BlockBeats will summarize the industry's key news content for the week (6.2-6.8) in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.

Important News Review

Musk and Trump Engage in Verbal Sparring, Tesla and Trump Media-Tech Group Experience Sharp Stock Price Declines

On June 2, Musk stated in an interview that he was frustrated with the tens of trillions of dollars in tax cuts and spending currently being discussed by the Republican Congress, believing that this legislation would undermine the work efficiency of the government team. On the 5th, U.S. House Speaker Mike Johnson expressed dissatisfaction with Trump's complete U-turn on Musk, having called Musk but received no answer. On the 6th, Musk suddenly made multiple tweets mocking and questioning Trump, stating that he would lose the election without Musk and retweeting a "Trump should be impeached" tweet. Trump expressed being "very disappointed" in Musk. Musk then made a bombshell revelation, claiming that Trump appeared in Epstein's documents. As a result of this event, Tesla's stock price plummeted over 14% on that day, with a market cap shrinkage of $153 billion, marking the largest single-day market cap drop in history. Musk's net worth has shrunk by over $19.5 billion as a result. In addition, the Trump Media-Tech Group's stock price fell by 7.82%. Related Reads: "Musk Reverses Course, Crypto Inner Circle Divided, Trump's Backyard in Flames", "Trump and Musk's Century Duel, President Strikes First", "Who Will Mediate Trump and Musk's Feud?", "In-Depth Recap of Trump and Musk's 'Love-Hate' Drama", "Just Broke Up and Already Feuding? Musk Slams Trump's 'Beautiful Bill': Disgusting"

USDC Issuer Circle Officially Lists on NYSE, with First Day Trading Volume Exceeding $3.9 Billion

On June 5, USDC issuer Circle officially began trading on the New York Stock Exchange (NYSE). It completed its IPO at $31 per share, oversubscribed by over 25 times, raising $1.1 billion and reaching a valuation of $6.2 billion. Circle soared 168.48% on its first day of trading, closing at $83.23, with a trading volume of 47.109 million shares, equivalent to approximately $3.941 billion. Its CEO Jeremy Allaire stated, "Our mission is to enhance global economic growth through frictionless value exchange, which is a significant milestone in the irreversible integration of the global economic system and the Internet's development." Arthur Hayes commented that the next few years will see a wave of crypto IPOs, concluding with a sensational IPO similar to EOS. Note: The USDC issued by Circle is the second-largest USD stablecoin, with its listing coinciding with U.S. lawmakers pushing stablecoin regulatory legislation. Related Reads: "From Bearish to Oversubscribed by 25x, the Big Turnaround of Circle's IPO", "Founder of the 'First Stablecoin Stock': How I Went All in on Stablecoins 7 Years Ago", "Circle's IPO Soars 400%, Why I'm Going All In on $CRCL", "Circle's IPO Roadshow PPT: IDG and Accel Are Shareholders, with $1.676 Billion in Annual Revenue", "Circle's Almost Listed, What Stocks Can You Trade?", "Circle's Strong Listing, Two Halts, Who Benefited Behind the Scenes?"

Ethereum Foundation Downsizing R&D Team Due to Restructuring

On June 3, the Ethereum Foundation announced a reduction in workforce and the restructuring of its research and development team, renaming the department to "Protocol" to focus on the core challenges of protocol design. This adjustment aims to address ongoing community criticism of the Foundation's management and strategic direction. Some voices have warned that the failure to address key technical issues may threaten Ethereum's position as an industry technology leader. The Foundation stated that the restructured Protocol team will work on three main priorities: scaling the underlying Ethereum network, advancing blobspace expansion in data availability strategies, and improving user experience. The Foundation mentioned in the announcement that "some R&D team members will no longer continue in their roles" and encouraged other teams to absorb these talents. The exact number of layoffs was not disclosed.

Lee Jae-myung Officially Elected President of South Korea

On June 3, according to a report by a South Korean TV station on the 3rd, Lee Jae-myung, the candidate of the Democratic Party, was officially elected President of South Korea. Previously, Lee Jae-myung had promised to push for the approval of a cryptocurrency spot ETF and proposed the issuance of a Korean won-based stablecoin. Related Reading: "Lee Jae-myung, the New President of Korea, Aims to Do Three Things in the Crypto Circle", "Analysis: Four Major Changes the Crypto Market May See After the Korean Presidential Election", "Will Upbit's Regulatory Penalties End? What Campaign Promises Does the New South Korean President Lee Jae-myung Have?"

