1. Top CEX Coins
Top 10 CEX trading volume and 24-hour price changes:
BNB: 1.5%
BTC: -3.46%
ETH: -2.65%
SOL: -2.49%
DOGE: -4.44%
PEPE: -6.82%
CREAM: -2.52%
TRUMP: 2.64%
MDT: 29.94%
XRP: -0.01%
24H Gainers (Data from OKX):
LBR: 16.76%
ACA: 5.68%
NC: 4.98%
GODS: 4.68%
MANA: 3.67%
ID: 3.59%
BZZ: 3.28%
TRUMP: 2.93%
KP 3 R: 2.89%
MERL: 2.19%
2. Top 5 On-Chain Meme Coins (Data from GMGN):
ATLAS
YODA
PIPE
WTFO
ELONM
3. 24H Trending Coins
ANGLERFISH: A Solana-based meme coin themed around the deep-sea anglerfish, combining the peculiar imagery of nature and the humorous culture of the crypto community. Its origins are likely related to the meme coin craze in the Solana ecosystem, and it is currently in the early stages of development, driven by community narratives and speculation.
Headlines
Democratic Leaders Pressure Treasury to Stop Trump's Strategic Bitcoin Reserve Plan
Senior Democratic members of the Oversight and Government Reform Committee are urging the U.S. Treasury Department to halt its plans to create a strategic cryptocurrency reserve, after former President Trump sought a national Bitcoin reserve and personal cryptocurrency holdings. They also pointed out potential conflicts of interest in Trump's involvement in certain crypto projects, such as his TRUMP Meme token and the World Freedom Finance project. Over the past few months, the terms "reserve" and "stockpile" have been used interchangeably, but sources indicate there are key differences between the two.
U.S. Treasury Meets with Crypto Firms to Discuss Bitcoin Reserve Custody
According to Decrypt, sources reveal that the U.S. Treasury Department met with executives from three crypto custody firms this week to discuss how to custody a national strategic Bitcoin reserve. Anchorage Digital was one of the institutions involved in the meeting. Anchorage CEO Nathan McCauley stated that Treasury officials inquired in detail about best practices for a Bitcoin national reserve and digital asset custody, and discussed how custody would impact stablecoins and market structure. Congressional sources said the Treasury is currently in a research phase and has not yet formed a clear position, but is actively seeking input from industry players. The current preference is for a third-party institution to custody the government's Bitcoin reserve, with the long-term goal being for the government to eventually self-custody. As for the various seized digital assets controlled by the government, they may still require long-term third-party custody. The U.S. Treasury declined to comment.
CBOE Files for XRP ETF with Franklin
According to market sources, the Chicago Board Options Exchange (CBOE) has filed for an XRP ETF with Franklin. It is reported that Cboe BZX, a subsidiary of the Chicago Board Options Exchange Group, has submitted a proposed rule change (19b-4 filing) to the U.S. Securities and Exchange Commission.
Industry News
BNY Mellon, the U.S. bank in New York, is expanding the services it provides to stablecoin issuer Circle, with sources saying the bank will allow some clients to remit payments to Circle or receive payments from Circle through BNY, for the purpose of buying or selling Circle's stablecoins. Previously, Circle's clients had to use smaller U.S. banks to remit payments to Circle, which may have limited its growth scale.
Trump Family in Talks to Invest in Binance.US
The Trump family is in negotiations to invest in the cryptocurrency exchange Binance's U.S. division, Binance.US, a move that would see Trump engage in business with Binance. Meanwhile, sources familiar with the matter reveal that Binance founder CZ has been urging the Trump administration to pardon him. CZ was previously sentenced to four months in prison after pleading guilty to a related charge.
Last year, Binance reached out to Trump's allies, proposing a business deal with the Trump family as part of a plan to bring the exiled company back to the U.S. Negotiations between the two parties then began. It is unclear at this stage what form the Trump family's stake would take if the deal goes through, or whether it would be contingent on a pardon.
Project News
Solana SIMD-0228 Proposal Fails to Pass, Receiving Only 43.6% Approval
Solana's Epoch 755 has ended, and the SIMD-0228 proposal did not pass. While the on-chain vote reached the quorum, the percentage of Yes votes out of the total Yes and No votes was 61.4%, falling short of the 66.67% (i.e., 2/3) approval threshold.
Dune Analytics data shows that 910 validators voted on the proposal. 43.6% voted in favor, 27.4% voted against, and 3.3% abstained.
