BitDeer completes $330 million convertible bond issuance, pump.fun's X is unblocked

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is the news weekly, taking you to a glance at the major events of the blockchain industry this week.

Headlines

▌Bitdeer has completed the issuance of $330 million convertible bonds

Bitdeer has completed the issuance of $330 million convertible bonds, with a coupon rate of 4.875% and due in 2031. This is the third time that the Bitcoin mining company has raised funds through convertible bonds in the past year. The funds will be used for the development of SEALMINER mining machines and the expansion of data centers. This private placement is for qualified institutional investors, and the scale exceeds the original target of $300 million, and includes a $45 million over-allotment option.

▌pump.fun and its founder's official X account have now been unblocked

According to the X platform information, the previously blocked official X account of pump.fun and its founder Alon has now been unblocked. Yesterday, the X platform freeze wave hit, and the official X account of pump.fun and its founder ALON was frozen.

▌Ark Invest once again reduced its holdings of $44.8 million in Circle shares

After Cathie Wood's Ark Invest sold $51.7 million of Circle Internet Group Inc. (CRCL) shares the day before, it once again reduced its holdings of $44.76 million of the stock the next day. As a stablecoin issuer, Circle's stock price remains above its recent IPO price. According to the latest filings, Ark Invest's three exchange-traded funds (ETFs) sold related shares on Tuesday. Among them, ARK Innovation ETF (ARKK) reduced its holdings of 208,654 shares of Circle, ARK Next Generation Internet ETF (ARKW) sold 65,320 shares, and ARK Fintech Innovation ETF (ARKF) also reduced its holdings of 26,134 shares of the stablecoin issuer. According to Yahoo Finance data, CRCL closed down 1.26% at $149.15 on Tuesday, but rose 2.84% in after-hours trading. Its stock price is still significantly higher than the IPO price of $31.

▌JD Coin Chain CEO: Negotiating with global compliant exchanges to launch JD Stablecoin

JD Coin Chain Technology CEO Liu Peng recently accepted an exclusive interview with Bloomberg Businessweek/Chinese Edition and revealed that as of early June, we mainly tested the Hong Kong dollar stablecoin, and will later test other fiat stablecoins. The second phase focuses on testing the use of stablecoins in three practical scenarios: cross-border payment, investment transactions, and retail payment. In the cross-border payment scenario, we plan to expand users through both direct customer acquisition and indirect customer acquisition (such as cooperation with compliant wholesalers). In the investment and trading scenario, we are negotiating with global compliant exchanges to launch JD Stablecoin in different regions. The first retail site to land is JD Global Sales Hong Kong and Macau Station, when users can take the lead in using stablecoins to shop in JD's self-operated e-commerce scenarios.

▌Iran: Only the above-ground part of the Fordow nuclear facility was damaged and can be repaired

According to Iran's Tasnim News Agency, Menan Raisi, a representative of the Iranian Parliament's Qom Province, said this morning (June 22) that contrary to what US President Trump claimed, Iran's Fordow nuclear facility was not seriously damaged. The main damage was to the above-ground part, which can be repaired. He said that he believed that "all items that may pose a threat to nearby residents" in the facility had long been cleared, and there are currently no reports of nuclear radiation. He stressed that Iran regards the US attack as a manifestation of the US's direct involvement in the war, and now is "the time for Iran to decide when and how to respond to the United States." (CCTV International News) ▌Fed: Liquidity in U.S. stock, corporate bond and municipal bond markets has substantially deteriorated

The Federal Reserve's monetary policy report shows that financial stability is "resilient" amid heightened uncertainty; market liquidity has improved, but market conditions remain sensitive to news related to trade policy; liquidity in the stock, corporate bond and municipal bond markets has also substantially deteriorated.

Policy

▌South Korea's Financial Services Commission is developing a roadmap for launching virtual asset ETFs

According to Bitcoin News, South Korea's Financial Services Commission is developing a roadmap for virtual asset ETFs, which is expected to be launched in the second half of this year.

