Token Chronicle - Week 1 June 2025

Top cryptos

Meme of the week

Market Sentiment:

Market update: Fairly bearish market this week, with BTC dropping back toward $103K before bouncing to $105K–$106K in recent days, amid the fallout from the Trump/Musk rift (which dragged the U.S. market down slightly, notably Tesla with a -18% drop).

Analysts at Bitfinex believe the rally could reach $125K BTC in June if employment figures trigger expectations of a rate cut (or could drop to $95K if the opposite occurs — a $10K volatility range, in other words).

Despite an indecisive week in terms of price action, announcements of adoption by traditional market players (banks) and corporations continue to multiply.

Main points this week:

International News:

1) Dedollarization: Southeast Asia bets on a "monetary reform" to move away from the dollar: The new strategic plan published by the Association of Southeast Asian Nations (ASEAN) is clear: dependence on the dollar must be gradually reduced. "ASEAN will encourage the use of local currencies to reduce the region's vulnerability to exchange rate fluctuations and external economic and financial shocks, and to reduce transaction costs associated with cross-border payments."

2) Crypto scandal in the Czech Republic: Justice Minister resigns after 500 BTC donation
A donation of nearly 500 Bitcoin—approximately $45 million—led to the resignation of Justice Minister Pavel Blažek, who was accused of negligence regarding the criminal origin of the funds. The donation came from a former drug trafficker, sparking controversy just months ahead of the legislative elections scheduled for October.

3) Russia's largest bank Sberbank launches Bitcoin-based bonds
Sberbank, Russia’s largest commercial bank, has just launched structured bonds based on Bitcoin. It’s a significant move for the institution in a country increasingly leaning into cryptocurrencies. Sberbank’s structured bonds offer exposure both to BTC price fluctuations and the USD/RUB exchange rate. For now, this service is available only to a select group of “qualified” investors in OTC markets.

4) South Korea’s new president could legalize Bitcoin spot ETFs and stablecoins
Newly elected South Korean President Lee Jae-myung is promising a strategic pivot for the country, which is already highly crypto-connected and could soon become one of the most active markets globally. His first campaign promise: authorize spot ETFs for Bitcoin and Ethereum. With the success of U.S. ETFs, pressure is mounting in Seoul to allow such financial products, which are currently banned. The bill could pave the way for institutional investment, particularly from the $884 billion national pension fund.
The second part of his platform is to launch a won-backed stablecoin to curb capital flight to USDT and USDC. “We must establish a won-backed stablecoin market to prevent domestic capital outflow,” Lee stated multiple times during the campaign.
The project is divisive: the Bank of Korea is strongly opposed, arguing that only the state should issue such digital currencies.

5) The most important crypto law in U.S. history is about to be voted on
In the U.S., a bipartisan bill could fundamentally reshape crypto regulation. The Blockchain Regulatory Certainty Act (BRCA) aims to protect developers of self-hosted services, as long as they don’t have access to user funds. “No blockchain developer or blockchain service provider should be considered a money transmitter, financial institution, […] unless they, in the ordinary course of business, have control over digital assets belonging to users via the blockchain service or software they created, maintained, or distributed.”
The BRCA’s main purpose is to provide legal protection—or a “safe harbor”—meaning exemption from licensing and registration obligations, as long as they don’t control user funds. Two current cases are relevant: the developers of Tornado Cash and Samourai Wallet, both privacy-enhancing apps for Ethereum and Bitcoin.

6) On May 21, Iran revealed a new fleet of domestically produced drones, signaling a significant upgrade in its military capabilities. Behind this push, crypto infrastructure is increasingly central to how Iran circumvents international sanctions, supporting both state and proxy operations. According to TRM Labs, Iran’s leading crypto exchange, Nobitex, processes billions in transactions, often routed through weakly regulated platforms using obfuscation methods. Iran’s digital finance ambitions also include a CBDC program tied to sanctioned entities. While crypto tools aid regime-linked activities, they’re also vital for ordinary Iranians navigating economic hardship. TRM also highlights how Houthi and Iran-aligned actors exploit decentralized finance and unregistered exchanges to fund asymmetric warfare, including maritime and cross-border attacks, reflecting a broader strategic use of digital assets.

