What Pump must fix to win back the crypto community

The Price of PUMP Is at Its Lowest Since the ICO. Will It Recover?

The price of PUMP is now down below the ICO price. What went wrong? And can it recover?

Pump raised $600 million in 12 minutes. Then the token crashed … and sentiment with it.

In this episode, Delphi’s Yan Liberman, Jason Pagoulatos, and Simon Smockey unpack what really happened, from the lack of investor lockups to the underwhelming post-ICO communication, and what Pump must do now to win back the market.

We also get into whether the “everything app” strategy still makes sense, what decentralization means after this cycle, and what tokens can learn from equity markets.

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:

• 🇺🇸 Tether’s dropping a U.S.-only stablecoin, and it’s coming soon

• 🏛️ Goldman, JPMorgan, and friends are going big on blockchain

• 💼 Solana’s new treasury fund is raising $1.5B — with a familiar name in charge

• 🎯 Polymarket’s back in the U.S. and thinking about launching its own coin

• 🎰 Solana and Jito execs get sued over a $5B memecoin “casino”

• 🪙 Trump’s media firm just went all-in on bitcoin — to the tune of $2B

• 📈 BitGo and Bullish are lining up to go public

• ⚙️ Jito rewires how Solana handles transactions — and says it’s just the start

• 📃 Senate Republicans drop a new crypto bill with big implications

• 📲 Telegram’s built-in wallet goes live for 87 million U.S. users

• 🔁 Celestia buys back $62M in tokens as a top investor checks out

Tether Prepares U.S.-Focused Stablecoin 

Tether, the issuer of the world’s largest stablecoin, is preparing to launch a new U.S.-domestic stablecoin designed for institutional use, marking a major step in its return to the American market. The move follows the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which establishes strict requirements for fiat-backed digital assets.

Speaking to Bloomberg, Tether CEO Paolo Ardoino said, “We are well in progress of establishing our U.S. domestic strategy,” and confirmed that the company plans to “announce it in the next couple of months.”

The forthcoming stablecoin will be distinct from USDT, which serves global markets and currently holds a market cap of over $162 billion. Tether’s U.S.-specific token will focus on institutional payments and interbank settlements.

Ardoino acknowledged competition from major financial firms entering the stablecoin space but noted, “We have a much better understanding of this market than anyone else.”

Wall Street Moves Deeper Into Digital Assets

Institutional adoption of blockchain technology accelerated this week as major U.S. financial firms unveiled a series of crypto-focused initiatives. 

Goldman Sachs and BNY Mellon will launch tokenized money market funds (MMFs) on Goldman’s Digital Asset Platform, backed by U.S. Treasuries. These funds will be available via BNY Mellon’s LiquidityDirect platform, allowing institutional clients to manage liquidity and rebalance portfolios around the clock using programmable smart contracts. Early participants include BlackRock, Fidelity, and Goldman itself. The tokenized U.S. Treasury market has grown nearly 500% year over year to $6.75 billion.

JPMorgan is exploring lending directly against bitcoin and ether holdings, marking a shift from its earlier stance. The move would involve using third-party custodians to manage crypto collateral and reflects broader institutional engagement under lighter regulatory conditions.

Western Union is developing stablecoin on- and off-ramp services within its digital wallet. The firm is also assessing ways to offer stablecoin products to global users for cross-border payments and value storage.

Meanwhile, PNC Bank has partnered with Coinbase to provide crypto access through the exchange’s Crypto-as-a-Service platform. The collaboration will allow PNC’s 12 million customers to buy, hold, and sell cryptocurrencies, further bridging traditional banking with digital assets.

Solana-Backed Accelerate Taps Joe McCann to Lead $1.5 Billion Treasury Venture

Joe McCann, founder of the crypto hedge fund Asymmetric Financial, is set to take the helm of a new Solana-focused treasury company called Accelerate, according to pitch materials obtained by Unchained. The firm aims to raise up to $1.5 billion and go public via a SPAC merger with Gores X Holding.

Despite Asymmetric’s liquid fund reportedly falling 80% this year, McCann announced its closure on X, writing, “I’ve notified our LPs that we are shifting away from liquid trading strategies.” He offered investors the option to exit or roll over capital into an illiquid strategy.

Accelerate’s financial model outlines plans to raise $800 million via a PIPE, $358.8 million through the SPAC vehicle, $250 million in convertible debt, and $103.2 million from warrants. If successful, Accelerate would surpass Upexi to become the largest SOL treasury firm, with plans to acquire over 7 million SOL tokens.

Polymarket Eyes U.S. Comeback

Crypto prediction market Polymarket is preparing to reenter the U.S. after acquiring QCX, a licensed derivatives exchange and clearinghouse. 

The $112 million deal gives Polymarket access to a Commodity Futures Trading Commission (CFTC) license, resolving prior regulatory barriers tied to unregistered trading activity. The platform had previously agreed to block U.S. users in 2022 as part of a CFTC settlement, but recent investigations by the CFTC and the Department of Justice have now concluded.

Alongside the acquisition, Polymarket is also considering a move into the stablecoin space. The company may either launch a platform-native stablecoin or pursue a revenue-sharing agreement with Circle, the issuer of USDC. 

A person familiar with the plans told CoinDesk, “Polymarket is locking a lot of stablecoin value in their betting pools and so they want some kind of mechanism to get the yield.”

Solana and Jito Execs Named in RICO Lawsuit Over Pump.fun Memecoin Scheme

A class action lawsuit filed in the Southern District of New York has accused Pump.fun and its infrastructure partners of running a $5.5 billion unlicensed gambling operation through meme coin trading. The amended RICO complaint names top executives from Solana Labs, the Solana Foundation, Jito Labs, and the Jito Foundation as co-conspirators.

