August 24, 2025 05:00 PM GMT The Fintech Radar | Europe The Global Stablecoin Race This week we recap the latest developments in the stablecoin space - including signs of potentially changing attitudes and policy in the EU, Japan, and China; the latest neobank (Starling, Monzo, N26) news and product launches; Figure's planned IPO; and latest M&A and fundraises, and more… M&A / Fundraises: #1 Blockchain-based lender Figure files for IPO: This week (19th August), Figure Technology Solutions has filed with the ...

'Crypto, welcome home': Digital asset advocates cheer White House crypto report and Trump administration's support https://t.co/FIcnrj7ysi ...

Inflows & AuM - Digital asset products witnessed weekly inflows of $439 billion [1] - Year-to-date inflows for digital asset products reached $27 billion [1] - Assets Under Management (AuM) for digital assets hit a record $220 billion [1]

Stablecoin Market & Treasury Demand - The modernization of the global payment system via stablecoins, backed primarily by T-bills, could significantly expand international trade invoiced in dollars [2][3] - Increased adoption of stablecoins in international trade could lead to trillions of additional demand for Treasury securities [5] - Legislation providing a clear framework for stablecoins is expected to reduce run risk and create a more stable environment for payments [7] Impact of Stablecoins on Payment Systems - Stablecoins on blockchain could reduce payment times from 24-48 hours to minutes or seconds, enhancing speed, security, privacy, and cost-effectiveness [3][4] - Increased use of stablecoins could revolutionize international payments, attracting significant adoption [4] Federal Reserve & Interest Rates - Strong economic data, including flat CPI, strong retail sales, and growing consumer confidence, may warrant a re-evaluation of the Federal Reserve's interest rate policy [11][12] - The current economic environment, characterized by expansionary supply-side policies and deregulation, should reduce inflationary pressures [11][12] - High interest rates compared to global peers raise questions about the Federal Reserve's approach [13] - Markets may react adversely to rate cuts if there are credibility concerns about the Fed's commitment to controlling inflation, potentially leading to higher long-term rates [14] Trade & Tariffs - Sector-specific tariffs on chips and pharmaceuticals are under evaluation by the Commerce Department and the U S Trade Representative [17][18] - The administration is reportedly close to announcing more trade deals [18][19]

Group 1 - Top Win International Limited has partnered with Simon Gerovich and KCGI for a planned investment in SGA Co., Ltd, which has received board approval for a third-party share issuance to this consortium [1][2] - Upon completion of the investment, the consortium will become the largest shareholder of SGA Co., Ltd, with proceeds aimed at strategic asset acquisitions and general corporate purposes [2] - SGA Co., Ltd plans to leverage the consortium's global network and expertise to pursue new initiatives in the digital asset space while maintaining its core business operations [2] Group 2 - Top Win International Limited specializes in the trading, distribution, and retail of luxury watches and has recently ventured into the Web3 ecosystem and digital assets as part of its future business direction [3]

Core Viewpoint - Bit Digital, Inc. has announced the commencement of an underwritten public offering of its ordinary shares, with the intention to use the net proceeds to purchase Ethereum [1][5]. Group 1: Offering Details - The offering will consist solely of ordinary shares offered by the Company, with no assurance on the completion, size, or terms of the offering [1]. - B. Riley Securities is the sole bookrunning manager, while Clear Street, Craig–Hallum, and Northland Capital Markets are co-managers for the offering [2]. - The offering is being conducted under a shelf registration statement on Form S-3, which was filed with the SEC on April 30, 2025, and declared effective on June 20, 2025 [3]. Group 2: Company Overview - Bit Digital is a publicly traded digital asset platform focused on Ethereum-native treasury and staking strategies, having begun to accumulate and stake ETH in 2022 [5]. - The Company operates one of the largest institutional Ethereum staking infrastructures globally, offering advanced validator operations, institutional-grade custody, active protocol governance, and yield optimization [5]. - Bit Digital aims to provide secure, scalable, and compliant access to onchain yield through strategic partnerships within the Ethereum ecosystem [5].

Group 1 - Truth Social platform is moving closer to launching a bitcoin exchange-traded fund (ETF) for everyday investors [1][2] - NYSE Arca has filed to list a bitcoin fund linked to Trump Media, which is a necessary step for regulatory approval [2] - The Truth Social Bitcoin ETF aims to track bitcoin prices, providing a simpler investment method without direct asset ownership [3] Group 2 - Trump Media has partnered with Crypto.com to introduce a range of digital asset products, pending regulatory approval [3][4] - Planned offerings include cryptocurrency baskets and traditional securities, targeting global investors through major brokerage platforms [4] - The bitcoin ETF market has grown significantly since January 2024, reaching over $130 billion in total assets, with BlackRock's iShares Bitcoin Trust being the largest [5] Group 3 - Trump Media & Technology Group, majority-owned by Trump, has made several crypto-related moves, including a $2.5 billion bitcoin treasury plan [6] - If approved, the ETF would be a politically connected entry into the expanding bitcoin fund market [6]

Core Viewpoint - BTCS Inc. has arranged financing to acquire up to $57.8 million in Ethereum (ETH) to enhance its digital asset and validator node operations strategy [1][6]. Financing Details - The initial tranche of the financing amounts to $7.8 million, with the potential for an additional $50 million, contingent upon mutual consent between BTCS and ATW Partners LLC [2]. - The convertible notes have a fixed conversion price of $5.85 per share, which is a 194% premium over BTCS's stock price of $1.99 on May 13, 2025 [3]. - The notes have a two-year maturity date set for May 13, 2027, include a 5% original issue discount, and carry an interest rate of 6% per annum [3]. Management Participation - Charles Allen, the Chairman and CEO of BTCS, personally invested $95,000 in the offering, with an additional $200,000 from a trust for which he is a beneficiary [4]. Strategic Intent - The capital raised is intended to scale BTCS's validator node operations and increase ETH holdings at a pivotal moment in Ethereum's growth [5]. - BTCS aims to replicate strategies similar to MicroStrategy's Bitcoin accumulation by increasing Ethereum exposure to drive recurring revenue through staking and block building operations [5]. Operational Strategy - The financing follows BTCS's recent borrowing through AAVE, a decentralized finance protocol, to acquire more ETH, reflecting the company's strong belief in Ethereum as a key digital asset [6]. - By increasing ETH holdings, BTCS plans to deploy more validators, expand staking rewards, and optimize block production economics through its Builder+ platform [7]. Company Overview - BTCS Inc. is focused on scalable revenue growth through blockchain infrastructure operations, particularly in block building and validator node management [9][10]. - The company operates validator nodes and stakes crypto assets across multiple proof-of-stake networks, enhancing user engagement through its AI-powered blockchain data analytics platform, ChainQ [10].