BlockBeats will summarize key industry news from the week of June 16 to June 22 in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
Israel-Iran Conflict Escalates: U.S. Intervenes with Bombing of Iran; Crypto Market Responds with Decline
On June 22, the U.S. military deployed six B-2 bombers to bomb three nuclear facilities in Iran. President Trump confirmed the news on social media, stating, "Now is the time to pursue peace. Iran must immediately agree to end this war." Following this news, Bitcoin briefly dropped over 2%, and the ETH/BTC exchange rate plummeted 6.2% during the incident. On the same day, Trump delivered a speech stating that the U.S. goal is to destroy Iran's nuclear enrichment capabilities and prevent Iran's nuclear threat, asserting that Iran's facilities have been completely destroyed. Iran must now achieve peace; if all parties do not achieve peace, future conflicts will be more intense. Iran will either welcome peace or fall into tragedy. Many goals remain unachieved, and tonight's strikes targeted the "most challenging objectives." If peace is not achieved in the future, other targets will be precisely struck. Related reading: “With Ongoing Geopolitical Conflicts, How Should Traders Position Their BTC Holdings? | Trader Observation”
Tron to Go Public in the U.S. via "Backdoor Listing" and Establish Strategy-like Company with Trump's Son
On June 16, Tron will go public through a reverse merger with SRM Entertainment, which is listed on NASDAQ. The deal is being handled by Dominari Securities, a boutique investment bank based in New York, linked to Donald Trump Jr. and Eric Trump. One source indicated that the newly formed company will purchase and hold TRX, mimicking the strategy of Strategy. The source also revealed that Eric Trump is expected to hold a position in the new company, although he denied this the following day. The company is expected to be named Tron Inc, and Tron is anticipated to inject up to $210 million in token assets into the new company. Related reading: “Tron Goes Public, Sun's Entry into the Crypto Circle 'Backdoor Buying' Capital Frenzy”, “What Other Companies and Assets Does Sun Yuchen Own Besides the Newly Acquired Public Company?”
Apple, Google, and Others Have 16 Billion Login Credentials Leaked, Raising Security Concerns in the Crypto Industry
On June 19, it was reported that over 16 billion login credentials from major online service providers such as Apple, Google, and Facebook were leaked. This massive data breach could have serious consequences for cryptocurrency holders. According to a recent report, the Cybernews research team reviewed "30 leaked datasets, each containing tens of millions to over 3.5 billion records." The total number of leaked login credentials reached "an astonishing 16 billion." The report noted, "Aside from one 'mysterious database' containing 184 million records that had been reported, the remaining datasets had not been publicly disclosed before." Most databases contained an average of about 550 million records, with the smallest dataset having over 16 million records. Cybernews warned that this data could serve as "the basis for large-scale attacks," providing attackers with "a wealth of fresh and weaponizable intelligence." It is claimed that most data leaks originated from unprotected Elasticsearch instances or object storage services.
Infini Announces Suspension of Infini Card Services; Co-founder: Due to High Compliance Costs and Thin Profits, Focus Will Shift to Wealth Management and Asset Management
On June 17, Infini officially announced the suspension of its Infini Card services, including Global Card, Lite Card, and Tech Card, effective immediately for use and new applications. Despite the termination of card services, core functions such as recharge, withdrawal, and Earn earnings will continue to operate normally, and user assets remain secure and controllable. On the same day, Infini co-founder Christine posted on social media stating, "Infini has officially stopped its crypto card business aimed at individual users (To-C) due to high compliance costs, thin profits, and operational complexity. Although this business accounted for about 99% of the company's resource investment, it did not generate significant revenue and has been strategically divested. Wealth management and asset management will become the focus moving forward. Currently, Infini's wealth management products have a stable annualized return of around 5%, and functions such as recharge and withdrawal are all normal." Related reading: “Exclusive Interview with Infini Co-founder: Why Did We Shut Down the U Card Business?”
This Week, Binance Alpha Tokens ZKJ and KOGE Plummeted Suddenly; Binance: Due to Large Holders Withdrawing On-chain Liquidity and Chain Liquidations
On the evening of June 15, Binance Alpha tokens ZKJ and KOGE experienced a flash crash, with declines exceeding 50%. On that day, on-chain analyst Ai Yi stated that this might be a premeditated harvesting operation. The collapse of ZKJ and KOGE was caused by the dual pressure of "large liquidity withdrawals + continuous selling" from three major addresses. On June 16, Binance stated that this situation was primarily due to large holders withdrawing on-chain liquidity and chain liquidations in the market. On June 17, the ZKJ team released a preliminary report on the token price crash, stating that the immediate triggers included: a coordinated on-chain liquidity attack leading to a large influx of tokens, significant transfers from Wintermute to centralized exchanges, and chain liquidations on these exchanges. As a result of this incident, Binance Alpha's trading volume has declined for several consecutive days, currently falling below an average of $700 million per day. Related reading: “Reviewing the Flash Crash of ZKJ and KOGE: A Liquidity Harvesting 'Conspiracy'”, “A Three-Week 'Binance Alpha Hunt': The Plummeting of ZKJ and KOGE, Did the Whales Score and Profit?”
