【4/1(Tue)Top 10 Major web3 News】Bio Protocol launches V1 upgrade / Altcoins suddenly plunge on Binance / Circle files IPO prospectus with the SEC, etc...
Today's major news in 5 minutes!
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Mitsui from web3 researcher.
We will update the news summary at 18:00 on weekdays.We hope you will find it useful in gathering information for the day.
SEC and Gemini file joint motion seeking "potential resolution" of virtual currency litigation
Circle paid $210 million for a stake in Coinbase's Centre share, IPO filing reveals
Uniswap DAO supports $113 million "financial delegation" program to promote governance participation
Bybit closes NFT marketplace as overall market decline erodes institutional investor confidence
Kraken co-CEO Arjun Sethi says tokenized shares will outperform stabled coins
Bio Protocol Launches V1 Upgrade to Enhance DeSci Research and Increase Utility of BIO Tokens
Multiple altcoins suddenly crash on Binance, ACT falls 50% in minutes
USDC issuer Circle files IPO prospectus with SEC as stablecoin legislation looms
👀Virtual currency traders in "wait and see" mode ahead of President Trump's "Liberation Day" tariff announcement.
Bitcoin prices rose above $83,000 late Monday as investors braced for U.S. President Donald Trump's next tariff announcement later this week.
The market is currently in a wait-and-see mode as the details of the tariffs are still unclear," said Presto Research analyst Min Jung.
President Trump plans to announce several "major tariffs" on April 2, also known as "Liberation Day"
⚠️SEC and Gemini File Joint Motion for "Potential Resolution" of Virtual Currency Lawsuit
The Securities and Exchange Commission and virtual currency exchange Gemini have filed a joint letter seeking a 60-day stay to explore a potential resolution to the legal dispute over Gemini Earn
In the lawsuit, securities regulators alleged that the exchange offered and sold unregistered securities through its virtual currency lending program, Gemini Earn, and raised billions of dollars worth of virtual currency assets
This is part of a series of moves by the SEC to drop lawsuits and suspend investigations against virtual currency companies as the SEC took a more pro-virtual currency stance following the election of President Trump
📄Circle paid $210 million for Coinbase's Centre stake, IPO filing reveals
Circle announced Tuesday in its initial public offering prospectus that it has acquired "the remaining 50% of the outstanding shares of the Centre consortium" from Coinbase in 2023 for $210 million worth of stock
Center Consortium is Coinbase and Circle are Joint Venture Partners
Coinbase announced in August 2023 that it had acquired "shares in Circle" as part of a new arrangement that would lead to the dissolution of both companies' staple coin venture, Center Consortium, but the amount was not mentioned at the time
🫏Uniswap DAO supports $113 million "financial delegation" program to promote governance participation
According to the preliminary governance vote, Uniswap DAO voted to continue the "Financial Delegation Program."
Under this program, up to 18 million UNI tokens (worth approximately $113.4 million at current prices) could be allocated to selected representatives
The proposal has been tentatively approved and will be ratified once the details are worked out and passed in an on-chain vote
📉Bybit Closes NFT Marketplace as Overall Market Decline Weakens Institutional Investor Confidence
Bybit Announces Closure of NFT Marketplace as NFT Market Continues to Weaken
The company said in a post, "As part of an effort to streamline its offerings, Bybit Web3 is discontinuing operation of its NFT Marketplace, Inscription Marketplace, and IDO product pages."
📈Kraken Co-CEO Arjun Sethi Says Tokenized Shares Outperform Stablecoins
Kraken Co-CEO Arjun Sethi Says Tokenized Shares Will Be Much Bigger Than Stablecoins
The exchange's recent acquisition of futures trading platform NinjaTrader is part of its desire to bridge traditional finance and cryptocurrencies
🔬Bio Protocol Launches V1 Upgrade to Enhance DeSci Research and Increase BIO Token Utility
Bio Protocol releases Bio V1, the first major update to efficiently fund scientific research on the DeSci platform powered by Base and Solana.
Bio V1 introduces three major improvements to BioDAO Launchpad, BioAgents, and new DAO milestones
The upgrade moves the protocol from an off-chain accelerator to a permissionless DeSci financial layer, expanding revenue streams via BIO, the platform's native token
🟨Multiple altcoins suddenly crashed on Binance, ACT down 50% in minutes
A basket of altcoins crashed on Binance earlier today
Virtual currency prices on ACT, decentralized financial social trading platform DeXe (DEXE) and on-chain DeFi liquidity network dForce (DF) fell 20% to 50% within minutes
Other tokens such as KAVA, HIPPO, BANANAS31, LUMIA, TST, and QUICK also fell sharply
ACT's plunge may be linked to changes in Binance's leveraged trading platform
🟩Tether purchased 8,888 bitcoins in the first quarter, bringing its total holdings to $7.8 billion.This is the sixth largest single wallet.
