Crypto Morning Briefing: UK Treasury considers selling $5 billion in Bitcoin to cover fiscal deficit; this week VENOM, IOTA, EIGEN and other tokens will undergo large-scale unlocks
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Crypto Morning Briefing: UK Treasury considers selling $5 billion in Bitcoin to cover fiscal deficit; this week VENOM, IOTA, EIGEN and other tokens will undergo large-scale unlocks
Strategy Bitcoin holdings market value ranks ninth among S&P 500 companies.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Trump officially signs the Stablecoin GENIUS Act
U.S. President Trump formally signed the "Guiding and Establishing National Innovation for U.S. Stablecoins Act," known as the GENIUS Act, at the White House, marking the first federal legislation on cryptocurrency regulation in history to officially take effect.
The bill sets stricter regulatory standards for stablecoins: issuers must maintain 1:1 reserves backed by liquid assets such as U.S. dollars and short-term Treasury securities, and publicly disclose their reserve composition monthly. From now on, stablecoins are no longer experimental instruments in a gray zone but will become "official monetary tools" enshrined in U.S. law and backed by the state.
Trump seeks minimum 15-20% tariffs on EU goods
According to Jinshi News, Trump has raised his demands in trade negotiations with the EU, aiming to maintain tariffs on EU goods at a minimum level of 15%-20% in any agreement reached. In previous weeks, both sides had planned to keep most tariffs at a baseline of 10%. However, Trump’s tougher stance this time is intended to test the EU’s tolerance threshold for tariff pressure.
Insiders say Trump remains unmoved by the EU’s latest proposal to reduce auto tariffs and expressed willingness to keep auto tariffs unchanged at 25% as originally planned. A U.S. official revealed that even if an agreement is reached, the U.S. government is considering setting reciprocal tariffs above 10%.
A senior EU diplomat said that if Trump insists on setting reciprocal tariffs at 15%-20%, it would revert to levels seen when trade talks began in April, potentially forcing the EU to take retaliatory measures.
Source: Hong Kong's stablecoin issuer licenses to be issued via invitation-like process
According to Caixin, sources disclosed that the issuance of stablecoin provider licenses will not follow a standard application model where applicants download forms and submit written applications independently. Instead, it will adopt an invitation-based approach. "In practical terms, Hong Kong’s Monetary Authority (HKMA), responsible for licensing oversight, will pre-communicate with interested stablecoin license applicants to assess whether they meet basic eligibility criteria. Only after receiving preliminary approval will the HKMA issue formal application forms."
UK Treasury considering selling £5 billion in Bitcoin to cover fiscal deficit
According to The Daily Telegraph, UK Chancellor Rachel Reeves is considering selling seized cryptocurrencies held by the government to alleviate national financial pressures. The Home Office is working with police to develop an official crypto storage system to handle the sale of Bitcoin and other digital currencies.
It is estimated that the value of seized cryptocurrencies held by the UK government amounts to at least £5 billion. One enforcement operation in 2018 alone confiscated 61,000 Bitcoins from a Ponzi scheme, worth over £5.4 billion at current prices.
WLFI clarifies: No tokens for team members or advisors will unlock at launch
WLFI issued a statement clarifying to the community that no tokens belonging to co-founders, team members, or advisors will unlock upon launch. There will also be no additional private sale round; instead, WLFI will partner with major trading platforms to launch a token rewards program—allowing users to earn tokens directly on platforms they already trust and use.
Regarding the unlocking schedule:
Only a portion of tokens purchased during the public sale at $0.015 and $0.05 will unlock initially. Additionally, treasury tokens will only be used to inject liquidity. After launch, the team will initiate a community vote to determine the unlocking timeline for remaining tokens purchased at $0.015 and $0.05 (as well as OTC-traded tokens). Only after this vote concludes will the team propose a final vote for the community to decide the unlocking schedule for founder, team, and advisor tokens.
The project is currently collaborating with major CEXs to ensure WLFI launches on trusted and popular trading platforms. DeFi options will also be provided for users who prefer decentralized trading experiences. Full launch details will be announced soon.
GSR Markets and Amber Group may serve as market makers for ERA (Caldera)
According to on-chain analyst Ai Yi (@ai_9684xtpa), the market makers for ERA (Caldera) may be GSR Markets and Amber Group, with Amber Group allocating 2.5 million tokens and GSR Markets allocating 2 million tokens for market making.
Cryptocurrency exchange Bullish files for IPO in the U.S.
According to CNBC, Bullish, a cryptocurrency trading platform backed by former PayPal CEO and operated under Block.one—the parent company of EOS (now Vaulta)—filed for an IPO in the U.S. this Friday, planning to list on the New York Stock Exchange under the ticker symbol "BLSH".
