Weekly Recap: U.S. Blockchain Data Rollout, Solana Treasury Race, and Trump Media’s CRO Deal

Why These DeFi Builders Are Betting It All on Coinbase’s L2, Base

This next phase of crypto adoption is about distribution. Here’s how Base DeFi builders are preparing to handle Coinbase’s more than 100 million users.

Coinbase’s L2 Base is quickly becoming a powerful distribution funnel in crypto — and two builders are betting everything on it. 

In this episode, Aerodrome’s Alex Cutler and Moonwell’s Luke Youngblood explain why they aligned early with Base, how Coinbase’s strategy could transform token launches by offering “one-click distribution” to 100M+ users, and why they believe Coinbase is set to become the world’s largest “crypto bank.” 

They also debate whether exchanges should decide which assets people can trade, how DeFi must evolve to reward token holders sustainably, and whether Uniswap’s push to keep liquidity fragmented is a moat or a weakness. 

Finally, they unpack the future of sequencing — and why Flashbots could deliver Solana-level speed while making trading fairer for everyone.

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:

• 📊 U.S. puts GDP and inflation data on public blockchains for the first time

• 📈 CFTC clears Americans to trade on foreign crypto exchanges like Binance and Bybit

• 🤝 Trump Media teams up with Crypto.com in a $6.4B CRO treasury venture

• 🌞 Pantera, Galaxy, and others race to raise billions for Solana treasuries

• 💻 Google advances its finance-focused blockchain, the Universal Ledger

• 🐋 Hyperliquid whales pocket $48M in a 200% XPL surge, sparking manipulation claims

• 🏦 Aave launches Horizon to bring institutions into DeFi with tokenized assets

• 🎤 Kanye West’s YZY memecoin leaves 70,000 wallets in the red

• 💵 Tether announces USDT integration on Bitcoin’s RGB protocol

• 🔗 Stargate DAO approves $120M buyout by LayerZero despite rival bids

U.S. Government Begins Publishing GDP Data on Blockchain

The Department of Commerce has officially started distributing key economic indicators onchain. The initiative, first previewed earlier this week, marks the first time U.S. macroeconomic data such as GDP and the PCE Price Index are being anchored onchain.

Commerce Secretary Howard Lutnick said the effort makes America’s economic statistics “immutable and globally accessible,” describing President Trump as “the crypto president.”

According to the Commerce Department, the rollout covers nine to ten networks, among them Arbitrum, Avalanche, Base, Botanix, Ethereum, Linea, Mantle, Optimism, Sonic and ZKSync, using Chainlink and Pyth as oracles, with crypto exchanges Coinbase, Gemini, and Kraken helping to facilitate the blockchain postings. 

Officials emphasized the blockchain releases are an additional channel, not a replacement for traditional publication.

CFTC Clears Path for Americans to Trade on Foreign Crypto Exchanges

The U.S. Commodity Futures Trading Commission has issued new guidance allowing Americans to legally access foreign crypto exchanges such as Binance, Bybit, and Bitget. The clarification came through an advisory on the agency’s foreign board of trade, or FBOT, framework.

Acting Chair Caroline Pham said the move provides the clarity needed to “legally onshore trading activity that was driven out of the United States” during prior years of regulation by enforcement. She added it gives U.S. traders “choice and access to the deepest and most liquid global markets.”

Under the Biden administration, the CFTC pursued enforcement actions against Binance and other firms for not registering as U.S. markets. 

The new guidance reverses course, allowing registered FBOTs to serve American traders without becoming domestic contract markets.

Trump Media and Crypto.com Form $6.4 Billion CRO Treasury Venture

Trump Media & Technology Group, backed by President Donald Trump, has joined forces with Crypto.com to launch a $6.4 billion venture centered on the Cronos blockchain’s native token, CRO. The new company, Trump Media Group CRO Strategy Inc., will merge with Yorkville Acquisition Corp., a SPAC, and list on Nasdaq under the ticker “MCGA,” short for Make CRO Great Again.

As part of the deal, Trump Media will acquire $105 million worth of CRO — about 2% of the token’s supply — while Crypto.com will invest $50 million in Trump Media stock. “This is a historic day for CRO,” said Crypto.com CEO Kris Marszalek, pointing to an additional $200 million in cash and a $5 billion credit line earmarked for future purchases.

Following the announcement, CRO surged nearly 30% and Trump Media shares gained more than 6%, signaling a positive reaction to one of the largest token treasury strategies tied to a public company.

Crypto Heavyweights Race to Build Billion-Dollar Solana Treasuries

Three major fundraising efforts are underway to establish some of the largest Solana-focused treasury firms to date. 

Pantera Capital is reportedly seeking $1.25 billion by acquiring a Nasdaq-listed company and converting it into a Solana treasury vehicle. The plan would begin with a $500 million raise, followed by $750 million through warrants. Earlier this month, Pantera disclosed it had already deployed $300 million into digital asset treasuries.

At the same time, Galaxy Digital, Jump Crypto, and Multicoin Capital are working to raise about $1 billion for a similar vehicle, with Cantor Fitzgerald serving as lead banker. Sources told Bloomberg the Solana Foundation has endorsed the initiative, which is expected to close in early September.

Meanwhile, medical device maker Sharps Technology announced a $400 million stock sale to build one of the largest Solana treasuries, positioning its shares as a Solana proxy while adding crypto-native leaders Alice and James Zhang to its board.

