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The hat really does stay on

Written by: Web3 Law Recently, the U.S. Senate passed the National Innovation Act to Guide and Build U.S. Stablecoins (also known as the GENIUS Act), marking another important milestone in the U.S. regulatory clarity. Jack Forestell, Visa's Chief Strategy & Product Officer, published an article on June 23, titled The Potential genius of GENIUS, laying out Visa's vision for the future stablecoin world. This is in line with Visa CEO Ryan McInerney in an interview with CNBC. Visa's point is very important, as one of the direct rulers of the value transfer of traditional fiat currency in the world, the so-called Spring River Plumbing Duck Prophet, they must have seen everything and prepared accordingly. So, we've taken Visa's point of view, along with some of my own reflections, to explore the next phase of stablecoins. 1. "Potential" moments in the history of payments Jack Forestell, Visa: For Visa, the GENIUS Act should be seen as a "potential" moment in the history of payments. I say "potential" because while stablecoins represent an opportunity to usher in the next age of digital programmable money, there's still a lot of work to be done to truly scale. Visa CEO Ryan McInerney also said, "Our world hasn't changed much because of the passage of the stablecoin bill, and Visa has been preparing for stablecoins for several years and welcoming the arrival of the stablecoin world." Scaling new payment technologies is not an easy task, and it requires building broad trust with buyers, sellers, payers, and payees. Building this trust takes time to build and is rooted in a complex and intertwined set of functions. These capabilities work together to enable security, reliability, security, fraud protection, dispute resolution, ease of use, and continuous innovation. For stablecoins to be part of the world's next-generation digital payment infrastructure, they need to be implemented at three levels: 1. The Technology Layer It is essential to have a strong, scalable, flexible, and open technology backbone that can securely and reliably execute large-scale transactions at high speeds, with zero tolerance for failures, leaks, or violations. Advances in blockchain technology have provided promising solutions to this problem. 2. The Reserve Layer Trust must be built in the value and stability of the medium of exchange. Regulated, reserve-backed stablecoins offer a solution to this problem. 3. The Interface Layer There must be a ubiquitous interface layer where participants actively want to participate: This layer must provide trust, rules, standards, security, and value to participants on both sides of each transaction It must scale up to reach billions of end participants It must provide users with a simple and convenient mechanism to convert value tokens into fiat currency of their choice (i.e., users must be able to use the value tokens they receive where they can and want to use them) The Stablecoin Infrastructure alone cannot solve the last layer of problems, and without a solution, stablecoins will not be able to achieve mass adoption and the vision of becoming a mainstream means of value exchange. If they are not widely available, they will certainly be used to solve narrow payment problems, provide closed-loop solutions, and serve as behind-the-scenes infrastructure for wholesale money flow markets and capital markets, but will not scale up in mainstream payments. Web3 Xiaolu Thoughts on this: We can use the blockchain that has been proven for more than a decade as the settlement layer, and the compliant stablecoin as the reserve layer, thus forming a stablecoin infrastructure. Similarly, the On/Off Ramp network around the world, and the financial institutions of the fiat channel are equally important. On this basis, we can realize the convenient exchange of fiat currency and stablecoins to support the real-life scenarios of many stablecoin payments, so as to solve the "last mile" problem and make stablecoins ubiquitous. The few strategic layouts seen here can be summarized simply: Visa strategically invests in stablecoin infrastructure BVNK; BVNK will continue to connect with partners such as online/offline acquiring giant Worldpay and cross-border SME acquiring solution LianLian Pay, while combining its own capabilities such as Visa Direct and Account/Card products to achieve the last mile. Reference article: Web3 Payment 10,000 Words Research Report: Web3 Transformation of Consumer Cross-border Payment. Circle issued its own stablecoin USDC, started with Coinbase, and then built the Circle Payment Network with various financial institutions around the world – an important network of stablecoin infrastructure to enable the last mile. Reference: Circle Publishes "Stablecoin Payment Network" White Paper. Stripe's acquisition of Bridge and Privy to enable stablecoin infrastructure capabilities; Through Stripe's B2B2C strategy, it empowers B-ends such as Shopify to achieve the last mile. References: Stripe acquires Bridge, Stripe acquires Privy. Ripple goes from the XRP blockchain, to the RippleNet network of financial institutions, to the RLUSD stablecoin. Reference articles: Ripple, XRP, RippleNet. PayPal