Singapore's Financial Regulatory Authority to Ban Unlicensed Overseas Crypto Services

On June 2, according to Decrypt, starting from June 30, all overseas cryptocurrency companies serving Singaporean customers must be licensed; otherwise, they must cease operations as the Monetary Authority of Singapore (MAS) is intensifying efforts to combat financial crime risks. MAS confirmed the full implementation of Section 137 of the Financial Services and Markets Act (FSM Act), empowering the regulatory authority to oversee Digital Token Service Providers (DTSPs) operating in Singapore. This regulation also applies to those companies that, even though only serve overseas users, are registered or employ Singaporean staff in Singapore. Related Reading: "When Singapore Starts Driving Crypto People Out", "Explaining Singapore's Crypto New Rules: Why So Strict? Who Will Be Driven Out? Will It Trigger a Mass Exodus?"

U.S. M2 Money Supply Reaches Record High of $21.86 Trillion

On June 5, it was reported that the U.S. M2 money supply has reached $21.86 trillion, hitting a new all-time high. Previously, analysts had suggested that the ongoing growth in global M2 money supply could trigger a significant Bitcoin price surge.

Meitu CEO Responds to Company's "Bitcoin Buying" Past: Fully Exited with $570 Million Profit, 80% Distributed to Shareholders

On June 3, according to a LatePost report, Meitu CEO Cai Wensheng stated that "the company's previous blind diversification strategy was mostly led by him rather than Cai Wensheng. I don't want to comment on Meitu's Bitcoin purchase anymore because it's already a thing of the past. In terms of the outcome, it was indeed a good investment return. At the end of last year, Meitu sold all of its held cryptocurrency, earning $570 million, with 80% of the profits distributed to shareholders." He also mentioned that if he could go back in time, he might prefer to use that money to find some good teams for business synergy. He noted, "Sometimes, even though the performance has clearly improved, if there is a significant Bitcoin price drop, the stock price immediately falls, but when Bitcoin rises, the stock price doesn't rise."

Robinhood Completes $200 Million Acquisition of Bitstamp

On June 3, Robinhood finalized the acquisition of the Luxembourg-based cryptocurrency exchange Bitstamp for $200 million in cash, adding over 50 licenses and registrations to its cryptocurrency division, as well as a mature institutional client base. Bitstamp serves over 5,000 institutional clients and 50,000 retail customers, with its trading volume mainly being driven by institutional clients. In a statement, Robinhood mentioned that this acquisition significantly expands its cryptocurrency business into markets outside the U.S., including Europe, the UK, and Asia.

Magic Eden Announces Wallet Development Collaboration with TRUMP Meme, Gets Disproved by Trump Family Member

On June 4, information on the TRUMP Wallet official website indicated that Magic Eden would collaborate with the TRUMP Meme official team to jointly develop the TRUMP cryptocurrency wallet. Following this news, ME surged over 29% in 24 hours. Subsequently, Donald Trump Jr., co-founder of WLFI, Eric Trump, Trump's second son, and his youngest son Barron Trump all debunked the news, stating that the newly launched TRUMP Wallet in the market has no affiliation with the Trump Group, and WLFI will release the official wallet. Eric Trump further mentioned that the Trump family would take legal action regarding the launch of the "official TRUMP Wallet." On the same day, Magic Eden responded, confirming that the application is indeed the official TRUMP Wallet, utilizing Trump's official brand and intellectual property. The New York Times commented that this is a complex commercial system operated by multiple family members and business partners, who now seem to be competing against each other. Related reads: "Magic Eden Announces High-profile Collaboration with TRUMP Wallet, Instantly Contradicted by Trump's Eldest Son" and "In Trump's Crypto Empire, Which 'Clans' Are There?"

CZ: Now May Be a Good Time to Launch Dark Pool Perpetual DEX

On June 2nd, Binance founder CZ posted on X, suggesting that now may be a good time to launch a dark pool perpetual decentralized exchange (DEX). "For perpetual contracts (or futures), it is more important not to let others know/see your orders. If others can see your liquidation point, they may try to push the market to liquidate you. Even if you have $1 billion, others may band together to attack you. This may be what we have seen recently." "Either do not display the order book, or it is better not to display the deposit contract of the smart contract at all, or display it much later. This should be achievable through zero-knowledge proofs or similar encryption technologies." Related reading: "Key Breaking Point in the Contract Race: What is CZ's 'Dark Pool DEX'?", "James Wynn's Liquidation Revelation, What Opportunities Does CZ's 'Dark Pool Perp DEX' Have?"

