Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is testing the waters for digital dollar equivalents and tokenized assets in its market infrastructure.

GameStop’s stock tumbled 25% following news that it plans to fund a major crypto acquisition using a $1.3 billion convertible bond sale.

Bpifrance, a French state investment bank, is putting €25 million ($27 million) into a new fund aimed at supporting the country’s blockchain sector.

Top stories in the Crypto Roundup today:

• NYSE Parent ICE to Explore Circle’s USDC and Tokenized Fund for New Market Products
• GameStop Shares Drop 25% After Bitcoin-Backed Convertible Bond Plan Revealed
• French State-Backed Bpifrance Launches $27M Crypto Fund

NYSE Parent ICE to Explore Circle’s USDC and Tokenized Fund for New Market Products

Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, is testing the waters for digital dollar equivalents and tokenized assets in its market infrastructure.

In a partnership announced Thursday, ICE and Circle said they will explore using USDC—Circle’s $60 billion U.S. dollar-backed stablecoin—and USYC, a tokenized money market fund, across ICE’s derivatives exchanges, clearinghouses, and other platforms.

“We believe Circle’s regulated stablecoins and tokenized digital currencies can play a larger role in capital markets,” said Lynn Martin, NYSE president, in a statement. She added that ICE sees potential for these assets to act as “acceptable” equivalents to the U.S. dollar.

The effort comes amid a surge of interest in blockchain-based financial instruments from traditional institutions. Fidelity Investments recently filed for a tokenized money market fund and is developing a stablecoin. CME Group is testing a private distributed ledger in partnership with Google Cloud.

GameStop Shares Drop 25% After Bitcoin-Backed Convertible Bond Plan Revealed

GameStop’s stock tumbled 25% following news that it plans to fund a major crypto acquisition using a $1.3 billion convertible bond sale.

The plan involves issuing 0% interest convertible notes—a move that initially excited retail traders but quickly spooked the broader market. GameStop’s stock plunged to just above $21 before seeing a slight recovery, wiping out all gains from earlier this week when it revealed bitcoin would become a treasury reserve asset.

The drop may be partly mechanical. Traders often sell or short a company’s stock ahead of bond pricing to secure favorable conversion terms. But there also appears to be a deeper skepticism about the strategy itself.

French State-Backed Bpifrance Launches $27M Crypto Fund

Bpifrance, a French state investment bank, is putting €25 million ($27 million) into a new fund aimed at supporting the country’s blockchain sector.

Rather than accumulating bitcoin or other cryptocurrencies, the bank will focus on early-stage projects with a strong French presence, spanning decentralized finance (DeFi), tokenization, physical infrastructure networks, restaking protocols, and identity verification systems.

The fund marks a continuation of the bank’s web3 push, which has included over €150 million in previous investments across 200 blockchain and fintech startups. The capital will be deployed through direct investments or via venture funds that agree to reinvest at least twice the amount of Bpifrance’s contribution back into France.

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