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- > The First US Memecoin ETF Set To Be Let Off The Leash
- > Crypto exchange Gemini goes public in IPO launch
- > Stablecoin issuer unTethers itself from USDT
- > Could tokenised ETFs be coming to BlackRock?
The First US Memecoin ETF Set To Be Let Off The Leash
2025 has been a year marked by the accelerating entrance of institutions into the digital asset space. Spot Bitcoin and Ether ETFs in the US, since their launch last year, have captured significant investor inflows, helping push both projects to all-time highs over the past few months.
So, naturally, as the United States progressively softens its regulatory stance on digital currencies, the community began a spirited debate: Which cryptocurrency is next?
And while the actual answer is still up in the air, fund managers Rex–Osprey has given the market a glimpse into where we might be headed – memecoins.
Last week saw the announcement of DOJE, an exchange-traded fund that will provide investors exposure to Dogecoin.
It’s worth noting that this fund is different to the successful BTC/ETH offerings from BlackRock and co (such as IBIT), which are spot crypto ETFs where managers hold the underlying asset directly.
DOJE, on the other hand, will largely derive its value through futures and derivatives tied to Dogecoin, which will give an approximation of DOGE’s price movements without Rex–Osprey actually custodying the coin itself.
It’s worth noting that crypto ETFs without spot exposure have been around for a while – long before Donald Trump’s election in 2024 – and haven’t attracted quite the same demand as their spot counterparts.
Despite this, DOGE has enjoyed a strong week on the back of the news, up around 13% since the announcement was made. And the unleashing of DOJE does show the appetite for a broader range of crypto ETFs, spot or otherwise, is building.
With several filings for spot Dogecoin ETFs (as well as Solana, Litecoin and more) on the horizon, it may only be a matter of time before the crypto x TradFi crossover reaches its crescendo.
Crypto exchange Gemini goes public in IPO launch
The trend of Web3 companies going public is gathering steam, with Gemini launching its Initial Public Offering (IPO) to US investors and experiencing a strong first day of trading.
The offering was reportedly oversubscribed twenty times, suggesting significant interest in Gemini, which has bled over to its Nasdaq debut. The IPO initially raised $425 million USD – or $28 USD a share, leading Gemini to value its company at over $3 billion USD.
The stock, under the ticker GEMI, surged 32% from its IPO price on Friday morning, opening for trade at $37.01 USD. GEMI’s value peaked above $40 before settling closer to $32 by the end of the day’s trading session.
Gemini is the latest of several startups in the blockchain and crypto space to list equities on the US (and other) stock exchanges.
Coinbase was the first crypto trading platform to do so, with other companies with products in the space, such as Robinhood, following suit.
Circle, the issuer of the popular stablecoin USDC, also pursued a public listing earlier this year. The company’s IPO in June valued the business at over $7 billion USD, listing its stock on the New York Stock Exchange under the ticker CRCL. Similar to Gemini’s recent debut, CRCL has performed well, with the stock gaining 61% since going live.
Stablecoin issuer unTethers itself from USDT
USDT, or Tether USD, has long cemented itself as the most-traded cryptocurrency in the world. For the best part of 12 months, USDT has dominated more than half of the stablecoin market share, peaking over 60%, while attracting hundreds of billions in 24h volume.
As stablecoin’s total market cap seemingly destined for a date with $300 billion USD – and perhaps higher with Government legislation targeting the sector – competition is starting to heat up.
Although USDT is firmly the most-used stablecoin in the world, it lacks one thing some of its alternatives do: 100% compliance with US-based regulatory requirements.
And while Tether’s CEO is adamant USDT will comply with the new frameworks and remain a global liquidity supplier, the team has decided to unveil a new offering purpose-built to fit within the United State’s regulatory rails: USAT.
CEO, Paolo Ardoino, spoke to the announcement:
‘I think it’s a very exciting moment because we were under severe pressure from competitors that want to create a monopolistic environment in the United States…We believe that Tether is the best product in the market.’
According to the GENIUS Act’s structure, the new USD-pegged stablecoin offering from Tether will be headquartered in Charlotte and provide 1:1 liquid reserves backing each token issued.
Custody will be managed by prominent infrastructure provider Anchorage Digital Bank, who are also set to be a shareholder of the USAT venture.
Some in the industry have suggested that the stablecoin market could eclipse several trillion US Dollars before the end of the decade. Compared to current valuations, that’s almost a blue ocean.
So, with this launch, the battle for the future of the regulated, on-chain US dollar has officially begun.
Could tokenised ETFs be coming to BlackRock?
It’s been the year of crypto ETFs – and BlackRock, one of the primary beneficiaries of this trend – are gearing up to take things to the next level.
The community has been salivating over the possibility of new altcoin ETFs in the back half of 2025. But BlackRock has demonstrated its ability to walk and chew gum at the same time, with the world’s largest asset manager considering a move into tokenising popular funds on the blockchain.
BlackRock is no strangers to on-chain funds, releasing BUIDL on Ethereum in March 2024. This project allowed institutional investors to buy treasury bills while leveraging the pros of blockchain transactions, including fast, cheap and 24/7 settlement times.
Exchange-traded funds – assets that track the value of an underlying asset (or basket of assets) are one of the most popular investment vehicles in the world. The US alone boasts a whopping $9 trillion USD market cap for public ETFs, a figure more than twice as large as the entire crypto market.
Aside from spot Bitcoin ETFs, some of the other most popular exchange-traded funds include assets based on major market indices such as the Nasdaq, S&P 500 and the Dow Jones.
And, according to a Bloomberg report, BlackRock are exploring an entry into this sector to become the first major asset manager to launch popular ETFs on-chain.
While some DeFi platforms offer tokenised ETFs through synthetic assets, the entry of a financial titan like BlackRock could further legitimise and expand the market, making these funds appealing to a broader audience.
The move toward real-world asset (RWA) tokenisation provides several key advantages over typical ETF vessels via traditional finance. Superior liquidity is perhaps the biggest, as blockchain settlement allows the ETF market to operate 24/7 – whereas typically, ETFs can only be traded during market hours (10am to 4pm on the Australian Stock Exchange, for example).
There are limited details about a potential BlackRock suite of tokenised ETFs. However, the company’s CEO Larry Fink has long been a fan of the RWA industry, and BlackRock has cemented itself as a major TradFi player in the Web3 space.
Tokenisation has been an oft-touted next step for adoption in the crypto industry – and BlackRock might just be leading the charge.
Ben Knight