Whale James Wynn Suffers Heavy Losses This Week, Over $13 Million, but Vows to Rebuild by Scavenging Small Asset in Old Wallets

On June 6th, whale James Wynn posted admitting a failed 40x long on Bitcoin, using limit orders to close positions in continuous passive liquidation, and now has no long positions. "I closed the position, accept the failure. The evil market maker defeated Wynn at 1:0." His HyperLiquid account has suffered a contract loss of approximately $1.655 million in the last 24 hours, a loss of approximately $13.465 million in the last 7 days, a loss of approximately $28.06 million in the last 30 days, and a total loss of approximately $21.79 million. He then posted a retrospective narrative, stating that he had realized he had lost control before, essentially gambling, but wanted to recover the loss and was afraid of being ridiculed for "not being able to hold on to earning 100 million," so he dug himself deeper. However, just an hour later, he posted on social media that in the next few days, he will scavenge some small assets in old wallets to see what usable assets can be found, and he will not come back empty-handed. Previously, he had initiated fundraisers seeking funding to open positions. Related reading: "Who Is Directing James Wynn's Liquidation?", "Returning to the Old Path, James Wynn's Insufficient Funds and 'Online Begging'"

Ripple CEO Denies Ever Seeking to Acquire Circle

On June 4, according to The Block, Ripple CEO Brad Garlinghouse revealed in a conversation with Georgetown Law professor Chris Brummer that Ripple had never sought to acquire Circle. This refutes recent reports claiming that the crypto giant had made a bid of 4 to 5 billion USD to try to bring the stablecoin issuer under its wing.

Kraken Begins Distributing Funds to FTX Creditors This Week

On June 2, FTX creditors' representative Sunil stated on social media that "FTX creditors have received distribution from FTX in their Kraken accounts." Previously reported, FTX has initiated the second round of over 5 billion USD repayment, and eligible creditors will receive funds within 1 to 3 working days.

TRUMP Official Airdrops TRUMP NFT to All Dinner Rankings List Registered Users

On June 3, the TRUMP Meme official announced that TRUMP NFTs had been airdropped to users who participated in the "Dine with Trump" event. These NFTs are based on the Solana blockchain and are a collection in honor of the "Crypto President." A total of 3 different NFTs were distributed, requiring users to meet any of the following conditions: successfully registered for and attended the dinner, ranked in the top 220, or continued to hold during the dinner (diamond hands).

Binance Alpha continues to advance airdrops and TGE this week; simultaneously upgrades the Alpha Points risk control system, where the use of bots will be considered a violation:

June 2

· Points ≥210 eligible to receive 424 SQD (Subsquid) airdrop;

· Points ≥223 eligible to receive 1111 EDGEN airdrop.

June 3

· Points ≥213 eligible to receive 900 BDXN (Bondex) airdrop;

· Points ≥211 eligible to receive 2666 ZRC (Zircuit) airdrop.

June 4: Points ≥215 eligible to receive 160 LA (Lagrange) airdrop.

June 5: Points ≥210 eligible to participate in CUDIS TGE. All activities require 15 points.

On June 4, Binance issued a notice of violation of Alpha Points bot usage, stating, "Recently, it has been detected that some groups are using bots to participate in Alpha activities, undermining the fairness of the Binance Alpha Points project. Therefore, Binance has upgraded its risk control system to enhance detection and handling of such behavior. Any use of bots—including but not limited to scripts, automation tools, or other non-manual methods—will be considered a violation. Binance reserves the right to revoke Binance Alpha Points eligibility for accounts participating in such activities and may impose further restrictions if necessary."

Ethereum Co-founder: Actively Negotiating Constructive Cooperation Based on Ethereum with a "Major Nation" Sovereign Wealth Fund

On June 4, according to Decrypt, Ethereum co-founder and Consensys CEO Joe Lubin stated on Tuesday that his company is in talks with a "very powerful" nation's "major sovereign wealth fund and bank" about potential construction based on Ethereum. In the latest episode of Rug Radio's "Fomo Hour," Lubin delved into the second-largest asset in the crypto market, Ethereum, and predicted that a new decentralized supercycle, driven by ETH, might be on the horizon.

Insider: pump.fun Plans $1 Billion Token Sale at a $4 Billion Valuation

On June 4, according to reports, insiders revealed that pump.fun plans to raise $1 billion through a token sale. The insiders stated that the valuation of this token issuance would reach $4 billion, and the tokens will be sold to the public and private investors. The specific launch date of the token is currently unconfirmed, as well as whether it will be issued on the pump.fun platform. If the valuation reaches $4 billion, pump.fun would become the latest "unicorn" startup in the crypto space. pump.fun has yet to respond to multiple requests for comments."At a $4 Billion Valuation, Is Pump.fun a Market Savior or a Liquidity Killer?", "Pump.fun is About to Issue Tokens, What Does the Community Think?"

