TLDR CRYPTO 2025-08-01

SEC DEBUTS ‘PROJECT CRYPTO' TO BRING FINANCIAL MARKETS ONCHAIN

The SEC has unveiled “Project Crypto,” a directive to overhaul outdated securities rules and enable onchain trading of tokenized assets without unnecessary intermediaries. Chair Paul Atkins framed it as essential to making the US the “crypto capital of the world,” emphasizing regulatory updates that prevent driving innovators offshore and foster super-app ecosystems. Project Crypto builds on the President's Working Group report, with goals to create a cohesive framework that integrates blockchain technology into mainstream financial markets.

COINBASE Q2 EARNINGS RESULTS

Coinbase reported $1.5 billion in Q2 revenue, up from $1.45 billion a year ago but below the $1.59 billion analysts expected, and saw adjusted EBITDA fall to $512 million from $596 million. Transaction revenue plunged 39% quarter-over-quarter to $764 million, despite Bitcoin and Ether hitting new yearly highs. The stock slid 7% in after-hours trading as waning trading volumes outpaced overall market strength. Coinbase highlighted progress in its institutional infrastructure, staking services, and Base network as strategic growth drivers beyond its core trading business.

COINBASE TO LAUNCH TOKENIZED STOCKS, PREDICTIONS MARKETS

Coinbase will roll out an onchain “everything exchange” in the coming months, enabling US users to trade tokenized real-world assets, including stocks, derivatives, prediction markets, and early-stage token sales. VP Max Branzburg says this one-stop shop aims to create a faster, more accessible, and truly global economy by bringing all asset classes onchain. The move positions Coinbase directly against Robinhood, Gemini, and Kraken, which already offer tokenized equities to non-US users.

VISA EXPANDS STABLECOIN SETTLEMENT ACROSS 4 BLOCKCHAINS

Visa CEO Ryan McInerney announced multichain, multi-coin stablecoin settlement support on the Visa network, now spanning 4 blockchains and 4 stablecoins. New additions include EURC (euro-backed), USDG, and PYUSD via Paxos, along with support for Stellar and Avalanche chains. This infrastructure enables stablecoin settlement across 25+ fiat currencies globally, positioning Visa as a key layer for tokenized money movement across both banks and fintechs.

THE RISE OF DIGITAL ASSET TREASURY COMPANIES

Digital Asset Treasury Companies (DATCOs) now hold over $100 billion in crypto – 791,000 BTC and 1.3 million ETH – led by Strategy (MSTR) and several emerging altcoin-focused entrants. They fuel their treasuries through At-the-Market equity programs and PIPE financings, creating an “accretive dilution” loop by raising capital at premiums to NAV and converting it into more digital assets per share. This model depends on persistently elevated equity premiums, and a collapse could trigger a rapid unwind, echoing the 1920s investment trust crashes and potentially pressuring asset prices. Looking ahead, DATCOs are set to diversify into new tokens, adopt hybrid operating models, and expand globally, remaining a potent structural source of buying pressure so long as market and capital-market conditions hold.

ETHEREUM 2035: HOW THE NEXT 10 YEARS MIGHT LOOK

Ethereum's second decade is expected to transform the network from a smart contract platform into the foundational “trustware” layer powering global digital asset digitization, commerce, and identity. Institutions like GameSquare are accumulating ETH for its composability and community, while oracle networks and Layer 2s drive scalability and seamless real-world data integration. The protocol's evolution will make onchain interactions as invisible as AI-driven services, embedding Ethereum into enterprise and consumer applications.

AAVE EMERGES AS DEFI'S BENCHMARK RATE STANDARD

Just as SOFR and Fed Funds rates anchor TradFi, DeFi now needs standardized benchmark rates - and Aave is becoming that foundation. With $58B in net deposits and over 50% of DeFi lending market share, Aave's rates reflect true market-wide credit conditions. Protocols like CoinDesk's Overnight Rates (CDOR), Cap, Level USD, and Plasma already use Aave's rates to price capital, route idle assets, or set hurdle yields. Its stability (e.g., only 20bps movement on a $100M deposit) enables floating-rate lending, structured products, and institutional risk management. Aave's dominance makes it DeFi's reference layer for rate discovery, liquidity, and scalability.

ZORA TURNS POSTS INTO MARKETS, POWERED BY PRIVY WALLETS

Zora has evolved from an NFT minting platform into a fully onchain social app, where every post and profile is a tradable ERC20. Creator coins pair with $ZORA and generate revenue on every trade (over 1.6M coins have been created across 200K+ creators, with total trading volume surpassing $445M). To power this mobile-native UX, Zora uses Privy to embed self-custodial wallets directly into the app, enabling users to onboard via content instead of crypto complexity. With over 4M wallets and 2M+ monthly actives, Zora's model blurs the line between social media and financial protocol, turning followers into participants and content into capital.

BITCOIN GIFT CARDS COMING SOON

Bitcoin gift cards from Fold will start selling at over 400,000 retailers across the United States.

MOONWELL FLAGSHIP VAULT OFFERS 10.15% APY ON USDC

Moonwell's Flagship USDC Vault on Base is yielding a net 10.15% APY, with rates powered by Morpho (+3.05%), WELL (+1.10%), OP rewards (+1.07%), and a native base rate of 5.78%.

TETHER HOLDS $106B OF TREASURY ASSETS

Tether is one of the world's largest holders of US treasuries, surpassing both Germany and Italy.

USDC NOW LIVE ON WORLD CHAIN VIA STRIPE ON-RAMPS