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## Executive Summary AlphaTON Capital Corp, trading on Nasdaq as **ATON**, has announced a strategic joint venture with Pago Pay to introduce the **TON Card Program**. This initiative aims to integrate the **TON** ecosystem with traditional finance by enabling cardholders to spend **TON**, **USD1**, and other digital currencies directly from their wallets via the **Mastercard** network. The program, which will include both physical and virtual cards, is designed for use in the United States and internationally, facilitating seamless cryptocurrency-to-fiat conversion through partnerships with **ALT5 Sigma Corp** (NASDAQ: ALTS) and **World Liberty Financial**. ## The Event in Detail AlphaTON Capital has partnered with Pago Pay to develop and launch a crypto-enabled **Mastercard** payment card program. This program will allow users to utilize their **TON** and **USD1** holdings, alongside other supported cryptocurrencies, for transactions at any merchant globally that accepts **Mastercard**. The core mechanism involves routing crypto-to-fiat conversion through the integrated exchange services provided by **ALT5 Sigma Corp** and **World Liberty Financial**. Under the joint venture structure, **AlphaTON Capital** will own and operate the **TON Card Program**, assuming primary responsibility for its strategic direction and day-to-day operations. Pago Pay will contribute essential technical infrastructure, card issuance capabilities, adherence to **Mastercard** compliance standards, and back-office systems. **AlphaTON Capital** holds exclusive rights for the marketing and distribution of **Mastercard**-branded cryptocurrency cards that integrate **TON**. The agreement includes an option for **AlphaTON Capital** to acquire 100% operational control and revenue share of the program, with Pago Pay potentially participating in **AlphaTON Capital**'s equity. The companies anticipate executing definitive agreements within 30 days, followed by the submission and approval process with **Mastercard**. Initial card production and program launch are targeted for approximately 90 days after **Mastercard** approval, contingent on regulatory compliance. Brittany Kaiser, Chief Executive Officer of **AlphaTON Capital**, stated, "This partnership represents a significant milestone in our mission to build institutional-grade access to the **TON** ecosystem...By enabling native cryptocurrency spending through Mastercard's global network, we're removing friction between digital asset ownership and real-world utility." ## Financial Mechanics and Operational Structure The **TON Card Program**'s functionality relies on the immediate conversion of cryptocurrencies to fiat currency at the point of sale. This conversion is facilitated by the integrated exchange services of **ALT5 Sigma Corp** and financial partnerships with **World Liberty Financial**. For cryptocurrency transactions, a minimum commission of 0.9% applies to the purchase and sale of **USDT**, **TON**, and **XLM** on certain platforms. Selling cryptocurrency outside of a P2P market incurs a 3.5% fee through third-party payment partners. Withdrawals to external wallet addresses also carry specific fees, for example, 0.05 **TON** for **TON** withdrawals and 3.5 **USDT** for **USDT (TRC-20)** withdrawals. The joint venture will establish a steering committee comprising equal representation from both **AlphaTON Capital** and Pago Pay. This committee will oversee major decisions, including the integration of new cryptocurrencies into the program, the selection of exchange partners for crypto-to-fiat conversion, and any material alterations to program operations. Day-to-day operational management will be handled by **AlphaTON Capital** as the designated program owner. ## Business Strategy and Market Positioning This strategic partnership aligns with **AlphaTON Capital**'s stated mission to provide institutional-grade access to the **TON** ecosystem. By integrating directly with the **Mastercard** network, the **TON Card Program** seeks to address a fundamental challenge in cryptocurrency adoption: the friction between holding digital assets and their real-world utility. This move positions **AlphaTON Capital** at the forefront of enabling practical, everyday spending of cryptocurrencies. The program leverages the established global payment infrastructure of **Mastercard** to enhance the liquidity and accessibility of digital assets. This strategy aims to broaden the user base for **TON** and other cryptocurrencies by offering a familiar and widely accepted payment method. The exclusivity granted to **AlphaTON Capital** for marketing and distributing **Mastercard**-branded **TON** cards provides a competitive advantage in this nascent market segment. ## Broader Market Implications The launch of the **TON Card Program** signifies a continued trend towards the mainstream integration of cryptocurrencies within the traditional financial system. By enabling direct spending of digital assets via a global payment giant like **Mastercard**, the program could significantly impact the broader Web3 ecosystem by enhancing the utility and perceived value of cryptocurrencies. This initiative may foster increased adoption of **TON** and other supported digital currencies by providing a tangible link between digital asset ownership and everyday commerce. For corporate adoption trends, this partnership exemplifies a model for how blockchain companies can collaborate with established financial service providers to expand their reach and offer practical applications for their technologies. The focus on removing friction in crypto spending could influence investor sentiment positively, highlighting the growing maturity and real-world applicability of digital assets beyond speculative investment. The program's potential success in the U.S. and international markets could encourage further similar collaborations, accelerating the convergence of decentralized finance with conventional payment solutions.