JPMorgan Plans to Allow Customers to Use Bitcoin ETF as Loan Collateral

On June 4, according to Bloomberg, Wall Street giant JPMorgan Chase plans to allow its customers to use holdings of crypto ETF stocks such as the BNY Mellon iShares Bitcoin Trust as loan collateral. Insiders revealed to Bloomberg that the bank will also start considering cryptocurrency holdings when evaluating client net worth and liquid assets. This means that cryptocurrency will be treated equally with real estate and automotive assets when assessing a client's loan repayment capability.

Web3 Security Firm Salus Claims Chinese Law Enforcement Has Uncovered 3 Money Laundering Cases Using HyperLiquid; Community Raises Doubts

On June 6, Mirror Tang, founder of Web3 security firm Salus (@mirrorzk), posted on social media that since March this year, Chinese law enforcement has uncovered 3 cases of cryptocurrency money laundering using HyperLiquid. The modus operandi involved leveraging HyperLiquid's high-leverage liquidation mechanism to wash illicit gains, creating liquidation losses on HyperLiquid, and simultaneously profiting from building a position in a centralized exchange platform, thereby completing fund whitewashing. Salus will release a research article in the future officially disclosing this information in collaboration with law enforcement agencies. Mirror Tang also pointed out that this strategy structure is highly similar to the operational path of whale James Wynn, who recently opened high-leverage contracts and ultimately withdrew a $100 million profit. However, his claims were met with community skepticism, as he failed to provide any evidence to support his statements, leading to speculation that it might be an attack on HYPE.

Binance to Launch Spot Altcoin Liquidity Enhancement Plan

On June 4, Binance announced the launch of the Spot Altcoin Liquidity Enhancement Plan to enhance the liquidity and trading efficiency of specific token trading pairs in the spot market. The plan aims to provide users with smaller spreads, lower slippage, and an overall improved trading experience to support small to medium-sized liquidity providers focusing on token market-making. The Token Liquidity Enhancement Plan offers a 1 basis point rebate to small-scale market makers and will initially support 18 tokens, with the qualification review period for the new plan starting from June 9, 2025, 00:00 (UTC).

WLFI Airdrops 47 USD1 to Participating Token Subscription Addresses

On June 4, according to on-chain analyst Ai Yi's monitoring, WLFI airdropped 47 USD1 to all its token subscribers' addresses, directly airdropped to their Ethereum addresses. It is worth noting that Trump is now the 47th President of the United States.

Musk's XAI Company Engages in a $3 Billion Stock Sale Transaction

On June 3, according to the Financial Times, Musk's XAI company is undergoing a $3 billion stock sale transaction, valuing the company at $113 billion. Related read: "Musk Business Empire Restart: xAI Raises $3 Billion+ $50 Billion Debt, Neuralink Re-Raises $6.5 Billion"

US Senator: Will Introduce Amendment to 'GENIUS Act' to Prevent Trump Family from Launching Crypto Wallet

On June 4, US Senator Elizabeth Warren tweeted that the Republican Party slipped a wallet exemption clause into the 'GENIUS Act' at the last minute, and now the Trump family is planning to launch a crypto wallet. She will introduce an amendment to close this loophole, stating that this bill will not pass without serious anti-corruption measures.

Trump's Social Media Platform Truth Social Submits Bitcoin ETF Application

On June 4, documents reveal that Trump's social media platform Truth Social has submitted a Bitcoin ETF application.

Data: Nearly 45% of VC-Backed Crypto Projects Have Ceased Operations

On June 4, according to Bitcoin.com, research data shows that nearly 45% of VC-backed crypto projects have ceased operations, with 77% of projects generating monthly revenues of less than $1,000. The study covered 1,181 projects funded between January 1, 2023, and December 31, 2024. The report points out that among top VC firms, projects invested by Polychain Capital have the highest failure rate, with 44% of projects having terminated operations, and over three-quarters of projects failing to generate significant revenue. Other top VC firms such as Yzi Labs (72%), Circle (38%), Delphi Ventures (33%), and Consensys (30%) similarly face high project failure rates. The research found that funding amount significantly influences project success rates, with projects raising over $50 million having lower failure rates, while over 33% of projects that raised less than $500,000 ultimately failed or ceased operations.

