Yuan Stablecoins, MetaMask USD & Gemini IPO Shake Crypto
China’s State Council is reviewing plans to introduce yuan-backed stablecoins for faster cross-border settlements. The move aims to challenge dollar-pegged stablecoins like USDT and USDC in the $279 billion market.
MetaMask has launched its first native stablecoin, MetaMask USD (mUSD), on Ethereum and Linea. Fully backed 1:1 by liquid dollar assets, mUSD integrates on-ramps, swaps and will power DeFi and payments via the MetaMask Card.
Gemini filed for a Nasdaq IPO under ticker GEMI, reporting $142.2 million in 2024 revenue and holding $18 billion in assets despite a $158.5 million net loss.
A YouGov survey sees payments and AI as the next drivers of crypto adoption. Stablecoins and on-chain payments could become mainstream within three to five years.
The CFTC opened public comments on its “Crypto Sprint” phase two until Oct. 20, 2025, focusing on registration, custody and trading rules with SEC coordination.
Bullish
These developments point to growing infrastructure and regulatory clarity across crypto markets. China’s yuan-backed stablecoin proposal suggests potential for new issuance and faster on-chain settlements, echoing past events where regulated stablecoins boosted liquidity. MetaMask USD launch marks the first self-custodial wallet token, likely to lower on-ramp friction and drive DeFi usage. Gemini’s IPO filing under GEMI indicates rising institutional interest, similar to Coinbase’s public listing, which supported market confidence. The YouGov survey underscores mainstream adoption prospects via payments and AI enhancements. Finally, the CFTC’s open comment on Crypto Sprint phase two signals clearer rules ahead, reducing uncertainty. Together, these factors support both short-term bullish momentum in stablecoin and DeFi sectors and longer-term institutional inflows.