Today's news highlights:
LetsBONK surpasses Pump.fun for the first time in daily token issuance, graduated token count, and trading volume
Spain's BBVA Bank launches Bitcoin and Ethereum trading and custody services for retail investors
South Korea is currently in a stablecoin bubble phase: once a listed company applies for a related trademark, its stock price usually rises by 15%-30%
Hong Kong Financial Secretary: The goal is to issue stablecoin licenses within this year
U.S. Secretary of Commerce: Tariffs will take effect on August 1, Trump is drafting tax rates and agreements
Binance will add observation tags for BAKE, IDEX, and SLF
Babylon plans to launch the Bitcoin multi-staking testnet in Q3
Chinese users' 380 million USD FTX claims are likely hard to redeem, accounting for 82% of the total claims amount of 470 million USD in restricted areas
Regulation/Macro
Guojin Securities is preparing to apply for virtual asset-related trading licenses
Hong Kong listed company Guojin Securities revealed on the interactive platform that its subsidiary Guojin Securities Ltd. is preparing to apply for virtual asset-related trading licenses and has communicated multiple times with relevant institutions in international and Hong Kong regions. Guojin Securities Ltd. currently holds business licenses No. 1, 2, 4, 6, and 9 issued by the Hong Kong Securities and Futures Commission, covering securities trading, futures trading, securities and institutional financing consultation, asset management, and other fields. The company plans to enhance service capabilities through overseas business expansion.
Hong Kong listed company Jinyong Investment has reached a strategic cooperation with AnchorX to explore the application of the stablecoin AxCNH.
Hong Kong listed company Jinyong Investment Ltd. (01328) announced that it has signed a strategic cooperation framework memorandum with digital currency solution provider AnchorX, exploring cooperation in cross-border payments, stablecoin applications, digital asset trading, and blockchain technology investment. AnchorX issues a stablecoin pegged to offshore RMB, AxCNH, aimed at reducing international payment costs and promoting RMB internationalization. Jinyong Investment stated that this cooperation will help expand its potential in the cryptocurrency market and enhance the integration capabilities of traditional finance and Web3. Currently, both parties have not signed a legally binding formal agreement, and relevant progress will be announced separately.
Spain's BBVA Bank launches Bitcoin and Ethereum trading and custody services for retail investors
Spanish banking giant BBVA announces the launch of Bitcoin and Ethereum trading and custody services for local retail clients, allowing users to operate directly through the bank's mobile app. This service complies with the EU's (Crypto Assets Market Regulation) (MiCA), marking BBVA as the third bank in the world to offer cryptocurrency services after Switzerland and Turkey. Previously, BBVA suggested wealthy clients invest in Bitcoin.
South Korea is currently in a stablecoin bubble phase: once a listed company applies for a related trademark, its stock price usually rises by 15%-30%
According to South Korea's Web3 research institute Four Pillars, the country is currently experiencing a stablecoin bubble, with no clear regulatory guidance. Almost every day, financial news reports a bank or company applying for stablecoin-related trademarks, and once a listed company applies for a related trademark, its stock price typically rises by 15%-30% on the same day. Companies that have applied for stablecoin trademarks include several financial and tech giants such as Toss Bank, Viva Republica, Shinhan Financial Group, NHN KCP, Kakao Pay, KB Kookmin Bank, etc. Additionally, South Korean investors' interest in stablecoins has extended to international markets. Data shows that $CRCL became the most purchased foreign stock by South Korean investors in June, with a net inflow of 410 million USD.
Wuxi Municipal Party reform task promotion meeting: exploring practical paths for stablecoins to empower foreign trade development
According to Wuxi's official public account, Wuxi Municipal Party Secretary Du Xiaogang hosted a special promotion meeting for key reform tasks in the city, requiring all levels to use reform thinking and methods to 'solve pain points', 'clear blockages', and 'address difficulties', continuously releasing the driving vitality for stable growth in foreign trade, exploring practical paths for stablecoins to empower foreign trade development, and continuously expanding the growth space for digital trade, green trade, and service trade, improving the development level of cross-border e-commerce, intermediate goods trade, and offshore trade.
Hong Kong Financial Secretary: The goal is to issue stablecoin licenses within this year
According to Jinshi's report, the Hong Kong (stablecoin regulation) will come into effect in August. Hong Kong Financial Secretary Xu Zhengyu stated that the Monetary Authority is currently consulting the market on the implementation of the regulatory guidelines, which will be announced this month. The specifics will involve anti-money laundering and other related requirements, and he also indicated that the number of stablecoin licenses issued will be single digits, hoping to receive applications after the regulation comes into effect, with the goal of issuing licenses within this year. As for whether financial institutions with licenses can issue stablecoins pegged to the RMB, he said that if it involves currencies from other jurisdictions, discussions with relevant institutions would be necessary.
