BREAKING
- USDC issuer Circle completes its IPO on the NYSE. The share price surged 168% on the first day and more than 700% within two weeks.
MORE
- The US Senate passes the Genius stablecoin act, which supporters say will revolutionize the financial industry.
- US banking giant JPMorgan creates its first proprietary cryptocurrency on the public blockchain Base. A new type of stablecoin could establish itself as an innovation.
- The SEC's Division of Corporation Finance stated that staking on proof-of-stake networks does not constitute securities transactions — a possible enabler for ETH ETFs with staking rewards.
- The SEC has no further objections to two planned staking ETFs from REX-Osprey for ETH and SOL — a milestone, as staking yields could be distributed to ETF investors for the first time.
- The US securities regulator SEC intends to drop its lawsuit against Binance, after both parties had already applied for a stay of proceedings in February.
- At its "State of Crypto" event, Coinbase presented new products, including a crypto payment protocol (with Shopify), a business product, a USDC payment system and a Bitcoin credit card — as well as DEX integration directly into the main app.
- Walmart and Amazon are considering launching their own USD-backed stablecoins, but are still awaiting regulatory clarity; the more likely option is probably the use of existing stablecoins such as USDC or USDT.
- Several asset managers, including Fidelity and VanEck, have filed updated S-1 documents for planned Solana ETFs — a positive step given the SOL futures already approved on the CME.
- MasterCard and Chainlink now enable crypto purchases directly from DEXs using a MasterCard — implemented via Swapper Finance, Shift4, Zerohash and Chainlink to link the onchain payment data.
- The US-based DTCC, which provides central post-trade settlement for securities markets, is also developing its own stablecoin solution, according to a report.
- Visa is working with the African payment service Yellow Card to test stablecoin solutions in Africa — with a focus on treasury management, liquidity and cross-border payments via Visa Direct.
- The US housing regulator FHFA is examining whether crypto assets can be taken into account in mortgage applications with Fannie Mae and Freddie Mac — without prior conversion into fiat money.
- Russia permits trading in exchange-listed crypto products.
- Texas has become the third US state to pass a law on a strategic Bitcoin reserve — the plan is to purchase Bitcoin in the "double-digit million range," although concrete timetables are still lacking.
- The new "Coinbase One Card" — a Bitcoin rewards credit card — will be launched in the fall together with American Express and offers up to 4% cashback in BTC on all spending.
SPEAKERS' CORNER
- June was heavily shaped by stablecoins: the US Senate passed the Genius Act, Circle successfully went public, and Amazon and Walmart are also examining their own stablecoin models.
- Conversations with investors made clear that stablecoins are increasingly taking center stage, particularly with regard to their potential use and possible effects on existing business models.
- We believe stablecoins could be a key lever for establishing blockchain technology in the mass market.
- At the same time, we see a not insignificant risk of speculative excess around stablecoins, especially since the Genius Act requires full backing by US dollars or government bonds, which deserves particular attention against the backdrop of rising US government debt.
Translated from the German original, which is the authoritative version. Read the German version
