Stablecoins have quickly become a leading use case for blockchains, now surpassing Visa and Mastercard in transaction volume, as highlighted during Token2049, the world’s largest crypto conference held last week in Dubai.

Notably, the event also revealed that the Trump family’s crypto venture plans to launch a new stablecoin, USD1. With regulation advancing, legislation being considered in the US Congress, and high-profile entrants emerging, stablecoins are increasingly positioned as core infrastructure in the digital asset ecosystem.

Market Highlights

Google Wallet to use blockchain technology

Google Wallet has integrated zero-knowledge proofs (zk-proofs), a privacy-enhancing technology originally developed in crypto industry.

This integration reflects a broader trend of mainstream tech adopting blockchain-native innovations, potentially paving the way for greater consumer privacy and crypto interoperability in digital payments.

FCA gathers feedback on crypto rules

The UK’s Financial Conduct Authority is seeking industry input on its proposed crypto regulations, slated for implementation in 2026.

This engagement underscores the UK’s intent to develop a balanced framework that fosters innovation while addressing consumer protection and market integrity in the growing digital asset space.

Goldman Sachs 24/7 tokenized trading in US

Goldman Sachs is advancing plans to enable a 24/7 trading of tokenized US Treasuries and money market fund shares.

The move follows recent regulatory shifts, including the national banks being allowed to engage in crypto activities without prior approval and the withdrawal of previous guidance that discouraged crypto activities, signaling a more accommodating regulatory environment.

Market Metrics

This week, most NCITM constituents ended in negative territory, with the exception of BTC and ETH, both of which rose by 1.2%. Notably, ETH outperformed the broader altcoin market, helping lift the NCITM index to a modest 0.5% gain. The overall negative performance reflects ongoing crypto-related headwinds, including uncertainty surrounding the stablecoin bill and Arizona’s rejection of a proposal to hold Bitcoin reserves — both of which signal resistance to integrating crypto into the traditional financial system.

This week, the NCITM rose 0.5%, underperforming traditional assets like the Nasdaq 100 (+3.4%) and the S&P 500 (+2.9%), both of which delivered strong gains. Gold fell (-1.9%) but remains the top-performing asset year-to-date. Although crypto lagged behind traditional markets this week, the recent US GDP contraction and flat inflation data could lead to a more dovish stance from the Fed — a shift that may benefit crypto more than other risk assets and potentially restore its position, once again, as the year’s best-performing asset class.

The recent spike in market volatility following “Liberation Day” trade tariffs once again highlighted crypto’s unique performance profile. Despite an initial selloff, the Nasdaq Crypto Index™ (NCI™) rebounded sharply — up +8% over 30 days — while equities struggled. This follows similar patterns seen during the US banking crisis (Mar. ‘23) and the yen carry trade unwind (Aug. 24) — with crypto consistently outperforming traditional assets over 30-day windows.

1-Day Impact vs. 30-Day Performance across NCI™, S&P 500, and Gold :

April CIO Note – Crypto’s Current One-Two Punch: Bitcoin and Stablecoins

In his latest market commentary, our CIO Samir Kerbage explores the evolving investment thesis behind the two dominant crypto narratives today:

1. Bitcoin as Digital Gold

Increasingly behaving like a macro hedge and store of value, Bitcoin is gaining credibility in institutional portfolios—backed by on-chain data, long-term holders, and ETF-led access.

2. Stablecoins & Smart Contracts Infrastructure

With over $3T in annual volume, stablecoins like USDC and USDT are fueling real economic activity. Ethereum, Solana, and others are becoming core infrastructure layers for tokenization, payments, and financial innovation.

Together, these forces are accelerating the mainstream integration of crypto assets into the global economy.

Read the full article: Crypto’s current one-two punch: Bitcoin and stablecoins
Also read Samir’s interesting article published in April: Can Crypto Outperform Amidst the Current Market Turmoil?

