New stablecoin law could be a game changer

America Finally Has Stablecoin Legislation. Here’s What It Means and What Comes Next

The U.S. finally passed stablecoin legislation. Here’s what Circle’s top exec says happens now.

After years of gridlock, the U.S. is about to pass its first-ever federal crypto law.

The GENIUS Act, stablecoin legislation backed by both parties, is headed to President Trump’s desk after a last-minute showdown in Congress. Despite being seen as a sure thing, the bill’s path turned turbulent this week, with objections from Democrats over Trump’s crypto ties, and a sudden revolt from the Freedom Caucus around anti-CBDC language.

Now that it’s through, what will this law actually do? And who stands to benefit—or lose?

In this episode, Dante Disparte, Circle’s chief strategy officer and one of the key players behind the legislation, joins Unchained to explain:

• How the bill won bipartisan support despite political tensions

• Why banks may think twice before issuing stablecoins

• And why Circle is applying for a national trust bank charter

Plus, the battle over interest-bearing stablecoins, how this bill fits into the broader financial regulatory landscape, and whether U.S. consumers and the dollar come out ahead.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

Now, let’s get into this week’s news! In today’s edition:

• 💸 Pump.fun sets records with a $600M ICO frenzy — but not everyone got in

• 📱 Coinbase goes full super app with Basechain’s speed boost and a wallet rebrand

• 📃 Trump preps an executive order to unlock crypto in your 401(k)

• ✅ Polymarket breathes easy as DOJ and CFTC drop all charges

• 🪙 Cantor Fitzgerald eyes a $4B bitcoin deal that could shake up Wall Street

• 🎯 Crypto PAC Fairshake gears up for 2026 with a $141M political war chest

• 🏦 Citigroup flirts with stablecoins and tokenized deposits in digital finance push

• 📈 Grayscale quietly sets the stage for an IPO amid record crypto valuations

• 🧪 A biotech firm pivots to crypto with an $888M HYPE token bet

• 🔁 Fantasy.top abandons Blast and moves to Base after losing most of its users

Pump.fun Raises $600M in Minutes, Becomes Third Largest ICO

Solana-based memecoin platform Pump.fun has completed one of the largest initial coin offerings in crypto history, raising $600 million in just 12 minutes during the public sale of its PUMP token. Combined with a prior private sale of $720 million, the total raise reached $1.32 billion.

According to co-founder Alon Cohen, 150 billion tokens were sold at $0.004 each. Despite extensive demand, only 42.3% of the nearly 24,000 KYC-verified wallets secured allocations. Exchange issues on Bybit and Kraken left thousands of users without tokens.

The token began trading on Monday at a fully diluted valuation of $5.6 billion, with spot volume topping $100 million and perpetual trading volume exceeding $728 million. As of early trading, PUMP delivered around 25% returns for public sale participants.

Onchain data shows a wide distribution of buyers, with both large investors and small retail traders participating in the offering.

Coinbase Rebrands Base Ecosystem With Speed Upgrade and ‘Everything App’ Launch

Coinbase has rebranded its layer 2 network Base as “Basechain” and unveiled the Base App, a comprehensive platform that merges wallet services, trading, payments, and social media features. Announced at the company’s “A New Day One” event, the launch marks a strategic shift toward positioning Coinbase as a crypto-native super app provider.

Basechain’s upgrade includes Flashblocks, which reduces block times to 200 milliseconds, promising near-instant confirmations and up to 10x faster performance. Alongside this release, the new Base App combines crypto wallet functions with real-time token trading, NFC-enabled USDC payments, content sharing, and messaging.

Users receive a smart Base Account to enable cross-app sign-ins, while the Base Pay service allows near-instant checkout with USDC. Social features leverage the Farcaster and Zora protocols, enabling tokenized posts and creator earnings.

Trump Plans Executive Order to Open 401(k) Market to Crypto and Alternative Assets

President Donald Trump is preparing to sign an executive order that would permit investments in cryptocurrency, gold, and private equity within the U.S. 401(k) retirement system, according to multiple sources cited by the Financial Times. The order could be issued as early as this week.

The directive would reverse a Biden-era policy discouraging crypto allocations in retirement accounts and instruct federal agencies to identify regulatory barriers limiting access to alternative investments. A White House spokesperson emphasized that “no decisions should be deemed official” until directly confirmed by the president.

If enacted, the measure would impact the $9 trillion 401(k) market, giving savers broader exposure beyond traditional stocks and bonds. Large firms like Blackstone, Apollo, and BlackRock are expected to benefit, with several already forming partnerships to offer private market options to retirement plan sponsors.

The move aligns with Trump’s ongoing efforts to integrate crypto into mainstream financial systems and promote broader asset class diversification for American savers.

DOJ and CFTC Close Polymarket Investigations

U.S. regulators have officially closed their civil and criminal investigations into Polymarket, the blockchain-based prediction market platform, bringing an end to years of legal uncertainty. The Department of Justice and the Commodity Futures Trading Commission recently issued formal declination notices, confirming that no charges would be filed against the company.

The probes centered on whether Polymarket had continued allowing U.S. users to place bets after a 2022 settlement with the CFTC, which included a $1.4 million fine and a commitment to restrict American participation. Activity on the platform surged during the 2024 U.S. presidential election, drawing increased scrutiny and culminating in an FBI raid of CEO Shayne Coplan’s apartment last November. Coplan was not charged.

