Crypto's regulatory moment has arrived!

June 18, 2025

Reading time: 5 minutes

GENIUS Act clears Senate: Stablecoins set for U.S. mainstream moment

Key points:

  • The U.S. Senate passed the GENIUS Act in a 68–30 vote, paving the way for stablecoin issuers to become major players in finance.

  • JD.com joined the global race, planning stablecoin licenses across sovereign economies to slash cross-border costs.

News - The U.S. Senate has passed the GENIUS Act, a landmark bill that could officially integrate stablecoins into America’s financial infrastructure. Approved in a 68–30 bipartisan vote, the bill outlines legal frameworks for stablecoin issuance, collateralization, and AML compliance. It now heads to the House, where competing Republican-backed crypto bills may slow momentum.

Supporters hailed the move as the industry’s most significant legislative breakthrough yet. U.S. Treasury Secretary Scott Bessent emphasized that Treasury-backed stablecoins could lower government borrowing costs, while leaders from Elliptic and the DeFi Education Fund called it a "monumental step" for digital asset regulation.

Institutions prepare for stablecoin integration - With clearer rules emerging, banks and fintechs are preparing for stablecoin rollout. JPMorgan’s recent trademark for "JPMD" sparked speculation of a proprietary stablecoin, while firms like Rayls and Falcon Finance noted that legal clarity could finally push large institutions toward onchain settlement, global liquidity, and 24/7 payments.

Currently, stablecoins represent over 60% of total crypto transaction volume, up from 35% in 2023, according to TRM Labs. U.S. dollar-pegged tokens dominate, with legal usage accounting for 99% of all activity in 2024. Still, stablecoins were linked to 60% of illicit crypto flows in Q1 2025, highlighting the need for tighter controls.

JD.com enters the arena, China accelerates CBDC plans - In a major move from Asia, Chinese e-commerce giant JD.com announced plans to acquire stablecoin licenses globally, aiming to reduce cross-border payment costs by 90% and offer 10-second settlement. While initially B2B-focused, JD may expand to consumer-facing payments over time.

Simultaneously, China’s central bank is setting up an international digital yuan center in Shanghai, adding pressure to the U.S. to finalize its own stablecoin regime.

Bitcoin on the balance sheet: Corporate treasury race heats up

Key points:

  • Norway’s K33 and Hong Kong-based Prenetics joined a global surge in Bitcoin treasury moves, alongside Europe’s Blockchain Group and U.S. firm Fold.

  • At least 26 companies have added BTC to their reserves this month, though analysts warn of liquidation risks if prices fall below $90K.

News - The Bitcoin treasury arms race is picking up steam as companies across sectors and geographies aggressively add BTC to their balance sheets. On Wednesday, Norwegian crypto broker K33 announced it was raising $8.9 million to purchase up to 1,000 Bitcoin for corporate reserves. It had already acquired 5 BTC this week and appointed Pareto Securities to lead the share issue.

K33 follows a wave of activity by firms like Prenetics Global, a healthcare company that bought 187 BTC (~$20 million) through Kraken custody and plans to significantly expand its Bitcoin treasury. The firm aims to become the largest BTC-holding company in the health sector, aligning its strategy with emerging blockchain-healthcare convergence.

Meanwhile, Europe’s Blockchain Group, the first Bitcoin treasury firm in the region, purchased 182 BTC this week, lifting total holdings to 1,653 BTC worth over $170M. The Paris-listed firm reported a 1,173% BTC yield year-to-date, driven by a series of bond-funded buys and share warrant conversions.

Bitcoin becomes a strategic signal - Corporate leaders are increasingly framing Bitcoin holdings as a strategic advantage, rather than just speculative upside. K33’s CEO said BTC exposure “unlocks real operational leverage,” while Prenetics’ CEO highlighted the convergence of digital assets and healthcare innovation. Fold and Blockchain Group both pointed to crypto as a differentiator in investor positioning.

More firms join the Fold, but caution mounts - U.S.-based financial services firm Fold announced plans to raise up to $250 million to expand its Bitcoin holdings, which currently stand at 1,488 BTC. The company will sell shares privately and allocate most of the proceeds to its treasury strategy.

According to BitcoinTreasuries.NET, at least 26 firms added Bitcoin to their reserves in the past 30 days. That includes 131 public companies, a number that has grown consistently in recent months.

