Circle applies for national trust bank, Robinhood builds Layer2 network

Headlines

▌Stablecoin issuer Circle applies to set up a national trust bank in the United States

Stablecoin issuer Circle (CRCL.K) is applying to set up a national trust bank in the United States. Earlier this month, the company achieved a valuation of nearly $18 billion through its initial public offering, and this application is a key follow-up to its move. If the U.S. Office of the Comptroller of the Currency (OCC) approves this charter, Circle will be able to serve as a custodian of its own reserves and hold crypto assets on behalf of institutional clients. But unlike traditional banks, the license does not allow Circle to absorb cash deposits or make loans. Currently, cryptocurrency platform Anchorage Digital is the only digital asset company with a national trust bank license. Experts and analysts say that once the bill is signed and takes effect, it may pave the way for more traditional financial institutions and retailers to incorporate stablecoins into their businesses.

▌Robinhood launches tokenized stock products based on Arbitrum and is building an exclusive Layer 2 network for RWA

Digital broker Robinhood (HOOD) announced on Monday that it will expand its crypto business through a series of new initiatives, including developing its own blockchain network based on Arbitrum and launching tokenized stock trading. The company today launched a tokenized stock product based on the Ethereum Layer 2 network Arbitrum for European users, covering more than 200 US stocks and ETFs, supporting all-day trading on weekdays. Robinhood said in a statement that the move will upgrade its European crypto application to a "crypto-driven all-around investment platform." Robinhood also confirmed that it is building a Layer 2 blockchain network optimized for tokenized assets. This new chain based on the Arbitrum technology stack is designed to support all-weather trading, self-custody and cross-chain transfer of tokenized assets. Although the specific launch date has not been announced, people familiar with the matter revealed that it may be launched at the end of this year or early next year.

Market

As of press time, according to CoinGecko data:

BTC price is $107,137, 24 hours ups and downs -1.1%;

ETH price is $2,489.39, 24 hours ups and downs -0.5%;

BNB price is $657.05, 24 hours ups and downs +0.3%;

SOL price is 155.18 US dollars, 24 hours up and down +1.3%;

DOGE price is 0.1652 US dollars, 24 hours up and down -2.5%;

XRP price is 2.24 US dollars, 24 hours up and down +1.5%.

TRX price is 0.2802 US dollars, 24 hours up and down +1.2%.

Policy

▌The White House intends to push for the inclusion of the provisions proposed by Cynthia Lummis in the "Beautiful Big Bill"

According to crypto journalist Eleanor Terrett, despite the temporary disagreement on Sunday, the amendment to the "Beautiful Big Bill" involving cryptocurrency taxation continued to be reviewed today. It is reported that the White House has intervened in the matter and is pushing for the inclusion of key provisions proposed by Senator Cynthia Lummis (the proposer of the Bitcoin Reserve Act) in the final version of the bill.

▌U.S. Treasury Secretary: Stablecoin legislation may be completed in mid-July

U.S. Treasury Secretary Bessant said that stablecoin legislation may be completed in mid-July, which will be a source of demand for U.S. Treasuries.

▌US Democratic Senator proposes amendment: officials are prohibited from making profits by promoting cryptocurrencies

According to Fox Business News: US Oregon Democratic Senator Jeff Merkley proposed an amendment to the "Big and Beautiful Act" (OBBB) to prohibit elected officials from promoting or profiting from cryptocurrency tokens in which they have financial interests. Republican Senator Lummis of Wyoming opposed the amendment, saying it would seriously damage US innovation and competitiveness and undermine the government's ability to effectively understand and regulate digital assets.

▌EU: Digital-related legislation is not on the agenda of trade negotiations with the United States

European Commission spokesman Thomas Reinier emphasized on the 30th that the EU's Digital Markets Act and Digital Services Act are not on the agenda of trade negotiations between the EU and the United States. The United States has repeatedly accused the EU of "unfair" digital legislation and demanded that the EU relax its supervision of US technology giants. In April this year, the European Commission determined that Apple and Metaverse Platform had violated the EU Digital Markets Act and imposed huge fines on the two companies. Maroš Sefcovic, the EU Commissioner responsible for trade and economic security, said on the same day that he would go to Washington, the capital of the United States, on July 1 to meet with US trade officials to continue to promote a trade agreement between the two sides.

