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Welcome to this week’s Web3 Digest by Magnet — your front-row seat to the most important stories shaping crypto. From headline moves at TOKEN2049 Dubai to key shifts in markets and regulation, we’re here to decode the noise and spotlight what truly matters.
Bitcoin surged past $97,700 this week, as optimism builds around a potential U.S.–China trade deal and improving macroeconomic conditions. Bitcoin dominance also continues to rise, underscoring the widening gap between BTC and the broader altcoin space. As of now, Bitcoin dominance has surged to 64.73%, its highest level in four years.
Ripple reportedly made a $5 billion bid to acquire Circle, the issuer of USDC — but the offer was declined. Circle pointed to undervaluation, strategic misalignment, and potential regulatory friction as key reasons for walking away. With Ripple recently unveiling its own stablecoin (RLUSD), the move was a clear attempt to accelerate its push into the stablecoin space. Stablecoins aren’t just crypto tools—they are fast becoming the digital path for global money movement and the battle for stablecoin dominance is heating up.
MetaMask is entering the crypto payments game, partnering with Mastercard to launch a self-custody crypto debit card. Unlike exchange-linked cards from Binance or Crypto.com, this one links directly to your wallet — no intermediaries. It’s a strong counter to CEX dependence, especially as MetaMask has struggled lately as interest in and participation in the Ethereum ecosystem have dried up. The wallet recently collected just $289,312 for one of April weeks, much less than the $1.3 million in fees collected for the same period a year ago.
More than half of all cryptocurrencies have failed. In 2021, GeckoTerminal tracked around 428,000 tokens. By 2025, that number has surged to nearly 7 million — largely driven by platforms like pump.fun, which made it incredibly easy to launch new tokens. This flood of meme coins and low-effort projects has inflated the market — and accelerated the death rate. 3.7 million of them have stopped trading, effectively rendering them dead. That’s a failure rate of 52.7%.
Most of these failures have occurred during 2024 and early 2025, with an alarming spike in Q1 2025 alone, when 1.8 million tokens collapsed.
In a move that could reshape access to digital assets, Morgan Stanley is reportedly planning to enable direct trading of Bitcoin and Ethereum through its E*Trade platform starting next year. The Wall Street giant, which has so far offered crypto exposure to wealthy clients via ETFs and derivatives, is now gearing up to open the doors for everyday investors to buy and sell crypto directly.
Morgan Stanley acquired E*Trade in 2020 for $13 billion, the platform currently serves over 5 million users. This new initiative would mark a major shift — allowing retail investors to directly own and trade digital assets. The move signals growing institutional confidence in the long-term relevance of crypto — and may set the stage for wider adoption among traditional retail investors.
TOKEN2049 Dubai welcomed over 15,000 attendees for two days of high-impact conversations and networking across the digital asset space. The event spotlighted major product launches, institutional moves, and a clear focus on how digital assets are reshaping global finance.
Announced the integration of its USD1 stablecoin on the TRON network, with plans to scale into billions in market capitalization. It has also been selected for closing a $2 billion investment in Binance, marking a significant moment as the first institutional investment executed entirely through a stablecoin.
Launched OKX Pay, a self-custody payment app supporting instant, fee-free stablecoin transfers (USDT, USDC). Key features include split-key management and passive yield — offering users a seamless and secure digital finance experience.
Unveiled an integration with Apple Pay, enabling direct crypto-to-stablecoin transactions. The announcement follows Mesh’s recent $82 million Series B funding round.
Stay tuned for next week’s Web3 Digest! ! The landscape is always shifting, and we’re here to keep you in the loop. Stay ahead of the curve and be prepared for what’s next in the world of Web3.
