Breaking News
Ripple Submits Application for a National Bank Charter
According to The Wall Street Journal, Ripple—the company behind the cross-border payment network and the US dollar-pegged stablecoin Ripple USD (RLUSD)—has applied for a national bank charter from the U.S. Office of the Comptroller of the Currency (OCC). This move places Ripple among a growing number of cryptocurrency firms seeking to integrate more deeply into the mainstream financial system. Currently, Ripple's stablecoin is regulated by the New York State Department of Financial Services. If approved, the national trust bank charter would bring the stablecoin under OCC oversight. The company has also indicated that it may explore offering additional cryptocurrency services through this banking charter in the future.
Deutsche Bank’s DWS to Launch a Euro Stablecoin Under MiCA Regulations
Deutsche Bank's asset management subsidiary, DWS, along with market makers Galaxy and Flow Traders, is planning to introduce a euro-denominated stablecoin that will be regulated in Germany under the Markets in Crypto-Assets (MiCA) framework.
Market Update
As of press time, according to data from CoinGecko:
- BTC: $108,848 | 24h change: +3.1%
- ETH: $2,581.64 | 24h change: +7.6%
- BNB: $660.20 | 24h change: +2.2%
- SOL: $152.18 | 24h change: +3.7%
- DOGE: $0.1692 | 24h change: +7.3%
- XRP: $2.23 | 24h change: +2.8%
- TRX: $0.2849 | 24h change: +2.3%
Regulatory Developments
US House Advances "Big and Beautiful" Act in Procedural Votes
As reported by CCTV News, on July 2, the U.S. House of Representatives held multiple procedural votes to advance the so-called "Big and Beautiful" Act—a large-scale tax and spending bill championed by former President Donald Trump. These votes are a critical step before the bill can enter formal debate and a final vote. The outcome of these procedural votes is still pending. The bill, which passed the Senate by a narrow majority on July 1, has been sent to the House. Since the Senate version differs significantly from the one previously passed by the House, it requires House approval again before it can be sent to the President to be signed into law.
Former President Trump on the "Beautiful Big" Act
Former President Trump stated that the "Beautiful Big" Act is centered on economic growth. He claimed that if passed, it would lead to an unprecedented economic revival for the United States, halving the deficit and attracting record investment in the form of cash, factories, and jobs flowing into the country.
Trump Announces Trade Deal with Vietnam
Former President Trump announced a new trade agreement with Vietnam, which he described as a significant cooperation between the two nations. Under the terms, Vietnam will pay a 20% tariff on any goods entering the U.S. and a 40% tariff on any transshipped goods. In return, Vietnam will "completely open its market" to U.S. trade, allowing American products to be sold there with zero tariffs.
Blockchain Applications
SEC Chair: Tokenization of Stocks Will Make Private Markets More Accessible
U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins appeared on CNBC's "Squawk Box" to discuss the rise of stock tokenization and its potential impact on private markets. Atkins suggested that this technology could make private market investments more accessible to the general public.
OpenAI Distances Itself from Robinhood’s Tokenized Private Shares
OpenAI has publicly criticized Robinhood for offering tokenized versions of shares in private companies like itself and SpaceX. On social media platform X, OpenAI stated, "We are not working with Robinhood, are not involved in this, and do not endorse it." This came after Robinhood's CEO announced the platform would offer "stock tokens"—tokenized equity in over 200 private companies—to its users in the European Union.
Peter Thiel and Palmer Luckey to Launch Digital Bank Erebor
PayPal co-founder Peter Thiel and Anduril founder Palmer Luckey are launching Erebor, a new digital bank designed specifically for cryptocurrency and tech startups.
Vitalik Buterin Warns Against Treating Decentralization as a Slogan
Ethereum co-founder Vitalik Buterin emphasized at the EthCC conference in France that the crypto industry must focus on concrete user guarantees for decentralization. He proposed practical tests for crypto projects, including a "walkaway test" (can users exit safely if the project disappears?) and an "internal attack test" (can the system resist internal malicious actors?). Buterin also warned of hidden vulnerabilities in layer-2 networks and stressed the importance of privacy as a default feature.
Security Firm Warns of Fake Crypto Wallet Extensions on Firefox
Security firm Koi has disclosed that over 40 fraudulent cryptocurrency wallet extensions have been found in the official Firefox add-on store. These extensions impersonate popular wallets like MetaMask and Coinbase Wallet. The malicious code is designed to steal input data longer than 30 characters—primarily targeting seed phrases—and send it to servers controlled by attackers. The phishing campaign is believed to have been active since at least April 2025, potentially orchestrated by a Russian-speaking hacking group.
Robinhood Mints 213 Stock Tokens on Arbitrum for Just $5 in Gas
Trading platform Robinhood recently minted 213 tokenized stock assets on the Arbitrum network for a total gas fee of approximately $5. This move paves the way for its upcoming decentralized blue-chip stock trading service for European users. Blockchain data shows that tokens for stocks like NVIDIA, Microsoft, and Apple were deployed at an average cost of just 3 cents per token.
Coinbase Acquires Token Management Firm Liquifi
Coinbase has announced its acquisition of token management company Liquifi, marking its fourth acquisition this year. Liquifi, which last raised a $5 million seed round in 2022 led by Dragonfly with participation from notable figures like Katie Haun and Balaji Srinivasan, provides services for tracking crypto holdings, distributing tokens after vesting periods, and managing complex tax withholding processes. Its clientele includes major crypto entities like the Uniswap Foundation, OP Labs, Ethena, and Zora.
