WuBlockchain Weekly: Bitcoin Hits ATH, Pumpfun Presale Sparks Controversy, Musk's American Party Supports Bitcoin, etc

Jul 12, 2025

1. Bitcoin Hits a New All — Time High Again link

Bitcoin continued to rise on Friday, reaching a new all-time high of $118,868.2. As of press time, it was quoted at $118,115.1, with a 24-hour increase of 6.32%.

2. Elon Musk Recently Announced the Establishment of the “American Party”, Which Will Support Bitcoin link

Elon Musk recently announced the formation of the “America Party,” stating that the party will support Bitcoin and claiming that “fiat currency is hopeless.” The new party aims to challenge the current two-party system in the United States and plans to play a decisive role in key bills by focusing on a small number of congressional seats. Currently, the party has not been officially registered with the Federal Election Commission, and its specific roadmap has not been announced.

3. Trump — administration’s Digital Asset Task Force to Submit the First Important Crypto — policy Report on July 22nd link

The Trump administration’s “Digital Asset Market Task Force” will release its first important crypto policy report by July 22, covering regulatory and legislative recommendations. The report, led by David Sacks and Bo Hines, is jointly compiled by agencies including the Treasury Department, the Commerce Department, the SEC, and the CFTC. In response to the president’s executive order earlier this year, it aims to strengthen the United States’ leadership in the global crypto sector. The content may include recommendations such as a Bitcoin strategic reserve financing plan and fair access for crypto companies to the Federal Reserve’s payment system. The acting chairman of the CFTC stated that the report will serve as the government’s “crypto roadmap.”

4. SEC Considers Establishing a New Framework to Accelerate the Approval Process, and the Draft Framework is Expected to be Released This Month link

The U.S. Securities and Exchange Commission (SEC) is considering establishing a new framework to expedite the approval process, with multiple crypto spot ETFs set to be approved soon. Earlier, crypto journalist Eleanor Terrett revealed that the new framework may allow exchanges to directly list eligible crypto ETFs according to unified standards, without having to submit 19b-4 documents to the SEC one by one, and trading platforms will be able to launch them after a 75-day waiting period. James Seyffart, an ETF analyst at Bloomberg Intelligence, expects the draft framework to be released this month and implemented in September or October, at which point the floodgates for other crypto asset ETFs will open.

5. Four Major US — dollar Stablecoin Issuers Hold Approximately $182.4 Billion in US Treasury Bond Assets in Total link

Tether, Circle, First Digital and Paxos, the four U.S. dollar stablecoin issuers, hold a total of approximately $182.4 billion in U.S. Treasury assets, surpassing South Korea and the United Arab Emirates, ranking 17th in the U.S. Treasury’s “ranking of bond holdings by country”, just behind Norway’s $195.9 billion. Among them, Tether is the largest, with its CEO stating that it holds more than $125 billion in Treasury bonds; Circle manages $55.2 billion in short-term Treasury bonds and repurchase agreements through BlackRock’s funds; First Digital and Paxos hold approximately $1.3 billion and $880 million in Treasury bond-like assets respectively. Stablecoin institutions generally rely on short-term U.S. Treasuries with T+0 settlement to ensure liquidity, and the current Treasury bond yield exceeds 5%, making them the reserve assets of mainstream stablecoins.

6. pump fun Announces PUMP Token Economics, and Its Presale System Sparks Controversy link

Pump fun tweeted to announce the token economics of PUMP, with a maximum supply of 1 trillion tokens:

33% will be sold through the initial coin — offering (ICO), of which 18% is a private placement for institutional investors and 15% is a public offering. The terms of the private placement are exactly the same as those of the public offering, and the selling price of each token is $0.004. All tokens sold in the ICO will be fully unlocked on the first day of token trading.

Bybit announced that it will launch the public sale of PUMP tokens at 14:00 UTC on July 12, 2025, and it will last until 14:00 UTC on July 15, 2025. PUMP is the native token of the memecoin platform Pump fun. This public sale will offer 150 billion PUMP tokens, priced at 0.004 USDT per token, accounting for 15% of the total supply. Users can use USDT, USDC, SOL, and bbSOL to participate in the subscription.

During the large — scale pre — sale of Pumpfun tokens, the remarks of Pumpfun Co — Founder Alon on March 31, 2024, were widely reposted. He once said that the pre — sale must be marketed to justify the valuation, which brings huge performance pressure. The only benefit of the pre — sale is that it allows you to put the raised funds into your pocket. Conclusion: every pre — sale is a scam. He also said that exchange listings are dead, and the lack of transparency in listings will lead to violations of regulations and poor currency choices.

