This week, a casual IPO poll from Ripple CTO David Schwartz took an unexpected turn when one user seized the opportunity to renew a familiar accusation: that Kraken’s cofounder, Jesse Powell, has long held a negative view of Ripple and XRP. Schwartz was not having it. In his opinion, Powell’s stance has always been more nuanced.

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This comment prompted closer scrutiny of Powell’s XRP history, revealing that the relationship is far from straightforward. Powell has been vocal about the legal ambiguity surrounding XRP for years, often pointing out how its early ties to Ripple Labs (then OpenCoin) could create complications for regulators. 

However, his tone has not been one of disdain but rather one of caution layered with technical nuance.

In one notable thread, he argued that if XRP were found to be a security, exchanges such as Kraken could be held liable, even if they operated in good faith. He described this as an “asymmetrical risk” that made listing decisions difficult. 

Later, when Kraken suspended XRP trading for U.S. customers, Powell made it clear that it was a business decision, not a personal one, describing the legal uncertainty as “too risky from a business perspective.”

Kraken aims for $15 billion IPO

Now, that debate is resurfacing just as Kraken reenters IPO territory. The company is reportedly raising $100 million ahead of a potential public listing, aiming for a valuation of over $15 billion. The funding round is expected to close by the end of the year and, if successful, would revive IPO plans that were shelved after Coinbase’s turbulent debut.

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Kraken remains one of the world’s most active exchanges, posting over $1.37 billion in daily trading volume and supporting more than 1,100 trading pairs.

After hitting a new low two days ago, the Pump.Fun jumped nearly 30% to the key resistance level. When the token attempts to regain this area, analysts suggest that there may be a bottom in place, and a recovery rally is ongoing.

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Pumps watch roller coaster price action

On Thursday, Pump.Fun retested key levels after a recent struggle. The token has made headlines for its constant bleeding and has hit a new all-time low (ATL) over the past week.

In particular, the pump was launched on July 14th, with the price of the first coin product (ICO) surged by 70% from $0.0040, reaching an all-time high (ATH) of $0.0068 after two days. However, the disappointing update about the highly anticipated token airdrop, selling pressure from large investors, has stopped the fun.

Just a week after its release, Pump.Fun’s tokens fell below the ICO price and remained below the $0.0030 mark the next day. The cryptocurrency hit a $0.0028 ATL last Thursday after Aron Cohen, the platform co-founder, said pump airdrops would not be happening soon.

Since then, tokens have fallen even further, reaching a new low of $0.0022 on July 29th, down almost 70% from the ATH. Nevertheless, the pump attempted to surpass this range three times last week, also in the area range of $0.0024-$0.0029.

Over the past two days, Pump.Fun has surged nearly 30% from its low, surpassing its $0.0030 resistance for the first time in a week. The token surged 12% on Thursday to a high of $0.0032 each week before retreating from $0.0027 to an area of $0.0029.

Crypto analyst Altcoin Sherpa highlighted recent price action, suggesting that the pump has “some big, powerful moves these days,” and that breakouts and “favourite rallies” could soon be coming.

He previously predicted that the bottom would occur “relatively soon,” and could be followed by “some kind of Giga Crime Pump.”

Pump.Fun buyback to fuel recovery?

The recent recovery appears to be driven in part by the platform’s buyback program and whales’ renewed interest in tokens. Notably, a large investor who previously lost $125,000 on the pump bought $3.16 million worth of tokens on Thursday. Lookonchain shared that the whales will be using 17,542 SOL to purchase a $10.6 billion pump for $0.00297.

Meanwhile, a community member said, “Pumpfun has pivoted on what appears to be a 100% token buyback.. 98% of PumpFun/Pumpswap revenue yesterday ended up buying pumps today. ”

Similarly, on-chain thruce embercnb details that Pump.fun forwarded 12,000 Sol, about $2.16 million, to a buyback address on July 30.

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According to the report, Pump.Fun originally transferred 187,770 Sol, about $30.53 million, from its fee wallet to its repurchase address. Since then, the platform has repurchased 3.828 billion pump tokens for $21.5 million at 129,100 SOL.

