Crypto Market Weekly Recap: Biggest Moves and Industry News

Crypto Weekly Roundup: Market Movements, Regulatory Updates, and Major Developments

The past week has been packed with activity across the cryptocurrency ecosystem, highlighting both the dynamism of digital assets and the increasing involvement of regulators, institutional investors, and mainstream companies. From high-profile token launches to regulatory initiatives and market-moving trades, here’s a detailed look at the week in crypto.

Figure Technologies Plans Nasdaq IPO as FIGR

Figure Technologies, a blockchain-based lending platform, has announced plans to go public on the Nasdaq under the ticker symbol "FIGR." The company is targeting a $3.3 billion valuation while aiming to raise $400 million by offering 20 million shares priced between $22 and $25.

The IPO is backed by major financial institutions, including Bank of America Securities, Jefferies, and Goldman Sachs. Figure Technologies, founded by former SoFi CEO Mike Cagney, specializes in tokenizing financial assets such as loans. To date, the platform has facilitated more than $16 billion in home equity transactions. In the first half of 2025, the company reported $191 million in revenue and $29 million in net income, signaling strong early traction and investor confidence.

This move marks another step in the convergence of traditional finance and blockchain innovation, offering institutional and retail investors a regulated route to invest in tokenized financial products.

Matrixport Swaps Ethereum for Bitcoin in Major Market Move

Matrixport made headlines this week with a substantial asset reallocation, selling nearly 96,000 ETH for approximately $452 million and acquiring $272 million worth of Bitcoin. Analysts suggest this swap reflects reduced confidence in Ethereum’s near-term performance, while Bitcoin continues to attract institutional interest and speculative demand.

Ethereum remains a critical driver for decentralized finance (DeFi) and NFT markets. Still, the reallocation signals a strategic shift toward Bitcoin as a relatively more stable and liquid asset. Market observers note that sustained support for Bitcoin could catalyze further price appreciation, while Ethereum’s broader utility ensures it remains an essential component of blockchain infrastructure.

Wyoming Issues First U.S. State-Backed Stablecoin

Wyoming has become the first U.S. state to launch a fully reserved, state-guaranteed stablecoin, the Frontier Stable Token (FRNT). Designed to be fully backed by cash and short-term Treasury securities, FRNT operates across seven blockchains, including Ethereum, Solana, and Avalanche, utilizing LayerZero’s Omnichain Fungible Token (OFT) standard.

FRNT reserves are managed by Franklin Advisers, with custodial security provided by Fireblocks and audits performed by The Network Firm. The stablecoin’s revenue will fund state schools and other public initiatives, distinguishing it from privately issued stablecoins. Analysts believe Wyoming’s move could set a precedent for other states and potentially reshape the $285 billion U.S. stablecoin market.

YZi Labs and 10X Capital Create BNB Treasury Company

YZi Labs, in collaboration with 10X Capital, announced the creation of The BNB Treasury Company, an asset management entity designed to support the BNBChain ecosystem. The company plans to list in the United States. YZi Labs manages more than $10 billion in assets and is partnering with industry veterans including David Namdar, former Galaxy Digital executive, and Russell Read, former CalPERS CIO.

While Binance founder Changpeng Zhao cannot be directly involved due to regulatory constraints, Binance is supporting the venture, signaling growing mainstream integration of blockchain ecosystems into traditional investment frameworks.

Ethereum Reacts to Fed Chair Remarks

Ethereum saw a notable price surge after Federal Reserve Chair Jerome Powell suggested the possibility of a rate cut in September, a signal that lifted risk assets across the board. Institutional buying, including activity from BlackRock, contributed to the rally. Analysts anticipate continued upside potential for Ethereum, though short-term volatility and periodic pullbacks remain likely.

BingX Pre-Market Launches WLFI with 25x Leverage

World Liberty Financial (WLFI) made its pre-market debut on BingX, offering futures contracts with up to 25x leverage ahead of the token’s official September 1 release. The project has already raised $550 million from early backers. At launch, 20% of early-round tokens will be unlocked, with the remaining supply governed by community voting.

The combination of high leverage, pre-market exposure, and substantial early funding has fueled anticipation among traders. Major exchanges, including Binance, OKX, and Bitget, are expected to list WLFI, providing further liquidity and access for investors.

Kanye West Launches YZY Memecoin on Solana

Kanye West introduced YZY, a celebrity-backed memecoin on the Solana blockchain. The token initially achieved multi-billion-dollar valuations but experienced a rapid decline. Approximately six wallets control over 90% of the supply, raising concerns over centralization.

YE Pay and YZY Card aim to integrate the token into real-world transactions, but Solana’s network congestion and potential regulatory scrutiny from the SEC present challenges. Experts caution that celebrity-backed tokens are highly volatile and may carry legal risks.

First Leveraged XRP ETF Filing Submitted to SEC

Tidal Trust II submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to launch the Defiance Leveraged XRP ETF, potentially the first of its kind in the U.S. The fund would target 150–200% of XRP’s daily price movements using options and swaps, employing call spreads to mitigate risk.

Approval would represent a landmark event for XRP-based financial products. However, SEC scrutiny is expected to influence the timeline and structure of leveraged crypto ETFs.

CFTC Expands Crypto Sprint Regulatory Program

The Commodity Futures Trading Commission (CFTC) has entered Phase Two of its Crypto Sprint initiative, aimed at regulating leveraged and margined retail trading on registered exchanges. Public comment on the program is open until October 20, 2025.

The initiative aligns with broader government efforts to position the United States as a global leader in the crypto industry, emphasizing investor protection while enabling innovation in digital asset markets.

Pi Network Kicks Off Hackathon 2025

Pi Network has launched its first Hackathon in the Open Network era, running from August 21 to October 15. With a prize pool of 160,000 tokens, over 2,100 developers from more than 100 countries are participating. Teams can compete for up to 75,000 tokens, developing real-world applications that enhance the Pi ecosystem.

The event aims to foster adoption, strengthen community engagement, and encourage the creation of sustainable blockchain solutions.

Conclusion

The crypto sector continues to demonstrate its dual nature: rapid technological innovation paired with evolving regulatory frameworks. From high-profile token launches like WLFI and YZY to institutional movements in Ethereum and Bitcoin, and from state-backed stablecoins to regulatory oversight programs, the landscape is evolving at a rapid pace.

Investors, developers, and enthusiasts should monitor these developments closely, as they will shape market dynamics, influence asset valuations, and determine the trajectory of blockchain adoption worldwide. The week’s events illustrate that while opportunities abound, careful analysis, risk management, and regulatory awareness remain essential for success in the digital asset space.

Source: Coingabbar

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