Securitize Goes Public in $1.25B SPAC Deal
Tokenization leader Securitize will go public through a $1.25B SPAC merger sponsored by Cantor Fitzgerald. Plus the top news, stats, and reports.
Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We reviewed the top news, stats, and reports in the digital asset ecosystem for our 340k weekly subscribers. This week, Securitize announced plans to go public through a $1.25B SPAC deal, President Trump pardoned former Binance CEO Changpeng Zhao, and MetaMask unveiled multichain support allowing one account to connect across EVM, Solana, and soon Bitcoin. Meanwhile, Hong Kong’s first spot Solana ETF launched trading on October 27, and Apollo partnered with Coinbase to expand stablecoin lending opportunities. On the fundraising front, Pave Bank raised $39M in a Series A led by Accel and MegaETH raised $50M in a public token sale backed by multiple investors.
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💵 Weekly Crypto Fundraises & Deals
Here are all the crypto fundraises we heard about this week, ranked by size…
🗞️ Crypto News Recap: The Top 5 Stories
Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week…
🚀 Securitize Goes Public in $1.25B SPAC Deal: Tokenization leader Securitize will go public through a $1.25B SPAC merger sponsored by Cantor Fitzgerald, with the combined firm set to trade on Nasdaq under the ticker SECZ.
⚖️ President Trump pardons former Binance CEO Changpeng Zhao: President Donald Trump pardoned former Binance CEO Changpeng Zhao, according to White House Press Secretary Karoline Leavitt, marking a sea change in how presidential administrations approach crypto.
💳 MetaMask goes multichain: one account supports EVM, Solana and soon Bitcoin: MetaMask announced Monday that it has launched multichain accounts, shifting from a one-account-one-address model to a structure that allows a single account to manage multiple addresses across different blockchain networks.
🚀 Hong Kong’s first spot Solana ETF starts trading on Oct. 27: Hong Kong’s securities regulator recently approved ChinaAMC’s spot Solana exchange-traded fund, which is scheduled to be listed next Monday.
💸 Apollo partners with Coinbase to ‘unlock’ stablecoin lending business: Coinbase’s asset management arm said on Monday it has partnered with one of the world’s largest asset managers, Apollo Global Management, in order to grow the cryptocurrency exchange’s portfolio of stablecoin credit services.
💬 Tweet of the Week
📊 Key Stats of the Week
Here are the most important and interesting stats in crypto this week...
1. Rates are grinding down, but the demand for programmable money continues to accelerate. Superstate now manages over $1.3B of assets onchain, nearly doubling since September and generating roughly $10M in fees within the past month.
Superstate’s USCC and USTB products provide tokenized exposure to the federal funds rate and cash-and-carry trades across BTC and ETH.
This is particularly powerful as it gives users access to both risk-free yield and native DeFi rates that increasingly outpace it.
2. Fantastic piece. One of the most underindexed angles in the entire space right now is the rise of real-world spending and payments. Crypto cards now process over $1.5B in monthly volume, up more than 50% year-to-date.
Users can now park idle capital onchain, earn native DeFi yield that vastly outpaces TradFi rates, and then seamlessly deploy those same assets to make real-world purchases in the very same manner as legacy payments. This effectively turns onchain liquidity into spendable cash.
One of the earliest use cases for stablecoins was simple peer-to-peer transfers. The appeal was sending money faster and cheaper, and making fiat more accessible, particularly for regions with limited access to traditional forms of banking. But that’s where the path of onchain money traditionally ended: users couldn’t spend it offchain.
Now, that same money has evolved into programmable capital - assets that live onchain, earn yield, and function as direct equivalents to traditional payment instruments, usable anywhere in the world.
3. In less than five months, ETH DATs have amassed 4% of the entire circulating supply, the highest share of any digital asset.
Meanwhile, yearly issuance remains anchored at just 0.75%.
This creates a structural supply squeeze: as more ETH moves into long-term treasury vehicles, freely circulating supply continues to shrink.
And with staking ETFs and institutional products expanding, that share could easily double by 2026, tightening supply further and amplifying ETH’s reflexivity.
On the other end of this, programmable finance is now taking shape in real time. Onchain treasuries are increasingly accumulating yield-bearing ETH as programmable reserves.
The next phase is activation: putting these reserves to work, particularly through native DeFi integrations and productization.
4. More than half of all SOL open interest (roughly $8.4B) has been wiped month-over-month.
While SOL has bounced from its monthly lows after a 20% price drawdown, open interest has yet to recover.
By comparison, BTC OI declined 14% while ETH OI dropped 27%.
Many shops were out of position here and packed up early. Conviction has yet to return, but that could be a mistake. Lots of momentum on the way: staking ETFs, Alpenglow, DAT pressure, and more.
5. 📈 Centrifuge Bridges RWAs and DeFi with $1.3B TVL, 4 funds, and Aave Horizon Integration Unlocking Real Onchain Yield.
📝 Highlights from the Top Crypto Reports
Here are the top highlights from the best crypto research reports this week…
ON-375: Real World Assets 🌍
About the Author: OurNetwork, aims to help you understand crypto like never before by harnessing the power of onchain data & analytics. This is an excerpt from the full article, which you can find here.
📝 Editor’s Note:
Welcome to OurNetwork’s latest.
Today we’re checking out Real World Assets, a sector that has hit its stride in 2025 and has grown by a factor of 250 in the past five years, according to our friends at RWA.xyz.
A big shoutout to them for leading this issue off. Also thank you to Graham, Alex, and Antonio, for covering some of the most significant players in the RWA space.
Let’s get into it.
– ON Editorial Team
📈 Tokenized Assets (Excluding Stablecoins) Surged in Q3 2025, Adding Over $7B in Value Across Diverse Asset Classes.
The tokenized asset market cap surpassed $32B, expanding by $7.3B (+29%) in Q3 2025. While private credit and U.S. Treasuries remain dominant, tokenized institutional funds, commodities, non-U.S. bonds, and stocks together added nearly $3B, accounting for nearly 40% of total quarterly growth. The expansion was driven by new issuances and growing demand for higher-yield, higher-risk assets, as excess liquidity continued to flow into tokenized markets.
Tokenized institutional funds rose $1.4B in Q3, driven by credit-backed strategies. By quarter-end, Janus Henderson Anemoy’s JAAA (via Centrifuge, $790M), Fasanara’s mF-ONE (via Midas, $131M), and Apollos’s ACRED (via Securitize, $127M) together accounted for nearly half of total market share.
Tokenized stocks rose $0.4B (+115%) in Q3. By quarter-end, Ondo Global Markets ($303M) led in market value, followed by Securitize ($250M), and Backed Finance’s xStocks ($82M). In holder counts, however, xStocks led with 70K+, surpassing Superstate Opening Bell (4K) and Ondo Global Markets (3.6K).
🎧 Top Crypto Podcasts of The Week
Here are the crypto podcasts that are worth listening to this week...
Bankless - Why Pro Athletes Are Betting on Bitcoin, Crypto & Prediction Markets
The Defiant - Why Yat Siu Believes Altcoins Will Surpass Bitcoin
Forward Guidance: How Financialization Broke Markets & Hollowed Out America | Weekly Roundup
Unchained: Arthur Hayes and Adam Schlegel on Why Now Is the Time for Crypto Private Equity
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Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela.
Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.
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