Welcome to our 214th issue of State of the Market, where we provide an overview of crypto market activity from March 20 – March 26, 2025.
This week in crypto markets:
- Fidelity plans to launch its own stablecoin and has filed for a tokenized on-chain U.S. Treasury fund on Ethereum.
- Custodia Bank launched Avit, the first U.S. bank-issued stablecoin on a permissionless blockchain, while Trump-affiliated World Liberty Financial unveiled USD1, a non-yielding stablecoin backed by T-bills and USD deposits.
- BlackRock’s BUIDL fund crossed $1.8B in assets and expanded to Solana as tokenization gains momentum.
- Coinbase is in advanced talks to acquire Deribit, aiming to expand into global crypto derivatives.
- GameStop joined the MicroStrategy playbook, announcing a $1.3B convertible note offering to fund Bitcoin purchases.
- Ethereum’s Pectra upgrade went live on Hoodi, the final testnet before mainnet activation.
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