Google Pushes Ahead With Finance-Focused Blockchain

Google Cloud is advancing development of its own layer 1 blockchain, the Google Cloud Universal Ledger, or GCUL. The new blockchain will be positioned as neutral infrastructure for global finance. First announced in March in partnership with CME Group, GCUL is now in private testnet with broader trials expected later this year and a full launch targeted for 2026.

Rich Widmann, Google Cloud’s head of Web3 strategy, said the ledger will support Python-based smart contracts, making it more accessible for developers and financial engineers. “Any financial institution can build with GCUL,” Widmann wrote, noting that companies may hesitate to use blockchains owned by competitors such as Stripe or Circle.

CME Group has already completed integration testing, with CEO Terry Duffy calling the project a potential breakthrough for settlement and collateral management. Unlike Stripe’s Tempo or Circle’s Arc, which are closely tied to their ecosystems, Google is promoting GCUL as a shared, credibly neutral foundation for institutional adoption.

Whales Pocket $48 Million on Hyperliquid as XPL Surges 200%

The decentralized exchange Hyperliquid is under scrutiny after four whale traders profited nearly $48 million during a sudden rally in Plasma blockchain’s XPL token. Within minutes, XPL spiked more than 200% to $1.80, wiping out over 80% of open interest and triggering mass liquidations.

Blockchain data firm Spot On Chain described it as “one of the wildest short squeezes and wealth redistributions we’ve seen.” According to on-chain anaylst MLN, one whale wallet earned $16 million in a single minute after “clearing the entire order book and liquidating everyone.

Losses were widespread among smaller traders. X user CBB admitted, “I lost $2.5 million… never touching isolated markets again.”

The incident comes just days before XPL’s official launch and follows a $6.2 million exploit on Hyperliquid earlier this year, adding pressure on the platform to address vulnerabilities.

Aave Launches Horizon to Bring Institutions Into DeFi

Aave Labs has unveiled Horizon, a new platform designed to let institutions borrow stablecoins against tokenized real-world assets such as U.S. Treasuries and collateralized loan obligations. The service operates on a permissioned version of Aave V3, with Chainlink providing real-time asset valuations to ensure loans remain fully collateralized.

Qualified investors can post tokenized securities from partners including Superstate, Centrifuge, Circle, VanEck, and WisdomTree. Borrowers can access stablecoins such as Circle’s USDC, Ripple’s RLUSD, and Aave’s own GHO. Anyone can supply these stablecoins to Horizon’s markets and earn yield.

“Horizon is built for the growth of tokenized real-world collateral, enabling lending and borrowing at institutional scale,” said Aave founder Stani Kulechov.

Centrifuge CEO Bhaji Illuminati added, “The true potential of RWAs isn’t just in tokenization, it’s in what you can do once those assets are onchain.”

With $39 billion in total value locked, Aave is positioning Horizon as its institutional gateway to decentralized finance.

YZY Token Frenzy Ends With Heavy Losses and Insider Gains

The debut of YZY, a Solana memecoin promoted by rapper Ye, has turned sour for retail traders. Blockchain data from Bubblemaps shows more than 70,000 wallets are in the red, with collective losses of around $8.2 million. Over 51,000 addresses lost less than $1,000, but at least three wallets suffered drawdowns of more than $1 million each.

At the same time, insiders and veteran traders reaped outsized profits. Bubblemaps linked infamous LIBRA promoter Hayden Davis to $12 million in early YZY buys, while the very first purchaser—an experienced trader known as “Naseem”—flipped an initial $250,000 into more than $1 million, despite supposed anti-sniping protections. Bubblemaps called him an “expert sniper with a proven track record” from earlier successes in Trump’s memecoin.

With 70% of YZY supply locked to Ye’s corporate entity and only 20% offered publicly, the uneven distribution fueled skepticism.

Tether to Introduce USDT Stablecoin on Bitcoin’s RGB Protocol

Tether has announced plans to issue its USDT stablecoin on RGB, a protocol built to support asset issuance directly on Bitcoin. RGB, which launched its mainnet earlier this year, is designed to enable private, scalable, and user-controlled transactions beyond Bitcoin’s base layer.

According to the company, integrating USDT with RGB will allow users to hold and transfer the stablecoin alongside Bitcoin in the same wallet, with support for offline transactions. Tether CEO Paolo Ardoino said the move aims to make USDT “lightweight, private, and scalable” within the Bitcoin ecosystem.

Stargate DAO Approves $120 Million LayerZero Acquisition Amid Rival Bids

Stargate DAO has voted overwhelmingly to approve a $120 million acquisition by the LayerZero Foundation, despite last-minute competition from rivals Wormhole, Axelar, and Across. 

Nearly 95% of participants supported the deal, which will dissolve Stargate’s governance structure and allow holders of its STG token to swap for LayerZero’s ZRO at a fixed ratio of 1 STG to 0.08634 ZRO.

LayerZero revised its original proposal after pushback, offering veSTG stakers half of Stargate’s revenue for six months before redirecting proceeds to a ZRO buyback program. CEO Bryan Pellegrino called the result “the highest participation of any vote in Stargate’s history,” with more than 15,000 wallets taking part.

Wormhole attempted to delay the process with an all-cash $120 million counter-offer, while Axelar and Across signaled interest if the vote were paused. Despite these efforts, LayerZero reclaimed control of the cross-chain bridge it first launched in 2022.

Watch the weekly recap on YouTube!