Stablecoin Concept in U.S. Stocks Highly Popular; Circle's Stock Price Has Increased Over 700% Since Its IPO on June 6
On June 21, according to U.S. stock market data, Circle closed at $240.28, with a single-day increase of 20.39%, continuing to set new highs since its IPO. Previously, on June 5, Circle completed its IPO on the New York Stock Exchange at $31 per share. After several days of increases, Circle's current stock price has risen over 770% compared to its IPO price. Related reading: “On the Eve of Stablecoin Transformation: The Surge of Circle Leading to a Stablecoin Acceleration Frenzy”, “Crypto Bull Market, All in U.S. Stocks: Circle's Journey from $31 to $165 in Ten Days”, “Cathie Wood's CRCL Sold After Earning $100 Million, Can We Short Circle Now?”
pump.fun Token Auction Postponed Again to Mid-July, Valued at Approximately $4 Billion
On June 20, it was reported that the pump.fun token auction has been postponed again to mid-July, with an estimated valuation of approximately $4 billion. It has been delayed multiple times since the end of last year; the project team is selling token allocations to crypto funds. However, according to a valuation model established by Messari researchers, the PUMP FDV could reach $7 billion. Related reading: “Messari: PUMP Reasonable Valuation at $7 Billion, Is Buying in Public Sale Profitable?”
X Platform Ban Wave Temporarily Retreats: pump.fun and Its Founder, GMGN, and Some Crypto KOL Accounts Have Been Unbanned
On June 18, market news indicated that the previously banned accounts of pump.fun and its founder Alon, GMGN platform, and some crypto KOLs on X have now been unbanned. Earlier reports stated that on June 12, the X platform suddenly launched a large-scale ban against crypto users, with accounts such as Eliza, GMGN's official Twitter, and numerous MEME KOL accounts being banned, including @WolfyXBT, @brc20niubi, @0xCryptoWizard, @Ga_ke, @gmgnai, and @haze0x. Related reading: “Pumpfun Account Gone, Crypto Twitter's English Zone Faces Collective Bans”
ai16z Founder: X Platform Claims Monthly Payment of $50,000 for Corporate License Fee Will No Longer Be Pursued, Considering Legal Action
On June 18, the ai16z founder posted on Farcaster stating, "X contacted me, saying we violated certain service terms, such as selling data and bypassing API keys to sell certain content, but we have never done these things, nor will we in the future. X said that if we pay a monthly corporate license fee of $50,000, they will no longer pursue us. I do not want to be part of this system—it goes against everything I stand for. I am considering whether to take legal action." Earlier reports indicated that the official X account of ElizaOS @elizaOS and its founder Shaw's account @shawmakesmagic were both frozen.
U.S. Senate Votes to Pass the GENIUS Stablecoin Act
On June 18, it was reported that on Tuesday local time, the U.S. Senate passed the landmark cryptocurrency legislation known as the GENIUS Act, aimed at promoting growth in the industry. This marks a historic lobbying victory for digital asset companies in the Senate's first comprehensive vote on regulatory reform for cryptocurrencies. The U.S. Senate passed the bill with a vote of 68 in favor and 30 against, with 18 Democrats joining a majority of Republicans in supporting its submission to the House for consideration. The bill, led by Republican Senator Bill Hagerty of Tennessee, will establish a U.S. regulatory framework for stablecoins pegged to the value of the U.S. dollar for the first time. Related reading: “Will the 'GENIUS Act' Affect Tether?”
Texas Governor Signs Bitcoin Reserve Bill SB 21, Officially Becomes Law
On June 22, it was disclosed that Texas Governor Greg Abbott signed the Bitcoin Reserve Bill SB 21, making it official law. Texas now becomes the third state to have Bitcoin reserves. Previously, Texas Lieutenant Governor Dan Patrick announced that the Texas Strategic Bitcoin Reserve Bill received bipartisan support and will create a state-managed fund that will only invest in cryptocurrencies with an average market capitalization of at least $50 billion over the past 12 months, qualifying for state budget allocations. Additionally, the bill establishes a Strategic Bitcoin Reserve Advisory Committee to provide guidance for fund management and requires a report on holdings to be submitted every two years.
