Ripple applies for national banking license, Germany launches regulated euro stablecoin

Headline

▌Ripple submits application for national banking license

According to the Wall Street Journal, Ripple, which manages cross-border payments and the dollar-pegged stablecoin Ripple (RLUSD), submitted an application for a national banking license to the U.S. Office of the Comptroller of the Currency (OCC) on Wednesday, joining the growing number of cryptocurrency companies seeking to enter the mainstream financial system. Ripple is currently regulated by the New York State Department of Financial Services. If it obtains a national bank trust license, the stablecoin will be included in the OCC's regulatory scope. The company said it will consider providing more cryptocurrency services through the bank license in the future.

▌DWS, a subsidiary of Deutsche Bank, will launch a German-regulated euro stablecoin in accordance with MiCA rules

Deutsche Bank's asset management company DWS, market makers Galaxy and Flow Traders will launch a German-regulated euro stablecoin in accordance with MiCA rules.

Market

As of press time, according to CoinGecko data:

BTC price is $108,848, up 3.1% in 24 hours;

ETH price is $2,581.64, up 7.6% in 24 hours;

BNB price is $660.20, up 2.2% in 24 hours;

SOL price is 152.18 US dollars, up and down 3.7% in 24 hours; DOGE price is 0.1692 US dollars, up and down 7.3% in 24 hours; XRP price is 2.23 US dollars, up and down 2.8% in 24 hours. TRX price is 0.2849 US dollars, up and down 2.3% in 24 hours.

Policy

▌The U.S. House of Representatives procedurally votes to advance the so-called "Big and Beautiful" bill

According to CCTV News, on July 2, local time, the U.S. House of Representatives held multiple rounds of procedural votes to advance U.S. President Trump's massive tax and spending bill, the so-called "Big and Beautiful" bill. This is a key threshold before the bill can enter the formal debate and voting process. If all the procedural votes are passed, the House of Representatives will enter the formal debate and voting process on the bill. At present, the above procedural votes have not yet produced a result. On July 1, the U.S. Senate passed the so-called "Big and Beautiful" bill pushed by U.S. President Trump by a narrow majority and submitted it to the House of Representatives. Because it has been significantly revised compared to the version previously passed by the House of Representatives, the bill needs to be passed by the House of Representatives again before it can be submitted to the U.S. President for signature and become law.

▌US President Trump: "Beautiful Big Bill" is about economic growth

US President Trump said that the "Beautiful Big Bill" is about economic growth. If passed, the United States will usher in an unprecedented economic revival. The deficit will be halved, and record investment will be ushered in - cash, factories, jobs will pour into the United States.

▌Trump: Reaching a trade agreement with Vietnam, Vietnam's market will be fully open to the United States

US President Trump said: I just reached a trade agreement with Vietnam. This will be a lot of cooperation between our two countries. The terms stipulate that Vietnam will pay the United States a 20% tariff on any goods entering our territory, and a 40% tariff on any transit goods. In return, Vietnam will do something unprecedented, that is, fully open its market to the United States for trade. In other words, they will "open their market to the United States", which means that we will be able to sell our products to Vietnam at zero tariffs. In my opinion, SUV cars have performed very well in the US market and will be a good addition to the various product lines in the Vietnamese market.

Blockchain Application

▌US SEC Chairman: The rise of stock tokenization will make the private market more accessible to the public

According to CNBC, Paul Atkins, Chairman of the US Securities and Exchange Commission (SEC), discussed the rise of stock tokenization and its impact on the private market when participating in the "Squawk Box" program. Atkins said that stock tokenization technology will make the private market more accessible to the public.

▌OpenAI does not recognize Robinhood's tokenization of its private shares

OpenAI severely criticized Robinhood for offering a tokenized version of its private company stocks and said on X that "we are not working with Robinhood, are not involved in it, and do not recognize it." On Monday, Robinhood CEO said the company will offer "stock tokens" of more than 200 companies, including OpenAI and SpaceX, to EU users, i.e. tokenized shares of private equity.

