1. The Big Beautiful Act: What are the key contents and why Musk strongly criticized it

On Tuesday, local time, after more than 24 hours of debate, Vice President JD Vance cast the decisive vote, and Trump's "Big Beautiful Act" was voted by 100 senators and the vice president-with a narrow advantage of 51:50. The bill has sparked debate within the Republican Party, which controls both houses of Congress, about deficits, social programs and spending levels. Trump celebrated the passage of the bill while visiting an immigrant detention center in Florida: "This is a great bill that everyone can benefit from." But Musk opposed the bill from the beginning and said: "If the bill passes, a new American political party will be established the next day." Click to read

2. Everything you need to know about stocks on the chain

Today, mainstream exchanges such as Kraken and Robinhood have launched on-chain stock trading services, allowing investors to buy and sell tokens representing real stocks. These services enable investors to trade popular US stocks (such as Apple, Tesla, Nvidia, etc.) 24 hours a day outside of normal trading hours. Click to read

3. Grayscale: Stablecoin Summer

Despite the constant negative news, the market still achieved strong returns in June 2025. This divergence can be explained by two features of the current market background: First, although the market faces many challenges, the worst-case scenario has not actually occurred. Although the US economy shows signs of slowing down, global trade has not stagnated; while the threat of tariffs persists, the White House announced a trade agreement with China; even if the military conflict in the Middle East continues, there is no obvious interruption in oil transportation. Since financial markets price all possible outcomes (not just the benchmark scenario), avoiding tail risk is enough to support valuation increases.Click to read

4. Zhao Yao: New thinking under the wave of stablecoins

On June 6, 2025, the Hong Kong Stablecoin Ordinance officially came into effect. On June 17, the U.S. Senate formally passed the Stablecoin Regulatory Act. Currently, stablecoins pegged to the US dollar, such as USDT (Tether) and USDC (Dollar Coin), are expanding rapidly around the world. Central banks of various countries are studying and exploring central bank digital currencies (CBDCs), and financial institutions have also launched various tokens (tokenisation), presenting a rich and diverse digital currency ecosystem.Click to read

5. What does Musk's "building a party" mean

According to CCTV and other reports, Musk announced while constantly bombarding Trump's "big and beautiful" tax and spending bill that if the bill is passed, he will establish the "American Party" the next day. Click to read