SVB Ventures Newsletter No.21 - June 2025

 

SVB Ventures | Newsletter No. 21

🔸 Macro News

✔ US May Unadjusted CPI Annual Rate at 2.4%, Expected 2.50% link

The U.S. May seasonally adjusted CPI month-on-month rate was 0.1%, compared with the expected 0.2% and the previous value of 0.2%. The U.S. May unadjusted CPI year-on-year rate was 2.4%, compared with the expected 2.5% and the previous value of 2.3%. The U.S. May unadjusted core CPI year-on-year rate was 2.8%, in line with the expected 2.9% and the previous value of 2.8%. The U.S. May seasonally adjusted core CPI month-on-month rate was 0.1%, compared with the expected 0.3% and the previous value of 0.2%. With CPI data comprehensively lower than expected, traders have increased their bets on the Federal Reserve cutting interest rates in September.

✔ The Fed continues to hold interest rates steady, forecasting two rate cuts in 2025.

On June 18, 2025, the Federal Reserve held interest rates steady at 4.25%-4.5% for the fourth consecutive time, maintaining a hawkish stance despite pressure from the Trump administration to cut rates. Fed officials still expect two rate cuts in 2025 but reduced the number of cuts projected for 2026 and 2027, citing concerns over slowing GDP growth (forecasted at 1.4% for 2025) and rising inflation possibly reaching 3%, partly due to tariffs imposed by the Trump administration. Chair Jerome Powell emphasized caution, noting recent inflation easing reflects past data and warning of potential inflationary pressures ahead. Meanwhile, geopolitical tensions in the Middle East have added uncertainty, influencing markets more than the Fed’s decision.

✔ Powell Reiterates Wait — and — See Stance, Says US Economy Remains Robust

Federal Reserve Chairman Jerome Powell said in his written testimony at the congressional hearing that the recent robust performance of economic activities allows policymakers to continue to focus on inflation and employment data to determine whether and when to resume interest — rate cuts. Powell emphasized that the Federal Reserve will ensure that the price shock caused by the increase in tariffs does not turn into a “sustained inflation problem”. He did not explicitly hint at an interest — rate cut in July.

✔ Trump says he’s not planning to extend a pause on global tariffs beyond July 9

President Donald Trump announced he does not plan to extend the 90-day tariff pause beyond the July 9 deadline, after which his administration will notify countries that trade penalties will take effect unless deals are reached. He said letters detailing tariff rates—ranging from 10% to 50% depending on each country's trade relationship—will be sent out soon. Trump acknowledged the difficulty of negotiating separate deals with over 200 countries and emphasized that some countries will face higher tariffs based on how they treat the U.S. Despite ongoing talks, he prefers to enforce tariffs rather than prolong the pause.

✔ Trump says Iran and Israel reach ceasefire agreement, crypto market recovers

In the early hours of June 24, 2025, U.S. President Donald Trump announced that Iran and Israel had reached a ceasefire agreement, ending a 12-day conflict that began with Israel’s preemptive strike on Tehran and escalated with missile exchanges and U.S. bombings of Iranian nuclear sites. The conflict resulted in approximately 430 deaths and over 3,500 injuries in Iran, and 25 deaths with more than 2,500 injuries in Israel. Trump declared, “Congratulations to the world, it’s time for peace,” reaffirming that the U.S. strikes had severely damaged Iran’s nuclear facilities, halting uranium enrichment, though the duration of this disruption remains unclear. Following the ceasefire news, global oil prices dropped 10%, and Bitcoin surged over 4.5% to $106,000, regaining pre-conflict levels, while many altcoins recovered 10–20% but had yet to fully rebound. Despite the ceasefire, tensions remain, with Iran expressing skepticism about the durability of the agreement and readiness to respond if attacked again.

🔸  Bitcoin 

✔  20 companies increased their Bitcoin treasury (+14,200 BTC). The Top 100 companies HODL nearly 850,000 Bitcoin.

