Daily Market Update (July 4, 2025, 11:20 AM)
ChainDD market data on July 4 shows that the comprehensive DD index and CoinMarketCap quote:
BTC is at $109,187.31, up approximately 0.52% in 24 hours;
ETH is at $2,574.60, up approximately 0.59% in 24 hours;
BNB is at $661.55, up approximately 0.40%;
DOGE is at $0.1704, up approximately 1.21%;
SOL is at $151.21, down approximately 0.56% in 24 hours.
Crypto Market Dynamics
JD.com and Ant Group suggest that the central bank approve RMB stablecoins
According to Reuters citing informed sources, JD.com and Ant Group recently suggested to the People's Bank of China to approve the issuance of RMB-based stablecoins. JD.com pointed out in closed-door discussions that there is an urgent need to promote the offshore RMB stablecoin to serve as a key tool for driving the internationalization of the RMB. There are also reports that Ant Group is preparing to apply for stablecoin-related licenses in Hong Kong and Singapore to make preliminary preparations for the issuance of offshore RMB stablecoins.
SEC suddenly suspends GDLC listing application, Grayscale states it will continue to advance crypto ETF conversion plans
After the SEC unexpectedly halted the listing process for Grayscale's Digital Large Cap Fund (GDLC), Grayscale stated that it will continue to push for the fund to be converted into an exchange-traded product (ETP). The fund consists of approximately 80% Bitcoin, 11% Ethereum, and a small amount of SOL, ADA, and XRP, and had already received expedited approval. Analysts believe that the SEC's move aims to establish a unified listing framework for the overall crypto ETF, or to pave the way for subsequent spot ETFs like SOL and DOGE.
The U.S. House of Representatives will establish 'Crypto Week' in mid-July to advance the GENIUS Stablecoin Act and two other pieces of legislation
The U.S. House of Representatives Republican Party has declared the week of July 14 as 'Cryptocurrency Week', focusing on three key pieces of cryptocurrency legislation, including the Senate-passed (GENIUS Stablecoin Act), Market Structure Act (Clarity), and proposals against Central Bank Digital Currency (CBDC). This move aims to promote the Trump administration's digital asset agenda and strive to complete legislative delivery before August. The GENIUS Act requires stablecoins to be fully backed by liquid assets such as the U.S. dollar, and mandates that issuers with a market cap exceeding $50 billion undergo annual audits. This agenda is seen as an important milestone toward comprehensive clarity in U.S. cryptocurrency policy.
Ondo Finance and Pantera Capital launch a $250 million fund
Ondo Finance and Pantera Capital jointly establish the $250 million Ondo Catalyst Fund, aimed at investing in RWA tokenization projects, covering equity and tokens. Ondo's chief strategy officer said the current market has entered a 'tokenization arms race' phase, with exchanges accelerating their layout of tokenized stocks and ETF products. The fund also promotes the construction of on-chain financial infrastructure, with OKX Wallet joining its global market alliance. RedStone data shows that the RWA market has grown by 380% since 2022, reaching $24 billion, with growth momentum coming from private credit and U.S. Treasury tokenization.
U.S. Treasury Secretary: Stablecoin legislation expected to boost demand for U.S. Treasuries
U.S. Treasury Secretary Besant stated that the Treasury may preliminarily supplement its general account by issuing Treasury bonds. The U.S. banking industry will bear more debt issuance. Stablecoin legislation is expected to boost demand for U.S. Treasuries. By the end of Trump's term, the national debt to GDP ratio is expected to reach around 90%.
U.S. House of Representatives votes to pass the 'Big and Beautiful' bill
On July 3 local time, the U.S. House of Representatives conducted a final vote on President Trump's massive tax cut and spending bill, known as the 'Big and Beautiful' bill. The bill has now received enough votes in favor to effectively pass. It is expected that the bill will be sent to the White House for formal enactment after being signed by President Trump.
JPMorgan predicts the stablecoin market size will reach $500 billion by 2028, far below optimistic forecasts
JPMorgan releases research report predicting that the global stablecoin market size will grow to $500 billion by 2028, far below some institutions' predictions of $1 trillion to $2 trillion. The bank pointed out that currently, 88% of stablecoin demand comes from crypto-native activities (such as trading, DeFi collateral), with only 6% used in payment scenarios. The report shows that stablecoins are unlikely to replace bank deposits or money market funds on a large scale, mainly due to a lack of yield and friction in fiat-crypto conversion. Analysts refuted the notion of comparing stablecoins to China's digital yuan or mobile payments, emphasizing the essential differences in their centralized models.