7) El Salvador and the United States are strengthening their crypto partnership with key meetings between leaders and regulatory bodies. White House Crypto Chief Bo Hines met with Salvadoran President Nayib Bukele to discuss collaboration on bitcoin and digital assets.

Compliance / Regulation / Justice:

1) Green light for staking: the SEC finally recognizes no registration is needed
After fiercely opposing crypto staking for years, the U.S. SEC now states that it does not constitute a securities offering. “The Division believes that 'protocol staking activities' […] do not involve the offer and sale of securities under Section 2(a)(1) of the Securities Act of 1933 or Section 3(a)(10) of the Securities Exchange Act of 1934. Therefore, participants in protocol staking activities do not need to register such transactions with the Commission under the Securities Act, or fall under one of its registration exemptions.”

2) Coinbase data breach: the flaw came from an Indian subcontractor
Coinbase has revealed a customer data breach involving its Indian subcontractor TaskUs. Corrupt employees allegedly sold sensitive data to cybercriminals. The incident raises serious concerns about data security amid increasingly intrusive regulation. It reportedly began when a TaskUs employee in Indore was caught taking pictures of sensitive data on her computer with her personal phone. According to former employees, she and an accomplice were selling Coinbase customer data to hackers. Over 200 TaskUs employees were subsequently fired.

3) BitMEX's security team hacked the Lazarus Group and exposed their operations. North Korea's cybercrime network got exposed when one hacker forgot to use their VPN and revealed their real location in China. The researchers gained access to the group's internal database and uncovered their entire organizational structure.

4) Onchain sleuth ZachXBT flagged $11.5 million in suspicious outflows from Taiwan-based crypto exchange BitoPro's hot wallets across multiple blockchains, exposing an apparent unreported exploit last month. BitoPro later confirmed the hack, attributing it to a wallet system upgrade and claiming no user funds were affected. However, BitoPro waited 25 days before acknowledging the breach, only issuing a statement after ZachXBT's findings went public. The stolen assets were funneled through Tornado Cash, bridged to Bitcoin via Thorchain, and deposited to Wasabi — mirroring laundering tactics used in the record $1.4 billion Bybit hack.

5) The U.S. Senate may be fast approaching a final vote on regulating stablecoins, which would be a high-water mark for crypto legislation in Congress, but Representative French Hill said the Senate's bill has some key differences with a similar effort in the House of Representatives, and those would need to be ironed out before it can become law. "The bills are substantially similar," said Hill, the chairman of the House Financial Services Committee that has been at the forefront of the congressional negotiation over stablecoins for years, at an Atlantic Council event on Tuesday.

6) French authorities have charged 25 people, including six minors, for their roles in a spate of crypto kidnappings in Paris, with the majority of the suspects connected to the recent failed kidnapping attempt of a crypto exchange CEO's family, Paris's public prosecutor's office said, Le Monde reported Saturday. The investigation is focused on the kidnapping attempt of the daughter and grandson of the CEO of crypto exchange Paymium, Pierre Noizat, that occurred on May 13, the report said.

7) India is expected to release a long-anticipated crypto policy discussion paper this month, drawing on the 2023 G20 synthesis paper by the FSB and IMF, as well as global regulatory models. A senior official emphasized that the final version is nearly complete and that India will prioritize national interest while avoiding rushed decisions. The government remains divided on crypto regulation, with the Reserve Bank of India softening its earlier stance on a ban and the Securities and Exchange Board of India supporting shared oversight. Initially due in September 2024, the paper has faced delays amid shifting global attitudes, including in the U.S., prompting India to reassess its position.

8) The UK’s Financial Conduct Authority (FCA) has launched two consultations focused on strengthening regulation around stablecoin issuance, crypto custody, and the operational resilience of crypto firms. One consultation outlines a prudential regime for crypto asset companies, while the other focuses on stablecoin rules and custody services. The FCA also plans to expand its innovation services to include a stablecoin focus, signaling strong support for the sector's growth. Meanwhile, the Bank of England will issue a separate consultation on regulating systemically important stablecoins, with key questions around thresholds and reserve requirements. Additionally, BPX Exchange, a digital securities platform, became the 52nd firm added to the UK’s crypto register since 2022.

