21 Oaks Capital
Monthly Review

21 Oaks Newsletter — September 2025

1 October 2025·3 min read

BREAKING

  • CFTC allows stablecoins as collateral in derivatives trading for the first time, in cooperation with Circle (CRCL),** Coinbase (COIN), Crypto.com**,** Ripple & Tether**.

MORE

  • Kraken raises $500 million at a $15 billion valuation and prepares for an IPO.
  • RedotPay reaches unicorn status after a $47 million investment from Coinbase Ventures (COIN), with more than 5 million users in 100+ markets.
  • Coinbase (COIN) and Cloudflare (NET) establish the x402 Foundation to promote a common payment standard for autonomous agents.
  • Cloudflare (NET) announces its own stablecoin "NET Dollar" to accelerate payments for agents and developers.
  • Zerohash reaches a $1 billion valuation after a $104 million funding round with participation from Morgan Stanley (MS). US Treasury and UK Treasury launch a "Transatlantic Taskforce" for closer cooperation on digital asset regulation.
  • PayPal (PYPL) invests in Stable and integrates PYUSD into its layer-1 blockchain.
  • Coinbase (COIN) launches on-chain stablecoin lending with yields of up to 10.8% via Morpho and Base.
  • Ethereum (ETH) developers plan the Fusaka upgrade for December to scale and double blob capacity.
  • MetaMask launches the stablecoin mUSD on Ethereum and Linea.
  • Google (GOOGL) unveils the Agent Payments Protocol (AP2) for AI agent payments, together with Coinbase (COIN), the Ethereum Foundation and MetaMask.
  • American Express (AXP) launches the NFT-based travel loyalty program "Amex Passport".
  • SEC approves new, simpler generic listing standards for crypto ETFs, paving the way for numerous new products.
  • Valour lists a Bitcoin staking ETP with a 1.4% yield on the London Stock Exchange.
  • Michigan House reviews a Bitcoin reserve bill (HB 4807) that would allow up to 10% of state reserves in BTC.
  • Hyperliquid community votes on the issuer of the USDH stablecoin –** Native Markets** wins.
  • Binance and Franklin Templeton (BEN) cooperate on tokenization solutions for institutional investors.
  • KuCoin introduces an on-chain payment solution for merchants.
  • Nasdaq (NDAQ) files with the SEC for approval to trade tokenized equities.
  • Polymarket integrates Chainlink (LINK) oracles and plans expansion into the US market at a $9 billion valuation.
  • Fireblocks launches a stablecoin payment network with 40+ partners, including Circle (CRCL), Bridge, Zerohash and Yellow Card.
  • Sol Strategies receives Nasdaq listing approval under the ticker STKE.
  • Ondo Finance brings more than 100 US stocks and ETFs onto the blockchain as tokens for international investors.
  • Galaxy Digital (GLXY) launches fully regulated tokenized equities on Solana with Superstate.
  • Kraken acquires the trading platform Breakout for integration into Kraken Pro.
  • R3 establishes R3 Labs to accelerate the tokenization of real-world assets on Solana.
  • Sora Ventures plans a fund of up to $1 billion to support Asian Bitcoin treasury companies.

SPEAKERS’ CORNER

  • In September we were able to hold several investor events. Interest in the megatrend of artificial intelligence and blockchain remains unbroken and was reflected in the high number of participants.
  • Inflows into our funds confirmed this as well: our public fund, the "Bankhaus Bauer x 21 Oaks AI & Blockchain Innovation Fund" (WKN A3EKRN), exceeded the 20 million euro mark in assets under management for the first time.
  • Demand for our e-book "Web 3.0 – AI & Blockchain, An Introduction" likewise remains high.
  • Interested parties can request it free of charge at any time at info@21-oaks.com.

Translated from the German original, which is the authoritative version. Read the German version