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JPMorgan to test dollar deposit token JPMD through Ethereum layer-2 network Base
According to The Block, JPMorgan plans to test its dollar deposit token JPMD on the Ethereum layer-2 network Base, incubated by Coinbase.
A JPMorgan spokesperson told The Block that the bank plans to issue JPMD on the Base chain and expects to conduct the first transaction through the bank's wallet "in the coming days."
Base officially wrote on social media platform X on Tuesday:
"JPMorgan chose Base to provide its clients with a sub-second, less than one cent trading experience, offering institutions near-instant settlement and immediate liquidity. Fund transfers should only take a few seconds, not days. Commercial banking is going on-chain."
A JPMorgan spokesperson told The Block that the bank plans to issue JPMD on the Base chain and expects to conduct the first transaction through the bank's wallet "in the coming days."
Base officially wrote on social media platform X on Tuesday:
"JPMorgan chose Base to provide its clients with a sub-second, less than one cent trading experience, offering institutions near-instant settlement and immediate liquidity. Fund transfers should only take a few seconds, not days. Commercial banking is going on-chain."
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The People's Bank of China will establish a digital yuan international operation center, with the governor mentioning the impact of stablecoins on cross-border payments.
Pan Gongsheng, the Governor of the People's Bank of China, announced today (18th) plans to establish a digital yuan international operation center in Shanghai to expand the global influence of the yuan. He pointed out that stablecoins and central bank digital currencies (CBDCs) are reshaping global payment infrastructure.
At the 2025 Lujiazui Forum, Pan Gongsheng stated that the new digital yuan center aims to promote the international operation and development of financial market businesses of the digital yuan, serving digital financial innovation. This initiative is one of the eight key financial policies he announced at the forum.
The digital yuan is widely regarded as one of the most advanced CBDCs globally. Despite the Chinese government's introduction of several supporting measures since the pilot program began in 2019, the adoption of the digital yuan still faces challenges.
At the 2025 Lujiazui Forum, Pan Gongsheng stated that the new digital yuan center aims to promote the international operation and development of financial market businesses of the digital yuan, serving digital financial innovation. This initiative is one of the eight key financial policies he announced at the forum.
The digital yuan is widely regarded as one of the most advanced CBDCs globally. Despite the Chinese government's introduction of several supporting measures since the pilot program began in 2019, the adoption of the digital yuan still faces challenges.
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Binance launches Soft Staking product, allowing users to earn staking rewards by holding specified spot assets
Cryptocurrency exchange Binance announced today (18th) the launch of its Soft Staking product, where users only need to hold specified tokens in their spot accounts and enable the staking feature with one click to automatically earn staking rewards, with no lock-up requirements.
Binance stated: "Soft Staking provides ample flexibility, allowing users to earn rewards while still being able to trade, withdraw, or use their spot assets at any time."
According to Binance's announcement, the income from Soft Staking is derived from an on-chain staking mechanism, where the tokens deposited by users and the rewards distributed are usually the same token. The rewards are calculated based on the daily average balance of eligible tokens in the user's spot account and will be distributed daily to the spot account. Currently supported tokens for Soft Staking include: BNB, SOL, ADA, SUI, TON, NEAR, POL, ALGO, S, and AXS.
Binance stated: "Soft Staking provides ample flexibility, allowing users to earn rewards while still being able to trade, withdraw, or use their spot assets at any time."
According to Binance's announcement, the income from Soft Staking is derived from an on-chain staking mechanism, where the tokens deposited by users and the rewards distributed are usually the same token. The rewards are calculated based on the daily average balance of eligible tokens in the user's spot account and will be distributed daily to the spot account. Currently supported tokens for Soft Staking include: BNB, SOL, ADA, SUI, TON, NEAR, POL, ALGO, S, and AXS.
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A16z additionally invests $70 million to purchase EigenLayer tokens, supporting the launch of the EigenCloud development platform
Venture capital firm Andreessen Horowitz's crypto division a16z crypto has additionally invested $70 million to purchase EIGEN tokens from the Ethereum re-staking protocol EigenLayer to help accelerate the promotion and commercialization of the new development platform EigenCloud. a16z crypto general partner Ali Yahya stated that this investment has a lock-up period.
