Bitcoin price held steady between $114,000 and $116,000 this week while Ethereum stole the spotlight, breaking past its November 2021 record. ETH surged 14% on Friday alone, climbing above $4,867 on Coinbase as Fed Chair Jerome Powell boosted odds of a September rate cut. That rally pushed Ether’s rebound to over 250% from its April low of $1,385.

Meanwhile, Coinbase projects the U.S. stablecoin market will balloon to $1.2 trillion by 2028, requiring $5.3 billion in weekly Treasury issuance to back demand. The exchange noted this would nudge three-month yields down only slightly, challenging claims that stablecoins would meaningfully lower U.S. borrowing costs.

From milestone rallies to institutional bets and regulatory developments, here’s a look at the week’s defining crypto stories.

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TOP CRYPTO NEWS RECAP (August 17- 23, 2025)

• MetaMask Unveils mUSD to Simplify Web3 Adoption
• US House Ties CBDC Ban to Defense Spending Bill
• Coinbase Sees Stablecoins Powering a $1.2 Trillion Market by 2028
• SharpLink Gaming Doubles Down on Ethereum with $1.5B Stock Buyback Plan
• Aave Expands to Aptos, Boosting DeFi Liquidity and Growth
• Kanye West’s YZY Token Skyrockets, Then Crashes Amid Insider Concerns

MetaMask Unveils mUSD to Simplify Web3 Adoption

MetaMask will launch its own stablecoin, MetaMask USD (mUSD), in 2025, debuting on Ethereum and Consensys’ Linea network. Issued through Bridge and powered by M0’s liquidity platform, mUSD will be fully dollar-backed and wallet-native, enabling seamless use across Web3 applications. Integrated with MetaMask features like swaps, on-ramps, and bridging, it also ties into the upcoming MetaMask Card with Mastercard for everyday spending. Positioned to boost Linea’s DeFi ecosystem, mUSD aims to reduce costs, simplify onboarding, and make self-custody more accessible—emerging just as the U.S. GENIUS Act establishes clearer rules for stablecoins.

US House Ties CBDC Ban to Defense Spending Bill

The US House has inserted a ban on central bank digital currencies (CBDCs) into the $886 billion National Defense Authorization Act for 2026, effectively tying digital currency restrictions to must-pass military funding. The provision bars the Federal Reserve from issuing, testing, or developing a CBDC, though it leaves room for stablecoins. This move follows Republican efforts to block CBDCs, citing surveillance concerns, and fulfills a deal made with conservative lawmakers earlier this year. While the measure passed in the House, its fate in the Senate remains uncertain.

Coinbase Sees Stablecoins Powering a $1.2 Trillion Market by 2028

Coinbase projects the stablecoin market could hit $1.2 trillion by 2028, fueled by clear U.S. regulations and global adoption. The upcoming GENIUS bill, set for 2027, is seen as a key driver, prompting other nations to consider launching their own stablecoins to stay competitive. Coinbase estimates issuers will need $5.3 billion in U.S. Treasury bills weekly, making them some of the largest buyers of U.S. debt—surpassing many countries. While dollar-pegged tokens dominate, South Korea and even China are exploring regulated alternatives, signaling a global shift toward stablecoins as a cornerstone of digital finance.

SharpLink Gaming Doubles Down on Ethereum with $1.5B Stock Buyback Plan

SharpLink Gaming, the second-largest Ether corporate treasury, has approved a $1.5 billion stock repurchase program to strengthen its Ethereum-focused strategy. The move allows the company to buy back shares when they trade below the net asset value of its $3.14 billion ETH holdings, boosting its ETH-per-share ratio. Co-CEO Joseph Chalom emphasized the flexibility of acting quickly under favorable conditions. With Ethereum co-founder Joseph Lubin as chairman, SharpLink has fully committed to Ether as its primary reserve asset, underscoring its role in shaping ETH’s supply-demand dynamics and supporting the broader Ethereum ecosystem.

Aave Expands to Aptos, Boosting DeFi Liquidity and Growth

Aave, one of the largest DeFi protocols with $70 billion in deposits, has officially launched on Aptos, a layer-1 blockchain founded by ex-Meta engineers. The move is set to deepen liquidity for stablecoins and liquid staking tokens, two critical asset classes facing upcoming regulations in 2025. At launch, Aave supports USDC, USDT, APT, and sUSDe, with the Aptos Foundation offering incentives to drive adoption. With Aptos’ stablecoin market cap nearly doubling in 2025 and its ecosystem still underdeveloped compared to rivals, Aave’s entry positions it to dominate lending, borrowing, and new collateral markets.

Kanye West’s YZY Token Skyrockets, Then Crashes Amid Insider Concerns

Kanye West’s newly launched YZY memecoin on Solana surged to a staggering $3 billion market cap within 40 minutes of release, but quickly fell to around $1 billion after concerns of insider trading emerged. Analysts revealed that insiders controlled up to 94% of the supply, raising fears of manipulation. Despite risks and suspicions, major traders and crypto whales, including Arthur Hayes, jumped in, eyeing short-term gains. The token’s volatility mirrors a growing trend of celebrity-backed memecoins, which often spark hype-driven surges followed by sharp declines—leaving questions about transparency and sustainability in this rising sector.

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