Crypto Morning News: Robinhood to Launch Its Own Blockchain, Solana Advisor Joins X Platform
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Crypto Morning News: Robinhood to Launch Its Own Blockchain, Solana Advisor Joins X Platform
BitMine announced a $250 million private placement to launch its Ethereum reserve strategy.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Musk: If the "Big Beautiful Bill" passes, I will launch a new political party the next day
Elon Musk posted on social platform X stating that if the current "crazy spending bill" — referred to as the "Big Beautiful Bill" — passes, he will establish a new "America Party" the following day in protest. He said: "Our country needs an alternative to the Democrat-Republican duopoly, giving people a real voice."
U.S. Supreme Court declines to hear cryptocurrency user data privacy case
According to Decrypt, the U.S. Supreme Court on Monday declined to hear Harper v. Faulkender, a case that could have re-examined whether cryptocurrency exchanges must provide customer data to the government. This decision dealt a blow to crypto firms like Coinbase, which had hoped the court would create a privacy exception for blockchain data similar to protections for mobile phone records. The case centers on the "third-party doctrine," a long-standing legal principle allowing authorities to obtain customer records from service providers such as banks.
The case involves James Harper, a Coinbase customer whose personal transaction data was obtained by the Internal Revenue Service (IRS) during a broad investigation in which the IRS sought information on more than 14,000 cryptocurrency accounts.
South Korea’s central bank pauses CBDC project as banks shift to stablecoin ventures
According to Maeil Business Newspaper, South Korea's central bank has recently paused Phase 2 testing of its central bank digital currency (CBDC) project. The decision reportedly came amid numerous concerns raised by participating banks, as well as increasing discussions in Congress and the private sector around won-denominated stablecoins. With the CBDC project on hold, nine major banks—including KB Kookmin, Shinhan, and Hana—are actively advancing stablecoin initiatives through the open blockchain and DIDIA (OBDIA) platform. Busan Bank, Gyeongnam Bank, and Toss Bank are also considering joining. As the ruling party pushes forward the proposed Virtual Asset Basic Act—which significantly lowers barriers for private sector participation—collaboration between banks and non-bank entities is accelerating. Hashed, South Korea’s largest blockchain investment firm, is reportedly already in talks with several major banks regarding stablecoin projects.
Trump’s official merchandise store now accepts TRUMP token payments
According to official announcements, Trump’s official merchandise store now supports payments using the TRUMP token.
Solana advisor Nikita Bier joins Elon Musk’s X platform
As reported by Decrypt, former Solana Labs advisor Nikita Bier announced on July 1 that he has joined X as Head of Product. Bier will focus on integrating X’s AI chatbot Grok, and his background in cryptocurrency has fueled market speculation that X may integrate digital assets such as Dogecoin or Solana.
Since 2023, X has obtained money transmission licenses in over ten U.S. states, including Arizona, Georgia, and Michigan, paving the way for expanded payment functionality.
Previously, Elon Musk announced users would be able to make payments using a native currency called "X Money," while CEO Linda Yaccarino revealed plans to support in-app investing and trading features—further advancing X’s transformation into Musk’s envisioned “everything app.”
Stablecoin issuer Circle applies for national trust bank charter
According to Decrypt, USDC stablecoin issuer Circle announced on July 1 that it has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank named “First National Digital Currency Bank, N.A.” The bank would oversee the management of USDC reserves. With a current market cap exceeding $61 billion, USDC is the second-largest stablecoin in the market.
Circle CEO Jeremy Allaire stated: “Establishing this type of national digital currency trust bank marks a significant milestone in our mission to build a transparent, efficient, and accessible financial system for the internet.” He added that the move aligns Circle with emerging U.S. stablecoin regulations, including the recently Senate-passed GENIUS Act.
Robinhood confirms launch of its own blockchain and introduces 'stock tokens' in the EU
As reported by Fortune, Robinhood announced it will allow users in the European Union to trade U.S. stocks and ETFs on a blockchain. These assets, known as “Robinhood Stock Tokens,” will offer zero-commission trading and enable users to receive dividends directly within the app.
Initially, these tokens will be issued on Arbitrum, an Ethereum Layer 2 network, covering stocks of over 200 companies, with trading available five days a week, 24 hours a day. Robinhood plans to eventually migrate these tokens to its own proprietary Layer 2 blockchain built on Arbitrum technology, which will support round-the-clock trading.
In addition, Robinhood announced the launch of perpetual futures trading for European users and introduced staking services for U.S. users, initially supporting Ethereum and SOL.
Robinhood: Eligible European users can now claim OpenAI and SpaceX tokens in-app
Robinhood’s official X account announced that Robinhood EU has launched the world’s first stock tokens for private companies, including OpenAI and SpaceX. Eligible European users can now claim these tokens within the app, with the claiming period ending on July 7.
Kraken: xStocks now live on Kraken, 60 U.S. stocks tokenized
Per an official announcement, Kraken declared that Wall Street has officially entered the on-chain era: xStocks are now live on Kraken, with 60 U.S. stocks tokenized and available for trading five days a week, 24 hours a day. More stocks are coming soon. Notably, this service is not available to users located in the U.S. or to U.S. persons due to geographic restrictions.
BitMine announces $250 million private funding round to launch Ethereum reserve strategy
According to PRNewswire, Bitcoin mining company BitMine announced it is conducting a $250 million private financing round to initiate its Ethereum reserve strategy.
The round is led by MOZAYYX, with participation from Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. The transaction is expected to close around July 3, subject to customary closing conditions, including approval by the NYSE American LLC of a supplemental listing application. The company intends to use net proceeds from the offering to acquire Ethereum and deploy ETH into its corporate treasury operations.
A-share listed company S.WhyChain: Already involved in virtual currency and stablecoin-related businesses in Hong Kong
According to Cailian Press, S.WhyChain stated on an investor interaction platform that Web3.0 applications, including stablecoin services, are key strategic areas for the company. As a digital currency widely used in cross-border payments and other scenarios, stablecoins rely heavily on cryptography as foundational enabling technology. As a provider of cryptographic infrastructure, the company has already participated in virtual currency and stablecoin-related projects in Hong Kong, leveraging its deep expertise and project delivery experience to ensure security for these services.
Market Trends
Recommended Reading
Robinhood Might Enter the L2 Race: A New Player in Stock Tokenization
This article discusses how Robinhood is exploring a blockchain-based platform for tokenizing U.S. stocks, potentially developing its own Layer 2 chain using Arbitrum’s tech stack to improve transaction efficiency and integrate existing financial products. The initiative aims to address pain points for international investors trading U.S. equities and position Robinhood as a competitor to platforms like Coinbase’s Base. Robinhood may formally announce related plans at EthCC in France.
Interview with Robinhood Co-founder: Why We’re Not Building Our Own Blockchain
Through an interview with Robinhood co-founder Vlad Tenev, this article dives into Robinhood’s strategic vision across crypto, AI, banking, and asset tokenization. Robinhood is evolving from a traditional brokerage into a full-lifecycle financial operating system, exploring ways to bridge traditional finance with crypto finance through innovative technologies and product offerings.
CICC: An Economic Analysis of Stablecoins
This article provides a detailed economic analysis of stablecoins, examining their underlying logic, public policy implications, and potential impact on the global economy and financial system. It explores stablecoins’ advantages, limitations, and future development prospects.
Nearly Fooled: A Decade-Long Cybersecurity Expert Faces a Sophisticated Phishing Attack
This article recounts a sophisticated phishing attack targeting a seasoned cybersecurity expert, revealing how hackers leverage massive datasets and social engineering for cross-channel attacks. It details the attack process, signs to detect such threats, and offers recommendations for protecting crypto assets.
Trump’s “Big Beautiful Bill”: Presidential Authority Overriding the Vote
This article analyzes President Trump’s proposed “Big Beautiful Bill,” aimed at extending the 2017 tax cuts while offsetting costs by reducing funding for social safety net programs. The bill has faced turbulence in Congress—many Republicans remain uneasy—but it is still expected to become law. Provisions include tax reductions, cuts to Medicaid and nutrition assistance programs, and measures on AI regulation and gun law relaxation. While there is internal GOP division over the bill, political pressure and ideological urgency increase its likelihood of passage.
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