Circle really did crack open the IPO window. Since the stablecoin issuer more than tripled in value after going public, crypto players are lining up to follow suit.

This week alone, Gemini and Bullish filed for IPOs, and Uphold’s CEO confirmed they're exploring the option, too. That makes three crypto trading platforms knocking on the public markets' door.

But here’s the real question: Did Circle prove investor appetite for digital assets infrastructure…or just for stablecoins? We’re about to find out.

Here are the week’s biggest stories we’re unpacking today:

• Exclusive: SG-Forge faces internal pushback on DeFi ambitions

• Franklin Templeton adds realtime yield to tokenized MMF

• UK’s FCA considers lifting the ban on retail access to crypto ETPs

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Exclusive: SG-Forge Faces Internal Roadblocks in Driving DeFi Adoption for EURCV

Resistance against DeFi: Last week, we covered SG-Forge’s latest partnership with BCB Group to distribute its MiCA-compliant euro stablecoin EURCV. Since then, multiple sources have told us that SG-Forge is quietly facing internal resistance over deploying EURCV in DeFi. Despite obtaining an e-money license and exploring integrations, key compliance approvals are still being withheld.

Why it matters: SG-Forge is one of just two banks in Europe with a MiCA-compliant euro stablecoin, alongside Banking Circle. But while competitors like Circle are actively expanding EURC in DeFi, SG-Forge’s EURCV has yet to appear in any protocol — limiting both utility and adoption.

• Adoption remains minimal: Around €41 million in EURCV has been issued to date — over 90% of which is held by just four wallets. Roughly €25 million remains untouched.

Strategic mistakes: “SG-Forge’s strategic mistake was integrating too deeply into the banking group,” several sources told us. “For example, IT support functions are handled by the investment bank. As a result, any initiative involving DeFi requires approval from the compliance department — which has consistently opposed it so far, despite internal education efforts on the topic.”

• Risk concerns: The primary blocker? Lack of control over wallet visibility and concerns around risk management. That stance surprises many, as MiCA — which came into effect last summer — does not require issuers to identify all holders at all times. SG-Forge, notably, was among the first to obtain an e-money license under the regime.

Integration with Morpho: EURCV was set to be deployed on Morpho Blue, a DeFi lending protocol offering institutions the ability to spin up custom vaults with optional KYC. According to sources, the plan included yield-bearing opportunities for EURCV holders and collateralized issuance using ETH or BTC.

• Pending approval: Technical discussions were well advanced by April 2024 but eventually stalled. Talks resumed in May — but approval remains pending.

This isn’t new for SG-Forge: It took nearly three years to finalize its landmark refinancing with MakerDAO, eventually completed in January 2023 — a reminder of how slowly things move when traditional banking meets decentralized finance.

Strategic shift (for now): In the absence of internal buy-in for DeFi, SG-Forge has doubled down on centralized rails. The company now distributes EURCV through partners like Bitstamp, Bitpanda, Sygnum, and most recently, BCB Group.

• “While DeFi remains the main driver of stablecoin adoption today, use cases beyond DeFi are starting to multiply,” explains a market observer who preferred not to be quoted directly. “Forming partnerships with centralized players makes sense, even if SG-Forge is missing out on a major market by not deploying in DeFi.”

Leadership shakeup: End of May, Guillaume Chatain — hired to lead SG-Forge’s DeFi strategy — departed the company after just one year. He has since joined market maker Keyrock. A former Institutional Sales Director at Coinbase, Chatain was considered the public face of EURCV’s DeFi ambitions.

Stablecoin expansion: Despite the slow adoption of EURCV, SG-Forge this week unveiled plans to launch a USD-denominated stablecoin, USDCV. Similar to EURCV, USDCV aims to facilitate a variety of client use cases, including crypto trading and cross-border payments, according to the company's press release.

Contacted for comment, SG-Forge has not provided a response at this time.

Franklin Templeton Adds Intraday Yield to Tokenized Money Market Fund

Tokenization innovation: On Tuesday, Franklin Templeton introduced a new feature for its Benji platform: intraday yield. The upgrade allows investors to earn yield down to the second — even if they hold the tokenized security for just part of the day.

Why it matters: With over $775 million in assets, Benji is the second-largest tokenized money market fund, behind BlackRock’s BUIDL. Franklin Templeton is now also only the second issuer after Superstate to enable real-time yield accrual — a key step toward bringing capital markets closer to 24/7 efficiency.

Higher capital efficiency: Traditionally, yield on tokenized Treasuries is calculated once per day and distributed either via periodic dividends or embedded in the token’s NAV — mirroring legacy systems. Franklin’s new model enables interest to accrue continuously, meaning holders can sell Benji on a Saturday afternoon and still earn interest for the hours they held it. This is particularly relevant for institutions managing intraday liquidity, such as clearinghouses, brokerages, and custodians.

• “When we’re talking about moving large amounts of collateral across the planet — and the timing of that — being able to earn more interest over a 24-hour period becomes a real possibility,” said Roger Bayston, Head of Digital Assets at Franklin Templeton.

Launch details: The feature will go live on Stellar first, with plans to expand to other networks in the coming months.

• Patent pending: Interestingly, Franklin Templeton has also filed a patent for the intraday yield mechanism.

Benji platform roadmap: The yield upgrade follows last year’s introduction of wallet-to-wallet transfers for whitelisted investors — a step toward making tokenized fund shares more portable and programmable. Looking ahead, Franklin Templeton plans to offer the Benji platform as white-label infrastructure — enabling other issuers to launch tokenized funds using the same technology, Bayston said in an interview.

A chat with Alex Pollak, Head of UK and New Markets at 21Shares, following the recent statements by the UK's Financial Conduct Authority (FCA) to consider lifting the ban on selling crypto ETPs to retail investors.

1. State of Crypto Q2 2025 (Coinbase) — A report on crypto adoption across corporates, SMBs, and institutions — highlighting surging stablecoin and RWA growth.

2. e-HKD Pilot Report (Visa) — A deep dive into Hong Kong’s CBDC pilot, testing how tokenized money and funds can power faster, safer cross-border settlement

3. Adding Bitcoin to the Corporate Treasury (Fidelity Digital Assets) — A practical guide for CFOs and finance teams exploring the operational, accounting, and legal considerations of holding bitcoin on the balance sheet.