ETFs Excel - XRP and DOGE ETFs smash records with $54.7M combined day-one volume.
Aussie Expansion - IG Group expands crypto footprint with acquisition of Australian exchange in potential $117 million deal.
Ark Investment - ARK buys $162M of shares in SOL treasury company Solmate, formerly Brera Holdings.
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Rebounded 63% QoQ to $0.28; circulating market cap grew 86% to $1.57B
TVL hit an all-time high of $609M (+68% QoQ), led by Yei Finance and Takara Lend
Daily volumes hit $24.6M (+53% QoQ); Sailor led, DragonSwap launched DRG token
Supply reached $277M, boosted by Circle’s launch of native USDC on Sei
Circulating market cap rose 30% QoQ to $489M, with price climbing to $0.61, slightly outperforming ETH
$16.6M in Q2 trading volume, led by mid-tier wallets holding most liquidity
Claimed rewards increased 7.5% QoQ to 4.1M APE; MAYC and BAKC holders grew share
Transitioned from a decentralized DAO to ApeCo (administered by Yuga Labs) for treasury, grants, and product oversight
First-party, pull-model oracle network delivering real-time prices for crypto, equities, FX, commodities, rates
TVS hit $5.31B (+4.8% QoQ)—one of the few oracles to grow in Q2’25
648k price updates (+10.8% QoQ); cumulative updates reached 759M across 100+ chains
OIS staking climbed to 938M PYTH (+46.9%)
Figure Technology Solutions (Nasdaq: FIGR) raised $787.5 million in its September 2025 IPO, one of the largest public listings by a blockchain-native company. The firm operates a blockchain platform for lending, trading, and investing in consumer credit and digital assets, with a strong emphasis on real-world asset (RWA) financing. According to its IPO prospectus, Figure has reduced the average time to fund home equity loans from 42 days to 10 days, and the firm facilitated $6 billion in home equity lending over the past year. Revenue for the first half of 2025 reached $190.6 million, up 22% year-over-year, with net income swinging positive to $29.4 million.
The successful listing underscores growing investor confidence in blockchain-based RWA platforms, highlighting their potential to modernize credit markets. At the same time, Figure has drawn criticism from the crypto community over data transparency. In particular, DefiLlama founder 0xngmi questioned Figure’s claim of $12 billion in RWAs issued onchain, citing low activity in its native stablecoin (YLDS), limited liquidity on its exchange, and reliance on fiat-based loan processing. These discrepancies raise concerns over whether reported volumes fully reflect onchain activity.
Figure’s IPO is therefore both a milestone for the RWA sector and a reminder of the standards expected of blockchain-based platforms. On one hand, it showcases how onchain infrastructure can deliver tangible benefits in everyday markets like home lending, compressing timelines and broadening access to credit. On the other hand, it highlights the importance of data transparency, which is central to the appeal of blockchain systems. The ability for anyone to independently verify activity onchain is what distinguishes this technology from traditional finance, and credibility in the sector depends on aligning reported metrics with verifiable onchain evidence.