✔ Bhutan’s Bitcoin Reserves Reach $1.3 Billion, Accounting for Nearly 40% of GDP

Bhutan, which launched its Bitcoin mining program in 2020, has accumulated Bitcoin reserves worth approximately $1.3 billion so far, accounting for nearly 40% of the country’s GDP. This makes it the third-largest holder of Bitcoin among global governments. Relying on its abundant hydropower resources for mining, Bhutan has built at least six mining farms and partnered with miner Bitdeer. The country plans to hold Bitcoin for the long term and gradually promote the application of cryptocurrencies in tourist payments and future urban construction.

✔ Anthony Pompliano announces $1B merger to launch ProCap Financial, a Bitcoin-native financial firm going public via $CCCM SPAC, with $750M raised for $BTC treasury and services. Anthony Pompliano announced that his firm ProCap BTC will go public through a $1 billion merger with the SPAC Columbus Circle Capital Corp. I, forming ProCap Financial, which will be chaired by Pompliano and listed on Nasdaq under the ticker ‘CCCM.’ The company has raised over $750 million—$516.5 million in equity and $235 million in convertible notes—the largest initial fundraise for a public Bitcoin treasury company. ProCap Financial plans to build a Bitcoin treasury of up to $1 billion and develop Bitcoin-native financial services aimed at generating revenue and profits beyond simple Bitcoin accumulation. The merger is expected to close before the end of 2025, marking a significant step in institutional Bitcoin adoption.

✔ Coffee chain Vanadi announces plan to invest $1.1 billion in Bitcoin.

Spanish coffee chain Vanadi Coffee SA has announced a major strategic pivot to become a Bitcoin-first company by investing up to €1 billion (about $1.1 billion) in Bitcoin as its primary treasury asset. Facing financial losses of over $3.7 million in 2024 and a steep decline in its stock price, Vanadi plans to fund the Bitcoin accumulation through new stock issuance and convertible financing. Chairman Salvador Martí emphasized this move as a necessary transformation to secure the company’s financial future. Vanadi has already begun its strategy by purchasing 54 BTC worth around $6.8 million and aims to significantly increase its Bitcoin holdings, following the example of firms like MicroStrategy. The plan has sparked mixed reactions but positions Vanadi as one of Spain’s largest corporate Bitcoin holders, leveraging partnerships with liquidity and custody providers like Bit2Me.

✔ Texas plans to buy $10M in Bitcoin after approving its Bitcoin Reserve Fund, while Arizona’s Bitcoin Reserve bill awaits the governor’s signature.

Texas has become the first U.S. state to create a publicly funded, stand-alone Bitcoin reserve after Governor Greg Abbott signed Senate Bill 21 into law, establishing the Texas Strategic Bitcoin Reserve managed independently by the Texas Comptroller of Public Accounts. The state will allocate $10 million to purchase Bitcoin, unlike Arizona and New Hampshire, which passed similar laws but did not fund their reserves. The reserve will invest only in cryptocurrencies with a market cap above $500 billion—currently just Bitcoin—and is protected from being swept into the general revenue by a companion bill. Representing just 0.0004% of Texas’s budget, this move signals a shift toward treating digital assets as sovereign financial instruments and positions Texas as a leader in digital finance innovation.

Arizona’s HB 2324, passed by both chambers, would create a state-managed Bitcoin reserve funded solely by cryptocurrencies seized through criminal forfeiture. The bill updates asset forfeiture laws to include digital assets and sets custody protocols like blockchain access controls and third-party custodians. If signed by Governor Katie Hobbs—who previously vetoed taxpayer-funded Bitcoin reserve bills but approved a smaller fund backed by unclaimed property—this would be Arizona’s second crypto reserve initiative, allowing the state to store, liquidate, or hold seized assets with a defined fund distribution.