Views
Morgan Stanley analyzes three scenarios for tariff policies: tariff policies remain a key variable for the market, with July 9 being a focal point to watch
Morgan Stanley's global fixed income and thematic research head Michael Zezas released a report stating that despite market expectations that U.S. tariff policies will not escalate further, there are still various possibilities surrounding the expiration of the tariff suspension period on July 9. Investors should prepare for different scenarios. Morgan Stanley analyzed three potential scenarios: Postponement Strategy: The White House may extend the suspension period and announce agreements with some trading partners while reserving the possibility of raising tariffs on other countries. The EU and Japan are expected to maintain the current 10% baseline tariff rate. Tactical Escalation: If negotiations fail, the U.S. may selectively reimpose tariffs and delay implementation to leave room for negotiations. The EU and Japan may face a tougher stance. Mild Scenario: The U.S. may announce a regional or bilateral framework agreement, indicating a tendency to lower tariff levels and reduce uncertainty regarding recent import costs. Morgan Stanley emphasizes that tariff policies remain a key variable for the market, and an aggressive tariff path may exacerbate the downside risks to economic prospects and impact GDP growth expectations for 2025/2026. Investors should closely monitor the important date of July 9.
CryptoQuant: BTC tends to hit temporary bottoms when the 30-day funding rate drops to around 50%, currently at 54%
CryptoQuant analyst Axel Adler Jr points out that the chart shows that whenever the 30-day percentile funding rate of major exchanges drops to around 50% (green circle markers: September 2023, May 2024, September 2024, and April 2025), the market tends to hit temporary bottoms, followed by an upward trend. The last bottom occurred in April 2025, after which the Bitcoin price rebounded to 112,000 USD, with the current funding rate percentile.
Zhao Changpeng: Binance achieved approximately 1 billion USD in profit in its first year
Zhao Changpeng recently revealed in an interview hosted by Anthony Pompliano that Binance achieved approximately 1 billion USD in profit in its first year, potentially becoming the first company to achieve 1 billion USD in profit from the startup phase. Zhao stated that this profit was mainly realized within the first 3 to 8 months after the company's launch, particularly during the 3rd to 7th months when Binance's trading volume peaked. He added that although some companies reached a 1 billion USD valuation more quickly, in terms of profitability, Binance may be the fastest startup to achieve this goal.
Trump: Any country allying with BRICS anti-American policies will face an additional 10% tariff
According to Jinshi's report, on July 6 local time, U.S. President Trump wrote on the 'Truth Social' platform: 'Any country allying with BRICS anti-American policies will face an additional 10% tariff. This policy will have no exceptions. Thank you for your attention to this issue!' He did not explain or elaborate on the 'anti-American policies' mentioned in the post.
U.S. Secretary of Commerce: Tariffs will take effect on August 1, Trump is drafting tax rates and agreements
According to Jinshi's report, Trump stated on Sunday that he has reached some trade agreements with trading partners and will notify other countries that tariff rates will increase. U.S. Secretary of Commerce Rutnick told reporters that the higher tariffs will take effect on August 1, but Trump 'is currently drafting tax rates and agreements.' In April of this year, Trump announced a 10% basic tariff on most countries, along with additional tariffs of up to 50%, although he later postponed the effective dates of tariffs for all countries to July 9 (excluding the 10% tariff). Rutnick's remarks hinted at a three-week tariff 'reprieve.' U.S. Treasury Secretary Besant also made similar remarks, stating that countries not reaching an agreement will face tariffs starting August 1, but denied that this date is a 'new deadline.'
UAE authorities clarify: Gold visa eligibility does not include digital currency investors
According to WAM, the UAE Federal Authority for Identity, Citizenship, Customs and Port Security (ICP), Securities and Commodities Authority (SCA), and Virtual Assets Regulatory Authority (VARA) jointly issued a statement denying reports circulating on certain websites and social media platforms about the UAE granting gold visas to digital currency investors. ICP stated that the issuance of gold visas is based on a clear and officially approved framework and standards, which do not include digital currency investors. Eligible individuals include real estate investors and outstanding talents. SCA reiterated that financial regulation follows international standards, and digital currency investment has specific regulations unrelated to gold visas, reminding investors to obtain information from official channels. VARA also denied the issuance of gold visas to virtual asset investors in Dubai and urged investors to only cooperate with regulated companies, clarifying that TON has not received its regulatory permission. The three parties called on the public to exercise caution and refer to official channels for information. Previously, there were reports that Toncoin collaborated with the UAE to provide 10-year gold visas to TON stakers.
Project updates
Viction network node synchronization issues lead to service interruptions, $VIC rises 74.87% in 24 hours
Viction officially announces that its network is currently experiencing synchronization issues with multiple full nodes, leading to temporary chain service interruptions, affecting user experience. The technical development and infrastructure teams have urgently intervened and are working hard to investigate the issue and find solutions. According to Binance market data, VIC briefly touched 0.29 USD, rising 74.87% in 24 hours, with a current quote of 0.267 USD. Previously, the blockchain platform TomoChain was renamed Viction, and its token TOMO will be renamed to VIC.
