PA Daily | South Korea's ruling party proposes legislation to allow the issuance of stablecoins; Zhao Changpeng once again becomes the richest Chinese

Today's news tips:

Kong Jianping, founder of Nano Labs: Zhejiang and Hangzhou have not taken any special actions against blockchain industry practitioners

South Korea’s ruling party proposes legislation to allow stablecoin issuance

Forbes Rich List: Zhao Changpeng once again becomes the richest Chinese, with assets of $65.7 billion

CITIC Construction Investment: Stablecoins can bridge the gap between centralized credit currencies and digital currencies in the medium and long term

Upbit to List AXL in KRW and USDT Markets

ZK Nation: About 760 million ZK will be unlocked in June, and about 167 million ZK will be unlocked every month from July until June 2028

BlackRock's spot Bitcoin ETF becomes the fastest fund to reach $70 billion, breaking gold's previous record

SBI Holdings and its subsidiaries invest $50 million in Circle IPO

Regulatory/Macro

Kong Jianping, founder of Nano Labs: Zhejiang and Hangzhou have not taken any special actions against blockchain industry practitioners

Nano Labs founder Jack Kong (Kong Jianping) said in a post that Zhejiang and Hangzhou have not taken special actions against blockchain industry practitioners. He recently met with key leaders in Hangzhou and found that the local sensitivity to the blockchain and cryptocurrency industries has decreased. He also confirmed with the public security department that there have been no relevant actions, and individual cases may be related to anti-fraud work. Jack Kong believes that Hangzhou is one of the most open and inclusive cities in China, and suggests that entrepreneurs with concerns can choose Hangzhou-Hong Kong Technology Building as a foothold for the Web3 industry. Earlier, community news said that the Hangzhou police are systematically investigating cryptocurrency practitioners.

Societe Generale launches USDCV stablecoin on Ethereum and Solana, USDCV trading is expected to start in July

Société Générale-Forge, a crypto subsidiary of Société Générale-Forge, announced the launch of USD CoinVertible (USDCV), a stablecoin for the US dollar, which will be issued on the Ethereum and Solana blockchains. British financial services company BNY will serve as the asset custodian of USDCV. It is reported that the company has previously launched the euro stablecoin EUR CoinVertible (EURCV) in April 2023. The launch of the US dollar version is aimed at meeting the needs of the rapidly growing stablecoin market. USDCV will support 24/7 instant conversion between fiat currency and digital US dollars or euros, and realize real-time settlement of US dollar and euro transactions. The stablecoin is suitable for a variety of scenarios, including crypto transactions, cross-border payments, on-chain settlement, foreign exchange transactions, and collateral and cash management. In addition, USDCV and EURCV plan to be launched on multiple cryptocurrency exchanges and open to institutions, enterprises and retail investors through brokers and payment service providers. USDCV trading is expected to start in July, but neither stablecoin will be open to US users. Earlier news, people familiar with the matter said: Société Générale will launch the world's first bank-issued US dollar stablecoin on Ethereum.

South Korea’s ruling party proposes legislation to allow stablecoin issuance

According to Cointelegraph, South Korea’s ruling party has proposed legislation to allow the issuance of stablecoins. The proposed Digital Asset Basic Law will allow South Korean companies with capitalization exceeding $368,000 to issue stablecoins.

Forbes Rich List: Zhao Changpeng once again becomes the richest Chinese, with assets of $65.7 billion

According to the Forbes Rich List, Zhao Changpeng once again became the richest Chinese, with assets of $65.7 billion, ranking 24th in the world.

Both the CANARY STAKED INJ ETF and the CANARY MARINADE SOLANA ETF are registered in Delaware

According to market news, both the CANARY STAKED INJ ETF and the CANARY MARINADE SOLANA ETF have been registered in Delaware.

