Blockchain & Digital Assets Weekly Briefing - Week 16

Week ending 18th April 2025

Amid growing regulatory pressure on Chinese crypto mining firms, U.S.-based Auradine has raised $153 million in fresh funding, signaling a strategic shift in global mining leadership. This comes as Tether commits to decentralized mining via the OCEAN pool, and Circle's euro-backed stablecoin EURC gains traction amid EU-friendly regulations. In the U.S., legislative moves in Montana and New York reflect a broader embrace of digital assets, positioning the country as a potential hub for blockchain innovation.

1. US Bitcoin miner secures funding as Chinese competitors face setbacks.

2. Tether will deploy hashrate on OCEAN to support and expand decentralized Bitcoin mining infrastructure.

3. Circle stablecoin EURC gains momentum amid ongoing US-EU trade tensions.

4. Financial Freedom and Innovation Act clears House in 70-29 vote, heads to Montana Governor's desk.

5. New York Democrat C. Vanel proposes bill to let state agencies accept crypto payments.

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1. US Bitcoin miner secures funding as Chinese competitors face setbacks

Amid escalating trade tensions and regulatory challenges facing Chinese cryptocurrency mining firms, U.S.-based Auradine, Inc., a Silicon Valley-based leader in energy-efficient blockchain and AI infrastructure, has raised an additional $153 million in an oversubscribed Series C funding round, bringing its total capital raised to over $300 million.

The round was led by StepStone Group, with participation from major investors including Maverick Silicon, Premji Invest, Samsung Catalyst Fund, Qualcomm Ventures, Mayfield, GSBackers, and Bitcoin mining company MARA Holdings. This new funding will accelerate the expansion of Auradine’s product portfolio and support its mission to deliver scalable, sustainable, and secure infrastructure solutions.

Premji Invest's Managing Partner Sandesh Patnam commented:

“AI and Crypto represent long-term secular growth trends that will define the next generation of computing infrastructure.”

Coinciding with growing U.S. scrutiny of foreign tech firms, particularly Chinese mining companies like Bitmain Technologies, Auradine’s momentum reflects a broader shift in the global cryptocurrency mining landscape. Bitmain shipments to the U.S. have faced delays due to increased Customs inspections, and its AI affiliate, Xiamen Sophgo Technologies, was recently blacklisted by the U.S. Commerce Department over national security concerns. These actions highlight Washington's effort to reduce reliance on foreign-owned entities operating near sensitive infrastructure.

Amid these dynamics, Auradine is well-positioned to strengthen its market leadership. The company also announced the formation of AuraLinks AI, a new business group focused on open-standard networking solutions to meet the rising bandwidth and cooling demands of next-generation AI data centers. The AuraLinks AI team brings decades of experience from top firms such as Cisco, Google, Juniper, Marvell, and Microsoft, further solidifying Auradine’s role in shaping the future of AI and blockchain infrastructure in the U.S.

2. Tether will deploy hashrate on OCEAN to support and expand decentralized Bitcoin mining infrastructure

Tether, the largest company in the digital assets industry, has announced plans to deploy its current and future Bitcoin hashrate on OCEAN, a mining pool built to enhance decentralization. Launched by long-time Bitcoin Core developer Luke Dashjr, OCEAN is designed to empower miners with greater control and reduce reliance on centralized intermediaries.

This strategic move underscores Tether’s commitment to promoting resilience, transparency, and decentralization within the Bitcoin network. A key component of this initiative is OCEAN’s DATUM Gateway software, which Tether will integrate across its global mining operations. The software is engineered to support high-performance mining, even in bandwidth-constrained environments, making it ideal for deployment in rural and underserved regions, including parts of Africa.

Luke Dashjr, Chairman and CTO: “Tether’s involvement is a strong signal that decentralization remains a core priority for Bitcoin’s future. Their participation underscores the value of open, censorship-resistant mining protocols.”

In most traditional mining setups, miners rely on centralized mining pool operators to create the block templates—which are essentially the structure of a new block that includes which transactions get added to the blockchain.

When miners use the DATUM protocol, they don't have to rely on a central entity to choose those transactions. Instead, they can create their own block templates, deciding independently which transactions to include.

This has a big advantage: it reduces the risk of censorship. If a centralized pool operator is pressured (by governments, corporations, or other entities) to exclude certain transactions, miners under that system might be forced to go along, if they want to get some rewards. But with DATUM, because each miner has the freedom to build their own block, it becomes much harder (but noy impossible) for anyone to censor specific transactions across the entire network. It increases further decentralization of Bitcoin’s foundational infrastructure.

DATUM enhances both the efficiency and resilience of Tether’s mining infrastructure.

The protocol allows Tether to manage and coordinate thousands of mining rigs as a unified system. Rather than depending on a centralized mining pool to distribute block templates—which traditionally requires constant, high-speed communication—DATUM enables each site to generate block templates locally. By optimizing for low-latency performance and local decision-making, DATUM allows Tether to expand its mining footprint beyond major tech centers into more remote or underserved regions. This opens the door to deploying mining operations in areas like rural Africa, where infrastructure may be limited but where energy and operational costs can be significantly lower. Tether’s use of this technology means its mining operations are not only decentralized and censorship-resistant but also globally competitive and geographically flexible.