🔸  Ethereum

✔ Bit Digital has announced a strategic shift to become a pure-play Ethereum staking and treasury company. Bit Digital, a major Bitcoin mining company in the U.S., has successfully raised $150 million through a public stock offering to shift its business strategy toward purchasing and staking Ethereum (ETH), marking the largest public financial commitment by a company to ETH. The company sold 75 million shares at $2 per share, with an option for underwriters to purchase an additional 11.25 million shares within 30 days. The funds will be used to expand financial activities and Ethereum staking, fully replacing its traditional Bitcoin mining model, which has faced challenges due to rising costs and shrinking profits. Additionally, Bit Digital has filed for an IPO for its wholly-owned subsidiary, WhiteFiber Inc., which focuses on high-performance computing (HPC), signaling a comprehensive restructuring aimed at betting on the future of Ethereum, decentralized finance (DeFi), and Web3 infrastructure.

✔ Ethereum Co-Founder in Talks With 'Major Sovereign Wealth Funds'

Consensys CEO and Ethereum co-founder Joe Lubin revealed that his firm is in talks with major sovereign wealth funds and banks in a “very big” country about building institutional infrastructure on Ethereum, including layer-1 and customized layer-2 solutions. Lubin envisions Ethereum anchoring the next global financial system, emphasizing its utility in staking, DeFi, and smart contracts. Recently, Consensys led a $425 million investment in SharpLink Gaming to establish an Ethereum-denominated treasury, marking a shift from passive Bitcoin accumulation to active ETH utility. Lubin expressed optimism about Ethereum’s future, calling ETH a “trust commodity” that could surpass Bitcoin in value, and highlighted ongoing regulatory progress and growing institutional interest as key drivers for Ethereum’s mainstream adoption.

✔ Bitcoin miner BitMine Immersion Technologies raises $250M to launch Ethereum corporate treasury.

BitMine Immersion Technologies announced a $250 million private placement, selling over 55 million shares at $4.50 each, to build a large Ethereum (ETH) treasury and shift its focus from Bitcoin mining to ETH as its primary reserve asset. Led by MOZAYYX with participation from top investors including Founders Fund, Pantera, FalconX, Kraken, Galaxy Digital, and Thomas Lee—who was appointed Chairman—BitMine plans to increase its ETH holdings by more than 16 times. The company aims to leverage ETH not only as a reserve but also for staking and DeFi activities, supported by partners like BitGo and Fidelity Digital. This strategic move reflects growing institutional confidence in Ethereum’s ecosystem and stablecoin adoption, with BitMine targeting to maximize ETH value per share through reinvestment and capital raises. Following the announcement, BitMine’s stock surged 45%, despite recent volatility.

🔸  ETF

✔  Bitwise files amended S-1s for its spot Dogecoin ETF and Aptos ETFs

Bitwise Asset Management filed amended S-1 registration statements with the SEC for its proposed spot Dogecoin and Aptos ETFs, two weeks after the SEC delayed its Dogecoin ETF review over market risk concerns. The updates add in-kind creations and redemptions, allowing authorized participants to exchange ETF shares directly for Dogecoin tokens, improving tax efficiency and aligning with regulatory preferences. Bitwise’s Dogecoin ETF will be custodied by Coinbase, and the Aptos ETF would be the first U.S. fund focused solely on Aptos’s native token. Bloomberg analyst Eric Balchunas views the amendments as positive SEC engagement, with approval likely after Bitwise submits a Form 19b-4 to start the SEC’s 240-day review period.

✔  SEC Requires Solana ETF Applicants to Update S — 1 Documents, May Be Approved as Early as July

The U.S. Securities and Exchange Commission (SEC) has required institutions planning to issue Solana spot — ETFs to submit updated S — 1 documents within one week and will provide feedback within 30 days. The updated content includes the description of in — kind redemptions and staking mechanisms, and the SEC is open to including staking in the ETF structure. According to an informed source, this may lead to the approval of Solana ETFs within 3 to 5 weeks, and the earliest possible approval time is July.

✔ The approval odds for altcoin ETFs have risen to between 90% and 95%

Bloomberg analysts Eric Balchunas and James Seyffart forecast that most altcoin ETFs—including Litecoin (LTC), Solana (SOL), XRP, Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), Hedera (HBAR), and Avalanche (AVAX)—have a 90% or higher chance of SEC approval in 2025, with LTC, SOL, and XRP leading at around 95%. The only exception is Sui (SUI), which holds a lower 60% approval probability due to regulatory uncertainties. This optimism follows increased SEC engagement, including information requests for Solana ETFs, signaling approvals could begin as early as July. The SEC under Chair Paul Atkins is easing regulatory barriers for crypto, supporting a more open environment for these ETFs.

