Block 1: Essential news
Solana: The first-ever spot ETF (SOL) arrives in Hong Kong
While altcoin ETFs are struggling to get the green light in the US, Hong Kong is marking a new point ahead. The region has approved the launch of the ChinaAMC Solana ETF (3460), the first spot ETF on SOL, with a planned start date of October 27 and fees set at 0.99% per year. Hong Kong thus confirms its pioneering role after having already approved Ethereum spot ETFs earlier. The real impact on the Solana ecosystem remains to be seen, as Hong Kong ETF volumes remain modest compared to their American counterparts: less than $600m cumulatively, compared to more than $173bn for their US equivalents. At the time of the announcement, SOL was trading at around $184, with a market capitalization of $100.5bn, placing it in 6th position amongst the most valuable cryptocurrencies.
USDT: 500 million users... but off the regulatory radar
Tether has just reached a symbolic milestone: 500 million users for its USDT stablecoin. A global success... but mainly outside the major jurisdictions. In the US and the EU, USDT is losing ground to competitors such as USDC and USDe, which are more compliant with local standards. The Tether paradox persists: 62.5% market share today, compared to more than 70% in 2024, but massive adoption in emerging countries seeking monetary stability. Its CEO, Paolo Ardoino, takes a decentralized and popular approach, far from regulatory requirements. For him, inclusion comes before compliance.
Tether USDT officially reached 500 million users!
Likely the biggest financial inclusion achievement in history. https://t.co/jbmnMDwidi
— Paolo Ardoino 🤖 (@paoloardoino) October 21, 2025
BlackRock adjusts a fund to attract stablecoin issuers
BlackRock has renamed its "Liquidity Funds" to "Select Treasury Based Liquidity Fund" and modified its structure to meet the needs of stablecoin issuers. Now, 80% of the fund's liquidity is invested in Treasury bills with a maturity of less than 93 days, with an average maturity of 60 days, modeled on the standards of collateralized stablecoins. The goal is to become the preferred reserve manager for players in the sector, following the example of the partnership already in place with Circle. The fund is now worth $6.44bn and complements BlackRock's existing tokenized fund BUIDL ($2.84bn), which is used by Ethena, amongst others. The asset management giant wants to consolidate its central position in the stablecoin economy.
Kraken enters the US-listed derivatives market
US crypto giant Kraken is strengthening its stockmarket ambitions with the acquisition of Small Exchange, a CFTC-regulated platform, for $100m. The goal is to create a fully regulated and integrated range of derivatives (futures, options) native to the US. This strategy is in line with the acquisition of NinjaTrader, which already allows Kraken to offer crypto futures listed on the CME. Kraken now wants to unify spot, futures, and margin trading in an all-in-one platform covering stocks, forex, commodities, and cryptos. This is a major step toward institutional crypto finance "made in the USA."
Changpeng Zhao pardoned by Trump, BNB surges
It's official: Donald Trump has granted a presidential pardon to Changpeng Zhao (CZ), founder of Binance, clearing his conviction for violating the Bank Secrecy Act. CZ thus regains his civil and commercial rights in the United States, after serving four months in prison and paying a $50m fine. However, this decision does not lift the regulatory restrictions imposed on Binance, nor does it guarantee an immediate return to the exchange's helm. But it paves the way for a legal return to US territory, which could be strategic for his future activities. The market welcomed the announcement: BNB climbed 3% in a matter of minutes, bringing its daily increase to +4.5%.
Block 2: Crypto Analysis of the Week
While Bitcoin continues to reign as a non-sovereign store of value—with a market capitalization of $2.3 trillion—stablecoins have taken control of what makes the cryptosphere economy tick: transactions.
At the beginning of October, the daily trading volume of Bitcoin was around $65bn. In contrast, that of stablecoins reached $146bn. In other words, there was twice as much real economic activity on stablecoins as on the "currency of maximalists."
Visa
This dominance is no coincidence: bitcoin is held, stablecoins circulate. They were not created for speculation, but to function. And that is precisely what makes them so powerful. Bitcoin paved the way. Stablecoins paved it.
Behind every USDT, USDC, or PYUSD is a simple promise: a stable, programmable digital dollar that is accessible to everyone. Forget about the ten minutes it takes to validate a Bitcoin block, volatile fees, and the complexity of wallets. Stablecoins settle a transaction in seconds, for less than a penny. They make possible what the traditional banking system has never been able to offer: instant, global payments, accessible 24/7. Where an international transfer used to cost 6% commission and three days of waiting, a transfer in USDC is settled instantly, for a few cents.
And their usefulness extends far beyond the crypto sphere. From Stripe to Visa, PayPal to Revolut, payment giants are already integrating them into their infrastructures. Users don't even realize it: they send dollars... but these dollars circulate on a blockchain. In Latin America, the Middle East, Africa, and Southeast Asia, stablecoins have become everyday currency. In Venezuela, for example, USDT—Tether's stablecoin—is now a pillar of the parallel economy. In a country where inflation exceeds 180% according to the IMF, the population has found stability in the digital dollar that its national currency can no longer offer. Today, they fuel the global remittance market—a $780 billion per year industry—by bypassing the delays and fees of the SWIFT network.
The story doesn't end there. As artificial intelligence becomes more integrated into our lives and commerce, a new era is dawning: that of machine-to-machine transactions. Tomorrow, AI agents will negotiate, buy, and sell—and they will need a programmable, stable, and universal currency. For these agents, stablecoins have everything going for them.
Bitcoin is evolving, of course. Second-layer solutions, such as the Lightning Network or tokenized BTC, seek to make it more compatible with decentralized finance (DeFi). But fundamentally, it remains a store of value. Digital gold. An insurance against inflation, not a means of everyday payment.
Stablecoins, on the other hand, are designed for the world of flow, not stock. They settle in seconds, cost less than a penny, and maintain parity with the dollar.
Ironically, the United States, long suspicious of cryptocurrencies, now sees stablecoins as a geopolitical asset. The US administration openly supports their development, aware that these crypto-based dollars help preserve the dollar's status as the global reserve currency. The recently adopted GENIUS Act marks the first step toward a clear regulatory framework: definition of reserve assets, redemption rights, and legal recognition of dollar-backed stablecoins. That's the whole challenge: allowing these cryptocurrencies to develop without stifling innovation.
And at this rate, the total value of stablecoins issued could "soon" exceed the capitalization of bitcoin. The total market capitalization of stablecoins has grown from $10bn in 2020 to over $260bn today.
Coinglass
And it's important to keep in mind that stablecoins are not seeking to replace the dollar. They are seeking to evolve it. And in a world where the speed of money circulation is becoming a lever of economic power, whoever controls the digital rails of the dollar may control the next global monetary era.
Stablecoins are achieving what Bitcoin has not yet accomplished: mass adoption. Their use is daily, tangible, and global. And at this rate, the total value of stablecoins in circulation could, perhaps, exceed the capitalization of Bitcoin within a few years, simply because their role is broader: that of lubricating the exchanges of a rapidly expanding monetary system.
Block 3: Readings of the week
Melania Trump used as a "front" in complex meme fraud, according to court filings (Wired)
How Trump's companies made $1 billion from cryptocurrencies (FT)