9) Last Friday, Singapore’s Monetary Authority (MAS) issued its response to the October 2024 consultation on implementing the Financial Services and Markets Act (FSMA), which mandates that locally-incorporated digital token service providers (DTSPs) be licensed by MAS. Unlike DPTSPs under the Payment Services Act, DTSPs include providers dealing in securities tokens and capital market products. The FSMA extends MAS’ oversight to DT services offered abroad by Singapore-based entities, aligning with FATF standards. MAS reaffirmed a highly cautious approach, signaling that DTSP licenses will be rarely granted. However, it clarified that Singaporeans employed by foreign DTSPs working overseas won’t need a license unless providing services within Singapore. The FSMA licensing rules take effect on June 30.

10) Last week marked a major step toward U.S. crypto legislation with the introduction of the bipartisan Digital Asset Market Clarity (CLARITY) Act, a comprehensive 200+ page bill that defines regulatory boundaries between the SEC and CFTC, classifies digital commodities, and creates a process for tokens to transition out of securities status via decentralization. The bill emphasizes both market structure and national security, preserving Bank Secrecy Act obligations and reinforcing FinCEN and Treasury's AML authority. As the bill moves toward committee markup and potential House floor debate, attention is also on the Senate’s GENIUS Act on stablecoins, signaling a pivotal summer for digital asset policy. The message: regulatory clarity is underway, and industry players must prepare.

11) UK Regulator FCA to Lift Ban on Crypto ETNs for Retail Investors. This means cETNs could be sold to individual consumers, rather than just professional investors. The notes must be traded on an FCA-approved investment exchange (a Recognized Investment Exchange or RIE).

Traditional Finance:

1) EURCV: SG Forge’s euro stablecoin lands with European payment giant
SG Forge is deploying its euro stablecoin, EURCV, with BCB Group, a major European payment and digital asset service provider. In 2024, BCB processed $1 billion in stablecoin volume and $200 billion in fiat currency transactions. This partnership emphasizes cross-border payments for both traditional finance players and crypto-native companies.

2) Robinhood acquires Bitstamp and expands in Europe
FinTech giant Robinhood has acquired Bitstamp, one of the oldest still-active crypto exchanges (founded in 2011). The deal, first agreed upon in June 2024, helps Robinhood strengthen its crypto strategy. Bitstamp currently serves 50,000 retail clients and 5,000 institutional clients—who account for the majority of its trading volume. In its last fiscal year, Bitstamp generated $95 million in revenue. It is the first “institutional crypto firm” acquired by Robinhood.

3) Donald Trump and Crypto.com launch a Bitcoin ETF: the filing is in
On Tuesday, NYSE Arca submitted an application to the SEC for the “Truth Social Bitcoin ETF,” a spot Bitcoin ETF backed by Donald Trump’s company and Crypto.com. It is Trump’s company’s first crypto ETF, and it will be backed by actual bitcoin. Since the SEC approved such funds in January 2024, they have exploded in popularity and now hold over $130 billion. It remains to be seen how quickly this new product will hit the market.

4) Cryptos as collateral for bank loans? JPMorgan may be planning a major shift
According to recent rumors, JPMorgan may soon accept cryptocurrencies as collateral for loans—initially limited to certain products like BlackRock’s Bitcoin ETF. The offering would be available to trading clients and wealth management customers. For the latter, JPMorgan would consider these assets in the client’s net worth, similar to how it already includes cash, stocks, or collectibles.

5) BlackRock’s Bitcoin ETF listed on the Moscow Exchange—with a twist
This week, the Moscow Exchange launched futures contracts on IBIT, BlackRock’s Bitcoin ETF. These are not actual ETF shares but futures contracts based on the ETF. The product is only available to a limited group of "qualified investors" (as previously defined). Starting June 23, eligibility will be subject to stricter controls, whereas it’s currently handled by brokers offering these contracts.

6) Stablecoins at Deutsche Bank? Germany’s biggest bank may enter the space
While many banking giants have already embraced tokenization and stablecoins, Deutsche Bank may be next. According to Bloomberg, Sabih Behzad, Head of Digital Assets and Currencies Transformation, stated that the bank is working on several projects related to stablecoins—from issuing its own token to launching a “tokenized deposit solution for payments.”

7) Circle has increased its IPO to 32 million shares priced between $27 and $28 each. BlackRock and Ark Invest are considering major investments in the offering. The total stable-coin market cap has reached $248 billion, with Circle’s USDC trailing only Tether’s USDT.

8) Bank of America warns that the U.S. dollar may face further declines this summer, following a 9% drop this year due to tariff concerns. The dollar's weakness could benefit dollar-denominated assets like gold and bitcoin.

9) NYSE Arca and Yorkville America Digital in partnership with Trump Media filed for a spot bitcoin exchange-traded fund called the Truth Social Bitcoin ETF, with Crypto.com's Foris DAX Trust Company as the custodian. Both the 19b-4 and S-1 documents have been submitted, meaning as soon as the Securities and Exchange Commission acknowledges the filings, the 240-day clock is on.

Tech News:

1) Elon Musk announces new Bitcoin-inspired encrypted messaging app
Musk has announced the launch of XChat, a new encrypted messaging service integrated into the X platform. Inspired by Bitcoin’s security principles, it aims to protect user privacy at a time when digital surveillance is intensifying across Europe and elsewhere.

2) Ethereum Foundation revamps strategy: 2025 and 2026 will be “decisive”
The Ethereum Foundation is overhauling its treasury management and pledging stronger support for the ecosystem over the next 18 months—considered critical. Its new “Defipunk” doctrine promotes financial sovereignty while preparing Ethereum to compete with Solana and upcoming scaling challenges. The reform aims to better align short-term operations with long-term goals.

3) Kraken launches tokenized stock trading via Solana blockchain with xStocks
Kraken will soon offer tokenized U.S. stocks and ETFs through xStocks, available to clients outside the U.S. These tokenized assets will be issued on the Solana blockchain and include Apple, Tesla, Nvidia, and the SPDR S&P 500 ETF (SPY). Over 50 tokenized assets will be available initially. These tokens, issued in partnership with Swiss firm Backed Finance, will not be available to U.S. residents but will be accessible in select jurisdictions in Europe, Asia, Africa, and Latin America. Each xStock token will be backed by a real stock or ETF held in reserve by Backed and represents indirect exposure to that asset.

4) Bonk just launched a video game where dying costs you real money. Bonk Arena costs 10,000 BONK tokens (about $0.17) just to spawn. Kill another player? You inherit their stake. Die? You lose everything. The game is Phantom wallet exclusive, meaning you need to be deep in Solana's ecosystem to play.

5) Tether just made physical gold as portable as stablecoins. Their new XAUt0 token lets you move real gold-backed assets across any blockchain network. The omnichain deployment works on Ethereum, Solana, and other networks. The token launches first on the TON blockchain in partnership with the TON Foundation.

6) Berachain is launching its Bectra hard fork today, becoming the first non-Ethereum Layer-1 to adopt Ethereum’s latest execution-layer features, inspired by Ethereum’s Pectra upgrade. The upgrade enables 100+ apps on Berachain to leverage enhanced tools for users and developers while maintaining EVM compatibility, so existing contracts don’t need rewriting—a boon for its 200+ live apps. Unlike Pectra, Bectra excludes consensus changes due to Berachain’s different model. For users, wallets now function like smart accounts, allowing batched transactions, spending limits, gas payments in HONEY (Berachain’s stablecoin), and recurring payments—features that previously required risky third-party solutions.

7) The Ethereum Foundation has restructured its R&D team, rebranding it as "Protocol" and refocusing on core challenges like base-layer scaling, blobspace expansion (for data availability), and UX improvements, leading to layoffs—though the exact number remains undisclosed. The move follows long-standing criticism over management and strategy, with concerns that unresolved technical hurdles could jeopardize Ethereum’s leadership position. This shift comes after earlier leadership changes aimed at addressing these issues, signaling a tighter prioritization of key protocol development.

Adoption:

1) Stablecoins coming to Uber? CEO calls them “very promising”
In an interview, Uber’s CEO said the company is exploring the use of stablecoins. “I think stablecoins are very promising, especially for global companies that move money across borders, to create a mechanism that helps us reduce international money transfer costs. It’s very interesting for us, and we will definitely look into it.”