U.S. Senate Majority Leader John Thune expects to push for passage of stablecoin bill this week

According to Politico, U.S. Senate Majority Leader John Thune said on Monday that Senate Republicans are seeking to pass a landmark stablecoin bill this week that will set new rules for digital tokens pegged to the U.S. dollar. Thune said he is currently working to find a way to advance the amendment, with the goal of having the bill up for a vote in the full Senate this week. On Monday, Thune submitted a motion to end debate on the bill, and another procedural vote on the motion will be held as early as Wednesday. Republican leaders have been seeking to reach an agreement on the amendment to speed up the final vote, but have so far failed, mainly because Republican Senator Roger Marshall of Kansas has pushed for a vote on controversial legislation to combat credit card swipe fees.

US prosecutors accuse Evita founder Iurii Gugnin of laundering $530 million and helping Russia acquire sensitive technology

According to The Block, the U.S. Department of Justice indictment revealed that Iurii Gugnin, a New York resident and Russian man, was indicted for allegedly laundering $530 million through the cryptocurrency company Evita. Prosecutors accused him of mainly using USDT stablecoins to transfer funds for overseas users, including sanctioned Russian bank customers, from June 2023 to January 2025, and completing money laundering operations through Manhattan Bank accounts. As the founder and compliance officer of Evita, 38-year-old Gugnin was charged with 22 counts, including wire fraud, bank fraud, money laundering, and violations of the International Emergency Economic Powers Act. The Assistant Secretary for National Security of the Department of Justice pointed out that it turned crypto companies into "secret channels for illegal funds" to help sanctioned Russian banks obtain sensitive U.S. technology. If convicted of bank fraud, each count carries a maximum sentence of 30 years in prison.

Paraguayan President’s X account was hacked and published fake news about “listing Bitcoin as legal tender”

According to Reuters, Paraguayan President Peña's X account was suspected to have been hacked on Monday local time. The account posted an English post with a Spanish government statement, claiming that the country will list Bitcoin as legal tender and plans to launch a $5 million Bitcoin reserve fund. The Paraguayan government subsequently issued an official statement, pointing out that the president's account had abnormal activity and may have been accessed without authorization, and asked the public not to believe the content of the relevant posts before official confirmation. The Paraguayan National Cybersecurity Team is working with the X platform to investigate the matter.

Viewpoint

CryptoQuant: Bitcoin purchases by U.S. investors surge, crypto market may see optimistic trend in the second half of 2025

According to CryptoQuant analyst Crypto Dan, the Bitcoin market has continued to show an upward trend since April 21. Among them, the Coinbase premium has gradually increased, indicating that the buying pressure of American investors is supporting the market. In addition, the buying activities of large holders are also gradually increasing. At present, there are no signs of overheating in the market. This trend is in line with the typical characteristics of the post-correction rising cycle, suggesting that the cryptocurrency market may maintain an optimistic performance in the second half of 2025.

CNBC host: Circle's stock price is "overheated" at present, and it is not recommended to buy it for the time being

Jim Cramer, a well-known CNBC host, said on Monday that investors are not recommended to buy shares of Circle Internet, the issuer of stablecoins. Circle Internet's debut on the market last week was impressive, with its stock price soaring 168% from its opening price of $31 to $69. Cramer believes that although Circle Internet is strong, its current stock price is "overheated." The company's valuation has skyrocketed from $5.5 billion to about $25 billion in a few weeks, and it is not a wise move to buy at this time. Moreover, Circle is still linked to the volatile cryptocurrency ecosystem, and investors may wish to wait patiently for better buying opportunities. Cramer also compared Circle's stablecoin USDC to chips in the cryptocurrency field, saying that its business is more transparent than Tether and is a "more standardized and less suspicious version of stablecoins" supported by real legal currency reserves. He also reminded that the current IPO market "is starting to go crazy" and investors need to be cautious.

Analysis: Bullish trend remains valid as long as Bitcoin remains above $105,075

According to Matrixport analysis, Bitcoin has broken out of a short-term downtrend to form a bullish breakout pattern. The current price has broken out of a consolidation triangle, suggesting that the trend may continue. Although the market was expected to be quieter in the summer, the strength of the breakout shows that new funds are driving the gains while tariff-related concerns are fading. Even if this week's CPI data may bring some upward pressure, it will be difficult to stop the current upward momentum. Market expectations for interest rate cuts this year have also been reduced, with only one rate cut currently forecast as the US economy performs better than expected. As long as the price of Bitcoin remains above $105,075, the bullish trend remains valid.