Nevertheless, X users expressed concern about the initiative, asserting that “it is unstable.” For community members, inconsistent buybacks are “not good looking (…) first day (not exceeding revenue), 1m after a halt, then 100%, they just look at what gets attention and stop buying backs entirely.”

At the time of this writing, the pump is trading at $0.0027, with a 7% decrease in weekly time frames.

Unsplash.com featured images, tradingView.com charts

Global foreign exchange and payments platforms are lobbying hard against stablecoins, which stand to significantly disrupt their business models, investor Kevin O’Leary said during a keynote address at Consensus 2025.

Legacy forex and payments platforms often extract large fees for servicing cross-border cash transfers and stand to lose out on revenue if regulated stablecoins become accepted as a cheaper, faster alternative, O’Leary said at the Toronto conference. 

“Currency trading is a multi-trillion dollar market — and it’s old and ugly and inefficient,” O’Leary said, adding that “[ t]he biggest threat to that monopoly or oligopoly is a regulated stablecoin.” 

“Once that’s approved, the multi-trillion dollar FX market becomes efficient, transparent, and inexpensive,” he said. 

Stablecoin legislation

US lawmakers are working on legislation that stands to accelerate global stablecoin adoption, O’Leary added. 

US Senators are aiming to pass the so-called Genius Act — a framework for regulating stablecoins — before the end of May. “As soon as the SEC approves the stablecoin act, every regulator in the US’s circle — Abu Dhabi, Switzerland, England — will follow,” O’Leary said.

“Who’s worried about this? The financial services industry. They hate this idea, and they’re working very hard to stop that bill from happening right now,” he added.

O’Leary said regulatory clarity for stablecoins may be a precursor to broader cryptocurrency reform that could potentially unlock trillions of dollars in institutional capital.

“When this language comes out, people will see really good refinement, a lot of progress, on things like consumer protection, bankruptcy protection, and ethics,” US Senator Kirsten Gillibrand said during an event hosted by Coinbase’s lobbying arm, Stand with Crypto.

As of May 15, stablecoins are collectively worth nearly $250 billion in market capitalization, according to data from CoinGecko. Tether’s US-dollar pegged stablecoin USDT is the leader, with a market cap of around $150 million, the data showed. It’s followed by Circle’s USDC, another US-dollar pegged stablecoin with a market cap of more than $60 billion.

Magazine: Bitcoin to $1M ‘by 2029,’ CIA tips its hat to Bitcoin: Hodler’s Digest, April 27 – May 3

The following article is an op-ed by Debra Nita, Associate Director, Head of Growth at YAP Global.

The next crypto breakthrough won’t come from a whitepaper or promises to “revolutionize finance.” It will emerge from something simpler, more human. Like NFTs, gaming and decentralized finance (DeFi) took off in retail popularity in 2021-22, the current bull market is waiting for new killer apps to emerge.

Despite being seen as frivolous, memecoins are a prime example of a killer crypto app, and they reveal a blueprint ignored by “serious” crypto initiatives. This was evident in recently popular tokens like $TRUMP and $MELANIA. A survey found that 14% of Americans – one in seven – invested in $TRUMP. This isn’t just speculation – it’s mass onboarding.

The killer use cases that drive retail adoption aren’t about solving the most complex problems. Instead, they tap into universal human emotions and habits. These should be guiding principles for projects that aim to become the next killer crypto app. 

Forget Utility, Think Social Phenomenon 

The most popular crypto use cases always transcended their technical origins to become cultural phenomena. Bitcoin started as a peer-to-peer electronic cash system but later grew in the public’s imagination as a symbol of financial sovereignty and rebellion against traditional systems.

The $TRUMP and $MELANIA crypto tokens show how Donald and Melania Trump become cultural icons beyond politics. Chainalysis revealed that 50% of $TRUMP and/ or $MELANIA token holders had never bought a Solana altcoin before, and 83% of users held less than $1,000 in Solana assets. These tokens essentially attracted a large group of retail users into the world of crypto for the first time, on the back of Trump and Melania’s popularity.