It is worth noting that Standard Chartered Bank predicted in April that if the U.S. (GENIUS Act) is passed, the supply of stablecoins could surge to $2 trillion by 2028. JPMorgan believes that stablecoins are more likely to maintain a moderate growth path dominated by crypto demand rather than achieving widespread payment applications.
Agricultural Bank: No plans to develop stablecoins at this time
Agricultural Bank responds to investors on the interactive platform regarding capital injection, stock buybacks, and stablecoin development. On the market's concerns about stablecoins and cryptocurrency development, the bank clearly stated that regulatory authorities are orderly implementing this round of state-owned big bank capital injections according to the thinking of 'overall promotion, phased implementation, and one bank one policy', and our bank will promote relevant work according to unified arrangements. Regarding the latest development trends of global stablecoins and cryptocurrencies, our bank will continue to study, and currently has no plans to develop stablecoins.
Bitstamp, owned by Robinhood, receives license from Singapore MAS
Crypto exchange Bitstamp, owned by Robinhood, announces it has received a major payment institution license from the Monetary Authority of Singapore (MAS), marking its official entry into the Asia-Pacific market.
Tech billionaires, including PayPal co-founders, are establishing a new bank to serve crypto and AI startups, planning to include stablecoins in the balance sheet
PayPal co-founder Peter Thiel and several tech billionaires have jointly founded a new bank named Erebor, aimed at filling the void left by the collapse of the crypto-related Silicon Valley Bank. Erebor plans to serve venture-backed startups in fields such as artificial intelligence, crypto, manufacturing, and defense, and has already applied for a national bank charter from the U.S. Office of the Comptroller of the Currency. The two co-CEOs come from software company Argus and crypto payment company Circle. The bank may incorporate stablecoin assets, with specific details yet to be announced.
Ripple applies for a U.S. banking license after Circle, planning to offer more crypto services
According to the Wall Street Journal, Ripple submitted an application for a national bank charter to the Office of the Comptroller of the Currency (OCC) this Wednesday. If approved, Ripple will achieve state and federal dual regulation for the stablecoin RLUSD.
Ripple CEO states that this move will establish a new trust benchmark in the stablecoin market. Previously, its subsidiary Standard Custody also applied for a main account with the Federal Reserve, aiming to directly custody RLUSD reserves. This comes as the Trump administration relaxes crypto regulations and encourages federal license applications.
New York Bankruptcy Court approves Celsius's $4.3 billion lawsuit against Tether
According to court documents, the New York bankruptcy judge allowed Celsius to continue its lawsuit against stablecoin issuer Tether, worth most of $4.3 billion. Celsius accuses Tether of liquidating nearly 40,000 BTC without adequate notice in June 2022, prior to its near bankruptcy, violating contractual obligations regarding margin call timelines. Tether responded that the lawsuit is 'baseless' and accused Celsius executives of verbally approving the action. The judge deemed that the 'verbal approval' was insufficient to replace the contractual agreement.
SEC halts Grayscale's application to convert crypto fund to ETF
The U.S. Securities and Exchange Commission (SEC) announced the suspension of Grayscale's plan to convert its Digital Large Cap Fund to an ETF, which had previously received preliminary approval from the SEC's Trading and Markets Department.
The SEC stated in a letter to the New York Stock Exchange that it will conduct a comprehensive review of the decision, and the related order will be paused until further notice. The fund primarily holds approximately 80% Bitcoin and 11% Ethereum, along with assets such as Solana, Cardano, and XRP.
The SEC is still reviewing multiple cryptocurrency ETF proposals, including products tracking SOL, XRP, and DOGE.
SkyBridge Capital founder: The trend of public companies adopting crypto reserve strategies will eventually fade
SkyBridge Capital founder and managing partner Anthony Scaramucci stated that the recent trend of public companies adopting cryptocurrency reserve strategies will eventually fade. In a recent interview, Anthony Scaramucci said, 'Currently, we are in vogue with this imitation (incorporating cryptocurrency into) corporate reserves, and this trend will eventually recede.'
U.S. SEC Chairman Paul Atkins: Current regulatory rules for cryptocurrencies remain unclear
U.S. SEC Chairman Paul Atkins stated in a CNBC interview that current regulatory rules for cryptocurrencies remain unclear, and his goal is to make things transparent from a regulatory perspective.