Aave Labs Launches Horizon Initiative, Potentially Creating New Revenue Streams for Aave DAO
Aave Labs has announced the launch of a new initiative called Horizon, aimed at developing RWA (real-world asset) products (such as tokenized securities) to drive institutional adoption of DeFi, leveraging the Aave ecosystem as a foundation to bridge the gap between traditional finance and DeFi. The first Horizon product is reportedly a structured RWA solution that will allow institutions to use tokenized money market funds as collateral to access stablecoin liquidity, with the Aave stablecoin GHO serving as the primary liquidity source. Aave Labs stated that this move could potentially create new revenue streams for the Aave DAO.
Bitcoin Lending Platform Solv Raises $10 Million for Its Bitcoin Reserve
Bitcoin lending platform Solv has announced a $10 million raise for its Bitcoin Reserve Offering (BRO), aiming to build a $100 million BTC reserve. The BRO is said to combine the features of traditional convertible bonds with crypto-native functionality to drive institutional adoption of BTC finance.
Regulatory Updates
U.S. Senate Banking Committee Votes to Pass Bill Regulating Stablecoin Issuers
The U.S. Senate Banking Committee voted 18-6 to pass a bill regulating stablecoin issuers, which is the first step in sending the legislation to President Trump for signing into law.
With the initial committee approval, this bill to federally regulate U.S. stablecoin issuers now needs to pass the full Senate, and a similar version is awaiting approval in the House.
South Korea Plans to Lift Crypto Investment Ban for Institutional Investors in Q3
The Financial Services Commission (FSC) of South Korea announced on the 12th that it plans to release a comprehensive investment guide by the third quarter of 2025 to allow institutional investors to invest in crypto assets. The guide will regulate the cryptocurrency investments of institutional investors, listed companies, and non-profit organizations, and promote market stability.
South Korea plans to lift the eight-year ban on corporate cryptocurrency transactions, against the backdrop of the implementation of the Virtual Currency User Protection Act, which laid the foundation for user protection, and changes in the market environment such as the entry of overseas major companies into the market.
Investment and Financing
PoPP Completes $6 Million Financing, Total Financing Reaches $12 Million
The decentralized user protocol platform PoPP announced the completion of the final $6 million financing round before the TGE, with a total financing amount of $12 million. Investors in this round include Oasis Labs, X-Labs, Becker Ventures, InnoAlpha, Blocklike Ventures, and others.
PoPP provides dynamic on-chain identity labels for users based on on-chain behavior analysis, accurately matches DApps, and provides privacy-protected precise audience targeting for developers.
After the financing is completed, PoPP will promote PoPP AI-Profile, build a Web3 user ecosystem, optimize the smart matching experience, and expand more application scenarios.
The on-chain AI model verification and rental market Aura has completed a $5.5 million seed round financing, led by Daxos Capital, Manifold Trading and Selini Capital, with Hermeneutic Investments participating. The new funds will be used to accelerate its technology roadmap and prepare for the next stage of platform development, providing support for AI model users and creators through a decentralized AI marketplace, verifiable model integrity mechanisms, and an incentive-aligned AI deployment ecosystem.
nunu.ai Completes $6 Million Seed Round Financing, Co-led by TIRTA Ventures and a16z speedrun
nunu.ai has completed a $6 million seed round financing, co-led by TIRTA Ventures and a16z speedrun, with participation from Factorial Funds, Y Combinator, Earthling, Hartmann Capital, FOV Ventures, and New Renaissance Ventures.
nunu.ai focuses on the intersection of artificial intelligence, gaming, and robotics technology, committed to building the first AI agent that can test and play games, driving the intelligent development of the gaming industry.
Voices
CZ, the founder and CEO of DeFiance Capital, stated that the impact of the "Fat Protocol Thesis" in the crypto market is waning, and the speculative bubble in infrastructure projects has burst.
He pointed out that the price-to-earnings (PE) ratios of DeFi applications are usually between 5-15 times, such as Hyperliquid (7.7x), Ena (7.4x), and Jupiter (3.9x), while infrastructure projects like Ethereum (694x) and Solana (162x) have had limited growth in the past two years, with valuations still in the 150x-1000x price/revenue ratio range.
CZ believes that as the market re-evaluates valuations, DeFi and other application-based projects will receive more attention, while the premium on infrastructure projects is being digested by the market.
PitchBook analyst Robert Le pointed out that with the entry of PayPal and major banks into the stablecoin market, the business models of Tether and Circle face risks. Although Tether and Circle currently occupy 90% of the stablecoin market share, Le believes this dominant position will be weakened due to increased competition. PayPal's PYUSD has reached a market value of $700 million since its launch in 2023, and traditional financial institutions such as Bank of America are also waiting for clear regulations to issue stablecoins. Le predicts that once the stablecoin bill is passed, hundreds or even thousands of stablecoins will emerge in the market, squeezing the market share of Tether and Circle.