▌Trump: I hope the House of Representatives can push legislation at lightning speed and quickly pass the stablecoin bill

Trump posted on the Truth Social platform, warmly praising the Senate for passing digital asset legislation known as the "GENIUS Act." He said the bill will make the United States "the undisputed leader in the field of digital assets" and will bring "huge investment and innovation." I hope the House of Representatives can push legislation at lightning speed and quickly pass the stablecoin bill, and ask it to be sent to his desk as soon as possible, emphasizing "no delays, no additional clauses." He emphasized in the post: "Digital assets are the future, and our country will dominate this field," and said that the United States will show the world how to achieve unprecedented success in the field of digital assets.

▌The UK plans to introduce rules to limit banks' exposure to crypto assets before next year

David Bailey, executive director of prudential policy at the Bank of England, said that the UK plans to propose new restrictive regulations on banks holding crypto assets by 2026 to prevent financial stability risks. The plan will refer to the disclosure framework developed by the Basel Committee, which recommends that banks' exposure to crypto assets such as Bitcoin should be limited to 1%.

▌Central Financial Committee: Support financial institutions to use blockchain and other technological means to develop supply chain finance

The Central Financial Committee issued the "Opinions on Supporting the Acceleration of the Construction of Shanghai International Financial Center", which proposed to strengthen the construction of a unified financing credit service platform and support financial institutions to use blockchain and other technological means to develop supply chain finance. Serve the development of a multi-level and multi-pillar pension insurance system. Build a global financial technology center with high quality. Promote financial support for higher-quality integrated development in the Yangtze River Delta. (Xinhua) ▌South Korea's central bank governor cautious about launching won stablecoin ▌According to the Korea Economic Daily, South Korea's central bank governor Lee Chang-yong expressed caution about the launch of the won stablecoin. Lee Chang-yong said that although he did not oppose the won stablecoin, factors such as the stability of the foreign exchange market and changes in the banking industry structure needed to be considered. He was worried that the won stablecoin might increase the demand for the dollar stablecoin and bring difficulties to foreign exchange management. The active stablecoin may lead to the transfer of payment and settlement functions from the banking industry to the non-banking industry, affecting the bank's income structure and business model. The Bank of Korea has been conducting experimental research on central bank digital currency (CBDC), but the formal issuance of stablecoins needs to be coordinated with financial regulatory authorities. Lee Chang-yong said that he would coordinate policies with the Ministry of Finance, the Financial Services Commission and other departments to comprehensively consider the positive functions and potential risks of stablecoins.

Blockchain Application

▌Cross-border Payment Pass is officially launched, and the first business in China landed in Shenzhen

Cross-border Payment Pass is officially launched, marking that the fast payment systems of the mainland and Hong Kong have been interconnected. In the future, residents of the two places can handle cross-border remittances in real time. The first cross-border payment pass in China for southbound remittances by mainland residents and northbound remittances by Hong Kong residents landed in Shenzhen. Cross-border Payment Pass refers to connecting the fast payment system in mainland China with the fast payment systems of other monetary authorities, formulating supporting policy arrangements, and providing efficient, convenient and secure cross-border payment services between residents in mainland China and overseas residents. The fast payment system is a retail financial infrastructure for clearing and settling users' fast payments. Compared with traditional payment systems, it has the characteristics of long operation time and real-time receipt of beneficiary funds. Residents of the two places only need to enter their phone number or a combination of their account name and receiving account number in the "Cross-border Payment Pass" function module of their mobile banking to make cross-border remittances. At the same time, they can flexibly choose the currency of the account to be RMB or HKD as needed.

▌Wyoming plans to launch the WYST stablecoin mainnet on August 20

The latest monthly meeting minutes of the Wyoming Stable Coin Committee (a government-backed organization) show that the committee plans to officially launch its WYST stablecoin mainnet on August 20. WYST is a stablecoin pegged to the US dollar, authorized for issuance by the Wyoming Stable Coin Act in 2023, aimed at consolidating the state's leadership in the blockchain field. At present, the organization has not yet finalized which of the 11 blockchains, Aptos, Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, Sei, Solana, Stellar, and Sui, WYST will be deployed on, but the first state-backed stablecoin is likely to choose to be released simultaneously on multiple blockchains.

▌Reddit is in talks to use Worldcoin's iris scanning device Orb

Reddit is in talks to use Sam Altman's Worldcoin's iris scanning device Orb. World ID may soon become a way for Reddit users to verify that they are unique individuals while remaining anonymous on the platform, according to two people familiar with the matter. The talks between representatives of Reddit and World ID parent Tools for Humanity highlight the growing market for new identity verification technology as artificial intelligence allows online platforms to be flooded with fake content and governments around the world consider new age verification laws to prevent children and teenagers from accessing social media. If World ID becomes one of Reddit's third-party providers, it will be good news for Tools for Humanity, which was founded six years ago with the lofty goal of providing a universal basic income by providing a cryptocurrency called Worldcoin to the world in exchange for scanning eyeballs with the Orb.

▌Digital banking giant Revolut is exploring plans to issue its own stablecoin

Revolut, a London-based digital banking giant, is actively exploring plans to issue its own stablecoin. Revolut serves 55 million individual users and 500,000 corporate customers in 160 countries around the world and was recently valued at $48 billion. Revolut, which launched the EU crypto trading platform RevolutX in 2024, has been in talks with at least one native crypto company about its stablecoin plans, two sources confirmed.

▌X will be built into a "super app" that will include functions such as investment and trading

According to the Financial Times, Linda Yaccarino, CEO of the social media platform "X", said that users will be able to invest or trade on this social media platform "soon". She outlined the company's move into financial services to achieve its owner Elon Musk's goal of building an "app that has everything". Yaccarino added that the company is also exploring the launch of an X credit or debit card, which could be launched as early as this year. Previously, X has said it will launch a digital wallet and peer-to-peer payment service X Money later this year, with Visa as its first partner.

Cryptocurrency

▌U.S. Treasury Secretary Bessant: Cryptocurrency will not pose a threat to the U.S. dollar, and stablecoins can consolidate the hegemony of the U.S. dollar

U.S. Treasury Secretary Bessant posted on the X platform that cryptocurrency will not pose a threat to the U.S. dollar. In fact, stablecoins can consolidate the hegemony of the U.S. dollar. Digital assets are one of the most important phenomena in the world today, but they have long been ignored by governments. The current administration is committed to making the United States a center for digital asset innovation, and the GENIUS Act brings this goal one step closer.

▌British mutual fund Baillie Gifford launches fully tokenized UCITS fund on Ethereum

Baillie Gifford, one of the largest mutual funds in the UK with assets under management of 197 billion pounds, announced that it has chosen Ethereum to launch a fully tokenized UCITS fund. The regulated Strategic Bond Feeder Fund is also a tokenization pilot project of the fund giant. UCITS funds are a special investment tool of the European Union, known as transferable securities collective investment plans, which specialize in investing in tradable securities. As part of the pilot, Baillie Gifford plans to hold the fund's tokens in a self-custodial wallet. It is reported that during the pilot period, the tokenized fund will be exclusively available to a group of selected whitelisted customers.

▌Li Yang: Stablecoins have significantly different theoretical foundations and operating characteristics from traditional currencies, and will pose new challenges to the traditional monetary and financial system

On June 21, at the 2025 Mid-term Forum (Total 69th) of the China Macroeconomic Forum (CMF) of Renmin University of China, Li Yang, member of the Academic Division of the Chinese Academy of Social Sciences and Chairman of the National Finance and Development Laboratory, delivered a speech entitled "The Continuously Enriched Chinese Monetary Policy Toolbox". Li Yang said that from three aspects, the current environment for formulating and implementing monetary policy is becoming increasingly complex.  First, domestic effective demand is insufficient, prices are sluggish, and expectations are weak. There is still pressure to promote economic growth, advance scientific and technological progress, and improve income distribution.  Secondly, the "great changes unseen in a century" are accelerating internationally, the process of globalization has stagnated, geopolitical tensions have emerged, and the world pattern has entered a fragmented, multipolar, and bilateralized state, which applies to international economy, international trade, and international finance.  Furthermore, stablecoins have passed the legislative process in Europe, the United States, and Hong Kong, making the challenges posed by digital technology to the current currency, finance, monetary and financial policies, and even monetary and financial theories explicit. Li Yang specifically pointed out that although there are many types of virtual currencies, only stablecoins have entered the legislative process, which needs to be taken seriously. Stablecoins have significantly different theoretical foundations and operating characteristics from traditional currencies, and will pose new challenges to the traditional monetary and financial system.

▌Santiment: BTC falls below $103,000 as retail investor sentiment is at its lowest level since "Trump Liberation Day"

Amid increasing macroeconomic pressures, BTC fell from a high of $106,000 in the US dollar range to below $103,000 before rebounding slightly. Santiment reports that retail investor sentiment is currently at its most pessimistic level since the announcement of Trump's Liberation Day tariffs in early April, but because the current wave of retail pessimism is unusually strong, it may signal a reverse signal for a price rebound based on past patterns, because Bitcoin has previously rebounded shortly after similar panics, as large investors often use periods of retail selling to increase holdings at more favorable prices.

▌

Important Economic Dynamics

▌The United States demands that the European Union make unbalanced trade concessions, which may trigger EU countermeasures

In the US-EU trade negotiations, the United States has demanded that the European Union make unilateral concessions that EU officials see as unbalanced. If the terms of the potential agreement are not improved, the EU will make a difficult decision on whether to take countermeasures. According to people familiar with the matter, the best case scenario is still to reach an agreement in principle that allows the negotiations to continue after the early July deadline. Washington's demands can be divided into three categories. The first is measures related to fish export quotas, which EU officials say may be inconsistent with WTO rules. The second category is non-reciprocal tariff-related measures. The third category is a series of economic security demands that EU officials describe as far-fetched. People familiar with the matter said that even if a deal is reached, many of Trump's tariffs will remain unchanged. The EU has been seeking a mutually beneficial agreement, and it will evaluate any final outcome and decide at that stage how much asymmetry it is willing to accept - if any. (Jinshi)

▌Trump once again criticized Federal Reserve Chairman Powell for dereliction of duty: If the interest rate can be decisively cut to 1-2%, the United States will save trillions of dollars a year

Trump posted on social media: "Mr. Too Late" Powell always complains about costs - most of which are caused by the Biden administration. The way he can make the greatest contribution to the United States at present is to decisively lower interest rates. If he can cut interest rates by one or two basis points, this "wooden head" can save the United States up to $1 trillion in spending each year. Although my strong criticism may make it more difficult for him to perform his duties (lowering interest rates), I have tried all the gentle means: I have been polite, neutral, and tough, but unfortunately all of them failed! Don't use "there may be inflation risks in the future" as an excuse - because there is no inflation now! Even if it does appear in the future, it will be too late to raise interest rates by then. I really don't understand why the Federal Reserve Board of Governors doesn't replace this complete idiot! Maybe I have to change my mind on whether to fire Powell. But there is no rush, his term is coming to an end anyway!

▌Federal Reserve Daly: If there are no tariff measures, interest rate normalization will be considered

Federal Reserve Daly said that concerns about the impact of tariffs on inflation are not as serious as when they were first announced; if there are no tariff measures, interest rate normalization will be considered; the continued decline in inflation is good news. He also said that economic fundamentals are moving in a direction that may require a rate cut, and unless there is weakness in the labor market, a rate cut in the fall seems more appropriate.

▌Fed: The value of the US dollar for foreign exchange has generally fallen

The Federal Reserve's monetary policy report showed that the value of the US dollar for foreign exchange has generally fallen. The Treasury market remained orderly in early April, but liquidity fell to the level not seen since early 2023.

▌Fed Barkin: Current data shows no urgent reason to cut interest rates

Fed Barkin said that current data shows no urgent reason to cut interest rates, the job market and consumption remain strong, the final direction of trade policy has not yet been determined, and it is unclear how it will affect prices and employment; companies expect to raise prices later this year because more pricier imported goods have entered their inventories; companies not affected by tariffs see the confusion in trade policy as an opportunity to raise prices.