Bloomberg: Singapore law prompts unlicensed crypto exchanges to consider exiting the local market
According to Bloomberg, people familiar with the matter revealed that crypto exchanges Bitget and Bybit have businesses in Singapore but have not obtained local licenses, and are planning to reorganize their teams. Bitget will transfer employees to places such as Dubai and Hong Kong, and Bybit is also considering similar measures. People familiar with the matter said that these exchanges that have operating teams in Singapore but have not obtained licenses may face adjustments to hundreds of positions. On May 30, the Monetary Authority of Singapore (MAS) announced that crypto companies that have established entities in Singapore but provide offshore services will cease operations before June 30, without a transition period, and front-end functional agencies such as sales will be subject to restrictions. A MAS spokesperson said this is a continuation of the Financial Services and Markets Act 2022 and only affects "a very small number" of companies. The industry pointed out that the new regulations expose the problem of vague positioning of the headquarters of crypto companies. Legal experts said that companies that use Singapore teams to support offshore businesses but have unclear service definitions may face individual case reviews.
According to Onchain Lens monitoring, two newly created wallets (suspected to be the same entity) withdrew 1,348,741 SOL (worth US$219.99 million) from Coinbase Prime and transferred them to staking.
US Senators Question Meta’s Stablecoin Plans During GENIUS Act Debate
According to Cointelegraph, U.S. Senators Elizabeth Warren and Richard Blumenthal jointly wrote to Meta CEO Mark Zuckerberg, asking him to explain the company's potential stablecoin plan. The inquiry letter came as the Senate was about to vote on the GENIUS Act, which aims to regulate the payment stablecoin market. In the letter, the two lawmakers specifically mentioned Meta's previously failed Libra and Diem stablecoin projects, and expressed concerns that the Trump administration might provide Meta with regulatory exemptions under the GENIUS Act. The letter reads: "If Meta controls its own stablecoins, it will be able to further obtain user transaction data, which may be used for targeted advertising or selling sensitive information to third-party data brokers." However, Meta's public relations director Andy Stone denied on the X platform on May 8 that the company had plans to issue stablecoins.
The X platform has recently frozen several crypto-related accounts, including Wolfy (@Wolfy_XBT), Wang Xiaoer (@brc20niubi), Wizard (@0xCryptoWizard), Gake (@Ga__ke), GMGN official account (@gmgnai) and its founder Haze (@haze0x), etc. The specific reason is unknown. According to news yesterday, the X accounts of ElizaOS official and its founder Shaw have been frozen.
F Street launches Bitcoin asset allocation plan, intends to hoard $10 million worth of Bitcoin
According to Bitcoin Magazine, alternative investment and private credit institution F Street announced the launch of a Bitcoin asset allocation plan, aiming to hold a total of $10 million worth of BTC. The company has started using business income and financial funds for daily Bitcoin purchases since June 9. F Street COO Mike Doney said that Bitcoin has the advantage of hedging against inflation and dollar depreciation, and incorporating it into the company's finances is an important strategy to protect the interests of investors. The company also plans to establish a public reserve proof mechanism for stakeholders to verify its Bitcoin custody.
Plasma will open another $500 million in deposit quotas, raising the total limit to $1 billion
The stablecoin project Plasma announced on the X platform that it will open the deposit limit of $500 million again in one hour (9:00 am Beijing time), raising the total limit to $1 billion. Deposits earn interest on Aave and Maker through Veda's audited vault contracts. All assets will be converted to USDT after the lock-up period.
A former Ethereum Foundation researcher says he rejected a $5 million proposal to "spin off Geth"
According to The Block, Péter Szilágyi, a former Ethereum Foundation researcher and Geth lead developer, posted on the X platform this week that he rejected a $5 million offer that required him to spin off the Ethereum core client Geth into a private company. He also accused the foundation of secretly funding a rival Geth development team. He revealed that he was fired less than 24 hours after talking to Ethereum communicator Josh Stark about the "secret second Geth team." Szilágyi said that the Ethereum Foundation had threatened to cut funding for Geth and offered to provide developers with $5 million to allow it to operate independently. This statement is a response to Tomasz K. Stańczak, the new co-director of the Ethereum Foundation, who developed the second largest Ethereum client Nethermind. Stańczak previously posted a denial of the "plan to withdraw from Geth" and refuted Szilágyi's statement that the foundation "plans to withdraw from Geth in the next few years to focus on research and education." Szilágyi announced his leave from the foundation in November last year.
