🇺🇸 Trump Issues Pro-Crypto Executive Order, Czech Bank Propose $7B Bitcoin Reserve & Stablecoins to Create Trillions in Demand

Sunday is here.

Welcome back to another newsletter from us at The Merge.

Tokenisation News

 🇺🇸 Trump issues pro-crypto executive order

🇨🇿 Czech bank proposes $7B strategic Bitcoin reserve

📈 David ‘Czar’ Sacks says that stablecoins will create trillions in demand

🇹🇭 Thai government plans Baht stablecoin backed by bonds

Read Time: 5 Minutes

Global Market Overview

Real World Assets on-chain (excl stablecoins) are worth $16.9 billion (↑10.47% from last month).

There are 83,506 Total Asset Holders (↑1.92% from last month).

• $213.7b is in Stablecoins

• $11.8b is within Private Credit

• $3.6b is in US Treasury Debt

• $1.18b is in Commodities

• $122.2m is in Global Bonds

• $15.9m is in Stocks

The top 3 networks are 🥇Ethereum ($132b in Total Value Locked) 🥈Tron ($62b in TVL) & 🥉Solana ($11.6b in TVL).

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So, what’s being tokenised this week?

Private Credit

Currently, there are $11.8 billion in active-value loans and $21.5 billion in total loan value across all protocols.

As of today, the top 3 current protocols with outstanding loans are 🥇Figure ($9.1b)🥈Tradable ($1.78b) &🥉Maple ($277m).

Top stories this week?

🇨🇿 Czech bank proposes $7B strategic Bitcoin reserve

The Czech central bank governor Aleš Michl plans to propose holding 5% of the country's €140 billion reserves in Bitcoin.

This contrasts with Trump's recent executive order which only considered a "digital asset stockpile" from seizures rather than direct Bitcoin investment.

The ECB has expressed concerns about Bitcoin's wealth redistribution effects, while South Africa's central bank governor opposes holding Bitcoin reserves.

Governor Kganyago questioned why Bitcoin should be specially selected for reserves over other commodities like platinum or meat.

Michl believes Bitcoin's value will rise regardless of Trump's policies, viewing it as a good asset for diversification.

Stablecoins

Currently, the market cap of stablecoins is $220.3 billion (↑8.09% from last month).

As of today, it makes up 1.05% of all M2 Money Supply (↑8.09% from last month) with Monthly Transfer Volume totalling $2.62 trillion (↓46.6% from last month)

The top 3 current entities are 🥇Tether ($138.4b)🥈Circle ($52.1b) &🥉Ethena ($6.1b).

Top stories this week?

🇺🇸 Trump issues pro-crypto executive order

The order creates a working group, headed by newly appointed crypto czar David Sacks, tasked with reviewing regulations and investigating the possibility of establishing a national digital asset reserve.

Key provisions include protecting Americans engaged in legal crypto activities, prohibiting the development of a U.S. central bank digital currency, and nullifying Biden's 2022 crypto executive order.

The news briefly pushed Bitcoin to $106,000 before it settled at $103,500. Meanwhile, Congress continues its separate efforts on crypto regulation.

The working group has a 30-day deadline to catalogue existing crypto regulations and must deliver recommendations within 180 days.

📈 David ‘Czar’ Sacks says that stablecoins will create trillions in demand

David Sacks announced a joint effort between Senate and House committees to develop comprehensive digital asset legislation.

The initiative emphasizes stablecoins' potential to boost US dollar dominance and create significant Treasury demand, with plans for the GENIUS Bill.

Senator Tim Scott aims to pass both the GENIUS stablecoin Bill and a digital assets Bill within 100 days, building on the previous FIT 21 Bill.

Sacks emphasized the importance of keeping crypto innovation onshore for better consumer protection, citing the offshore FTX fraud as a cautionary tale.

The plan faces potential delays due to the need to educate new Congress members, while discussions continue about a potential Bitcoin Reserve and Sovereign Wealth Fund.

🇹🇭 Thai government plans Baht stablecoin backed by bonds

Thailand's Finance Minister announced plans to launch a government bond-backed Thai Baht stablecoin by October 2025.

This clarifies earlier reports about crypto in Phuket, confirming the focus is on asset-backed tokens rather than Bitcoin payments.

The initiative aims to make government bonds more accessible to individual investors through stablecoins. The government is developing a centralized platform for secondary market trading, with plans to enable everyday payments.

Commodities

Currently, the market cap of commodities is $1.18b (↑9.8% from last month).

As of today, the Monthly Transfer Volume totals $488.4m (↑26.6% from last month) with 60.3k addresses that are current holders.

The top 3 current entities are 🥇Paxos ($592m)🥈Tether ($558m) & 🥉Comtech Gold ($13m).

Bonds

Currently, the total value of bonds is $122.2m (↑1.93% from last week)

As of today, the Average Yield to Maturity is 0%. There are 658 Holders (↓1.67% from last week) and 7 Total Assets.

The top 3 current entities are 🥇Spiko ($95.7m)🥈 Backed Finance ($20.2m)🥉 OpenTrade ($6.3m).

Stocks

Currently, the total value of stocks is $15.9m (↑37.4% from last month)

As of today, the Monthly Transfer Volume totals $51.5m (↑33.6% from last month) with 252 Active Addresses and 1,088 Current Holders.

The top 3 current entities are 🥇iShares Core S&P 500 ($7.3m)🥈Coinbase Global ($5.8m) &🥉Nvidia ($1.3m).

Weekly Resource List

👻 Phantom Wallet: Beginner-Friendly Wallet

Multiple chains, one wallet. No need for switching. Seamlessly access the largest NFT marketplaces. A multi-chain wallet that helps you explore web3, use apps, and buy, store, and trade crypto and NFTs across Solana, Ethereum, and Polygon. (link) 

💳 Coinbase Wallet: The Crypto Wallet of Choice

You’ve more than likely heard and probably used Coinbase, so no introduction is needed. This is by far one of the easiest and non-crypto native wallets to be picked up and used by anyone. They even have a ‘Simple Mode’ for beginners. (link) 

🌐 RWA.xyz: On-Chain RWA Analytics

Explore tokenised real-world assets and the investors, issuers and service providers participating in public blockchains. View protocol statistics, industry aggregate metrics, and the issuers all in one place (link)

🔎 Santiment: Crypto Intelligence Tool

A behaviour analytics platform for crypto, sourcing on-chain, social and development information on thousands of coins, including market signals. For RWA’s insights check out this (link) 

As always, thanks for reading.

Vote below and let us know your thoughts this week —we’d love to hear from you.

See you next Sunday,

Merge