links superapp apps such as PayPal and Venmo through its own stablecoin PYUSD to integrate its customer base and serve its 40 million users, so that everyone can pay according to their wishes. At the beginning of the issuance of PYUSD, PayPal introduced its evolutionary ideas: At the beginning of its establishment, PayPal's responsibility was not only to promote payment, but also to introduce and spread a new technology - digital payment, which is now integrated into our lives and is ubiquitous. Although PayPal's stablecoin PYUSD is not so eye-catching, PayPal's previous successful experience can provide experience guidance and novel insights for the launch of PYUSD stablecoin payments. Specifically, PayPal divides the evolution of Mass Adoption into three phases: Awareness, the GENIUS Act is the best awakening; Utility, obviously we're at this stage at the moment; Ubiquity, more scenarios need to support stablecoin payments, rather than piling up there to apply for stablecoin licenses. Similarly, the Visa CEO also talked about the ability to truly realize the needs of payments, which complements PayPal's evolutionary thinking: Scaling new payment technologies is not an easy task, and we need to: Trust (backed by Visa's tens of thousands of financial institutions) Ease of use (front-end payment products, e.g. Visa Card, etc.) Scale (Visa's network of tens of millions of consumers and merchants) The final stage in the adoption of any new payment technology is Ubiquity, which is characterized by the seamless integration of technology into everyday life. At this stage, people are able to use new payment technologies effortlessly and without feeling – people are just paying as they want, just as we can connect to the internet as we please, regardless of the format of the telecom operators behind them. For users, there may be no blockchain here, and it may not be stablecoins. Second, Visa will help solve this problem Jack Forestell, Visa: Visa has built the world's largest, most secure, most trusted and most recognized Tier 3 payment system. Visa has invested billions of dollars in continuous improvement to make it increasingly compatible with the underlying medium of exchange and to make it easy and flexible for all parties to integrate into the Visa ecosystem. By integrating Visa's infrastructure, services and connectivity, Visa delivers a seamless, secure digital payment experience with unmatched scale, reliability and security to billions of buyers and sellers around the world. Visa refers to this powerful combination as the "Visa as a Service" stack. From the smallest sellers to the largest banks and businesses, they turn to the Visa stack when the world needs to scale their payment solutions. Crypto-native partners are no exception. Over the years, Visa has partnered with leading cryptocurrency and stablecoin players and platforms to provide access to the Visa stack and enable the massive scaling of payments that comes with it. Since 2020, Visa has facilitated nearly $95 billion in crypto purchases and more than $25 billion in crypto spending—totaling more than $100 billion in flows. Consumers and businesses around the world see 4.8 billion Visa credentials and nearly 14 billion Visa digital tokens as the best way to pay and to receive money for everyone, everywhere. Visa's technology stack delivers exceptional payment experiences and is constantly investing in making it the most advanced, secure and convenient way to pay. With Visa's capabilities, users no longer need to ask themselves the following questions before making a purchase: Will the merchant accept my payment? Do I need a dedicated wallet to make payments? Do I have the right type of currency in my wallet? Am I on the right blockchain? What is the Gas Fee to pay this amount? Can I keep my privacy? Once I buy something from a merchant, will anyone else be able to see all of my transactions and address without my permission? Can I get rewarded? How do I use my line of credit? Who do I talk to if I have a problem? Is it safe? The vast majority of consumers and businesses will continue to pay in fiat currencies and enjoy the convenience of Visa credentials. The same is true for stablecoin-powered solutions that connect to the Visa stack. Web3 Xiaolu Thoughts on this: The core point of Visa here is that even if you have the ability to build a stablecoin infrastructure, it is not enough to have the ability, and we can also help you achieve scale through the Visa ecosystem network and Visa's capabilities. This is the core. ( Visa CEO on GENIUS ACT: We『ve been embracing stablecoins) But just like Walmart, Amazon reports that they are also considering issuing their own stablecoins, which would be a huge boost to their profitability if these companies were able to circumvent the Visa/Mastercard settlement network and eliminate huge payment intermediary fees. It's a question Visa can't avoid. As written in the previous article "Web3 Payment 10,000 Words Research Report: How Stablecoins Will Perform in 2025": The transaction fees of the current payment system directly erode the profits of most enterprises, and the reduction of these fees will bring huge profit margins to enterprises. The first boot