Circle Teases ARC L1 Token
Sui Launches a Stablecoin | Lighter $1.5B Valuation
Marco Manoppo & Karon Pangestu
November 14, 2025
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Good Morning.
The market has resumed its dump. For once, I’m grateful for all the recent ICO and pre-deposit campaign (cough MegaETH and Stable) for forcing me to lock my stables, so I ended up not buying the falling knife. Let’s see where the support stands for BTC.
In Today's Email:
What Matters: Circle Teases ARC Token 🤑
Founders Highlight: Zachary of Aztec 👨
Deal Flows: $1.5B Lighter Valuation 💰️
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Narratives: ICO and touch grass.
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TOGETHER WITH
Neutrl is Officially Live
gNeutrl!
The Neutrl stablecoin ecosystem is now open to the public, offering participation through its primary stablecoin, NUSD, and its staked version, sNUSD.
This public launch provides all users with access to institutional-grade Over-The-Counter (OTC) opportunities and proprietary order flow. This system unlocks the kind of asymmetric trading yield traditionally reserved for crypto elite, making it accessible to the retail community.
To celebrate this milestone, Neutrl is introducing Neutrl Points, which can be earned through several key activities:
Holding NUSD
Staking NUSD to receive sNUSD
Committing NUSD or sNUSD for fixed lock durations
Providing liquidity on Curve
Supplying NUSD/sNUSD as collateral across approved DeFi venues
The points system features a robust base multiplier with significant boosts for longer commitment periods. The longer you lock your assets, the higher your boost, allowing you to earn more Neutrl Points. This multiplier can reach up to 40x with a maximum locking period of 12 months.
Note: Participants in the pre-deposit vault have already been accruing points since the day they made their initial deposit.
In response to recent stablecoin incidents, Neutrl has also proactively launched a transparency dashboard. Follow Neutrl now for the next steps and future opportunities!
WHAT MATTERS
Circle Arc Disrupts Global FX Settlement
State of play: Circle is positioning its new Arc Layer 1 blockchain to disrupt the archaic global Foreign Exchange (FX) market by introducing an on-chain FX engine and interoperability for multiple regulated stablecoins.
Circle introduced StableFX, a real-time, on-chain FX engine that allows approved institutions to settle stablecoin currency pairs 24/7 in a compliance-centric trading environment.
The FX engine aims to replace the traditional T+1 (next-day) settlement cycle with atomic (instantaneous, simultaneous payment and delivery) settlement, drastically reducing counterparty risk and capital requirements.
A program was unveiled to integrate select non-USD stablecoins (e.g., BRLA, AUDF, KRW1) onto the Arc network, enhancing liquidity and use cases for regional currencies.
The announcement follows Circle's robust Q3 earnings (revenue up 66% YoY, net income up 202%) and positive analyst projections (Bernstein estimates USDC supply could triple by 2027).
The Arc testnet is already running with over 100 marquee participants from traditional finance and crypto, confirming deep institutional interest in the infrastructure.
Why it matters: Circle will focus on the Arc mainnet launch next year, driving the migration of institutional FX pilots from the testnet to a live production environment, while aggressively expanding the Circle Partner Stablecoins (CPS) network to secure wider global currency coverage and adoption.
Our take: This move is a direct assault on the $7.5T daily FX market's outdated infrastructure, leveraging blockchain's atomic settlement to eliminate major pain points: T+1 settlement risk, fragmented liquidity, and high capital immobilization. Thereby setting a new, efficient standard for institutional cross-border finance.
For builders and investors: Builders must leverage the atomic FX and multi-currency framework for RWA/DeFi applications, while Investors should closely monitor StableFX transaction volume and Partner Stablecoin expansion to gauge USDC's future dominance as a global financial rail.
BUILDER-INVESTOR HIGHLIGHT
Zachary Williamson of Aztec
Intro: Zachary Williamson is the Co-Founder and CEO of Aztec, a a privacy-first Layer 2 on Ethereum.
Previous background: Zachary previously worked as a Software Developer for Carallon, a UK-based, award-winning leader in entertainment technology.
The big idea: While blockchain offers unparalleled transparency, Aztec founder Zachary Williamson is tackling the industry's critical missing component by making privacy which is currently crypto's number one demand as a native feature.
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INSIGHTS
Sui unveils USDsui
The Sui Network is strategically launching its own foundational stablecoin, USDsui, through Bridge's Open Issuance to leverage Sui's high performance and meet growing institutional and regulatory demand within the stablecoin market.
Sui is preparing to launch a new stablecoin called USDsui via Bridge's Open Issuance, intending for it to be the core, foundational stablecoin for the entire Sui network ecosystem.
USDsui is specifically designed to maximize the performance and scalability of the Sui Network's Layer 1 blockchain architecture, offering a fully integrated, high-performance solution for builders.
Scheduled for launch this year, the stablecoin will be accessible and interoperable across major wallets and protocols, including Phantom, Hyperliquid, MetaMask, and various DeFi applications built on Sui.
The stablecoin is being developed with an emphasis on compliance, specifically designed to adhere to the requirements of the U.S. government's stablecoin framework, the GENIUS Act.
Sui's launch underscores the growing mainstream interest in stablecoins, following direct involvement from major traditional financial entities like Standard Chartered and Visa in the sector.
Sui is set to launch its native stablecoin, USDsui, this year to provide crucial, high-performance infrastructure. The move aligns with growing institutional interest in stablecoins and emphasizes regulatory readiness under the U.S. GENIUS Act.
DEAL FLOWS
Lighter Raises $68M at $1.5B Valuation
Source: Cryptorank
Deal flows slowed a bit this week - we saw $120M+ in deals đź’Ľ
Perp DEX platform Ligheter has raised $68M at $1.5B valuation to compete with rivals.
The round included Founders Fund, Ribbit Capital, Haun Ventures and Robinhood Markets.
“DefiLlama data shows that Lighter has posted a 30-day perpetual trading volume of $279.5 billion,” — Lighter is currently offering zero fees for retail users.
“The funding round will support the expansion of the platform’s institutional offering, enhanced infrastructure for low-latency trading and full public launch.”
Deal flows in the past week:
Self Protocol, $9M Seed Round
Shodai Network, $2.5M Seed Round
Curvance, $4M Strategic Round
Bluefin, $4.3M Strategic Round
Tria, $1M ICO
Seismic, $10M Unknown Round
Acurast, $11M Unknown Round
Kyuzo’s Friends, $11M Unknown Round
Lighter, $68M Unknown Round
QUICK BITES
Grayscale seeks NYSE debut.
OKX launches in-wallet DEX trading.
JPMorgan upgrades target for Circle shares.
Upexi (Solana DAT) launches stock buyback program.
CleanSpark completes $1.15B convertible notes offering.
Spot Bitcoin ETFs see $869M in outflow, the 2nd-largest exit.
Cash App enables Bitcoin Lightning and stablecoin payments.
JPMorgan sees BTC support at $94,000, keeps $170,000 upside case.
Circle expands Arc ecosystem with onchain FX engine and multi-currency stable.
NOTEWORTHY READS & MEME
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