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- London Crypto Week Recap - Stablecoin Dispatch Volume 9 (28/10/25)
London Crypto Week Recap - Stablecoin Dispatch Volume 9 (28/10/25)
It's not every week that a city is dedicated to talking crypto.
Olabinjo Adeniran
October 28, 2025
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Good Morning!
Last week was effectively London Crypto Week with Zebu Live and the London Blockchain Conference coming to town. There was a host of other side events as well. Special shoutout to the folks at Crypto Mondays!
A few takeaways from last week:
The Future of Money stage at Zebu Live was absolutely brilliant. Great topic and guest selection, actual real problems being discussed and good representation from government and industry organisations.
The quality of the audience was also high, notably higher than at previous crypto events I’ve attended. People did not try to shill me stuff. This is good.
We, coloured people, were slightly unnerved that there was a far-right leader who spoke at a major session. We’ve all heard him talk about the economy, and he’s not particularly bright. So why was he there?
As a marketing professional, I couldn’t help but judge many company banners. What does “..enables true creative freedom by making frontier technology accessible and profitable” mean? Begging web3 startups to go straight to the point with core messaging.
Crypto branding has matured beyond the purplish linearish phase, and everything is now black, grey, and white. It’s a little boring, but I didn’t enjoy the purple phase, so I welcome this.
There were lots of students interested in working in blockchain and fintech. This is very exciting to see!
Attendance numbers remain low at crypto conferences in London. Is this a result of unfriendly regulation? Got any thoughts? Please reply to this email.
Let’s get into the week!
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Tether’s USDT now has 500 million users worldwide. There are some interesting stats to note here. USDT’s userbase is 82% larger than Circle’s USDC, while USDC wallets have higher average holdings than USDT wallets.
USDT is now only 58% higher than USDC in market cap. USDC’s market cap has grown faster in the last year, thanks to regulatory compliance and Circle’s partner aggregation.
Tether has announced plans to issue USAT, a GENIUS-compliant stablecoin. It is also looking to raise between $15 billion and $20 billion at a $500 billion valuation, bringing massive capital to its fight with Circle.
Around the world in Stablecoins.
Japan’s top banks to jointly issue stablecoin.
Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho will collaborate to launch a yen-pegged stablecoin. In the future, they might launch a dollar-pegged coin.
You know streets are real when Japanese and Hong Kong banks start launching stuff.
Stablecoin infrastructure provider Noah has partnered with Ledger to bring virtual USD and EUR accounts to Ledger wallets. This means Ledger’s users can now receive fiat into their wallets and make bank transactions directly in the Ledger wallet.
My take: Noah is merging stablecoins and bank accounts and bringing that utility (via its partners) to different kinds of consumers and businesses. It’s executing a clear and unmatched vision.
Money company (only way to describe a company at this level pls) Visa, is exploring how banks and other creditors can offer lending services to stablecoin holders. On-chain stablecoin lending is increasing, and Visa wants to provide the infrastructure for this service.
Visa is running numerous stablecoin experiments. Like, a lot. Every week, there’s a new thing. It is trying very hard to avoid the innovator’s dilemma and doesn’t seem to mind disrupting itself.
The State of Crypto Adoption in Nigeria
Nigerian crypto exchange Quidax has published a definitive report on the state of crypto in Nigeria. It surveyed people nationwide, spoke with regulators, and used its proprietary data to determine what Nigerians use crypto for.
Nigeria remains one of crypto’s largest markets globally, and reports like this one help throw some light on the industry. E.g. Nigerians prefer centralised exchanges.
BlackRock has retooled its money-market fund to comply with the GENIUS Act. It aims to serve stablecoin issuers that need to hold high-quality, liquid reserves.
My take: BlackRock is heavily invested in asset tokenisation.