has landed: Stripe has announced that they will charge a 1.5% fee on stablecoin payments, which is 30% lower than the credit card payment fees they charge. For convenience, this assessment assumes that the business pays a 1.6% mixed payment fee/cost and that the cost of currency acceptance is extremely low. Walmart has an annual revenue of $648 billion and may pay $10 billion in credit card fees and make a profit of $15.5 billion. Do the math: Eliminate payment fees and Walmart's profitability, so its valuation (regardless of other factors) can increase by more than 60% with cheaper payment solutions alone. Chipotle is a fast-growing fast-food restaurant with annual revenues of $9.8 billion. It has an annual profit of $1.2 billion, of which $148 million is paid in credit card fees. By reducing payment fees alone, Chipotle was able to increase profitability by 12% – a staggering figure not available elsewhere on its balance sheet. Krogers, a national grocery store, has the lowest profit margins and therefore the most profitable. Surprisingly, Krogers' net income and cost of disbursements can be almost equal. Like many grocery stores, its profit margins are less than 2%, which is lower than how much businesses pay to process credit card payments. With stablecoin payments, Krogers may double their profits. (How stablecoins will eat payments, and what happens next, a16z) 3. What problems can stablecoins solve? Jack Forestell is often asked, "What exactly do stablecoins solve?" In this regard, he said: First, stablecoins have found a perfect Product Market Fit in the cryptocurrency trading market, and for some use cases, including emerging markets, stablecoins still represent a significant opportunity. Especially: Users in small currencies, high inflation, and countries with foreign exchange difficulties, who want to hold US dollars but do not have easy access to them. For certain cross-border money flow use cases, such as C2C person-to-person remittances or B2B business-to-business payments. Tether CEO: Less than 40% of Tether's market cap is related to the cryptocurrency market. In other words, more than 60% of the market cap growth actually comes from the grassroots use of USDT in emerging markets. The next driver of USDT's market cap growth is likely to come from trading in commodities. Visa sees these use cases as new processes that have not yet been fully addressed, providing a path for Visa's business to grow. In response, Visa plans to work with stablecoin-native partners, platforms, and our financial institution partners to harness the power of the Visa stack. At present, it is unclear whether consumers and businesses will be willing to pay with stablecoins in developed markets such as the United States, as there are many competing options to pay with "digital dollars" directly from their bank accounts. The GENIUS Act brings practical regulatory clarity to stablecoins, opening up a potential path for further adoption. Visa has been active in a variety of solutions in the stablecoin space, including: Deploy Visa credentials and Visa digital tokens to connect stablecoin and cryptocurrency platforms and their users with fiat currencies and our global network Provide local stablecoin settlement Cross-border fund flow solutions through stablecoin infrastructure Programmable currency solutions for customers There are many more in development Of course, it will take time for stablecoins to truly become geniuses – and we're just getting started. Web3 Xiaolu Thoughts on this: The CEO of Visa made it clear that there is a misconception about stablecoins now: because they are all US dollar stablecoins, it is natural that the United States is the main landing region for stablecoin applications. However, the real use case of stablecoins, Product Market Fit, is actually outside the United States, which is what we call Asia, Africa and Latin America - Global South. There are about 30-50 countries here, and the access to stablecoins can greatly improve financial efficiency. The CEO of Tether also confirmed this in a previous interview with Bankless: The U.S. is one of the most efficient markets for capital flows in the world, with financial channels up to 90% efficient. The introduction of stablecoins could increase efficiency from 90% to 95%, and the premium room is very limited. In contrast, in other parts of the world, the introduction of stablecoins can provide 30%-40% of financial efficiency. Therefore, for these countries, stablecoins are even more significant. As a result, in these markets, even for Visa, it is difficult to reach. In our previous article (Web3 Payment 10,000 Words Research Report: Web3 Transformation of Consumer Cross-border Payment), we can see that in different countries, the choice of payment methods will be different. If you are interested, you can take a closer look. GERMANY: CONSUMERS ARE THE MOST RELUCTANT TO USE A CREDIT OR DEBIT CARD (ONLY 32%), PREFERRING DIGITAL APP PAYMENT SERVICES (49%) AND BANK TRANSFERS OR WIRE TRANSFERS (35%). This may be because consumers value the security and ease of use of payments more, as highlighted in the Western Europe Online Payment Methods 2022 report. PHILIPPINES: CONSUMERS PREFER DIGITAL APP PAYMENT METHODS (49%), WHICH MAY BE RELATED TO THE FACT THAT 48.2% OF CONSUMERS IN THE COUNTRY DO NOT HAVE ACCESS TO TRADITIONAL BANKING SYSTEMS. Similarly, we were able to see in Worldpay's 2025 report that the penetration of Visa/Mastercard in Nigeria, a major economy in Africa, is very low. Offline is still king with cash. (GPR 2025: the past, present and future of payments, WorldPay) That's where Tether comes in. While the Global North is engaged in an arms race, Tether has reached deep into the Global South. For example, there are still 3 billion people in the world who do not have bank accounts, and Tether currently reaches 450 million users, the opportunity here is huge, and it is important to distinguish between different products and use cases of stablecoins. Reaching deep into Asia, Africa and Latin America, investing in infrastructure, this innovative distribution channel and deep penetration into emerging markets is key for Tether to stay ahead of the curve in the stablecoin space. Tether is not only technologically advanced, but has also built an unprecedented dollar distribution network across the globe, which is one of Tether's least well-known strengths. If Circle turns around after its listing, it is full of competitors from traditional financial and industrial giants. Tether's competitor is the Belt and Road Initiative from Tokyo:)

Last week (June 24 - July 1) BTC price hovered between $105, 000 and $107, 000, with a net inflow of $255 million in ETH spot ETFs, driving prices soaring. Affected by the positive news, the long-term bullish expectations for BTC and gold increased, and the BTC price fluctuated in a wide range from $ 105, 000 to $ 107, 000 during the week, with a maximum increase of 9.21%, and the current price stabilized around $ 106, 751. ETH price surged and broke through the key resistance level of $2, 500 for several short periods to as high as $2, 525, and the current price has retraced to around $2, 446 with a maximum volatility of 15.4% during the week (Binance spot, 14:20 July 2). The three major U.S. stock indexes rose for three consecutive days, and the S&P 500 broke through 6, 200 points for the first time. In the first half of 2025, the U.S. stock market was volatile due to Trump's tariff policy, and the market is gradually recovering. As of the last trading day of the first half of the year, the Dow rose 3.64%, the S&P 500 rose 5.5%, and the Nasdaq rose 5.48%  Market interpretation The inflow of ETH funds resonates with the development of the ecosystem, and the upward momentum of ETH price is enhanced ETH price rose 3.5% in 24 hours on June 30. Institutional demand is strong, with CoinShares reporting that ETH spot ETFs saw net inflows of $255 million last week and nearly $2.9 billion year-to-date. At the same time, 35 million ETH was staked on-chain, accounting for 28% of the total supply, and the liquidity supply continued to decline. Robinhood has announced the development of an Arbitrum-based L2 network that plans to support features such as ETH staking and tokenized shares, demonstrating confidence in ETH's scaling prospects. ETH co-founder Buterin recently proposed a zero-knowledge proof digital identity solution to help Web3 privacy and compliance. The EthCC conference in Cannes, France, attracted more than 6, 400 developers, and the industry focused on protocol innovation and application implementation. Fiscal divergences have intensified, and BTC and gold may benefit from safe-haven demand Recently, Trump reiterated that "economic growth will offset the deficit", which attracted market attention during the debate on his latest tax reform bill. BTC rose accordingly, up 0.54% in 24 hours on June 30. Affected by continued loose fiscal policy and deficit expectations, the market has become less attractive to traditional fixed income assets such as US bonds, and capital preferences have shifted to hard assets such as BTC and gold to hedge against inflation and fiscal risks. As the controversy over large-scale tax cuts and fiscal stimulus in the United States intensifies, deficits continue to widen, currency depreciation and inflation expectations rise, and the attractiveness of gold and BTC as inflation-resistant, safe-haven assets is expected to continue to grow in the future. Recently, the volatility of BTC's price range has increased, and there are obvious signs of capital inflow, reflecting investors' sensitive response to macro policy risks. The U.S. Senate pushes ahead with the "Big and Beautiful" bill, and crypto taxation and compliance welcome new changes On July 1, the U.S. Senate voted 51-49 to advance the "Big and American" bill, which includes tax cuts, fiscal spending and other measures, sparking controversy over the level of deficits and national debt. The bill proposes an amendment to exempt small crypto transactions (less than $300 per transaction and $5, 000 per year), which, if passed, will simplify the tax process for crypto users and reduce day-to-day compliance costs. WITH THE PROMOTION OF THE GENIUS ACT, THE REGULATORY AND TAX ENVIRONMENT OF THE U.S. CRYPTO INDUSTRY HAS ACCELERATED ITS TRANSFORMATION, AND INSTITUTIONS EXPECT THAT STABLECOINS AND ON-CHAIN PAYMENTS ARE EXPECTED TO FURTHER BENEFIT, AND THE TREND