Major financial institutions are reshaping crypto’s narrative in 2025, marking a departure from earlier cycles defined by retail speculation, memecoins and digital art alongside Bitcoin’s rise.
Two of the world’s largest banks — HSBC and BNP Paribas — have joined the tokenization-focused Canton Foundation, following the likes of Goldman Sachs and other major backers as institutions push to bring blockchain-based utility to clients.
At the same time, crypto markets are seeing a wave of billion-dollar shelf registrations and expanded initial public offering (IPO) plans, underscoring the race to accumulate digital assets and tap public markets.
This week’s Crypto Biz newsletter covers HSBC and BNP Paribas joining the Canton Foundation, Mega Matrix’s $2 billion shelf registration to acquire Ethena’s governance token, Gemini’s IPO targeting a $3 billion valuation and the arrival of tokenized gold in US individual retirement accounts (IRAs).
HSBC, BNP Paribas join Canton Foundation
HSBC and BNP Paribas — two of the world’s largest financial institutions — have joined the Canton Foundation, the body driving adoption of the tokenization-focused Canton blockchain.
The banks join existing backers, including Goldman Sachs, Hong Kong FMI Services and Moody’s Ratings, in supporting the development of Canton, which is designed for institutional finance and real-world-asset management.
A BNP Paribas executive said the move reflects the bank’s continued efforts to leverage blockchain technology “to serve our evolving client needs.”
HSBC, meanwhile, has been active across multiple blockchain initiatives, including plans to apply for a stablecoin license in Hong Kong. HSBC is also involved in blockchain applications across custody, bond issuance and tokenization.
Mega Matrix eyes $2 billion Ethena stablecoin treasury
Crypto-focused holding company Mega Matrix has filed to raise $2 billion for a treasury strategy centered on the Ethena stablecoin ecosystem — a move it says will provide exposure to protocol revenue while amplifying its role in network governance.
Regulatory filings show the company plans to focus “exclusively on ENA, concentrating influence and yield in a single digital asset.” Rather than holding Ethena’s USDe synthetic stablecoin, Mega Matrix will build its position around the ENA governance token.
The announcement comes amid surging interest in Ethena’s model. Unlike collateralized stablecoins such as USDC (USDC) and USDt (USDT), USDe maintains its dollar peg through a hedging mechanism. Ethena’s USDe has grown rapidly, with a market capitalization of roughly $13 billion, making it one of the largest stablecoins in circulation.
Gemini targets $3 billion valuation in IPO
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, is aiming for a $3 billion valuation in its planned initial public offering — a sign of growing institutional demand for crypto-focused listings.
Updated filings with the US Securities and Exchange Commission show the exchange now expects to price shares between $24 and $26, up from the initial $17 to $19 range. At roughly 16.7 million shares, the IPO could raise about $433 million — higher than the $317 million projected in earlier filings.
The offering is backed by Nasdaq, which will acquire 2.1 million shares of Gemini stock.
Trading activity on the Gemini exchange has picked up ahead of the listing, with 24-hour volumes reaching around $200 million, according to CoinMarketCap.
Tokenized gold enters US IRAs
The tokenization of real-world assets is moving into retirement accounts, with gold-backed IRA provider SmartGold set to offer its vaulted assets in tokenized form. The move would give US retirement savers the ability to gain tax-advantaged exposure to gold onchain.
Through a partnership with Chintai Nexus, SmartGold plans to tokenize up to $1.6 billion worth of vaulted gold, subject to investor demand.
Under the model, investors purchase and store gold through SmartGold, with Chintai issuing digital tokens that represent the holdings. Once onchain, the tokens can be deployed into yield-generating strategies, while the underlying gold remains securely vaulted.
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