TL;DR

Circle IPO surges 168%; stablecoin supply hits $240B; Metaplanet, Strategy, Know Labs boost Bitcoin buys.

Highlights

• Circle's NYSE IPO surged 168%, valuation now over $20B; Ark Invest bought $373M in shares, trimming Coinbase and Bitcoin ETF holdings; Gemini filed for IPO after $1.1B Earn refund and $37M fine 2203.
• Stablecoin supply reached $240B, with $33T in annual transactions; Tether (USDT) holds 62% market share 17.
• Apple , X, Airbnb , and Google are in early talks for stablecoin integration; Deutsche Bank is exploring a euro stablecoin, tokenized deposits, and an Ethereum L2 810.
• UK FCA proposed lifting its ban on retail crypto ETNs, consultation open through July 31 4.
• Metaplanet to raise $5.4B for Bitcoin purchases, targeting 210,000 BTC ; Strategy (ex-MicroStrategy) upsized $1B preferred stock raise for further Bitcoin buys; Know Labs to acquire 1,000 BTC after CEO change 756.
• Binance holds $110B in reserves (second to Coinbase), leads with $31B in stablecoins and 59% market share; Hyperliquid DEX reached $248B in May volume, capturing 10% of Binance's flow 916.
• Ethereum ETFs posted a 15-day inflow streak ($25.3M latest), while U.S. Bitcoin ETFs saw $278.4M in weekly outflows; institutional Bitcoin ETF holdings down 23% in Q1 14.
• Tokenized real-world asset (RWA) market grew to $23B, led by private credit (58%) and U.S. Treasuries (34%), driven by regulatory clarity 15.
• Solana's $SOL launched natively on Avalanche with AVAX incentives; Avalanche fees cut 96%, transactions up 326%; TRON daily transactions surpassed 8 million 19.
• ALEX Protocol exploited for $8.37M, token down 45%; Cetus Protocol relaunches after $220M hack, both promising user reimbursement 1.
• Stable, a Bitfinex/Tether-backed L1, launched with USDT as native gas token, targeting financial institutions 11.
• Pudgy Penguins launched $PENGU with $500M airdrop to 7M wallets; Pump.fun eyes $1B PUMP token sale, with only 1.76% of wallets netting >$1,000 profit 1813.
• Elon Musk’s X selected Polymarket as exclusive prediction market partner (not available to U.S. users) 12.

Commentary

Stablecoins and tokenized assets continue to drive institutional and retail market structure. Circle's blockbuster IPO and Ark Invest's portfolio rotation highlight strong demand for stablecoin infrastructure, while Gemini's IPO filing signals continued appetite for public crypto equities 2203. The $240B stablecoin supply and $33T in annual transactions, led by USDT , reinforce the sector’s central role, with further adoption likely as major tech firms and banks explore integrations and new products 17810.

Bitcoin treasury strategies remain in focus, with Metaplanet, Strategy, and Know Labs collectively announcing or expanding multi-billion-dollar BTC acquisition plans 756. These moves are supported by large equity and preferred stock raises, and reflect ongoing institutional interest in holding Bitcoin as a reserve asset.

On-chain, Ethereum ETFs have seen sustained inflows despite price declines, while Bitcoin ETFs recorded net outflows and a 23% drop in institutional holdings in Q1 14. The divergence suggests a shift in institutional allocation patterns, possibly tied to the growth of tokenized RWAs—now a $23B market, dominated by private credit and Treasuries, and supported by improving U.S. regulatory clarity 15.

Layer 1 competition remains active: Solana's native integration with Avalanche , combined with fee reductions and surging transactions, underscores efforts to capture user and liquidity flows 19. Binance maintains its lead in centralized reserves and stablecoin dominance, while Hyperliquid DEX's growth in perpetual trading volume signals rising demand for decentralized leverage 916.

Security remains a concern for DeFi, with ALEX and Cetus suffering major exploits but pledging user reimbursement 1. In the NFT and meme sector, Pudgy Penguins’ $500M airdrop and Pump.fun’s billion-dollar token sale highlight ongoing speculative activity, but data shows most participants realize minimal profits, emphasizing the risks 1813.