Headlines
Circle Files Application to Establish National Trust Bank in the US
Stablecoin issuer Circle is applying to establish a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18 billion through its initial public offering. This application is a key follow-up action. If the Office of the Comptroller of the Currency (OCC) approves this charter, Circle will be able to act as the custodian of its own reserves and hold crypto assets for institutional clients. However, unlike traditional banks, this charter does not allow Circle to accept cash deposits or issue loans. Currently, Anchorage Digital is the only digital asset company with a national trust bank charter. Experts and analysts say that once the bill is signed into law, it could pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their operations.
Robinhood Launches Tokenized Stock Products on Arbitrum, Building Dedicated Layer 2 for RWA
Digital brokerage Robinhood announced on Monday that it would expand its crypto business through a series of new initiatives, including developing its own blockchain network based on Arbitrum and launching tokenized stock trading. The company today launched tokenized stock products for European users based on the Ethereum Layer 2 network Arbitrum, covering more than 200 US stocks and ETFs, supporting trading around the clock on business days. In a statement, Robinhood said this move would upgrade its European crypto app to a "crypto-powered all-in-one investment platform." Robinhood also confirmed that it is building a Layer 2 blockchain network optimized for tokenized assets. This new chain, based on Arbitrum's technology stack, aims to support 24/7 trading, self-custody, and cross-chain transfer of tokenized assets. Although a specific launch date has not been announced, insiders suggest it could be launched by the end of this year or early next year.
Market Update
As of the time of writing, according to CoinGecko data:
- BTC price is $107,137, with a 24-hour change of -1.1%.
- ETH price is $2,489.39, with a 24-hour change of -0.5%.
- BNB price is $657.05, with a 24-hour change of +0.3%.
- SOL price is $155.18, with a 24-hour change of +1.3%.
- DOGE price is $0.1652, with a 24-hour change of -2.5%.
- XRP price is $2.24, with a 24-hour change of +1.5%.
- TRX price is $0.2802, with a 24-hour change of +1.2%.
Policy and Regulation
White House Pushes to Include Lummis Clause in "Beautiful Big" Bill
According to crypto reporter Eleanor Terrett, despite a temporary disagreement on Sunday, the amendment to the "Beautiful Big" bill involving cryptocurrency taxation continues to be reviewed today. It is reported that the White House has intervened in the matter and is pushing for key clauses proposed by Senator Cynthia Lummis (proponent of the Bitcoin reserve bill) to be included in the final version of the bill.
US Treasury Secretary: Stablecoin Legislation Could Be Completed by Mid-July
US Treasury Secretary Yellen stated that stablecoin legislation could be completed by mid-July, which would be a source of demand for US Treasury bonds.
US Democrat Senator Proposes Amendment to Ban Officials from Profiting by Promoting Crypto
According to Fox Business News: US Senator Jeff Merkley, a Democrat from Oregon, proposed an amendment to the "OBBB" bill that would prohibit elected officials from promoting or profiting from cryptocurrency tokens in which they have a financial interest. US Senator Lummis, a Republican from Wyoming, opposed the amendment, saying it would severely harm US innovation and competitiveness and impair the government's ability to effectively understand and regulate digital assets.
EU: Digital Legislation Not on the Table in US Trade Talks
EU Commission spokesperson Thomas Reynier emphasized on the 30th that the EU's Digital Markets Act and Digital Services Act are not on the agenda for trade talks between the EU and the US. The US has repeatedly accused the EU's digital legislation of being "unfair" and has asked the EU to relax regulations on US tech giants. In April, the EU Commission found US Apple Inc. and Meta Platforms Inc. in violation of the EU Digital Markets Act and imposed huge fines on both companies. EU Commissioner for Trade and Economic Security Maroš Šefčovič said he would travel to Washington, D.C. on July 1 to meet with US trade officials to continue pushing for a trade agreement between the two sides.
Trump: Interest Rates Should Be Cut to 1%, Powell and His Committee Are to Blame
US President Trump said on social media: "Powell and his entire committee should be ashamed of themselves for letting this happen to the United States. Theirs is one of the easiest but also most prestigious jobs in America, and yet they have failed and continue to fail. If they did their job properly, our country could save trillions of dollars in interest costs. The committee just sits back and does nothing, so they are equally to blame. Our interest rates should be only 1%, or even better!"
