Foresight News brings you a quick overview of this week's hot topics and recommended content:
01 Stablecoins
《Global Stablecoin Year: A New Battlefield Between China and the US》
《Arthur Hayes: Unveiling the US Stablecoin "Sunshine Conspiracy", How Can 6.8 Trillion Funds Become a Lifeline for the Government Bond Market?》
《Multiple Issuers Apply for US Trust License, Stablecoin Industry Rushing to Land?》
《Stablecoin Infrastructure War: The Competitive Path of Stable and Plasma》
02 Regulatory Trends
《"Big and Beautiful" Bill Sparks Controversy, Tax Reduction for Crypto Industry?》
《First US SOL Staking ETF Lands! Era of Institutional Compliance Passive Earnings Begins》
《From Wyoming to Capitol Hill, How Bitcoin Senator Lummis Promotes Billion-Dollar Financial Gamble?》
03 Traders
《Mid-2025 Roundup: Who is the "Mudslide" That Made You Suffer Huge Losses?》
《Who Opened Contracts on-chain and Lost 100 Million Dollars?》
04 Industry Insights
《6.2 Billion Dollars, How Did the Trump Family "Pick Up Money" in the Crypto?》
《10,000 Bitcoin Not Bought but Choosing MSTR Stock with 75% Premium, Has Wall Street Gone Crazy?》
《Vitalik: Does Using ZK Technology for Digital Identity Mean No Risks?》
01 Stablecoins
No one expected that in the crypto market's gloomy moment of questioning innovation, the "stablecoin super cycle" termed by Paradigm founder Matt Huang would arrive. Circle's stock's heat in the US stock market has reignited the crypto industry's focus on the stablecoin market. Recommended article:
《Global Stablecoin Year: A New Battlefield Between China and the US》
According to defillama data, as of June 25, 2025, the global stablecoin market size has exceeded approximately 252.9 billion USD, with USDT occupying over 62% market share, followed by USDC, collectively accounting for over 85% of the market share. The on-chain trading volume of stablecoins reached about 20.2 trillion USD, close to 40% of global payment giant Visa's transaction volume, demonstrating its crucial position in digital payments and cross-border settlements.
The stablecoin trend has even swept through Chinese and US tech giants. This year, global tech and financial giants have accelerated their layout in the stablecoin field, triggering an intense competitive wave. On the US side, PayPal announced that its USD-anchored stablecoin PYUSD has been integrated into the Stellar network, focusing on cross-border remittances and SME financing; Walmart and Amazon are actively exploring issuing their own USD-backed stablecoins to reduce payment costs and build a closed-loop consumption ecosystem; Shopify has collaborated with Coinbase and Stripe to support merchants accepting USDC payments based on the Base chain, covering consumers in 34 countries.(Note: I've translated the first part of the text. Would you like me to continue with the rest?)
Musk directly tweeted, "If this crazy spending bill (the 'Big and Beautiful' bill) passes, a new political party in the United States will be established the next day. Our country needs an alternative to the single Democratic Republican party so that people truly have a voice." Subsequently, Musk continued to retweet posts criticizing the United States' massive debt and commented on the fact that debt increased during both Democratic and Republican administrations, saying, "They are just pretending to be two parties, but in reality, they are only one."
In this regard, a previous online poll showed that over 80% of voters believed the United States needs a new political party.
This week, REX Shares officially confirmed that it will launch the Solana Staking ETF "REX-Osprey SOL+Staking ETF" on Wednesday (July 2), which is the first staking cryptocurrency ETF in the United States. Recommended article:
The approval of the Solana Staking ETF indicates that the regulatory attitude towards the crypto staking economy has shifted from "cautious observation" to "limited acceptance". This breakthrough releases two major signals to the market:
- Emerging Compliance Framework: The SEC's approval of staking products means that the integration path between crypto assets and traditional financial instruments has been opened, and the approval of similar products (such as Ethereum staking ETF) is expected to be accelerated.
- Market Confidence Boost: Institutional investors' recognition of compliant products is significantly higher than non-custodial crypto assets, and the landing of this ETF may attract long-term funds such as pension funds and mutual funds.
From Wyoming ranch to Capitol Hill, 70-year-old Senator Cynthia Lummis is pushing the largest financial gamble in U.S. history - purchasing 1 million Bitcoins within five years to establish a trillion-dollar strategic reserve. This staunch Bitcoin advocate is backing her personal investment, using political influence to overcome regulatory and environmental controversies, and trying to seize the initiative in the digital financial race for the United States. Recommended article:
Regardless of whether her bill passes, Lummis has already changed the U.S. institutional perspective on cryptocurrencies.
The Senate Digital Assets Banking Subcommittee ensures that cryptocurrencies receive focused attention from Congress, and the Financial Innovation Core Group provides training for members who need to understand blockchain technology.