OF INDUSTRY COMPLIANCE WILL BE STRENGTHENED. XRP's daily trading volume plummeted by 54%, and the market sentiment tended to be wait-and-see Ripple has announced that it has abandoned its cross-appeal with the SEC, and XRPL has been upgraded to 2.5.0 with several new features. Robinhood's launch of XRP Micro Futures did not lead to a recovery in trading volumes. On June 30, XRP's daily trading volume plummeted 54% to $1.38 billion, with the price rising slightly to $2.19. The sharp drop in trading volume reflects the wait-and-see of investors, and the subsequent progress of innovation and compliance will become an active observation point. Circle's listing is "ice and fire", and its core value and valuation continue to attract attention The market value of Circle (CRCL) soared to $63 billion after its listing, and its stock price rose by more than 700%, which was significantly higher than its actual circulating size of USDC, and recently corrected by more than 15%. More than 95% of Circle's revenue depends on USDC reserve interest, and its future performance is highly sensitive to interest rates and the total supply of USDC. With USDC supply exceeding $61 billion, capital efficiency far exceeds the industry average, and whether it can deliver on high growth expectations still depends on market share expansion and new opportunities for compliance. Hong Kong has clarified the stamp duty exemption for tokenized ETFs to support the development of the digital asset market The Hong Kong Financial Services and the Treasury Bureau recently released the "Hong Kong Digital Asset Development Policy Statement 2.0", which proposes to promote the tokenization of various types of assets, including precious metals, non-ferrous metals and renewable energy. The policy clarifies that the existing stamp duty exemption applicable to traditional ETFs will also apply to tokenized ETFs, eliminating market doubts and facilitating future secondary market trading on licensed digital asset platforms and other venues. This move is seen as another substantial positive for Hong Kong to accelerate the development of the digital asset and tokenized financial product ecosystem. Matrixdock, Matrixport's professional RWA tokenization platform, holds a Class A financial services license from the Hong Kong Customs and Excise Department to conduct gold and precious metals trading in compliance. The gold token, XAUm, is now available for 1:1 redemption for LBMA-certified physical gold bars of 99% purity. In the near future, Matrixdok also plans to launch tokenized products such as silver, platinum and palladium to further enrich its precious metal asset token ecosystem. Market hotspots The US non-farm payrolls data for June will be released ahead of schedule, and the holiday will affect market liquidity Due to the Independence Day holiday, the U.S. June non-farm payrolls report will be released ahead of schedule at 20:30 (Beijing time) on Wednesday, July 3. On the same day, the U.S. stock market and CME stock index futures closed early, and the U.S. stock market closed on July 4, and the relevant futures contracts will also end trading early. Investors should pay attention to the timing of data release and liquidity changes, and be alert to the risks brought by market volatility and reduced liquidity during the holiday period. Mastercard joins the Global Dollar Network to expand its stablecoin partnership Mastercard announced that it has joined the Global Dollar Network (GDN), a stablecoin alliance launched by Paxos and others, which also includes well-known platforms such as Robinhood and Kraken. GDN allows members to co-mint USDG, a stablecoin pegged to the U.S. dollar, and share in the interest income from reserve assets, such as U.S. Treasuries. Mastercard also plans to support multiple stablecoins such as PayPal's PYUSD and Fiserv's FIUSD, and integrate them into its own Mastercard Move cross-border remittance network to accelerate the application of digital currencies in the field of payment and transfer. Hong Kong's Stablecoin Ordinance will soon come into effect to strengthen financial efficiency and risk prevention and control Hong Kong's Stablecoin Ordinance will come into effect on 1 August 2025, requiring all businesses to issue or provide fiat-linked stablecoins in Hong Kong with a license, 100% highly liquid asset reserves, 1:1 redemption and real-time redemption, and enhanced anti-money laundering and transparency regulations. Hong Kong strives to strike a balance between innovation and risk prevention and control, and steadily upgrades itself to become an international digital financial hub. Disclaimer: The above does not constitute investment advice, an offer to sell or a solicitation of an offer to buy to residents of the Hong Kong Special Administrative Region, the United States, Singapore or other countries or regions where such offers or solicitations of offers may be prohibited by law. Digital asset trading can be extremely risky and volatile. Investment decisions should be made after careful consideration of personal circumstances and consultation with a financial professional. Matrixport is not responsible for any investment decisions based on the information provided herein.