## Executive Summary Raydium, a leading decentralized exchange on Solana, reported substantial growth in Q3 2025, with net revenue reaching $24.3 million, driven by its LaunchLab platform and significant expansion in tokenized real-world assets, reaffirming its market position. ## The Event in Detail Raydium recorded a net revenue of $24.3 million in Q3 2025, marking a 69% increase quarter-over-quarter. The **LaunchLab** platform emerged as a primary revenue driver, contributing $12.8 million, an increase of 220% quarter-over-quarter, accounting for over half of the total revenue. This performance underscored LaunchLab's scalability and its role as a key venue for token launches, with nearly half of the protocol's swap revenue originating from LaunchLab tokens. Raydium collects a 0.25% fee on swap value for all LaunchLab trades, with an additional 0.75% platform fee applied to trades occurring on Raydium's native LaunchLab. During the same period, Raydium processed $51.9 billion in total trading volume, representing a 30% increase quarter-over-quarter. This growth surpassed the broader Solana DEX market's 22% expansion, leading to an increase in Raydium's market share from 14.8% to 15.9%. The protocol's Total Value Locked (TVL) expanded by 35% quarter-over-quarter to $2.46 billion, solidifying its status as one of Solana's largest liquidity hubs. Technological advancements in Q3 included the deployment of **Swap V2**, which streamlined user interaction and routing by reducing required account inputs. Raydium also introduced a pool-creator fee-share mechanism for CPMM pools and a CLMM allowList module, named **SuperState**, for permissioned real-world asset (RWA) trading requiring Know Your Customer (KYC) verification. This system leverages Solana's Token-2022 standard, allowing whitelisted accounts to transact. Additionally, LaunchLab gained full compatibility for Token-2022 assets. The quarter also marked a significant expansion into tokenized assets on Solana, with trading volume surging from $1.36 million in Q2 to $262.1 million in Q3. Raydium captured a dominant 76.5% of this total tokenized-asset volume, handling $200.5 million. Despite this growth, LaunchLab exhibited a high concentration risk, with **LetsBonk** accounting for 98% of launches and 96% of its revenue, highlighting a need for diversification. ## Market Implications Raydium's Q3 performance and strategic advancements carry significant market implications. The protocol's sustained growth in trading volume and TVL, alongside its increasing market share, reinforces its position as a dominant decentralized exchange within the Solana ecosystem. The successful integration and revenue generation from LaunchLab demonstrate a viable model for token origination and secondary liquidity provisioning. Its aggressive expansion into the tokenized Real-World Asset (RWA) sector, particularly through the CLMM allowList module and Token-2022 compatibility, positions Raydium as a critical infrastructure layer for bridging traditional finance and decentralized finance on Solana. This move is designed to attract institutional capital and facilitate regulated asset trading, potentially driving broader institutional adoption of the Web3 ecosystem. The ability to capture a substantial majority of the burgeoning RWA market on Solana indicates a strong competitive advantage. ## Expert Commentary Industry observers note that Raydium's robust growth validates its multi-product architecture and strategy to integrate issuance, liquidity provisioning, and secondary trading within a single stack. The significant revenue contribution from LaunchLab, while demonstrating its potential, also highlighted a concentration risk. As indicated by the report, sustainability moving forward will depend on diversifying issuance pipelines beyond the single dominant platform, **LetsBonk**, and continued product innovation. ## Broader Context Raydium's strategic evolution extends beyond its core decentralized exchange services into vertical expansion for token origination through its LaunchLab. This approach aims to capture value across the entire token lifecycle, positioning Raydium as a central infrastructure layer for project launches on Solana. The protocol's proactive upgrades, such as the CLMM allowList module, are pivotal for anchoring liquidity and enhancing routing efficiency within emerging RWA markets. The overall market for tokenized assets on Solana experienced a breakout quarter, with volumes increasing nearly 192-fold. Raydium's swift dominance in this rapidly expanding segment underscores its agility and integrated liquidity architecture. This trend suggests a growing maturation of the Solana ecosystem, with protocols like Raydium enabling more sophisticated and institutionally relevant financial activities.