Data: Over Half of pump.fun Traders Experienced Losses in the Past Six Months, 311 Addresses Profited Over $1 Million

On June 5, according to the Dune dashboard, in the last 6 months, out of around 4.257 million addresses that conducted more than 10 token trades on pump.fun, over 60% are in a loss position. Approximately 2.408 million addresses (56.6%) are at a loss between $0 to $1000, around 1,700 addresses experienced losses exceeding $100,000, with 46 addresses losing over $1 million. Among the addresses in a profitable state, the highest number falls in the $0 to $1000 profit range, reaching 916,500 addresses (21.5%). Furthermore, over 5,000 addresses profited over $100,000, with 311 addresses profiting over $1 million.

K Wave Media Plans to Issue Up to $500 Million in Common Stock to Support Bitcoin Strategic Reserve, Aims to Become "Korean Version of Metaplanet"

On June 4, as reported, the first Korean media alliance on the NASDAQ, K Wave Media Inc., announced a securities purchase agreement with Bitcoin Strategic Reserve KWM LLC, through which it will issue up to $500 million in common stock. The proceeds from this financing will be used to support the company's Bitcoin-centered digital asset reserve strategy, operational funds, and M&A activities, further expanding its content production and K-POP-related businesses. Additionally, the company plans to operate Bitcoin Lightning Network nodes and invest in Bitcoin-native infrastructure to enhance decentralization and receive on-chain transaction rewards. The officials stated that K Wave aims to become the "Korean Version of Metaplanet"—taking the example of the Japanese Metaplanet company, which became the best-performing stock globally in 2024 after adopting a Bitcoin reserve strategy, leading continuously in 2025.

Spanish Coffee Chain Brand Vanadi Plans to Allocate €1 Billion to Establish Bitcoin Reserve

On June 4, as reported, the Spanish coffee chain brand Vanadi is planning to invest over $1.1 billion to purchase Bitcoin as part of its new reserve strategy. This is a growing trend among top corporate executives globally. The company does not intend to use Bitcoin to supplement income but rather aims to fully transition into a Bitcoin-centric enterprise. After suffering losses in 2024, Chairman Salvador Martí is betting on the Web3 space. Martí's plan mirrors MicroStrategy in multiple aspects. Similar to Michael Saylor, Martí plans to fund Bitcoin purchases through a large-scale issuance of Vanadi's stocks. He has already made an initial purchase: about two weeks ago, he bought 5 Bitcoins for approximately $500,000.

Beijing Police Establishes New Mechanism for Handling Involved Virtual Currencies, Includes in "Physical Seizure" Category

On June 5, according to the Beijing Public Security Legal Affairs official account, the Beijing Municipal Public Security Bureau's Legal Affairs General Team and the Beijing Property Rights Exchange established a cooperation mechanism for handling involved virtual currencies, jointly signing the "Involved Virtual Currency Disposal Business Cooperation Framework Agreement," including involved virtual currencies in the "physical seizure" category. The article stated that the Municipal Bureau's Legal Affairs General Team and the Property Rights Exchange further expanded cooperation in the disposal field, conducting comprehensive research and demonstration on this special involved asset from the perspective of policies and operational pathways, exploring a new channel for overseas disposal, namely: the public security organ entrusts the involved virtual currency's physical form to the Property Rights Exchange for disposal. After accepting the public security organ's entrustment, the Property Rights Exchange selects a professional service organization to conduct operations such as detection, reception, and transfer of the involved virtual currency and publicly realize sales through a compliant licensed exchange in Hong Kong. After completing the national foreign exchange management approval procedures, the foreign exchange proceeds are transferred to the public security organ's dedicated account for involved funds and turned over to the national treasury. Currently, this model has been successfully applied to dispose of involved virtual currency in a case handled by the Shunyi Public Security Sub-Bureau.

Chinese Wuhan Police Bust Virtual Currency Investment Scam Hideout, Arrest 32 Suspects

On June 3, according to Guangming Net, the Wuhan Dongxihu police raided a scam hideout hidden in a rural area, arresting 32 criminal suspects, with 20 already under criminal detention. The gang disguised themselves as "wealthy women" for online dating, flaunted virtual currency investment returns, induced victims to invest in virtual currency on a fake platform, created a controllable illusion of "high returns" that was actually unwithdrawable, and funneled funds into the scammers' accounts.

This Week's Major Fundings: SharpLink Gaming, Scalable Capital, Rails, OneKey, BitMine

On June 2, according to official sources, SharpLink Gaming completed a $425 million private funding round, led by Consensys. SharpLink plans to use the funds to purchase ETH and hold it as its primary treasury reserve asset.

On the 3rd, AI-driven portfolio management tool service provider Scalable Capital announced the completion of a €155 million funding round, led by Sofina and Noteus Partners, with participation from Balderton Capital, Tencent, and HV Capital. Scalable Capital's total funding now exceeds €470 million.