But analysts remain cautious. Standard Chartered warned that half of these firms could be underwater if Bitcoin drops below $90,000, raising fears of forced liquidations and reputational risk for corporate adopters.

Iranian exchange Nobitex hit by $82M hack tied to Israeli-affiliated group

Key points:

  • Iran’s largest crypto exchange Nobitex was exploited for over $81 million across Tron, Bitcoin, Dogecoin, and EVM chains.

  • Hacker group Gonjeshke Darande, tied to Israeli intelligence, claimed responsibility, burning the funds in protest.

News - Nobitex, Iran’s largest crypto exchange, suffered a massive $81.7 million exploit, triggering a complete shutdown of its services. On-chain investigator ZachXBT first flagged the suspicious outflows, with funds drained from wallets across Tron, Bitcoin, and EVM-compatible chains.

In a follow-up post, the hacker group Gonjeshke Darande, also known as Predatory Sparrow, claimed responsibility. The group is believed to be linked to Israeli military intelligence and has a history of politically charged cyberattacks targeting Iran. They accused Nobitex of facilitating terror financing and sanctions evasion, framing the exploit as a retaliatory act, not a profit-motivated heist.

Nobitex acknowledged the breach affected its hot wallet infrastructure but assured users that cold-stored funds remain safe. The exchange stated that all losses will be fully compensated through its insurance fund.

Hack wasn’t for profit - Blockchain security firm Elliptic confirmed that the stolen assets were sent to burner-style vanity addresses, many with offensive names referencing Iranian entities. These addresses were likely generated without accessible private keys, meaning the attackers essentially burned the funds to deliver a political message.

A source code leak of Nobitex’s internal systems is now expected within days, according to the group’s threat post on X.

Trump’s threat deepens tensions - The hack occurred in the backdrop of soaring geopolitical unrest, worsened by U.S. President Trump’s recent comments about Iran’s Supreme Leader. After threatening him on Truth Social, Bitcoin briefly dipped below $104K, while altcoins like Ether, XRP, and Dogecoin followed suit.

Another blow to crypto security - According to CertiK, crypto hacks have already surpassed $2.1 billion in 2025, mostly due to wallet breaches and poor access controls. The Nobitex exploit highlights how politically driven attacks are now intersecting with broader cybersecurity failures in unregulated regions.

Canada approves XRP ETF as whale activity surges and U.S. awaits SEC ruling

Key points:

  • Canada’s 3iQ launched the first North American XRP ETF (XRPQ) on the Toronto Stock Exchange, backed by Ripple and offering zero management fees for 6 months.

  • XRP Ledger activity soared, with over 295K daily addresses and whale wallets hitting a record 2,700+ holding 1M+ XRP.

News - 3iQ Corp., one of Canada’s leading crypto fund managers, has launched the 3iQ XRP ETF (tickers: XRPQ, XRPQ.U) on the Toronto Stock Exchange. The ETF gives investors regulated, cold-storage-backed exposure to XRP, the fourth-largest crypto asset by market cap. Ripple is an early investor in the fund, while 3iQ will celebrate the launch by ringing the TSX’s closing bell today.

For the first six months, XRPQ will charge no management fees. According to 3iQ CEO Pascal St-Jean, the offering provides a transparent, low-cost entry point for both Canadian and qualified international investors seeking long-term XRP exposure.

This is the second spot XRP ETF to debut in Canada this week, following a parallel launch by Purpose Investments under the XRPP ticker. Both launches mark a significant step forward in institutional crypto access beyond Bitcoin and Ethereum.

XRP Ledger activity spikes - XRP’s on-chain fundamentals are also heating up. As per Santiment, the XRP Ledger recorded 295K+ daily active addresses last week, nearly 8x its 3-month average. The number of whale and shark wallets holding over 1 million XRP has crossed 2,700 for the first time in its 12-year history.

U.S. still lags on XRP ETFs - Meanwhile, the U.S. SEC has extended its review period for Franklin Templeton’s proposed XRP spot ETF. The comment window now runs through late July, leaving American investors in wait-and-see mode even as global competitors advance.

Did you know?

  • Bitcoin Ordinals introduced NFTs on Bitcoin: In 2023, Bitcoin saw its first NFTs with the launch of Ordinals, which enabled digital art inscriptions on-chain, blurring the line between Bitcoin and the NFT movement.

