Jinse Weekly is a blockchain industry summary column launched by Jinse Finance, covering key news, mining information, project dynamics, and technological progress of the week. This article is the news weekly that will give you an overview of the major blockchain events this week.
Headline
▌Circle President: We Won't Compete with Banks, Going Public to Show Financial Openness to Banks and Tech Companies
Circle President and former CFTC Chairman Heath Tarbert told Yahoo Finance in a recent interview that when Circle launched USDC in 2017-2018, they hoped to create a new foundational monetary layer for the internet that could circulate at internet speed. As a US-listed company, going public and subjecting Circle to the highest standards of transparency and corporate governance is an important part of their identity and a necessary next step. Compared to traditional financial institutions, Circle is a neutral platform with both the compliance genes of traditional financial services and Web3 concepts. Banks are Circle's ideal partners, and they won't compete with banks. Going public also signals to banks and tech companies that their funds are now open, and they can do business with Circle in significant ways under regulatory approval.
[The rest of the translation follows the same professional and accurate approach, maintaining the specific translations for proper nouns as instructed.]Blockchain Applications
▌Market News: Magic Eden Collaborates with TRUMP Meme to Develop TRUMP Wallet
According to market information, the TRUMP wallet official website shows that Magic Eden and TRUMP Meme are collaborating to develop a TRUMP crypto wallet.
▌Jingbei North: The Company Has Deep Reserves in Stablecoin Underlying Blockchain and Smart Contract Basic Technologies
Jingbei North stated on the interactive platform that the company has deep reserves in stablecoin underlying blockchain and smart contract basic technologies, deeply participating in the IT infrastructure construction and application scenario pilots of digital currencies in mainland China and Hong Kong-Macau regions, and closely tracking regulatory and financial institution technological practices. (Jinshi)
▌CME CEO: The "Ultimate Use" of Cryptocurrency Has Not Been Discovered
The CEO of Chicago Mercantile Exchange (CME) stated that the "ultimate use" of cryptocurrency has not been discovered, and stablecoins pegged to the US dollar can eliminate friction between legal currencies. Banks with systemic importance should have the ability to issue stablecoins.
▌Sky Has Introduced Stablecoin Incentives for SKY Staking
According to the official website, Sky (formerly Maker) has begun providing stablecoin incentives for SKY token staking, with incentives issued in USDS form. The current SKY staking APY is 17.48%. Previously, two whales withdrew 5.4 million dollars worth of MKR from Binance and staked it.
▌Tether Announces Strategic Investment in Orionx
Tether announced an investment in Orionx. Orionx is one of Chile's leading digital asset trading platforms and a financial infrastructure company focused on cross-border payments.
Cryptocurrency
▌Polymarket Becomes X's Official Prediction Market Partner
X announced a partnership with Polymarket, becoming its official prediction market partner.
▌a16z Crypto: Stablecoins Provide an Opportunity for 1 Billion People to Participate in Cryptocurrency
a16z Crypto published an article "Stablecoins: A 1+ billion-user onboarding opportunity", pointing out that in the past 12 months, stablecoin trading volume has reached $33 trillion, continuously setting new historical highs, nearly 20 times PayPal's transaction volume and close to 3 times Visa's transaction volume. Stablecoins have been integrated into these massive global payment networks that have existed for decades. The stablecoin boom has resulted in $128 billion in US Treasury bonds being held by stablecoins, placing them among the top 20 US Treasury bond holders, even surpassing countries like Saudi Arabia, South Korea, UAE, and Germany. Citibank recently predicted that by 2030, stablecoin holdings of US Treasury bonds will reach $3.7 trillion, making them the largest holder on this list. Long criticized for only being used to settle speculative crypto trades, data suggests otherwise.
▌ether.fi: Discord Platform Issues Have Been Controlled, Actively Monitoring
ether.fi posted an update on the Discord hacking incident on X platform, disclosing that the related issues have been controlled and are actively monitoring the Discord channel. Users can mark any suspicious behavior, and more details will be released once the issue is confirmed.