On the 4th, according to reports, the crypto exchange platform Rails completed a $14 million funding round, with this round led by Kraken, Slow Ventures, CMCC Global, Quantstamp, and Round13 Capital. The funding will be used to launch a trading platform that combines self-custody and high-speed execution.

On the 5th day, the open-source hardware wallet project OneKey announced the completion of its Series B funding, reaching a valuation of $1.5 billion. This round was led by YZi Labs and is their largest investment in the hardware wallet sector to date. Past supporters include top-tier venture capital firms such as Dragonfly, Ribbit Capital, and Coinbase Ventures.

On June 5th, Bitcoin mining company BitMine Immersion Technologies announced the completion of a $18 million IPO, issuing 2.25 million common shares at $8 per share, and has been approved to list on the New York Stock Exchange's American section.

This Week's Popular Articles

"Musk Backtracks, Crypto Circle Divided, Trump Backyard Ablaze"

A public feud between Musk and Trump erupted on June 6th, causing a sharp decline in both Tesla and TMTG stock prices. The dispute stemmed from Trump revoking the NASA director nomination and promoting the "Beautiful Act," which Musk vehemently opposed, accusing Trump of ingratitude. Meanwhile, the Trump family's crypto empire descended into chaos, with internal accusations regarding the ownership and authorization of the "Trump Wallet," exposing power struggles and conflicts of interest behind projects such as the $TRUMP token, NFTs, and stablecoins.

"From Bearish to 25x Oversubscribed, the Remarkable Circle IPO"

Just two months ago, Circle faced criticism over its profitability and declining USDC market share. However, it recently went public at a valuation of $6.9 billion, priced at $31 per share, with oversubscriptions reaching 25 times, showcasing a sentiment shift driven by the stablecoin narrative reevaluation and regulatory advantages. The establishment of stablecoin regulatory frameworks in the U.S. and Hong Kong, coupled with endorsements from major institutions such as BlackRock and Ark, boosted market confidence. While Circle's profits rely on interest income with a low gross margin, its short-term gains from the high-interest-rate environment and market rebound require fundamental validation for sustained valuation. Circle's IPO is not just a victory for the project but is seen as a crucial milestone for the compliance and capitalization of stablecoins.

"Founder of the 'First Stablecoin Stock': How I Went All In on Stablecoins 7 Years Ago"

Circle has officially landed on the NYSE, becoming another US-listed crypto-native giant after Coinbase, marking the formal establishment of the stablecoin narrative in the capital market. Its founder, Jeremy Allaire, has transitioned from an Internet 1.0 "shovel seller" to a cryptocurrency pioneer. With a long-standing commitment to open finance, he has led Circle to bet big on USDC during the crypto winter, all the while building a compliant and transparent reserve system and advancing the global infrastructure layout of stablecoins. Now, amid a clearer global regulatory environment and with giants like Visa embracing USDC, Circle's US dollar stablecoin is accelerating towards real-world payments and the core of the financial system. Allaire firmly believes that stablecoins are the true electronic cash of the Internet age and have the potential to reshape 10% of the global monetary system in the next decade.

"New Launchpads Engage in 'Cultural Undercurrent' to Snatch a Piece of Pump.fun"

A new generation of Launchpad platforms, with Pumpfun as a representative, is reshaping the asset issuance logic of the crypto market. Stemming from the Meme frenzy, the "instant issuance for instant speculation" tool has evolved into a new paradigm that encompasses belief investing, anti-Rug mechanisms, the securitization of social identities, and on-chain transparent distribution. Despite the overall market liquidity not seeing significant growth, new launchers continue to emerge, leading to fierce competition. Innovative projects such as Cooking.City, Long, Ego, and Gavel are emerging on the Solana chain, attempting to rebuild trust mechanisms for issuance. However, as meme coins flood the market and the graduation rate plummets, the market holds both resentment and reliance towards Pumpfun, making asset-to-attention conversion the core logic of the new cycle.

"South Korea's New President Lee Jae-myeong's Three Cryptocurrency Goals"

Lee Jae-myeong's election as South Korea's president signals a systemic turning point in the country's crypto policy. He has proposed to promote a Korean won stablecoin, support the legalization of spot crypto ETFs, and advocate for the allocation of pension funds to crypto assets, along with establishing a specialized regulatory agency. This election victory is not only a personal political turnaround but is also seen as the starting point for South Korea's digital assets entering a new era of "nationalized governance." Despite facing stablecoin controversies and regulatory challenges, the South Korean government has shown a clear intent to integrate crypto assets into the national financial system, heralding a shift from free-form growth towards institutionalized and compliant transformation.

