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Trump, Musk feud; Circle IPO; Strategy upsize
GameFi Guides

Ripple expands in Asia, Bo Hines joins Tether

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This week in crypto, the market saw a mix of high-profile partnerships, regulatory moves, and massive token acquisitions.

From Ripple and SBI Holdings preparing to bring RLUSD to Japan, to SharpLink Gaming and Strategy making significant Ethereum and Bitcoin buys, digital assets continue to make waves.

Meanwhile, global authorities cracked down on cybercrime, regulators pushed forward with “crypto sprint” initiatives, and political and corporate actors deepened their stake in the space.

Here’s a roundup of the top stories shaping the crypto ecosystem this week.

SBI Holdings welcomes Ripple stablecoin

  • Tokyo-based financial services giant SBI Holdings agreed to collaborate with Ripple for introducing RLUSD stablecoin to Japan.
  • The partnership targets the first quarter of 2026 for market launch.

Interpol coordinates cybercrime crackdown

  • Operation Serengeti 2.0 resulted in over 1,200 arrests across 18 African nations and the United Kingdom.
  • The operation targeted criminals who victimized 88,000 individuals through various schemes including cryptocurrency fraud. Authorities confiscated more than $97.4 million.

VanEck submits JitoSOL ETF application

  • The global investment management company filed registration documents with the Securities and Exchange Commission for a proposed VanEck JitoSOL ETF tracking the liquid staking token.

CFTC advances crypto sprint initiative

  • The Commodity Futures Trading Commission continues to implement its third phase of accelerated rulemaking efforts based on recommendations from the President’s Working Group on Digital Asset Markets.
  • These “crypto sprint” measures aim to establish clearer regulatory frameworks for digital asset derivatives and trading.

Social engineering scam costs investor $91 million

  • An unidentified cryptocurrency holder lost 783 Bitcoin after fraudsters impersonated customer support representatives from a hardware wallet manufacturer and exchange platform.

South Korean officials prepare stablecoin framework

  • Senior executives from major Korean financial institutions are scheduled to meet with leadership teams from Tether and Circle Internet Group this week.
  • These discussions precede South Korea’s anticipated October launch of legal frameworks governing stablecoin operations.

DBS Bank tokenizes structured notes on Ethereum

  • Singapore’s largest financial institution announced plans to offer tokenized structured notes through partnerships with ADDX, DigiFT, and HydraX platforms.
  • Eligible traders will access these products via cryptocurrency investment platforms and exchanges.

Winklevoss twins increase political contributions

  • Tyler and Cameron Winklevoss donated an additional $21 million worth of Bitcoin (BTC) to the Digital Freedom Fund PAC, contributing over 188 BTC to political advocacy efforts.
  • The contribution aims to maintain President Donald Trump’s support for the cryptocurrency industry.
  • The online gambling marketing company acquired 143,593 Ethereum (ETH) for $601.5 million between August 10-15.
  • This purchase represents SharpLink’s largest Ethereum acquisition over the past month as part of its treasury strategy transition.

SkyBridge Capital to tokenize $300m in hedge funds

  • Anthony Scaramucci’s investment management firm will tokenize $300 million worth of hedge funds on the Avalanche network through partnerships with Tokeny and Apex Group.
  • The Digital Macro Master Fund and Legion Strategies will move on-chain through this collaboration with the $3.5 trillion asset manager.

Bo Hines joins Tether

  • The former presidential crypto advisor accepted appointment as strategic advisor for digital assets and U.S. strategy at the stablecoin issuer.
  • Hines will focus on Tether’s American market entry strategy.

Thailand delays crypto tourist payment features

  • The Bank of Thailand suspended cryptocurrency conversion capabilities in its new Tourist Wallet pending regulatory review through mid-August.
  • The digital payment system currently supports QR-based foreign currency conversions with eight partner countries including Singapore and Malaysia.

Strategy accumulates more Bitcoin

  • Strategy purchased 430 Bitcoin for $51.4 million during the week, paying an average price of $119,666 per coin.



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GameFi Guides

Bo Hines Leaves White House Role And Lands At Tether

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bo Hines has joined Tether Inc. just days after stepping down from his role in US President Donald Trump’s crypto task force, taking a job that will push the company’s foray into the US market.

According to reports, Hines will serve as Strategic Advisor for Digital Assets and United States Strategy and will focus on aligning Tether’s business with incoming rules under the GENIUS bill.

He left the White House post on August 9 and, based on reports, fielded offers from about 50 projects before choosing Tether.

Rapid Transition To Private Sector

The move came fast. Reports have disclosed that Hines resigned and within a week became one of the most sought-after figures in crypto.

Paolo Ardoino, Tether’s CEO, framed the hire as part of a broader US expansion plan and said Hines’ knowledge of Washington will help the firm navigate new rules.

Hines had been involved in promoting a “Made in USA” angle while at the task force, and he spent roughly seven months in that role.

Thrilled to join @Tether_to! Huge thanks to @paoloardoino & the team for the warm welcome. Excited to help build an ecosystem of digital asset products that set the standard for compliance & innovation—empowering U.S. consumers and reshaping our financial system. The best is yet… https://t.co/DloARijWkh

— Bo Hines (@BoHines) August 19, 2025

GENIUS Bill Puts Spotlight On Stablecoins

Lawmakers are now advancing clearer rules for stablecoins, and the GENIUS bill focuses largely on fiat-backed tokens. Based on reports, USDT’s reserve mix — partially backed by fiat and heavily weighted in US Treasury bills — may not fit neatly into the bill’s main outlines.

That gap is one reason Tether wants someone with policy experience who can talk to regulators and explain how USDT could operate under stricter rules. Hines is expected to meet with policy makers and other stakeholders to press Tether’s case.

Total crypto market cap currently at $3.8 trillion. Chart: TradingView

Tether’s Scale And Crypto Growth

Tether is a massive player. Reports place the firm among the top 15 holders of US Treasury debt with about $120 billion in bonds.

Supply metrics in 2025 underline that scale: 50 billion new USDT were minted on TRON and Ethereum this year, taking total USDT from 117 billion in January to over 160 billion.

Usage is concentrated in the Asia Pacific region and Europe, while in the US some dollar-based trading has shifted toward more regulated options like USDC on centralized platforms.

Hines’ hire signals that Tether sees both risk and opportunity in the US. According to statements, he’ll work to make Tether’s activities compatible with US rules and to push product work that aims for “stability, compliance, and innovation” — language Hines used to describe his goals.

Featured image from Allison Joyce/Getty Images, chart from TradingView

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