Stripe is testing a new US dollar-backed stablecoin product for businesses outside the U.S., U.K., and Europe, aiming to expand the dollar's global footprint.

Daily top performer — Pudgy Penguins (PENGU)

S&P 500 futures dipped as over 180 S&P companies prepare to report earnings this week, following a 4.59% gain last week amid easing US-China trade tensions. Gold prices dipped to around $3,310 as easing US-China trade tensions reduced safe-haven demand, though recession fears may limit further losses ahead of key US economic data releases. Fed hawkishness may cap gains. CoinDesk Indices, which tracks the broader crypto market, fell 0.72% in the past 24 hours, while Bitcoin and Ether dropped 0.19% and 1.07%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is PENGU, rising by 27.5%, following Pudgy Penguins' recent expansion into multiple industries and their celebration of World Penguin Day.

Pudgy Penguins (PENGU), launched in July 2021, is a popular NFT collection known for its cute artwork. It has expanded into physical products like toys, generating over $10 million in sales, and the collection now holds a market cap of over $1.19 billion. Pudgy Penguins and $PENGU were recently 

 as a fitspo in Wisdom Kaye's content, marking a major milestone for their influence across industries. Additionally, last Saturday, the brand celebrated 

, highlighting its continued growth and impact beyond the NFT space. This showcases Pudgy Penguins' expanding presence and reach in multiple sectors.

Check out the latest prices, charts, and data of 

 a new US dollar-backed stablecoin product for businesses outside the U.S., U.K., and Europe, aiming to expand the dollar's global footprint. This follows Stripe's acquisition of Bridge, a stablecoin payment network, which competes with the SWIFT system. Stripe has a history with crypto and recently introduced stablecoin payments in over 70 countries. The company sees this new product as a decade-long ambition, with the stablecoin market growing significantly in 2025.

BTC spot ETFs saw $3.06B of net inflows for the week ending 25 April 2025, with $2.97B from non-GBTC products and $94M from GBTC. Since inception, ETFs have accumulated $38.4B in net flows, with non-GBTC products contributing $61.1B and GBTC seeing $22.7B of outflows.

GiveRep, a decentralized reputation protocol on Sui, has 

 a points program where users can earn Reputation Points by tweeting about GiveRep and its Loyalty projects to qualify for an upcoming airdrop. A minimum of 100 X (Twitter) followers is required, and participants may also earn bonus airdrops from partner projects.

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Stripe launches testing for global stablecoin payments after Bridge acquisition

Initia is a blockchain ecosystem that unifies Layer 1 security with customizable Layer 2 rollups through its Interwoven Stack architecture. Learn more here.

 ecosystem forces developers to choose between security and customization, while fragmenting liquidity across isolated chains. Enter Initia (INIT), a groundbreaking protocol that reimagines blockchain architecture by seamlessly integrating 

This article examines Initia's Interwoven Stack architecture, its innovative economic features and the INIT token's utility and distribution, and considers whether this ambitious ecosystem redesign represents a promising investment opportunity following its recent mainnet launch.

 is a blockchain ecosystem that unifies Layer 1 security with customizable Layer 2 rollups through its Interwoven Stack architecture, enabling developers to build specialized application chains without sacrificing interoperability or liquidity or requiring deep infrastructure expertise.

Initia emerged in 2022 when Stanford Liu and Ezaan "Zon" Mangalji left Terraform Labs to tackle blockchain's fragmentation challenges. They later added ecosystem lead OmniscientAsian from Sino Global Capital to help create a more streamlined blockchain infrastructure.

The project quickly gained investor backing, starting with Binance Labs' pre-seed funding in October 2023. This was followed by a $7.5 million seed round led by Delphi Digital and Hack VC, then a $2.5 million community round and a $14 million Series A that valued Initia at $350 million by late 2024.

Initia aims to eliminate the traditional security/customization trade-off in blockchain by creating a unified ecosystem that allows both to coexist. By establishing a central hub for all rollups, the project combines the advantages of monolithic security with the flexibility of modularity, thereby eliminating the fragmentation that currently plagues blockchain systems.

The platform's integrated stack simplifies blockchain development with pre-built solutions that work together seamlessly. Users benefit from Initia's Universal Accounts system, which provides a consistent experience across all connected chains, eliminating the need for multiple wallets or managing different tokens for gas fees.

By introducing economic alignment mechanisms such as the 

, Initia creates an environment in which developers can focus solely on innovation in their applications. This shift away from infrastructure concerns toward product development aims to enhance capital efficiency and drive broader adoption of blockchain.