The number of active Ethereum NFT traders has returned to June 2022 levels
According to The Block, the Ethereum NFT market has recently shown significant signs of recovery, with the number of active traders returning to 40,000, close to the level in June 2022. This trend is mainly driven by two factors: 1. The OpenSea platform completed the OS2 version upgrade and launched the "Voyages" points reward program, in which users can accumulate XP points through trading behaviors, which is generally interpreted by the market as a potential airdrop signal. This strategy has enabled the platform to hit a new high in monthly active users since 2022. 2. Mainstream NFT projects are accelerating their transformation to practical scenarios. Game developer Orange Cap Games acquired the Moonbirds series IP and plans to incorporate it into a new card game; Mythical Games announced that the football game "FIFA Rivals" will introduce Adidas brand digital assets, continuing its successful model of NFL-themed mobile games. This reflects that the NFT market is gradually shifting from speculative trading to functional use.
US Senate votes to pass stablecoin GENIUS bill procedural vote
According to The Block, the U.S. Senate passed the Stablecoin Innovation and Regulation Act (GENIUS Act) by a procedural vote of 68 to 30 on Wednesday local time, clearing the way for the final vote. The bill will be put to a final vote on Monday unless Republican and Democratic leaders reach a time agreement to shorten the debate on the bill and advance the final vote. The bill requires stablecoins to fully reserve U.S. dollars or equivalent liquid assets and implement annual audits for issuers with a market value of more than $50 billion. The House of Representatives has not yet voted on the bill in its entirety. The Senate and the House of Representatives must reach a consensus on their respective bills. The bills of the two houses differ in the state and federal regulatory methods for issuers, and also in the regulation of foreign issuers.
According to SEC documents, the listed company DeFi Development (formerly Janover) withdrew its $1 billion shelf offering after failing to include management's report on internal controls in its Form 10-K. Part of the funds were originally planned to be used to purchase Solana. The company plans to resubmit the offering application in the future.
GAMESTOP plans to issue $1.75 billion of convertible senior notes for private placement
According to Businesswire, video game retailer GameStop (GME.N) announced that the company plans to issue convertible senior notes with a total principal amount of US$1.75 billion to qualified institutional buyers in a private placement, depending on market conditions and other factors. GameStop also plans to grant the initial purchasers of the notes an option to purchase up to an additional US$250 million of notes within 13 days (including the date) from the date of the initial issuance of the notes. GameStop intends to use the net proceeds from this offering for general corporate purposes, including investments in a manner consistent with GameStop's investment policy and potential acquisitions.
Andrei Grachev, partner of DWF Labs, said on the X platform that DWF Labs already holds 5 million NEAR and has pledged 6 million NEAR, calling on the NEAR team to reduce the inflation rate to 2.5% to increase the long-term value of the token and the growth of the ecosystem. If this is achieved, the agency will purchase another 10 million NEAR in the secondary market.
Coinbase to List FARTCOIN, SQD and CAKE
According to the official announcement, Coinbase announced that it will list Fartcoin (FARTCOIN), Subsquid (SQD) and PancakeSwap (CAKE). If liquidity conditions are met, trading will start at or after 00:00 on June 13th, Beijing time. Once the supply of relevant assets is sufficient, the USD trading pairs of the above tokens will be launched in stages.
OneBalance receives $20 million in Series A funding led by Cyber Fund and Blockchain Capital
According to The Block, cross-chain infrastructure company OneBalance announced the completion of a $20 million Series A round led by Cyber Fund and Blockchain Capital, bringing the total financing to $25 million. The funds will be used to expand the team and expand the core product Toolkit, which simplifies asset transfers and revenue operations between multiple chains without manually handling bridges and Gas fees. OneBalance is led by Flashbots co-founder Stephane Gosselin, and its goal is to provide stablecoin users with a seamless "one-click cross-chain" experience.