✔ Trump’s Truth Social company files registration for Bitcoin–Ethereum ETF

On June 16, 2025, Trump Media & Technology Group’s social network, Truth Social, filed for a Bitcoin-Ethereum mixed ETF, allocating 75% to Bitcoin with flexibility to adjust based on market conditions. Managed by Yorkville America Digital LLC and custodied by Foris DAX Trust Co., this marks the third BTC-ETH ETF proposal after Bitwise and Hashdex, though none have yet been approved by the SEC. This move follows Truth Social’s recent $2.5 billion Bitcoin investment approval and World Liberty Financial’s legal win over the TRUMP memecoin wallet. While the SEC has only approved Bitcoin and Ethereum ETFs so far, recent regulatory openness toward staking and Solana ETFs hints at broader crypto ETF approvals ahead.

🔸  Stablecoin

✔ Tether CEO: Prioritizing Non-U.S. Markets, May Enter U.S. via New Stablecoin

Tether CEO Paolo Ardoino has stated that the company will prioritize developing non-U.S. markets, with a focus on emerging markets in Latin America, Asia, and Africa, which have an urgent need for stable financial infrastructure — despite the current pro-crypto stance of the Trump administration. Ardoino noted that as the U.S. Senate advances the Genius Act (stablecoin bill), Tether may enter the U.S. market by issuing a new stablecoin. Additionally, a report by Artemis shows that the Singapore-China corridor is the most active region for stablecoin flows, accounting for 36.3%, while the U.S. represents only 18.7%.

✔ Ant Group Plans to Apply for Stable — coin Licenses in Hong Kong and Singapore

Ant Group’s international unit, Ant International, headquartered in Singapore, plans to apply for stablecoin issuer licenses in Hong Kong and Singapore once Hong Kong’s Stablecoins Ordinance takes effect in August 2025. The company also intends to seek a similar license in Luxembourg to strengthen its blockchain operations supporting cross-border payments and treasury management. Ant International welcomed Hong Kong’s new stablecoin legislation and aims to contribute to building the city as a global financial hub by submitting its application as soon as the licensing process opens. Last year, Ant Financial processed over $1 trillion in global transactions, with a third handled via its blockchain-based Whale platform

 

✔ Walmart and Amazon Evaluating Feasibility of Issuing Their Own Stable — coins in the US

According to a report in The Wall Street Journal, Walmart and Amazon are evaluating the feasibility of issuing their own stablecoins in the United States or adopting third-party stablecoins, with the goal of reducing payment fees and improving settlement efficiency. The plan is expected to move forward after the Genius Act clarifies the regulatory framework for stablecoins. Sources said the two companies are also considering joining a merchant-led stablecoin alliance.

✔  The U.S. Senate officially passed the stablecoin GENIUS Act.

On June 18, 2025, the U.S. Senate overwhelmingly passed the GENIUS Act (51–23), marking the first major federal stablecoin regulation approved by the Senate and a significant step toward legitimizing crypto under the Trump administration. The bill sets strict rules requiring stablecoins to be fully backed by USD or equivalent liquid assets, mandates annual audits for issuers with market caps over $50 billion, and enforces transparency and anti-money laundering measures. While it now moves to the House, which may have its own competing stablecoin bills, the GENIUS Act is widely seen as paving the way for broader crypto adoption and regulatory clarity, potentially unlocking trillions in capital inflows. Major financial institutions and tech giants are already exploring stablecoin issuance, signaling strong industry momentum behind this legislation

✔ President Donald Trump has urged the U.S. House of Representatives to quickly pass the GENIUS Act

