Breaking News
▌Ripple Files Application for National Bank Charter
According to The Wall Street Journal, Ripple—the company behind cross-border payments and USD-pegged stablecoin RLUSD—submitted an application for a national bank charter to the U.S. Office of the Comptroller of the Currency (OCC) on Wednesday. This move places Ripple among the growing roster of crypto firms seeking integration into mainstream finance. Currently regulated by the New York State Department of Financial Services, RLUSD would fall under OCC oversight if approved. Ripple also hinted at expanding its crypto services through this charter in the future.
▌Deutsche Bank’s DWS to Launch MiCA-Compliant Euro Stablecoin
Deutsche Bank’s asset management arm DWS, alongside market makers Galaxy and Flow Traders, will introduce a euro-denominated stablecoin regulated under Germany’s MiCA framework.
Market Update
Latest prices (via CoinGecko):
- BTC: $108,848 | 24h: +3.1%
- ETH: $2,581.64 | 24h: +7.6%
- BNB: $660.20 | 24h: +2.2%
- SOL: $152.18 | 24h: +3.7%
- DOGE: $0.1692 | 24h: +7.3%
- XRP: $2.23 | 24h: +2.8%
- TRX: $0.2849 | 24h: +2.3%
Policy Developments
▌U.S. House Advances "Big and Beautiful" Act
The U.S. House of Representatives held procedural votes on July 2 to advance the controversial "Big and Beautiful" Act, a sweeping tax and spending bill championed by former President Trump. The Senate had previously passed a modified version, necessitating further House approval before reaching the President’s desk.
▌Trump Touts Trade Deal with Vietnam
Former President Trump announced a trade agreement with Vietnam, imposing a 20% tariff on Vietnamese goods entering the U.S. and securing zero-tariff access for American exports to Vietnam’s market.
Blockchain Applications
▌SEC Chair: Tokenized Stocks Could Democratize Private Markets
SEC Chair Paul Atkins noted that tokenization technology may enhance public access to private equity markets during a CNBC interview.
▌OpenAI Rejects Robinhood’s Tokenized Private Shares
OpenAI publicly disavowed Robinhood’s plan to tokenize its private shares, stating it had no involvement or endorsement of the initiative.
👉 Explore how tokenization is reshaping finance
▌Peter Thiel’s Digital Bank Erebor Targets Crypto Startups
PayPal co-founder Peter Thiel and Anduril’s Palmer Luckey are launching Erebor, a digital bank tailored for crypto and tech ventures.
▌Vitalik Buterin Warns Against "Decentralization Theater"
Ethereum’s co-founder emphasized rigorous testing for user safeguards, including exit scenarios and resistance to internal attacks, at EthCC.
Cryptocurrency Highlights
▌SEC Pauses Grayscale’s Multi-Asset ETF Conversion
The SEC halted Grayscale’s proposal to convert its Digital Large Cap Fund into a spot ETF holding BTC, ETH, SOL, XRP, and ADA pending further review.
▌Trump Media Files for BTC/ETH Hybrid ETF
Trump Media and Technology Group submitted an S-1 registration for an ETF holding 75% Bitcoin and 25% Ethereum, pending regulatory approval.
▌Addentax Group Plans $1.3B Bitcoin Acquisition
Addentax signed a term sheet to acquire up to 12,000 BTC ($1.3B) via equity issuance, expanding its crypto treasury strategy.
▌Standard Chartered Predicts BTC to Hit $135K by Q3
Analysts cite strong ETF inflows and corporate buying as catalysts for Bitcoin’s breakout from post-halving slump patterns.
👉 Discover institutional crypto strategies
Key Economic Trends
▌U.S. Treasury Secretary Hints at Earlier Rate Cuts
Janet Yellen suggested the Fed might reduce rates by September or sooner, citing manageable inflation from recent tariffs.
▌ADP Employment Data Signals Labor Market Slowdown
June’s ADP report showed a loss of 33,000 jobs—the steepest decline since March 2023.
FAQ
Q: How does a gold-backed stablecoin differ from USD-backed ones?
A: Gold-backed stablecoins derive value from physical gold reserves, offering inflation hedging but lower liquidity. USD-backed variants maintain 1:1 dollar pegs, ensuring stability and wider DeFi integration.
Q: Why did OpenAI oppose Robinhood’s tokenized shares?
A: OpenAI emphasized it never authorized third parties to tokenize its equity, citing risks of misrepresentation.
Q: What’s MiCA’s role in Germany’s stablecoin launch?
A: MiCA provides the EU regulatory framework ensuring transparency, reserve audits, and consumer protections for stablecoin issuers like DWS.
Q: Can Ripple’s bank charter expand its crypto services?
A: Yes—the charter would enable lending, custody, and other regulated activities beyond payments.