The Event in Detail **StableFX** is designed to provide institutions with access to and settlement of stablecoin currency pairs around the clock. The engine operates through a request-for-quote (RFQ) execution model, connecting institutions with multiple liquidity providers to ensure competitive pricing and reduced slippage. A key feature is its on-chain settlement mechanism, which ensures simultaneous payment and delivery, thereby mitigating counterparty risk. The underlying **Arc blockchain** is an open Layer-1 network specifically optimized for stablecoin finance. It leverages **USDC** as native gas for predictable, dollar-denominated fees and offers instant finality with sub-second settlement. **Arc** also incorporates opt-in privacy features with selectively shielded balances and transactions. Simultaneously, the **Circle Partner Stablecoins** program supports the deployment of non-USD stablecoins on **Arc**. Participants in this program must meet stringent eligibility standards concerning technical and operational capabilities, reserve management, and risk management. Initial collaborations are underway with entities such as Avenia (**BRLA**), Busan Digital Asset Custody Services (**KRW1**), Coins.ph (**PHPC**), Forte (**AUDF**), Juno (**MXNB**), JYPC (**JYPC**), Stablecorp (**QCAD**), and the ZAR Universal Network (**ZARU**). Circle Chief Product and Technology Officer Nikhil Chandhok stated, "With StableFX and Circle Partner Stablecoins, we're connecting the world's currencies on Arc." ## Market Implications The introduction of **StableFX** and **Circle Partner Stablecoins** is anticipated to significantly enhance the role of stablecoins in cross-border transactions and institutional finance. By providing a 24/7 on-chain foreign exchange solution, Circle addresses critical inefficiencies in traditional FX markets, such as limited operating hours and settlement delays. The on-chain settlement feature, which eliminates the risk of one party failing to deliver funds, is expected to attract greater institutional participation by reducing operational and counterparty risks. This initiative supports a broader trend towards the adoption of digital currencies for payments. Analysts at Keyrock and Bitso project that stablecoins could account for approximately **12%** of global cross-border payment volumes by **2030**. This could translate into an annual payment volume reaching **$1 trillion**, a substantial increase from less than 3% of the **$195 billion** global remittance market in 2024. The expansion to non-USD stablecoins through the Partner Stablecoins program further diversifies the utility of stablecoins beyond the primary **USDC** offering. ## Broader Context Circle's strategy with **StableFX** and **Arc** aligns with the evolving landscape of digital finance, where specialized blockchain infrastructure is being developed to meet specific financial requirements. The focus on an institutional-grade offering underscores the increasing convergence of traditional finance with blockchain technology. Furthermore, Circle's existing regulatory efforts, such as the regulation of **EURC** as one of the first fully regulated stablecoins in the European Economic Area under MiCA, demonstrate a commitment to compliance and consumer protection, which may foster greater trust and adoption for its broader stablecoin ecosystem. The mainnet launch for StableFX is planned for 2025, signaling continued development in this area.
Nov 13 2025, 13:43
Binance to List Lorenzo Protocol (BANK) and Meteora (MET) with Expanded Services
## Executive Summary **Binance**, a leading cryptocurrency exchange, has announced the listing of **Lorenzo Protocol (BANK)** and **Meteora (MET)**, effective November 13, 2025, at 14:00 (UTC). This integration introduces new spot trading pairs and expands the accessibility of these tokens through various Binance services, including **Simple Earn**, **Buy Crypto**, **Binance Convert**, and **Binance Margin**. The listing is expected to significantly enhance liquidity and exposure for both **BANK** and **MET**, which will carry a **Seed Tag** indicating their early-stage nature and potential for high volatility. ## The Event in Detail Spot trading for **BANK** and **MET** will commence on November 13, 2025, at 14:00 (UTC). The initial trading pairs will include **BANK/USDT**, **BANK/USDC**, **BANK/TRY**, **MET/USDT**, **MET/USDC**, and **MET/TRY**. Users can begin depositing **BANK** and **MET** one hour prior to trading, with withdrawals opening on November 14, 2025, at 14:00 (UTC). The listing fee for both tokens is 0 **BNB**. Beyond spot trading, Binance will integrate **BANK** and **MET** into a comprehensive suite of financial products. Both tokens will be available on **Binance Simple Earn** as flexible products, allowing users to subscribe and earn yields. The "Buy Crypto" feature will enable purchases of **BANK** and **MET** using various payment methods, including **VISA**, **MasterCard**, **Google Pay**, **Apple Pay**, and **Revolut**, or through account balances. Furthermore, **Binance Convert** will support fee-free exchanges of **BANK** and **MET** against **BTC**, **USDT**, and other tokens. **Binance Margin** will add **BANK** and **MET** as new borrowable assets for both cross and isolated margin trading, with pairs such as **BANK/USDT**, **BANK/USDC**, **MET/USDT**, and **MET/USDC** becoming available. Technical specifications indicate that **BANK** operates on the **BNB Smart Chain** (0x3AeE7602b612de36088F3ffEd8c8f10E86EbF2bF), while **MET** is based on **Solana** (METvsvVRapdj9cFLzq4Tr43xK4tAjQfwX76z3n6mWQL). An additional 63,000,000 **BANK** and 4,000,000 **MET** have been allocated for future marketing campaigns. ## Market Implications The listing on **Binance**, a premier global exchange, typically translates to increased liquidity and broader market access for newly listed tokens. This expanded reach can attract new investors and trading volume for **Lorenzo Protocol** and **Meteora**. The introduction of multiple trading pairs against major stablecoins like **USDT** and **USDC**, alongside fiat currencies like **TRY**, diversifies trading avenues and enhances price discovery. While the broader cryptocurrency market experienced a 0.8% decrease in market capitalization to $3.57 trillion, with **Bitcoin (BTC)** down 1.3% to $103,080, listings on major exchanges often generate positive short-term price movements for the newly introduced assets, independent of broader market trends. **Meteora**, with its focus on enhancing liquidity through automated processes and data analytics within decentralized finance (**DeFi**), stands to benefit from the increased exposure. Its solutions for reducing slippage and increasing yield are positioned to contribute to the efficiency of the **DeFi** sector. **Lorenzo Protocol** is also expected to gain significant visibility within the crypto investment community. ## Business Strategy & Market Positioning Binance's decision to list **BANK** and **MET** with a **Seed Tag** aligns with its strategy of offering early access to innovative, high-potential projects. The **Seed Tag** serves as an alert to users regarding the inherent risks, including higher volatility, associated with these newer digital assets. This approach allows Binance to cater to a segment of investors seeking exposure to nascent technologies while providing transparency regarding risk profiles. **Meteora's** business strategy is centered on developing robust **DeFi** infrastructure. By optimizing liquidity pools, **Meteora** aims to address critical challenges in the **DeFi** space, suggesting a focus on long-term technological contribution rather than speculative trading alone. **Lorenzo Protocol's** positioning is similarly strengthened by gaining a listing on a top-tier exchange, which provides a crucial platform for its ecosystem development and user adoption. ## Broader Context Binance's continued expansion of listed assets underscores the dynamic growth of the **Web3** ecosystem. By integrating new tokens into a range of financial services—from earning opportunities to margin trading—Binance plays a pivotal role in democratizing access to diverse digital assets. This move not only benefits **Lorenzo Protocol** and **Meteora** by providing them a significant platform but also contributes to the overall maturation and diversification of the digital asset market. The availability of flexible earn products and easy buy/sell options can also attract a broader demographic of investors, fostering wider participation in the evolving crypto economy.