Initia fuses Layer 1 (L1) and Layer 2 (L2) technologies into a unified architecture with three distinct components. The foundation is Initia L1, built on Cosmos SDK, which functions as the orchestration layer. This base provides security, governance and interoperability.

Above this foundation, Interwoven Rollups (Minitias) provide developers with customizable Layer 2 environments, allowing them to select their preferred virtual machine (

, Move or Wasm), define unique gas token systems and implement specialized transaction ordering mechanisms. 

Binding everything together is the Interwoven Stack, a comprehensive framework that provides all necessary tools for building and deploying rollups without requiring developers to source and integrate disparate components.

The system leverages optimistic rollups through the OPinit Stack to achieve remarkable transaction speeds (up to 10,000 

) while maintaining security. Transactions processed via L2 rollups are submitted to Initia’s L1 for finalization, with data availability secured through 

Initia provides the following core features that work together to simplify development and unify the blockchain ecosystem.

Initia L1 serves as the foundational layer and central coordination hub for the entire ecosystem. Built on the Cosmos SDK with CometBFT and MoveVM, it provides essential services, including network security, governance mechanisms and liquidity solutions through InitiaDEX.

 (also known as Minitias) are flexible Layer 2 blockchains built on top of Initia L1. These rollups rely on the orchestration layer for security and data settlement, operating without native 

 while enabling advanced rollup functionalities.

Developers can customize their rollups by selecting from multiple virtual machines and defining their own gas token and fee structure. This flexibility enables application-specific optimizations and economic models, at the same time maintaining seamless interoperability within the broader Initia ecosystem.

The Interwoven Stack is Initia's comprehensive, all-in-one solution, designed to empower developers in building and deploying rollups with unmatched ease. Instead of requiring developers to research and piece together numerous components — such as wallets, explorers and 

 — the Stack provides everything needed right out of the box.

At the core of this framework is OPinit Stack, designed exclusively for optimistic rollups within the Cosmos ecosystem. It includes mechanisms for fraudproofs and rollback capabilities and supports multiple virtual machines, which allows developers to focus solely on building their applications, rather than configuring complex infrastructure.

The Vested Interest Program (VIP) is Initia's novel incentive alignment mechanism that’s designed to address common issues in multi-rollup ecosystems. It addresses the misalignment of incentives for high-activity 

 (DApps), the economic underutilization of the native token and the inefficient distribution of protocol-level incentives.

VIP programmatically rewards valuable economic activities by allocating INIT tokens to rollups that create innovative applications, and to users who perform beneficial actions. This approach ensures that rollup teams, users and token holders all share aligned interests in the ecosystem's long-term success.

 (DEX) built on the Initia L1, functioning as the central liquidity hub for all Interwoven Rollups. It features Balancer-style weighted pools for diverse asset pairs, and 

 pools for assets with closely correlated prices, ensuring an optimal trading experience.

Enshrined Liquidity is Initia's solution to the traditional dilemma in 

 (PoS) systems, whereby token holders must choose between either staking for security or providing liquidity. It allows governance-whitelisted InitiaDEX liquidity positions (INIT-TOKEN pairs) to function as staking assets alongside the native INIT token.

Users can earn both staking rewards and trading fees from a single position, dramatically improving capital efficiency. To qualify, LP tokens must include INIT as part of the pair (with at least 50% weight for Balancer pools) and receive 

 approval, which also determines reward weight distribution among all whitelisted tokens.

Minitswap eliminates the days-long waiting periods typically required by optimistic bridges when moving assets from rollups to Layer 1s. Users can instantly swap their rollup tokens for L1 assets through liquid trading pairs, creating a frictionless experience for asset transfers throughout the Initia ecosystem.

 offers a unified interface for managing assets across multiple rollups, thereby facilitating cross-chain transfers and accessing DApps. By abstracting multichain complexity into a single interface, users can navigate the entire Initia ecosystem without confronting technical barriers or fragmented experiences.

Initia's bridge technology enables secure token transfers between Initia L1 and rollups using an optimistic bridge model. The OPinit Bridge leverages Cosmos SDK modules, and operates through two key components that work in tandem to ensure system integrity.

The Executor handles token movements, output submissions and data relay, while the Challenger monitors for invalid proposals and provides security oversight. This balanced architecture delivers verifiable cross-chain communication that maintains the integrity of both L1 and L2 chains while enabling reliable asset transfers throughout the Initia ecosystem.

Initia reached a major milestone with its successful mainnet launch on Apr 24, 2025. Before then, the project had completed several critical developments, including the MiniEVM and MiniMove frameworks, the deployment of InitiaDEX and the implementation of the innovative Vested Interest Program.

