Today's News Recap
Catalyst Pivot - As SEC’s Project Crypto pivot turns regulator from antagonist to catalyst, it’s time to ‘think bigger,’ Bitwise CIO says.
NIGHT Moves - Cardano’s Midnight begins NIGHT airdrop across eight chains in privacy-powered rollout.
Dual Filing - SBI files for Bitcoin–XRP ETF in Japan, pushing dual crypto exposure into regulated markets.
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Messari Protocol Reporting
Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below.
Becoming a Global Trading Engine through innovations like:
Decibel (a fully onchain CLOB trading protocol),
Shelby (Web2-grade data availability layer), and upgrades like Baby Raptr (faster consensus finality)
Increased 87.9% in APT, signaling stronger tokenized ecosystem usage despite market volatility
Quarterly DEX volume surged 310.3% to $9B, driven by Hyperion and ThalaSwap V2
Circulating market cap rose 4% QoQ to $1.60B; ALGO price up slightly to $0.19
Total staked ALGO surged 28.7% QoQ to 1.95B; community stake now 78.9% of total
Key launches: MiCA-compliant stablecoins (EURQ, USDQ), Pera Mastercard, mTBILL, AEON Pay, and Paycode aid distribution
VM & Dev Tools Algorand Virtual Machine (AVM); supports Python, TypeScript, zk tooling (AlgoPlonk)
Helps Avalanche L1s launch with secure validator sets via dual staking, allowing both native and blue-chip assets to be staked
Restaking module has attracted $7M in TVL ahead of its core protocol launch in Q4 2025
100M SUZ supply will support governance, staking rewards, and gas utility for future Suzaku-built L1s.
The TGE is scheduled for August 2025
Messari Research
The Underground Dollar Boom: Stablecoin Arbitrage in Emerging Markets
The future of stablecoin arbitrage on P2P markets hinges on several key factors. Regulation will play a pivotal role, determining whether it limits or legitimizes these flows as governments adapt to their growing influence. As regulation tightens, licensed fintechs Yellow Card, Bitso, and Sphere Labs turn compliance into an edge, pairing KYC with faster settlement, thinner FX spreads, and payout APIs. Continued volatility in non-USD currencies will further drive demand, pushing users toward stable alternatives amid economic uncertainty. Rather than merely filling gaps, stablecoins and P2P are redefining the financial landscape by stepping in where traditional infrastructure has faltered, offering a robust alternative for global money movement.
