Gemini and Dinari Partner as Stablecoin Startup Funding Boom Reaches New Heights

Headlines

▌Gemini and Dinari cooperate to launch tradable tokenized US stocks for EU users, and MSTR is the first to be launched

Cryptocurrency trading platform Gemini announced a partnership with Dinari, a provider of tokenized US stocks, so that EU customers can now purchase tokenized US stocks "Strategy (MSTR)" stocks on the platform and realize free transfer on the chain, ensuring that token holders enjoy the same economic rights as real stocks. In the future, more tokenized US stocks and ETF products will be launched on Gemini one after another.

▌The financing boom for stablecoin startups hit a new high, surpassing the peak in 2021

Driven by Circle's successful listing and regulatory clarification, the stablecoin and payment sectors recorded 43 and 42 venture capital transactions in the third and fourth quarters of 2024, respectively, setting a new single-quarter high, and the number of transactions throughout the year exceeded the 2021 high for the first time. In the first quarter of 2025, this sector accounted for 7.5% of all venture capital transactions. The profit model and sustainable development of stablecoin infrastructure have attracted a large amount of traditional institutional funds to enter the market, and regulatory progress such as the US GENIUS Act has further boosted investor confidence, making stablecoins one of the few crypto tracks that have surpassed the data of the previous bull market.

Market

As of press time, according to CoinGecko data:

BTC price is $107,047, up or down -0.2% in 24 hours;

ETH price is $2,415.77, up or down -0.1% in 24 hours;

BNB price is $642.31, up or down -0.5% in 24 hours;

SOL price is $139.14, up or down -3.0% in 24 hours;

DOGE price is $0.16, up or down -2.8% in 24 hours;

left;">XRP price is $2.11, 24-hour change -3.5%.

TRX price is $0.2709, 24-hour change -0.8%.

Policy

▌Ripple abandons cross-appeal against SEC, ending years of legal battle

According to CoinDesk, RippleLabs CEO Brad Garlinghouse announced on Friday that the company will abandon its cross-appeal against the U.S. Securities and Exchange Commission (SEC), and the SEC is expected to withdraw its appeal, thus ending the years-long legal dispute between the two parties. This decision came a day after New York Judge Analisa Torres rejected the second $50 million settlement request from both parties. The judge refused to revoke the permanent ban on Ripple, believing that there was no reason to cancel the ban requiring Ripple to "comply with the law." Giving up the appeal means Ripple will accept the $125 million civil penalty originally ordered and may retain a permanent injunction. In 2023, Judge Torres ruled that XRP sales to retail investors on public exchanges did not constitute securities transactions, but sales to institutional investors violated securities laws.

▌U.S. Treasury Secretary Bessant: Reciprocal tariffs may be re-imposed on 20 countries

U.S. Treasury Secretary Bessant: Reciprocal tariffs may be re-imposed on 20 countries, or if we believe that the other party is negotiating in good faith, the tariffs on these countries may remain at 10%.

▌The U.S. Senate is scheduled to hold its first vote on the "Big and Beautiful" bill on Saturday

According to Politico, the U.S. Senate is scheduled to hold its first vote on the "Big and Beautiful" bill on Saturday. Louisiana Republican Senator John Kennedy and North Dakota Representative John Hoeven said after a closed-door lunch on Friday that leadership announced the timeline during lunch.

▌Trump: July 9 deadline for tariff agreement we can extend or shorten

President Trump said the July 4 deadline (speaking of the tax and spending bill) is important but not the "end." There is a lot of pressure to approve the bill, and the July 4 deadline is very important, but it can be extended beyond August if necessary. The July 9 deadline for tariff agreement we can extend or shorten.

▌Trump: If Powell lowers interest rates, it will be very good

President Trump: If Federal Reserve Chairman Powell lowers interest rates, it will be very good.

Blockchain Applications

▌UAE taxis now accept cryptocurrency payments

According to BitcoinLFG, UAE taxis now accept cryptocurrency payments.

▌Lnfi Network, a DeFi platform based on Bitcoin Lightning Network, integrates RGB protocol

Lnfi Network, a DeFi platform based on Bitcoin Lightning Network, announced that it has completed the full integration of the RGB protocol. Previously, Lnfi had previously received investments from institutions including UTXO Management, CMS Holdings and Wolf NYC (NYDIG).