Senator Lummis: Revising "Beautiful Big" Bill to Eliminate Digital Asset Tax Compliance Issues
Senator Cynthia Lummis stated on platform X: "The United States is a leader in financial innovation, and thanks to President Trump for keeping the United States in this position. We are currently drafting an amendment to the 'Beautiful Big' bill to ensure Americans can use digital assets with peace of mind, without worrying about tax compliance issues." Market analysis suggests that Cynthia Lummis's amendment to the "Beautiful Big" bill might exempt capital gains tax on Bitcoin payments.
Kazakhstan National Bank Governor: To Establish National Crypto Asset Reserves
Chairman of the National Bank of Kazakhstan, Timur Suleimenov, stated that Kazakhstan will establish national crypto asset reserves. The National Bank is深入研究 (conducting in-depth research) the concept of forming and managing national crypto reserves, including developing crypto reserves based on the National Bank's affiliated institutions. Kazakhstan plans to follow international best practices for sovereign fund management, ensuring transparent accounting and storage of crypto assets, as well as transparency and security in the management of crypto reserves. It is reported that confiscated crypto assets and income from state-involved crypto mining will be sources for this reserve. Considering the volatility and risks of crypto asset storage, a centralized management body will be the main guarantee for ensuring the security of national crypto assets. The specific mechanism for building the national crypto reserve will be further developed with law enforcement and relevant state agencies.
Blockchain Applications
Pantera Capital Establishes Pantera DAT Fund, Expects to Invest $100M in DAT Transactions
According to Pantera Capital's June 2025 investor letter, Pantera has established a fund specifically for Digital Asset Treasury (DAT) investment opportunities called the "Pantera DAT Fund." Many new and existing Pantera LPs have made investment commitments to the Pantera DAT Fund. Pantera expects to invest $100 million in DAT transactions.
South Korea's IBK Industrial Bank and Shinhan Financial Holdings Apply for KRW Stablecoin Trademarks
South Korea's IBK Industrial Bank and Shinhan Financial Holdings have applied for Korean Won stablecoin trademarks. It is reported that IBK Industrial Bank applied for 10 trademark rights such as "IBKKRW," "IBKRW," and "ONEIBK" on the 27th. These trademarks are intended for use in areas such as "stablecoin electronic transfer business" and "blockchain-based digital financial asset management business." Shinhan Financial Holdings applied for 21 trademarks related to stablecoins, such as "KRWSHB," "SFGKRW," and "SHKRW," on the 26th. The application items include "cryptocurrency financial transaction business" and "cryptocurrency intermediary business."
Cryptocurrency News
Germany's Largest Banking Group Sparkassen to Allow Private Clients to Trade Multiple Cryptocurrencies
According to Bloomberg, Germany's largest banking group, Sparkassen, has decided to allow private clients to trade multiple cryptocurrencies, including Bitcoin and ETH. The service is expected to launch in the summer of 2026. It is reported that Sparkassen's wholly-owned subsidiary, Dekabank, has already ventured into cryptocurrency trading and will be responsible for managing Sparkassen's cryptocurrency services. Sparkassen executives have been critical of cryptocurrencies in the past, calling them "highly speculative." This move comes months after the Markets in Crypto-Assets (MiCA) regulation came into effect, providing a unified legal framework for crypto businesses in the EU. Three years ago, the board decided not to offer such services due to concerns about volatility and risk.
Robinhood Plans to Expand Supported Tokenized US Stocks to "Thousands" by Year-End
The CEO of Robinhood stated in a keynote speech that the company will expand its tokenized trading of US stocks from the current 200 to "thousands" by the end of this year. Previously, it was reported that Robinhood plans to launch its own blockchain and offer "stock tokens" in the EU. Additionally, Robinhood will allow European users to trade cryptocurrency perpetual futures and support US customers staking cryptocurrencies (initially supporting Ethereum and SOL).
REX-OSPREY SOL Spot ETF to Begin Trading Wednesday
According to a Cointelegraph article, the CEO of REX-OSPREY announced that the staking-enabled Solana ETF will begin trading on Wednesday.
Robinhood: ETH and SOL Staking Now Available to US Users
Robinhood officially announced on social media that its ETH and SOL staking services are now available to US users.
US SEC Confirms Receipt of Amendment to Convert Grayscale Digital Large Cap Fund to ETF
The US Securities and Exchange Commission (SEC) has confirmed receipt of an amendment to convert the Grayscale Digital Large Cap Fund into an ETF (the fund covers BTC, ETH, XRP, SOL, ADA).
