Crypto Morning Post: Robinhood to launch its own blockchain, Solana advisors join X platform

Author: Deep Tide TechFlow

Yesterday's market dynamics

Musk: If the "Big and Beautiful" bill is passed, a new political party will be formed the next day

Elon Musk posted on social platform X that if the current "crazy spending bill" is passed (the "Big and American Act"), he will form a "America Party" to protest the bill the next day. "Our country needs an alternative to an integrated Democratic-Republican party that gives the people a real voice," he said. "

The U.S. Supreme Court has refused to hear the cryptocurrency user data privacy case

The U.S. Supreme Court refused to hear Harper v. Faulkender, which could have revisited whether cryptocurrency exchanges must provide customer data to the government. The decision has frustrated cryptocurrency companies such as Coinbase, who had hoped that the court would create a privacy exception for blockchain data similar to cell phone records. The case involves the "third-party principle," which has long allowed governments to obtain customer records from service providers such as banks.

The case involved James Harper, a Coinbase customer, whose personal transaction data was obtained by the Internal Revenue Service (IRS) in a massive investigation. In this survey, the IRS asked for information on more than 14,000 cryptocurrency accounts.

The Bank of Korea suspended CBDC projects and banks turned to stablecoin business

According to Maeil Business Newpaper, the Bank of Korea recently suspended the second phase of testing of the central bank digital currency (CBDC) project. The decision was reportedly driven by a number of comments from the banks participating in the pilot, as well as a growing debate in Congress and the private sector about the won stablecoin. With the suspension of the project, nine banks, including KB Kookmin, Shinhan and Asiana, are actively deploying stablecoin business through the open blockchain and DIDIA (OBDIA) platform. Busan Bank, Kyongnam Bank and Toss Bank are also considering joining. With the ruling party's Basic Law on Virtual Assets drastically lowering the barriers to private entry and cooperation between banks and non-bank companies accelerating, South Korea's largest blockchain investment firm Hashed is reported to have held discussions with a number of major banks about stablecoin business.

The Trump Official Merchandise Store has supported TRUMP token payments

According to official sources, the official Trump merchandise store has supported TRUMP token payments.

Solana advisor Nikita Bier joins Elon Musk's X platform

Nikita Bier, a former advisor at Solana Labs, announced on July 1 that she would join the X platform as head of product, and Bier will focus on integrating X's AI chatbot Grok, while its cryptocurrency background has heated up expectations that X could integrate digital assets such as Dogecoin or Solana, Decrypt reported.

Since 2023, X has obtained money transfer licenses in more than a dozen U.S. states, including Arizona, Georgia, and Michigan, paving the way for its payment capabilities.

Previously, Elon Musk had announced that users would be able to pay with the native currency called "X Money", and CEO Linda Yaccarino also revealed that the platform plans to support in-app investment and trading functions, further promoting X's transformation into the "all-in-one app" envisioned by Musk.

Circle, a stablecoin issuer, applies for a National Trust Banking License

USDC stablecoin issuer Circle announced on July 1 that it had applied to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A., according to Decrypt. The bank will oversee the USDC reserves, which currently have a market capitalization of more than $61 billion, making it the second-largest stablecoin in the market.

Jeremy Allaire, CEO of Circle, said: "The establishment of such a national digital currency trust bank marks an important milestone in our goal of building a transparent, efficient and accessible internet financial system. He added that the move would bring Circle in line with emerging U.S. stablecoin regulations, including the recent passage of the Senate's GENIUS bill.

Robinhood confirmed that it will launch its own blockchain and launch a "stock token" service in the European Union

According to Fortune, Robinhood announced that it will allow EU users to trade US stocks and ETFs on the blockchain. The asset, called the "Robinhood Stock Token," will offer zero-commission trading and support for receiving dividends within the app.

The tokens will initially be issued on Arbitrum, an Ethereum layer 2 network, and will support shares of more than 200 companies and will be traded 24 hours a day, five days a week. Robinhood plans to eventually migrate these tokens to its own Arbitrum-based layer 2 blockchain, which will support round-the-clock transactions.

In addition, Robinhood also announced that it will offer crypto perpetual futures trading services to users in Europe and allow users in the United States to stake cryptocurrencies (Ethereum and SOL will be supported initially).

Robinhood: Eligible European users can claim OpenAI and SpaceX tokens within the app

Robinhood's official X account posted that Robinhood EU launched the world's first batch of unlisted company stock tokens, including those of OpenAI and SpaceX. Eligible Robinhood European users can now claim these tokens within the app until July 7.

Kraken: xStocks is now live on the Kraken platform, and 60 U.S. stocks have been tokenized

According to the official announcement, Kraken announced that Wall Street has officially entered the on-chain era, xStocks is now live on the Kraken platform, and 60 US stocks have been tokenized and can be traded 24 hours a day, 5 days a week. More stocks coming soon. It's important to note that the service isn't available in or to people in the U.S., and there are geographical restrictions.

BitMine announced that it is in the process of a $250 million private placement to launch an Ethereum reserve strategy

Bitcoin mining company BitMine announced that it is in the process of a $250 million private placement to launch its Ethereum reserve strategy, Prnewswire reported.

The transaction was led by MOZAYYX with participation from investors including Founders Fund, Pantera, FalconX, Republic Digital, Kraken, Galaxy Digital, DCG, Diametric Capital, Occam Crest Management, and Thomas Lee. The offering is expected to close on or about July 3, subject to customary closing conditions, including, but not limited to, approval of a supplemental listing application by the U.S. branch of the New York Stock Exchange. The Company plans to use the net proceeds from the offering towards the acquisition of Ethereum and put ETH into the Company's financial operations.

Sanwei Xinan, an A-share listed company: has participated in virtual currency and stablecoins and other related businesses in Hong Kong

According to the Financial Associated Press, Sanwei Xin'an said on the interactive platform that the application of Web3.0, including stablecoin business, is an application field that the company attaches great importance to, and stablecoin, as a digital currency, is widely used in cross-border payment and other scenarios, and cryptography as the underlying supporting technology will also play a very important role. As a cryptographic infrastructure provider, the company has participated in virtual currency and stablecoin related businesses in Hong Kong, and provides security for related businesses based on long-term accumulated cryptographic technology and project delivery experience.

Market dynamics

Recommended Reading:

Robinhood may end up doing L2, and the tokenization of U.S. stocks will usher in new players

This article describes how Robinhood is exploring a blockchain-based tokenized trading platform for U.S. stocks, and may use the Arbitrum technology stack to develop its own L2 chain to improve transaction efficiency and integrate existing financial products. This plan aims to solve the pain points of overseas investors trading U.S. stocks, while competing with Coinbase's Base. Robinhood may officially announce the plan at EthCC in France.

Conversation with Robinhood Co-Creator: Why Don't We Make Our Own Chain?

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CICC: An Economic Analysis of Stablecoins

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A decade of cybersecurity experts narrowly missed, and the latest phishing attacks are spreading

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Trump's "Big and Beautiful Act": Presidential authority, overriding voting

This article examines President Trump's One Big Beautiful Bill, which aims to extend the 2017 tax cuts while cutting funding to the social safety net to cover the cost of the tax cuts. The bill has had its ups and downs in Congress, and while many Republicans are upset about it, expect it to still become law. The bill includes tax cuts, cuts to Medicaid and nutrition assistance programs, as well as provisions for AI regulation and gun law relaxation. There are disagreements within the Republican Party over the content of the bill, but due to political pressure and a sense of ideological urgency, the bill is more likely to pass.