Stripe Launches Global Stablecoin Project

IBIT Nears 3% of Total BTC Supply | Arbitrum Exits Nvidia’s AI Program

Marco Manoppo & Karon Pangestu
April 28, 2025

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Good Morning.

Today’s moves show a clear pattern: tech giants like Nvidia still hesitate to embrace crypto openly, even as firms like Stripe quietly build stablecoin infrastructure for global users. Meanwhile, institutional flows into Bitcoin and bullish forecasts from Citigroup reveal that money is moving faster than politics can keep up.

In Today's Email:

What Matters: Arbitrum Exits Nvidia’s AI Program Over Crypto Branding 🚨
Product: Stripe Launches Global Stablecoin Project 💵
Charts: IBIT Nears 3% of Total BTC Supply, Stablecoins to $3.7T by 2030 📈

Narratives: Crypto is quietly entering its institutional phase

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WHAT MATTERS

Arbitrum Exits Nvidia’s AI Program Over Crypto Branding

State of play: The Arbitrum Foundation announced it withdrew from the Nvidia-backed Ignition AI Accelerator program after Nvidia requested its brand not be associated with any public crypto-related announcements.

Initial reports suggested Nvidia had rejected Arbitrum’s participation.
The Foundation clarified it decided to step back voluntarily, citing concerns about Nvidia’s lack of long-term commitment to blockchain initiatives.
The partnership would have made Arbitrum the exclusive Ethereum partner for the program, offering AI development guidance and cloud credits.
Meanwhile, other crypto organizations like the Aptos Foundation continue to partner with Ignition.
Arbitrum framed its withdrawal as a “sound business decision” aligned with its goal of collaborating with partners committed to blockchain innovation.

What’s next: Nvidia’s cautious stance could signal a broader trend of traditional tech giants distancing themselves publicly from blockchain branding while quietly exploring private sector partnerships

For builders and investors: This withdrawal shows that traditional tech partners may still view crypto as reputational risk. Builders should prioritize alliances with firms genuinely aligned with Web3 principles, not just offering resources.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCT OF THE WEEK

Stripe Launches Global Stablecoin Project

Patrick Collison - Stripe’s CEO

Stripe is developing a new stablecoin-based product through Bridge, the stablecoin services platform it acquired for $1.1B in 2024. The product is currently being tested and is targeted at customers outside the US, EU, and UK.

The company sees stablecoins as key for global treasury management, remittances, savings, and cross-border payments.
Stripe’s acquisition of Bridge marks the largest crypto M&A deal to date, with potential to unlock billions annually from stablecoin reserves.
Stripe’s move highlights growing demand for stablecoin payments in regions with unstable currencies and low card penetration.

Other cool products:

Amnis, a liquidity staking platform on Aptos.
Fluidtokens, a lending and borrowing platform in Cardano.
EthicHub, a ReFi protocol connecting farmers with global lenders.
Pheasant Network, an Intent-centric Bridge and Cross-chain Swap.
Dypius, a platform for DeFi and NFTs built for scalability and security.

CHARTS OF THE WEEK

Citigroup Sees Stablecoins Reaching Up to $3.7T by 2030

Source: Visa

State of play: Citigroup predicts that stablecoin supply could grow dramatically by 2030, reaching $1.6T in a base case and $3.7T in a bullish scenario. However, if integration challenges persist, growth could stall at $500B.

The bank said stablecoins could drive blockchain’s "ChatGPT moment" this year, fueled by rising financial sector adoption and regulatory support.
US regulatory moves under a crypto-friendly administration could further accelerate adoption, with stablecoin issuers potentially becoming major holders of US Treasuries.
Citigroup also warned that stablecoins could disrupt traditional banking through deposit substitution.

Our take: Scaling challenges and political pushback remain real risks that could cap growth well below bullish expectations.

IBIT Nears 3% of Total BTC Supply

Arkham

State of play: BlackRock’s Bitcoin ETF, IBIT, now holds about 2.8% of Bitcoin’s total supply, fueled by major inflows this week totaling $1.2B. The fund holds over 582,000 BTC, valued near $56B, as Bitcoin’s price surged past $95,000.

While BlackRock manages assets on behalf of clients, the scale of accumulation reflects growing institutional interest.
Amid rising global economic uncertainty driven by President Trump’s tariff policies, BlackRock executives see Bitcoin and gold as key safe-haven assets.
CEO Larry Fink also warned that the US risks losing its reserve currency status to digital assets like Bitcoin if fiscal deficits remain unchecked.

Our take: If fiscal risks continue to erode confidence in the USD, Bitcoin’s role as a global reserve alternative could accelerate faster than markets expect.

QUICK BITES

IBIT nears 3% of the total BTC supply.
US spot Bitcoin ETFs log $3B in weekly inflows.
Grayscale's GBTC leads in revenue despite higher fees.
Loopscale hit with $5.8M exploit two weeks after launch.
Arbitrum exits Nvidia’s AI program over crypto branding.
Citigroup sees Stablecoins reaching up to $3.7T by 2030.
Nike sued for $5M over its shutdown of NFT platform RTFKT.
Paul Atkins makes crypto stance clear: he won't be another Gensler.
Stripe is building a 'new stablecoin product,' bypassing the US, EU and UK.

NOTEWORTHY READS & MEME

Hitesh’s thread on Initia.
GLC’s read on A Historic Q1 For Maple.
Delphi Digital’s thread on Story Protocol.

There was a time when VCs would give you a billion dollars if you didn’t wear shoes to work
— Troy Osinoff 🕺 (@yo)
6:04 PM • Apr 24, 2025

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