TL;DR

Walmart, Amazon weigh stablecoins; SEC clears Trump Media $2.5B BTC deal; Solana ETF filings updated.

Highlights

• Walmart and Amazon are evaluating US dollar-backed stablecoins to reduce card fees, awaiting GENIUS Act clarity; Visa and Mastercard lost $60B in market value on the news 110.
• Circle stock surged 26% (241% above IPO) on stablecoin optimism and pending GENIUS Act vote 6.
• SEC Chair Paul Atkins rescinded prior crypto rules, appointed Jamie Selway as Trading Chief; CFTC maintains strict oversight 218.
• SEC approved Trump Media’s $2.5B Bitcoin treasury deal, enabling large-scale BTC acquisition 3.
• Seven major asset managers, including Fidelity and Grayscale, updated spot Solana ETF filings with staking features; Invesco and Galaxy registered a Solana ETF in Delaware 47.
• US spot Ethereum ETFs saw $1.4B net inflows over 19 days before a minor outflow; BlackRock increased BTC and ETH holdings 5.
• SharpLink Gaming bought 176,271 ETH ($463M), becoming the largest public ETH holder after the Ethereum Foundation; shares fell 70% post-fundraise 8.
• Senate Democrats seek amendments to the GENIUS Act for stricter stablecoin oversight and are probing Meta ’s stablecoin plans 11.
• Israel-Iran conflict triggered $1B in crypto liquidations and currency controls in Iran; global markets sold off 12.
• Cardano proposed swapping $100M ADA into BTC and stablecoins; Polkadot debates building a Bitcoin reserve with 501K DOT 20.
• $REKT coin expanded to Solana via Jupiter Exchange, with retail launch at 7-Eleven; token hit new highs 13.
• Hyperliquid ’s $974M fund is using over 90% of revenue for HYPE token buybacks, integrating DeFi features 14.

Commentary

Stablecoin adoption and regulatory clarity remain at the forefront, with Walmart and Amazon exploring proprietary stablecoins to bypass traditional payment rails 110. This development, alongside anticipation for the GENIUS Act, drove significant moves in both crypto and equity markets—Circle ’s stock rally and the $60B selloff in Visa and Mastercard highlight investor sensitivity to payment innovation and regulation 610. Senate debates over ethics and oversight provisions for the GENIUS Act, as well as scrutiny of Meta ’s stablecoin activities, signal that the legislative outcome could materially impact stablecoin issuers and payment-focused crypto projects 11.

Regulatory shifts are also shaping institutional participation. The SEC’s leadership overhaul and rollback of previous crypto rules, paired with the CFTC’s continued enforcement focus, have coincided with a surge in ETF activity 218. Multiple asset managers updated filings for spot Solana ETFs with staking features, and Invesco /Galaxy moved to register a Solana ETF in Delaware, suggesting SEC decisions may be near 47. Meanwhile, the SEC’s approval of Trump Media’s $2.5B Bitcoin treasury deal marks a notable precedent for corporate BTC holdings 3.

On the fund flow front, US spot Ethereum ETFs attracted $1.4B in net inflows over 19 sessions before a minor outflow, while BlackRock ’s accumulation of BTC and ETH underscores persistent institutional demand 5. SharpLink Gaming ’s $463M ETH purchase—making it the largest public ETH holder after the Ethereum Foundation—was met with a sharp share price decline, reflecting market caution toward aggressive treasury strategies 8.

Altcoin and DeFi activity is robust: Cardano and Polkadot are considering treasury reallocations to BTC and stablecoins to boost DeFi liquidity and diversify reserves 20. $REKT ’s expansion to Solana and Hyperliquid ’s aggressive HYPE token buybacks point to ongoing experimentation with token utility, cross-chain activity, and community engagement 1314.

Macro risk remains elevated. The Israel-Iran conflict drove $1B in crypto liquidations and led to currency controls in Iran, highlighting crypto’s vulnerability to geopolitical shocks 12. Traders should closely track legislative progress on the GENIUS Act, SEC ETF decisions, and large treasury moves, while maintaining awareness of global risk sentiment and liquidity conditions.