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.

Beginner

3.png

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

initia crypto.png

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

28 Apr 2025 weekly newsletter.png

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.

block-scholes-x-bybit-report.jpeg

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

Bybit Card

Bybit Guide

The Bybit Card is a virtual Mastercard crypto debit card that lets you access your crypto funds quickly and easily, allowing you to spend your crypto wherever and whenever.

Bybit_Card_fees.png

what is bybit card 1.jpeg

what is bybit card 2.jpeg

what is bybit card 3.jpeg

what is bybit card 4.jpeg

 and how to use them? Enter a whole new world of spending your crypto on the go with the Bybit Card. Not only is using this crypto debit card convenient and reliable, but it’s also a secure and fast way to make the most use of your crypto assets.

Let’s explore more on the Bybit Card and the limitless opportunities that it unlocks.

The Bybit Card is a Mastercard crypto debit card that lets you access your crypto funds quickly and easily, allowing you to spend your crypto wherever and whenever.

 It comes in both virtual and physical versions, and is currently available to users in EEA and CH regions, AIFC, Australia, Brazil and Argentina. 

Brought to you by Bybit and Mastercard, two of the leading innovators in fintech, a Bybit Card is the perfect way to ensure that you’re always digital-ready for everything crypto.

As a reliable and convenient way to off-ramp your crypto and spend on the go, the Bybit Card helps you to maximize and fully integrate crypto into your daily life. With it, you can utilize your earnings from Bybit's full suite of trading products and pay for your shopping — instantly.

As you make purchases, you can enjoy between 2–10% cashback, depending on your Bybit VIP level, with an for New Bybit Cardholders who sign up between Jan 1, 2025, 6 AM UTC, to Mar 31, 2025, 11:59 PM UTC, with an 

 — including on Tomorrowland Brasil presale ticket purchases from Apr 4–6, 2025.

Unlock a world of exclusive perks with the Bybit Card Rewards Program — including rewards from partners, such as unique offers and special experiences. Plus, you can automatically earn interest on your idle crypto assets—even without making purchases, along with other 

Additionally, the Bybit Card is easy and affordable to maintain. It’s valid for three years and its virtual version comes with auto-renewal after expiration. There are no annual or dormancy fees

, although there may be a minimal 5 EUR/USDT issuance fee for the physical card based on your region. 

For the virtual version of the card, you won’t be charged any issuance or account closure fees. 

The only chargeable fees are the foreign exchange and crypto conversion fees for certain countries, as well as 2% ATM withdrawal fees after the first free monthly limit: 100 EUR in EEA and CH, 100 USD in Australia in AIFC, 95K ARS in Argentina and 550 BRL in Brazil.

Transacting using your crypto assets shouldn’t be complicated. As such, Bybit has created a way to make life easier for its users through this crypto debit card. The following are some of the unique selling points of the Bybit Card:

Over 90 million merchants accept the Bybit crypto debit card. All you need is to shop and pay at stores that display the Mastercard logo. As one of the leading global electronic payment providers, Mastercard has an expansive merchant network around the world. 

Bybit’s strategic partnership with Mastercard provides a secure platform for its users to conveniently pay for goods and services using cryptocurrencies.  

Currently, you can select and pay anytime, with one of the following six cryptocurrencies using your Bybit Card 

The transaction process is fast and straightforward since it is done directly from your Bybit account through an intuitive and user-friendly dashboard. We're also adding more crypto options and allowing multi-asset spending in a single transaction in the future, so stay tuned for the upcoming developments!

At Bybit, keeping our customers' funds safe is a priority. For that reason, we saw Mastercard as a perfect fit, since their platform observes strict security standards to prevent loss of funds and customer information. 

-enabled which is a cutting-edge fraud prevention technology that allows for consumer authentication when making online payments. When using your Bybit Card, you can comfortably shop knowing that there’s an additional layer of security present to keep fraudsters at bay.

As a customer-centric platform, Bybit provides 24/7 multilingual customer support for all its products, including the Bybit Card. We have a team of dedicated live agents to address any questions, concerns or inquiries related to your Bybit Card.

Bybit Card’s exciting Loyalty Rewards Program lets you earn Bybit Card Loyalty points every time you pay using our crypto debit card. Depending upon the Loyalty points accumulated, you can redeem them for different rewards. You can also activate the 

 function to automatically receive cashback on all purchases conducted with fiat and crypto in USDT, to be credited to your 

Bybit has over 20 trading products available on its exchange, including 

. With the Bybit Card, you can easily and quickly off-ramp your earnings and spend them to make online payments.

