Summary
gm, Hong Kong unveiled new stablecoin regulations set to begin August 1, potentially challenging US dollar dominance by promoting local currency alternatives. Robinhood announced a major expansion into tokenized stock trading on a new Arbitrum-based Layer-2 blockchain, sending its shares to an all-time high and signaling growing convergence between traditional finance and crypto. Meanwhile, corporate Bitcoin adoption continues to accelerate, with Metaplanet surpassing Cleanspark to become the fifth-largest corporate Bitcoin holder after acquiring 1,005 BTC for $108 million, while Strategy added an additional 4,980 BTC worth $531 million to its treasury. The infrastructure landscape also evolved as Chainlink launched its Automated Compliance Engine (ACE), designed to unlock over $100 trillion in institutional capital by streamlining regulatory compliance across blockchain environments.

News Headlines
🏦 Circle Applies for National Trust Bank Charter to Oversee USDC Reserves

  • Circle has applied to the U.S. Office of the Comptroller of the Currency (OCC) to form a federally regulated national trust bank called First National Digital Currency Bank, N.A., aimed at managing USDC reserves.
  • If approved, Circle would join other federally chartered crypto entities like Paxos and Anchorage, allowing it to expand operations across state lines without multiple licenses while strengthening USDC's infrastructure ahead of potential stablecoin regulations.

💼 JP Morgan Rates Circle "Underweight" with $80 Target for 2026

  • JP Morgan analysts have initiated coverage of Circle (CRCL) shares with an "underweight" rating and set a target price of $80 by December 2026, down 55% from the current price of $180.
  • While recognizing Circle's strong position in the stablecoin market, analysts expressed concerns about competition and Circle's business model sensitivity to interest rate changes, with over 95% of revenue linked to reserves.

🔗 Chainlink Launches Compliance Tool to Unlock $100T in Institutional Capital

  • Chainlink has launched its Automated Compliance Engine (ACE), designed to streamline regulatory compliance in both traditional and blockchain environments through features like automated policy enforcement.
  • The tool aims to reduce compliance costs, which exceeded $60 billion in the U.S. and Canada in 2023, while enabling regulated institutions to participate more easily in the cryptocurrency sector.

🔁 Tokenized Stock Trading Goes Live on Kraken, Bybit and Solana's DeFi Ecosystem

  • Backed Finance's xStocks has introduced over 60 tokenized stocks, including blue-chip companies like Netflix, Meta, and Amazon, on the platforms of Kraken, Bybit, and within Solana's DeFi ecosystem.
  • The service offers users 24/7 trading without commission fees and provides instant on-chain settlement, with compatibility for DeFi protocols on Solana enabling trading and liquidity provision via platforms like Raydium.

🏦 German Banking Giant to Offer Crypto Trading to 50 Million Customers by 2026

  • Sparkassen-Finanzgruppe plans to offer crypto trading services to its 50 million customers by summer 2026, with Dekabank managing the services via the Sparkasse app in alignment with EU crypto regulations.
  • Despite previous resistance due to volatility concerns, this shift reflects a broader trend among German banks adapting to crypto demand, though customers will be advised of potential risks including total loss.

Market Metrics

Fundraising & VC
1. Spekter Games (Pre-seed, $5M) - Next-gen game publisher blending Web2 and Web3
2. Byzanlink (Private, $1M) - Institutional-grade infrastructure for tokenized finance
3. Trusta AI (Strategic, Undisclosed) - Trusted identity network for crypto-intelligence

Regulatory
💼 Singapore Enforces Stricter Crypto Licensing Framework

  • Singapore's new crypto licensing rules took effect on June 30, requiring all crypto firms, including those serving only foreign clients, to secure licenses or cease operations.
  • The regulatory shift enforces anti-money laundering measures, local compliance officers, and cybersecurity audits with substantial fines for non-compliance.

🏦 South Korea Pauses CBDC Tests as Banks Pursue Stablecoins

  • The Bank of Korea has suspended its central bank digital currency trials as banks involved expressed concerns over costs and lack of commercialization plans.
  • Banks now prefer to focus on issuing their own stablecoins, which could prove more financially beneficial, with multiple institutions collaborating to launch a won-backed stablecoin by next year.

⚖️ Supreme Court Declines Coinbase Privacy Case

  • The U.S. Supreme Court has declined to hear a case challenging the IRS's 2016 request for Coinbase customer data, allowing the agency to continue accessing user information without warrants.
  • The case argued that the IRS's "John Doe summons" violated Fourth Amendment rights against unreasonable searches and seizures by circumventing judicial process.

🚨 Spanish Authorities Dismantle $540M Crypto Fraud Ring

  • Spanish police arrested five individuals linked to a major crypto investment fraud that laundered almost $540 million from over 5,000 victims.
  • The operation was part of a global investigation involving authorities from Spain, Estonia, France, and the United States that began in 2023.

💰 Kazakhstan Plans National Cryptocurrency Reserve

  • Kazakhstan's central bank is establishing a state-managed cryptocurrency reserve that may be funded through seized digital assets and government-backed mining operations.
  • Chairman Timur Suleimenov emphasized that central oversight is essential for effective risk management given cryptocurrency volatility.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency is moving within a rectangle formation between support at 100620 and resistance at 108469. A decisive break through one of these levels indicates the new direction for the currency. The currency is approaching resistance at 110000 points, which may give a negative reaction. However, a break upwards through 110000 points will be a positive signal. The currency is overall assessed as technically slightly negative for the short term.

Ethereum - Ethereum is in a falling trend channel in the short term. Falling trends indicate that the currency experiences negative development and falling buy interest among investors. The currency is testing resistance at points 2490. This could give a negative reaction, but an upward breakthrough of points 2490 means a positive signal. Volume has previously been high at price tops and low at price bottoms. This weakens the falling trend and could be an early signal of a coming trend break. The currency is overall assessed as technically slightly negative for the short term.