Stablecoin issuer Tether purchased an additional 8,888 bitcoins in Q1 2025 for approximately $735 million, bringing its total holdings to 92,646 BTC, equivalent to approximately $7.8 billion at current prices
With this addition, Tether now holds the sixth largest amount of bitcoin in a single wallet.
🧵Pickup:USDC issuer Circle files IPO prospectus with SEC as stablecoin legislation looms
🌱 News Summary
On March 28, 2025, Circle, the issuer of the USDC, a U.S. dollar-linked stable coin, filed an initial public offering (IPO) prospectus (Form S-1) with the Securities and Exchange Commission (SEC).
Circle intends to list on the New York Stock Exchange (NYSE) under the ticker symbol "CRCL." Details of the amount to be raised by the IPO and the market capitalization have not been disclosed, but it is expected to raise in the neighborhood of $750 million.Circle once attempted to list via SPAC, but the plan was abandoned in 2022, and this is a second attempt.
📗 Prerequisites
● What is Circle and USDC?
Circle is a fintech company founded in 2013 whose core business is the issuance and operation of stablecoin USDC, a digital currency pegged 1:1 to the US dollar and used primarily for crypto asset trading and payment services.
Circle co-developed USDC in cooperation with exchange giant Coinbase, and it is now the second largest stablecoin in the world (worth approximately $43.9 billion) and plays an important role in the market.
● Current Status of the Stable Coin Market
Tether (USDT) is the largest player in the stable coin market, followed by Circle's USDC.Competition is also intensifying with PayPal introducing PayPal USD (PYUSD).Regulatory development is underway throughout the market, and as central banks in various countries consider digital currencies (CBDC), private stable coin companies are being asked to deal with a strict regulatory environment.
👀 Noteworthy, detailed explanation
● Circle's Financial Condition and Revenue Model.
According to Circle's prospectus, total revenue for FY2024 was approximately $1.67 billion (+16% YoY), while net income was approximately $155.6 million, down 41.8% YoY.Approximately 99% of revenues come from interest income from the management of USDC's reserve assets (e.g., U.S. Treasury bonds), which is highly dependent on the interest rate environment.A 1% decrease in interest rates could result in an annual decrease in revenues of approximately $441 million.
● Relationship with Coinbase
An important part of Circle's revenue model is its partnership with Coinbase, with which Circle has an agreement to distribute approximately 50% of its USDC reserve interest income to Coinbase, for a cumulative total of approximately $908 million paid to Coinbase from 2022-2024.The total amount paid to Coinbase in 2022-2024 is approximately $908 million.This contract is also believed to be a factor that put pressure on Circle's profits.
● Key Risk Factors
Circle cites regulatory risk, market risk, and USDC-specific risk.A particularly significant risk is the undetermined regulatory environment, which could result in additional compliance costs if regulations become more stringent.Also cited is the credit risk of reserve custodian banks, such as the USDC peg deviation (temporarily falling to $0.87) due to the failure of Silicon Valley Bank in 2023.
📈 Future projections
● Stable Coin Regulatory Progress and IPO Review
With the passage of the Stable Coin Regulation Act approaching in the U.S., Circle's IPO will be greatly affected by the content of the bill and the outcome of the review process.Clarification of the regulations could be advantageous for Circle by increasing transparency in IPO review and business operations, but there are also concerns about the additional burden that would come with stricter regulations.
● Increased market share through improved credibility as a publicly traded company
When Circle goes public, it increases financial transparency and improves its credibility in the marketplace.This would facilitate the acquisition of institutional and corporate clients and differentiate the company from its largest competitor, unlisted Tether (USDT).
● Medium- to long-term growth and competitive landscape
In the mid- to long-term, the potential for widespread adoption of USDC by society as a payment infrastructure will increase.It is expected to expand its use in cooperation with financial institutions and in international settlements, and there is a good chance that it will become the mainstay of USD-linked stable coins.Meanwhile, competition with PayPal and Tether will intensify, but if Circle can maintain the trust and regulatory compliance it has built up ahead of the competition, it will continue to be competitive in the market.
Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.
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mitsui
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