Last week (June 24 - July 1), the BTC price hovered between $105,000 and $107,000, and the ETH spot ETF saw a net inflow of $255 million, driving the price higher. Affected by the positive news, the long-term bullish expectations for BTC and gold have increased, and the BTC price has fluctuated in a wide range from $105,000 to $107,000 during the week, with a maximum increase of 9.21%, and the current price is stable around $106,751. ETH price soared, breaking through the key resistance level of $2,500 for several short periods to as high as $2,525, and the price is currently retraced to around $2,446 with a maximum volatility of 15.4% during the week (Binance spot, 14:20 on July 2). The three major U.S. stock indexes rose for three consecutive days, and the S&P 500 broke through 6,200 for the first time. In the first half of 2025, the U.S. stock market was volatile due to Trump's tariff policy, and the market is gradually recovering. As of the last trading day of the first half of the year, the Dow rose 3.64%, the S&P 500 rose 5.5%, and the NASDAQ rose 5.48% Market interpretation The inflow of ETH funds resonates with the development of the ecosystem, and the upward momentum of ETH price is enhanced ETH price rose 3.5% in 24 hours on June 30. Institutional demand is strong, with CoinShares reporting net inflows of $255 million last week and nearly $2.9 billion year-to-date. At the same time, 35 million ETH was staked on-chain, accounting for 28% of the total supply, and the liquidity supply continued to decline. Robinhood has announced the development of an Arbitrum-based L2 network that plans to support features such as ETH staking and tokenized shares, demonstrating confidence in ETH's scaling prospects. ETH co-founder Buterin recently proposed a zero-knowledge proof digital identity solution to help Web3 privacy and compliance. The EthCC conference in Cannes, France, attracted more than 6,400 developers, and the industry focused on protocol innovation and application implementation. Fiscal divergences have intensified, and BTC and gold may benefit from safe-haven demand Recently, Trump reiterated that "economic growth will offset the deficit", which attracted market attention during the debate on his latest tax reform bill. BTC rose accordingly, up 0.54% in the 24-hour period on June 30. Affected by continued loose fiscal policy and deficit expectations, the market has become less attractive to traditional fixed income assets such as US bonds, and capital preferences have shifted to hard assets such as BTC and gold to hedge against inflation and fiscal risks. As the controversy over large-scale tax cuts and fiscal stimulus in the United States intensifies, deficits continue to widen, currency depreciation and inflation expectations rise, and the attractiveness of gold and BTC as inflation-resistant, safe-haven assets is expected to continue to grow in the future. Recently, the volatility of BTC's price range has increased, and there are obvious signs of capital inflow, reflecting investors' sensitive response to macro policy risks. The U.S. Senate pushes ahead with the "Big and Beautiful" bill, and crypto taxation and compliance welcome new changes On July 1, the U.S. Senate voted 51-49 to advance the "Big and American" bill, which includes tax cuts, fiscal spending and other measures, sparking controversy over the level of deficits and national debt. The bill proposes an amendment to the tax exemption for small crypto transactions (less than $300 per transaction and $5,000 per year), which, if passed, would simplify the tax process for crypto users and reduce the cost of day-to-day compliance. WITH THE PROMOTION OF THE GENIUS ACT, THE REGULATORY AND TAX ENVIRONMENT OF THE U.S. CRYPTO INDUSTRY HAS ACCELERATED ITS TRANSFORMATION, AND INSTITUTIONS EXPECT THAT STABLECOINS AND ON-CHAIN PAYMENTS ARE EXPECTED TO FURTHER BENEFIT, AND THE TREND OF INDUSTRY COMPLIANCE WILL BE STRENGTHENED. XRP's daily trading volume plummeted by 54%, and the market sentiment tended to be on the sidelines Ripple has announced that it has dropped its cross-appeal with the SEC, and XRPL has been upgraded to 2.5.0 with several new features. Robinhood's launch of XRP Micro Futures did not lead to a recovery in trading volumes. On June 30, XRP's daily trading volume plunged 54% to $1.38 billion, with the price inching up to $2.19. The sharp drop in trading volume reflects the wait-and-see of investors, and the subsequent progress of innovation and compliance will become an active observation point. Circle's listing is "ice and