"On Stablecoins, the Fed Figured It Out 3 Years Ago"

Circle is set to go public on the NYSE on June 5th under the stock ticker CRCL, aiming to raise $624 million, with a valuation target raised to $7.2 billion and oversubscribed by 25 times, showcasing institutional enthusiasm for the stablecoin concept. With ongoing in-depth research on stablecoins by the Fed and various governments, as well as the passage of the GENIUS Act and the draft Hong Kong Stablecoin Regulation, stablecoins are emerging as one of the core asset classes of global financial systems. Fed research indicates that stablecoins are expected to drive the tokenization of payment systems and financial markets, act as a digital safe haven in turbulent markets, but adopting a narrow-banking model supported by central bank reserves may pose systemic challenges such as credit disintermediation.

"The 'Bitcoin Conspiracy Theory' That's Gone Viral: Tether Is Creating the Biggest Bubble in Financial History"

Recently, a Twitter thread about Bitcoin and Tether sparked widespread discussion in the English-speaking community, with a single tweet garnering over 800,000 views. Author Jacob King, portraying himself as a staunch Bitcoin bear, points out that the Bitcoin market is being manipulated by "insiders" such as Tether and Bitfinex, maintaining a price illusion through false demand, wash trading, and infinite money printing. Jacob believes that the so-called "government and institutional entry" narrative is artificially created and actually a Ponzi scheme, and once liquidity crisis hits, the market will face a collapse.

"As Singapore Begins to Drive Out Crypto People"

The Monetary Authority of Singapore (MAS) has come down hard, stipulating that all crypto service providers must cease offering services to overseas clients by June 30, 2025, unless they hold a DTSP license, causing industry shockwaves. Regulatory oversight has shifted from the past "dual-track" approach to full coverage, closing off regulatory arbitrage channels to mitigate money laundering and reputational risks. Affected businesses are considering relocation to places like Hong Kong, Malaysia, Dubai, while licensed or exempted companies are benefiting instead. Singapore, once a crypto safe haven, is accelerating its departure from its free port role.

"With Bitcoin Dominance Remaining High, Do Altcoins Still Have Room to Boom?"

Bitcoin continues to hit new all-time highs, attracting large institutional buy-ins and driving a structural price surge. DeFi is accelerating the integration of AMM with the money market, enabling asset double usage and improving capital efficiency. Cross-chain liquidity layers are becoming more flattened, enhancing user experience. Stablecoin yield competition is fierce, with increasing institutional yield demand. Meanwhile, airdrops for points and identity verification have become new means of user growth. The NFT market is soft, with more funds flowing into Memes that have practicality and reward mechanisms, reshaping the ecosystem gradually.

"Crypto AI Heat Rises Again, What Is the Market Speculating Recently?"

More and more large models like Gemini, Claude, and GPT are beginning to challenge electronic games such as "Pokémon," showcasing breakthroughs in perceptual and action capabilities and indicating that AI is poised to tackle the challenge of "emotional intuition" in transactions. Around the AI Agent and InfoFi field, projects such as Axelrod, Arbusai, Avo, and BasisOS are emerging one after another, focusing on intelligent investment consulting, real-time intelligence, trading strategies, and cross-chain arbitrage. The market value of relevant tokens has once reached the multi-million-dollar level, and the AI-driven on-chain transaction ecosystem is rapidly taking shape.

"The 'Meme' Era: A Comprehensive Inventory of InfoFi Targets"

InfoFi (Information Finance) is transforming information from platform by-products into core assets with price, incentivization, and tradability, initiating a profound innovation in content distribution and value recognition mechanisms. Kaito defines "high-quality content" through a programmable incentive mechanism; Cookie.fun focuses on data dashboards and community engagement; Galxe's Starboard platform strengthens "growth quality" and reputation assets; LOUD introduces an IAO mechanism based on influence distribution; GiveRep and Ethos are building on-chain reputation standards; Wallchain, bam.fun, and Vly Wheel allocate revenue through real interaction and dissemination paths, collectively promoting "attention" as the economic focus. InfoFi is giving birth to a new type of content economic ecosystem composed of tokenized reputation, programmatic incentives, and on-chain identity, reshaping the value recognition and distribution logic of information.

"In the Crypto Circle, How Exactly Do Narrative Trades Play Out?"