2) Japanese investment firm Metaplanet has stepped up its bitcoin accumulation, purchasing 1,088 BTC for $117.5 million, raising its total holdings to 8,888 BTC ($928 million). With 7,126 BTC acquired in 2025 alone, it is quickly approaching its 10,000 BTC year-end target. CEO Simon Gerovich credits Strategy and co-founder Michael Saylor as inspirations. Meanwhile, Strategy's bitcoin buying has slowed significantly — down to 705 BTC last week, compared to 4,020 BTC the week before. K33 analysts link the slowdown to a reduced premium on MSTR shares and rising competition in corporate BTC accumulation. Despite this, Strategy remains far ahead with 580,955 BTC (over $60 billion), or 2.8% of total BTC supply.

3) New York-based Nasdaq-listed educational technology company Classover plans to raise up to $500 million through convertible notes and allocate up to 80% of the proceeds to buying SOL for its treasury. The purchase agreement with Solana Growth Ventures boosts Classover's potential funding capacity for SOL accumulation to $900 million following an earlier $400 million equity purchase agreement. The announcement sent Classover's stock, KIDZ, soaring 40% on Monday and another 55% so far on Tuesday, according to TradingView.

4) Treasure Global, a publicly traded e-commerce and fintech firm, plans to invest up to $100 million in cryptocurrencies. The investment will include BTC, ETH, and stablecoins, as part of a new capital strategy to boost balance sheet efficiency.

5) China-based automotive and hospitality company Webus has filed with the U.S. Securities and Exchange Commission to raise up to $300 million for an XRP-based corporate treasury using debt financing. Webus has partnered with asset manager Samara Alpha to help build out its XRP reserve strategy. The firm also aims to streamline cross-border payments and boost booking transparency across its operations by integrating with Ripple's blockchain-based payment network. The move marks further institutional adoption of XRP, following similar treasury initiatives by VivoPower and Wellgistics, echoing other corporate accumulation models for BTC, ETH, and SOL.

6) K Wave Media secured a $500 million deal specifically to fund a Bitcoin treasury strategy. Their stock jumped 162% on Nasdaq immediately after the announcement. The South Korean entertainment company is planning to operate Lightning Network nodes and invest in crypto infrastructure.

7) Metaplanet unveiled a new $5.4 billion equity raise via 555 million moving strike warrants to accelerate its bitcoin buying spree. The firm ambitiously aims to hold 210,000 BTC by 2027 — 1% of bitcoin's total supply — using a mix of equity, bonds, and other financing instruments. Already holding 8,888 BTC ($932 million), Metaplanet achieved 89% of its initial year-end goal in just five months, setting new targets of 30,000 BTC and 100,000 BTC by the end of 2025 and 2026, respectively.

Funding and Partnerships:

1) USDC stablecoin: Circle raises $1.05 billion ahead of IPO
On Wednesday, Circle finalized the sale of 34 million shares in anticipation of its IPO, raising over $1.05 billion. This gives the company a diluted valuation of $8.1 billion.

2) X and Polymarket team up to elevate prediction markets
On Friday, social media platform X and prediction market platform Polymarket announced a partnership: “We’re thrilled to introduce Polymarket as the official prediction market partner of X. In a sea of noise, prediction markets bring clarity through a single, powerful signal: price. Polymarket has become the go-to authority for accurate forecasts on elections, global events, and cultural trends. We’re excited about the future of this partnership—stay tuned.”

3) Consensys led a $425 million private placement to support SharpLink's aim to build the largest Ethereum treasury among publicly traded firms. SharpLink plans to use the funds to acquire ETH as a reserve asset and engage in staking and DeFi, partnering with ParaFi and Galaxy for asset management. Ethereum co-founder and Consensys CEO Joseph Lubin joined SharpLink's board as chairman following the deal. However, SharpLink's stock (SBET) is down over 37% on Monday following the announcement, with a market cap of $34 million.

Disclaimer: The information disclosed here does not constitute an investment advice ; it is for informational purposes only and does not constitute investment advice. You should do your own research while investing in crypto and only invest money you are ready to lose.