Cryptocurrency Updates
SEC Halts Grayscale's Digital Large Cap Fund ETF Conversion
The U.S. Securities and Exchange Commission (SEC) has suspended plans for Grayscale's Digital Large Cap Fund to convert into an exchange-traded fund (ETF) and has ordered further review. The fund was intended to list on the NYSE Arca platform as a spot ETF holding a basket of assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA).
Trump Media Files with SEC for Mixed Bitcoin-Ethereum Spot ETF
Trump Media and Technology Group Corp. has filed an S-1 registration statement with the SEC for the "Truth Social Bitcoin and Ethereum ETF." This proposed ETF would hold Bitcoin and Ethereum directly, with 75% of assets in Bitcoin and 25% in Ethereum. Its shares are designed to track the performance of these two cryptocurrencies. 👉 Explore more strategies for digital asset investment. Crypto.com is slated to serve as the exclusive custodian and primary execution agent for the ETF, as well as provide staking and liquidity services. The launch is contingent on the registration statement becoming effective and receiving approval for a related 19b-4 filing. Once approved, the shares would list on the NYSE Arca.
Addentax Group Signs $1.3B Term Sheet to Acquire Up to 12,000 Bitcoin
Addentax Group Corp. has signed a non-binding term sheet with a significant independent bitcoin holder for the potential acquisition of up to 12,000 BTC—a substantial increase from the 8,000 BTC discussed in a prior press release. At current market prices, the proposed acquisition is valued at approximately $1.3 billion. The transaction, if completed, would be settled through the issuance of new ordinary shares of the company.
Standard Chartered Predicts BTC Will Reach $135,000 in Q3
Analysts at Standard Chartered remain bullish on Bitcoin for the remainder of the year, forecasting that it will reach a new high of $135,000 by the end of the third quarter and potentially surpass $200,000 by year-end. Geoff Kendrick, head of digital assets research, noted that strong inflows into spot ETFs and increased corporate treasury purchases have allowed Bitcoin to break from its historical post-halving price slump pattern. While expecting continued upward momentum, the bank does not rule out potential volatility between late Q3 and early Q4.
Norwegian Miner Green Minerals Secures $25M Financing for Bitcoin Purchase
Norwegian mining company Green Minerals has announced the signing of a structured financing agreement worth 250 million Norwegian kroner (approximately $25 million) specifically for acquiring more Bitcoin.
Key Economic Trends
US Treasury Secretary Suggests Fed Could Cut Rates in September or Sooner
U.S. Treasury Secretary Janet Besant stated on Tuesday evening that she believes the Federal Reserve could cut interest rates in September or potentially earlier. She argued that tariffs implemented under the previous administration have so far only caused mild inflation. Besant's comments come amid increased pressure from former President Trump on the Fed and Chair Jerome Powell to lower rates by as much as 3 percentage points.
ADP Employment Report Shows Negative Reading
The ADP National Employment Report indicated that private sector employment decreased by 33,000 jobs in June, marking the largest decline since March 2023.
FAQ: Gold-Backed vs. Dollar-Backed Stablecoins
Q: What is the fundamental difference between a gold-backed and a dollar-backed stablecoin?
A: The core difference lies in the collateral backing the stablecoin's value. A gold-backed stablecoin is pegged to the value of physical gold, often held in reserves, meaning its value fluctuates with the market price of gold. A dollar-backed stablecoin is pegged 1:1 to the U.S. dollar and is typically backed by reserves of cash, cash equivalents, and short-term debt obligations.
Q: Which type of stablecoin offers more price stability?
A: Dollar-backed stablecoins generally offer greater short-term price stability because they maintain a fixed 1:1 peg to the U.S. dollar. Their value remains constant unless affected by external factors like regulatory changes or reserve mismanagement. Gold-backed stablecoins experience price fluctuations in line with the volatile spot price of gold.
Q: How are these stablecoins used differently within the crypto ecosystem?
A: Dollar-backed stablecoins are widely used across the crypto ecosystem for trading, lending, and as a medium of exchange in DeFi protocols due to their high liquidity and stable value. Gold-backed stablecoins are less commonly integrated into DeFi and are primarily used as a store of value and a potential hedge against inflation, appealing to investors seeking growth and a safe-haven asset.
Q: What are the liquidity concerns associated with gold-backed stablecoins?
A: Liquidity can be a concern because the market for trading gold-backed stablecoins is generally smaller than for major dollar-backed ones like USDT or USDC. This can sometimes lead to wider spreads between buy and sell orders and potential challenges exchanging large volumes quickly without impacting the price.
Q: Which stablecoin is better for protecting against inflation?
A: Historically, gold has been considered a hedge against inflation and currency devaluation over the long term. Therefore, a gold-backed stablecoin could potentially offer better protection against inflation, as the value of the underlying asset (gold) may appreciate. Dollar-backed stablecoins are exposed to the inflationary pressures affecting the U.S. dollar itself.
Q: What should an investor consider when choosing between these stablecoins?
A: An investor should consider their goal. If the priority is short-term stability, ease of use for transactions, and high liquidity within crypto markets, a dollar-backed stablecoin is likely the better choice. If the goal is long-term value preservation, diversification, and a potential inflation hedge, a gold-backed stablecoin might be more suitable, though accepting its higher price volatility.