fire", and its core value and valuation continue to attract attention The market value of Circle (CRCL) soared to $63 billion after its listing, and its stock price rose by more than 700%, which was significantly higher than its actual circulating size of USDC, and it recently pulled back more than 15%. More than 95% of Circle's revenue depends on USDC reserve interest, and its future performance is highly sensitive to interest rates and the total supply of USDC. With USDC supply exceeding $61 billion, funding efficiency far exceeds the industry average, and whether it can deliver on high growth expectations still depends on market share expansion and new opportunities for compliance. Hong Kong has clarified the stamp duty exemption for tokenized ETFs to support the development of the digital asset market The Hong Kong Financial Services and the Treasury Bureau recently released the "Hong Kong Digital Asset Development Policy Statement 2.0", which proposes to promote the tokenization of various asset classes, including precious metals, non-ferrous metals and renewable energy. The policy clarifies that the existing stamp duty exemption applicable to traditional ETFs will also apply to tokenized ETFs, eliminating market doubts and facilitating future secondary market trading on licensed digital asset platforms and other venues. This move is seen as another substantial positive for Hong Kong to accelerate the development of the digital asset and tokenized financial product ecosystem. Matrixdock, Matrixport's professional RWA tokenization platform, holds a Class A financial services license from the Hong Kong Customs and Excise Department to conduct gold and precious metals trading in compliance. The gold token, XAUm, is now available for 1:1 redemption for LBMA-certified physical gold bars of 99% purity. In the near future, Matrixdok also plans to launch tokenized products such as silver, platinum and palladium to further enrich its precious metal asset token ecosystem. Market hotspots The US non-farm payrolls data for June will be released ahead of schedule, and the holiday will affect market liquidity Due to the Independence Day holiday, the US non-farm payrolls report for June will be released ahead of schedule at 20:30 (Beijing time) on Wednesday, July 3. On the same day, the U.S. stock and CME stock index futures closed early, and the U.S. stock market closed on July 4, and the relevant futures contracts will also end trading early. Investors should pay attention to the timing of data release and liquidity changes, and be alert to the risks brought by market volatility and reduced liquidity during the holiday period. Mastercard joins the Global Dollar Network to expand its stablecoin partnership Mastercard announced that it has joined the Global Dollar Network (GDN), a stablecoin alliance launched by Paxos and others, which also includes well-known platforms such as Robinhood and Kraken. GDN allows members to co-mint USDG, a stablecoin pegged to the U.S. dollar, and share in the interest income from reserve assets, such as U.S. Treasuries. Mastercard also plans to support multiple stablecoins such as PayPal's PYUSD and Fiserv's FIUSD, and integrate them into its own Mastercard Move cross-border remittance network to accelerate the application of digital currencies in the field of payment and transfer. Hong Kong's Stablecoin Ordinance will soon come into effect to strengthen financial efficiency and risk prevention and control Hong Kong's Stablecoin Ordinance will come into effect on 1 August 2025, requiring all businesses to issue or provide fiat-linked stablecoins in Hong Kong to obtain a license, 100% highly liquid asset reserves, 1:1 redemption and real-time redemption, and strengthen anti-money laundering and transparency regulations. Hong Kong strives to strike a balance between innovation and risk prevention and control, and steadily upgrades itself to become an international digital financial hub. Disclaimer: The above does not constitute investment advice, an offer to sell or a solicitation of an offer to buy to residents of the Hong Kong Special Administrative Region, the United States, Singapore or other countries or regions where such offers or solicitations of offers may be prohibited by law. Digital asset trading can be extremely risky and volatile. Investment decisions should be made after careful consideration of personal circumstances and consultation with a financial professional. Matrixport is not responsible for any investment decisions based on the information provided herein.