▌Trump: Interest rates should be reduced to 1%, Powell and his committee are to blame

US President Trump said on social media: Powell and his entire committee should be ashamed for letting this happen in the United States. Their job is one of the easiest but most prestigious jobs in the United States, but they have failed and continue to fail. If they work properly, our country can save trillions of dollars in interest costs. The committee just sat there and watched, so they are also to blame. Our interest rate should be only 1%, or even better!

▌U.S. Senator Lummis: Amending the "Big and Beautiful" Act to Eliminate Tax Violations of Digital Assets

U.S. Senator Cynthia Lummis posted on the X platform: "The United States is a leader in financial innovation. Thanks to President Trump for keeping the United States in this position. Amendments to the "Big and Beautiful" Act are currently being drafted to ensure that Americans can use digital assets with peace of mind without worrying about tax violations." Market analysis shows that Cynthia Lummis's amendment to the "Big and Beautiful" Act may exempt capital gains taxes paid on Bitcoin.

▌Governor of the National Bank of Kazakhstan: A national crypto asset reserve will be established

Timur Suleimenov, Chairman of the National Bank of Kazakhstan, said that Kazakhstan will establish a national crypto asset reserve. The National Bank is conducting an in-depth study of the concept of formation and management of the National Crypto Reserve, including the development of a crypto reserve on the basis of a subsidiary of the National Bank. Kazakhstan plans to follow international best practices in sovereign fund management, ensuring transparent accounting and storage of crypto assets, as well as transparency and security in the management of the crypto reserve. It is reported that confiscated crypto assets and proceeds from crypto mining with the participation of the state will become the source of the reserve. Considering the volatility and risks of crypto asset storage, a centralized management agency will become the main guarantee for ensuring the security of the country's crypto assets. The specific mechanism for the construction of the National Crypto Reserve will be further developed with law enforcement and relevant state agencies.

Blockchain Applications

▌Pantera Capital Establishes Pantera DAT Fund, Expected to Invest $100 Million in DAT Transactions

According to Pantera Capital's June 2025 investor letter, Pantera has established a fund called "Pantera DAT Fund" that specializes in providing investment opportunities in Digital Asset Treasury. Many new and existing Pantera LPs have made investment commitments to Pantera DAT Fund. Pantera expects to invest $100 million in DAT transactions.

▌South Korea's IBK Corporate Bank and Shinhan Financial Holdings have applied for Korean won stablecoin trademarks

South Korea's IBK Corporate Bank and Shinhan Financial Holdings have applied for Korean won stablecoin trademarks. It is reported that IBK Corporate Bank applied for 10 trademark rights including "IBKKRW", "IBKRW" and "ONEIBK" on the 27th. These trademarks are intended to be used in the fields of "stable currency electronic transfer business" and "blockchain-based digital financial asset management business"; Shinhan Financial Holdings applied for 21 stablecoin-related trademarks such as "KRWSHB", "SFGKRW" and "SHKRW" on the 26th, and the application projects include "cryptocurrency financial trading business" and "cryptocurrency intermediary business".

Cryptocurrency

▌Germany's largest banking group Sparkassen has decided to allow private customers to trade a variety of cryptocurrencies

According to Bloomberg, Germany's largest banking group Sparkassen has decided to allow private customers to trade a variety of cryptocurrencies, including Bitcoin and ETH. The service is expected to be launched in the summer of 2026. Sparkassen's wholly-owned subsidiary Dekabank has reportedly been involved in cryptocurrency trading and will be responsible for managing Sparkassen's cryptocurrency services. Sparkassen executives have been critical of cryptocurrencies in the past, calling them "highly speculative." The move comes a few months after the Crypto Asset Market Regulation came into effect, which provides a unified legal framework for crypto businesses in the European Union. Three years ago, the board decided not to provide such services due to concerns about volatility and risks.

