TL;DR

U.S. House advances crypto bills; Bitcoin, Ethereum, Solana hit highs; banks push stablecoins.

Highlights

• U.S. House advanced key crypto bills (GENIUS Stablecoin Act, CLARITY market-structure, Anti-CBDC) after Trump secured GOP support, reviving prospects for federal stablecoin and crypto market oversight 1.
• SEC accelerated review of spot Solana ETF filings; NYSE Arca approved a leveraged XRP ETF; more altcoin ETFs likely 2.
• Tether minted $2B USDT, pushing supply over $160B; $1B moved to Binance. Circle also expanded USDC supply amid rising trading volumes 3.
• Bank of America , Citigroup , and JPMorgan advanced plans for proprietary dollar-backed stablecoins, aiming to compete as Congress debates new stablecoin regulations 9.
• PayPal expanded PYUSD stablecoin to Ethereum Layer-2 Arbitrum, targeting lower fees and faster settlement 12.
• Bitcoin hit a new all-time high above $123,000, surpassing Amazon in market cap; BlackRock and GameStop made significant BTC purchases; spot BTC ETFs logged nine straight days of inflows 616.
• Ethereum rallied to $3,400, erasing 2025 losses as spot ETH ETFs posted record inflows and the ETH/BTC ratio strengthened 715.
• Solana climbed above $175, driven by a 218% YTD surge in tokenized real-world asset volume and strong network throughput 8.
• Pump.fun deployed $30M in SOL for PUMP token buybacks, shifting treasury strategy and lifting token price 13.
• Pudgy Penguins’ PENGU token surpassed $2B market cap on Solana expansion news; NFT floor prices also jumped 14.
• Security incidents: BigONE exchange lost $27M in a hack (user balances protected); Arcadia Finance exploited for $3.5M on Base 420.
• DOJ and CFTC closed probes into Polymarket, opening potential for U.S. re-entry of crypto prediction markets 19.

Commentary

U.S. legislative momentum is building, with the House advancing major crypto bills after direct intervention from President Trump. The GENIUS Stablecoin Act and CLARITY bill, if passed, would provide the first federal frameworks for stablecoin issuance and crypto market structure 1. This regulatory progress comes as leading U.S. banks—Bank of America , Citigroup , and JPMorgan —move forward with their own stablecoin projects, signaling traditional finance’s intent to compete directly in digital payments as stablecoin adoption accelerates 91011.

On the asset side, Bitcoin reached a record high above $123,000, overtaking Amazon in market capitalization, with persistent institutional inflows via spot ETFs 616. BlackRock continues to lead ETF inflows, and GameStop ’s $500M BTC allocation further normalizes corporate treasury exposure to crypto 518. Ethereum erased its 2025 losses, rallying to $3,400 as ETF inflows accelerated and the ETH/BTC ratio strengthened, pointing to renewed rotation into altcoins 71516. Solana outperformed, breaking $175, underpinned by a sharp increase in tokenized real-world assets and high network throughput, with ecosystem activity (Pump.fun buybacks, Pudgy Penguins expansion) fueling further interest 81314.

Stablecoin supply growth remains robust: Tether minted $2B USDT, Circle expanded USDC, and PayPal extended PYUSD to Arbitrum, all amid surging trading volumes 312. The influx of bank-issued stablecoins could alter liquidity dynamics across DeFi and exchanges, especially as regulated frameworks take shape 91011.

Security remains a concern, with BigONE suffering a $27M hack (user balances covered) and Arcadia Finance losing $3.5M on Base 420. The closure of DOJ and CFTC probes into Polymarket may open the door for U.S. crypto prediction markets to re-emerge, potentially expanding the on-chain derivatives landscape 19.

Traders should watch for House votes on crypto bills, SEC decisions on Solana and other altcoin ETFs, and continued capital rotation into altcoins and NFTs 12. Stablecoin market share shifts and ongoing security risks also warrant close monitoring.