On June 17, 2025, the U.S. Senate passed the GENIUS Act, a landmark stablecoin bill with a 68-30 vote, marking the first major federal legislation regulating stablecoins and aiming to establish the U.S. as a global leader in digital assets. President Donald Trump urged the House to swiftly approve the bill without amendments, praising it as a demonstration of American innovation and a way to strengthen the dollar’s dominance. The GENIUS Act requires stablecoins to be fully backed by USD or liquid assets, mandates regular audits, and enforces anti-money laundering rules, while setting licensing frameworks. Despite bipartisan Senate support, the bill faces opposition in the House and criticism over potential conflicts of interest linked to Trump’s crypto ventures. Lawmakers are considering merging GENIUS with other stablecoin bills to reach consensus. The legislation is seen as a major step toward mainstream adoption

✔ JPMorgan files trademark application for “JPMD” crypto payment service.

JPMorgan Chase has filed a trademark application for “JPMD,” a blockchain-based digital asset platform offering services like trading, payment processing, asset issuance, and custody, fueling speculation of a new stablecoin or deposit token aimed at institutional clients. While the filing doesn’t explicitly mention “stablecoin,” JPMD is widely seen as a potential bank-issued digital dollar, possibly enhancing cross-border payments and competing with existing stablecoins like Tether and Circle. This move follows JPMorgan’s existing blockchain initiatives, including JPM Coin and the Kinexys interbank payment system, and aligns with broader industry trends as major U.S. banks explore joint stablecoin projects amid evolving regulatory frameworks.

✔ Chinese e-commerce giant JD.com enters the stablecoin race.

Chinese e-commerce giant JD.com is entering the global stablecoin race, planning to launch a Hong Kong dollar–backed stablecoin by late 2025 as part of a broader strategy to obtain licenses in major currency markets worldwide. Initially targeting B2B cross-border payments, JD.com aims to cut transaction costs by 90% and reduce settlement times to about 10 seconds, eventually expanding into retail payments. The stablecoin will be issued on a public blockchain with transparent issuance data. This move aligns with China’s push to internationalize the digital yuan and follows regulatory progress like Hong Kong’s new Stablecoin Ordinance. JD.com’s initiative reflects growing adoption of stablecoins by major firms amid evolving global crypto regulations.

✔  Eight major South Korean banks along with the Open Blockchain, DID Association and the Financial Settlement Institute form a joint venture to launch won-based stablecoin.

Eight major South Korean banks—including KB Kookmin, Shinhan, Woori, and Nonghyup—are collaborating to launch a won-pegged stablecoin by late 2025 or early 2026 to counter the dominance of US dollar-backed stablecoins and strengthen the domestic currency’s role in digital finance. Supported by the Korea Financial Telecommunications and Clearings Institute, Open Blockchain, and the Decentralized Identity Association, the project will feature two models: a trust-based version and a 1:1 deposit-backed token, pending regulatory approval. While the Bank of Korea expresses cautious support, urging a gradual, bank-led rollout to manage risks, the initiative aligns with South Korea’s broader legislative efforts to establish clear digital asset regulations and advance financial innovation.

🔸 Crypto Policies & Regulations 

✔  Vietnam's National Assembly passes the Digital Technology Industry Law, recognizing digital assets.

On June 14, 2025, Vietnam’s National Assembly passed the Digital Technology Industry Law, effective January 1, 2026, establishing a comprehensive legal framework to promote digital innovation, support strategic sectors like AI, semiconductors, and digital assets, and encourage talent development and controlled technology testing. The law introduces special incentives for key industries, including chip manufacturing and AI data centers, while formally recognizing digital assets and imposing strict management to ensure cybersecurity and prevent money laundering and terrorism financing. It also mandates risk control throughout AI system lifecycles and boosts education and workforce training in digital technologies. This landmark legislation positions Vietnam as the first country to enact a dedicated law for the digital technology industry, aiming to foster sustainable growth, international integration, and a transparent, responsible digital ecosystem.

✔ South Korea’s President Lee Jae-myung Promises to Advance Crypto ETFs and KRW Stablecoins

South Korea has elected Lee Jae — myung, who is pro — cryptocurrency, as the new president. He obtained a vote — share of 49.42%, and the voting rate reached 79.4%, the highest in 28 years. Lee has promised to promote the adoption of local spot cryptocurrency ETFs and establish a won — pegged stablecoin market to prevent domestic capital outflows. Lee will also complete the second — stage digital asset regulatory framework, with a focus on stablecoin regulation and the transparency of exchanges. Meanwhile, he will reduce regulation in blockchain — designated zones to promote innovation.

