Solana outpaced expectations with staggering revenue figures and a successful ETF debut, while JPMorgan and Standard Chartered offered contrasting signals on traditional finance’s deepening involvement in crypto. Yet, even amid Bitcoin’s rare “Uptober” slump, the ecosystem showed its resilience.
European Central Bank Selects Tech Partners for Digital Euro Launch
The European Central Bank (ECB) has signed framework agreements with seven technology companies to support the development of its digital euro, potentially launching in 2029. These entities will handle key components such as fraud detection, secure payment information exchange, and software development. Among the partners are Feedzai and Giesecke+Devrient, with the latter set to assist in designing the Digital Euro Service Platform under ECB guidance and EU legislation.
Stablecoins See Record Growth in Q3 with $46 Billion in Net Creations
Stablecoins experienced their largest quarter on record, with an estimated $45.6 billion to $46.0 billion in net creations during Q3 2025, marking a 324% increase from Q2. Tether’s USDT led the surge with $19.6 billion in new supply, followed by Circle’s USDC with $12.3 billion and Ethena’s USDe with $9 billion. The total stablecoin supply now ranges between $290 billion and $310 billion, driven by growing demand for yield-linked models and improved infrastructure.
Ethereum remains the dominant blockchain for stablecoin activity, hosting over 50% of the total supply, while Tron and Solana also see significant adoption due to their low fees and high throughput.
Solana's $2.85B Annual Revenue Surpasses Ethereum's Early Growth, Driven by Trading and DeFi Activity
Solana's annual revenue reached $2.85 billion in the past year, driven by trading platforms, DeFi, AI apps, and memecoins, according to a report by 21Shares. The network averaged $240 million in monthly revenue, peaking at $616 million in January 2025 during the memecoin boom. Trading platforms accounted for 39% of this revenue, with apps like Photon and Axiom leading the charge. Solana's performance far outpaces Ethereum’s at a comparable stage, generating 20–30 times more revenue five years after its launch.
Bitwise's Solana Staking ETF Launches with $223M in Assets, Highlighting Strong Institutional Demand
Bitwise’s Solana Staking ETF (BSOL) has made its debut with $223 million in assets, signaling robust institutional interest in staking-focused exchange-traded funds (ETFs) in the U.S. The ETF began trading on Tuesday, with Bloomberg Intelligence analyst Eric Balchunas noting the figure as significant for a newly launched crypto ETF. This follows regulatory clarity from the SEC regarding certain proof-of-stake (PoS) and liquid staking activities not being classified as securities offerings.
JPMorgan Eyes Crypto Trading Expansion, But Holds Off on Custody Services
JPMorgan is actively developing cryptocurrency trading services for its clients, as confirmed by executive Scott Lucas during a recent interview. While the bank is exploring opportunities in the blockchain and crypto space, it has ruled out handling crypto custody in the near term. Lucas emphasized that JPMorgan’s approach is an "and" strategy, aiming to capitalize on multiple opportunities rather than focusing on one aspect of the market over another.
Standard Chartered's Geoff Kendrick Predicts Bitcoin Could Reach $200,000 by Year-End Despite Market Crash
Standard Chartered's Geoff Kendrick suggests that the recent $19 billion crypto market crash could present a buying opportunity for investors. Despite Bitcoin's price dipping to a four-month low of $104,000 following a major liquidation event, Kendrick remains optimistic, forecasting a potential rise to $200,000 by the end of 2025. He attributes this outlook to continued inflows into Bitcoin ETFs and the safe-haven appeal of Bitcoin, similar to gold's recent performance.
Kendrick predicted that Bitcoin could surge to $500,000 by the time Trump concludes his second term in 2028, assuming the US Federal Reserve continues cutting interest rates.
Bitcoin Ends "Uptober" in the Red
Bitcoin concluded October with a more than 10% decline, marking the first "Uptober" in seven years where the cryptocurrency finished the month in the red. Factors such as a $20 billion liquidation event linked to Trump's trade war with China and Federal Reserve rate cuts contributed to the downward pressure on Bitcoin's price.