The IPO filing states that as of March 31, Bullish has facilitated over $1.25 trillion in total trading volume since its launch. In Q1 2025, Bullish Exchange averaged over $2.5 billion in daily trading volume. Its main competitors include Binance, Coinbase, and Kraken. In documents submitted to the U.S. Securities and Exchange Commission, Bullish stated its mission includes "driving the adoption of stablecoins, digital assets, and blockchain technology."
Bullish is a spin-off from Block.one, with initial investments from Thiel's Founders Fund and Thiel Capital, Nomura Securities, Mike Novogratz, among others. Additionally, Bullish acquired the cryptocurrency news website CoinDesk in 2023.
Shanghai court reveals case involving illegal cross-border currency exchange using stablecoins, totaling 6.5 billion yuan
According to Huaxia Times, the Shanghai Pudong New Area People's Court recently revealed a case involving the illegal use of stablecoins for cross-border foreign exchange transactions. Yang, Xu, and others manipulated domestic shell company accounts to provide stablecoin services enabling illicit cross-border fund transfers, illegally exchanging foreign currencies amounting to 6.5 billion RMB within three years.
The criminal group used USDT as a medium, employing a cross-border "matching" method to offer illegal exchange services. Domestic clients paid RMB into designated accounts, while overseas members simultaneously transferred foreign currency from overseas accounts to the clients’ foreign accounts, typically charging fees ranging from 1% to 3%.
Strategy's Bitcoin holdings market value ranks ninth among S&P 500 companies
The official X account of Strategy announced that its current Bitcoin holdings rank ninth among S&P 500 companies, surpassing firms like Nvidia and PayPal.
Michael Saylor posts Bitcoin tracker update again, possibly disclosing BTC accumulation data
Strategy Executive Chairman Michael Saylor posted updated Bitcoin holdings tracking information on X, writing: "Stay Humble. Stack Sats." Typically, he discloses Strategy's latest Bitcoin accumulation data the day after such posts.
VENOM, IOTA, EIGEN, FET, and other tokens face large unlocks this week
According to Token Unlocks data, VENOM, IOTA, EIGEN, FET, and others will see significant one-time token unlocks this week:
Venom (VENOM) will unlock 59.26 million tokens on July 25 at 16:00, worth approximately $13 million, representing 2.84% of circulating supply;
IOTA (IOTA) will unlock 15.16 million tokens on July 23 at 08:00, worth approximately $3.61 million, representing 0.39% of circulating supply;
Artificial Superintelligence Alliance (FET) will unlock 3.05 million tokens on July 28 at 08:00, worth approximately $2.4 million, representing 0.12% of circulating supply;
EigenCloud (EIGEN) will unlock 1.29 million tokens on July 23 at 03:00, worth approximately $1.97 million, representing 0.41% of circulating supply.
Market Movements
Suggested Reading
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This article introduces the major overhaul of Coinbase Wallet being renamed Base App and its profound impact on the Web3 ecosystem. Base App transforms from a single crypto wallet into a Web3 super app encompassing payments, asset management, social interactions, and developer ecosystems. With technical upgrades and expanded functionalities, it brings new opportunities and experiences for users and developers alike.
"Tweet-to-Token": Exploring Trends.fun, a new Solana ecosystem platform backed by an all-star team
This article introduces Trends.fun, a new platform in the Solana ecosystem that allows users to instantly tokenize social media posts with one click, significantly lowering issuance barriers and costs. Leveraging the DBC mechanism and Bonding Curves for token issuance, it prevents manipulation by fake social metrics and has attracted strong support from key figures within the Solana ecosystem. Despite its innovation, it faces risks of replication by competitors and limited value capture potential.
This article discusses how the Genius Act reshapes the global financial landscape through stablecoin regulation. It explores stablecoins as the 21st-century “New East India Company,” challenging existing fiat systems and nation-state structures. It analyzes in depth how the wave of hyper-dollarization driven by dollar-backed stablecoins impacts global monetary sovereignty and accelerates the non-nationalization of assets and dismantling of traditional financial systems. It also examines the implications for internal power dynamics in the U.S. and strategic significance in U.S.-China financial competition.
Who will say sorry to blockchain?
This article explores the background and impact of the stablecoin revolution and various countries' responses, focusing on the far-reaching consequences of U.S. stablecoin legislation following the Genius Act on the global monetary order. It argues that the rise of stablecoins is no accident but the result of a decade-long technological buildup and strategic planning. Many nations, due to neglect of blockchain technology and misjudgment of stablecoin potential, now find themselves at a disadvantage. The article calls for a renewed understanding of blockchain and its transformative impact on production relations to meet the challenges posed by digital economy competition.
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