Bit Push's Weekly Web3 News Selection:
【Stablecoin Issuer Circle Experiences Two Circuit Breakers on Opening Day, Analysts Claim Trillion-Dollar Opportunity in Stablecoin Market】
According to market data, stablecoin USDC issuer Circle triggered circuit breakers twice on opening. Circle becomes one of the few purely crypto companies listed in the US, following Coinbase, Mara Holdings, and Riot Platforms, marking its second attempt at going public.
Under a friendly regulatory attitude from the US government, the crypto industry is gaining new political support. Especially in the stablecoin sector, the field is accelerating due to expectations that Congress will pass stablecoin-related legislation this summer. Wall Street analysts suggest that the stablecoin market could grow 10-fold in the next five years, creating a trillion-dollar market opportunity.
【Musk and Trump Break Up, Tesla Drops 15% in a Single Day】
Musk and Trump clash on social media, with Trump threatening to terminate government subsidies and contracts, and Musk calling for Trump's impeachment. As of Thursday's US stock market close, Tesla (TSLA.O) dropped 14.2%.
【Crypto Trading Platform Gemini Applies for IPO in the US】
According to The Block, crypto trading platform Gemini has submitted an IPO application in the US. Gemini stated: "The number of Class A common shares to be issued and price range are yet to be determined. The initial public offering is expected to proceed after review by the SEC, with timing dependent on market and other conditions." Previously, stablecoin issuer Circle applied for an IPO in April and began trading this week. Bloomberg reports that crypto exchange Kraken is also considering an IPO.
【JPMorgan Morgan Chase Considers Crypto ETFs as Loan Collateral】
Bloomberg reports that JPMorgan Chase is preparing to accept crypto-related assets as loan collateral, including Bitcoin ETFs. The bank will first provide financing services for crypto ETFs, initially involving BlackRock's iShares Bitcoin Trust Fund. This move marks a significant expansion of JPMorgan's crypto-related business, coinciding with a more relaxed regulatory environment under the new US government. Previously, JPMorgan only accepted such collateral on a limited case basis. Under the new plan, crypto ETFs will be treated more like traditional assets such as stocks or real estate when assessing clients' borrowing capacity. The report also suggests that this plan, expected to launch in the coming weeks, may include more crypto investment products.
【Insider: Pump.fun Plans $10 Billion Token Sale at $40 Billion Valuation】
Two sources told Blockworks that Pump.fun plans to raise $10 billion through a token sale. Three sources indicated a symbolic valuation of $40 billion for this sale.
Sources added that the token will be offered to public and private investors, with no confirmation of its launch timing or platform. However, an X post hints at a potential launch within the next two weeks.
Pump.fun is a memecoin launch platform allowing anyone to quickly and freely issue their own Solana token. The app went viral after its launch in early 2024, with cumulative revenue exceeding $700 million according to Blockworks Research.
【Monetary Authority of Singapore: Unlicensed Crypto Service Providers Must Cease Services by Month-End】
The Monetary Authority of Singapore (MAS) issued a final policy document on May 30, 2025. It stipulates that all crypto service providers registered or operating in Singapore must cease providing crypto services to overseas clients by June 30, 2025, if they have not obtained a DTSP license.
MAS emphasizes no transition period, and violators will face legal penalties.
【New South Korean President Lee Jae-myung Promises to Promote Crypto ETF and Won Stablecoin Development】
Left-wing party candidate Lee Jae-myung was elected as the new South Korean president with 49.42% of the vote, defeating right-wing opponent Kim Moon-soo's 41.15%. Lee promises to vigorously develop South Korea's crypto industry, including allowing local spot crypto ETFs, establishing a won stablecoin market, improving digital asset regulatory frameworks, and reducing blockchain regulations in specific areas to promote innovation.
South Korea is one of the world's largest crypto markets, with 9.7 million trading users, about 20% of the total population. Unlike the unfulfilled crypto-friendly promises of the previous president Yoon Suk-yeol, Lee is expected to implement his crypto policies against the backdrop of a changing attitude from the Financial Services Commission.
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