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Weekly Project Updates: Pumpfun's Trading Volume Proportion on Solana Reaches a New High, Dogecoin Foundation Establishes a Reserve, Hyperliquid Adds On-chain Validator Voting, etc

4/ @ethena_labs’s stablecoin USDtb is climbing fast—backed by over $1B in @BlackRock’s BUIDL. Since March 21, it’s jumped from $1B to $1.4B. BUIDL itself hit $2B and just launched on @solana. This stablecoin cycle is getting real.

The State of Wyoming has officially launched the first state-affiliated stablecoin, the Wyoming Stable Token (WYST), on multiple blockchains. This is a major advancement, as Wyoming is the first state in the United States to offer a fiat-backed and reserve-created stablecoin. Wyoming officials disclosed the testing phase during the official fireside chat at the DC Blockchain Summit on March 26. Governor Mark Gordon, who also chairs the Stable Token Commission, noted the stable leadership Wyoming is taking in advocating for the legalisation of digital assets. Speaking to Executive Director Anthony Apollo, he confirmed that WYST has been deployed on the Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon, and Base testnets using valueless tokens. This stablecoin follows the legal laws for over-collateralization with cash and the U.S. Treasury funds to meet its mandates. The interest that is generated from such reserves will go to the Wyoming School Foundation Fund, giving the initiative a broader state-level applicability. The Governor of Wyoming stressed Wyoming’s dedication to blockchain transparency and security, pointing out that the stablecoin backed by reserves will be auditable. LayerZero Labs, the token issuance partner for WYST, is overseeing the technical implementation of WYST by using the Omnichain Fungible Token (OFT) Standard. This architecture allows the issuance of tokens from one chain to live on another chain with ease. During initial demonstrations, a cross-chain transaction was performed with Ethereum and Avalanche testnets using the Stargate bridge, which operates on LayerZero technology. Simon Baksys, the Vice President of Business Development at LayerZero Labs, explained that the Wyoming dollar onchain is the future of Finance. WYST’s multichain compatibility, which was to be implemented later in the development stage, has been precociously activated in the state to integrate into the mainnet. These test transactions make it possible to assess the performance of a given system prior to going live. The Wyoming Stable Token Act was proposed in February of 2022 and laid the foundation for the state-issued stablecoin. The legislation required that the coin be linked to the US dollar and be redeemable for legal tender money. After the law was passed in March 2023, technical experts, accountants, and auditors formed the development team to manage the stablecoin’s generation and issuance. As the initiative advanced, the Stable Token Commission recruited industry and government leaders to investigate the use of stablecoins. Although Governor Gordon expected it to go live in Q1 2025 when speaking to an audience at the Wyoming Blockchain Symposium in August 2024, the timeline of development has extended beyond the estimates. The stablecoin will be backed up with the U.S. Treasury Bills and repurchase agreements for financial stability purposes. This can be aligned with the growing interest in stablecoins among players in the corporate world and state institutions. Currently, the asset management firm Fidelity Investments is weighing the possibility of its own stablecoin as part of its digital cash plans.

Paul Atkins, the nominee to replace Gary Gensler as SEC Chair, has drawn attention for his past involvement with Cardano. Crypto analyst Dan Gambardello recently highlighted Atkins’s connection to the blockchain platform, noting it could impact future regulatory policies. Atkins, who reportedly holds up to $6 million in crypto assets excluding Bitcoin, has vowed to prioritize clear regulations for digital assets. His leadership could create a more favorable environment for cryptocurrencies like Cardano. As reported by CNF , Atkins previously served as an SEC Commissioner and appeared on Input Output’s YouTube channel in 2020, the official media platform for Cardano’s parent company. During this appearance, Atkins discussed blockchain adoption and its potential impact on mainstream finance. Gambardello believes this connection demonstrates Atkins’s awareness of Cardano’s potential as a major player in the crypto industry. The analyst pointed out that Atkins’s stance contrasts with outgoing SEC Chair Gary Gensler ‘s approach, which has been more adversarial toward digital asset firms. Under Gensler’s leadership, the SEC aggressively pursued legal action against several crypto companies. In contrast, Atkins’s stated goal of fostering innovation through clearer regulations may benefit Cardano and other blockchain projects. During his confirmation hearing, Atkins stressed the need for transparent and efficient crypto regulations. He emphasized collaboration with Congress and fellow SEC commissioners to develop a comprehensive regulatory framework. This approach has gained support from some lawmakers, including Senator Tim Scott. However, others, such as Senator Elizabeth Warren, have raised concerns about potential conflicts of interest stemming from Atkins’s significant crypto holdings. Meanwhile, Gambardello noted increasing institutional interest in Cardano. He cited Interactive Brokers adding ADA to its platform alongside other major altcoins like Solana and XRP. Additionally, ADA is now listed on NuBank, a Berkshire Hathaway-backed neobank with over 100 million users across Latin America. Despite these developments, ADA’s price has yet to experience a substantial breakout. Gambardello attributed this stagnation to broader monetary conditions, noting that previous crypto bull markets coincided with rising Federal Reserve liquidity. As quantitative tightening (QT) eases, Gambardello predicted improved liquidity could spark a significant ADA rally. ADA recently climbed from its long-standing $0.30 range to approximately $0.73. While volatility remains possible, Gambardello maintained that ADA’s long-term prospects remain strong, especially with regulatory clarity potentially on the horizon. The Cardano (ADA) price has fallen by 5.68% in the last 24 hours and is at $0.6990 at the time of writing.

The Decentralized Physical Infrastructure Networks (DePIN) sector saw significant investment inflow during the first quarter of 2025. Crypto market analytics provider Messari reported that DePIN projects collectively raised over $150 million in funding during this period. This occurred even as generally bearish sentiment affected much of the broader altcoin market, highlighting growing investor interest in this specific niche. Related: DePIN’s Blockchain Evolution: Is Solana Still the Best Choice? Interest in the DePIN space extends beyond just the largest projects. One crypto analyst posting on X (formerly Twitter), for example, recently highlighted several native tokens drawing user attention, including ATH, SPON, HEU, PEAQ, NATIX, and LMWR. It’s worth noting, however, that these specific tokens were not among the top 10 DePIN projects by market capitalization at the time of reporting. The analyst indicated the selection reflected their individual research focus rather than overall market ranking. Related: Energy Meets Blockchain: DePIN Tokens to Watch in December This growing investor interest seems to reflect wider recognition of DePIN’s potential impact. Many analysts suggest the sector’s growth stems from its promise to improve the management and efficiency of real-world physical infrastructure. DePIN projects typically leverage blockchain and crypto-incentives to offer increased efficiency, greater transparency, and potential cost-effectiveness compared to traditional centralized systems. Their adoption appears to be growing, particularly in vital areas like energy distribution grids, telecommunications networks, mobility, and smart city development – sectors crucial for ongoing global infrastructure upgrades. Analysts often link the significant capital flowing into DePIN to the rapid expansion of Artificial Intelligence (AI) and the Internet of Things (IoT). The tight integration of AI with potentially billions of connected IoT devices is expected to form the backbone of many future technology ecosystems. Within this context, experts believe decentralized networks will provide essential, robust infrastructure needed for efficient and secure data exchange between AI-driven applications and the vast array of sensors and devices powering them. This potential foundational role in supporting next-generation technology helps explain the increasing investor focus on the innovative DePIN ecosystem within the broader Web3 space. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.