Iranian Crypto Exchange Nobitex Hit by Israeli Hacker Group Attack, Losses Estimated at $100 Million
On June 18, the Iranian crypto exchange Nobitex was attacked by hackers. The perpetrators were identified as the pro-Israel hacker group "Gonjeshke Darande," which means "Predatory Sparrow" in Persian and is known for cyberattacks on Iran's critical infrastructure. Although the group claims to be an independent hacking entity, the technical complexity of their attacks and the targeting of the Iranian regime suggest possible connections to the Israeli government or military. On the same day, SlowMist founder Yu Xian stated that the hacker attack addresses were all "vanity numbers," indicating that political motives outweighed asset theft. On June 19, the group released key information about Nobitex's internal structure, system details, and source code on social media. That day, Nobitex announced that "the currently estimated total amount of stolen assets is approximately $100 million. Additionally, due to network restrictions and external server access issues, the platform's recovery may take longer than usual. However, Nobitex is making every effort to expedite the repair process. All user assets are fully secured by Nobitex's reserve fund, and users will not incur any financial losses." Related reading: “Continuation of War: Iranian Cryptocurrency Wealth Plundered by Israel”, “Israeli Hackers Steal $81.7 Million in Crypto from Iran, Is Crypto the New Battlefield?”
Trump Organization Launches T1 Smartphone Priced at $499
On June 16, the Trump Organization launched the T1 smartphone, priced at $499, expected to be available in September. Previously, President Trump stated that the Trump phone would utilize "American-made" phones and services. In comparison, the Solana phone prices are Solana Saga ($1,000, first generation) and Solana Seeker ($450-$500).
Liu Qiangdong: JD.com Will Apply for Stablecoin Licenses in Major Currency Countries Worldwide
On June 17, according to Sina Finance, Liu Qiangdong, Chairman of JD.com, stated during a sharing session that JD.com hopes to apply for stablecoin licenses in all major currency countries worldwide, aiming to facilitate foreign exchange between global enterprises through stablecoin licenses, reducing cross-border payment costs by 90% and improving efficiency to within 10 seconds. Liu Qiangdong mentioned, "Currently, remittances between enterprises take an average of 2 to 4 days and are quite costly. After completing B-end payments, we will penetrate into C-end payments, hoping that one day everyone can use JD stablecoins for payments while consuming globally." Related reading: “Strong Entry into Stablecoins, Liu Qiangdong Officially Launches JD's 'Second Payment Revolution'”
JD Coin Chain CEO: JD Global Sales Hong Kong and Macau Station Will Support Users Using Stablecoins for Shopping
On June 18, Liu Peng, CEO of JD Coin Chain Technology, stated in a recent interview that "the JD ecosystem's global sales Hong Kong and Macau station will be the first to use JD stablecoins for payment settlement. Outside the JD ecosystem, given the differences in industry characteristics, transaction timeliness, and fund clearing logic, we plan to tailor stablecoin payment solutions for different industries. The retail aspect will first land at JD's global sales Hong Kong and Macau station, where users can be the first to use stablecoins for shopping in JD's self-operated e-commerce scenarios. JD Coin Chain plans to obtain licenses in early Q4 2025 and simultaneously launch stablecoins pegged to the Hong Kong dollar and other currencies. Currently, the company is testing in the Hong Kong Monetary Authority's stablecoin issuer sandbox, focusing on the application of stablecoins in three major scenarios: cross-border payments, investment transactions, and retail payments."
Coinbase Seeks SEC Approval to Launch On-chain Tokenized Stocks, Challenging Traditional Brokers like Robinhood
On June 17, it was reported that Coinbase's Chief Legal Officer Paul Grewal revealed that the company is actively seeking a no-action letter or exemption from the SEC to launch traditional stock trading services based on blockchain. Tokenized stocks will enable T+0 settlement, 24/7 trading, and lower costs, but U.S. investors are currently prohibited from participating. This move will directly challenge traditional brokers like Robinhood and Charles Schwab, while Coinbase's competitor Kraken has already launched the xStocks service in Europe, Asia, and Africa, which includes over 50 tokenized stocks and ETFs. Coinbase continues to expand its non-crypto asset offerings following last week's launch of the American Express co-branded credit card and USDC payment collaboration with Shopify/Stripe. Related reading: “Coinbase Deep Integration + JPMorgan Pilot, Which Projects Are Worth Watching?”, “Coinbase Aiming to Be 'The American Binance'”
JPMorgan May Enter Stablecoin Business, Planning to Pilot Deposit Token JPMD on Base Network
On June 18, Bloomberg reported that JPMorgan will launch a pilot for a token called JPMD, which represents dollar deposits from the world's largest bank, indicating that financial institutions are further deepening their involvement in the digital asset space. The deposit token JPMD will be piloted on a blockchain associated with Coinbase. According to Naveen Mallela, co-head of JPMorgan's blockchain division Kinexys, the bank will conduct a transaction in the coming days to transfer a certain amount of JPMD from the bank's digital wallet to the largest U.S. cryptocurrency exchange, Coinbase Global Inc. Related reading: “Base's 'Onchain Summer' Has Finally Arrived”, “'Stablecoins as Platforms': Why Every Company Needs a Stablecoin Strategy”
Former Serbian President Confirms His Role as CEO of AB Foundation, Engaging in Charitable Work
On June 16, former Serbian President Boris Tadić posted on the X platform stating, "As the CEO of the AB Foundation (@ABCharityFund), I am pleased to share that, although the AB charity is still in its early stages, our first donation—focused on assisting impoverished children—has successfully been sent to Timor-Leste! This act of kindness has received high praise and was awarded a certificate of honor by the President of Timor-Leste, José Ramos-Horta. We look forward to extending our mission globally, not limited to Timor-Leste." Related reading: “All 'European Political Figures' AB DAO to Take Over ZKJ, Becoming the Next Godly Project Under Binance Alpha?”