## The Event in Detail Mainland China, which enacted a comprehensive ban on cryptocurrency trading and mining in 2021, demonstrates emerging signs of a potential policy re-evaluation in 2025. This shift is notably influenced by Hong Kong's proactive establishment as a regulated Web3 hub and the United States' enactment of the GENIUS Act. Commentators, including Yifan He, CEO of Red Date Technology, suggest the probability of China reversing its ban has increased to over 50% from zero two years prior, attributing this to Hong Kong's strategic role in bridging China with the global crypto ecosystem. In July 2025, the **United States** formalized its approach to digital assets with the signing of the **GENIUS Act**. This legislation establishes a comprehensive regulatory framework for stablecoins, prioritizing consumer protection through requirements such as 100% reserve backing with liquid assets like U.S. dollars or short-term Treasuries. It mandates monthly public disclosures of reserve compositions and prohibits misleading claims of government backing or federal insurance. The GENIUS Act explicitly subjects stablecoin issuers to the Bank Secrecy Act, enforcing stringent anti-money laundering (AML) and sanctions compliance programs, thereby strengthening the U.S. dollar's dominance and attracting investment into the country's digital asset sector. Concurrently, **Hong Kong** advanced its position as a digital asset hub with the **Stablecoins Ordinance (Cap. 656)**, which became effective on August 1, 2025. This Ordinance establishes a comprehensive licensing regime for fiat-referenced stablecoins (FRS), building upon a stablecoin issuer "sandbox" launched in March 2024. The sandbox involved participants such as **JINGDONG Coinlink Technology Hong Kong Limited**, **RD InnoTech Limited**, and a consortium including **Standard Chartered Bank (Hong Kong) Limited**. This regulatory framework aims to foster innovation while ensuring compliance, positioning Hong Kong as a strategic observation ground for Beijing regarding digital asset integration. **China** continues to strategically advance its **digital yuan (e-CNY)**, leveraging it as a geopolitical tool to enhance monetary sovereignty and reduce reliance on the U.S. dollar. The establishment of the e-CNY International Operations Center in Shanghai in September 2025 underscores this objective, aiming to build cross-border blockchain infrastructure. Data from 2025 indicates Chinese cross-border transactions in yuan reached 54.3% of total volumes, or $725 billion, supported by initiatives like the Cross-Border Interbank Payment System (CIPS) and the mBridge project, which facilitates sub-10-second settlements with significant cost reductions. Governor Pan Gongsheng of the **People's Bank of China (PBOC)** has highlighted the e-CNY's potential to rival decentralized stablecoins, with cumulative transactions reaching $7.3 trillion and 180 million wallets by 2025. Adding to this evolving landscape, Beijing has formalized a process for liquidating seized cryptocurrencies by utilizing licensed exchanges in Hong Kong. This arrangement allows Chinese authorities to offload substantial digital assets, including approximately **194,000 Bitcoin** and **833,000 Ethereum**, confiscated from criminal cases, with proceeds converted to yuan and deposited into government accounts. This marks a significant development as authorities previously lacked formal mechanisms for converting seized crypto into traditional currency. ## Market Implications These converging developments generate significant market implications, fostering increased institutional clarity within regulated crypto markets in the United States and Hong Kong. The structured regulatory environments are expected to attract further institutional interest, potentially leading to a gradual re-evaluation of crypto policy within Mainland China itself. The global stablecoin market, exceeding $250 billion, is being reshaped by these contrasting yet influential regulatory frameworks. The **US GENIUS Act**, by mandating 1:1 reserve backing with U.S. Treasuries, is designed to drive demand for U.S. debt, thereby reinforcing the U.S. dollar's position as the global reserve currency. This approach primarily attracts large institutional players but may limit decentralized finance (DeFi) innovation and retail adoption due to stringent compliance requirements and a ban on yield-bearing stablecoins. However, the legislation creates a feedback loop where growing stablecoin adoption increases global demand for USD and Treasuries, cementing U.S. financial hegemony. In contrast, **Hong Kong's Stablecoins Ordinance** aims to balance compliance with innovation. While it features an accessible capital threshold of HKD 25 million, compliance costs and stringent licensing criteria, with the **Hong Kong Monetary Authority (HKMA)** planning