Crypto Weekly Market Wrap October 20: Institutional Growth, Stablecoin Innovation, and Major Legal Moves

The crypto market last week saw major global shifts, with Ripple launching a $1 billion XRP treasury and acquiring GTreasury. The U.S. seized $15 billion in Bitcoin from a scam, and regulators are advancing new crypto laws worldwide. Institutional adoption and stablecoin innovation continued to dominate headlines across markets. In this article, we will discuss major developments that made headlines in the crypto market last week.

Ripple Moves to Build $1 Billion XRP Treasury, Acquires GTreasury

Ripple Labs is planning to raise $1 billion to buy XRP tokens for a new on-chain treasury. The firm intends to buy the tokens using a SPAC, complementing the acquisition with its own holdings. Ripple has already accumulated more than 4.5 billion XRP, and another 37 billion XRP is in escrow and being released every month.

In addition, Ripple purchased a corporate treasury firm, GTreasury, to expand its infrastructure in a deal valued at $1 billion. GTreasury’s platform will be integrated with Ripple blockchain to provide 24/7 services and near-instant cross-border settlements. This acquisition is the third significant move by Ripple in 2025 after acquiring Hidden Road and Rail.

U.S. Seizes Record $15 Billion in Bitcoin from Global Scam

The United States conducted its biggest-ever crypto confiscation, seizing over $15 billion worth of Bitcoin linked to a global collective of fraud. The scheme was tracked by the authorities to Cambodia, where Chen Zhi, an official of the Prince Holding Group, was reported to be running it.

Chairman of Prince Group Indicted for Operating Cambodian Forced Labor Scam Compounds Engaged in Cryptocurrency Fraud Schemes https://t.co/y2c7tiShgH @NewYorkFBI pic.twitter.com/8Nde99bQpu

— FBI (@FBI) October 14, 2025

The network defrauded thousands with pig butchering tactics. The U.S. has since forfeited over 127,000 BTC after a liaison between the DOJ, Treasury, and U.K. regulators. They termed it a combined international initiative in breaking down financial crime.

SEC to Push Tokenization and Innovation Exemption

Cryptocurrency and tokenization have been identified by SEC Chairman Paul Atkins as the primary regulatory focus of the agency. At the DC Fintech Week, he announced that an “innovation exemption” will be used to simplify the process of launching products and cut down the friction on crypto developers.

The exemption would also allow startups to enter the market with their services without the necessity of registering with various agencies. Another model of a proposed super app regulation would encourage financial regulators’ interaction. This would consequently facilitate Web3 development within the U.S.

Bhutan Migrates National Identity to Ethereum

Bhutan is replacing its Polygon-based system of national identity with Ethereum. The infrastructure provided by Ethereum will aid the government in operating self-sovereign identity credentials of close to 800,000 citizens.

The migration is projected to be finished at the beginning of 2026. Vitalik Buterin, co-founder of Ethereum, and the president of the Foundation, Aya Miyaguchi, were present at the launch event. They named it the first nationally significant integration of the sort in Ethereum.

Trump Family Nets Over $1B in Crypto Profits

The Trump family has already made over $1 billion in pre-tax profit by investing in cryptocurrencies. The majority of the revenue is attributed to the WLFI token and USD1 stablecoin, which were released under World Liberty Financial.

According to FT，U.S. President Donald Trump and his family earned over $1 billion in pre-tax profits from crypto ventures in the past year. Their crypto empire includes trading cards, meme coins, stablecoins, tokens, and DeFi platforms. The TRUMP and MELANIA coins generated…

— Wu Blockchain (@WuBlockchain) October 16, 2025

Eric Trump confirmed the figure might be greater because the family also profited on memcoins TRUMP and MELANIA, which earned them more than $400 million. World Liberty Financial earned President Trump a personal income of up to $57.4 million. The family’s overall stake was also over $5 billion, following a token unlock.

California Becomes First State to Ban Forced Crypto Sales

California Governor Gavin Newsom passed SB 822 into law, thus becoming the first state in the United States to safeguard unclaimed cryptocurrency assets. The law prevents the forced liquidation of assets, such as Bitcoin and Ethereum, as they need to be maintained in their original form by the state. Coinbase’s legal chief complimented the move, claiming that it safeguards consumer investments. This legislation marks a big policy change since more states are starting to regulate the rights of crypto ownership.

Florida Reintroduces Bitcoin Investment Bill

The Florida legislators have revived an initiative that would allow the state to invest in cryptocurrency. House Bill 183 would allow the state CFO to invest up to 10% of state funds in Bitcoin and crypto ETFs. The bill contains provisions to permit people to pay taxes using digital assets. Strict custody and federal standards of compliance are designed to provide security and also assist in long-term adoption.