The industry has promising killer apps on its horizon. The TON and Telegram combo show signs of promise due to their social relatability. Leveraging their mobile-first, social ecosystem to transform mini-apps (particularly GameFi ones), they have garnered some success in blending Web2 usability with Web3 utility. While the current TON gaming apps may be critiqued for simplicity, Telegram’s distribution (950M+ users) offers a viral launchpad if developers prioritize emotional engagement alongside token rewards. 

If TON and Telegram can tap into the emotional architecture that makes gold-standard games like Grand Theft Auto a social phenomenon, they could easily become crypto’s next killer use case. 

Likewise, founders building retail apps should ask themselves “Can what we’re building galvanize a large group of users to rally behind it?” and “What about our project could make it a household name, and excite every user to share it with their friends?”

So Easy Grandma Would Understand

A killer use case is intuitive and easy to use. Buying $TRUMP doesn’t require understanding smart contracts, liquidity pools, or consensus mechanisms. It’s as simple as downloading a wallet, swapping some SOL, and joining in the fun. This low barrier to entry is crucial for retail adoption. 

During the 2024 U.S. presidential race, Polymarket – a prediction market where people bet on real-world events, like guessing who will win an election – exploded in popularity. Nearly 1 million new users could easily join as the steps to participate were straightforward – download the app, sign up with Google, deposit USDC through an exchange, and bet on a question (e.g., “Will Candidate X win?”). 

This simplicity reflects a growing trend in crypto: starting with the end-user experience rather than letting infrastructure dictate the experience. 

We’re seeing this shift toward simplicity through projects like Base and Hyperliquid. Messari’s Annual Crypto Theses 2025 report showed that Base (built by Coinbase) simplified moving funds from exchanges to blockchains with one-click functionality, onboarding millions. Similarly, Hyperliquid’s perpetual decentralized exchange (DEX) saw massive traction by simulating the trading experience of leading centralized exchanges (CEX) like Binance – user-friendly and cost-efficient while ensuring asset ownership. 

While CEXes were a crucial onboarding vehicle in the last bull run due to the ease of converting fiat into crypto, DEXes could see an explosion in popularity this cycle. With seamless on-ramping improving in 2025, decentralization through onchain trading could become even more mainstream due to its increasing ease of use.

The Bigger, the Better 

Network effects drive exponential value in platforms where utility increases with each new participant. Bitcoin’s strength as a store of value and medium of exchange grows with each new adopter.

The memecoin sector’s explosive growth from $20 billion to $120 billion in 2024 validates this thesis. As more users join ($TRUMP had 11 billion at its highest, becoming the 14th-largest by market capitalization within the crypto sector), the network becomes more valuable, attracting more participants – creating a powerful feedback loop of growth and cultural relevance.

Looking ahead, stablecoins are changing the payments industry by offering cheaper, faster, and more accessible solutions to traditional centralized payment systems. In 2024 alone, over 28.5 million users completed 600 million stablecoin transactions, showing their global adoption.

A key driver of this adoption could be US interest in maintaining Dollar dominance through USD-denominated stablecoins. A recent executive order by the Trump administration prohibits the development of a central bank digital currency (CBDC) in the U.S., positioning Dollar-backed stablecoins as the primary digital representation of the U.S. dollar. 

Stablecoins could be the next killer crypto app due to their network efforts. The more they are used for payments, the more they will be used. Stablecoins could become the primary choice for the digital Dollar, transforming the financial landscape while anchoring US economic influence.

The Blueprint for Retail Adoption

Challenges remain including regulatory uncertainty and lack of implementation of policies, technological complexities in scaling, and an existing gap in the social legitimacy of crypto. 

Despite these challenges, projects should focus on the human element – designing experiences that make users feel like a part of a cultural phenomenon, have simplicity at their core, and emphasize the creation of network effects. Retail projects that succeed in this bull run will be the ones that understand and implement this blueprint.

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