Hashdex ETPs Performance – April 2025

As of 30/04/25 – Source: Hashdex and Bloomberg (USD returns)

Hashdex Nasdaq Crypto Index ETP (HASH/ HDX1)

• April: +11.6% | YTD: -9.5%

• Top contributor: Bitcoin

Monthly performance attribution chart (source Hashdex):

Hashdex Crypto Momentum Factor ETP (HAMO / HDXM)

• April: +6.6% | YTD: -17.1%

• Top contributors: Bitcoin Cash, Bitcoin and Solana

Monthly performance attribution chart (source Hashdex):

About our Multi-Crypto Index ETPs

Beta Index Exposure: Hashdex Nasdaq Crypto Index ETP (HASH)

• Tracks the Nasdaq Crypto Index™ (NCI™), a dynamic and evolutive, capitalisation-weighted index

• Exposure to BTC, ETH, SOL, XRP, ADA and more

• Largest crypto index ETP in Europe (approx $400m AUM)

• ISIN: CH1184151731 | Tickers: HASH (SIX, Euronext), HDX1 (Xetra)

• Links: Product Page / Factsheet / Index Methodology

• Current allocation (source Hashdex) :

• Smart-Beta Index Exposure: Hashdex Crypto Momentum Factor ETP (HAMO)

• Momentum-based allocation across 12 top-cap crypto assets

• Monthly rebalancing to capture trends

• ISIN: CH1218734544 | Tickers: HAMO (SIX, Euronext), HDXM (Xetra)

• Links: Product Page / Factsheet / Index Methodology

• Current allocation (source Hashdex) :

Melanion Capitals, det Parisbaserade oberoende alternativa investeringsförvaltningsbolaget, har meddelat att deras Melanion Bitcoin Equities UCITS ETF började handlas den 6 maj 2025 på Xetra, Tysklands huvudsakliga elektroniska handelsplattform under Bloomberg-tickern MBTC GY och ISIN-koden FR0014002IH8. För att markera tillfället ringde Melanion Capital i öppningsklockan på Deutsche Börse för att fira noteringen av deras ETF på Xetra och deras fortsatta expansion på den tyska marknaden.

Denna notering markerar första gången tyska investerare kan få tillgång till Bitcoin-ekosystemet genom en UCITS-kompatibel ETF som uppfyller europeiska regelverk. MBTC GY erbjuder aktiebaserad exponering genom att följa Melanion Bitcoin Exposure Index – en anpassad korg med 30 europeiska och nordamerikanska aktier utvalda för sin höga känslighet för Bitcoin-prisrörelser.

”Listningen av vår ETF på Xetra markerar en viktig milstolpe i Melanion Capitals strategiska expansion över hela Europa”, säger Jad Comair, VD för Melanion Capital. ”Tyskland är en central marknad för reglerade investeringslösningar, och vi är glada att kunna erbjuda investerare lokal tillgång till aktier kopplade till Bitcoin-ekosystemet genom ett UCITS-kompatibelt ramverk. Detta steg stöder vår bredare ambition att göra nischexponeringar, såsom Bitcoin-relaterade aktier, tillgängliga inom de standarder som förväntas av europeiska investerare.”

Melanion Bitcoin Exposure Index består av företag med högst känslighet för Bitcoins pris, viktade enligt denna känslighet. Beståndsdelarna granskas för likviditet innan de inkluderas och har en maximal vikt på 10 % för att säkerställa att indexet förblir diversifierat, investeringsbart och skalbart.

ETFen följer ett index av företag utvalda för deras operativa eller finansiella exponering mot Bitcoin-ekosystemet. Emellertid har ingen lägsta korrelationströskel fastställts, och indexet garanteras inte följa själva Bitcoin-priset, oavsett om det stiger eller faller.

Melanion Bitcoin Equities UCITS ETF noterades initialt på Euronext Paris, därefter Euronext Milan (Borsa Italiana), därefter Euronext Amsterdam och nu på Deutsche Börse Xetra.

Denna notering representerar ett av de steg som Melanion Capital tar för att expandera på europeiska marknader och ge investerare exponering mot Bitcoin-övergången, vilket refererar till övergången till en värld där Bitcoin och andra kryptotillgångar antas som en användbar och effektiv del av det bredare finansiella ekosystemet.

ETFen investerar inte direkt i Bitcoin eller andra kryptotillgångar, utan i aktier i företag med affärsmodeller relaterade till Bitcoin-ekosystemet. Precis som med alla investeringar i internationella aktier är ETFen exponerad för marknadsrisk, valutarisk och andra risker som beskrivs i fondens regulatoriska dokumentation.