Paxos Accidentally Mints $300 Trillion in Stablecoin

Paxos accidentally minted PayPal USD (PYUSD) worth $300 trillion in an internal test transfer. The glitch was rather a twenty-minute event that caused a temporary panic among traders in the crypto community. The company burned the additional tokens and explained that there was no impact on the market. PYUSD is currently valued with the market of $2.6 billion.

At 3:12 PM EST, Paxos mistakenly minted excess PYUSD as part of an internal transfer. Paxos immediately identified the error and burned the excess PYUSD.

This was an internal technical error. There is no security breach. Customer funds are safe. We have addressed the root…

— Paxos (@Paxos) October 15, 2025

Coinbase Business Targets SMEs with Crypto Payments

Coinbase introduced Coinbase Business, a new platform targeting small and medium-sized businesses. It provides solutions to accept crypto payments, store wallets, and get up to 4.1% APY on USDC. The platform combines with QuickBooks and Xero, among other tax solutions. The onboarding process requires two days, which places Coinbase on the level of competing with fintechs, such as Brex and Mercury.

Kenya Approves Digital Asset Framework

The Parliament in Kenya passed the Virtual Asset Service Providers Bill, establishing a regulatory framework for digital assets. The legislation also enables the central bank to grant a license to issuers of stablecoins and crypto exchanges. The nation seeks to win international exchanges like Binance and Coinbase. Authorities plan to make Kenya the foremost crypto investment gateway in Africa.

BlackRock Updates Fund to Meet Stablecoin Law

BlackRock rebranded one of its money market funds in accordance with a new U.S. stablecoin law, the GENIUS Act. The updated BSTBL allows more liquidity and a later time of trading. The BSTBL is likely to assist the payment stablecoin issuers as collateral. The shift by BlackRock signals a growing convergence between blockchain regulation and traditional finance.

BlackRock Launches GENIUS Act-Aligned 2a-7 Money Market Fund “BSTBL”

According to @BusinessWire, @BlackRock has announced the launch of a 2a-7 money market fund under the Investment Company Act of 1940, aligned with the GENIUS Act, to meet reserve requirements for stablecoin… pic.twitter.com/0W7imqQwr8

— ME (@MetaEraHK) October 16, 2025

Citigroup to Launch Crypto Custody in 2026

Citigroup is working on a crypto asset custody that is expected to be launched in the year 2026. The project integrates its internal tools with third-party technologies in terms of managing assets securely. The bank is also considering the use of stablecoins, particularly in underbanked areas, in cross-border payments. Recently, Citi invested in BVNK, a stablecoin company, to hasten the process.

ODDO BHF Enters Crypto with EUROD Stablecoin

French banking giant ODDO BHF introduced a stablecoin backed by the euro named EUROD. The digital asset will be traded on Bit2Me and will be compliant with the MiCA framework of the EU. The bank has more than $150 billion in assets under its management, and intends to provide services to both institutional and retail clients. This will be the first significant move by ODDO BHF in the field of blockchain finance.

Japan to Ban Insider Trading in Crypto Markets

Japan’s FSA and SESC are finalizing regulations that would categorize crypto assets as financial instruments. The aim is to make illegal insider trading with undisclosed crypto telephony. The new regulations will provide the SESC with investigative authorities, such as the right to suggest penalties and criminal charges. The implementation will occur in 2026.

Japan's financial regulator may ban crypto insider trading, Nikkei reports. The move aims to protect investors and align crypto regulations with traditional finance. Details are still emerging.#crypto #Japan #regulation #insidertrading pic.twitter.com/1koZIPV4Iz

— CoinNewsSpan (@CoinNewsSpan_) October 15, 2025

AUSTRAC to Gain Authority Over Crypto ATMs

Australia plans to broaden the authority of AUSTRAC to limit or prohibit high-risk financial instruments, such as crypto ATMs. The move seeks to reduce scams and illegal money laundering. The new law would provide discretion to the AUSTRAC to take action without necessarily imposing an outright ban. Lawmakers suggest that the majority of users are legitimate, but due to their enthusiasm, high-value transactions are questionable.

Robinhood Reverses Course with Copy Trading Launch

Robinhood launched a new feature called Robinhood Social, which allows users to copy trades of verified investors. The launch is scheduled for early next year. Trades need to be copied manually, contrary to automatic systems. This distinction assists Robinhood in remaining in compliance while capitalizing on social trading trends.

Coinbase Backs CoinDCX to Expand in India

Coinbase invested in CoinDCX to expand its India and Middle Eastern markets. CoinDCX currently supports ₹13.7 lakh crore of trading volume and holds ₹10,000 crore in assets. The platform already has 20 million users and reported ₹1,179 crore in income. Coinbase views India as the heart of the next wave of crypto growth.