 ✔  Singapore MAS Orders Unlicensed Crypto Providers to Cease Overseas Services by End-June

The Monetary Authority of Singapore (MAS) issued a final policy on May 30, 2025, requiring all cryptocurrency service providers (DTSPs) registered or operating in Singapore to stop providing crypto services to overseas clients by June 30, 2025, unless they obtain a DTSP license. MAS emphasized there will be no transition period, and violators face legal penalties. In contrast, Hong Kong, which issued its Virtual Asset Policy Statement in 2022, has welcomed thousands of Web3 companies to establish operations there. Ng Kit-chong noted that Singapore-based crypto enterprises are encouraged to relocate their headquarters and teams to Hong Kong, where policy support and assistance are offered to foster industry growth.

✔ The U.S. Securities and Exchange Commission (SEC) is easing regulations on decentralized finance (DeFi)

The SEC, led by Chair Paul Atkins, is advancing an “Innovation Exemption” to legally shield decentralized finance (DeFi) platforms and developers from regulatory burdens, marking a historic shift toward supporting DeFi in the U.S. This exemption aims to allow both registered and unregistered entities to launch on-chain financial products quickly and with fewer barriers, recognizing that developers should not be held liable for how others use their open-source code. Atkins emphasized that self-custody and asset self-management are core American values that must be preserved in the digital age. While protecting genuine decentralized projects, the SEC will still enforce regulations against centralized entities misusing DeFi labels to evade oversight. This move signals a more open, innovation-friendly regulatory environment for DeFi, aligning with broader efforts to make the U.S. a global crypto leader.

✔ South Korea is reversing its policy to open the door for crypto ETFs and stablecoins

South Korea’s Financial Services Commission (FSC) has submitted a roadmap to legalize spot crypto ETFs by late 2025, fulfilling President Lee Jae-myung’s promise to lift the domestic ban and boost financial opportunities for youth. Alongside ETF approval, the plan includes establishing a regulatory framework for won-pegged stablecoins to curb capital outflows and strengthen monetary sovereignty. The FSC is also gradually liberalizing crypto market access for institutional investors and considering extending Korea Exchange trading hours. With South Koreans holding over $75 billion in digital assets, these moves aim to position South Korea as a leading regulated crypto hub in Asia while enhancing investor protection through fee oversight and stricter market rules

✔ Japan’s FSA Plans to Incorporate Crypto — Assets into Financial Instruments and Exchange Law

On June 24, the Financial Services Agency (FSA) of Japan released a document, proposing to incorporate crypto — assets into the regulatory framework of the Financial Instruments and Exchange Act, and the relevant issues will be submitted to the Financial System Council for deliberation on the 25th. If the reform is advanced, Bitcoin ETFs will be allowed to be launched in Japan, and a separate tax — declaration system of about 20% will be applied, replacing the current comprehensive tax rate of up to 55%.

✔ Hong Kong expands digital asset agenda with unified rules, tokenization push

Hong Kong’s June 26, 2025, “Policy Statement 2.0” introduces the LEAP framework to streamline regulations, expand tokenized products, advance use cases, and develop talent, aiming to build a trusted, innovation-friendly digital asset ecosystem. Led by the Securities and Futures Commission, a unified licensing regime will cover crypto exchanges, stablecoin issuers, and custodians, while legal reviews by the Financial Services Bureau and Monetary Authority support real-world asset tokenization. The policy also promotes incentives like tax benefits for tokenized ETFs, encourages stablecoin use, and fosters cross-sector collaboration to strengthen Hong Kong’s position as a global financial innovation hub.

