Weekly highlights: Stablecoin market heats up; US to loosen DeFi regulation; Middle East artillery fire triggers crypto market crash

  • Stablecoin Market Heats Up: Circle's IPO sparks controversy, with accusations of favoring Wall Street over crypto allies. The battle among USDT, USDC, and FRAX intensifies, while interest-bearing stablecoins and new projects like Plasma (backed by Tether) gain traction.
  • Macro Perspective: Bitcoin's transaction volume hits a historic low, raising concerns about miner profitability. The RWA market grows 48% in H1 2025, driven by private credit and US Treasuries. The SEC's new chairman hints at relaxed DeFi regulation, aligning with Trump's vision for the US as a "global crypto capital."
  • AI and Meme Coins: Decentralized AI training gains momentum, with projects like Sentient and Sahara AI leading the charge. Meme coins' "fundamentals" are debated, while Meta's $14.8B data acquisition highlights the AI industry's focus on data quality.
  • Opportunities in Crypto: Base ecosystem projects surge, XRPFi aims to revitalize XRP's market cap, and InfoFi platforms like Kaito attract early adopters. Coinbase predicts a bullish H2 2025 for crypto, citing economic growth and regulatory clarity.
  • Web3 Developments: Solana spot ETF progresses, with SEC review expected by July. DeFi TVL and token prices react to the SEC's "innovation exemption." Singapore's crypto regulations tighten, pushing for sustainable industry growth.
  • Key Updates: Ant Group applies for stablecoin licenses; AEX founder arrested in Thailand; Nasdaq seeks to add XRP, SOL, ADA, and XLM to its crypto index; Tencent explores a $15B acquisition of Nexon.
Summary

PANews Editor's Note: PANews has selected a week's worth of high-quality content to help you fill in the gaps during the weekend. Just click on the title to read.

Stablecoin market heats up

Arca accuses Circle of betrayal: Why did the IPO feast abandon its crypto allies and favor Wall Street?

“Circle completely and willfully ignored its customers with this IPO. They were only interested in making a quick buck.”

The full-chain stablecoin war: Circle, Tether and Frax’s digital dollar game

Who will win among USDT, which has the largest market share, USDC, which is seeking compliance, and FRAX, which is constantly exploring the boundaries of the digital dollar?

Airwallex CEO is "besieged" by the crypto community for his insistence on stablecoins. Whose cheese has been moved by stablecoins?

Stablecoins have become a hot topic in the global financial circle. The founder of a cross-border payment unicorn company was "tired of questions" from investors and directly criticized stablecoins. This statement was quickly refuted by many parties in the crypto circle.

The $500 million financing was sold out in an instant. How will Plasma, backed by Tether, build the Bitcoin financial settlement layer?

Plasma, a financial layer built on Bitcoin, with Tether providing launch liquidity and enhanced by native privacy features, is able to achieve goals that other cryptocurrency projects cannot achieve.

Better underlying assets: After studying 100 interest-bearing stablecoins, we found 5 potential coins

Stablecoins have become a market consensus. Interest-bearing stablecoins (YBS) reconstruct the order with "interest-bearing profits" and explore new possibilities for crypto finance in 180+ projects.

Stablecoin narrative is hot, here are 10 potential projects and interaction opportunities

The second half of stablecoins focuses on payment, DeFi, and RWA, and takes stock of the gameplay of 10 projects.

Macro perspective

The Ice Age on the Bitcoin Chain: 310,000 Transactions Stuck Under the $105,000 Wall

In June 2025, the transaction volume of the Bitcoin blockchain plummeted to a historic low, exposing the fragility of the miners' profit model and triggering conflicts in the community's technical concepts.

Digital analysis of the RWA market: the market size surged 48% in the first half of the year, and ZKsync "rebounded" to become the second largest public chain

The total market value of the global RWA market has soared to US$23.39 billion (excluding stablecoins), a sharp jump of 48.9% from US$15.7 billion at the beginning of the year. Behind this growth, private credit (accounting for about 58%) and US Treasury bonds (accounting for about 31.2%) constitute the absolute dual core of the market, and the two together account for nearly 90% of the market share.

From retail investor frenzy to institutional dominance, is Bitcoin's four-year bull market cycle coming to an end?

Bitcoin has shifted from being dominated by retail investors to being dominated by institutions. Institutions are accumulating for the long term, and short- to medium-term price drops will not shake them out of the market.

Rethinking Bitcoin: A Thought Experiment on the Next Generation of Currency Value Anchors

The revolutionary nature of Bitcoin lies not only in its technology and algorithms, but also in the fact that it is the first "bottom-up" monetary system in human history that is driven spontaneously by users, and is challenging the millennium paradigm of state-led currency issuance.

Full text of the speech by the new SEC chairman at the roundtable meeting: DeFi and the American spirit, the future of on-chain finance under the innovative exemption framework

The innovation exemption could help realize President Trump’s vision of making the United States the “global crypto capital.”

AI and Meme

Biteye and PANews jointly released AI Layer1 research report: Finding fertile ground for DeAI on the chain

This article introduces in detail six representative AI Layer1 projects including Sentient, Sahara AI, Ritual, Gensyn, Bittensor and 0G, systematically sorts out the latest progress in the track, analyzes the current status of project development, and explores future trends.

Sentiments, beliefs and communities, do Meme coins have “fundamentals”?

Explore the memecoin investment framework and uncover the secrets to high returns.

The evolution of AI training paradigm: a technological revolution from centralized control to decentralized collaboration

Decentralized training represents a more open and censorship-resistant future path.