EigenLayer is overcoming the technical bottlenecks of blockchain to achieve a new class of applications built on verifiable solutions. Yahya stated in a statement shared with (The Block): 'We are excited to expand our investment in this project.'
EigenLayer is overcoming the technical bottlenecks of blockchain to achieve a new class of applications built on verifiable solutions. Yahya stated in a statement shared with (The Block): 'We are excited to expand our investment in this project.'
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Coinbase seeks regulatory approval for tokenized stock business to compete with Robinhood and Charles Schwab
Paul Grewal, Chief Legal Officer of the U.S. cryptocurrency exchange Coinbase, told Reuters on Tuesday that the company is striving for regulatory clarity in order to introduce tokenized stocks to the U.S. market. If approved, this would allow the exchange to offer blockchain-based trading of traditional stocks, competing with brokerages like Robinhood and Charles Schwab.
Tokenization of stocks refers to the process of converting company shares into digital tokens, similar to the way cryptocurrencies are traded, where investors do not directly hold the securities but instead hold tokens that represent ownership of those securities. Compared to traditional infrastructure, tokenized stocks are expected to achieve faster settlement speeds, round-the-clock trading, and lower costs.
Tokenization of stocks refers to the process of converting company shares into digital tokens, similar to the way cryptocurrencies are traded, where investors do not directly hold the securities but instead hold tokens that represent ownership of those securities. Compared to traditional infrastructure, tokenized stocks are expected to achieve faster settlement speeds, round-the-clock trading, and lower costs.
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The Layer-2 network Ink, incubated by Kraken, will launch and airdrop the new token INK
The Ethereum Layer-2 network Ink, incubated by the cryptocurrency exchange Kraken, announced on Tuesday the launch of the INK token to 'drive the future development of on-chain capital markets.' The Ink Foundation, responsible for managing Ink and its ecosystem, stated that it will reward early participants through token airdrops.
According to the announcement, the Ink Foundation will mint 1 billion INK tokens with a fixed supply, with the minting date and other details to be announced later. This token supply will have a permanent cap and will not be changed through governance. The foundation also stated that the INK token 'will not play any role in the governance of Ink Layer-2'; instead, it will mainly be used for liquidity aggregation and incentivizing users to use the network's applications.
According to the announcement, the Ink Foundation will mint 1 billion INK tokens with a fixed supply, with the minting date and other details to be announced later. This token supply will have a permanent cap and will not be changed through governance. The foundation also stated that the INK token 'will not play any role in the governance of Ink Layer-2'; instead, it will mainly be used for liquidity aggregation and incentivizing users to use the network's applications.
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ARK Invest further reduces its holdings in stablecoin issuer Circle, cashing out $44.8 million
ARK Invest, the asset management company led by Cathie Wood, reduced its holdings again yesterday, selling $44.76 million worth of Circle Internet Group Inc. (stock code CRCL) shares after selling approximately $51.7 million on Monday.
According to the company's latest trading documents, ARK Invest sold part of its Circle holdings through three of its funds on Tuesday, with the 'ARK Innovation ETF' (ARKK) selling 208,654 shares; the 'ARK Next Generation Internet ETF' (ARKW) selling 65,320 shares; and the 'ARK Fintech Innovation ETF' (ARKF) selling 26,134 shares.
According to the company's latest trading documents, ARK Invest sold part of its Circle holdings through three of its funds on Tuesday, with the 'ARK Innovation ETF' (ARKK) selling 208,654 shares; the 'ARK Next Generation Internet ETF' (ARKW) selling 65,320 shares; and the 'ARK Fintech Innovation ETF' (ARKF) selling 26,134 shares.
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Is the primary use of stablecoins money laundering? Blockchain analysis company: 99% of stablecoin transactions in 2024 are for legitimate purposes
Blockchain analysis company TRM Labs reported on Tuesday that up to 99% of stablecoin transaction activity in 2024 will be for legitimate purposes. This data suggests that the market's perception of the strong link between cryptocurrency and criminal activity is overly exaggerated.