▌Peter Thiel plans to launch digital bank Erebor with Anduril founder

PayPal co-founder Peter Thiel and Anduril founder Palmer Luckey are launching Erebor, a digital bank built for cryptocurrencies and technology startups.

▌Vitalik: ETH will be at risk if decentralization is just a slogan

Ethereum co-founder Vitalik Buterin emphasized at the EthCC conference in France that the crypto industry needs to focus on specific user guarantees of decentralization. Speaking at the Ethereum community conference, he proposed practical testing of crypto projects, including departure testing and internal attack testing, to ensure user safety. At the same time, Vitalik Buterin warned that there are hidden vulnerabilities in the second-layer network, and emphasized the importance of privacy as a default function, and proposed three core testing standards: 1. Exit test (whether the user's assets are safe after the project party disappears); 2. Internal attack test (the system's ability to resist internal evil); 3. Trusted computing foundation test (the amount of code required to trust to protect user assets).

▌Security company: Dozens of fake crypto wallet extensions flooded into the Firefox plug-in store

Security company Koi disclosed that more than 40 fake crypto wallet extensions appeared in the official plug-in store of the Firefox browser, and the objects of counterfeiting included mainstream wallets such as MetaMask and Coinbase Wallet. These malicious plug-ins steal input content of more than 30 characters (mainly for mnemonics) by implanting event monitoring code, and transmit the data back to the attacker's server. The investigation shows that the phishing activity has lasted at least since April 2025, and the group behind it is suspected to be a Russian hacker organization.

▌Robinhood has issued 213 U.S. stock tokens on Arbitrum, spending only $5 in gas

Online brokerage platform Robinhood recently issued 213 U.S. stock tokenized assets in batches on the Arbitrum chain at a handling fee of only about $5, paving the way for its upcoming decentralized blue-chip stock trading service for European users. Blockchain browser Arbscan data shows that the platform deployment address only paid 0.00233 ETH (currently priced at about $5) to complete the tokenization of stocks including Nvidia, Microsoft and Apple, and the average deployment cost of a single stock token was as low as 3 cents.

▌Coinbase acquires token management company Liquifi

Coinbase acquires token management company Liquifi, which is the fourth company acquired by Coinbase this year. Liquifi last raised $5 million in a seed round in 2022, led by venture capital firm Dragonfly, with participation from crypto heavyweights like Katie Haun and Balaji Srinivasan. Well-known crypto companies like the Uniswap Foundation, OP Labs, Ethena, and Zora use the platform to track cryptocurrency holdings, distribute tokens after vesting periods, and manage complex tax withholding processes.

Cryptocurrency

▌The U.S. SEC has suspended Grayscale’s Digital Large Cap Fund’s plan to convert to an ETF and will review it further

The U.S. Securities and Exchange Commission (SEC) has suspended Grayscale’s Digital Large Cap Fund’s plan to convert to an exchange-traded fund (ETF) and placed it under further review. The fund was originally planned to be listed on the New York Stock Exchange Arca platform and become a spot ETF covering multiple assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP) and Cardano (ADA).

▌Trump Media under Trump submits BTC, ETH hybrid spot ETF application to SEC

Trump Media and Technology Group Corp. (NASDAQ, NYSE: DJT) under Trump announced that it has submitted an initial registration statement on Form S-1 for the Truth Social Bitcoin and Ethereum ETF (hereinafter referred to as the "Registration Statement") to the U.S. Securities and Exchange Commission. The ETF will directly hold Bitcoin and Ethereum, with 75% of its assets invested in Bitcoin and 25% invested in Ethereum, and issue its shares (hereinafter referred to as "shares") to investors, aiming to reflect the price performance of Bitcoin and Ethereum. Crypto.com will serve as the exclusive Bitcoin and Ethereum custodian and primary execution agent for the ETF, as well as the pledge and liquidity provider. The launch of the Truth Social Bitcoin and Ethereum ETF is subject to the effectiveness of the registration statement and the approval of the Form 19b-4 filed with the U.S. Securities and Exchange Commission. Upon listing, its shares will be listed on the New York Stock Exchange Arca. Yorkville America Digital serves as the sponsor of the ETF.