Her collaboration with Democrat Kirsten Gillibrand proves that cryptocurrency policy can gain bipartisan consensus when focusing on actual interests rather than ideology.
Her transparency - disclosing Bitcoin holdings, using blind trusts, and cross-party collaboration - has normalized cryptocurrency advocacy in mainstream Republican politics. She has elevated cryptocurrencies from a technological curiosity to a core financial policy issue, creating an institutional framework that transcends her personal career.
03 Traders
Rising tokens are always similar, but fallen tokens each have their own misfortune. Token holders are the same. Recommended article:
《Mid-2025 Compilation: Who Are the "Mudslides" That Made You Suffer Huge Losses?》
In the crypto world, zero-sum events are common, but it's rare for large-cap tokens to drop over 80% in one hour. Scenarios of being halved or even cut down to the ankle are particularly "eye-catching" in this volatile market.
Halfway through 2025, Bitcoin experienced a V-shaped trend from 100,000 to 70,000 to 110,000, and during this period, how many "mudslides" formed by massive red candles in the crypto market did you dodge?
In the secondary market, big fish eat small fish, but even big fish are powerless in the face of a tsunami. Recommended article:
《Who Opened Contracts on the Chain and Lost $100 Million?》
Currently, Bitcoin's volatility has reached an extremely low point, making the market seem "dry".
However, there is always a group of high-leverage contract masters trying to find opportunities, gambling on Bitcoin's potential future trend. These are trading veterans who once made huge profits in major market movements, with positions often exceeding hundreds of millions of dollars. But recently, several whales closely watched by the market who once stirred market fluctuations have "chosen to forge ahead in turbulent waters at the time when they should not be making efforts".
04 Industry Insights
The Trump family is leveraging their fame and connections to profit from cryptocurrencies at a speed far exceeding traditional businesses. Recommended article:
《$6.2 Billion: How Did the Trump Family "Pick Up Money" in the Crypto World?》
On the surface, Donald Trump's personal net worth seems unchanged since his return to the White House: $6.5 billion on election day, now $6.4 billion.
However, a deeper look reveals an unprecedented clear shift in how he and his family are consolidating their wealth empire, and they are obtaining benefits through their fame, influence, and power at a speed far beyond previous methods.
Whether applying their brand to real estate projects or associating it with perfumes and mattresses, the Trump family has long used licensing agreements to quickly make money, which previously required years of planning and execution cycles in real estate development. Now, with cryptocurrencies, the Trump family has further accelerated their brand monetization speed.
Additionally, the relaxation of restrictions on overseas transactions during Trump's second term has created a wealth feast. According to the Bloomberg Billionaires Index, cryptocurrency investments have brought at least $620 million in wealth appreciation to Donald Trump in just a few months. The index has for the first time valued the Trump family's earnings from projects like World Liberty Financial and Trump MEME coin (TRUMP).
Companies incorporating Bitcoin into their balance sheets have become one of the most watched narratives in the public market in 2025. Although investors already have various direct ways to obtain Bitcoin exposure (ETF, spot Bitcoin, wrapped Bitcoin, futures contracts, etc.), many still choose to acquire Bitcoin risk exposure by purchasing stocks of Bitcoin reserve companies that trade at significant premiums to their Bitcoin net asset value (NAV). Why can these companies' valuations far exceed their Bitcoin assets? Recommended article:
《Wall Street Gone Mad: Choosing to Buy MSTR Stocks at a 75% Premium Instead of $100,000 Bitcoin?》
The table below compares the premiums of some Bitcoin reserve companies. Strategy is the most Bitcoin-holding listed company globally and the most well-known representative in this field. Metaplanet is the most aggressive Bitcoin accumulator (its transparency advantages will be detailed later). Semler Scientific was an early adopter of this trend, beginning to purchase Bitcoin last year. The Blockchain Group in France demonstrates that this trend is spreading from the United States to the global market.
NAV premiums of some Bitcoin reserve companies (as of June 30; assuming Bitcoin price of $107,000):
On the surface, digital identity based on zero-knowledge proof technology seems to be widely adopted and appears to be a major victory for d/acc. It can protect our social media, voting systems, and various internet services from Sybil attacks and bot manipulation without compromising privacy. But is it really that simple? Recommended article:
《Vitalik: Does Adopting ZK Technology for Digital Identity Mean No Risks?》
In the real world, achieving anonymity usually requires multiple accounts: one for "regular identity" and others for various anonymous identities. Therefore, in this model, the anonymity users can actually obtain is likely to be lower than the current level. As a result, even a "one person, one identity" system wrapped in zero-knowledge proof may gradually lead us to a world where all activities must be attached to a single public identity. In an era of increasingly heightened risks (such as drone surveillance), depriving people of the choice to protect themselves through anonymity will have serious negative consequences.