Central Bank to Establish International Operation Center for Digital RMB; Governor Pan Gongsheng Discusses Stablecoins for the First Time
On June 18, according to CCTV News, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People's Bank of China, announced the establishment of an international operation center for the digital RMB. This aims to promote the international operation of the digital RMB and the development of financial market business, serving digital financial innovation. The establishment of personal credit institutions will provide diversified and differentiated personal credit products for financial institutions, further improving the social credit system. Pan Gongsheng also stated that new technologies are accelerating their application in the field of cross-border payments, with blockchain and distributed ledger technologies promoting the vigorous development of central bank digital currency stablecoins, reshaping the traditional payment system from the ground up, significantly shortening the cross-border payment chain, while also posing significant challenges to financial regulation. Technologies such as smart contracts and decentralized finance will continue to drive the evolution and development of the cross-border payment system.
Binance Alpha Continues to Launch Multiple Airdrops and TGE Projects This Week; Mainstream Trading Users' Airdrop Daily Profit Averaged About $14.6 Over the Past 30 Days
The following are the details of the airdrops:
June 16
- Points ≥242 can receive 5,000 VELO airdrop, consuming 15 points.
- Points ≥242 can receive 2,543 ULTI (Ultiverse) airdrop, no points consumed.
June 17
- Points ≥238 can participate in BOMB TGE, requiring 15 points.
- Points ≥240 can receive 2,000 SPK (Spark) airdrop, consuming 15 points.
June 18
- Points ≥234 can participate in DAOBase TGE, requiring 15 points.
June 19
- Alpha launched Matchain (MAT), with airdrops distributed in two phases: Phase 1 (first 18 hours): Users with points ≥243 can claim; Phase 2 (next 6 hours): Users with points >210 can claim on a first-come, first-served basis, with each person receiving 16 MAT; claiming in each phase consumes 15 points.
June 20
Alpha launched Avail (AVAIL): Phase 1: Points ≥243 can claim; Phase 2: Points ≥199 can participate, with each person receiving 2,667 AVAIL; claiming in each phase consumes 15 points.
Users with points ≥238 can participate in the League of Traders (LOT) TGE, requiring 15 points.
June 21
- Alpha launched Redbrick (BRIC): Phase 1: Users with points ≥251 can apply; Phase 2: Users with points ≥226 can claim on a first-come, first-served basis, with each person receiving 900 BRIC; claiming in each phase consumes 15 Alpha points.
On June 16, Binance announced adjustments to the calculation rules for Alpha Points. Starting from June 17, 2025, trading volumes of trading pairs involving Alpha tokens will no longer be counted in the calculation of Alpha Points. According to calculations by Rhythm BlockBeats, after adopting Binance Alpha's new regulations, daily trading wear is approximately $4, with expected earnings of $560 over 30 days, expected costs of $120 over 30 days, and expected profits of $440 over 30 days, averaging about $14.6 per day.
Trump's Company Quietly Reduces Holdings in Crypto Project WLFI
On June 19, Forbes reported that an analysis of the official website details of World Liberty revealed that a company owned by Donald Trump has reduced its stake in the crypto project World Liberty Financial from 60% to 40% over the past 11 days. This change was made without any public announcement, indicating that Trump himself or representatives acting on his behalf are still secretly engaging in behind-the-scenes transactions during his tenure. Related reading: “White House Discloses Trump's Financial Status: Resort Business Earns Over $100 Million Annually; WLFI Sales Reach $57 Million”
DoorDash CTO Responds to Base Co-founder Jesse's Proposal on Stablecoin
On June 18, Base co-founder Jesse Pollak posted on the X platform expressing a desire to collaborate with mainstream platforms such as DoorDash, ChatGPT, Uber, Lyft, Spotify, Starbucks, Amazon, Whole Foods, and Chipotle to promote support for stablecoin payments, stating, "This will increase my happiness by 10 times," and noted that Base currently has Shopify-level technical integration capabilities, publicly inviting resource holders to DM for collaboration. Subsequently, DoorDash co-founder and CTO Andy Fang sent a private message requesting contact, and Base co-founder Jesse confirmed that they have established communication, with both parties potentially collaborating on stablecoin payments.