▌Addentax Group Signs $1.3 Billion Term Sheet to Acquire Up to 12,000 Bitcoins

Addentax Group Corp. (NASDAQ: ATXG) announced today that it has signed a non-binding term sheet with a significant independent Bitcoin holder to acquire up to 12,000 Bitcoins, a significant increase in the potential acquisition size from the 8,000 Bitcoins initially discussed in the company's press release on May 15, 2025. Based on current market prices, the total market value of the proposed acquisition is approximately $1.3 billion. If the transaction is completed, the transaction will be settled through the issuance of newly issued common shares of the company.

▌Standard Chartered Bank expects BTC to reach $135,000 in the third quarter

Standard Chartered Bank is optimistic about Bitcoin's performance for the rest of the year, predicting that Bitcoin will reach a new high of $135,000 by the end of the third quarter and exceed $200,000 by the end of the year. Geoff Kendrick, head of digital asset research at Standard Chartered Bank, said that Bitcoin has broken away from the 18-month price decline pattern after the previous halving cycle due to strong inflows of exchange-traded funds (ETFs) and increased purchases by corporate treasury. Kendrick pointed out that these two driving factors did not exist in the previous halving cycle and are expected to support the continued rise in Bitcoin prices. Despite this, Standard Chartered Bank still does not rule out the possibility of price fluctuations in the late third quarter to early fourth quarter.

▌Norwegian mining company Green Minerals signed a financing agreement of approximately US$25 million to increase its holdings of Bitcoin

According to an official announcement, Norwegian mining company Green Minerals announced that it has signed a structured financing agreement worth 250 million Norwegian kroner (approximately US$25 million) to purchase more Bitcoin.

Important Economic Dynamics

▌U.S. Treasury Secretary Bessant: The Federal Reserve may cut interest rates in September or earlier

U.S. Treasury Secretary Bessant said on Tuesday night that he believes the Federal Reserve may cut interest rates in September or "earlier" because so far, Trump's tariffs have only triggered mild inflation. "I think the standard is that tariffs are not inflationary. If they were to follow that standard, I think they might have moved earlier, but certainly before September," Bessant said. "I'm guessing this tariff disharmony syndrome will even happen at the Fed." Bessant's comments came as Trump increased pressure on the Fed and Powell to cut interest rates by as much as 3 percentage points.

▌"Small non-farm" headcount recorded negative values

The U.S. ADP employment fell by 33,000 in June, the largest drop since March 2023.

Golden Encyclopedia

▌What is the difference between gold-backed stablecoins and dollar-backed stablecoins?

Gold-backed tokens and dollar-backed tokens are both stablecoins, but they differ in several ways. Gold-backed stablecoins and dollar-backed stablecoins differ primarily in the collateral that backs their value. Gold-backed stablecoins are pegged to physical gold, usually at a fixed ratio, while some dollar-backed stablecoins are backed by reserves of U.S. dollars, short-term, and cash deposits. The value of gold-backed stablecoins fluctuates based on the market price of gold, which can experience short-term volatility but tends to appreciate in the long run. Dollar-backed stablecoins maintain a 1:1 peg to the U.S. dollar, ensuring more predictable short-term stability. Unless external factors such as regulatory changes or reserve mismanagement affect the peg, their value will remain stable. Dollar-backed stablecoins are more liquid and widely accepted in the crypto ecosystem, including exchanges, payment systems, and DeFi applications. They are frequently used for trading and lending. While gold-backed stablecoins help preserve value, they are rarely integrated into DeFi protocols due to concerns about low liquidity. Stablecoins backed by gold can hedge against inflation and attract investors seeking growth. Dollar-backed stablecoins are favored by investors seeking stability and a store of value.