50T Investor Newsletter (Nov 3)
Nov 3, 2025
Hi Investors,
It was another busy week across all sectors of the DAE. JPMorgan advanced its use of tokenized collateral, Coinbase and Ledn delivered record earnings, and new IPO candidates signaled growing public-market readiness. Circle’s Arc testnet also went live - with participation from over 100 major financial institutions including BlackRock, Visa, and Franklin Templeton - reinforcing how onchain infrastructure is being adopted by incumbents, not just built around them. At the same time, ecosystem-level innovation continued with Zenrock (50T-incubated) launching zenZEC to bring Zcash’s privacy to composable DeFi on Solana with native rewards.
Below are the key developments:
Market Moves
JPMorgan tokenizes private-equity fund for private-bank clients using its in-house blockchain
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Western Union to launch USDPT stablecoin on Solana in partnership with Anchorage
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Mastercard to acquire Zerohash for nearly $2Bn to deepen stablecoin infrastructure stack
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ConsenSys prepares IPO with JPMorgan and Goldman Sachs as lead underwriters
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IBM launches Digital Asset Haven, a tokenization platform for governments & institutions
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WisdomTree launches 14 tokenized funds on Plume Network
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Visa adds support for 4 new stablecoins across 4 blockchains as stablecoin spend quadruples
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European Commission considers unified crypto and stock exchange oversight authority
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Tether reports annual profits exceeding $10Bn; U.S. Treasury holdings pass $135Bn
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Portfolio Headlines
 | Coinbase Q3 revenue grew 25% QoQ to $1.87Bn with $801MM in adjusted EBITDA Coinbase in late-stage talks to acquire BVNK for ~$2Bn to expand stablecoin payments reach Partners with Citi to develop institutional digital-asset payments stack |
 | Expands staking access via Coinbase Prime integration |
 | Becomes top crypto exchange in EU lobbying spend, surpassing Coinbase |
 | Named best crypto hardware wallet of 2025 by The Block |
 | Zenrock (50T incubated) launched zenZEC, bringing Zcash’s privacy-preserving asset composability to Solana with Day 1 DeFi rewards via Orca. zenZEC is the first wrapped ZEC that earns yield today, powered by Zenrock’s distributed MPC custody layer -- where fees from every asset in the system flow back to TVL providers. |
Chart sof the Week
Over the past few years, onchain fees have declined sharply even as token value capture has grown, reflecting greater network efficiency and stronger protocol monetization
Ethereum continues to break transaction records, with total network activity reaching new highs as Layer 2 scaling drives sustained growth in throughput
Tether now holds roughly $135Bn in U.S. Treasuries - enough to rank as the 17th largest holder globally - demonstrating its scale within treasury markets
Solana remains the most favored chain for new project launches, outpacing all others by a wide margin in monthly developer activity
Industry News
Notable Raises
Bron Labs – Self-Custody & Data Ownership
Raised $15MM led by Polychain to build user-owned digital asset & credential management
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Hercle – Institutional Payment & Settlement Infrastructure
Raised $60MM led by Lightspeed to scale stablecoin settlement and FX rails
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Standard Economics – Stablecoin Remittances
Raised $9MM seed led by Paradigm to build cross-border payments for unbanked markets
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ZAR – Stablecoin Payments for Global South
Raised $12.9MM led by a16z crypto to expand USD stablecoin access & payment infra
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Industry News
MEXC exec issues public apology after $3MM withdrawal dispute
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dYdX plans U.S. market entry with regulated derivatives platform pending CFTC approval
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tZERO announces 2026 IPO plans to expand regulated digital securities exchange
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Kalshi sues New York regulators after review finds licensing gaps
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Canada outlines national stablecoin licensing framework
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ECB accelerates digital euro rollout with 2029 target
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Worldcoin expands "proof of human" ID program to FIFA, NFL, and Pudgy Penguins Games
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Looking Ahead
Nov. 3-7: New York Blockchain Week
Nov. 4-5: SmartCon (New York)
Media & Insights
📄 Research Piece of the Week: 1kx
2025 Onchain Revenue Report
📌 Post of the Week: Jack Krevitt
Zenrock is unlocking every asset on Solana