You can use the Bybit Card with online retailers and merchants all across the globe. With a Virtual Bybit Card, you can 

 once you’ve applied successfully, while a physical Bybit Card allows you to make online payments, as well as contactless payments in retail stores using point-of-sale (POS) terminals that support contactless payments. You can add Bybit Card to Google Pay (available for EEA and CH, Argentina, Brazil and Australia), Apple Pay (EEA, Argentina and Brazil) and Samsung Pay (EEA & CH and AIFC). 

Your virtual Bybit Card is activated automatically and is available for immediate use once your application is successful. In addition, you don’t need to activate foreign transactions separately. Your Bybit Card tier follows your Bybit account's VIP level. Please refer to 

 for more information on Bybit Card benefits for different VIP levels.

Managing funds on your Bybit Card is straightforward. It is, however, important to understand how your funds are deducted during payments, especially during times when you have insufficient fiat in your account. 

The Bybit Card doesn’t have a separate wallet. As such, it uses the balance in your Bybit Funding Account. To add funds to your Funding Account, you can use the 

 option or deposit crypto from other platforms/wallets.

When making a transaction using the Bybit Card, the fiat currency is automatically denominated based on the 

Once you pay using your crypto debit card and the transaction is authorized, the amount you’ve spent will be frozen in your Funding Account, and then it will be deducted once the merchant completes the transaction.

Should the merchant cancel (i.e., reverse) prior authorization or refund the transaction, the frozen amount will be returned to your Funding Account’s 

In a situation where there’s not enough fiat in your Funding Account to complete a transaction, your chosen crypto in your account will be converted to fiat to cover the deficit. 

Note that there’s a minimum crypto conversion fee of 1 EUR/USD, 5,000 ARS or 10 BRL.

Payments will automatically be denominated in the currency on your card, even if you’re making foreign transactions. 

If you purchase a product that’s charged in foreign currency, your funds will be deducted according to Mastercard's foreign exchange rate, 

 the Bybit Card foreign exchange fee of 0.5% for EEA, 1% for Australia, 7% for Argentina, 1.5% for Brazil and 2% for AIFC. 

For more information on exchange rate, refer 

When there are insufficient crypto and fiat funds in your Funding Account, the transaction will be declined. You can top off your Funding Account either through the 

 feature, or the direct deposit of crypto from external platforms or wallets via the Bybit dashboard.

Follow these five simple steps to pay using your Bybit Virtual Card:

You can use the Bybit Physical Card for both online and offline transactions. To make payment for online purchases, you can obtain your physical card details (i.e. card number, CVV and expiration date) either from the 

 in your Bybit Account, or the physical card itself. The Bybit Physical Card can be used for any in-store payments that support contactless chip and PIN purchases. 

 that there are contactless usage limits in Europe. A single transaction has a maximum limit of 50 EUR, and the cumulative amount of contactless payments is 150 EUR. Additionally, the maximum number of consecutive contactless payments is six. 

Your card will be declined if you make contactless transactions exceeding these limits.

In case of a dispute regarding a transaction you’ve made, we highly recommend that you reach out directly to the merchant involved if you wish to request a refund.

don’t recognize any particular transaction, or you otherwise suspect that your card credentials may have been compromised, you can choose either to freeze your crypto debit card immediately or replace it, and then contact our Customer Support within 45 days of the transaction for further assistance

Ways To Protect Yourself From Debit Card Frauds

As cybersecurity crimes continue to become more sophisticated, it’s important to learn how to detect them — and how to protect yourself from debit card fraud. It’s easy to detect suspicious activity on your Bybit Card, since you’ll notice funds missing in your Funding Account balance. 

Because your Bybit Card is available virtually, you need to stay alert for any fraudulent activities. Here are some ways to help you prevent fraudulent activities on your Bybit Card:

Using a crypto debit card increases the liquidity of your digital assets and provides you the convenience of spending cryptocurrency in your daily life. 

Whether you’re paying bills or buying goods online, the Bybit Card helps you maximize your crypto usage while keeping your funds safe. 

It’s issued in partnership with Mastercard, so you can spend your preferred cryptocurrencies anywhere a merchant displays the Mastercard logo. E

asy to use with its intuitive mobile app, the Bybit Card gives you an efficient way to manage your digital assets on the go!

What Is Bybit Card and How to Use It

Compete for 2,500 USDT USDT Every Week

What Is Bybit Card and How to Use It

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards