Crypto Morning News: The GENIUS Act officially passes in the U.S. Senate; JD.com to apply for stablecoin licenses in major currency countries worldwide
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Crypto Morning News: The GENIUS Act officially passes in the U.S. Senate; JD.com to apply for stablecoin licenses in major currency countries worldwide
JPMorgan Chase will launch its dollar deposit token JPMD and partner with Coinbase to test it.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
GENIUS Stablecoin Bill Passes in U.S. Senate
According to Politico, the U.S. Senate passed the "GENIUS Act" on Tuesday by a vote of 68 in favor and 30 opposed, marking the first comprehensive regulatory reform bill targeting cryptocurrencies in the United States. Spearheaded by Republican Senator Bill Hagerty of Tennessee, the legislation establishes a regulatory framework for dollar-pegged stablecoins, representing a significant legislative breakthrough for the digital asset industry. The bill received support from 18 Democratic senators alongside most Republicans and will now move to the House of Representatives for further consideration.
U.S. May Retail Sales MoM -0.9%, vs. Expected -0.7%; Prior Revised from 0.10% to -0.1%
According to Jin10 News, U.S. May retail sales declined 0.9% month-over-month, worse than the expected -0.7%. The prior month’s figure was revised from +0.10% to -0.1%.
Following the release of the data, U.S. short-term interest rate futures pared earlier gains, while traders maintained expectations for a September rate cut.
Fed Whisperer: Fed Would Be Ready to Cut Rates This Week If Not for Tariff Risks
According to Jin10 News, “Fed whisperer” Nick Timiraos stated that there is ample reason to believe the Federal Reserve would be prepared to cut rates this week were it not for the risks tariffs pose to prices, given recent improvements in inflation. "I think the past five years have changed views about inflation and what’s possible," he added.
Infini Announces Discontinuation of Infini Card Services and Refund of Setup Fees
Infini has officially announced the discontinuation of its Infini Card service. Global, Lite, and Tech cards will be fully suspended from use and new applications. The platform emphasized that core functions such as deposits, withdrawals, and Earn rewards remain unaffected, with user assets remaining secure and under control. For users who have already applied for cards, Infini will automatically refund the actual setup fees paid to their account balance within 10 business days. Pending refunds will be processed within 5–21 business days. Applications submitted over 21 days ago with completed forms will continue to be followed up. Users can obtain updates via the app’s customer service or the official Telegram community.
Richard Liu: JD.com to Apply for Stablecoin Licenses in Major Currency Countries Worldwide
According to Sina Finance, Richard Liu, Chairman of JD.com, said during a recent seminar that JD.com aims to apply for stablecoin licenses in all major currency countries globally. Through these licenses, the company plans to facilitate global corporate foreign exchange transactions, reducing cross-border payment costs by 90% and increasing efficiency to under 10 seconds.
Liu added, “Currently, business-to-business money transfers take an average of two to four days and are quite costly. After establishing B2B payments, we will gradually expand into consumer (C-end) payments, hoping that one day people can use JD.com’s stablecoin when spending anywhere in the world.”
Eigen Labs Launches EigenCloud Platform, Secures $70 Million Investment from A16z
According to Forbes, Eigen Labs has announced the launch of its EigenCloud platform, designed to provide blockchain-level trust guarantees for any Web2 or Web3 application. Concurrently with the alpha release, a16z’s crypto investment arm directly purchased $70 million worth of EIGEN tokens.
Built atop the EigenLayer restaking protocol, EigenCloud integrates Data Availability (EigenDA), general-purpose computation (EigenCompute), and dispute resolution (EigenVerify). The platform enables developers to cryptographically prove off-chain activities, delivering the same level of trust as on-chain operations. Currently, over $12 billion in restaked assets secures more than 200 independently verifiable services.
Layer 2 Network Ink Announces Planned Launch of Native Token INK with Fixed Supply of 1 Billion
Layer 2 network Ink announced on X the upcoming launch of its ecosystem-native token INK, with a total supply permanently capped at 1 billion tokens—no future minting will occur via governance. INK will serve users and applications within the ecosystem, with airdrops planned for early participants in liquidity programs.
Binance Alpha to List Matchain (MAT) on June 19; Airdrop Distributed in Two Phases
According to an official announcement, Binance Alpha will list Matchain (MAT) on June 19. Eligible users can claim airdrops starting June 19 via the Alpha event page using Binance Alpha Points. The airdrop will be distributed in two phases: Phase One allows all users reaching threshold X to claim, guaranteed for everyone; Phase Two lowers the threshold to Y (Y < X) and operates on a first-come, first-served basis until the reward pool is depleted or the campaign ends.
Dragonfly Managing Partner: Tokenized Stock Market Model (Treasurer Company Style) Could Last 1–2 Years
Haseeb Qureshi, Managing Partner at Dragonfly, posted that in every market cycle, founders chase where capital flows. In the previous cycle, launching tokens was hot due to the vibrancy of crypto capital markets.
In this cycle, bringing tokens into the stock market via models resembling treasurer companies has become the new trend. He noted that capital never stays in one place for long, which is why such models won’t be the endgame—but he expects this trend to persist for another 1–2 years before fading.
Coinbase Seeks U.S. SEC Approval to Offer Tokenized Stock Trading
Market sources report that Coinbase is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer tokenized stock trading services.
JPMorgan to Launch Dollar Deposit Token JPMD and Partner with Coinbase for Testing
According to Bloomberg, JPMorgan announced it will launch a token called JPMD, representing dollar deposits held at the bank. Naveen Mallela, Global Co-Head of Kinexys—the bank’s blockchain division—said the bank plans to conduct its first test transaction in the coming days, transferring a fixed amount of JPMD from JPMorgan’s digital wallet to Coinbase, the largest cryptocurrency exchange in the U.S.
Market Movements
Suggested Reading
The Great Retreat of Crypto U-Cards
This article discusses crypto payment cards (U-cards), once seen as an innovative bridge between the crypto industry and traditional finance. However, due to high compliance costs, thin profit margins, and complex operations, they are now facing difficulties worldwide. As multiple companies exit the space, systemic challenges are exposed, highlighting the limitations of the crypto sector in payments when constrained by the traditional financial system.
Tron Merges with SRM Aiming for Nasdaq—Justin Sun Is Operating on Another Level
This article covers Justin Sun’s Tron project advancing toward a Nasdaq listing through a reverse merger with SRM Entertainment. This marks a significant step for Tron into mainstream capital markets. The deal involves substantial stock investments and warrants, with an estimated total value of $210 million. Sun has been appointed advisor to SRM, and the company plans to rebrand as Tron Inc. Previously under regulatory pressure from the SEC, Sun now benefits from improved regulatory conditions under the Trump administration’s pro-crypto stance. He has since developed close ties with the Trump family and is actively promoting TRX-related investments and ETF initiatives.
This article explores the current state, historical context, and future trends of the stablecoin market, particularly analyzing the recent surge in stablecoin IPO enthusiasm and its potential pitfalls. The author notes that while stablecoin issuers may attract significant investment, many investors could ultimately incur losses due to limited distribution channels and intense competition. The piece also examines success stories like Tether and Circle, as well as the impact of traditional banks and social media companies entering the stablecoin arena.
Circle, the First Stablecoin Stock, Keeps Soaring—Can Investors Still Make Sense of It?
This article provides an in-depth analysis of the current state and development trends of the stablecoin market and related business models, focusing on Circle’s sustained price surge and the challenges it faces. It also touches on regulation, payment use cases, future directions, and potential collaborations with large technology firms.
"Wealthy but Naive": Singapore Under Siege by Scammers
This article discusses how Singapore, as a global wealth management hub, has attracted a large number of high-net-worth individuals and family offices—but has also become a prime target for fraudsters. From online scams and investment fraud to deepfake technologies and sophisticated impersonation schemes, Singapore faces dual challenges in wealth security and regulatory oversight. The article details common scam cases and tactics, explains why Singapore attracts such criminal activity, and highlights how psychological traits and structural vulnerabilities make the wealthy particularly susceptible targets.
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