CITIC Construction Investment: Stablecoins can bridge the gap between centralized credit currencies and digital currencies in the medium and long term

According to Jinshi, CITIC Construction Investment said that in recent years, more and more payments have fled the centralized monetary system dominated by the US dollar and taken refuge in the digital payment system (such as Bitcoin). Stablecoins are "two-sided" currencies that have both centralized and digital currency characteristics. Policies aimed at promoting the development of stablecoins need to focus on strengthening the stability mechanism of stablecoins: enhancing the market's "trust consensus" on stablecoins. This is also the focus of recent stablecoin regulatory policies. Looking only at the current comparison of the total scale of stablecoins and US dollar and US debt, promoting the development of stablecoins will not bring large-scale funds to the US dollar and US debt in the short term. In the medium and long term, the steady development of stablecoins can first allow fiat currencies (such as the US dollar) to take advantage of the expansion of Bitcoin's market value; secondly, it can also allow fiat currencies to be covered with a layer of stablecoin digital coats to bridge the gap between centralized credit currencies and digital currencies.

Project News

OKX will delist USDT perpetual contracts for X, BSV, BR, GUN, and SWELL on June 12

OKX announced that it will regularly delist some perpetual contracts. According to the plan, the following contracts will be officially delisted at 16:00 (Beijing time) on June 12, 2025: XUSDT, BSVUSDT, GUNUSDT, BRUSDT, SWELLUSDT. Users need to pay attention to the trading and funding arrangements of the relevant contracts.

Cardano founder launches Bitcoin DeFi protocol Cardinal on Cardano

According to Cryptotimes, Cardano founder Charles Hoskinson launched the first Bitcoin DeFi protocol Cardinal on Cardano. The protocol uses MuSig2 multi-signature technology to achieve non-custodial cross-chain, supports users to directly use Bitcoin UTXO to participate in Cardano on-chain lending and staking operations, and is compatible with Ordinals inscriptions as collateral. The technical solution includes the BitVMX off-chain verification system and supports interaction with public chains such as Ethereum and Solana. Cardano Chief Technology Officer Romain Pellerin said that the protocol will integrate zero-knowledge proof technology to improve liquidity in the future. This is the first solution that allows Bitcoin to access the Cardano ecosystem without custody, and users can trade Bitcoin assets through decentralized exchanges such as Minswap.

Upbit to List AXL in KRW and USDT Markets

PANews reported on June 10 that according to the official announcement, South Korean cryptocurrency exchange Upbit will launch AXL in the Korean won and USDT markets, and trading will start at 16:00 (UTC+9) on June 10 (estimated).

ZK Nation: About 760 million ZK will be unlocked in June, and about 167 million ZK will be unlocked every month from July until June 2028

ZK Nation released an announcement about the unlocking of ZK tokens. When ZK tokens are issued in 2024, Matter Labs team members and investors will receive a total of approximately 33.3% of the total supply. On June 18, up to 25% of the vested team member token allocation will be unlocked, and 10% of the vested investor token allocation will be unlocked. The token allocations received by Matter Labs team members and investors at the TGE will be unlocked over 4 years, with a 1-year vesting period. Based on current calculations, 3.6% (approximately 760 million) of the maximum total token supply (21 billion) will be unlocked in June. From July 2025, it is expected that 0.8% (approximately 167 million) of the total token supply will be unlocked each month until June 2028. (Note: approximately 33.3% of the total token supply is allocated to Matter Labs team members and investors, and the Matter Labs entity itself is not specifically allocated).

Virtuals launches smart contract audit agent "IRIS", 50% of the total tokens are allocated to the Ethereum community

Virtuals Protocol co-founder everythingempty announced on the X platform that Virtuals has partnered with the Nethermind team to launch IRIS on the Ethereum L1 mainnet, an autonomous, public-interest smart contract audit agent; all 50% of IRIS tokens will be directly allocated to the Ethereum community, and the team will not reserve any tokens. Points staking will still be done on the Base chain, and the token generation event (TGE) will be conducted on the Ethereum mainnet.