The immediate post-launch phase is focusing on expanding the ecosystem by onboarding strategic partner projects across 

 and enterprise sectors. This expansion demonstrates Initia's versatility as it builds a network of interconnected Interwoven Rollups that leverage the platform's unified infrastructure.

The INIT airdrop will distribute 50 million tokens, representing 5% of the total supply, to early supporters and community members. This allocation is strategically divided across three main categories: testnet participants (89.46%), social contributors (6.04%) and Interwoven Stack partners (4.50%).

The largest portion (44.7 million INIT) is being designated for the 194,294 users who participated in Initia's public testnet campaigns, particularly those who engaged with interactive 

 activities. Additional allocations target users from partner ecosystems, including LayerZero, IBC and milkTIA holders.

Following the mainnet launch on Apr 24, 2025, eligible participants will have a 30-day claim window to secure their tokens. This airdrop serves as both a community-building initiative and a strategic token distribution to those most likely to contribute to the ecosystem's growth.

INIT is the native token of the Initia ecosystem, with a fixed total supply of 1 billion. Initial circulating supply at launch was 148.75 million INIT, representing 14.88% of the total supply. The token’s distribution is strategically designed to ensure long-term sustainability and broad community engagement.

INIT enables staking to secure the network, powers governance decisions for protocol changes, facilitates cross-rollup operations between different Minitias and provides liquidity through InitiaDEX. This utility-driven model ties INIT's value directly to ecosystem activity and adoption.

Looking to trade Initia tokens? Bybit now offers the INITUSDT Perpetual contract following the recent mainnet launch. To get started, you'll need to create a Bybit account, fund it with cryptocurrency and navigate to the 

While Initia represents a groundbreaking approach to blockchain scalability through its interwoven architecture and unified liquidity model, investors must carefully weigh its significant growth potential against relevant risk factors.

Initia shows promising potential with its comprehensive ecosystem approach and significant financial backing. In addition, growing demand for scalable blockchain infrastructure that doesn't sacrifice security or customization provides a favorable market environment. However, potential investors should 

 and consider their individual risk tolerance.

Initia revolutionizes blockchain architecture by creating a multichain environment in which thousands of appchains can coexist harmoniously through modularity and orchestration. With established financial backing and over 16 appchains already onboarded at mainnet launch, Initia could transform the way blockchain applications are built, deployed and interconnected.

Intermediate

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Initia (INIT): The Interwoven Stack behind scalable rollups

Apr 28, 2025: Our weekly Institutional Insights explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

 explores the latest market developments — market performance, industry news, exchange-traded fund (ETF) flows, trending topics, upcoming events and token unlocks — to help you supercharge your crypto trading.

Weekly highlight — US-Sino trade conflicts cool down

China is considering suspending its 125% tariff on certain US imports, including medical equipment and industrial chemicals like ethane, due to the economic impact of the trade war. Discussions are also underway to waive tariffs on aircraft leases, which are financially burdensome for airlines.

This potential move has boosted investor optimism, with Asian shares rising and the yuan recovering losses. Analysts view this as a step toward de-escalation, although significant differences between the US and China remain.

The proposed exemptions align with recent US tariff exclusions on electronics, highlighting the intertwined nature of the two economies. Chinese companies reliant on US goods, such as advanced medical equipment and ethane, have reported some shipments arriving without tariffs.

While the list of potential exemptions is still being finalized, authorities have requested companies submit customs codes for necessary goods. Reports suggest China may also waive tariffs on at least eight semiconductor-related products, excluding memory chips, which could impact companies such as Micron Technology.

Overall, while investor interest grows, relations between the two nations still face challenges, with China demanding the US revoke unilateral tariffs before resuming trade talks.

Traders have heavily invested in Cantor Equity Partners Inc, a blank-check company merging with Twenty One Capital Inc., which is backed by Tether, Bitfinex and SoftBank. Since the April 22 merger announcement, Cantor's stock has surged 197%, closing at $31.50 on Friday.

The merger includes a convertible debt offering, potentially leading to a market capitalization of about $12 billion that would far exceed the estimated $4 billion value of the Bitcoin it’s expected to hold. This would reflect strong demand for crypto-related investments.

Analysts note that investing in such vehicles is akin to betting on Bitcoin's growth. Public special-purpose acquisition company (SPAC) shareholders are projected to own 2.7% of the new company, while major stakeholders like Tether and SoftBank will have substantial shares. Overall, the market is optimistic about this collaboration in the digital asset space.

Advanced

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Weekly Institutional Insights: Trade conflicts cool down as crypto SPAC sees popularity

Our weekly crypto derivatives analytics report delves into macro events; the current state of crypto and trading signals from spot trading volume; and futures, options and perpetual contracts.

