Gemini submits IPO application to SEC, META's total market value exceeds $2 trillion for the first time

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project updates, technological advancements, and other industry dynamics. This article is part of the News Weekly section, providing an overview of the week's major blockchain industry events. Gemini Files for IPO with SEC, Intends to List on Nasdaq Crypto platform Gemini announced that it has publicly filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning an initial public offering (IPO). The company intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "GEMI." The number of shares to be offered and the price range have not yet been determined, and the listing process depends on market and other conditions. Goldman Sachs and Citigroup are the lead underwriters, with Morgan Stanley and Cantor also participating. Founded by Cameron and Tyler Winklevoss in 2014, Gemini now offers crypto products and services in over 60 countries worldwide. META's total market capitalization surpasses $2 trillion for the first time. META's stock price rose nearly 2% during trading, reaching a new all-time high. Its total market capitalization surpassed $2 trillion for the first time, making it the sixth publicly listed company on the US stock market to reach a total market capitalization of $2 trillion. The US Treasury Department is considering embedding digital identity verification mechanisms in DeFi protocols. The US Treasury Department has launched a public consultation based on the GENIUS Act, exploring the integration of digital identity verification tools into DeFi smart contracts to combat illicit financial activities. The proposal includes automating KYC/AML checks on-chain through APIs, while also employing technologies like biometrics to reduce compliance costs. Banking industry groups have warned that loopholes in the regulation of stablecoin interest payments could lead to an outflow of $6.6 trillion in bank deposits. Public consultation will run until October 17, 2025, after which the Treasury will submit a report to Congress and may introduce new regulations. Emirates, Travala, and Air Arabia now accept Bitcoin, Ethereum, and USDT for flight bookings. According to Cointelegraph, UAE travelers can use Bitcoin, Ethereum, and USDT to book flights through Emirates, Travala, and Air Arabia. According to the U.S. Securities and Exchange Commission (SEC), Tiger Global Management (TIGER) has established a position in approximately 125,000 Class A shares of Circle, the first stablecoin company, in Q2. Tiger Global Holdings Inc. (TIG. GLOBAL) submitted its second-quarter holdings report (13F) as of June 30, 2025, which showed that Tiger Global Holdings Inc.'s total market value in the second quarter reached US$34.1 billion, including 125,000 newly purchased Class A shares of stablecoin issuer Circle. Circle's stock performed strongly when it went public in June of this year, and its market value has since increased nearly fivefold from its initial public offering price. However, just two months after completing the most eye-catching public listing in recent years, stablecoin issuer Circle suffered a loss in the second quarter, while revenue exceeded expectations. Circle previously announced a net loss of US$482 million (US$4.48 per share), which was mainly affected by the significant non-cash expenses related to the IPO.

Policy

▌The Federal Reserve has closed the "Novel Activities Supervision Program" established in 2023.

The Federal Reserve announced on Friday local time that it has closed its "Novel Activities Supervision Program" established in 2023. Part of the program's original function was to strengthen the supervision of cryptocurrency business in the banking industry.

▌US SEC Chairman: SEC does not need to wait for Congress (legislation) to formulate blockchain-related rules

According to market news released by @Cointelegraph: US Securities and Exchange Commission (SEC) Chairman Atkins said that the SEC does not need to wait for Congress (legislation) to formulate blockchain-related rules.

▌Banking Groups Urge U.S. Senate to Close Loopholes in GENIUS Act

The American Bankers Association, the Bank Policy Institute, and banking groups in more than 50 states are asking Congress to close “loopholes” in the GENIUS Act that allow stablecoin interest to be paid through exchanges and third parties. Banking groups warn that there is a risk of $6.6 trillion in deposits being lost, which could disrupt traditional lending and increase borrowing costs. Solana Labs co-founder Anatoly Yakovenko has successfully dodged service of the pump.fun lawsuit nine times. The lawsuit accuses him of involvement in the meme coin platform's fraudulent "casino" operation. Law firms Burwick Law and Wolf Popper recently filed amended lawsuits targeting pump.fun, naming crypto companies Solana and Jito, along with several executives, as defendants. The legal team began serving the lawsuit on the defendants, including Solana Labs and Jito Labs, last week. According to @pete_rizzo_, Brazil’s sixth-largest city passed a bill in the second round of voting to become the country’s “Bitcoin capital”. Galaxy Completes $1.4 Billion Financing to Accelerate Development of Helios AI Data Center. Digital asset provider Galaxy Digital Inc. today announced the closing of $1.4 billion in project financing (the "Debt Financing") to support the continued development of its Helios data center campus. Under a long-term agreement with CoreWeave Inc., the Debt Financing will fully fund the initial renovation and expansion of Helios, providing power for the first phase of AI and high-performance computing (HPC) operations. Galaxy has provided $350 million in equity financing, with the remaining construction costs covered by the debt financing. The $1.4 billion debt financing is secured at an 80% loan-to-cost ratio, has a 36-month term, and is secured by all assets associated with the first phase of Helios construction.

▌Citigroup Considers Providing Custody and Payment Services for Stablecoins and Crypto ETFs

Citigroup is exploring the provision of custody, payment, and US dollar exchange services for stablecoins and crypto-asset-related ETFs. It plans to custody the US Treasury bonds and cash that support stablecoins, and may issue its own stablecoins. This move was driven by the passage of stablecoin legislation by the US Congress and the Trump administration's relaxation of regulations. Citigroup is also considering using stablecoins to achieve cross-border instant payments and discussing application scenarios with clients. Currently, Coinbase dominates the custody business in this field. Sola, an AI-native platform, has secured $17.5 million in Series A funding, led by a16z. Sola leverages AI bots to automate workflows. These agents observe users performing tasks on screen and then automatically handle those tasks even within traditional tools without APIs or integrations. MetaMask, a prominent Ethereum-based crypto wallet, plans to announce details of its USD-pegged stablecoin, mUSD, as early as this week, with an expected launch at the end of the month, according to sources familiar with the matter. mUSD will be issued by Bridge, a payment stablecoin provider acquired by fintech giant Stripe this year, and M^0, a stablecoin issuance protocol. Blackstone, an alternative asset manager, will also provide custody and fund management services. MetaMask, which has over 30 million monthly active users, is issuing the stablecoin to share in the returns of highly liquid assets such as short-term US Treasury bonds.