Binance will launch MUSDT perpetual contracts, with a maximum leverage of 50 times
Binance's contract platform announces the launch of MUSDT perpetual contracts at 17:30 Beijing time on July 7, 2025, with a maximum leverage of 50 times. Additionally, Binance Alpha Market has launched M.
Chinese users' 380 million USD FTX claims are likely hard to redeem, accounting for 82% of the total claims amount of 470 million USD in restricted areas
According to data shared by FTX creditor representative Sunil, approximately 1.4 billion USD in claims from FTX remain unresolved. Among them, the claims from restricted areas amount to 470 million USD, with Chinese creditors holding the largest share of 380 million USD, accounting for 82% of the restricted claims. Additionally, the claims from Bahamian creditors who have not completed KYC certification amount to 290 million USD, with disputed claims totaling 660 million USD. Currently, FTX's estimated total allowable claims amount to approximately 11 billion USD. Previously, FTX applied to the court for 'restricted processing', which may result in regions like China losing their claim rights.
Binance will add observation tags for BAKE, IDEX, and SLF
According to an official announcement, following recent audits, Binance will add observation tags for BakeryToken (BAKE), IDEX (IDEX), and Self Chain (SLF) on July 7, 2025. Observation tagged tokens may exhibit higher volatility and risk compared to other listed tokens. We will closely monitor and continually review them. Please be aware that trading these observation tagged tokens is risky, as these tokens no longer meet the standards they originally met when listed on our platform and may potentially be delisted. Users need to pass tests on Binance spot and/or Binance leverage platforms every 90 days and accept the terms of use to gain trading permissions for observation tagged tokens.
Babylon plans to launch the Bitcoin multi-staking testnet in Q3
Bitcoin staking protocol Babylon announces its 2025 roadmap, planning to launch a Bitcoin multi-staking testnet in Q3 this year, integrating ETH Rollups and Cosmos sovereign chains in the first batch, and also launching the Genesis EVM testnet. The Bitcoin multi-staking mainnet and Genesis EVM mainnet will launch in Q4 2025. Plans are in place to launch a Bitcoin liquidity application in Q1 2026.
Jack Dorsey launches decentralized peer-to-peer chat application bitchat
Block CEO Jack Dorsey announces the launch of decentralized peer-to-peer chat application bitchat, stating on the X platform: 'I worked on a project over the weekend to learn about Bluetooth mesh networks, relaying and storage forwarding models, message encryption models, and some other things. bitchat: Bluetooth mesh chat... with IRC style.' According to its GitHub documentation, bitchat is a secure, decentralized peer-to-peer chat application.
Important data
LetsBONK surpasses Pump.fun for the first time in daily token issuance, graduated token count, and trading volume
According to The Block, Solana's Meme coin launch platform LetsBONK has surpassed Pump.fun for the first time in daily token issuance volume, graduated token counts, and trading volumes. Dune dashboard creator Adam_Tehc pointed out that LetsBONK's token issuance volume led within 24 hours starting from early Sunday morning; by Sunday afternoon, the gap widened further, with LetsBONK recording approximately 15,600 token issuances compared to Pump.fun's 11,500. Data shows that by Sunday afternoon, LetsBONK's market share reached 49.80%, while Pump.fun was at 40.90%, with LetsBONK's 24-hour trading volume increasing by 86 million USD, but Pump.fun had more than double the active traders compared to LetsBONK.
Institutional holdings increase
Listed company Hilbert Group secures over 200 million Swedish Krona financing to support Bitcoin strategy
Listed company Hilbert Group announced that it has obtained over 200 million Swedish Krona in long-term financing from American institutional partners, part of which will support its cryptocurrency asset library strategy, focusing on promoting the application of Bitcoin in the European corporate market. The company plans to launch a transparency dashboard to display the status of its cryptocurrency asset holdings in real time. CEO Barnali Biswal stated that this financing reflects the market's recognition of Hilbert as a publicly listed digital asset company in Europe. Previously, Hilbert Group launched a comprehensive cryptocurrency fund strategy with Bitcoin as the main reserve asset.
Smarter Web Company increases its holdings by 226.42 BTC, bringing total holdings to 1000 BTC
According to an official announcement, UK listed company Smarter Web Company today announced it has purchased an additional 226.42 BTC, bringing its total Bitcoin holdings to 1000.
Metaplanet increases its holdings by 2205 Bitcoins, bringing total holdings to 15555 Bitcoins
According to official news, Japanese listed company Metaplanet has once again invested 238.7 million USD to acquire 2,205 BTC, purchasing at an average price of 108,237 USD, with BTC returns reaching 416.6% so far in 2025. As of July 7, the company's total holdings reached 15,555 BTC, with a total purchase price of approximately 1.54 billion USD, at an average purchase price of 99,307 USD.
