SkyBridge Capital, Anthony Scaramucci's investment management firm, announced plans to tokenize $300 million worth of its hedge funds on the Avalanche network. 

Wyoming state announced the mainnet launch of its Frontier Stable Token, claiming it as the first fully-reserved stablecoin issued by a U.S. public entity. 

Crypto platform Bullish, which owns CoinDesk, announced it received all $1.15 billion in proceeds from its initial public offering in stablecoins, marking a first for U.S. public markets

Top stories in the Crypto Roundup:

• SkyBridge Capital to Tokenize $300M in Hedge Funds on Avalanche
• Wyoming Debuts First State-Issued U.S. Dollar Stablecoin
• Bullish Receives $1.15B IPO Proceeds Entirely in Stablecoins

SkyBridge Capital to Tokenize $300M in Hedge Funds on Avalanche

SkyBridge Capital, Anthony Scaramucci's investment management firm, announced plans to tokenize $300 million worth of its hedge funds on the Avalanche network. The firm will bring two funds—Digital Macro Master Fund and Legion Strategies—on-chain through a partnership with tokenization provider Tokeny and its parent company Apex Group, which manages over $3.5 trillion in assets. The initiative uses the ERC-3643 token standard with operational support from Apex's Digital 3.0 platform.

The move reflects growing institutional adoption of blockchain technology for traditional financial assets. The tokenized real-world assets market has doubled over the past year to surpass $26 billion, with industry projections suggesting it could reach $1 trillion by 2030. VERT Capital also recently announced similar plans to tokenize $1 billion in debt on XDC network, while Securitize offers tokenized funds from Hamilton Lane, Apollo, and KKR.

Avalanche is positioning itself as a hub for institutional tokenization projects. Bergen County in New Jersey already uses the network to digitize property deeds representing $240 billion in real estate, aiming to combat fraud and reduce processing times. Scaramucci said the tokenization will "improve transparency, liquidity, and accessibility" for investors while demonstrating how traditional finance and blockchain can work together.

Wyoming Debuts First State-Issued U.S. Dollar Stablecoin

Wyoming state announced the mainnet launch of its Frontier Stable Token, claiming it as the first fully-reserved stablecoin issued by a U.S. public entity. The token has been deployed across seven major blockchains—Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, and Solana—and is designed to be 2% over-collateralized, backed by U.S. dollars and short-duration U.S. treasuries held in trust.

The token will become available to the broader public in the coming days through Wyoming-based exchange Kraken on the Solana network and Rain's Visa-integrated card platform on Avalanche. The launch coincides with the Wyoming Blockchain Symposium and follows the recent enactment of federal stablecoin regulations under the GENIUS Act, which provides guidelines for stablecoin issuance in the United States.

Wyoming created the Wyoming Stable Token Commission in 2023 to develop and oversee a U.S. dollar-backed token for integration into public finances. The state has partnered with LayerZero for token issuance, Fireblocks for blockchain infrastructure, and Franklin Advisers for reserves management. Last month, Wyoming conducted a successful test transaction for real-time government contractor payments on Avalanche. Industry projections suggest stablecoins could become a trillion-dollar market within the next few years as adoption grows.

Bullish Receives $1.15B IPO Proceeds Entirely in Stablecoins

Crypto platform Bullish, which owns CoinDesk, announced it received all $1.15 billion in proceeds from its initial public offering in stablecoins, marking a first for U.S. public markets. Most tokens were minted on the Solana network and predominantly settled in Circle's USDC, with Coinbase serving as custodian. Bullish debuted on the New York Stock Exchange last week.

The remaining proceeds were settled using a diverse range of dollar- and euro-pegged tokens from major issuers including Circle's EURC, PayPal's PYUSD, Ripple's RLUSD, Paxos' USDG, Societe Generale's USDCV and EURCV, World Liberty Financial's USD1, Agora's AUSD, and AllUnity's EURAU. Investment bank Jefferies managed the minting, conversion, and delivery of the stablecoins throughout the settlement process.

The transaction underscores the growing adoption of stablecoins in global payment flows as the sector becomes increasingly embedded in traditional finance. This follows recent regulatory developments, including the U.S. enacting rules under the GENIUS Act to regulate stablecoin issuers, and other major deals like Binance receiving a $2 billion investment from Abu Dhabi's MGX fund in World Liberty's USD1 stablecoin earlier this year.

Bullish CFO David Bonanno described stablecoins as "one of the most transformative and widespread use cases for digital assets," noting the company uses them internally for rapid and secure global fund transfers.

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