Telegram Founder Granted Permission to Travel to Dubai; Has Set Up Will to Distribute Wealth to 6 Children and 100 Children Born from Sperm Donations
On June 19, Cointelegraph reported that Telegram founder Pavel Durov has been granted permission to leave France for 14 days starting July 10, but only to travel to Dubai and must undergo ongoing judicial supervision. On the same day, Pavel Durov stated that he wishes to distribute his $17.1 billion fortune to six children born to three partners, as well as 100 children born from sperm donations in 12 countries over the past 15 years. "They are all my children and have equal rights! I do not want them to tear each other apart after I pass away," said the 40-year-old Durov, who does not want his children to access his wealth for 30 years.
Reddit in Talks to Use Worldcoin's Iris Scanning Device Orb, WLD Temporarily Rises Over 5.5%
On June 20, it was reported that Reddit is in talks to use the iris scanning device Orb from Sam Altman's Worldcoin. According to two insiders, World ID may soon become a way for Reddit users to verify their unique identity while remaining anonymous on the platform. On that day, influenced by this news, WLD temporarily rose over 5.5%.
X CEO: Users Will Soon Be Able to Invest or Trade on the X Platform
On June 19, the Financial Times reported that Linda Yaccarino, CEO of the social media platform "X," stated that users will soon be able to invest or trade on the platform. X is also exploring the introduction of credit or debit cards.
Bank of America Ranks Bitcoin as One of the Greatest Innovations of the Past Millennium
On June 17, Cointelegraph reported that Bank of America has ranked Bitcoin as one of the greatest innovations of the past millennium, comparing its impact to that of the internet and electric vehicles.
Criminal Gang in Hainan Danzhou Convicted for Illegally Absorbing Public Deposits Under the Guise of Virtual Currency Investment
On June 18, the Danzhou People's Procuratorate in Hainan Province, China, reported that a criminal gang illegally absorbed public deposits totaling over 10 million yuan by luring investors with promises of high returns from virtual currency investments. The amount involved was significant, leading to prosecution for the crime of illegally absorbing public deposits. The Danzhou Court found that the gang constituted a joint crime of illegally absorbing public deposits. In 2023, the gang conspired to illegally absorb public deposits through "contract trading of virtual currencies" for profit. In just a few months, the gang illegally absorbed over 10 million yuan from 32 "clients" for trading on virtual currency platforms, but due to the continuous depreciation of the purchased virtual currencies, they were unable to continue providing returns to the "clients" until they "exploded."
This Week's Major Financing: Ubyx, Gradient Network, EigenCloud, TAC, Units Network
On June 17, Ubyx, a stablecoin startup founded by former Citigroup executive Tony McLaughlin, completed a $10 million seed round of financing, led by Galaxy Ventures, with participation from Founders Fund, Coinbase Ventures, Paxos, and VanEck. The company aims to build a clearing system connecting stablecoin issuers with banks and fintech companies to address interoperability issues in payment scenarios.
On June 17, the decentralized AI infrastructure project Gradient Network announced the completion of a $10 million seed round of financing. This round was led by Pantera Capital and Multicoin Capital, with participation from HSG (formerly Sequoia China) and several well-known angel investors and advisors from AI, crypto, and other cutting-edge fields. Related reading: “$10 Million Raised in Seed Round, Why Did Multicoin and Pantera Invest in Gradient?”
On June 17, Eigen Labs announced the launch of the Ethereum re-staking protocol EigenCloud, with a16z crypto investing $70 million through direct purchase of EIGEN tokens, marking a16z's follow-up investment after investing $100 million in EigenLayer in February 2024. Related reading: “a16z Leads $70 Million Investment, What Core Problem Does EigenCloud Solve?”
On June 18, it was reported that the blockchain project TAC announced it raised a total of $11.5 million in seed and strategic rounds, with the latest $5 million strategic round led by Hack VC. The project aims to provide EVM-compatible DeFi infrastructure for the TON and Telegram ecosystem, planning to gradually open features through phased mainnet launches.
On June 19, it was officially announced that Units Network, a modular blockchain ecosystem built on the Waves protocol, completed a $10 million financing round, led by Nimbus Capital.
This Week's Popular Articles
“100,000 Users Depart: Those Who Lost Money in Binance Alpha”
After the ZKJ and KOGE flash crash events, Binance Alpha users experienced a massive exodus, with the cost-effectiveness of score arbitrage rapidly declining, and the new rules for acquiring Alpha points rendered existing strategies ineffective. Users who previously relied on multiple accounts and low-cost arbitrage have chosen to exit or observe, with some users incurring significant losses due to misjudging the market or operational errors. Currently, Alpha's incentive mechanism is shifting from volume manipulation to emphasizing genuine interaction and value capture, requiring future participants to focus on risk control and strategy adaptation, or they may incur sunk costs or be forced to take over positions during rule changes.
