- Major banks HSBC and BNP Paribas have joined the blockchain tokenization initiative Canton Foundation.
- Crypto firm Mega Matrix has filed to raise $2 billion for a strategy around the Ethena stablecoin ecosystem.
- Cryptocurrency exchange Gemini plans an initial public offering aiming for a $3 billion valuation.
- SmartGold and Chintai Nexus will offer tokenized Gold for U.S. retirement accounts, with up to $1.6 billion in assets targeted.
- Institutions are increasingly bringing blockchain-based products and digital assets to mainstream markets.
Two leading global banks, HSBC and BNP Paribas, have joined the Canton Foundation, signaling a shift toward blockchain-based services in major finance. The Canton Foundation focuses on tokenization, which means creating digital versions of real-world assets for easier transfer and management.
Both banks join others like Goldman Sachs, Hong Kong FMI Services, and Moody’s Ratings in supporting the development of the Canton blockchain, specifically aimed at institutional finance. A BNP Paribas executive stated this aligns with the bank’s goal to use blockchain to meet evolving client needs. HSBC has also been pursuing blockchain activities, such as planning to apply for a stablecoin license in Hong Kong and developing solutions around custody, bond issuance, and tokenization.
In another development, Mega Matrix, a company focused on crypto holdings, has filed for a $2 billion shelf registration for a strategy around the Ethena stablecoin network. The company aims to concentrate on the ENA governance token, which allows participation in the decision-making process of the Ethena platform. According to filings, “the company plans to focus exclusively on ENA, concentrating influence and yield in a single digital asset.” The Ethena USDe synthetic stablecoin keeps its $1 value through a hedging process and has reached a market cap of about $13 billion, making it one of the largest in circulation. Further figures and charts regarding Ethena’s growth are available at CoinMarketCap.
Gemini, the cryptocurrency exchange started by Cameron and Tyler Winklevoss, expects to reach a $3 billion valuation in its upcoming IPO. Its updated filings with the U.S. Securities and Exchange Commission now show an expected share price between $24 and $26. The IPO could raise about $433 million and is backed by Nasdaq, which will buy 2.1 million shares. Gemini’s daily trading volumes have reached roughly $200 million, according to CoinMarketCap.
Tokenization is also expanding into retirement accounts. Gold-backed IRA provider SmartGold and Chintai Nexus plan to offer tokenized gold—digital tokens representing real gold held in vaults—potentially up to $1.6 billion in value. Investors will be able to hold these gold-backed tokens in U.S. retirement accounts and use them in yield-earning opportunities, while the underlying gold stays in secure storage. Further statistics on tokenized gold can be found at CoinGecko.
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