The prediction market, by providing risk capital, transparent rules, and a real-time information aggregation mechanism, enables the market to accurately reflect the probability of a single verifiable event. Narrative trading, on the other hand, focuses on market sentiment and story momentum, transforming constantly changing narrative content into tradable assets through tools like sentiment oracles. By combining these two approaches, there is both a mechanism for safeguarding and capital support, as well as a rich variety of content sources, driving the pricing, trading, and hedging of narrative assets in the crypto market, opening up a new frontier for investment.

"From Attention to Monetization, How Does InfoFi Change the Business of Coin Circle KOLs?"

In the era of the attention economy, attention itself holds value, but its value depends on factors such as retention, consensus, and content quality. Through products like Yaps, Earn, and Capital Launchpad, Kaito transforms attention into users, capital, and market value. In the future, Kaito will break information silos, build a fairer InfoFi network, and achieve data sovereignty and universal monetization.

"a16z: The Era of Foundations is Ending"

As the regulatory environment shifts towards a "control-oriented" rather than "development-oriented" approach, the crypto industry faces an opportunity for structural reshaping. The foundation structure, long seen as a symbol of decentralization, has inherent issues such as incentive distortion, legal constraints, and operational inefficiencies, which have, in fact, weakened the project's scalability and market responsiveness. In contrast, adopting a corporate structure is more conducive to capital allocation, talent incentives, and market feedback, while maintaining long-term alignment with token holders through programmable contracts and incentive mechanisms. Through new architectures like DUNA (Decentralized Unincorporated Non-profit Association) and BORG (Control Theory Organizational Tool), projects can retain the advantages of decentralization while achieving legal compliance, efficiency improvements, and transparent governance, marking a transition in the crypto industry from foundations to a more sustainable collaborative system.

"RWA Public Chain Dark Horse, Unveiling Keeta Network's 'Three-High' Strategy"

Keeta Network is a high-performance L1 public chain that has not yet launched its mainnet, aiming to reshape the global payment system, emphasizing high interoperability with traditional financial systems (such as SWIFT, ACH), and featuring highlights such as native tokenization, digital identity, and compliance support. The project claims to achieve millions of transactions per second, settlement within 400 milliseconds, and enhance processing efficiency through DAG architecture and a mempool-less design. Its token $KTA has surged over 13 times since its March release, backed by former Google CEO Schmidt and a former Nano developer. Despite the promising technical vision, potential risks such as the unreleased testnet and concentration of chips should not be overlooked.

"Japan's Version of 'MicroStrategy': Metaplanet Changes Hotel Keys to Private Keys, Turning Hotels into Bitcoin Vaults"

Metaplanet, a Japanese company that originally operated a love hotel, successfully transformed into Asia's largest and the world's 11th largest publicly traded Bitcoin-holding company within a year through innovative means such as stock warrants, zero-coupon bonds, and Bitcoin option income. Its Bitcoin strategy led to a 3000% surge in stock price, with 88% of its revenue coming from crypto assets. By continuously purchasing Bitcoin and building a positive feedback financing loop, the company gradually moved away from its traditional hotel business, becoming a unique Bitcoin gateway in the Japanese capital market. This radical transformation is seen as a model for companies to completely reshape their business models in the digital age and may serve as a benchmark for other companies to emulate or learn from.

"Beyond Binance Alpha, What Other Wealth Passphrases Are There?"

Data from May shows that BNB Chain leads in key metrics such as DEX trading volume, on-chain transaction count, and stablecoin user count, with the ecosystem experiencing a strong surge, with meme coins, AI projects, and DeFi protocols attracting capital attention. Binance Alpha, along with USD1 stablecoin, collectively built a liquidity and user growth flywheel, driving the ecosystem's heat to new heights. Retail investors can participate through interactive tasks, liquidity mining, and token launches, but they should be mindful of diversifying investments and risk control. With on-chain performance improvements and AI strategy implementation, BNB Chain is poised to continue leading the next wave of public chain frenzy.

"a16z: Stablecoins on the Rise, What New Opportunities Do Entrepreneurs Have?"

Stablecoins are becoming a key tool connecting traditional finance and emerging technologies, gaining widespread attention globally due to their speed, low cost, and programmability. However, to realize their potential, three major challenges need to be addressed: achieving currency interoperability to enable seamless 1:1 exchange between stablecoins and traditional currencies; properly managing the potential currency policy shocks USD stablecoins may cause in non-dollar economies; and guarding against financial market imbalances and credit contraction risks resulting from large-scale collateralization with government bonds. Future stablecoin designs should integrate tokenized deposits, diversified collateral assets, and on-chain liquidity mechanisms to maintain economic stability and credit creation capacity while preserving the vitality of financial innovation.

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