“Tron Goes Public: Sun's Capital Frenzy of 'Shell Buying' in the Crypto Circle”
Sun Yuchen announced that Tron would go public on NASDAQ through a reverse acquisition of SRM Entertainment, joining as an advisor and including TRX in the company's balance sheet. This $100 million deal not only bypasses IPO compliance hurdles but is also deeply tied to the Trump family network, with small Donald and Eric Trump involved behind the scenes at Dominari Securities. This move signifies TRX's formal entry into the Wall Street narrative system, marking Sun Yuchen's participation in the "publicly listed buying coins" wave, alongside BTC, SOL, ETH, and XRP, initiating a new cycle of "coin-stock binding." He has created a breakthrough for Tron into mainstream financial markets through a dual drive of capital and politics.
“Continuation of War: Iranian Cryptocurrency Wealth Plundered by Israel”
Iran's largest cryptocurrency exchange, Nobitex, was attacked by an Israeli hacker organization, resulting in the theft of approximately $80 million in stablecoins. Against the backdrop of war in the Middle East, this incident transcends the technical dimension, becoming a crossroads of crypto finance and geopolitics. For the Iranian people, stablecoins have long ceased to be mere investment tools; they have become a necessity for survival in the face of hyperinflation, financial sanctions, and capital controls, yet now they have become targets of war attacks. This assault not only reveals the true role of stablecoins in conflict regions but also highlights the extension of financial warfare brought about by war, representing a heavy blow to ordinary Iranians.
“Cathie Wood's CRCL Sold After Earning $100 Million; Can We Short Circle Now?”
Since its IPO in June, Circle's stock price has skyrocketed over 500%, with a market capitalization exceeding $48.4 billion, making it a star among U.S. crypto stocks. Institutions like ARK have cashed out nearly $100 million in profits at high levels but still hold significant positions. Although some in the crypto community have questioned its valuation, citing a single revenue structure and increasing competition, the U.S. stock market's enthusiasm for "stablecoin compliant financial platforms" has driven its stock price far beyond traditional crypto perceptions. While there are calls to short the stock, they struggle against the emotional premium and lock-up period restrictions following the IPO, with bullish logic temporarily dominating market expectations.
“Base's 'Onchain Summer' Has Finally Arrived”
The U.S. has officially passed the GENIUS Act, recognizing the compliance of crypto assets for the first time in legislative form, prompting financial giants to accelerate their layout of on-chain infrastructure. JPMorgan has launched the deposit token JPMD based on the Base chain, attempting to enhance institutional settlement efficiency in an on-chain manner; Coinbase has applied for a tokenized stock trading license, building an integrated closed loop from stablecoin payments to stock trading, and continuously expanding scenarios such as stablecoin e-commerce payments and on-chain perpetual contracts, creating a compliant financial operating system. The deep integration of traditional finance and the crypto ecosystem indicates that the crypto market is entering a period of institutional reconstruction driven by regulations, platforms, and assets.
“$GOR Token Surges 400 Times in 24 Hours; What Concept is Gorbagana Trading?”
The $GOR token on the Solana chain unexpectedly emerged during a debate over blockchain orthodoxy and trademark control, surging 400 times within 48 hours, with its market capitalization briefly exceeding $40 million. The event began when Delphi Labs legal advisor Gabriel Shapiro questioned the legitimacy of "decentralization," prompting a response from Solana co-founder Toly, which led the community to co-create the meme coin "Gorbagana," symbolizing brand satire and a decentralization experiment. In this crypto feast, on-chain whales entered precisely to arbitrage, while some retail investors and KOLs chased the price and got trapped, reflecting the tension between narrative-driven and on-chain gaming.
“Strong Entry into Stablecoins: Liu Qiangdong Officially Launches JD's 'Second Payment Revolution'”
Liu Qiangdong announced that JD will fully enter the stablecoin field, planning to apply for licenses in major currency countries worldwide, leveraging blockchain to achieve cross-border payments with a 10-second settlement and a 90% cost reduction, driving the reconstruction of the payment system from B-end to C-end. This is not only a reflection on missing the golden period of domestic payments but also a key step in JD's internationalization strategy. Compared to traditional banks and third-party payments, stablecoins offer advantages such as higher efficiency, lower costs, and easier compliance, becoming a core infrastructure in JD's global e-commerce layout. Stablecoins will also serve as a new engine for JD to attempt to reverse the "lost five years."
“Arthur Hayes Predicts Bitcoin Will Hit $250,000 by Year-End; Altcoins May Not Shine Again”
Arthur Hayes predicts that Bitcoin is likely to hit $250,000 by year-end and is bearish on most altcoins due to their lack of product-market fit and real revenue potential for further growth; he believes the market will experience asset revaluation due to money printing and fiscal stimulus from various countries, with Bitcoin standing out due to its scarcity and decentralization. Compared to complete decentralization, users care more about the liquidity and product experience of trading platforms. He points out that Alpha is currently overheated but lacks fundamental support, suggesting that when selecting coins, one should focus on narrative and cash flow returns. The capital relationship between China and the U.S. will gradually drift apart, potentially benefiting emerging markets. His fund values stable returns and long-term layouts and is preparing to acquire profitable crypto companies through SPAC.