▌Robinhood plans to expand the number of tokenized U.S. stocks supported to "thousands" by the end of the year

Robinhood's CEO said in his keynote speech that the company will expand the tokenized trading of U.S. stocks from the current 200 to "thousands" by the end of this year. Earlier news, Robinhood plans to launch its own blockchain and launch "stock tokens" in the European Union. In addition, Robinhood also allows European users to trade cryptocurrency perpetual futures, as well as support U.S. customers to pledge cryptocurrencies (Ethereum and SOL are supported in the initial stage).

▌REX-OSPREY SOL spot ETF will start trading on Wednesday

According to Cointelegraph, the CEO of REX-OSPREY announced that the Solana ETF, which supports pledges, will start trading on Wednesday.

▌Robinhood: ETH and SOL staking is now open to US users

Robinhood officials posted on social media that its ETH and SOL staking services are now open to US users.

▌US SEC confirms receipt of amendment to convert Grayscale Digital Large Cap Fund into ETF

The U.S. Securities and Exchange Commission (SEC) confirmed receipt of an amendment to convert Grayscale Digital Large Cap Fund into an ETF (the fund covers BTC, ETH, XRP, SOL, ADA).

▌BitMine Announces $250 Million Private Placement to Implement Ethereum Financial Strategy

BitMine announces the pricing and signing of a private placement agreement to purchase and sell 55,555,556 shares of common stock (or common stock equivalents in lieu thereof) at a price of $4.50 per share, with expected total proceeds of approximately $250 million, net of placement agent fees and other offering expenses (funded in a combination of cash and cryptocurrency), to implement Ethereum financial strategy. The offering is expected to be completed on or about July 3, 2025, subject to the satisfaction of customary closing conditions, including, but not limited to, the approval of the supplemental listing application by the New York Stock Exchange American Division. The Company plans to use the net proceeds from the offering to acquire Ethereum and invest ETH in the Company's financial operations. ETH will serve as the Company's primary financial reserve asset.

▌Strategy increased its holdings of 4,980 Bitcoins for $531.9 million last week

According to official news, Strategy acquired 4,980 BTC for approximately $531.9 million between June 23 and June 29, with each Bitcoin priced at approximately $106,801, and has achieved a 19.7% BTC return so far in 2025. As of June 29, 2025, Strategy holds 597,325 BTC, acquired for approximately $42.4 billion, with each Bitcoin priced at approximately $70,982.

Important Economic Dynamics

▌Goldman Sachs brings forward its forecast for the Fed's rate cut to September

Goldman Sachs has brought forward its forecast for the Fed's rate cut, and now expects to resume rate cuts in September rather than December because the impact of tariffs on inflation "looks a little smaller than expected." Goldman Sachs expects the Fed to cut interest rates by 25 basis points three times this year, in September, October and December, and lowered its terminal interest rate forecast to 3-3.25% from the previous 3.5%-3.25%. The analyst added: "No rate cut is expected in July unless this week's employment data is much weaker than expected."

▌The yield on the 10-year U.S. Treasury bond hit its lowest level since early June

The yield on the 10-year U.S. Treasury bond hit its lowest level since early June, falling 4.3 basis points in a short period of time.

Golden Encyclopedia

▌What is the difference between gold-backed stablecoins and dollar-backed stablecoins?

Gold-backed tokens and dollar-backed tokens are both stablecoins, but they differ in several aspects. Gold-backed stablecoins and dollar-backed stablecoins differ mainly in the collateral that supports their value. Gold-backed stablecoins are pegged to physical gold, usually at a fixed ratio, while some dollar-backed stablecoins are backed by reserves of U.S. dollars, short-term and cash deposits. The value of gold-backed stablecoins fluctuates based on the market price of gold, which may experience short-term volatility but tends to appreciate in the long run. USD-backed stablecoins maintain a 1:1 peg to the U.S. dollar, ensuring more predictable short-term stability. Unless external factors such as regulatory changes or reserve mismanagement affect the peg, its value will remain stable. USD-backed stablecoins are more liquid and widely accepted in the crypto ecosystem, including exchanges, payment systems, and DeFi applications. They are often used for trading and lending. While gold-backed stablecoins help to preserve value, they are rarely integrated into DeFi protocols due to concerns about low liquidity. Stablecoins backed by gold can hedge against inflation and attract investors seeking growth. USD-backed stablecoins are favored by investors seeking stability and value storage.