a "single-digit" number of licenses in 2025, favor well-capitalized firms. The Ordinance offers flexibility to issue stablecoins pegged to various currencies, including HKD, USD, or offshore RMB, enhancing Hong Kong's competitiveness in the Asia-Pacific region. This aligns with China's **Belt and Road Initiative (BRI)**, facilitating cross-border transactions and offering regulated stablecoins for trade and remittances. ## Broader Context China's evolving stance reflects a sophisticated, dual-track strategy: aggressive promotion of the state-controlled e-CNY for domestic and geopolitical objectives while leveraging Hong Kong as a quasi-regulatory sandbox for broader crypto engagement. This strategic positioning occurs amid a global trend where various jurisdictions, including Singapore, Bahrain, South Korea, Japan, and the UAE, are developing their own sovereign stablecoin regimes, indicating a global race to define the future of digital currencies. The contrasting regulatory philosophies between the US and Hong Kong illustrate different approaches to governing digital assets. The US emphasizes bolstering its existing financial infrastructure and currency dominance, while Hong Kong aims for a more flexible, innovation-friendly environment to become a regional Web3 hub. This dynamic sets the stage for intensified competition between fiat and digital currencies, with significant geopolitical considerations as China's de-dollarization efforts continue to challenge the U.S. dollar's supremacy. Despite Mainland China's official ban, legal precedents exist where Chinese courts have recognized and protected Bitcoin ownership rights, suggesting a nuanced domestic environment beneath the surface of official policy. This global realignment of digital asset policies underscores the growing importance of regulatory clarity and strategic innovation in the international financial landscape.
## Executive Summary Recent developments in the cryptocurrency market indicate a continued trend of institutional adoption, strategic stablecoin expansion, and the burgeoning real-world asset (RWA) tokenization sector. **Metaplanet**, a Japanese firm, has substantially increased its Bitcoin treasury, now holding 30,823 BTC. Concurrently, **World Liberty Financial** is advancing its commodity tokenization platform, supported by its rapidly growing **USD1** stablecoin. In the stablecoin competitive landscape, **Tether** has established a strategic partnership with **Rumble** to drive adoption of its **USAT** stablecoin. Meanwhile, **Ripple** is preparing for a leadership transition with its CTO **David Schwartz** stepping down, and **Aave** founder **Stani Kulechov** anticipates a new "DeFi summer" driven by evolving interest rate environments. ## Corporate Treasury Strategies: Metaplanet's Bitcoin Accumulation **Metaplanet**, a Japanese investment firm, has solidified its position as a prominent corporate holder of Bitcoin. The company announced the acquisition of an additional 5,268 BTC for 91.6 billion Japanese yen, equivalent to approximately $623 million. This latest purchase was made at an average price of $118,328 per coin. With this acquisition, Metaplanet's total Bitcoin holdings now stand at 30,823 BTC, acquired at a cumulative cost of $3.33 billion, averaging $107,912 per bitcoin. According to CEO **Simon Gerovich**, this makes Metaplanet the fourth-largest publicly traded Bitcoin holder globally and the largest in Asia. The firm reported a 497.1% year-to-date yield in 2025, demonstrating the performance of its accumulation strategy. Metaplanet's dual-phase strategy involves generating income through derivatives trading via its U.S. subsidiary and focusing on media and Bitcoin-related services through its Japanese unit. The company has achieved its year-end target of 30,000 BTC and maintains long-term goals of holding 100,000 BTC by 2026 and 210,000 BTC by 2027. ## Real-World Asset Tokenization Gains Traction with World Liberty Financial **World Liberty Financial**, a crypto project backed by the Trump family, is actively pursuing the tokenization of real-world assets (RWAs). CEO **Zack Witkoff** indicated plans to launch a commodity tokenization platform, stating that assets such as oil, gas, cotton, and timber should be traded on-chain. This initiative will leverage the firm's **USD1** stablecoin, which has rapidly grown to a $2.7 billion market capitalization, positioning it as the fifth-largest stablecoin globally. USD1 is also set to expand its availability by launching on the **Aptos** blockchain. The company is developing a debit card, projected for release in Q4 2025 or Q1 2026, alongside a proprietary mobile app and wallet system. However, a watchdog group, Accountable.us, has raised concerns, alleging that **WLFI** tokens have been transacted by wallets linked to sanctioned entities, including North