• Ethereum Foundation Treasury Policy.

• Circle raises $1 billion from IPO.

• Etherealize committee testimony.

• 3Jane raises $5.2m seed round.

The Ethereum Foundation (EF) published its Treasury Policy, a document outlining its approach to asset management and long-term financial sustainability. The Foundation currently allocates 15% of its total treasury to its 2025 annual operating expenses and maintains a 2.5-year operating expense buffer. The EF aims to gradually reduce annual operating expenses from 15% to 5% over the next five years. EF’s fiat assets are allocated across cash reserves, longer-term obligations, and tokenized real-world assets .  Aligned with Ethereum’s cypherpunk values, the EF says it supports permissionless DeFi protocols through strategic capital deployments. Overall, the Foundation is evolving from an ETH holder to active, values-driven treasury management.

Circle, the issuer of the USDC stablecoin, launched its initial public offering (IPO) of 34 million shares of Class A common stock at a price of $31 per share, raising a total of approximately $1.05 billion. The sale includes 14.8 million shares offered by Circle and 19.2 million shares by existing stockholders, representing about 15% of the company's 225 million total shares outstanding. Circle is now listed on the New York Stock Exchange (NYSE) under the ticker CRCL. The IPO was led by J.P. Morgan, Citigroup, and Goldman Sachs, with additional underwriters participating. The offering values the company at an estimated $7 billion. USDC is the second-largest stablecoin with a $61 billion market cap.

Etherealize Co-founder and CEO Vivek Raman testified before a U.S. House Financial Services Committee hearing to advocate for clear, forward-looking regulation of digital assets. Raman argued that Ethereum exemplifies safe, inclusive, and innovative financial infrastructure. He endorsed the CLARITY Act, which aims to provide a regulatory foundation to maintain U.S. leadership in the digital economy. The bill seeks to define investment contract assets, clarify the jurisdiction of the SEC and CFTC, and distinguish between decentralized blockchain infrastructure and applications.

Ethereum-based credit protocol 3Jane raised a $5.2 million seed round led by Paradigm. The funding will support the protocol's launch, targeted for Q3 2025. 3Jane’s phased rollout includes a credit model tuning using real-world data, support for USDC deposits in exchange for USD3 and sUSD3, issuing unsecured credit lines, and improving underwriting models based on repayment and default data. The protocol leverages both onchain and offchain credit data to offer trustless lines of credit based on user creditworthiness and future cash flows. It also incorporates mechanisms for legal recourse in case of default.

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• Consensus buys $300m ETH

• Reth v1.4.8 defaults to 60M gas

• Mellow deploys on Superseed

• Real-time proving grants

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• YieldNest governance

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