Today's news highlights:
Hong Kong stock company Jinyong Investment surged over 600%, having announced a stablecoin cooperation with AnchorX.
Japanese listed company Remixpoint will pay its CEO's salary in full with Bitcoin.
Musk's wealth evaporated by about $15 billion in one day.
Grayscale adds Ondo and Hedera to its DeFi fund and smart contract fund for Q2, removing Polkadot.
Bonk.fun occupies 55% of the Solana token issuance market.
KuCoin CEO shouted 'Compliance builds trust' but was countered by ZachXBT: you ignore law enforcement requests.
The US SEC has postponed its decision on the approval of Fidelity's spot Solana ETF.
The Gate page briefly launched a notice stating 'PUMP token sale to start on July 12', which has now been deleted.
Regulatory/Macro
Japanese listed company Remixpoint will pay its CEO's salary in full with Bitcoin.
Japanese listed company Remixpoint announced that it will pay its CEO's salary in full with Bitcoin, marking the first such attempt in Japan. The company stated that this move aims to bind the economic risks and returns of the CEO with those of the shareholders through Bitcoin, establishing a new model of 'shareholder perspective management.' Remixpoint believes Bitcoin is its core asset and is committed to promoting the integrated development of cryptocurrency, energy, and Web3. The CEO said this decision symbolizes a partnership with shareholders, and the company will continue to explore next-generation financial strategies based on cryptocurrency. Previously, it was reported that Japanese listed company Remixpoint held 16.032 billion yen in BTC and 17.113 billion yen in ETH, SOL, XRP, and DOGE among other crypto assets.
Hong Kong stock company Jinyong Investment surged over 600%, having announced a stablecoin cooperation with AnchorX.
Hong Kong stock company Jinyong Investment (01328.HK) surged over 600% today, with the price reaching a high of HKD 15, currently reported at HKD 12.4, up over 531%. Yesterday, it was reported that the Hong Kong listed company Jinyong Investment has reached a strategic cooperation with AnchorX to explore the application of the stablecoin AxCNH.
'Yiwu merchants have begun to accept stablecoins' ranked 4th on Baidu's hot search list.
The official page shows that 'Yiwu merchants have begun to accept stablecoins' ranked 4th on Baidu's hot search list. Previously, according to the 21st Century Business Herald, market news indicated that there have been cases in Yiwu accepting stablecoin payments for foreign trade goods. Journalists found that only a few merchants supported stablecoin payments.
Musk's wealth evaporated by about $15 billion in one day.
According to Jinshi, after Musk threatened to establish a third political party in the US called the 'American Party' over the weekend, Tesla's (TSLA.O) stock price plummeted nearly 7% on Monday, erasing about $15 billion from the billionaire's net worth in one day. Investors are concerned that his company may lose federal subsidies due to a conflict with Trump, facing further obstacles. According to Forbes, with the decline in Tesla's market value, Musk's personal wealth is now $391 billion, down from $405 billion the previous day. Despite the drop, he still maintains a lead of over $100 billion compared to the second richest person. Since Trump took office in January this year, Tesla's stock price has fallen a cumulative 31%. Although the 'American Party' may still influence US political dynamics, its direct impact on investor sentiment is undoubtedly negative. Currently, market information is clear: stakeholders would prefer this billionaire to stay away from Capitol Hill and refocus on factory operations.
Dubai approves the tokenized money market fund supported by Qatar National Bank and DMZ Finance.
According to CoinDesk, the Dubai Financial Services Authority (DFSA) has approved the QCD money market fund (QCDT) supported by Qatar National Bank (QNB) and DMZ Finance, becoming the first tokenized money market fund approved in the Dubai International Financial Centre (DIFC). The investment strategy and asset initiation of the fund are led by Qatar National Bank, while DMZ Finance provides the technology supporting its digital architecture. The fund aims to put traditional assets like US Treasury bonds on the blockchain, serving a wide range of institutional applications including bank-eligible collateral, stablecoin backing, exchange reserves, and Web3 payment infrastructures. Supporters say that with its regulatory compliance, yield stability, and on-chain transparency, they expect the fund to promote the adoption of financial institutions and crypto-native institutions.
Trump officially extended the 'reciprocal tariff' deferral period to August 1 and has issued tariff letters to multiple countries.
According to Jinshi, on the 7th local time, US President Trump signed an executive order extending the so-called 'reciprocal tariff' deferral period, delaying the implementation from July 9 to August 1. Earlier today, news emerged that starting from the early hours of the 8th Beijing time, Trump has been continuously releasing his tariff letters to multiple countries on social media, and as of the time of writing, he has issued the latest tariff rate threats to 14 countries. Among them, Japan, South Korea, Kazakhstan, Malaysia, and Tunisia face a 25% tariff rate; South Africa and Bosnia have a rate of 30%; Indonesia has a rate of 32%; Bangladesh and Serbia have 35%; Thailand and Cambodia have a rate of 36%; Laos and Myanmar have a rate of 40%. These tariffs will take effect on August 1. Additionally, according to Jinshi citing Politico, the US has proposed a trade agreement plan to impose a 10% tariff on the EU with accompanying restrictive clauses.
