TL;DR

Coinbase to launch US perpetuals; USDT hits $156B; US stablecoin bill nears July signing.

Highlights

• Coinbase to launch CFTC-regulated perpetual Bitcoin and Ether futures for US traders on July 21, featuring nano-sized contracts and tax advantages1.
• US lawmakers and the White House target September for comprehensive crypto market-structure legislation; stablecoin-focused GENIUS Act likely to be signed in July2.
• Judge blocks Ripple -SEC $50M settlement, keeping XRP institutional sales case unresolved and legal uncertainty ongoing3.
• Bitcoin exchange balances fall to record lows below 2.5M BTC; illiquid supply surpasses 14M BTC, with whales accumulating over 500,000 BTC year-over-year417.
• Tether’s USDT supply reaches $156B, with $80B on Tron and $668B in monthly transfers; USDC market cap rises to $61.3B5.
• World Liberty Financial, Trump-backed, secures $100M UAE investment and plans USD1 stablecoin audit6.
• Kraken launches Krak payments app supporting 300+ assets in 100+ countries, challenging PayPal and Cash App11.
• Bakkt files $1B shelf registration, signaling possible Bitcoin and digital asset purchases for its balance sheet12.
• Galaxy Digital closes $175M external venture fund focused on stablecoins, DeFi, and blockchain infrastructure13.
• Tokenized real-world assets hit $24B, led by $14B in private credit; Sky (ex-MakerDAO) commits $1B to on-chain CLOs14.
• Ripple integrates Wormhole, connecting XRP Ledger to 35+ blockchains for cross-chain DeFi and RWA activity15.
• Crypto thefts exceed $2B in H1 2025, driven by front-end and social media exploits10.

Commentary

US regulatory clarity is advancing, with both the White House and Congress targeting September for a comprehensive crypto market-structure bill and the stablecoin-focused GENIUS Act likely to be signed in July28. This legislative momentum is already influencing product development: Coinbase ’s upcoming CFTC-regulated perpetual futures will provide US traders with onshore access to derivatives previously limited to offshore venues1, while Kraken’s new global payments app directly challenges established fintechs by offering multi-asset support and near-zero-cost transfers11.

On-chain trends show a persistent tightening in Bitcoin ’s liquid supply, as exchange balances hit historic lows and both whales and corporates (including Coinbase itself) continue to accumulate4717. The surge in stablecoin activity—USDT’s supply at $156B, with Tron leading network volumes, and USDC ’s market cap growth—reflects rising demand for on-chain liquidity, institutional settlement, and cross-border payments513. Tokenization of real-world assets is also accelerating, with private credit now the largest segment and new institutional platforms (like Sky’s Grove) channeling billions into on-chain CLOs14.

Legal and security risks remain prominent. The blocked Ripple -SEC settlement keeps regulatory uncertainty high for XRP and similar tokens3. Meanwhile, crypto thefts have topped $2B in the first half of 2025, with attackers exploiting both technical and social vectors10. Infrastructure upgrades continue, with Ripple integrating Wormhole for broad cross-chain compatibility15, and Bakkt and Galaxy Digital signaling further institutionalization through asset purchases and new venture capital deployment1213.

Traders should monitor the US regulatory calendar, Bitcoin supply contraction, and institutional flows into both stablecoins and tokenized RWAs. Security remains a persistent risk factor, particularly for DeFi and retail platforms41014.