Bitcoin Core Development Team Schedules OP_RETURN Change for October

According to Protos, the Bitcoin Core Development Team announced that it will modify the default settings of OP_RETURN in the Core 30 version released in October, raising the upper limit of data carriers from 80 bytes to nearly 4MB. This decision marks a phased victory for the reformists led by Antoine Poinsot in the long-standing dispute with conservatives such as Luke Dashjr. Although the new version still allows node operators to manually restore smaller data limits, analysis shows that most nodes will maintain the default settings. Conservatives criticized this move for violating the original design of Bitcoin as a value transfer network and may reduce the blockchain to a data storage platform. Reformists believe that moderate expansion will help expand Bitcoin's functions and have made compromises to allow parameter adjustments. The change is expected to affect the on-chain data storage ecosystem, but will not change Bitcoin's basic transaction verification mechanism.

Important data

Ethereum spot ETF had a total net inflow of $52.7112 million yesterday, continuing its net inflow for 16 consecutive days

According to SoSoValue data, yesterday (June 9, Eastern Time), the total net inflow of Ethereum spot ETFs was $52.7112 million. The Ethereum spot ETF with the largest net inflow in a single day yesterday was Blackrock ETF ETHA, with a single-day net inflow of $35.189 million. Currently, ETHA has a total net inflow of $4.89 billion. The second is Fidelity ETF FETH, with a single-day net inflow of $12.9017 million. Currently, FETH has a total net inflow of $1.529 billion. As of press time, the total net asset value of Ethereum spot ETFs is $9.799 billion, and the ETF net asset ratio (market value to the total market value of Ethereum) is 3.13%, and the historical cumulative net inflow has reached $3.379 billion.

Two whales bought HYPE worth $14.9 million in the past three hours

According to Lookonchain monitoring, in the past 3 hours, 2 whales have bought a total of 385,720 HYPEs (worth $14.9 million). Among them: Whale 0x7E4E invested 9.97 million USDC to buy 259,367 HYPEs at a price of $38.5, and whale 0x5dE5 invested 4.94 million USDC to buy 126,353 HYPEs at a price of $39.1 and has pledged all of them.

The whale that used 10 million USDC to open a long position on BTC yesterday has a floating profit of $5.87 million, and its position value has reached $250 million

According to on-chain analyst Ember, as BTC hit $110,000 again, the whale who used 10 million USDC to open a long position on BTC yesterday has now made a floating profit of $5.87 million. He has been increasing his position since he started building a position at 5 pm yesterday, and it is still increasing until now. The value of his BTC long position is now as high as $250 million. Current position: 20x long 2,276 BTC, position valued at $250 million. Opening price $107,637, liquidation price $105,110. Current floating profit $5.87 million.

BlackRock's spot Bitcoin ETF becomes the fastest fund to reach $70 billion, breaking gold's previous record

According to The Block, Bloomberg ETF analyst Eric Balchunas said that BlackRock's Bitcoin ETF, IBIT Fund (the largest of its kind), exceeded $70 billion in assets in just 341 trading days, becoming the fastest ETF to reach this milestone, five times faster than the previous record holder GLD (1,691 days). GLD is the SPDR Gold Trust Fund, which was listed on the New York Stock Exchange in November 2004. It is the world's largest physically-backed gold ETF, with assets under management of approximately $100 billion. BlackRock launched its spot Bitcoin ETF in January 2024. According to Arkham Intelligence data, in April this year, BlackRock's fund held 2.8% of the total supply of Bitcoin. The asset management company holds Bitcoin on behalf of its clients, but does not own the cryptocurrency itself.

Financing

Communications platform Towns Protocol completes additional financing of $3.3 million, led by Coinbase Ventures and others

According to official news, the communication platform Towns Protocol announced that it has completed an additional financing of US$3.3 million, led by Coinbase Ventures and echo. The financing was completed in April this year. Towns Protocol is built on the Base network and aims to promote the development of Web3 social and collaboration tools. Towns hopes to create a digital town square through decentralization and Web3, where members can define boundaries, make rules and build the world they want, and users will become the masters of the digital town square. Previously in April, Towns Protocol announced the completion of a US$10 million Series B financing led by a16z crypto.

