The Briefing Memo

September 2025 - If you’re new here, welcome to The Briefing Memo, which features the latest insights and updates from The Venture Dept.

Announcement: we’re co-hosting a stablecoin event in Singapore this September and details are included below.

Since our last briefing, the GENIUS Act was signed into law, the SEC launched Project Crypto, and three crypto firms—Bullish, Figure, and Gemini—went public. Each of these milestones would be monumental on its own. Together they highlight just how rapidly this space is evolving.

GENIUS Act: Prior to GENIUS, some stablecoins already operated under robust regulatory frameworks, most notably those supervised by the New York State Department of Financial Services, such as PYUSD and USDP. But not all issuers were held to the same standard. GENIUS changes this by creating a consistent nationwide framework, and “GENIUS-compliant” will quickly become the seal of approval for stablecoin issuance. This is a critical signal of trust for the market. The most significant implication of GENIUS may be that it gives institutions that were on the sidelines “permission” to enter the space. For example, if you are a major payments or commerce company, it is now easier to make the case to your internal decisionmakers that stablecoins are distinct from the “crypto casino.” The Act includes several implementation dates. The general effective date is the sooner of 18 months (January 2027) or 180 days after regulators finalize rules. Issuers must be compliant by July 2028. Our thesis remains that stablecoins are an alternative payment rail that will steadily take volume from existing rails and reshape payment market structure. We continue to invest in this category and look forward to announcing new investments soon.

Project Crypto: On July 31, 2025, Chair Atkins delivered a monumental speech unveiling Project Crypto, a Commission-wide initiative to modernize securities regulation for on-chain markets. More than a policy announcement, the speech provided rare visibility into the future of financial markets themselves. Atkins framed the moment as a pivotal opportunity for the U.S. to reclaim leadership and become the “crypto capital of the world,” drawing historical parallels from the Buttonwood Agreement to the advent of electronic trading to show that markets evolve and regulation must evolve too. Crucially, he cast crypto not as a niche requiring oversight but as the foundation of tomorrow’s financial system. This perspective mirrors our raison d’être as a fund: from the beginning, we have been focused on new financial systems enabled by tokenization and blockchain.

IPOs: IPO activity remains strong, with Bullish, Figure, and Gemini all raising their price ranges ahead of listing and then opening above those levels. Added to the earlier IPOs of Coinbase and Circle, these offerings signal that public equity investors want direct exposure to the digital asset sector. They also demonstrate that traditional equity structures can deliver meaningful returns in addition to token-based projects. Matt joined the Gemini IPO at Nasdaq.

Join us in Singapore for a day of stablecoins

Join us in Singapore on September 30 for an exclusive afternoon and evening dedicated to stablecoins, tailored for founders, builders, and key decision-makers in the stablecoin ecosystem. Scheduled just before TOKEN2049, this event promises insightful panels featuring both emerging voices and established leaders in the industry. It's a prime opportunity to network with fellow innovators who are driving the ecosystem forward. Secure your spot by requesting an invitation below.

The same evening is Stablecon Salon, renowned for its intimate, unfiltered discussions and exceptional networking opportunities. This session focuses on stablecoins in Southeast Asia, exploring their utility, role in banking, and the upcoming wave of adoption. We will examine how stablecoins are transforming payments and financial access throughout the region and anticipate the future as traditional and decentralized finance converge. RSVP below.