1. CEX Hot Coins
CEX Trading Volume Top 10 and 24-Hour Price Changes:
BNB: 1.5%
BTC: -3.46%
ETH: -2.65%
SOL: -2.49%
DOGE: -4.44%
PEPE: -6.82%
CREAM: -2.52%
TRUMP: 2.64%
MDT: 29.94%
XRP: -0.01%
24H Price Increase Rankings (Data Source: OKX):
LBR: 16.76%
ACA: 5.68%
NC: 4.98%
GODS: 4.68%
MANA: 3.67%
ID: 3.59%
BZZ: 3.28%
TRUMP: 2.93%
KP3R: 2.89%
MERL: 2.19%
**2. On-Chain Hot Meme Top 5 (Data Source: **GMGN):
ATLAS
YODA
PIPE
WTFO
ELONM
3. 24H Hot Search Coins
ANGLERFISH: A Solana chain meme coin themed around deep-sea anglerfish, combining the peculiar imagery of nature with the humorous culture of the crypto community. Its origin may be related to the meme coin craze in the Solana ecosystem and is currently in the early development stage, driven by community narratives and speculation.
Headlines
Democratic Leaders Pressure Treasury to Halt Trump's Strategic Bitcoin Reserve Plan
Gerald Connolly, a senior Democrat overseeing the Government Reform Committee, urged the U.S. Treasury to stop its plan to create a strategic cryptocurrency reserve after President Trump sought a national Bitcoin reserve and personal cryptocurrency holdings. He also pointed out potential conflicts of interest when Trump is involved in certain crypto projects, such as his TRUMP meme token and the World Freedom Finance project. In recent months, the terms "reserve" and "stockpile" have been used interchangeably, but sources indicate there are key differences between the two.
U.S. Treasury Discusses Bitcoin Reserve Custody Solutions with Three Crypto Firms
According to Decrypt, informed sources revealed that the U.S. Treasury met with executives from three crypto custody firms this week to discuss how to safeguard the national strategic Bitcoin reserve. Anchorage Digital was one of the institutions involved in the meeting. Anchorage CEO Nathan McCauley stated that Treasury officials inquired in detail about best practices for national Bitcoin reserves and digital asset custody, and discussed how custody affects stablecoins and market structure. Congressional sources indicated that the Treasury is currently in a research phase and has not formed a clear position but is actively seeking input from industry insiders. The current inclination is for a third-party institution to hold the government's Bitcoin reserves, with a long-term goal of the government eventually achieving self-custody. As for various seized digital assets controlled by the government, they may still need to rely on third-party custody for the long term. The U.S. Treasury declined to comment.
CBOE Submits XRP ETF Application for Franklin
Market news indicates that the Chicago Board Options Exchange (CBOE) has submitted an XRP ETF application for Franklin. It is reported that Cboe BZX, a subsidiary of the Chicago Options Exchange Group, has filed a proposed rule change (19b-4 application) with the U.S. Securities and Exchange Commission.
Industry News
BNY Mellon is expanding its services for stablecoin issuer Circle, with informed sources stating that the bank will allow some clients to send or receive payments to Circle via BNY for the purchase or sale of Circle's stablecoins. Previously, Circle's clients had to use small U.S. banks to send payments to Circle, which may have limited its growth.
Trump Family in Talks to Invest in Binance.US
The Trump family is in negotiations to invest in the U.S. branch of the cryptocurrency exchange Binance, which would allow Trump to do business with Binance. Meanwhile, informed sources revealed that Binance founder Changpeng Zhao has been urging the Trump administration to grant him a pardon. He was previously sentenced to four months in prison after pleading guilty to related charges.
Last year, Binance reached out to Trump's allies to propose a business deal with the Trump family as part of a plan to bring the exiled company back to the U.S., leading to negotiations. It is still unclear how the Trump family's stake would manifest if the deal is reached or if it would be conditional on a pardon.
Project News
Solana SIMD-0228 Proposal Fails, Receiving Only 43.6% Approval
Solana's Epoch 755 has concluded, and the SIMD-0228 proposal has failed. Although the on-chain voting reached a quorum, the proportion of Yes votes to the total of Yes and No votes was 61.4%, below the required 66.67% (i.e., 2/3) approval rate.
Dune Analytics data shows that 910 validators voted on the proposal. 43.6% voted in favor, 27.4% opposed, and 3.3% abstained.