Stablecoin usage is becoming increasingly compliant
TRM is not the only institution observing the trend of legitimizing stablecoin applications. Another research firm, Artimas, recently found that B2B stablecoin transfers between businesses have surpassed P2P payments between individuals, becoming the largest and fastest-growing application scenario in terms of transaction volume. TRM emphasized in the report:
Stablecoin usage is becoming increasingly compliant
TRM is not the only institution observing the trend of legitimizing stablecoin applications. Another research firm, Artimas, recently found that B2B stablecoin transfers between businesses have surpassed P2P payments between individuals, becoming the largest and fastest-growing application scenario in terms of transaction volume. TRM emphasized in the report:
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VanEck's Applied Solana Spot ETF Listed on DTCC with Code VSOL
The Solana spot ETF applied for by global investment management firm VanEck has been included in a list maintained by the Depository Trust & Clearing Corporation (DTCC), which is considered a signal that the U.S. Securities and Exchange Commission (SEC) is about to approve the fund.
The DTCC list includes exchange-traded funds (ETFs) that have been approved and enabled as well as those that are in the process of issuance. The latter cannot be processed by the DTCC prior to obtaining regulatory approval. Data shows that the stock code for the VanEck Solana spot ETF is 'VSOL', and the DTCC notes that this fund cannot currently be subscribed or redeemed.
The DTCC list includes exchange-traded funds (ETFs) that have been approved and enabled as well as those that are in the process of issuance. The latter cannot be processed by the DTCC prior to obtaining regulatory approval. Data shows that the stock code for the VanEck Solana spot ETF is 'VSOL', and the DTCC notes that this fund cannot currently be subscribed or redeemed.
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Increase or Reduce Positions? ETH Whale Increases Position Against the Trend by 200 Million USD, BTC Bull Trader Forced to Stop Loss Twice Due to Retracements
As the overall market enters a phase of consolidation, on-chain traders face the difficult choice of 'increasing or reducing positions'.
On-chain whales increase their positions in Ethereum
According to information shared by the on-chain analysis account Ember, a whale that previously profited over 30 million USD in Ethereum spent 37.15 million USDC today, increasing their position by buying 15,000 ETH at a price of 2,477 USD, and deposited all these ETH into Lido staking. In the past week, this whale has spent about 223 million USDC and bought 85,465 ETH at a price of 2,617 USD, currently showing a floating loss of 9.4 million USD. Moreover, this whale still has 110 million USDC in liquid funds.
On-chain whales increase their positions in Ethereum
According to information shared by the on-chain analysis account Ember, a whale that previously profited over 30 million USD in Ethereum spent 37.15 million USDC today, increasing their position by buying 15,000 ETH at a price of 2,477 USD, and deposited all these ETH into Lido staking. In the past week, this whale has spent about 223 million USDC and bought 85,465 ETH at a price of 2,617 USD, currently showing a floating loss of 9.4 million USD. Moreover, this whale still has 110 million USDC in liquid funds.
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Brazil's Bitcoin Reserve Bill passes the first committee review, planning to use 5% of foreign exchange reserves to purchase Bitcoin
Brazil's Bitcoin Reserve Bill (RESBiT) has passed the first committee review. Once implemented, Brazil will become the second Latin American country to establish a legal Bitcoin reserve after El Salvador.
Brazil Bitcoin Reserve Bill
The Brazil RESBit Bill (officially named PL 4501/2024) is the country's pioneering legislative attempt to include Bitcoin in its sovereign reserves on a global scale. The proposal was introduced by Congressman Eros Biondini on November 25, 2024, aiming to address global economic uncertainty, currency fluctuations, and geopolitical risks.
According to the bill's content, it will allow the Brazilian Central Bank and the Ministry of Finance to invest up to 5% of foreign exchange reserves (approximately $1.775 billion out of $35.5 billion) in Bitcoin, under the joint supervision of the Central Bank and the Ministry of Finance, utilizing artificial intelligence and blockchain technology to design a monitoring system that ensures transparency and security.