✔ Fed joins regulators dropping reputational risk factor, clearing banks to serve crypto firms

On June 23, 2025, the Federal Reserve Board removed reputational risk from its bank supervision guidelines, focusing instead on measurable financial, legal, and operational risks. This change aligns the Fed with the FDIC and OCC, ending a subjective standard that had blocked banking services to crypto firms. The Fed will train examiners for consistent implementation and coordinate with other regulators, while still requiring strong risk management. Chair Jerome Powell highlighted the move supports responsible innovation and lawful bank-crypto relationships without compromising safety.

✔ US housing agency may allow crypto assets in mortgage qualification

The U.S. Federal Housing Finance Agency (FHFA) is studying whether cryptocurrency holdings like Bitcoin and stablecoins can be used to qualify for mortgages without needing to convert them into cash. FHFA Director William Pulte has directed Fannie Mae and Freddie Mac to develop proposals recognizing crypto as valid reserve assets in mortgage risk assessments, aligning with former President Trump’s goal to make the U.S. a crypto hub. This change could help borrowers, especially younger and diverse households, access home loans using digital assets, though challenges remain due to crypto’s volatility and verification issues. The policy applies only to assets held on U.S.-regulated platforms and focuses on reserves, not income from crypto activities.

✔ U.S. Senate Banking Committee Chair Tim Scott said on June 26 that crypto market structure legislation will be finalized by September 30

U.S. Senator Tim Scott, chairman of the Senate Banking Committee, set a September 30, 2025 deadline to finalize crypto market structure legislation, aiming to provide clear regulations for the industry. This timeline is later than former President Trump’s preferred August deadline but earlier than some lawmakers’ year-end estimates. Scott urged the House to quickly approve the Senate’s stablecoin bill (GENIUS Act), with support from Senator Cynthia Lummis. While the House remains cautious, the White House backs the timeline to maintain U.S. leadership in crypto innovation. Coordination with other committees, like the Senate Agriculture Committee, remains a challenge, but the push signals progress toward a clear U.S. crypto regulatory framework by September.

🔸  Other News 

✔  The trading volume on decentralized exchanges (DEXs) has reached a new record high compared to centralized exchanges (CEXs)

In May 2025, decentralized exchanges (DEX) hit a record 25% share of global spot trading volume, reaching $410.2 billion, led by PancakeSwap with $171.6 billion, signaling rapid growth from 20% in January. Simon Kim, CEO of Hashed, views this as a clear shift from centralized exchanges (CEX) to DEX, driven by DEX’s flexibility, censorship resistance, and cross-chain interoperability. The memecoin surge last year boosted DEX adoption, with many tokens debuting on DEX before listing on CEX, alongside improved wallet experiences making DEX more accessible. Kim predicts DEX will surpass CEX in trading volume by 2028 and dominate by 2030, embodying blockchain’s core principles of transparency and decentralization, fundamentally redefining how value is traded and stored without gatekeepers.

✔ IG Group is the first publicly listed company in the UK to offer cryptocurrency trading.

IG Group, a veteran London-based investment platform listed on the UK stock exchange, has become the first UK-listed company to offer direct spot crypto trading and custody services to retail investors. Previously providing crypto exposure only through derivatives like CFDs, IG now enables trading of over 30 cryptocurrencies—including Bitcoin, Ether, XRP, and popular memecoins like Bonk—via a partnership with U.S.-based fintech Uphold. This integration offers a seamless user experience alongside traditional assets like stocks and forex, reflecting the accelerating convergence of traditional finance and digital assets amid the UK government’s push for comprehensive crypto regulation. The move was positively received, with IG’s shares rising slightly by 0.25%.

✔ UAE Web3 Investment Fund Invests $100 Million to Subscribe for WLFI Tokens

Aqua1 Fund, a UAE-registered Web3 investment fund with the ENS domain aqua1.eth, reportedly spent $80 million subscribing to WLFI tokens, part of a claimed $100 million investment, though the additional $20 million subscription address remains undisclosed. Zak Folkman, co-founder of World Liberty Financial Inc.—a DeFi platform linked to the Trump family—announced at the Permissionless crypto conference in New York that several listed companies intend to include WLFI tokens in their corporate reserves and revealed the launch of the World Liberty Financial App.