Korea's **Lazarus Group**, Iran's **Nobitex** exchange, and Russian traders. One instance reportedly involved the sale of 600,000 tokens, valued at approximately $10,000, to a wallet later associated with Lazarus transactions on January 20, 2025. ## Stablecoin Market Evolution: Tether's Strategic USAT Push **Tether**, the world's largest stablecoin issuer, has partnered with **Rumble**, a video streaming platform, to integrate a crypto wallet and promote its new **USAT** stablecoin. This wallet, scheduled for release later this year, will feature USAT and other digital currencies, targeting Rumble's 51 million active monthly users. Tether holds a significant 48% stake in Rumble, following a $775 million investment in 2024. Tether CEO **Paolo Ardoino** highlighted the partnership as a crucial step for expanding USAT adoption in the U.S. market. USAT is designed as a dollar-backed stablecoin intended to comply with American regulatory standards, specifically under the **GENIUS Act**. This strategic move positions Tether to compete with established stablecoins like **USDC** for market share in the U.S. Additionally, Tether has outlined plans to raise up to $20 billion by selling a 3% stake, with proceeds earmarked for artificial intelligence initiatives. ## DeFi Outlook: Aave Founder Predicts New "DeFi Summer" **Stani Kulechov**, the founder of **Aave**, has forecast a new "DeFi summer," anticipating renewed growth in decentralized finance protocols. This optimistic outlook is predicated on the expectation of falling central bank interest rates, including potential cuts by the U.S. Federal Reserve and the European Central Bank. Kulechov posited that lower traditional borrowing costs would render on-chain yields more attractive, echoing the conditions that led to the initial DeFi summer in 2020 when DeFi's total value locked (TVL) surged from under $1 billion to $10 billion. The **Federal Reserve** recently reduced interest rates by 25 basis points to a range between 4% and 4.25%, with further cuts signaled for 2025. The TVL of tokenized real-world assets has increased by 1,665% since 2021, reaching $31.77 billion, indicating a growing integration of traditional assets into decentralized ecosystems. Aave itself has demonstrated significant growth, with a TVL of $43.331 billion across 11 chains and revenues of $84.24 million in 2025, marking a 183.14% increase from 2023. ## Ripple Leadership Transition **David Schwartz**, the Chief Technology Officer of **Ripple**, will step down from his executive role at the end of 2025. Schwartz, who was instrumental in architecting the **XRP Ledger** and has served Ripple for over 13 years, will transition to the role of CTO Emeritus and join the firm's board of directors. **Dennis Jarosch**, Ripple's Vice President of Engineering, is slated to assume the CTO position next year. Schwartz, who became CTO in 2018 after joining as a cryptographer in 2011, has been a key figure in guiding significant upgrades to the XRP Ledger, including the implementation of a native automated market maker, programmable tokens, and transaction cost reductions. ## Broader Market Implications The convergence of these developments underscores a maturing cryptocurrency market characterized by increasing institutional engagement and diversified applications of blockchain technology. Metaplanet's aggressive Bitcoin accumulation strategy reinforces the narrative of Bitcoin as a treasury asset for corporations, aligning with similar approaches by other public companies. The expansion of **World Liberty Financial** into RWA tokenization, coupled with the growth of its **USD1** stablecoin, highlights the growing potential for blockchain to integrate with and enhance traditional financial assets. However, the reported allegations regarding transaction flows to sanctioned entities introduce a regulatory risk factor that could impact trust and adoption. Tether's strategic entry into the U.S. market via its **Rumble** partnership and **USAT** stablecoin, particularly with a focus on regulatory compliance, intensifies competition within the stablecoin sector and signals an intent to capture a broader user base through mainstream platforms. The anticipated "DeFi summer," as predicted by **Stani Kulechov**, suggests that a declining interest rate environment could re-energize the decentralized finance ecosystem, potentially driving further innovation and investment, especially in tokenized assets. The leadership transition at **Ripple** represents an evolution for a foundational player in the crypto payments space, with implications for future development of the XRP Ledger.
USD1 (USD1) current price is $0.999665, up 0.12% today.
USD1 (USD1) daily trading volume is $579.3M
USD1 (USD1) current market cap is $2.9B
USD1 (USD1) current circulating supply is 2.9B
USD1 (USD1) fully diluted market cap (FDV) is $2.9B