Brazil Bitcoin Reserve Bill
The Brazil RESBit Bill (officially named PL 4501/2024) is the country's pioneering legislative attempt to include Bitcoin in its sovereign reserves on a global scale. The proposal was introduced by Congressman Eros Biondini on November 25, 2024, aiming to address global economic uncertainty, currency fluctuations, and geopolitical risks.
According to the bill's content, it will allow the Brazilian Central Bank and the Ministry of Finance to invest up to 5% of foreign exchange reserves (approximately $1.775 billion out of $35.5 billion) in Bitcoin, under the joint supervision of the Central Bank and the Ministry of Finance, utilizing artificial intelligence and blockchain technology to design a monitoring system that ensures transparency and security.
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Musk's xAI Burns 1 Billion USD Monthly! Initiates Nearly 8.8 Billion USD Fundraising to Address Cash Pressure
The AI startup xAI, founded by Tesla CEO Elon Musk, is consuming capital at an alarming rate and urgently needs to raise funds from the market to sustain its development efforts.
xAI is actively planning a financing program.
xAI currently focuses on its self-developed generative AI chatbot 'Grok' as its core product, integrating it into the X platform and gradually expanding its consumer and enterprise application scenarios. According to reports from Bloomberg, xAI currently has monthly cash outflows reaching up to 1 billion USD, and if the current pace of expansion continues, the total cash consumption for the year 2025 could exceed 13 billion USD, raising market concerns about its capital operations and risk management. To address cash pressure, xAI is engaging with investors to plan a diversified financing program totaling 8.8 billion USD, which includes:
xAI is actively planning a financing program.
xAI currently focuses on its self-developed generative AI chatbot 'Grok' as its core product, integrating it into the X platform and gradually expanding its consumer and enterprise application scenarios. According to reports from Bloomberg, xAI currently has monthly cash outflows reaching up to 1 billion USD, and if the current pace of expansion continues, the total cash consumption for the year 2025 could exceed 13 billion USD, raising market concerns about its capital operations and risk management. To address cash pressure, xAI is engaging with investors to plan a diversified financing program totaling 8.8 billion USD, which includes:
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Progress of U.S. Stablecoin Legislation: Senate Passes the GENIUS Act 68 to 30, Next Stop House
The U.S. Senate passed the stablecoin regulation bill (GENIUS Act) on Tuesday with a vote of 68 to 30, marking an important step towards establishing a stablecoin regulatory framework in the United States. If this legislation is ultimately passed, it will significantly impact the development of crypto payments and fiat stablecoins in the U.S. and globally.
GENIUS Act passed Senate approval
Bill sponsor, Tennessee Republican Senator Bill Hagerty, stated that once the (GENIUS Act) officially becomes law, businesses and citizens across the U.S. will be able to complete payments almost instantly, without having to wait several days or even weeks. He emphasized that the bill represents America's move towards becoming a 'global cryptocurrency leader.'
GENIUS Act passed Senate approval
Bill sponsor, Tennessee Republican Senator Bill Hagerty, stated that once the (GENIUS Act) officially becomes law, businesses and citizens across the U.S. will be able to complete payments almost instantly, without having to wait several days or even weeks. He emphasized that the bill represents America's move towards becoming a 'global cryptocurrency leader.'
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Glassnode: Bitcoin buyers holding for less than a year are the main source of selling pressure, while senior holders choose to wait
According to the latest observations from blockchain data analysis firm Glassnode, wallets holding Bitcoin for less than 12 months are currently the main profit-takers, accounting for 83% of all realized profits, while longer-term holders are choosing to wait.
Source: Glassnode
Glassnode pointed out that mid-term buyers holding for 6 to 12 months realized $904 million in profits on June 16, setting the second-highest single-day profit record this year, and indicating that buyers from the fourth quarter of last year are currently offloading Bitcoin in large quantities. Meanwhile, investors holding for more than 12 months only realized $324 million in profits, which is a significant decrease compared to the profit-taking wave in May or the single-day profit level of $1.2 billion last week.
Source: Glassnode
Glassnode pointed out that mid-term buyers holding for 6 to 12 months realized $904 million in profits on June 16, setting the second-highest single-day profit record this year, and indicating that buyers from the fourth quarter of last year are currently offloading Bitcoin in large quantities. Meanwhile, investors holding for more than 12 months only realized $324 million in profits, which is a significant decrease compared to the profit-taking wave in May or the single-day profit level of $1.2 billion last week.
