Welcome to our 221st issue of State of the Market, where we provide an overview of crypto market activity from May 15 – May 21, 2025.
This week in crypto markets:
- Bitcoin hit a new all-time high above $111.5K, supported by ETF inflows, corporate treasury demand and renewed optimism around U.S. crypto regulation.
- The GENIUS stablecoin bill advanced in the Senate, clearing a key procedural vote and reviving hopes for a federal regulatory framework for stablecoins.
- Circle is reportedly exploring a $5B sale to Coinbase or Ripple amid its plans to go public, potentially reshaping competitive dynamics in the stablecoin sector.
- Kraken announced tokenized stock trading for non-U.S. users, offering 24/7 access to tokenized shares of equities through Backed Finance on Solana.
- FIFA launched a Layer-1 blockchain on Avalanche, aiming to deliver digital collectibles and on-chain fan experiences to a global audience.
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