  • NFT sales reached ~$25 B in 2021: NFT marketplaces hit peak volume in 2021 with approximately $25 billion in sales, driven by high-profile launches like CryptoPunks and Bored Apes, but activity cooled sharply afterward.

  • Global blockchain spending jumped over 12× since 2018: Worldwide enterprise investment in blockchain solutions surged from about $1.5 billion in 2018 to nearly $19 billion in 2024, an increase of over 12-fold, driven by growing adoption in finance, supply chains, healthcare, and government sectors.

Top 3 coins of the day

Aerodrome Finance (AERO)

Key points:

  • At press time, AERO was trading at $0.80, reflecting a 10.3% increase over the last 24 hours.

  • The price pierced above the upper Bollinger Band, while the Squeeze Momentum Indicator flashed rising bullish momentum.

What you should know:

AERO recorded a strong breakout, climbing over 10% in a single day and pushing through the $0.80 mark for the first time since early May. The move followed days of narrowing consolidation between $0.65 and $0.75, with increasing volume signaling renewed interest. The current price candle decisively closed above the upper Bollinger Band, pointing to potential volatility expansion if buying pressure continues. The rally was fueled in part by Coinbase’s recent move to integrate Base-native DEXs, including Aerodrome, into its retail app, giving AERO exposure to over 10 million users. This alignment with the growing Base ecosystem has amplified bullish sentiment and trading activity, with AERO already emerging as the leading DEX on the network. Meanwhile, the Squeeze Momentum Indicator continued to print taller green bars, reflecting strengthening bullish momentum. If momentum persists, AERO could challenge the $0.85–$0.88 resistance zone next, with $1.06 seen as a potential medium-term target.

Kaia (KAIA)

Key points:

  • At press time, KAIA was trading at $0.16, reflecting a 6.2% increase over the last 24 hours.

  • The RSI hovered just below the overbought zone at 65.66, while the 9-day SMA continued to track closely beneath the price, indicating bullish momentum.

What you should know:

KAIA extended its bullish streak, rising over 6% on the day as it continued to build on the explosive breakout above the $0.13 resistance zone earlier this week. The token had previously consolidated tightly below this key ceiling before a strong green candle pushed through with high volume, flipping the former resistance into a support zone to watch. Much of the recent surge was driven by major DeFi integrations on the Kaia chain. DWF Labs deployed its USDf stablecoin to Kaia, offering staking yields above 22% and enabling LINE messenger’s 250M+ users to earn passive income through the network. In parallel, Falcon Finance launched synthetic dollar protocols on Kaia, further solidifying its role as a growing stablecoin hub within the Base-linked ecosystem. These moves have boosted demand while spotlighting Kaia’s expanding Web3 utility for mainstream users. If bullish sentiment persists, KAIA could attempt to retest the $0.18 local high. However, any rejection near that level may lead to a retest of the $0.14 support area, where renewed demand could stabilize the trend.

Virtuals Protocol (VIRTUAL)

Key points:

  • At press time, VIRTUAL was trading at $1.63, reflecting a 3.8% decline over the last 24 hours.

  • The Parabolic SAR continued to trail above the price candles, while the Awesome Oscillator printed deepening red bars, suggesting building bearish momentum.

What you should know:

VIRTUAL extended its correction phase with a nearly 4% intraday dip, dragging the token toward the $1.60–$1.62 region after weeks of sideways action. The price drop followed a classic “sell the news” reaction after Binance added VIRTUAL as a loanable asset on June 18. While the listing was expected to be bullish, it triggered immediate profit-taking, sending the price lower. The decline was also fueled by broader market weakness, with Bitcoin falling 2.35% and capital rotating into safer assets. VIRTUAL broke below several key levels, including its 50-day SMA ($1.89) and the 23.6% Fibonacci retracement ($2.34), both of which now act as resistance zones. The Awesome Oscillator slid deeper into negative territory, while the Parabolic SAR stayed above the candles, highlighting the persistent bearish trend. The nearest support sits around $1.42, a level previously respected during April’s breakout. A decisive bounce from there could stabilize the decline, though low volume and macro headwinds may limit immediate recovery unless the AI narrative reasserts momentum.

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