The US court has terminated the appeal between Coin Center and the US Treasury regarding Tornado Cash.
According to Cointelegraph, the US Court of Appeals for the Eleventh Circuit dismissed the appeal by cryptocurrency advocacy organization Coin Center, which challenged the sanctions imposed by the US Treasury's Office of Foreign Assets Control (OFAC) on Tornado Cash mixing services in 2022. Documents submitted Thursday showed that the appeals court granted the motion to vacate the lower court's ruling and remand the case for further proceedings, as part of a joint filing by Coin Center and the US Treasury. The court stated that the dismissal of the appeal essentially means the end of Coin Center's legal challenge against OFAC. Coin Center's executive director, Peter Van Valkenburgh, noted that the lawsuit regarding the statutory power of sanctions against Tornado Cash has officially come to a close, and the government has no intention of continuing to advance the sanctions or defend its dangerously broad interpretation.
The US SEC has postponed its decision on the approval of Fidelity's spot Solana ETF.
According to market news, the US SEC has postponed its decision on the approval of Fidelity's spot Solana ETF.
Viewpoint
National Committee member Yao Zhisheng: Suggests the Hong Kong SAR government seek central support to develop officially certified offshore renminbi stablecoins.
According to Ming Pao, National Committee member Yao Zhisheng stated that stablecoins present a significant opportunity for Hong Kong's financial development. From the perspective of international market payment demand, the application scenarios for Hong Kong dollar stablecoins will not be too many, and usage will not be too large. For Hong Kong, the development of stablecoins is mainly not because Hong Kong dollar stablecoins themselves are very important but because Hong Kong can take the lead in the field of stablecoins regarding the internationalization of the renminbi, becoming a major platform for offshore renminbi stablecoins, thereby creating a global stablecoin issuance hub. The biggest opportunity for Hong Kong stablecoins is to develop renminbi stablecoins. Yao Zhisheng added that he will suggest that the HKSAR government seek central support to develop officially certified offshore renminbi stablecoins in Hong Kong to enhance market confidence in offshore renminbi stablecoins and promote their development, making offshore renminbi stablecoins larger and stronger.
Circle executives: 14 stablecoin issuers and 39 CASPs have obtained EU MiCA licenses.
According to Patrick Hansen, Director of EU Policy at Circle, the MiCA regulations will be implemented for 6 months for cryptocurrency asset service providers (CASP) and 12 months for stablecoins, with new developments in July: 14 institutions from 7 EU countries have been authorized to issue stablecoins, with 3 from France, and 1 or 3 from Germany and other countries. They have issued 20 types of electronic currency tokens or single fiat currency stablecoins, with 12 based in euros, 7 in US dollars, and 1 in Czech koruna. A total of 39 CASPs have obtained MiCA licenses, distributed across 9 EU/Economic Area countries, covering traditional finance (like BBVA, Clearstream, CACEIS), fintech (like N26, Trade Republic, eToro, Robinhood), and native crypto firms (like Coinbase, Kraken, Bitpanda, OKX, Bitstamp). Currently, there are no issuers for asset reference tokens (ART), and the market lacks related demand. About 30 cryptocurrency white papers have been notified, with multiple countries' transition periods ending, and the Dutch Financial Markets Authority has issued leading licenses, but more than 35 companies have been listed as non-compliant CASPs by Italian regulators.
Federal Reserve chairman's popular candidate Waller: Interest rates should be lowered to a lower level.
According to Jinshi, a leading candidate for the next Federal Reserve chairman, former Fed governor Waller stated that the Fed's decision to keep the monetary policy interest rate unchanged has frustrated the US president, and I sympathize with that. Interest rates should be lowered to a lower level. Trump's tariffs will not cause inflation effects.
Project dynamics
Grayscale adds Ondo and Hedera to its DeFi fund and smart contract fund for Q2, removing Polkadot.
Grayscale Investments announced the latest adjustment results of its multi-asset fund for the second quarter of 2025. This adjustment involves three funds: DeFi Fund (DEFG), Smart Contract Fund (GSC Fund), and Decentralized AI Fund (AI Fund). Among them: DEFG Fund added Ondo (ONDO), and after adjustment, the main holdings include Uniswap (UNI, 34.01%), Aave (AAVE, 30.74%), Ondo (ONDO, 18.22%), etc. The GSC Fund added Hedera (HBAR) and removed Polkadot (DOT), with main holdings including Ether (ETH, 30.22%), Solana (SOL, 29.87%), Cardano (ADA, 18.57%), etc. The AI Fund maintains its existing asset ratio, with main holdings including Bittensor (TAO, 29.10%), NEAR Protocol (NEAR, 28.41%), Render (RENDER, 17.34%), etc.
KuCoin CEO shouted 'Compliance builds trust' but was countered by ZachXBT: you ignore law enforcement requests.