JUST IN: 🇺🇸🇮🇳 Coinbase announces investment in CoinDCX to expand its presence in India and the Middle East ⚡️ pic.twitter.com/K5StfmVPna

— Roxom TV (@RoxomTV) October 15, 2025

China Renaissance Raises $600M for BNB Holdings

China Renaissance plans to raise $600 million to establish a BNB-focused treasury. The project is backed by the Binance co-founder CZ and by YZi Labs, which committed to investing $200 million. The move mirrors corporate crypto accumulation strategy and makes China Renaissance the first publicly traded company to invest directly in BNB.

a16z Invests $50 Million in Solana Staking Protocol

The crypto division of Andreessen Horowitz, a16z, invested $50 million in Jito, a liquid staking protocol built on Solana. The deal values Jito at $800 million. Jito Foundation head Brian Smith said the investment will be a long-term alignment whereby a16z will get JTO tokens at a discounted rate in exchange for its commitment.

Li Lin Launches $1B ETH Treasury Venture

Li Lin, the founder of Huobi, launched a $1 billion Ethereum treasury backed by several key Asian crypto investors. The funding has already been committed by Avenir Capital and HongShan Capital.

JUST IN: Huobi founder Li Lin to launch $1,000,000,000 firm to manage and expand $ETH focused treasury. pic.twitter.com/tJPLBNcylo

— Whale Insider (@WhaleInsider) October 17, 2025

It will provide institutions with regulated exposure to Ethereum through the project. Among its key partners are Shen Bo of Fenbushi and Xiao Feng of HashKey, who have significantly backed ETH.

Japan’s Top Banks Develop Dual-Currency Stablecoins

MUFG, SMBC, and Mizuho are developing stablecoins pegged to Japanese yen and the U.S. dollar. The tokens will operate on the MUFG Progmat platform along with several blockchains. Mitsubishi Corp will be the first to test the stablecoins in terms of corporate payments and dividends. The banks seek to reduce expenses and speed cross-border settlements across their 300,000 clientele.

France Reviews Binance and Exchanges for AML Readiness

The French financial regulators are reviewing crypto exchanges, such as Binance and Coinhouse, to comply with anti-money laundering regulations. This inspection process commenced under the PSAN rules of France last year. Binance was requested to enhance risk control, although it claimed that these tests are normal.

French regulators have expanded anti-money laundering (AML) checks on cryptocurrency exchanges, including Binance. The ACPR is carrying out controls on dozens of exchanges, an effort that started late last year. Binance says it is cooperating fully and complying with EU and local…

— Wu Blockchain (@WuBlockchain) October 17, 2025

Newsmax to Buy Bitcoin and Trump Coin

Newsmax disclosed its plans to invest up to $5 million in Bitcoin and Trump Coin within the next 12 months. The board gave the go-ahead to the move as a new asset strategy. CEO Christopher Ruddy said that Bitcoin serves as a digital gold standard. Furthermore, it will be the first NYSE-listed company to include the Trump memecoin in its balance sheet.

U.S. Bancorp Launches Digital Asset Unit

U.S. Bancorp established a new unit that specializes in money movement and crypto asset custody using blockchain technology. The initiative will be managed by Jamie Walker. The unit will focus on tokenized assets and stablecoins to be used by institutions. According to officials, the move addresses the increasing demand for modern financial services powered by blockchain.

Digital Asset Investment Products Market Overview

The U.S. spot bitcoin exchange-traded funds had a rough week, with investors pulling out approximately $1.23 billion, according to Sosovalue data. This sharp exit was the second-largest weekly withdrawal since they were launched and the largest since late February, worth $2.6 billion.

From October 13 to October 17 (ET), spot Bitcoin ETFs saw a net weekly outflow of $1.23 billion, the second highest on record, with none of the twelve ETFs reporting net inflows. Spot Ethereum ETFs recorded a net weekly outflow of $312 million, with BlackRock’s ETHA leading the… pic.twitter.com/HPlBjmgcnm

— Wu Blockchain (@WuBlockchain) October 20, 2025

The biggest pressure was realized on Friday, when funds lost almost $366.6 million, the end of a heavy selling week. This turnaround came after a robust inflow of $2.7 billion the previous week, which signified a rapid change in sentiment from investors.

The decline in Bitcoin price further accelerated the movement trend and dropped to approximately $103,700 on October 17 due to market volatility. Ethereum ETFs also fared poorly, with $311.8 million weekly outflows following a $488.3 million outflow the previous week, indicating the broad uncertainty in the digital asset markets.

Bitcoin Price Performance

The flagship asset, Bitcoin, continued its volatility again last week, leading to a decline of 3%. Bitcoin’s price dropped from its highs, dropping $115k to below $103k, uplifting the monthly decline to more than 4%. In addition, its market cap and trading volume decline to $2.20 trillion and $65 billion, respectively.

Looking at the technical indicators on the weekly chart, Bitcoin’s upward trajectory is losing momentum with indicators lying in the negative territories. The MACD line is dropping further below the signal line, indicating increased selling pressure.

Moreover, the Relative Strength Index (RSI) has dropped to the neutral territory from the overbought region. Currently, the bears have the upper hand over the bulls, and the price continues to correct further if the current trend holds.