The founder of IOSG said that the Pumpfun pre — sale is more like the team’s final exit.

7. Hacker Returns Stolen Assets of GMX, Worth About $40 Million link

GMX officially confirmed that the GLP pool of GMX V1 on Arbitrum was attacked, with approximately $40 million worth of tokens transferred to an unknown wallet address. To prevent further attacks and protect users’ assets, GMX has suspended trading on GMX V1 on Arbitrum and Avalanche, as well as the minting and redemption functions of GLP. This vulnerability does not affect GMX V2, its markets and liquidity pools, nor the GMX token itself.

The GMX hacker used Circle CCTP to transfer funds from Arbitrum to Ethereum and exchanged USDC for DAI, which also triggered community criticism of Circle’s freezing mechanism. Among them, ZachXBT bluntly stated that Circle does not care about the ecosystem. He tried to flag the activity to members of the Circle team in a short time, but it was neglected.

Regarding the GMX hack, SlowMist pointed out that the root cause of the attack lies in a design flaw in GMX v1: shorting operations will immediately update the global short average prices, which in turn affects the calculation of AUM (Assets Under Management), leading to the manipulability of GLP prices. The attacker exploited the permission of timelock.enableLeverage that can be enabled when Keeper executes orders, created large short positions through reentrancy attacks, manipulated the global average price, artificially inflated the GLP price in a single transaction, and profited through redemption arbitrage.

On Friday night, the hacker behind the GMX vulnerability agreed to return the stolen $42 million in assets in exchange for a $5 million white hat bounty. Currently, $10.49 million worth of FRAX has been returned. Previously, assets worth $32 million had been converted into 11,700 ETH, which is now worth approximately $35 million, with a floating profit of about $3 million.

8. Tether Holds $8 Billion in Gold in Its Self — built Vault in Switzerland link

Tether announced that it owns a self-built vault in Switzerland, which currently stores gold worth approximately $8 billion. The company stated that the vault is independently built and operated by Tether, with its specific location not disclosed, aiming to reduce long-term custody costs and expand gold asset allocation. Tether CEO Paolo Ardoino said that gold is more secure than fiat currency, and if regulations on stablecoins in Europe and the United States are tightened in the future, Tether may need to adjust its gold holdings structure to meet regulatory requirements.

9. Many Institutions Including JD.com, Standard Chartered, and Ant Group are Preparing to Apply for Hong Kong Stablecoin Licenses link

The “Stablecoin Regulations” will officially take effect on August 1 this year, and the Hong Kong Monetary Authority will open license applications. Stablecoin licenses are scarce, with only a single-digit number expected to be issued. However, more than 40 companies are currently preparing to apply, and law firms report that dozens more are interested, leading to fierce competition. Applicants are mostly China’s largest financial institutions and internet companies, including JD.com, Standard Chartered, Circle, Ant International, and Ant Digital Technology. Some small and medium-sized enterprises have little chance of applying due to high thresholds.

10. The EU Issues MiCA Licenses to 53 Crypto — companies, with Tether and Binance Not on the List link

The latest data shared by Circle executive Patrick Hansen shows that 53 institutions have obtained EU MiCA licenses and can provide services in 30 countries of the European Economic Area with “pass — port access”, without the need to apply country — by — country. Among them, 14 enterprises are approved to issue stablecoins or electronic money tokens (EMT), including Circle, Crypto.com, Societe Generale, Stablemint, Quantoz, and StablR. The issuer of USDT, Tether, has not complied and is not on the list. In addition, 39 crypto — asset service providers (CASPs) have been approved, such as BBVA, Robinhood, Coinbase, Kraken, and OKX. Binance is not on the list.

Fundraising

Tether announced a strategic investment in blockchain analysis company Crystal Intelligence. link
YZi Labs will support investment institution 10X Capital in establishing a BNB financial company to be listed in the United States. link
YZi Labs announced a strategic investment in blockchain infrastructure platform Aspecta. link
Stablecoin startup Agora announced the completion of a $50 million Series A financing round, led by Paradigm. link
Monad ecosystem DEX Kuru Labs completed a $11.5 million Series A financing round, led by Paradigm. link
Web3 infrastructure developer Zypher Network announced the completion of a $7 million financing round. link
Xitadel completed a new round of financing, with participation from Solana co-founder Anatoly and others. link
Trading platform Olax announced the completion of a $3.38 million seed round financing. link
Velvet Capital completed a $3.7 million financing round, led by YZi Labs and Blockchain Founders Fund. link

Learn more, check out crypto-fundraising.info.

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