KuCoin CEO BC Wong stated that he discussed the development of RWA and stablecoins with several founders. He emphasized that building trust is inseparable from compliance and cited BCG's forecast that the scale of tokenized RWAs could reach $16 trillion by 2030. However, he pointed out that if the infrastructure like stablecoins is not robust enough, this potential may not be realized. At the same time, he believes the industry is still in its early stage and needs to promote development in the right way. However, on-chain detective ZachXBT raised doubts about this, stating that KuCoin has repeatedly ignored formal requests from law enforcement agencies and did not take freezing measures when stolen funds were transferred to its exchange during significant events, questioning its claim of 'building trust through compliance.'
Binance: At least 200 Alpha points users can participate in the BOOM TGE event.
According to Binance's official announcement, users with at least 200 Alpha points can participate in the Boom (BOOM) TGE event through the Alpha activity page. Participation in this event will consume 15 points.
Binance Alpha will launch PROMPTALE AI (TALE).
Binance Alpha will launch PROMPTALE AI (TALE) on July 11. Eligible users can claim airdrops using Binance Alpha points on the Alpha activity page after trading begins.
The number of addresses holding BONK is about to exceed 1 million, at which point 1 trillion tokens will be burned.
The BONK community announced that the number of BONK holders has reached 949,892, and is expected to soon exceed 1 million holders. When the number of holders reaches 1 million, 1 trillion BONK tokens will be burned, valued at approximately $22.81 million.
The Gate page briefly launched a notice stating 'PUMP token sale to start on July 12', which has now been deleted.
According to The Block, based on the countdown information on the Gate exchange website, the Solana ecosystem meme coin issuance platform Pump.fun will launch its native token PUMP on July 12. This issuance will offer 15 billion PUMP tokens, accounting for 15% of the total supply (maximum supply of 1 trillion tokens), priced at $0.004 USDT each, with a sales period of 72 hours. However, Gate has now deleted the information about the PUMP token sale page.
Important data
Bonk.fun occupies 55% of the Solana token issuance market.
According to the latest data, Bonk.fun has surpassed Pump.fun, becoming the leading token issuance platform in the Solana ecosystem, with a market share of 55.2%. Since Pump.fun's launch in January 2024, it dominated the market for two years with a total trading volume exceeding $8 million. However, Bonk.fun, in just two months, surpassed Pump.fun thanks to a deeper incentive mechanism and rapid user growth. Bonk.fun's unique fee structure has been key to its rapid rise. 58% of platform revenue is used to buy and burn BONK tokens, with 50% for direct burning and 8% as reserves. Statistics show that Bonk.fun's average daily trading volume exceeds $1 million, with an average of $500,000 used for BONK buybacks and burns. As of now, Bonk.fun has completed 175,000 token issuances, with a total trading volume of $540 million, generating about $34 million in fees, far exceeding Pump.fun's $341 million trading volume and 34.9% market share. In addition, the USELESS tokens issued by Bonk.fun have quickly become popular, with a market value exceeding $100 million. If Bonk.fun maintains its current growth rate, the annualized purchase amount of BONK tokens is expected to reach hundreds of millions of dollars, further tightening market supply. Meanwhile, other Solana ecosystem issuance platforms such as Believe, Jup Studio, and Moonshot have market shares of 3.8%, 2.1%, and 1.7%, respectively, showing a significant gap compared to Bonk.fun.
The Bitcoin spot ETF saw a total net inflow of $217 million yesterday, with three consecutive days of inflows.
According to SoSoValue data, yesterday (July 7, Eastern Time) the total net inflow of Bitcoin spot ETFs was $217 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was the Blackrock ETF IBIT, with a single-day net inflow of $165 million, bringing IBIT's total historical net inflow to $52.81 billion. The second was Fidelity's ETF FBTC, with a single-day net inflow of $66.04 million, bringing FBTC's total historical net inflow to $12.27 billion. The Bitcoin spot ETF with the highest single-day net outflow yesterday was Grayscale's ETF GBTC, with a single-day net outflow of $10.21 million, bringing GBTC's total historical net outflow to $23.34 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs was $135.709 billion, with an ETF net asset ratio (market cap to total Bitcoin market cap ratio) of 6.32%, and total historical net inflows have reached $49.858 billion.
Institutional buying increase
Listed real estate company Murano plans to establish a Bitcoin reserve through a $500 million equity transaction.
According to CoinDesk, Nasdaq-listed real estate company Murano Global Investments (MRNO) announced the launch of a Bitcoin strategic reserve plan. The company has signed a $500 million standby equity purchase agreement, with funds primarily allocated for Bitcoin and has purchased 21 BTC (approximately $2.1 million) as its first treasury asset. This $800 million market capitalization Mexican hotel operator has also joined the 'Corporate Bitcoin Alliance' led by MicroStrategy and is exploring the integration of Bitcoin payments and loyalty reward systems in its hotel business. The company's chairman Elias Sacal stated that Bitcoin can hedge against inflation risks and enhance the resilience of the balance sheet.
