Stablecoin giant Tether is in advanced talks to raise between $15bn and $20bn, according to Bloomberg. The goal: to accelerate its diversification well beyond USDT, already the leader with more than $172bn in circulation. This fundraising, which would value Tether at up to $500bn (on par with OpenAI or SpaceX), would be used to finance its projects in AI, energy, media, communications, and commodities. This is a colossal gamble, coming at a time when the company has just launched USAT, its stablecoin tailored for the US market, in order to circumvent the regulatory barriers of USDT in the United States. If the operation is successful, Tether would establish itself as one of the most powerful financial players in the global Web3.

Changpeng Zhao deploys $10bn via Yzi Labs, his crypto fund with global ambitions

Former Binance boss Changpeng Zhao continues to wield influence in the crypto ecosystem via Yzi Labs, an investment fund launched in early 2025 with $10bn in capital from his personal fortune and former Binance executives. Led by Ella Zhang, Yzi Labs could soon open up to external investors, while strengthening its expertise in AI, biotech, and robotics, beyond the 70% of funds still dedicated to cryptocurrencies. While CZ is still serving his sentence for money laundering charges and seeking a presidential pardon, some already see this as a launch pad for his return to business. In any case, the fund is establishing itself as a major player in Web3 venture capital, backed by one of the world's largest crypto fortunes: $81bn.

Trump & cryptos: World Liberty Financial prepares its payment card

The Trump family's crypto project, World Liberty Financial (WLFI), is not slowing down. After launching two cryptos, the group is preparing to release its own payment card, which will soon be integrated with Apple Pay, according to its co-founder Zak Folkman. It also promises a payment app, part Venmo, part Robinhood, but without its own blockchain, as World Liberty wants to be "agnostic" and not an infrastructure operator. Despite controversies over conflicts of interest, the project continues to expand, backed by a long-term strategy: "we think in decades," says Zak Folkman.

Deutsche Bank compares Bitcoin to gold

In a report published this week, Deutsche Bank draws a bold parallel between Bitcoin and gold. Long seen as a speculative asset, BTC is changing status, driven by growing interest from institutional investors and its potential as a macroeconomic hedge. The German bank believes that "history is repeating itself": like gold in the past, Bitcoin is maturing despite volatility and initial doubts. With the dollar's decline in global reserves (43% compared to 60% in 2000), BTC could appeal to central banks looking for new safe-haven assets. According to Deutsche Bank, Bitcoin could be included in official balance sheets by 2030, alongside gold. This would be a scenario of coexistence, where both assets would play a strategic role in diversification in the face of geopolitical and monetary uncertainties.

Block 2: Crypto Analysis of the Week

The SEC, the US stock market regulator, has just approved generic listing standards for cryptocurrency-backed ETFs. Gone is the procedural maze of 240 days of review. From now on, a single rule—the famous Rule 6c-11—will allow what used to take months to be validated in a matter of weeks.

For altcoin enthusiasts, this is a revolution. Solana, XRP, Litecoin, Dogecoin, and a dozen other assets that already have futures contracts listed on Coinbase or oversight frameworks could soon see their spot ETFs approved. The idea is simple: if an asset is already under supervision via existing futures or ETFs, it can now be used as an underlying asset without going through the cumbersome Rule 19b-4 procedure.

  • Rule 19b-4: This is the cumbersome procedure: every time an exchange (NYSE/Nasdaq/Cboe) wants to list a new "unusual" ETF (e.g., crypto spot), it must file a rule change application with the SEC. The SEC has up to approximately 240 days to say yes or no. This is therefore generally a long and uncertain process.

  • Rule 6c-11: This is the fast track for standard ETFs: if the ETF meets predefined criteria (market surveillance, transparency, liquidity, etc.), there is no need to go through 19b-4. The stock exchange can list it "by default" much more quickly. So for cryptocurrencies already under surveillance (via regulated futures contracts or an existing framework), a spot ETF can be approved in weeks rather than months.

List of all cryptocurrencies that have futures contracts on Coinbase = eligible for conversion to spot ETFs.
Bloomberg

Observers were quick to react. James Seyffart (Bloomberg Intelligence) refers to the "framework we've been waiting for for years"; Eric Balchunas adds (Bloomberg): "The last time the SEC introduced generic standards for ETFs, the number of launches tripled. Expect to see more than 100 crypto ETFs hit the market in the next 12 months." In other words: a regulated deluge.

Precedents set the tone. In 2019, the adoption of generic standards for equity ETFs increased the pace from 117 launches per year to nearly 370.

Surge in the number of equity ETFs after rule changes
Bitwise

The same scenario applied to cryptocurrencies could shake up the investment landscape: not only dozens of new products, but also a massive influx of capital that had previously been blocked outside the ecosystem. Pension funds, insurance companies, 401(k)s, wealth managers: all players who had neither the desire nor the ability to open an account on an exchange, but who know very well how to buy a Nasdaq-listed ETF.

Not everything will be automatic. The rules still require eligible assets to have been under supervision or underlying regulated futures contracts for at least six months. But the door is ajar, and for altcoins that have been waiting on the sidelines, the prospect is clear: a legitimate ticket into traditional finance.

Beyond the announcement effect, another movement is gaining momentum: diversification. Grayscale has been given the green light to transform its Digital Large-Cap Fund into an ETF, paving the way for crypto index products. As with stock market indices, the idea is to offer instant exposure to a basket of tokens without betting on a single one. This is an attractive formula for cautious institutional investors, but also for individuals looking for a "turnkey" entry point into the volatile world of crypto.

In short: after bringing bitcoin (BTC) and ether (ETH) into the ETF era, the SEC has just opened the door for everything else. The next "altcoin season" may not be played out on Binance or Coinbase... but on the screens of Wall Street portfolio managers. Stay tuned.

cryptocurrency rankings (Click to enlarge)

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