At the start of the week, Bitcoin showed signs of decoupling from US equities. However, US president Trump's positive remarks about the US-China trade war (which had included a 145% tariff on Chinese goods) triggered a relief rally across markets. As a result, BTC has resumed moving up with US equities. 

This rally has led to a rise in short-tenor implied volatility and a recovery in BTC’s put-call skew, indicating that traders are seeking upside exposure.

Please check out the report’s highlights.

Perp open interest rises across the board

Perpetual open interest increased significantly this week across various tokens, especially ETH. Perpetual trading volumes also rose. Notably, Ap 7, 2025 recorded the highest trade volume of the month, following Trump's comment, "Forget markets for a second, we have all the advantages."

BTC option open interest shows a mixed picture; put-call skew in short tenor sends positive signals

President Trump’s recent willingness to negotiate a trade deal with China’s President Xi triggered a relief rally across asset classes, including crypto. Bitcoin had already risen 7% since Apr 21, 2025, prior to Trump's comments. Despite this rally, open interest in puts has outpaced calls, with options volume remaining relatively balanced. 

It's unclear if the demand for puts reflects a hedge against downside risks, or a bet against the upward movement. Meanwhile, perpetual funding rates are providing limited insight into sentiment. However, the recovery of the put-call skew at short tenors indicates that traders are seeking upside exposure to the rally — and are willing to pay for it.

ETH unexpectedly outperforms BTC in this relief rally

ETH's response to the recent crypto market recovery has diverged from previous trends: it outperformed BTC in spot prices, a rarity in past rallies, and open interest in calls exceeds that in puts — opposite to BTC's trend. In addition, ETH call open interest is nearly double that of puts, with calls dominating options volumes. This suggests traders anticipate ETH will reduce its significant underperformance against both BTC and other “ETH killers” like SUI and SOL. Additionally, the spot rally has led to another term structure inversion for ETH.

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Bybit X Block Scholes crypto derivatives analytics report (Apr 24, 2025): Put-call skew recovers at short tenors, showing reviving sentiment

What is a music NFT and how can it change the music industry? Learn all about it and how to invest in or even create your own music NFT.

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When speaking about NFTs, digital art images and collectibles are often what first come to mind. Yet, many other 

 have since evolved, from gaming NFTs to NFT TV shows. And with the revelation of 

, the music NFT seems set to be the next big NFT trend.

But what exactly is the buzz around it? How is buying a music NFT different from purchasing music from the iTunes library or Amazon? When you buy from the usual online platforms, you’re only purchasing the right to listen to the music. If you buy a music NFT, you actually own it.

There’s so much more that the music NFT can do than simply transferring ownership to the people. Its potential for changing the music industry is boundless. Read on to better understand how NFTs can revolutionize the music industry and shape our future.

. Each NFT is unique, as there’s only one token for each asset. This is unlike fungible tokens, which can be further divided into smaller units. NFTs can be used in various industries, of which the music industry is just one.

Music NFTs are a new way to collect, sell and share music. A music NFT is a unique, one-of-a-kind token that can be sold on the blockchain as a song, a music video, or even a whole NFT album.

These tokens can be used as currency for concert tickets, merchandise, etc. Unlike typical cryptocurrencies, NFTs are indivisible, thus allowing artists to create and sell unique art pieces in exchange for cryptocurrency. 

They are also a way for musicians to monetize their work by creating unique digital assets, which can be traded on 

, the artists can even earn royalties each time the NFT is sold, as the previous ownership right has been recorded in the blockchain.

By purchasing and owning music NFTs, music lovers can show their love and support for an artist — while also getting some financial benefit from their ownership. When you buy a music NFT, you're not just buying a digital file — you’re buying something unique to you, which no one else has. You can also trade your music NFT with other fans or resell it.

Let’s look at how music NFTs work. First, an artist creates a unique piece of music. Then, they transform that music into an asset by attaching it to a blockchain (such as 

 to manage data transactions between users and other parties without relying on a central authority.

Music NFTs can then be purchased online, and used however the buyer wishes. Thus, the music becomes part of the blockchain — making it secure and immutable, so no one can ever copy or steal it from the owner.

Each NFT token is unique, and is linked to one song or other composition from an artist's catalog. This allows users who own the token to access the piece that it represents.

As a music NFT creator, you can also decide the number of copies that will exist of your song, and sell those copies through an exchange. Once people buy those copies from you, they can trade them on any crypto exchange that supports NFT trading.

