Bitpush Weekly Web3 News Selection:
[Reuters: Bullish Plans to Expand IPO Scale and Raise Target Valuation to $4.82 Billion]
According to Reuters, the crypto exchange platform Bullish, supported by Peter Thiel, has expanded its initial public offering (IPO) scale, with the current target valuation reaching $4.82 billion. This is a significant increase from the previous $4.2 billion target, reflecting a sudden surge of market enthusiasm for digital assets.
[Fintech Giant Stripe is Collaborating with Crypto VC Paradigm to Develop "Tempo" Blockchain]
According to Fortune, fintech giant Stripe is secretly developing a new blockchain called "Tempo" in collaboration with crypto venture capital firm Paradigm.
A now-removed job posting revealed that Tempo is a "high-performance, payment-focused Layer 1 blockchain" with a current team of five people and compatible with Ethereum's programming language. This move marks Stripe's further advancement in the crypto payment field, having previously invested $1.1 billion to acquire stablecoin infrastructure company Bridge and purchase crypto wallet developer Privy.
Stripe's CEO Patrick Collison has publicly stated that as technology matures, corporate interest in stablecoins is significantly growing. By launching its own blockchain, Stripe will be able to control the core technology stack for stablecoin transaction processing, thereby securing a more important position in the increasingly hot stablecoin market. Both Stripe and Paradigm declined to comment on this news.
[Terraform Co-founder Do Kwon May Soon Plead Guilty in US Fraud Case]
According to The Block, Do Kwon, co-founder of Terraform Labs, may plead guilty after being accused of fraud and money laundering by US prosecutors for years.
In a trial schedule order submitted to the Southern District of New York on Monday, Judge Paul Engelmayer wrote: "The court has been informed that the defendant may change his plea." The judge stated that "the defendant should prepare a narrative statement covering all elements of the crimes to which he would plead guilty." A discussion on this matter is scheduled for Tuesday morning Eastern Time.
In March 2023, Do Kwon was charged with conspiracy to commit fraud, commodity fraud, wire fraud, securities fraud, conspiracy, and involvement in market manipulation and money laundering. He pleaded not guilty in January, and his legal representative has not responded to requests for comment.
[Stablecoin Issuer Paxos Applying for Trust Bank License from US Currency Supervisory Office]
According to market sources, stablecoin issuer Paxos is applying for a trust bank license from the US Currency Supervisory Office and plans to open an office in the US to expand its regulated financial services.
[Insider: Crypto Wallet MetaMask May Announce mUSD Stablecoin Details This Week]
According to Coindesk's insider sources, MetaMask will likely announce details of its USD-pegged stablecoin mUSD soon (possibly as early as this week). The stablecoin mUSD was previously disclosed in a governance proposal that was quickly deleted last week. MetaMask stated that it has over 30 million monthly active users and is currently issuing its stablecoin with Bridge's help. Bridge, a company helping enterprises integrate stablecoin payment channels, was acquired by fintech giant Stripe earlier this year and is dedicated to helping businesses integrate stablecoin payment channels and stablecoin issuance protocol M^0. The insider added that in addition to closely collaborating with Bridge on mUSD, MetaMask is also seeking help from traditional financial alternative asset management company BlackRock for token custody and fund management services.
[Google Clarifies It Will Not Restrict Non-custodial Crypto Wallets]
Google previously seemed to plan to ban unregistered non-custodial crypto wallets in multiple countries including the US and UK from October in its Google Play 'Crypto Exchange and Software Wallet Policy', sparking market criticism. However, the company subsequently clarified on X platform that non-custodial wallets are not within its restriction scope and will update its help center to clarify. Google's new policy will take effect on October 29, primarily targeting custodial exchanges and software wallets that need to comply with regulations.
[SEC Delays Bitwise and 21Shares Solana Spot ETF Resolution, New Deadline Set for October 16]
The US Securities and Exchange Commission (SEC) has postponed its decision on whether to approve the Solana spot ETF proposals submitted by Bitwise and 21Shares, with the new deadline set for October 16.
In a document submitted on Thursday, the SEC stated that it needs more time to review these proposals and the issues they raise. This approach is consistent with how the SEC has handled other cryptocurrency ETF proposals, typically extending the review period.
The SEC has reportedly received ETF applications for dozens of cryptocurrencies, including XRP and Doge. Nevertheless, BlackRock has disclosed to The Block that it currently has no plans to launch a Solana fund.
This delay is a routine procedure in cryptocurrency ETF application processes. Previously, Solana ETF applications from companies like Grayscale and Fidelity faced similar delays.
[Citigroup Considers Offering Custody and Payment Services for Stablecoins and Crypto ETFs]
Citigroup is exploring providing custody, payment, and USD conversion services for stablecoins and crypto asset-related ETFs, planning to custody US Treasury bonds and cash supporting stablecoins, and potentially issuing its own stablecoin. This move is driven by US Congress passing stablecoin legislation and the Trump administration's regulatory relaxation. Citigroup is also considering using stablecoins for cross-border instant payments and discussing application scenarios with clients. Currently, Coinbase dominates the custody business in this field.
[Crypto Exchange Gemini Plans to List on NASDAQ with GEMI Code]
Gemini disclosed its IPO details: planning to list on NASDAQ with GEMI code, will transfer most users to the "Moonbase" entity in Florida, while Gemini Trust remains in New York. The document also revealed a credit agreement between Gemini and Ripple reached in July 2025, worth $75 million, to be paid in Ripple's RLUSD stablecoin.
[Federal Reserve Announces Termination of Bank Cryptocurrency Business Regulatory Plan]
The Federal Reserve announced on Friday that it will cancel a "novel activities" regulatory plan specifically designed to monitor banks' cryptocurrency and fintech activities, instead incorporating such activities into its regular bank supervision. The Federal Reserve launched this new plan in 2023 to focus on how banks interact with these emerging technologies. However, the Fed stated that this is no longer necessary, as it has strengthened its understanding of these risks and how banks manage them.
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