▌Bitcoin is an artificial intelligence transaction achieved through technological deflation in the next 10 years

According to @IIICapital, Bitcoin is an artificial intelligence transaction achieved through technological deflation in the next 10 years.

Cryptocurrency

▌In the past month, the supply of stablecoins on Ethereum increased by US$16.4 billion

According to Artemis data, the supply of stablecoins on Ethereum increased by US$16.4 billion in the past month. According to BitcoinNews, Norway's central bank, NorgesBank, increased its Bitcoin equivalent exposure from 6,200 BTC to 11,400 BTC in the second quarter, an increase of 83%. Almost all of this holding is invested in Strategy (formerly Micro Strategy), with a small amount invested in Metaplanet.

▌Huajian Medical intends to spend no more than HK$3 billion to purchase cryptocurrencies

Huajian Medical (01931.HK) issued an announcement. As the Board of Directors believes that the purchase and holding of cryptocurrencies is an important measure for the Group to consolidate its Ethereum (ETH) reserve and accelerate the construction of the ivd.xyz exchange ecosystem and other business layout and development, it is also an important part of the Group's asset allocation strategy. After careful consideration, the Board of Directors recommends seeking the prior approval of shareholders to grant a purchase authorization to authorize the Board of Directors to make potential cryptocurrency purchases within a period of 36 months from the date on which the ordinary resolution regarding the purchase authorization and potential cryptocurrency purchases is formally passed at the extraordinary general meeting of shareholders, but the total purchase amount shall not exceed HK$3 billion. According to official data, in the seven days ending August 14, Circle issued approximately 8.6 billion USDC and redeemed approximately 5.7 billion USDC, with a circulation increase of approximately 2.9 billion. The total circulating supply of USDC is 67.5 billion, with reserves of approximately US$67.6 billion, including approximately US$10.2 billion in cash and approximately US$57.4 billion held in the Circle Reserve Fund.

▌Sign Foundation announced the completion of the first $12 million $SIGN token repurchase

Sign Foundation officially announced today that it has completed the first $SIGN token repurchase with a scale of $12 million, of which $8 million was repurchased through public repurchase on the secondary market, and a total of 117 million $SIGN have been repurchased; another $4 million was executed through OTC.

Important Economic Developments

▌10-Year U.S. Treasury Yield Rises Over 4 Basis Points This Week

At the close of New York trading on Friday (August 15), the 10-year U.S. Treasury yield rose 3.89 basis points to 4.3238%, a cumulative increase of 4.08 basis points this week. It had fallen to 4.1979% three minutes before the release of the U.S. PPI data on August 14. The two-year U.S. Treasury yield rose 2.44 basis points to 3.7568%, a cumulative decrease of 0.55 basis points this week, showing an overall V-shaped trend. It also fell to 3.6513% before the release of the PPI data. The 2-year/10-year Treasury yield spread rose 1.449 basis points to +56.485 basis points, a cumulative increase of 4.429 basis points this week. Federal Reserve Chair Candidate Marc Summerlin: Supports a 50 basis point rate cut next month. According to Bloomberg, economist Marc Summerlin, considered a potential candidate for Federal Reserve chairman, said policymakers should cut interest rates significantly next month, but warned they would have to halt cuts if long-term Treasury yields rise. Sumerlin, an economist at the management consulting firm Evenflow Macro, said the federal funds rate of 4.3% is too high and there is room for a 50 basis point cut. He supports a 50 basis point cut due to the inverted yield curve.

▌Central Bank: Implement a moderately loose monetary policy in detail

The Central Bank released the China Monetary Policy Implementation Report for the second quarter of 2025. In the next stage, we will implement a moderately loose monetary policy in detail. Based on the domestic and international economic and financial situation and the operation of the financial market, we will control the intensity and rhythm of policy implementation, maintain ample liquidity, ensure that the growth of social financing scale and money supply matches the expected targets of economic growth and overall price level, and continue to create a suitable financial environment. We will take promoting a reasonable rebound in prices as an important consideration in grasping monetary policy, and push prices to remain at a reasonable level.

▌The number of initial jobless claims in the United States for the week ending August 9 was 224,000.

The number of initial jobless claims in the United States for the week ending August 9 was 224,000, in line with expectations of 228,000. The previous value was revised from 226,000 to 227,000.

▌Trump: No additional tariffs on China's purchase of Russian oil for the time being

Recently, the United States announced additional tariffs on Indian goods on the grounds of punishing India for its purchase of Russian oil. The US has also threatened to impose secondary tariffs on Chinese goods imported into the US due to purchases of Russian oil. According to Reuters on the 16th, US President Trump stated after meeting with Russian President Vladimir Putin on the 15th local time that there are no plans to impose additional tariffs on Chinese purchases of Russian oil. Following his meeting with Putin in Alaska, Trump told Fox News that, given the circumstances of the meeting, he would not consider imposing tariffs on Chinese purchases of Russian oil for the time being. Trump also stated, "I may have to consider it in two or three weeks, but we don't have to consider it now." (Global Times)