For instance, if someone owns a token representing Grime's song "Death of the Old," with the highest bid amounting to almost $400K, they can listen to that specific version of "Death of the Old" whenever they want.

As more people buy copies of a song, copies available for sale reduce, thereby increasing the value of the NFT.

How Can Music NFTs Change the Music Industry?

Since a music NFT is a distinctive type of musical art that cannot be replicated or interchanged, music NFTs can transform the music sector in several ways. 

For one, they can help artists better monetize their work. Unlike traditional music streaming services, which typically pay artists a very small percentage of the total revenue generated, music NFTs enable musicians to directly sell their music to fans and retain a greater revenue share. Audio NFTs can furnish a much-needed boost to the incomes of many struggling musicians.

Additionally, music NFTs can help reduce piracy. Since each NFT is unique and cannot be replicated, it would be difficult for people to illegally copy and distribute album art. This advantage is crucial for the music industry, which has been struggling to combat piracy for many years.

Finally, music NFTs help to create a more direct connection between artists and token holders. Instead of going through an intermediary, like a record label or streaming service, fans are able to directly promote the artists they love by purchasing their music NFTs. This creates an intimate, direct relationship between artists and their fans, leading to a vibrant and supportive music community.

Overall, music NFTs have the potential to positively transform the music industry for both creators and listeners, boosting artist incomes, reducing piracy, and creating a direct and supportive relationship between musicians and fans.

, has its own dedicated collection of music NFTs. Other popular NFT marketplaces to consider are 

 provide a niche service for those wishing to invest purely in music NFTs.

Music creators might be interested in marketplaces that focus support on the artists. The leading platforms for NFT royalties are Royal and 

On Royal, creators co-own their music with their fans. This allows both artists and fans to earn royalties every time a work is sold. On Opulus, creators can earn royalties from their work by staking it on the platform and earning a share of the platform's transaction fees. Both Royal and Opulous provide artists with a new way to earn royalties on their work.

(DAOs) are also reshaping the way music is produced. Instead of a music label being in charge of an artist’s music direction, DAOs provide a platform for everyone to cooperate in a less hierarchical manner. 

Music DAOs operate similarly to music fandoms. The fans not only support the music by buying it, but they also further support the musician’s creative process. Placing all their different strengths together, the contributors can work together to build up their favorite artist’s image — and amass even greater success together.

There are different types of music DAOs. Some, like 

, invest directly in the artists, while others such as 

 — a decentralized music and streaming platform — also has a special grants program for music artists. 

As an artist, you can create NFTs and sell them to fans and investors. As an investor, you can purchase NFTs from artists and resell them for a profit, or use your digital assets as a consumer. NFTs offer a unique and innovative way to invest in music.

However, one should be mindful when investing in music NFTs. First, it's important to do your research about the technology involved in the working of digital assets. Second, be sure to diversify your investments, and don't put all your eggs in one basket. Lastly, don't be afraid to experiment. The world of NFTs is still new, and there are numerous unexplored opportunities for those ready to take a risk.

To create an NFT, you'll first need to create a digital file for the music. This can be done using virtual audio editing software. Once you have the digital file, you'll need to upload it to a blockchain platform that supports NFTs. There are several different platforms to choose from, with the most popular one being Ethereum. Other blockchains on which can create music NFTs are 

Once your music is uploaded to a blockchain platform, you'll need to create a smart contract. This contract will specify the terms of your sale, including the price of the music and how it will be delivered to the buyer. Once the contract is created, you'll need to mint your NFT. This is the process of creating a unique token that represents your music file.

Once the NFT is minted, you can start selling it to fans. You can do this directly, or list it on an NFT marketplace. If you're a musician, you may be wondering how you can create a music NFT album — 

First, you'll need to create your music NFT(s) by connecting your 

 to your chosen blockchain app. Once you've created your NFT, list it for sale on a marketplace like OpenSea. Be sure to check on the 

 and marketplace fees required for minting your NFT to ensure that you’re well compensated. 

When someone buys one of your music NFTs, they'll receive a token that gives them access to your music. They can then play, share or resell your music as they please.

So, if you’d like to cash in on the NFT craze, creating and selling music NFTs is an ideal place to begin. Your music NFTs could potentially become collectors' items one day!

The music sector is in a constant state of evolution. As the digitalization of music has progressed, the music industry has reached sensational heights. NFTs can radically transform both the music industry, and the way exclusive content is consumed and distributed. 

One no longer has to relinquish their ownership and music direction to major labels, distributors or streaming companies. Musicians and fans can build an even more intimate relationship through music NFT DAOs. All of this means unlimited potential for creativity in the music industry.

Music NFT: How NFTs Can Transform the Music Industry

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