▌Cetus Announces Restart Today at 9:00, Liquidity Pool Recovery Rate Between 85% and 99%
On June 8th, Sui ecosystem liquidity platform Cetus officially announced a restart today at 9:00 UTC+8. Users will be able to access all Cetus functions, including trading, managing liquidity positions, adding/removing liquidity, and claiming fees and rewards. The affected pools' liquidity recovery rate is between 85% and 99%. Cetus will allocate 15% of token supply for contract compensation, with 5% immediately claimable at restart and 10% to be linearly unlocked over 12 months starting June 10, 2025. The Cetus team stated they have invested all available cash reserves of approximately $7 million and obtained a $30 million USDC loan from the Sui Foundation to support recovery. The team is also taking legal action across multiple jurisdictions to recover the remaining stolen funds.
▌Whale Who Bought 500 BTC at $27,400 Two Years Ago Adds 250 More BTC
According to on-chain analyst Yu Jin's monitoring, a whale who accumulated 500 BTC two years ago at $27,400 has further added 250 BTC ($26.37 million) today. He withdrew 500 BTC from Gemini two years ago (2023/5/17) when BTC was priced at $27,400, and the address remained unchanged until today when he added 250 more BTC through Gemini. Now, he holds a total of 750 BTC. His average cost basis is $53,426, with an unrealized profit of $39.14 million.
Important Economic Developments
▌"Fed Whisperer": Looking Closely, US Unemployment Rate is Actually Rising
"Fed Whisperer" Nick Timiraos wrote that looking at unrounded data, May's unemployment rate rose from 4.187% in April to 4.244%. The highest unemployment rate last year was 4.231% in November 2024. This can be said to be the highest unemployment rate since October 2021 (which was 4.500%) when unrounded.
▌Institution: Expected Fed to Restart Rate Cut Mode in July
Jamie Cox, executive partner at Harris Financial Group, stated that while the US labor market remains strong, it is gradually cooling. Given the significant revision of the non-farm report, he expects the Fed to restart rate cut mode in July. Current wage levels remain stable but are likely to change in the coming months. The biggest variable in the job market is real estate - the housing market has shown early risk signals, and labor market cooling will intensify this trend.
▌S&P 500 Index Breaks 6000 Points for First Time Since February
Market data shows the S&P 500 index breaking 6000 points for the first time since February.
▌US Treasury Imposes New Sanctions on Iran
The US Treasury website announced new sanctions on Iran, targeting 10 individuals and 27 entities. These sanctions, coming as the Trump administration sought a new nuclear agreement with Iran, also target entities in the UAE and Asia. (Jinshi)
▌Next Week's Macro Outlook: US May CPI Data to be Released Wednesday
Important macro data release schedule for next week: Monday 22:00, US April Wholesale Sales Month-on-Month Rate; Monday 23:00, US May New York Fed 1-Year Inflation Expectation; Wednesday 20:30, US May CPI Data; Wednesday 22:30, US EIA Crude Oil Inventories, Cushing Crude Oil Inventories, Strategic Petroleum Reserve Inventories for the week ending June 6; Thursday 20:30, US Initial Jobless Claims for the week ending June 7, US May PPI; Friday 22:00, US June 1-Year Inflation Rate Preliminary Value, US June University of Michigan Consumer Confidence Index Preliminary Value. The US May CPI report to be released next Wednesday will test market optimism about rate cuts, as it may show a halt in the recent inflation decline trend. According to the Cleveland Fed's Nowcast model, overall CPI in May is expected to grow 2.4% year-on-year, higher than last month's 2.3%; core CPI is expected to grow 2.8% year-on-year, unchanged from last month. Analysts expect core commodity three-month annualized inflation rate to peak in early autumn (4%-5%), slightly lower and delayed compared to the prediction before the "equivalent tariff" suspension on May 8.
