Good Morning,

Here's a quick preview of today’s content: GENIUS stablecoin act is headed to a final vote, Solana ETFs may be coming sooner than expected, Stripe makes a crypto acquisition, MEXC makes a public 9-figure security promise, and so much more.

Sentiment around crypto is getting eerily bullish… Let’s dive in.

Market Snapshot

  • Ethereum is outperforming Bitcoin in the derivatives market, driven by institutional demand and its role in bridging decentralized and traditional finance

    • ETH is up almost +11% this month, outperforming BTC, which rose 5%

    • Stablecoin market has reached a record high, with Tron leading in stablecoin inflows due to its fast finality and deep integrations

    • Stablecoin market just hit an all-time high of $228B, up +17% YTD

  • Web3 gaming faces challenges as investment declines, highlighting the need for engaging gameplay to sustain player interest

Headline Roundup
The major headlines driving crypto markets

  • A trade deal between US and China is 'complete' stating “deal is done” according to President Trump, potentially leading to Bitcoin all-time highs – see his full statement here

  • Bank of America $BAC ( ▼ 0.8% ) has reportedly began development of their own stablecoin (BC)

  • Pro-crypto Scott Bessent emerges as lead contender to replace Jerome Powell as Fed Chair in 2026 (BB)

  • Polygon founder Sandeep Nailwal takes the reigns as as Polygon Foundation CEO to steer the community in the ‘right direction’ (BL)

  • $GME ( ▼ 5.31% ) is raising $1.75B to acquire more bitcoin following initial $500M purchase in May (CD)

  • SEC filings request hints that Solana ETFs could come by the end of the year (TB)

  • Decision on Hedera ETF application from Canary Capital delayed by the SEC (CT)

  • Bullish, a UK crypto exchange backed by Peter Thiel and Alan Howard files for IPO (NG)

  • F Street states goal is to add $10M of bitcoin to corporate treasury (BM)

  • Billionaire investor Paul Tudor Jones says investing in bitcoin is a form of protection against spiraling multi-trillion U.S. debt (CD)

  • Pudgy Penguins and NASCAR partner to bring gamification for fans globally (PP)

  • Improved efficiencies allowed Bitdeer to mine 196 BTC (~ $22M) in May (BM)

  • Ethereum NFT trading volume nears 2022 levels due to projects like OpenSea’s “Voyages” rewards and gaming application (TB)

  • OpenSea to sunset many features from OS1 as OS2 set to launch in coming weeks (BW)

  • Cornell Tech researchers defy blockchain security assumptions with Liquefaction ‘token borrowing’ use case (TB)

M&A Announcements

  • Privy, a crypto wallet infrastructure firm, announces it has been acquired by Stripe amidst stablecoin market entrance (CT)

Venture Capital

  • Cross-chain startup OneBalance lands $20M Series A led by CyberFund and Blockchain Capital (TB)

  • Ty Haney secures $11M Series A for her consumer loyalty startup Try Your Best in a round co-led by Strobe Ventures and Offline Ventures (FT)

  • Notion Capital and Mercury Fund lead $7M round for OpenTrade ahead of Latin America and Europe expansion (NG)

  • NuConstruct founder announces a $6M seed round with participation from Maven11, CyberFund, Eden Block and others (0P)

  • Jump Crypto, Amber Group and more back Solana Optimistic Network with $5M strategic capital (TB)

  • 6th Man Ventures backs social sports prediction startup Football.Fun in latest funding round (MD)

Launches

  • $TRNR ( ▲ 14.3% ) claims to be launching the first artificial intelligence crypto treasury with $500M raise (CT)

  • Short-term U.S. Treasuries now offered 24/7 on XPR Ledger thanks to Ondo Finance (DF)

  • Multiparty crypto wallet Safe launches Safe Labs to consolidate operations after being a target in $1.4B Bybit hack (CD)

Regulation

  • U.S. Senate passed cloture motion of GENIUS act with a 68-30 vote, bringing the bill to a final vote in the coming months – watch the announcement here

  • U.S. Senators call on Mark Zuckerberg ahead of official GENIUS act vote to discuss intentions of creating another company stablecoin (CT)

  • Crypto has been prohibited by Connecticut lawmakers to be used in government entities (CT)

  • A new crypto asset reserve bill has been introduced to allow the National Bank of Ukraine’s reserves to include cryptocurrencies (CT)

Cybersecurity

  • MEXC crypto exchange announces on-chain $100M insurance fund to protect users from exploits (CC)

  • Hacker group Librarian Ghouls has recently hacked hundreds of Russian devices to mine crypto (CT)

  • Ethereum Foundation identifies multiple areas for improvement in latest security review for the L1 (TB)

Extra Reads

Chart of the Day

As the SEC delays a decision on the HBAR ETF and requests SOL ETF applicants for adjustments, here is a full look at the crypto ETF decision calendar

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