Stripe acquires crypto wallet infrastructure company Privy, which will remain independent
According to Privy's official announcement, payment giant Stripe has reached an acquisition agreement, and Privy will continue to operate as an independent product. Privy focuses on helping developers seamlessly create crypto wallets for users through simple APIs, and currently supports more than 75 million accounts and 1,000+ development teams. This time, joining Stripe will combine its capital flow capabilities to accelerate the construction of Web3 native financial services. The transaction is expected to be completed within a few weeks. As reported in February, Stripe completed the $1.1 billion acquisition of Bridge and is ready to vigorously promote stablecoins.
Swedish H100 Group Completes $10.5 Million Funding to Advance Bitcoin Reserve Strategy
According to CoinDesk, Swedish health and longevity company H100 Group announced that it has completed $10.5 million (about 101 million Swedish kronor) in financing, which will be used to expand its Bitcoin reserve strategy. Investors include Blockstream CEO Adam Back, UTXO Management and several family offices. The financing is divided into 69.65 million kronor share issuance and 31.35 million kronor interest-free convertible bonds, which can be converted into stocks at 1.75 kronor per share. Since the first purchase of Bitcoin on May 22, H100's stock price has risen by nearly 400%.
World launches native USDC and integrates Circle cross-chain protocol CCTP V2
According to the official announcement of World, the native USDC and CCTP V2 protocol issued by Circle have been integrated into World Chain. This upgrade will automatically convert the bridged USDC in the wallets of 27 million World users to native USDC directly supported by Circle, achieving 100% cash and cash equivalent support. Through CCTP V2, users and developers can transfer USDC faster and at lower cost on multiple chains, further promoting the application of stablecoins and the development of DeFi ecology in World worldwide. EURC will also be supported in the future.
US President Trump: Fed should cut interest rates by 1%
Trump just posted on social media that the latest US CPI data is "very good" and urged the Federal Reserve to immediately cut interest rates by 1 percentage point, saying that this will significantly reduce the interest costs of debts that are about to mature and emphasized that it is "extremely important."
Web3 infrastructure team nuConstruct announced the completion of a $6 million seed round led by Cyber Fund, with participation from Maven11, DCG, Greenfield, Eden Block, and others. Its core product TOOL (Trustless Orderflow Operations Layer) is committed to dividing Ethereum's 12-second block into 12 1-second micro-rounds, achieving 1-second transaction confirmation without Rollup. TOOL builds a trusted execution environment through Intel TDX TEE to ensure on-chain privacy and sorting fairness, with the goal of replacing Flashbots MEV-boost and improving the on-chain transaction user experience. The protocol does not require a pledge or penalty mechanism, and relies entirely on economic incentives and decentralized network support. It is currently in a small-scale internal testing phase, and plans to achieve a validator pre-commitment rate of over 50% and an order flow share of over 80% within three months.
According to the announcement of Sonic Labs, the second season of $S airdrop will be launched on June 18, and passive points will be cancelled, and only real on-chain activities and long-term loyalty will be rewarded. Users need to obtain points by deploying assets, participating in DeFi operations, etc. The initial loyalty multiplier depends on the performance in the first season and can be dynamically adjusted to a maximum of 3 times. The application side obtains Gems based on real income and incentive allocation efficiency, and tokenization operations are strictly prohibited. 25% of this airdrop can be collected immediately, and the remaining 75% will be released linearly in the form of NFT for 270 days.
According to CoinDesk, Moody's Ratings has completed a pilot with Alphaledger to embed municipal bond credit ratings into tokenized securities issued on the Solana blockchain. The pilot submitted Moody's rating data from the off-chain system to the Solana chain through an API, demonstrating the possibility of providing real-time credit information for RWA assets. Moody's said it is considering expanding to fixed-income products such as corporate bonds in the future.