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The Stablecoin IPO Frenzy is About to Ignite: Arthur Hayes Analyzes the Key to Success and the Upcoming Capital Bubble
After Circle's successful listing, becoming the 'first stock of stablecoins', BitMEX founder Arthur Hayes published a lengthy article, fully deconstructing the past, present, and future of the stablecoin industry. He issued a warning about the stablecoin IPO frenzy, stating: 'In the end, this will all end with capital being drained.'
The listing of Circle is just the beginning
Arthur Hayes first expressed his views on Circle's IPO, believing its valuation is 'clearly too high', but due to the hot topic of stablecoins, the stock price may continue to rise. He stated:
'This means that the stablecoin bubble has officially begun, and you will soon see a series of new stablecoin startups launching IPOs in the U.S. stock market.'
The listing of Circle is just the beginning
Arthur Hayes first expressed his views on Circle's IPO, believing its valuation is 'clearly too high', but due to the hot topic of stablecoins, the stock price may continue to rise. He stated:
'This means that the stablecoin bubble has officially begun, and you will soon see a series of new stablecoin startups launching IPOs in the U.S. stock market.'
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CEO of South Korean yield platform Haru Invest acquitted, escapes 880.5 billion won fraud charges
According to reports from The Block, Lee Hyung-soo, the CEO of the South Korean cryptocurrency yield platform Haru Invest, who was indicted on charges of fraud, was acquitted on Tuesday.
Haru Invest had attracted user deposits through high-yield products, suspended user withdrawals in June 2023, and closed its office, leading to dissatisfaction among multiple investors. Later, Haru was investigated by South Korean authorities, and three senior officials, including the CEO, were indicted for fraud.
According to local media reports, prosecutors initially claimed that Haru had stolen 1.39 trillion Korean won (approximately NT$30 billion) from 16,000 investors, but in subsequent indictments, the number of victims was reduced to about 6,000, with the amount involved lowered to 880.5 billion won (approximately NT$19 billion), and they requested a 23-year prison sentence for CEO Lee Hyung-soo.
Haru Invest had attracted user deposits through high-yield products, suspended user withdrawals in June 2023, and closed its office, leading to dissatisfaction among multiple investors. Later, Haru was investigated by South Korean authorities, and three senior officials, including the CEO, were indicted for fraud.
According to local media reports, prosecutors initially claimed that Haru had stolen 1.39 trillion Korean won (approximately NT$30 billion) from 16,000 investors, but in subsequent indictments, the number of victims was reduced to about 6,000, with the amount involved lowered to 880.5 billion won (approximately NT$19 billion), and they requested a 23-year prison sentence for CEO Lee Hyung-soo.
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Financial plan criticized as stupid by Solana founder! Cardano founder: No matter how you insult us, we will sell ADA
Cardano founder Charles Hoskinson recently introduced a brand new treasury asset restructuring plan, but it drew public criticism from Solana Labs co-founder Anatoly Yakovenko, who called the plan 'stupid asset management' and suggested it could send negative signals to the market.
Solana founder criticizes Cardano's financial plan
Charles Hoskinson proposed on June 13 to withdraw approximately $100 million worth of ADA from Cardano's treasury to purchase Bitcoin and stablecoins, aiming to strengthen the network's liquidity and stablecoin infrastructure in the DeFi sector. However, this move raised questions among some community members and industry professionals about a lack of confidence in the native token ADA.
Solana founder criticizes Cardano's financial plan
Charles Hoskinson proposed on June 13 to withdraw approximately $100 million worth of ADA from Cardano's treasury to purchase Bitcoin and stablecoins, aiming to strengthen the network's liquidity and stablecoin infrastructure in the DeFi sector. However, this move raised questions among some community members and industry professionals about a lack of confidence in the native token ADA.
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JPMorgan Chase files trademark application for digital asset platform JPMD, possibly involving services such as trading, transfers, and payments.
