Welcome to our 234th issue of State of the Market, where we provide an overview of crypto market activity from August 14-20, 2025.
This week in crypto markets:
- Digital asset markets consolidated, with Bitcoin and altcoins retreating from recent peaks, bringing total market capitalization to $3.85T.
- Bullish completed a $1.15B IPO, settling proceeds entirely in stablecoins on Solana.
- MetaMask became the first self-custodial wallet to introduce mUSD, a stablecoin launched in partnership with Bridge and M^0.
- China is reportedly considering the launch of yuan-backed stablecoins to promote global use of the renminbi.
- Tokenized U.S. equities provider Dinari launched the Dinari Financial Network, a Layer-1 built on Avalanche.
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