Ethereum L2 project RISE receives $4 million investment from Galaxy Ventures

According to The Daily Hodl, Ethereum Layer2 project RISE announced that it has received $4 million in investment from Galaxy Ventures, bringing the total funds raised to $8 million so far. The project has previously received investments from Vitalik Buterin and others. According to reports, RISE achieves a latency as low as 5 milliseconds through its Shreds transaction architecture, and the test network processes more than 50,000 transactions per block, with a target throughput of 100,000 TPS. RISE adopts the "basic sorting" solution based on Ethereum, aiming to maintain decentralization while solving performance bottlenecks.

Belgravia Hartford, a Canadian listed company, purchased 4.86 BTC for $500,000

Belgravia Hartford Capital, an investment issuance company listed on the Canadian Stock Exchange, announced the completion of its first Bitcoin purchase, using $500,000 to purchase 4.86 BTC, with an average price of approximately $102,848. The company also disclosed that it holds $44.13 million in carryforward non-capital losses as of 2023, and will explore its monetization possibilities to support its Bitcoin reserve strategy and balance sheet optimization.

Crypto wallet infrastructure company Turnkey completes $30 million Series B financing, led by Bain Capital Crypto

Turnkey, a crypto wallet infrastructure company founded by former Coinbase employees, has completed a $30 million Series B round led by Bain Capital Crypto, with participation from Lightspeed Faction and Galaxy Ventures. Turnkey will use the new funds to expand its current 35-person team, focus on strengthening engineering capabilities, and promote the popularity of API wallet solutions.

SBI Holdings and its subsidiaries invest $50 million in Circle IPO

According to The Crypto Basic, Ripple partner SBI Holdings and its subsidiary SBI Shinsei Bank announced a $50 million investment in USDC issuer Circle after Circle's IPO. The investment was made by SBI Holdings and SBI Shinsei Bank, each contributing $25 million, with each party accounting for half. Previously, SBI established a joint venture company Circle SBI Japan KK in March 2025 to promote the adoption and circulation of USDC in the Japanese market.

Siebert Financial, a listed company, plans to raise $100 million to buy crypto assets and invest in AI technology

According to Globenewswire, Siebert Financial Corp. (NASDAQ: SIEB) announced that its S-3 Form Shelf Registration Statement has been approved by the U.S. SEC, which can be used to raise up to $100 million through the sale of various securities. This move will enhance the company's financial flexibility, and the proceeds may be used for potential acquisitions, purchases of digital assets such as Bitcoin, Ethereum, Solana, and investments in technology service lines such as artificial intelligence, including but not limited to AI solutions.

Crypto investment startup Parataxis Holdings plans to go public via SPAC deal

According to BUSINESS WIRE, Parataxis Holdings LLC, a Bitcoin-focused investment startup, plans to go public through a merger with special purpose acquisition company SilverBox Corp IV. The two parties announced on Monday that they had signed a non-binding letter of intent, marking another cryptocurrency-related company's intention to enter the public market. The transaction is still subject to due diligence, signing of a final agreement and obtaining regulatory approval and other routine procedures.

Uphold Considers IPO or Sale, Reportedly Seeking Valuation of More Than $1.5 Billion

According to The Block, digital asset trading platform Uphold is considering an initial public offering (IPO) or sale. Its CEO Simon McLoughlin revealed that the board of directors has appointed FT Partners to explore strategic options, including an IPO in the United States or selling to other companies. He said that many banks, financial institutions, etc. are currently interested in Uphold, and mergers and acquisitions are also an option. Although McLoughlin did not disclose the valuation, people familiar with the matter said the valuation exceeded US$1.5 billion. Uphold's CEO said that potential IPOs or sales require in-depth analysis, and if other companies are acquired, listing on the Nasdaq may be beneficial. He said that the company is developing rapidly, with many mergers and acquisitions in the industry. Due to the growth of corporate business, revenue is expected to increase from US$80 million in 2022 to more than US$300 million today.