Aave Labs Launches Horizon Project, Potentially Creating New Revenue Streams for Aave DAO
Aave Labs announced the launch of a new project called Horizon, aimed at developing RWA products (such as tokenized securities) to facilitate institutional adoption of DeFi, with the goal of leveraging the Aave ecosystem as a foundation to bridge traditional finance and DeFi. The first product of Horizon is expected to be a structured real-world asset solution that allows institutions to use tokenized money market funds as collateral to obtain stablecoin liquidity, with the stablecoin GHO serving as the primary liquidity source. Aave Labs stated that this move could create new revenue streams for Aave DAO.
Bitcoin Staking Platform Solv Raises $10 Million for Its Bitcoin Reserve Issuance
Bitcoin staking platform Solv announced it has raised $10 million for its Bitcoin Reserve Issuance (BRO), aiming to establish a $100 million BTC reserve. BRO combines characteristics of traditional convertible bonds with crypto-native features to promote institutional adoption of BTC finance.
Regulatory Trends
U.S. Senate Banking Committee Votes to Pass Bill Regulating Stablecoin Issuers
The U.S. Senate Banking Committee voted 18 to 6 to pass a bill regulating stablecoin issuers, marking the first step in submitting the bill for Trump's signature to become law.
With the initial committee approval, this bill, which will regulate U.S. stablecoin issuers at the federal level, now needs to be passed by the full Senate, and a similar version is awaiting approval in the House of Representatives.
South Korea Plans to Lift Ban on Institutional Investors Investing in Crypto Assets in Q3
The Financial Services Commission (FSC) of South Korea announced on the 12th that it plans to release comprehensive investment guidelines before the third quarter of 2025 to allow institutional investors to invest in crypto assets. The guidelines will regulate cryptocurrency investments by institutional investors, listed companies, and non-profit organizations, promoting market stability.
South Korea plans to lift an eight-year ban on corporate cryptocurrency trading, with the backdrop of the implementation of the "Virtual Currency User Protection Act," which lays the foundation for user protection, as well as changes in market conditions with major foreign countries entering the market.
Investment and Financing
PoPP Completes $6 Million Financing, Total Financing Reaches $12 Million
Decentralized user protocol platform PoPP announced the completion of its final round of $6 million financing before TGE, bringing the total financing amount to $12 million. Investors in this round include Oasis Labs, X-Labs, Becker Ventures, InnoAlpha, Blocklike Ventures, and others.
PoPP provides dynamic on-chain identity labels for users by analyzing on-chain behavior, accurately matching DApps, and offering privacy-protected precise audience targeting for developers.
After the financing is completed, PoPP will advance the PoPP AI-Profile, build a Web3 user ecosystem, optimize the smart matching experience, and expand more application scenarios.
On-chain AI model verification and leasing market Aura has completed a $5.5 million seed round financing, led by Daxos Capital, Manifold Trading, and Selini Capital, with participation from Hermeneutic Investments. The new funds are intended to accelerate its technology roadmap and prepare for the next phase of platform development, supporting AI model users and creators through a decentralized AI marketplace, verifiable model integrity mechanisms, and an incentive-aligned AI deployment ecosystem.
nunu.ai Completes $6 Million Seed Round Financing, Co-led by TIRTA Ventures and a16z Speedrun
nunu.ai has completed a $6 million seed round financing, co-led by TIRTA Ventures and a16z Speedrun, with participation from Factorial Funds, Y Combinator, Earthling, Hartmann Capital, FOV Ventures, and New Renaissance Ventures.
nunu.ai focuses on the intersection of artificial intelligence, gaming, and robotics, aiming to build the first AI agent capable of testing and playing games, driving the intelligent development of the gaming industry.
Voices
Arthur Cheong, founder and CEO of DeFiance Capital, stated that the influence of the "Fat Protocol Thesis" in the crypto market is waning, and the speculative bubble in infrastructure projects has burst.
He pointed out that the price-to-earnings (PE) ratios of DeFi applications typically range from 5 to 15 times, such as Hyperliquid (7.7x), Ena (7.4x), and Jupiter (3.9x), while infrastructure projects like Ethereum (694x) and Solana (162x) have seen limited growth over the past two years, with valuations still in the 150x-1000x price-to-revenue ratio range.
Cheong believes that as the market reassesses valuations, DeFi and other application-based projects will receive more attention, while the premiums on infrastructure projects are being digested by the market.
PitchBook analyst Robert Le pointed out that with PayPal and major banks entering the stablecoin market, the business models of Tether and Circle are at risk. Although Tether and Circle currently hold 90% of the stablecoin market share, Le believes this dominance will weaken due to increased competition. PayPal's PYUSD has reached a market capitalization of $700 million since its launch in 2023, and traditional financial institutions like Bank of America are also waiting to issue stablecoins after clear regulations are established. Le predicts that once the stablecoin bill is passed, hundreds or even thousands of stablecoins will emerge in the market, squeezing the market share of Tether and Circle.
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