Welcome to our 230th issue of State of the Market, where we provide an overview of crypto market activity from July 17-23, 2025.
This week in crypto markets:
- Crypto markets briefly crossed $4T, with BTC and major altcoins consolidating near recent highs.
- The GENIUS Act was signed into law, creating the first comprehensive U.S. regulatory framework for stablecoins.
- Anchorage Digital partnered with Ethena Labs to bring USDtb to the U.S. as a GENIUS Act–compliant stablecoin.
- Tether CEO Paolo Ardoino announced plans for a new U.S.-focused stablecoin designed to comply with the GENIUS Act.
- BitGo confidentially filed for a U.S. IPO, joining a growing wave of crypto infrastructure firms.
- Jito Labs launched the Block Assembly Marketplace (BAM), a transparent platform for building and sequencing blocks on Solana.
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