$14.8 billion to buy out the lifeblood of AI: Meta monopolizes data oil, Web3 rewrites mining rules with Token

Both Web3 AI and Web2 AI have reached the crossroads of "volume computing power" and "volume data quality".

A list of recent TGE popular AI projects: IRIS, IDOL, Sahara AI, Mira, Allora

As the market gradually recovers and expectations of interest rate cuts approach, more and more AI projects have been making moves recently.

PANews' account [MEME Daily] will select the hot memes of the day for readers to understand the track situation. Click here to view.

Seize the opportunity

10x projects are emerging frequently, what is the Base ecosystem hyping recently?

With three tracks and seven projects, Base made a brilliant move.

Ripple intends to use XRPFi to activate XRP's market value of 100 billion yuan and fill the gap in the DeFi ecosystem

XRPFi, the combination of XRP and decentralized finance (DeFi), is being seen by more and more practitioners as a new path to activate XRP, a long-established crypto asset, and drive the growth of the XRPL and Ripple ecosystem.

InfoFi Gold Digging Guide: In addition to Kaito, what other new ways to play are there?

Recently, the InfoFi concept has been rising at a lightning speed. The Leaderboard of Kaito, a leading project, made early participants rich, and the price of Cookie.fun, the second largest project, rose sharply after the launch of the Snaps function.

“The QR code that never changes”, the battle for on-chain advertising space behind QRcoin’s 13-fold surge?

Why should advertisers raise the price for a QR code that never changes?

Coinbase Research Report: Three Major Themes of the Crypto Market in the Second Half of 2025

The outlook for the crypto market in the second half of 2025 is positive, driven primarily by better-than-expected economic growth, enterprise crypto adoption, and regulatory clarity.

Web3

Solana spot ETF has made substantial progress again. SEC focuses on evaluating the pledge and redemption mechanism and will be implemented as early as July

On June 11, the US SEC required potential Solana spot ETF issuers to update their S-1 application documents. This move was seen by the market as a turning point for Solana ETF to enter the substantive review stage, sending a signal that the regulatory authorities have a positive attitude. Driven by this, the market's expectations for formal approval in July quickly heated up, and the Solana ecosystem ushered in a general rise in prices.

KTA plunged 20% in 24 hours. Google's former CEO's scandal triggered Keeta's trust crisis

Last night, $KTA, the “pumper” on the Base chain, plummeted, with a 20% drop in 24 hours at the time of writing. The trigger for the plunge was a tweet.

SEC's "Innovation Exemption" ignites the DeFi engine: DeFi's top players' TVL and coin prices interpret a song of ice and fire

The cold winter of US regulation seems to be quietly receding, and a ray of light of "innovation exemption" has shone into the DeFi field. On June 9, the positive signal released by the top SEC officials indicated that the DeFi platform may usher in a more friendly development environment.

More than BTC: The battle for crypto treasury begins, sorting out the reserves of 28 listed companies

20 focus on BTC, 4 focus on SOL, 2 focus on ETH, and 2 focus on XRP.

Singapore’s regulatory deadline is approaching, where should crypto companies go?

Singapore does not want to drive away the crypto industry, but wants it to develop sustainably rather than being a "safe haven" for criminals.

Bitcoin Core's built-in transaction relay splits the community: Are inscriptions spam transactions?

The extreme right believes that inscriptions are junk transactions and should be eliminated, and Bitcoin should not be a storage chain. The right believes that we should not censor (inscriptions) and restrict certain transactions from being put on the chain. Filters should only filter out pure DoS attacks.

From a whale to an ant, how did the on-chain contract legend James Wynn fall?

A one-month "cryptocurrency open class" worth $1 billion.

The Dilemma of Attention Tokenization: InfoFi’s Content Quality Crisis and Reward Imbalance

InfoFi is an important experiment in designing and operating a new economic structure. Its full potential will only be realized when it develops into a structure where valuable information and insights can be shared.

IOSG interprets Binance's listing path: Alpha, IDO, Futures, Spot are fully disassembled. Which method has the greatest benefit?

This article aims to provide project owners with strategic listing path recommendations and to establish a data-based price discovery and trading strategy evaluation framework for investors.

It is said that Hangzhou is conducting a large-scale investigation of crypto practitioners? It is likely that a certain team is involved in the case

This article combines the current situation of Hangzhou's investigation of crypto practitioners within its jurisdiction, and analyzes the reasons for the investigation and the future development of the cryptocurrency industry.

Key Information

Ant Group to apply for stablecoin licenses in Hong Kong and Singapore

AEX founder Huang Tianwei was arrested at a Thai airport on suspicion of a 44 million yuan crypto scam

Stripe acquires crypto wallet infrastructure company Privy, which will remain independent

First Financial Daily: Virtual currency LABUBU is not officially issued by Pop Mart, reminding people to be wary of the risks of currency speculation

Nasdaq applies to the US SEC to add XRP, SOL, ADA, and XLM to the cryptocurrency index

Tencent studying potential $15 billion deal to acquire Nexon to bolster gaming business

Meta to pay nearly $15 billion for 49% stake in Scale AI

World launches native USDC and integrates Circle cross-chain protocol CCTP V2 2287

Musk: I regret some of the posts I posted last week about Trump, some of the comments were too extreme

Michael Saylor: Apple Should Buy Bitcoin

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Author: 一周精选

This article represents the views of PANews columnist and does not represent PANews' position or legal liability.

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