Dogecoin Foundation Teams With 21Shares to Launch Crypto ETPs
House of Doge, the corporate arm of the Dogecoin Foundation, launched a partnership with cryptocurrency company 21Shares.
The collaboration will yield the only dogecoin exchange-traded products (ETPs) endorsed by the Dogecoin Foundation, according to a Thursday (April 10) press release.
“This partnership represents a significant step toward providing registered, institutional-grade exposure to dogecoin, one of the most community-driven and widely recognized digital assets,” the release said.
To cement the partnership, 21Shares filed a registration statement with the U.S. Securities and Exchange Commission to roll out a dogecoin ETF in the United States, pending regulatory approval, per the release.
Dogecoin launched in 2013 as a “light-hearted alternative to bitcoin,” but it has since become more mainstream, accepted by brands like Microsoft and AMC Theatres as a method of payment, the release said.
“For dogecoin to reach its full potential as a global currency, institutional support and corporate partnerships are essential,” Dogecoin Foundation Co-Executive Director Jens Wiechers said in the release. “This initiative with 21Shares provides a regulated path for institutions to participate in and amplify the ‘Dogecoin is Money’ vision, while still honoring the community’s spirit. Global adoption is critical, and we’re excited to take this next step — ensuring dogecoin stays fun but gains the credibility and backing needed to thrive at scale.”
Meanwhile, stablecoins — cryptocurrencies pegged to fiat currencies such as the U.S. dollar — have moved from niche assets to instruments that could redefine how money moves, where it is stored and who controls it.
“Banks rely on customer deposits to fund loans and support economic activity at the local level,” PYMNTS reported Thursday. “Stablecoins, if adopted widely, could potentially threaten to siphon off those deposits.”
Users might decide they would rather hold stablecoins in digital wallets over keeping money in checking or savings accounts. This potential migration of capital could rob traditional banks of their primary funding source, hindering their ability to lend and compete.
However, this future, if realized, remains far on the horizon.
“The use of stablecoins in U.S. domestic payments is roughly zero at the moment,” Adam Shapiro, co-founder and partner at Klaros Group, told PYMNTS. “They’re used in crypto, as a store of value for people who don’t have access to the U.S. banking system, and by people making international payments to avoid costs. We see a lot of interest — for example, instant settlement in the intrabank market — but that’s in the future.”
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