Cryptocurrency

▌Mysterious whale AguilaTrades closed his BTC short position and turned long, with a new position worth $160 million

According to Onchain Lens (@OnchainLens), an on-chain data analyst, the mysterious whale AguilaTrades has closed his BTC 20x leveraged short position, losing $344,000. Subsequently, AguilaTrades reopened a BTC 20x leveraged long position, currently worth $160 million, holding 1,500 BTC.

▌Robinhood launches XRP and Solana micro futures

US digital brokerage Robinhood (NASDAQ: HOOD) announced the addition of XRP and Solana micro futures products, and launched a micro version of the existing Bitcoin Friday futures, further enriching its crypto product line. Micro futures contracts have lower capital thresholds than standard futures. Earlier this year, Robinhood launched cash-settled crypto futures including Bitcoin, Micro Bitcoin, Bitcoin Friday and Ethereum. In addition, this month Robinhood just completed the $200 million acquisition of the crypto exchange Bitstamp, and intends to acquire Kevin O'Leary-backed WonderFi to accelerate its global layout.

▌Cel AI plans to raise at least $10.3 million to buy Bitcoin

According to market news, British artificial intelligence company Cel AI will raise at least 7.5 million pounds (about $10.3 million) through accelerated book-building issuance to buy Bitcoin as part of its recently announced Bitcoin treasury reserve strategy.

▌Trump: Cryptocurrency is a very interesting thing, and Bitcoin has reduced pressure on the US dollar

US President Trump said that encrypted digital currency is a very interesting thing, and we have built a very strong industry. Cryptocurrency creates jobs, and Bitcoin also reduces pressure on the US dollar. In the previous stock market decline, the value of cryptocurrencies fell less than other assets, highlighting the resilience of the encryption field.

▌The U.S. Bitcoin spot ETF holds 1.23 million BTC, accounting for about 6.2% of the total circulation

According to Cointelegraph, the U.S. Bitcoin spot ETF currently holds 1.23 million BTC, accounting for about 6.2% of the total circulation of Bitcoin.

Important Economic Dynamics

▌TD: The next risk facing the U.S. dollar comes from Canadian pension funds increasing their hedging efforts

TD Securities believes that the U.S. dollar will fall further because, as one of the largest holders of U.S. stocks, Canadian investors are under pressure to increase the currency hedging ratio of U.S. dollar assets. "The dollar's reduced safe-haven appeal since the start of the year has led to an increase in demand for hedges on long U.S. exposures held by these funds," TD Securities team Jayati Bharadwaj, Mark McCormick and Linda Cheng wrote in a note on Friday. Further declines in the dollar "would further prompt Canadian investors to adjust their hedging policies, which could in turn put further downward pressure on the pair." The Canadian dollar has risen more than 5% against the U.S. dollar in the first half of 2025, its best start to a year in nearly a decade. TD strategists predict further gains for the Canadian dollar ahead. They expect the Canadian dollar to rise to 1.31 against the U.S. dollar by December, which would be the strongest level since 2022 and about 4% above the current level of about 1.3665. The TD team estimates that Canadian pension funds - some of which have an explicit policy of not fully hedging U.S. assets - have hedged about 10% to 15% of their positions. Overall, Canadian investors hold about $1.8 trillion in U.S. stocks. Analysts wrote that a marginal increase of 5% in the hedge ratio could lead to about $90 billion in selling pressure on the U.S. dollar against the Canadian dollar.

▌The three major U.S. stock indexes closed up collectively, with the S&P 500 and Nasdaq hitting record highs

The three major U.S. stock indexes closed up collectively, with the Dow up 1%, up 3.82% this week; the S&P 500 up 0.52%, up 3.44% this week; and the Nasdaq up 0.52%, up 4.25% this week. Among them, the S&P 500 and Nasdaq both hit record highs. Most large technology stocks rose, with Google and Amazon up more than 2%, Nvidia and Meta up more than 1%, Apple and Intel up slightly; Tesla and Microsoft fell slightly.

▌Trump: Pushing for a trade deal

US President Trump: Pushing for a trade deal.

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 ways. Gold-backed stablecoins and dollar-backed stablecoins differ primarily in the collateral that backs 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 fluctuations 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, their 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.