✔  Chainlink partners with Mastercard to let 3B+ cardholders buy crypto directly onchain. 

Chainlink has partnered with Mastercard to enable over 3 billion Mastercard cardholders to buy cryptocurrencies directly on-chain through Swapper Finance, a non-custodial platform that simplifies crypto purchases using account abstraction. This integration involves Web3 companies like Shift4 Payments, ZeroHash, and XSwap, which provide payment processing, liquidity, and decentralized token swaps, creating a secure, compliant, and user-friendly experience. By bridging traditional payment networks with decentralized finance, the partnership aims to make crypto accessible to mainstream users beyond crypto enthusiasts, supporting Mastercard’s broader push into digital assets and on-chain commerce.

✔ Nasdaq-listed Nano Labs enters $500M convertible note agreement to start buying $BNB, plans to accumulate up to $1B worth 

On June 24, Nano Labs Ltd (NASDAQ: NA) announced the signing of a $500 millionprivate convertible bond agreement as part of its strategic shift toward digital assets, with a focus on BNB, the native token of the Binance ecosystem. The company plans to acquire $1 billion worth of BNB through a combination of convertible bonds and private placements, aiming to hold between 5% and 10% of BNB’s total circulating supply. Nano Labs will also conduct comprehensive evaluations of BNB’s security, value potential, and long-term role within its strategic portfolio. If successful, this initiative could make Nano Labs one of the largest institutional holders of BNB, marking a significant move to integrate traditional finance with digital asset investment.

✔ Coinbase revives plan for tokenized securities in the U.S.

Coinbase is reviving its long-standing ambition to introduce tokenized stock trading in the U.S., seeking approval from the Securities and Exchange Commission (SEC) amid a more crypto-friendly regulatory environment under the Trump administration. Previously blocked by the SEC in 2020, Coinbase aims to offer blockchain-based digital representations of traditional stocks, enabling 24/7 trading, lower costs, and faster settlements. The company is engaging with the SEC’s newly formed crypto task force to obtain a no-action letter or exemptive relief, which would allow it to compete with traditional brokers like Robinhood and Charles Schwab. Coinbase’s Chief Legal Officer Paul Grewal called the initiative a “huge priority,” emphasizing the potential to modernize equity markets while navigating regulatory challenges related to securities laws.

✔ Investment platform Republic plans to tokenize shares of leading private companies such as SpaceX, OpenAI

Investment platform Republic plans to tokenize shares of prominent private companies like SpaceX, OpenAI, and Anthropic by acquiring secondary market shares and issuing blockchain-based tokens representing price-linked notes. These tokens, purchasable by retail investors with as little as $50 to $5,000, do not confer legal ownership or shareholder rights but allow exposure to the companies’ value growth. After holding tokens for 12 months, investors can trade them on the INX exchange, which Republic acquired in April 2025. The initiative leverages the 2012 JOBS Act to raise up to $5 million annually from retail investors without needing the companies’ consent. While this move democratizes access to elite private equity, experts raise concerns about transparency, regulatory risks, and potential opposition from the companies involved. 

✔  Hong Kong Approves First Mainland Broker for Bitcoin and Crypto Trading

Guotai Junan Securities (Hong Kong), a subsidiary of Guotai Junan International, has become the first mainland Chinese brokerage in Hong Kong approved by the Securities and Futures Commission (SFC) to offer virtual-asset trading services. The firm upgraded its Type 1 license to include virtual-asset dealing, enabling clients to trade major cryptocurrencies like Bitcoin, Ethereum, and stablecoins through an omnibus account arrangement with SFC-licensed platforms. This milestone sparked a nearly 200% surge in Guotai Junan International’s shares, reflecting strong investor confidence. Analysts expect more mainland brokerages with international branches to follow suit, driven by Hong Kong’s evolving regulatory framework and growing digital asset ecosystem. Experts also highlight stablecoins’ potential to expand Chinese brokerages’ cross-border operations and transform their role from mere intermediaries to hubs for asset securitization and clearing, boosting firm valuations and advancing Hong Kong’s position as a fintech hub.