Mai Gang, an investor once viewed as an "outlier" in the mainstream VC circle, is not only the first angel investor in Pop Mart but also firmly advocated for Bitcoin in its early days and invested in OKCoin, facilitating the birth of the two major crypto giants, OKX and Binance. He has crossed over into the trendy toy and crypto sectors, incubating multiple projects that have changed the industry landscape through early trend judgment, deep insights into human nature, and long-term trust in entrepreneurs. His "non-mainstream" investment philosophy is rooted in a commitment to entrepreneurial original intent and the value of character.
“Exclusive Interview with Infini Co-founder: Why Did We Shut Down the U Card Business?”
Infini announced the shutdown of its U Card business, marking its official shift from crypto payments to on-chain wealth management services. Co-founder Junzhu reflected that while the U Card quickly acquired customers, it gradually became a resource black hole due to high compliance costs, low refund efficiency, and misjudgment of the business model. The team realized that "turning back" stablecoins to the traditional banking system was not a true breakthrough and decided to return to their original intention, focusing on simplifying complex DeFi yields into user-friendly wealth management products. In the future, Infini will focus on building a counter-cyclical, high-yield, decentralized crypto wealth management platform, with the long-term goal of enabling direct consumption with stablecoins, driving true on-chain payment innovation.
An increasing number of U.S. publicly listed companies, especially small and mid-cap firms, are mimicking the Microstrategy model by incorporating Bitcoin, Ethereum, and other crypto assets into their balance sheets, attempting to reshape valuation logic and financing capabilities through crypto reserves, creating a new narrative path for short-term stock price explosions. Although this trend has garnered attention and hype in the capital markets and received backing from some giants, it has also raised concerns about manipulation, leverage risks, and regulatory worries. Finding a balance between crypto allocation and sound management will be a key test for long-term sustainability.
“$Launchcoin Ecosystem Warms Up: Reviewing Five Potential Projects on the Believe Platform”
The ICM (Internet Capital Market) narrative ignited by $Launchcoin is returning to a "product-driven" focus after experiencing a brief bubble and trust crisis. Despite early projects facing issues like deletion of posts and founders going missing, the rise of quality projects such as $Kled, Polycule, Knet, Jatevo, and Fitted has restored market confidence, with the platform token $Launchcoin's market capitalization returning to $200 million. These projects are respectively focused on AI data intermediaries, on-chain prediction trading, AI game development, LLM reasoning, and AI fashion consumption, demonstrating practical landing capabilities and ecological flywheel design, representing the evolutionary direction of the ICM model under the Believe platform. The resonance between narrative-driven and product validation is opening up a new paradigm for on-chain entrepreneurial financing, with the ICM ecosystem expected to enter a new stage of sustained construction and structural opportunities.
“Left Hand Plasma, Right Hand Stable: Will the Stablecoin King Squeeze Tron?”
Tether has regained its on-chain discourse power in stablecoins through three strategic layouts: first, launching the Plasma public chain to achieve zero-fee transfers of USDT and connecting Bitcoin reserves with stablecoin settlement loops, potentially generating over $1 billion in annual profits; second, launching the Stable chain aimed at institutions, deeply engaging in commodity and cross-border settlement scenarios; third, preparing to issue payment-type stablecoins in the U.S. to penetrate the core area of bank wire transfers. Against the backdrop of increasing "taxation" on public chains like Tron and the imbalance in USDT's on-chain value capture, Tether is attempting to establish a complete stablecoin settlement network, creating a closed-loop ecosystem that controls the entire process of issuance, circulation, and redemption.
Tether CEO Paolo Ardoino emphasized in interviews at the Bitcoin conference and CNBC that USDT has covered approximately 420 million users globally, especially being used as a savings tool in countries with severe currency depreciation. He stated that Tether is investing in agriculture, dairy, AI, and brain-computer interfaces to build a long-term stable asset base and promote the widespread use of stablecoins in Africa and Latin America through grassroots marketing. When asked about compliance, audit transparency, and the GENIUS Act, he responded that Tether has relocated its registration to El Salvador and has initiated active dialogue with the Big Four accounting firms, aiming to promote complete audits. He emphasized that Tether serves the 3 billion people globally who are overlooked by banks, which is fundamentally different from traditional financial system stablecoin projects.
