50T Investor Newsletter (Oct 6)

Hi Investors,

We kicked off October with a wave of major institutional moves - led by Stripe’s launch of “Open Issuance,” a new stablecoin issuance platform built in partnership with BlackRock and Fidelity, and Societe Générale’s deployment of euro and dollar stablecoins on Uniswap and Morpho. Visa piloted stablecoin settlement on Visa Direct, while Coinbase applied for a federal trust charter to expand its payments and custody capabilities. Regulators also stayed active as the SEC issued its first crypto no-action letter since 2019, signaling progress toward clearer frameworks for tokenized assets. On the market front, M&A activity reached record highs, prediction markets continued their surge, and stablecoins hit a new milestone - representing over 1.2% of U.S. M2 money supply.

Below are the key developments:

Market Moves

Stripe/Bridge launched “Open Issuance” for institutional-grade stablecoins
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Societe Générale deployed euro & dollar stablecoins on Uniswap and Morpho
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Anchorage integrated Jupiter into Porto Wallet for institutional Solana DeFi access
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Visa pilots stablecoin pre-funding for Visa Direct cross-border payments
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SEC issued first crypto no-action letter since 2019 for DoubleZero’s 2Z token
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Flying Tulip launched $200MM tokenized fund model with onchain redemption
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CME Group announced it will offer 24/7 trading for cryptocurrency futures
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Phantom launched Phantom Cash with Bridge, an onchain payments account and debit card with Visa and Apple Pay integration, powered by its new stablecoin
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FalconX partnered with Bullish to launch 24/7 crypto options trading, joining top institutional market makers to provide liquidity and pricing
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Portfolio Headlines

	Republic tokenized Animoca equity on Solana, enabling global investor access → Link
	Launched USYC (U.S. Treasury Yield Coin) on Solana for faster, cheaper tokenized treasuries → Link
	Coinbase applied for federal trust charter to expand payments business → Link Integrated 1inch API to enhance token swaps → Link Enabled USDC lending with yields up to 10.8% via Morpho vaults on Base → Link Samsung and Coinbase partnered to embed crypto access into Galaxy devices, unlocking 75MM+ users → Link
	Doodles partnered with Froot Loops for NFT-themed cereal box collaboration → Link
	Mercado is developing a blockchain-agnostic layer to power its financial super app → Link

Charts of the Week

Crypto M&A volume hit a record $10.4Bn in Q3 ‘25 across 96 deals, more than doubling the previous quarter and marking the most active period in industry history

The DAE has produced the five fastest companies to reach $100MM in revenue, reflecting how onchain networks accelerate product adoption and capital formation

Prediction market activity hit an all-time high in September with 14.8MM monthly transactions, driven by Kalshi’s surge following its Robinhood integration, while Polymarket maintained a strong second position

Stablecoins now represent roughly 1.2% of the U.S. M2 money supply - their highest share to date and a signal of rising integration with the broader dollar system

Industry News

Notable Raises

Bitcoin Depot (Bitcoin ATMs)
Acquired the assets of National Bitcoin ATM, expanding its U.S. footprint by 25% and solidifying its position as the nation’s largest crypto ATM network
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KGeN (Verification Infrastructure)
Raised $13.5MM in a strategic round led by Jump Crypto, with participation from Accel and Prosus Ventures, to expand its verified distribution protocol across gaming, DeFi, AI, and consumer apps
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Lava (Bitcoin Lending)
Raised $17.5MM Series A extension with participation from former Visa and Block executives to expand its Bitcoin-backed lending platform and launch a 7.5% APY yield product
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Talus Network (Prediction / AI Infrastructure)
Raised $10MM from Sui Foundation and Walrus Capital to accelerate development of AI-powered prediction markets
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xMoney (Compliant Global Payments / Stablecoin Infrastructure)
Raised $21.5MM in a strategic round led by Sui Foundation, with backing from MultiversX, to scale its compliant payments rails and launch its native token, XMN
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Industry News

Hyperliquid airdropped 4,600 “Hypurr” NFTs to early users
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Moonbirds announced plans to launch BIRB token on Solana amid an NFT resurgence
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SEC Chair Atkins stated “crypto is job one” as the SEC and CFTC moved toward unified policy coordination
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SEC clarified that state-chartered trusts can serve as qualified crypto custodians for RIAs
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The White House withdrew Brian Quintenz’s CFTC Chair nomination after a dispute with the Winklevoss twins
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The IRS issued interim guidance exempting large C-corps from CAMT taxes on unrealized crypto gains
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SWIFT announced plans to integrate a blockchain-based ledger for 24/7 tokenized cross-border payments
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Chainlink and UBS advanced a $100T+ tokenization initiative via a SWIFT-integrated workflow
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Nomura’s Laser Digital confirmed plans to apply for a crypto trading license in Japan
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Looking Ahead

Oct 13–15: Blockworks Digital Asset Summit

Media & Insights

📄 Research Piece of the Week: Nic Carter
The Stablecoin Duopoly Is Ending

 📌 Tweet of the Week: Dan Tapiero
“Bitcoin bull market hasn’t even started”