Defendants include Solana co-founders Anatoly Yakovenko and Raj Gokal, Foundation leaders Dan Albert and Lily Liu, and Jito Labs CEO Lucas Bruder and COO Brian Smith. The plaintiffs allege the firms “engineered and maintained” a system resembling a digital casino, using bonding-curve pricing and anonymous wallets to simulate gambling.

“They are not bystanders to fraud. They are its architects, beneficiaries, and co-conspirators,” the complaint states.

Additional claims include wire fraud, unlicensed money transmission, and securities violations.

Former BlackRock Executive Takes Co-CEO Role at Ethereum Treasury Firm SharpLink

Joseph Chalom, a former managing director at BlackRock, has joined Ethereum treasury company SharpLink Gaming, Inc. as co-CEO. 

At BlackRock, Chalom led the firm’s digital asset strategy and built partnerships with Anchorage Digital, BNY Mellon, Circle, and Coinbase to expand institutional access to crypto markets.

SharpLink, chaired by Ethereum co-founder Joseph Lubin, manages $1.3 billion in ETH and is among the largest Ethereum treasury firms. Chalom’s appointment comes as BlackRock’s Ethereum ETF surpassed $10 billion in assets under management this week.

Trump Media Invests $2 Billion in Bitcoin

Trump Media & Technology Group, the parent company of Truth Social, has acquired approximately $2 billion in bitcoin and related securities, marking a major step in its transition to a crypto treasury model. The purchase represents about two-thirds of the company’s $3 billion in liquid assets.

An additional $300 million has been allocated toward bitcoin options, which the firm may convert into bitcoin depending on market conditions. CEO Devin Nunes said the move aims to “help ensure our company’s financial freedom” and support future token initiatives tied to Truth Social.

BitGo and Bullish Join IPO Wave

Two major players in the crypto sector have filed for public listings as the industry benefits from renewed market momentum. 

Crypto custody firm BitGo has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) for an initial public offering. The Palo Alto-based company, which recently surpassed $100 billion in assets under custody, has not yet disclosed its target valuation or offering size.

Meanwhile, Bullish, the digital asset exchange backed by Peter Thiel, filed publicly for a $100 million IPO with plans to list on the New York Stock Exchange under the ticker “BLSH.” 

Despite reporting a $348.6 million net loss in Q1 2025, the firm highlighted over $1.25 trillion in total trading volume since launch. The deal will be underwritten by a consortium of major banks including J.P. Morgan and Citigroup.

Jito Overhauls Solana Block Building With New Marketplace System

Jito Labs, which powers most of Solana’s network activity, has introduced a major upgrade called the Block Assembly Marketplace, or BAM. The new system changes how transactions are organized before being added to the blockchain, with the goal of making Solana more fair, secure, and efficient for users.

“BAM is basically decentralizing ourselves,” said Jito CEO Lucas Bruder, describing the shift as a way to give more control back to the broader network.

Instead of relying on a single system to sort transactions, BAM uses a network of trusted computers to do the job privately and securely. This helps prevent unfair trading practices and creates a visible audit trail.

BAM will also let apps earn revenue and share it with users, developers, or token holders. Jito plans to expand the system throughout 2025 and make its code open to the public later this year.

In related news, Solana developers are testing a 66% increase to the network’s processing limit per block, aiming to support heavier traffic from complex apps like DeFi order books and NFT mints without slowing down transactions.

Senate Republicans Propose Crypto Market Bill

Senate Republicans have introduced a discussion draft aimed at reshaping crypto market regulation by building on the House-passed Clarity Act. 

Led by Senate Banking Committee Chair Tim Scott and co-sponsored by Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno, the proposal defines a new category of “ancillary assets” — crypto tokens that are not classified as securities.

Ancillary assets are described as intangible, tradable assets sold without offering equity or ownership rights. While not regulated as securities, issuers would still need to disclose information such as project details, supply metrics, insider activity, and leadership background, unless they raise less than $5 million in their first year or remain below that in daily trading volume.

The bill instructs the SEC to adjust its rules for digital asset activity and would also permit banks to custody crypto, make crypto-backed loans, and run blockchain infrastructure. It does not address CFTC oversight, which is expected in a separate bill from the Senate Agriculture Committee.

Telegram Launches Built-In Crypto Wallet for 87 Million U.S. Users

Telegram has rolled out its crypto wallet, TON Wallet, to its 87 million users in the United States. Integrated directly into the messaging app, the wallet allows users to send, receive, and manage cryptocurrencies without needing additional downloads or logins.

Developed by The Open Platform (TOP) and powered by The Open Network (TON) blockchain, TON Wallet is self-custodial, meaning users control their own private keys. Features include peer-to-peer token transfers, crypto swaps, staking, and zero-fee purchases via MoonPay using Apple Pay, Google Pay, or debit cards. A split-key system links wallet access to a Telegram account and email, streamlining security and recovery.

TON Wallet had previously launched internationally in 2023, with over 100 million activations by 2024. The U.S. launch had been delayed due to regulatory uncertainty but is now backed by the TON Foundation.

Celestia Foundation Buys Back $62.5M in TIA Tokens from Polychain

Polychain Capital has sold its remaining stake in Celestia’s native TIA tokens to the Celestia Foundation for $62.5 million, marking the venture firm’s full exit from the project. The Foundation acquired over 43 million tokens, which will now be redistributed to new investors through a phased unlock schedule between August and November.

The sale follows criticism of Polychain’s large-scale sales of staking rewards, despite its core token allocation remaining locked. The transaction also comes ahead of Celestia’s “Lotus” upgrade, which will lock staking rewards in line with token vesting, cut inflation by 33%, and cap validator commissions at 25%.

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