“Arthur Hayes: Stablecoin IPOs Are a 'Dead End,' But I Advise You Not to Short”
The stablecoin market is undergoing a grand narrative reconstruction: on the surface, it appears to be a tool for technological innovation and the internationalization of the dollar, but in reality, it is a financial power game dominated by distribution rights, regulatory arbitrage, and macro interest rate differentials. The article reveals, from a satirical and critical perspective, how Tether has leveraged the crypto arbitrage ecosystem in Greater China to achieve a cold start, product fit, and network effects, while Circle, lacking genuine distribution capabilities, went public with a high valuation by leveraging Coinbase, reflecting the vulnerability of the stablecoin sector's external dependencies. With the entry of Web2 social platforms and traditional banks, players with native user distribution channels will have a decisive advantage, leaving new entrants with little chance of success; however, driven by speculators and bubble logic, rounds of financing, IPOs, and refinancing will continue to unfold. Ultimately, the core of profitability for stablecoin issuers lies in how to control NIM and distribution channels, rather than the technology itself.
After a period of controversy following the $JELLYJELLY incident, Hyperliquid has regained market recognition with the new highs of $HYPE and the continuous expansion of the HyperEVM ecosystem. As its core lending protocol, Hyperlend co-founder @0xNessus elaborated on the innovative path of tokenizing liquidity, positions, and perpetual contracts, emphasizing that Hyperliquid places greater importance on on-chain transparency and composability compared to Binance. The team responds quickly to community feedback and continuously optimizes performance and user experience. In Nessus's view, $HYPE is still undervalued, and with the ongoing enhancement of the on-chain ecosystem and buyback efforts, it has the potential to multiply in value, likely becoming a representative asset supported by both exchange and public chain values.
“The Evolution of Web3 KOL Marketing: From Grassroots to Platforms, Which is More Effective?”
This article systematically analyzes the current state and trends of KOL marketing in the Web3 space. Although mainstream marketing agencies manage thousands of KOLs, the core accounts that truly generate results often number fewer than a hundred, with high-quality KOLs being extremely scarce. Compared to follower count, content quality and audience engagement are the true metrics of effectiveness. Traditional advertising channels have limited effectiveness, and tools like Kaito and Cookie DAO are promoting decentralized experiments with micro KOLs and ambassador mechanisms, but they also face issues such as audience overlap and inefficient exposure. The author believes that truly effective marketing relies on building long-term trust, natural interactions, and multi-platform reach, emphasizing the importance of high signal-to-noise platforms like Telegram and Substack, and calling for Web3 projects to avoid the misconception of "winning through shouting."
“From Silence to Breaking the Circle, What Quality Targets are on Letsbonk.fun?”
After experiencing community skepticism and a retreat regarding Launchpad projects in April, the Bonk ecosystem has recently been rebooted under the leadership of founder Tom, reigniting community enthusiasm through initiatives like hackathons and token buybacks. Among them, $USELESS broke through a market cap of $100 million with its self-deprecating narrative of "uselessness is faith," $HOSICO built a unique meme universe with its orange cat image, $IKUN connected with the Chinese community, $NYLA focused on on-chain AI Agent operations, and $DEL emerged as a standout in the hackathon. The Bonk ecosystem is completing a self-repair and growth loop from the perspectives of consensus, products, and funding, becoming a rare endogenous force in the current bear market.
“'Ultimately Returning to Bitcoin': Why Even Altcoin Founders are Selling to Buy BTC?”
Cardano founder Hoskinson's recent comments have drawn attention, as he suggested converting altcoin treasuries into Bitcoin, acknowledging Bitcoin's irreplaceability in long-term value. This viewpoint reflects the widespread penetration of the "speculative attack" theory on Bitcoin, which involves selling other assets to acquire Bitcoin in search of appreciation. The excellent performance of Bitcoin treasury companies further confirms this trend, with more institutions concentrating their assets in Bitcoin, indicating that Bitcoin is gradually becoming one of the core assets in the capital market.
Huang Tianwei, a crypto veteran who founded Bit Era and the AEX platform, vanished after AEX collapsed in 2022, taking massive user assets with it, until he was recently arrested at a Thai airport for involvement in a 44 million yuan fraud case. This arrest not only unveils his two-year escape trajectory but also reignites the demands for justice from tens of thousands of victims. Huang Tianwei constructed a Ponzi scheme through high-yield financial products, fleeing abroad after the platform's collapse, and now faces the possibility of extradition to China due to his involvement in another scam in Thailand. The AEX collapse has thus entered the judicial accountability phase, reflecting the chaotic state of crypto trading platforms and the real dilemmas of cross-border law enforcement.
“a16z Partner: In the AI Era, There are No Moats, Only Speed”
The new consumer cycle driven by AI is reshaping product logic and business models, with traditional social products centered on "connecting people" gradually being replaced by task-oriented tools, represented by ChatGPT, Runway, and others. Although the monetization capabilities of AI tools have significantly improved, truly AI-native social platforms have yet to emerge, and the structures of social connections, individual expression mechanisms, and personality modeling are still in the early stages of exploration. Future social paradigms may be reconstructed through forms like "digital selves," "AI avatars," and "voice agents," with the core of platform competition shifting from user networks to model capabilities, iteration speed, and system integration depth. In this structural transformation, speed becomes the most critical moat in the AI era.
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