Digital currency markets demonstrated renewed strength this week as leading layer-1 protocols Ethereum, Hype, and BNB spearheaded a significant recovery. The resurgence comes despite substantial outflows from Ethereum exchange-traded funds reaching record levels during the previous trading period.
Market infrastructure continues evolving rapidly, with payment network Swift announcing plans to deploy blockchain technology in response to growing stablecoin adoption. The stablecoin sector itself achieved a landmark moment, with total supply surpassing $300 billion for the first time. This expansion contributed to Plasma briefly reaching a $13 billion valuation amid the sector-wide surge.
Regulatory developments remain in focus as SEC Commissioner Hester Pierce emphasized the need for accelerated progress in cryptocurrency regulation. Meanwhile, institutional adoption continues advancing with Vanguard evaluating cryptocurrency ETF access for its client base and Kraken reportedly negotiating funding rounds that could value the exchange at $20 billion.
In corporate developments, Revolut is considering a dual listing potentially valued at $75 billion across New York and London exchanges. The ASTER protocol achieved a notable milestone by surpassing Tether in fee generation, while Binance maintained dominance in perpetual futures trading volume.
Global financial institutions are increasingly embracing blockchain technology, with QNB implementing distributed ledger solutions for USD settlements and UK banks preparing to pilot tokenized sterling deposits. However, regulatory measures are tightening in some jurisdictions, as Turkey moves to grant its financial watchdog authority to freeze digital asset accounts.