According to (CoinDesk) reports, JPMorgan Chase has submitted a trademark application for a new crypto asset platform named JPMD, indicating that the bank is further expanding its business in the digital asset space.
According to application documents submitted to the U.S. Patent and Trademark Office, JPMD will provide services such as 'trading, exchange, transfer, and payment of digital assets', and will also involve the issuance of digital assets.
Alex Thorn, head of research at digital asset investment firm Galaxy Digital, speculates that JPMD stands for 'JPM Digital', covering JPMorgan Chase's upcoming overall digital asset business, not what many believe to be 'JPM Dollar', although stablecoins may be a part of it.
According to application documents submitted to the U.S. Patent and Trademark Office, JPMD will provide services such as 'trading, exchange, transfer, and payment of digital assets', and will also involve the issuance of digital assets.
Alex Thorn, head of research at digital asset investment firm Galaxy Digital, speculates that JPMD stands for 'JPM Digital', covering JPMorgan Chase's upcoming overall digital asset business, not what many believe to be 'JPM Dollar', although stablecoins may be a part of it.
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Stablecoin issuer Circle's stock hits an all-time high, ARK Invest cashes out $51.7 million
ARK Invest, led by Cathie Wood, reduced its holdings in Circle, the stablecoin issuer, through its three funds on Monday, cashing out approximately $51.7 million. On that day, Circle's stock price hit an all-time high, rising 13.1%.
According to the company's latest trading documents, ARK Invest sold a total of 342,658 shares of Circle stock, with the 'ARK Innovation ETF' (ARKK) selling 196,367 shares; the 'ARK Next Generation Internet ETF' (ARKW) selling 92,310 shares; and the 'ARK Fintech Innovation ETF' (ARKF) selling 53,981 shares.
According to the company's latest trading documents, ARK Invest sold a total of 342,658 shares of Circle stock, with the 'ARK Innovation ETF' (ARKK) selling 196,367 shares; the 'ARK Next Generation Internet ETF' (ARKW) selling 92,310 shares; and the 'ARK Fintech Innovation ETF' (ARKF) selling 53,981 shares.
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Still waiting for the 'altcoin season'? Crypto-related stocks are the hot topic!
The crypto 'stock season' has arrived: when tokens head to Wall Street.
This year, a brand-new mainstream trend has emerged in the cryptocurrency market—an increasing number of 'crypto-related stocks' are shining in the traditional financial market in the United States. These stocks not only attract investors' attention but even have more upward momentum than the cryptocurrencies themselves, unexpectedly bringing the 'altcoin season' that was originally expected to appear in the crypto world to the U.S. stock market.
The above chart summarizes many stocks related to cryptocurrencies, many of which have seen astonishing increases, far exceeding most cryptocurrencies. These crypto-related stocks can generally be divided into two categories: one category consists of companies that are already engaged in cryptocurrency-related businesses, such as mining, exchanges, or infrastructure providers; the other category imitates the 'reserve strategy' of MicroStrategy, positioning the company as a financial vehicle for specific crypto assets. These companies continuously expand their reserves of crypto assets through methods such as issuing bonds and increasing capital, and by going public, they package the narrative of crypto assets into traditional investment tools, further attracting the attention of the capital market.
This year, a brand-new mainstream trend has emerged in the cryptocurrency market—an increasing number of 'crypto-related stocks' are shining in the traditional financial market in the United States. These stocks not only attract investors' attention but even have more upward momentum than the cryptocurrencies themselves, unexpectedly bringing the 'altcoin season' that was originally expected to appear in the crypto world to the U.S. stock market.
The above chart summarizes many stocks related to cryptocurrencies, many of which have seen astonishing increases, far exceeding most cryptocurrencies. These crypto-related stocks can generally be divided into two categories: one category consists of companies that are already engaged in cryptocurrency-related businesses, such as mining, exchanges, or infrastructure providers; the other category imitates the 'reserve strategy' of MicroStrategy, positioning the company as a financial vehicle for specific crypto assets. These companies continuously expand their reserves of crypto assets through methods such as issuing bonds and increasing capital, and by going public, they package the narrative of crypto assets into traditional investment tools, further attracting the attention of the capital market.
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