This model also provides a compelling strategy for other mining companies, especially those in the U.S. facing increasing costs due to tariffs on imported ASIC miners. By adopting decentralized, bandwidth-efficient solutions like DATUM, companies can diversify their operations internationally, avoid certain regulatory pressures, and improve long-term resilience across markets. Tether is leading by example here, combining scale, decentralization, and social impact.

This deployment aligns with Tether’s broader initiatives in Africa, where the company is actively investing in infrastructure and digital education.

3. Circle stablecoin EURC gains momentum amid ongoing US-EU trade tensions

Circle’s euro-backed stablecoin, EURC, has experienced a notable rise in adoption, with its supply jumping 42% over the past month to 187 million tokens—valued at around $213.48 million. This makes EURC the largest euro-denominated stablecoin on the market, now surpassing Paxos’ USDG. However, it still trails far behind its dollar-pegged counterparts, which dominate 99% of the fast-expanding stablecoin ecosystem. Leading the space are Tether’s USDT with $143 billion in circulation and Circle’s own USDC at $58 billion.

EURC’s rapid growth appears to reflect a broader shift in market dynamics. Amid escalating economic uncertainties in the U.S.—including the Trump administration’s rollout of wide-ranging tariffs—investors are increasingly seeking diversification away from the U.S. dollar. The euro has strengthened significantly, with the greenback weakening 9% against it since the beginning of the year. This shift may be contributing to greater demand for euro-denominated digital assets like EURC.

Another catalyst behind EURC’s growth is the implementation of the EU's Markets in Crypto-Assets (MiCA) regulatory framework. MiCA compliance has reshaped the European stablecoin market, prompting Tether to withdraw its euro-pegged EURT token. Simultaneously, several exchanges have delisted USDT for EU users in order to comply with the new rules—Binance, for instance, removed USDT trading pairs for EU customers at the end of March.

Backed by full reserves and redeemable 1:1 for euros, EURC operates across multiple blockchains including Ethereum, Solana, Avalanche, Stellar, and Base. The token’s increasing integration into DeFi platforms and support in popular crypto wallets such as Coinbase Wallet further enhances its utility.

Circle's acquisition of an Electronic Money Institution (EMI) license in France has allowed the company to offer EURC and USDC throughout the EU under a clear regulatory framework. EURC now account for around 37% of the euro stablecoin market.

While dollar-pegged tokens continue to dominate globally, EURC’s acceleration highlights a shifting landscape. As regulatory clarity improves and macroeconomic pressures mount, demand for alternative, euro-based digital assets is gaining traction—positioning EURC as a potential leader in Europe’s evolving stablecoin economy.

4. Financial Freedom and Innovation Act clears House in 70-29 vote, heads to Montana Governor's desk

​Montana Senate Bill 265 (SB 265), titled the Financial Freedom and Innovation Act, seeks to modernize the state's approach to digital assets and blockchain technology. Introduced by Senator Daniel Zolnikov, the bill has passed both the Senate and House and is now awaiting the governor's signature.​ Given that Governor Greg Gianforte signed a bill in 2023 protecting cryptocurrency mining from local government restrictions, there’s strong reason to believe he will support SB 265 as well.

Key Provisions of SB 265:

• Prohibition of Central Bank Digital Currencies (CBDCs): The bill explicitly bans the use of CBDCs within Montana, aiming to protect financial privacy and prevent potential government overreach.​

  
  

• Legal Recognition of Digital Assets: SB 265 establishes a legal framework for digital assets, categorizing them as personal property. This includes defining ownership rights and clarifying their use in commerce.​

  
  

• Support for Blockchain and Smart Contracts: The legislation recognizes the validity of blockchain technology and smart contracts, facilitating their use in various sectors and promoting technological innovation.​

  
  

• Protection for Crypto Miners: Building on previous legislation, the bill reinforces protections for cryptocurrency miners, ensuring they are not subject to discriminatory regulations or practices.​

  
  

The passage of SB 265 positions Montana as a forward-thinking state in the realm of digital finance, aiming to foster innovation while safeguarding individual freedoms.​

5. New York Democrat C. Vanel proposes bill to let state agencies accept crypto payments

New York State Assembly Bill A7788, introduced by Assemblymember Clyde Vanel on April 10, proposes an amendment to the State Finance Law to permit state agencies to accept cryptocurrencies—such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash—as payment for various obligations, including fines, fees, taxes, rent, rates and civil penalties.

The bill defines cryptocurrency as "any form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank including but not limited to, Bitcoin, Ethereum, Litecoin and Bitcoin Cash".

It authorizes state agencies to enter into agreements with individuals or entities to facilitate the acceptance of cryptocurrency payments. 

A7788 aims to modernize the state's payment systems and enhance financial accessibility by integrating digital currencies into official transactions. It marks a bold step toward integrating crypto in government transactions—but it still has multiple hurdles to clear before becoming law.

WHAT WE ARE READING

6. Bitwise expands institutional–grade access to Bitcoin and Ethereum with four ETP listings on London Stock Exchange

7. Quidax and Tether Collaborate To Drive Blockchain Education in Africa

8. The Euro Is Emerging as Alternative Safe Haven Along With Bunds

9. Binance helps countries with Bitcoin reserves, crypto policies, says CEO

10. Trump’s World Liberty Signs Crypto Deal With DWF Labs

11. Crypto Firm OKX Launches US Exchange After Settling DOJ Charges

12. Russia should have own stablecoins, finance ministry official says

13. Senate Democrats Propose Emissions Caps on Crypto Mining and AI Data Centers