BitMine Announces $250M Private Placement to Implement Ethereum Treasury Strategy
BitMine announced the pricing and signing of a private placement agreement to purchase and sell 55,555,556 shares of common stock (or common stock equivalents in lieu thereof) at a price of $4.50 per share, with expected total gross proceeds of approximately $250 million, net of placement agent fees and other offering expenses (funded through a combination of cash and cryptocurrency), to implement its Ethereum treasury strategy. This offering is expected to close around July 3, 2025, subject to customary closing conditions, including, but not limited to, approval of the supplemental listing application by the NYSE American. The company plans to use the net proceeds from this offering to acquire Ethereum and deploy ETH into the company's treasury operations. ETH will serve as the company's primary treasury reserve asset.
Strategy Acquires 4,980 BTC Last Week for $531.9M
According to an official announcement, Strategy acquired 4,980 BTC between June 23 and June 29 for approximately $531.9 million, with an average price per Bitcoin of approximately $106,801, and has achieved a 19.7% BTC return year-to-date 2025. As of June 29, 2025, Strategy holds 597,325 BTC, acquired for approximately $42.4 billion, with an average price per Bitcoin of approximately $70,982.
Key Economic Trends
Goldman Sachs Brings Forward Fed Rate Cut Forecast to September
Goldman Sachs brought forward its forecast for Federal Reserve rate cuts, now expecting a resumption of cuts in September rather than December, as the inflationary impact of tariffs "looks a bit smaller than expected." Goldman expects the Fed to cut rates three times by 25 basis points each in September, October, and December this year and lowered its terminal rate forecast from the previous 3.5%-3.25% to 3-3.25%. Analysts added: "A July cut is not expected unless this week's jobs data is much weaker than expected."
US 10-Year Treasury Yield Hits Lowest Level Since Early June
The yield on the US 10-year Treasury note hit its lowest level since early June, briefly falling by 4.3 basis points.
Frequently Asked Questions
What is a national trust bank charter?
A national trust bank charter is issued by the US Office of the Comptroller of the Currency (OCC). It allows an institution to act as a fiduciary, custodian, and offer other trust-related services. However, it typically does not grant the power to accept retail deposits or make loans like a traditional commercial bank. This type of charter is sought by crypto companies to legitimize their custody and asset management services for digital assets under federal oversight.
How do tokenized stocks work?
Tokenized stocks are digital representations of traditional equities, like company shares, issued on a blockchain. Each token is backed by and represents ownership of a real stock held by a custodian. They aim to offer benefits of blockchain technology, such as potential 24/7 trading, faster settlement, and easier fractional ownership, while being tied to the value of the underlying security. 👉 Explore advanced trading platforms for digital assets
What is the significance of MiCA for European crypto users?
The Markets in Crypto-Assets (MiCA) regulation is a comprehensive EU-wide regulatory framework for crypto-assets. Its significance lies in creating a harmonized set of rules across the EU, enhancing consumer protection, ensuring operational resilience for crypto service providers, and promoting innovation by providing legal clarity. This allows companies like Sparkassen to offer regulated crypto services with greater confidence.
What are the benefits of staking cryptocurrencies like ETH and SOL?
Staking involves locking up cryptocurrencies to support the operations of a proof-of-stake blockchain network, like validating transactions. In return, participants typically earn rewards, similar to interest. Benefits include helping to secure the network, earning passive income on holdings, and often requiring less energy than mining. It's important to understand the specific rules and potential risks, like slashing or lock-up periods, for each asset.
What is the difference between a gold-backed and a dollar-backed stablecoin?
Gold-backed stablecoins are pegged to the value of physical gold, offering a potential hedge against inflation but with value that fluctuates with the gold market. Dollar-backed stablecoins are pegged 1:1 to the US dollar, aiming for price stability and high liquidity within the crypto ecosystem. The key difference is the type of collateral (gold bullion vs. dollar reserves) and its resulting price behavior and primary use case (store of value vs. medium of exchange).
Why are traditional banks like Sparkassen entering the crypto space now?
Traditional banks are likely entering the crypto space now due to increasing client demand, the maturation of the asset class, and the introduction of clear regulatory frameworks like the EU's MiCA regulation. These factors reduce perceived risks and provide a legal pathway for established financial institutions to offer digital asset services, ensuring they remain competitive and meet evolving customer needs. 👉 Get insights into modern financial strategies