North Carolina House Passes Bitcoin Reserve Bill + Ripple’s $5B Bid to Acquire Circle

Robinhood Doubles Profit as Crypto and Equity Trading Surge, Launches Online Banking for Gold Subscribers

Robinhood posted strong Q1 earnings, with net income more than doubling to $336 million amid heightened market volatility driven by Donald Trump’s trade policies. The platform saw a 77% increase in transaction-based revenue, fueled by a 100% rise in crypto trading volume and strong gains in options and equities. Although crypto volumes dipped from Q4, they remained up year-over-year, contributing to $252 million in crypto revenue. Total Q1 revenue reached $927 million, with diluted earnings per share up 10% to $0.37. Robinhood also announced Robinhood Banking, a high-yield online checking and savings service for Gold subscribers, set to launch in fall 2025, as the company pushes into AI and private wealth tools.

Ripple’s $5B Bid to Acquire Circle Rejected Amid Stablecoin Legislation and IPO Plans

Ripple reportedly made a $4–5 billion offer to acquire Circle, the issuer of the USDC stablecoin, but the bid was rejected as too low, according to Bloomberg sources. The offer came just as Circle filed with the SEC to go public, limiting its ability to comment during a regulatory “quiet period.” Ripple CEO Brad Garlinghouse recently stated the company is actively pursuing acquisitions, especially in blockchain infrastructure. The failed bid highlights growing interest in the stablecoin sector, as potential U.S. legislation could soon clarify rules for issuers—attracting major financial players like Bank of America. The market is poised for consolidation, with Stripe’s $1.1 billion purchase of Bridge in October underscoring the trend.

Tether Eyes U.S. Launch of New Stablecoin Product Amid Regulatory Push and Market Dominance

Tether plans to introduce a U.S.-focused stablecoin product by late 2025 or early 2026, depending on the progress of U.S. stablecoin legislation, CEO Paolo Ardoino told CNBC. With USDT already commanding a 66% market share and nearly $150 billion in market cap, Tether remains the most profitable stablecoin issuer, earning $14 billion in 2024. While USDT is widely used abroad, especially in emerging markets, Tether aims to tailor a new offering for the U.S. market and has been actively engaging regulators and law enforcement. The move comes as stablecoin adoption rises following Donald Trump’s election win, and rival Circle’s USDC gains ground domestically. Despite growing competition, analysts expect USDT to retain its dominance in what is shaping up to be a “winner-takes-most” stablecoin landscape.

North Carolina House Passes Bill to Create Bitcoin Reserve, Paving Way for State Crypto Investments

The North Carolina House of Representatives approved House Bill 92, also known as the Strategic Bitcoin Reserve bill, on April 30, positioning the state to invest in digital assets like Bitcoin. Spearheaded by House Speaker Destin Hall, the bill allows for indirect crypto exposure through investment funds, aiming to diversify the state’s financial portfolio and hedge against inflation. While some lawmakers and union members voiced concerns over crypto volatility, others—including Governor Josh Stein—support the measure as a step toward modernization. The bill also opens the door for limited crypto exposure within state pension funds. As states like Arizona and cities like Roswell, New Mexico, implement similar strategies, North Carolina awaits Senate approval to finalize the legislation.

Resources:

Bloomberg

CNBC