Key Developments in Crypto and Blockchain (March 11-12)
Major Asset Manager Files for XRP ETF
The ETF Store President Nate Geraci revealed that Franklin Templeton, a global asset management firm overseeing over $1.5 trillion, has entered the XRP ETF competition. The Franklin XRP Trust filed its preliminary prospectus on March 11, proposing an ETF that holds XRP custodied by Coinbase. This move signals growing institutional interest in cryptocurrency-based financial products.
Binance Supports Conflux Network Upgrade
Binance announced it will temporarily suspend CFX deposits and withdrawals on March 17, 2025 (19:00 UTC+8) to facilitate Conflux's scheduled network upgrade and hard fork at block height 118,580,000.
Web3 Investment Fund Launches
Jsquare unveiled its $50 million Pioneer Fund during ETHDenver, targeting core Web3 sectors including:
- AI and consumer applications
- Real World Assets (RWA)
- DeFi and payment infrastructure
Market Movements and Regulatory Updates
Bitcoin Adoption Expands Globally
| Company | Action | Details |
|---|---|---|
| Metaplanet | Bitcoin purchase | Issued ¥2B ($13.4M) zero-coupon bonds to buy BTC |
| Lead Benefit | BTC acquisition | Acquired 333 BTC for $27M (avg. $81,555/BTC) |
| Texas Legislature | Crypto investment cap | Proposed $250M limit for state, $10M for local governments |
SEC ETF Decisions Delayed
The SEC postponed rulings on multiple crypto spot ETFs including:
- Grayscale's Cardano (ADA) ETF
- Canary's XRP, SOL, and LTC ETFs
- VanEck's Solana ETF
Stablecoin and Payment Innovations
- USDC Treasury minted $250M USDC on Solana
- Mesh raised $82M (led by Paradigm) to expand crypto payment networks using BTC, ETH, and stablecoins
- Circle reduced USDC cross-chain settlement to seconds via CCTP V2 upgrade
Blockchain Protocol Updates
Solana Inflation Reduction
Governance proposal SIMD-228 reached quorum with 71.85% support, potentially cutting SOL inflation by up to 80%.
Jupiter's Lockup Proposal Passes
Despite community concerns, Jupiter's "2030 Lock" passed with 63% approval, locking 280M JUP until 2030.
Starknet's Bitcoin Integration
StarkWare announced strategic BTC reserves and three initiatives to unify Bitcoin and Ethereum ecosystems:
- Xverse wallet integration
- BTCFi Season yield program
- Lightning Network payments via Braavos wallet
FAQ Section
What is the significance of Franklin Templeton's XRP ETF?
This filing represents major traditional finance validation for XRP, potentially increasing institutional adoption through regulated investment vehicles.
How does Texas' proposed crypto investment cap work?
HB 4258 would limit:
- State government: $250M in BTC/crypto
- Local governments: $10M maximum
Why did Circle upgrade its cross-chain protocol?
CCTP V2 reduces settlement times from minutes to seconds, improving efficiency for developers building multi-chain applications.
What happens to locked JUP tokens?
The 280M JUP will be inaccessible until 2030, while Meow receives 220M JUP as compensation for the long-term commitment.
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Regulatory and Security Developments
IRS DeFi Broker Rule Overturned
The US House voted to nullify IRS requirements for DeFi platforms to collect taxpayer information, citing impractical enforcement.
Exchange Security Incidents
- Amber Group transferred 20K ETH ($37M) to CEXs
- GoPlus Security implemented $4.34M buyback plan after token volatility
- OKX denied EU investigation claims regarding Web3 wallet services
New Crypto Investment Products
- Bitwise launched OWNB ETF tracking companies holding 1K+ BTC
- Cboe proposed staking for Fidelity's Ethereum ETF
Policy and Legislation
- Senator Cynthia Lummis reintroduced Bitcoin Strategic Reserve bill
- SEC approved Grayscale's Hedera (HBAR) ETF application
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All information current as of March 12, 2025. This content is for informational purposes only and does not constitute financial advice.