“Polymarket has provided value to tens of millions of people this election cycle, while causing harm to nobody,” Coplan said at the time. The company has not commented on the closure of the investigations.

Cantor Fitzgerald Advances $4 Billion Bitcoin Acquisition With Blockstream

Cantor Fitzgerald is nearing a major crypto deal involving over 30,000 bitcoin, as its special purpose acquisition company (SPAC), Cantor Equity Partners 1, finalizes terms with Blockstream CEO and early bitcoin advocate Adam Back. The transaction, valued at more than $4 billion, would be one of the largest institutional bitcoin purchases to date.

Back and his company would contribute approximately $3 billion in bitcoin in exchange for shares in the newly renamed BSTR Holdings. The SPAC also plans to raise up to $800 million in additional capital to expand its bitcoin holdings even further.

This marks another step in Cantor’s growing presence in digital assets. In April, it partnered with SoftBank and Tether on a $3.6 billion crypto investment initiative. Brandon Lutnick, who chairs Cantor and leads the SPAC, is spearheading the effort. The firm’s combined crypto acquisitions through BSTR and other vehicles may exceed $10 billion by year-end.

Crypto Super PAC Fairshake Builds $141 Million Fund to Sway 2026 Elections

Fairshake, a crypto-backed political action committee, has reported amassing $141 million in funds ahead of the 2026 U.S. midterm elections. The PAC disclosed raising $52 million in the first half of 2025, adding to the $109 million collected since November 2024. Major contributors include Coinbase, which donated $25 million, along with Ripple Labs and a16z Crypto.

Formed in 2023, Fairshake has rapidly become a significant political force. It spent over $130 million during the 2024 elections to support candidates aligned with crypto policy reforms. The group and its affiliates, Defend American Jobs and Protect Progress, have already invested over $2 million in 2025 special elections, including races in Virginia and Florida.

Fairshake spokesperson Josh Vlasto said the PAC is “building an aggressive, targeted strategy for next year.”

Citigroup Considers Launching Proprietary Stablecoin, Tokenized Deposits

Citigroup is exploring the issuance of its own stablecoin as part of a broader push into digital finance, CEO Jane Fraser confirmed during the bank’s latest earnings call. “We are looking at the issuance of a Citi stablecoin, but probably most importantly is the tokenized deposit space, where we’re very active,” Fraser told analysts.

The initiative aims to support faster and more secure digital payments. Citigroup, the third-largest bank in the U.S., is also evaluating custody services and reserve management for stablecoins.

However, not everyone is convinced. Noelle Acheson, author of the Crypto is Macro Now newsletter and co-host of Bits + Bips, wrote, “I’ll go on the record as saying they won’t issue a stablecoin.”

This development aligns with broader moves by major U.S. banks including Bank of America and JPMorgan, who are also assessing stablecoin opportunities amid expectations for favorable federal legislation. As regulatory clarity progresses in Washington, institutions are preparing to integrate digital assets more deeply into the traditional banking system.

Grayscale Moves Toward IPO with Confidential SEC Filing

Grayscale Investments has submitted a confidential draft registration statement to the U.S. Securities and Exchange Commission, signaling its intent to pursue an initial public offering. The filing, made under Form S-1, enables the crypto asset manager to engage with regulators privately as it prepares for a potential market debut by the end of 2025.

The firm, which oversees approximately $50 billion in digital assets, did not disclose specific details such as share count or pricing. Confidential filings allow companies to finalize offering terms without revealing competitive information prematurely.

Grayscale, known for its flagship Bitcoin and Ethereum trusts, joins a growing list of crypto firms eyeing public listings amid surging digital asset valuations. The move comes as bitcoin trades near record highs and follows the successful IPOs of Circle and eToro earlier this year.

Sonnet BioTherapeutics Merges to Launch $888M HYPE Token Strategy

Sonnet BioTherapeutics has announced an $888 million crypto treasury initiative centered on Hyperliquid’s native token, HYPE, through a merger with Rorschach I LLC. 

The combined entity will operate as Hyperliquid Strategies Inc. and become the largest U.S.-listed public company to hold HYPE on its balance sheet.

Upon closing, Hyperliquid Strategies is expected to control approximately 12.6 million HYPE tokens, valued at around $583 million, along with $305 million in cash reserved for further token purchases and operations. Backing comes from prominent investors including Paradigm, Galaxy Digital, and Pantera Capital.

“Hyperliquid has broken out as a crypto project with real fundamentals,” said Paradigm co-founder Matt Huang in a statement.

Fantasy.top Migrates to Base After User and Revenue Decline

SocialFi project Fantasy.top is moving its platform from the Ethereum layer 2 network Blast to Coinbase’s Base, following a sharp decline in activity. Monthly fee revenue dropped 93% to approximately $200,000, while active users fell by 80% to just 2,000, according to data from DefiLlama and Dune.

In a statement on X, Fantasy.top said it was “teaming up with the most active layer 2 to become the leading social experience in the ecosystem.” The migration began on Tuesday.

Blast, once buoyed by a $2.5 billion deposit surge in May 2024, has since seen deposits collapse 95% to $140 million. 

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