PayPal deploys PYUSD to Stellar to promote cross-border payment and financing applications
According to CoinDesk, PayPal announced that it will expand its US dollar stablecoin PYUSD to the Stellar blockchain, aiming to expand cross-border remittance and payment financing (PayFi) scenarios. Previously, PYUSD has been running on Ethereum and Solana. Through the Stellar network, PYUSD can provide real-time working funds for small and medium-sized enterprises to pay suppliers, inventory management and other operational needs. The cooperation has been approved by the New York Department of Financial Services (NYDFS) and will be launched after the final integration review is completed.
According to Jinshi, after the CPI data was released, traders increased their bets on the Fed to start cutting interest rates in September, and basically expected two rate cuts this year. The market expects the Fed to cut interest rates by 77 basis points in the next year and 48 basis points in December. It was previously expected to cut interest rates by 67 basis points in the next year and 42 basis points in December. The US CPI data for May released earlier was lower than expected across the board. Analyst Anstey said: The 0.1% increase in the US core CPI actually shows that inflation has slowed down from the previous month. This is a big surprise for economists, who believe that by May, the tariff increase will lead to greater price increases.
According to Jinshi.com, the annual rate of US unadjusted CPI in May was 2.4%, expected to be 2.50%, and the previous value was 2.30%. The monthly rate of US seasonally adjusted CPI in May was 0.1%, expected to be 0.20%, and the previous value was 0.20%. The annual rate of US unadjusted core CPI in May was 2.8%, expected to be 2.9%, and the previous value was 2.8%. The monthly rate of US seasonally adjusted core CPI in May was 0.1%, expected to be 0.30%, and the previous value was 0.2%.
Ukrainian lawmakers submit bill to allow central bank to create cryptocurrency reserves
According to CoinDesk, eight members of the Ukrainian parliament submitted a bill to authorize the National Bank to include virtual assets in foreign exchange and gold reserves. The bill's leader, Yaroslav Zheleznyak, deputy chairman of the Finance and Taxation Committee, said that this move would help Ukraine integrate into global financial innovation, enhance macroeconomic stability, and promote the development of the digital economy. The proposal is empowering legislation and does not force the central bank to establish crypto reserves. Currently, Ukrainian officials hold more than 46,000 BTC, with a market value of more than $5 billion.
Nasdaq-listed company Interactive Strength (TRNR) announced that it has received up to $500 million in financing to acquire the FET token issued by Fetch.ai and launch an AI-centric crypto treasury strategy. In the first round, ATW Partners and DWF Labs have invested a total of $55 million. TRNR will cooperate with Fetch.ai in technology to promote an AI-driven digital fitness platform and is expected to form the largest US listed company crypto treasury with AI tokens as the core.
Binance HODLer Airdrop Launches Resolv (RESOLV)
According to Binance's announcement, RESOLV (a stablecoin protocol that supports ETH and BTC collateral) will be launched as the 21st HODLer Airdrops project for spot trading at 22:30 (Beijing time) on June 11, opening USDT, USDC, BNB, FDUSD and TRY trading pairs. Users who hold and pledge BNB to Simple Earn or On-Chain Yields products can receive 2% of the total (20 million) RESOLV airdrops. The initial circulation is 155.75 million.
Binance Futures to Launch TAIKO and SQD Perpetual Contracts with Up to 50x Leverage
According to Binance's announcement, in order to expand trading options, Binance Futures will launch TAIKOUSDT perpetual contracts at 20:30 (Beijing time) on June 11, and SQDUSDT perpetual contracts at 20:45, both supporting up to 50x leverage. TAIKO and SQD have been launched on the Binance Alpha market.
The Ethereum Foundation transferred 1,000 ETH to the associated address
According to PeckShieldAlert, the Ethereum Foundation has internally transferred 1,000 ETH (approximately US$2.8 million) to the associated address 0xbC9a…fbC3.
Japanese listed company Remixpoint purchased about 50 bitcoins again
Japanese listed company Remixpoint announced today that it purchased 50.06 bitcoins for 793.9 million yen, with an average purchase price of 15.8575 million yen. As of now, the company holds a total of 925.71 BTC, with a total value of approximately 14.572 billion yen based on the market value on that day.
