WuBlockchain Weekly: Musk-Trump Split Sparks Market Turmoil, Circle's IPO Marks Stunning Stock Surge, Beijing Unveils New Crypto Disposal Mechanism, etc

Jun 06, 2025

1. Trump-Musk Fallout Shakes Markets link

On June 5th, a fierce “war of words” broke out between US President Donald Trump and Silicon Valley entrepreneur Elon Musk, which was described by the media as an “epic breakup” with an “amazing” speed.

Musk had previously spent at least $288 million to support Trump and other Republicans in the election. Therefore, during the feud, he accused Trump of being “ungrateful”. He also launched a public — opinion poll, asking whether it was necessary to create a third — party for the 80% of American “centrists”. Donald Trump posted on a social platform that the easiest way to cut the budget was to terminate the government subsidies and contracts that Elon Musk had received, and expressed surprise that the Biden administration had not taken relevant measures.

According to Coinglass data, affected by the public feud between Musk and Trump, the cryptocurrency market plummeted. In the past 24 hours, BTC fell by more than 3% and ETH fell by more than 7%. There were 227,300 users liquidated across the network, with a liquidation amount of $983 million, of which the long — position liquidation reached $892 million.

2. Beijing Police & Beijing Stock Exchange Establish Virtual Currency Disposal Mechanism via Hong Kong Compliance Exchanges link

The Legal System General Team of the Beijing Municipal Public Security Bureau has signed the “Framework Agreement on Cooperative Business of Disposing of In — case Virtual Currencies” with the Beijing Equity Exchange (North Exchange), creating a new model for disposing of in — case virtual currencies.

The public security organs entrust the in — case virtual currencies to the North Exchange, which realizes their value through public sale on a compliant licensed exchange in Hong Kong. After going through the foreign exchange approval procedures, the proceeds are converted into RMB and turned over to the state treasury. This model has been successfully applied to dispose of the in — case virtual currencies in a case handled by the Shunyi Branch. In addition, the Legal System General Team has also improved the police’s ability to combat virtual currency — related crimes through special training.

3. Singapore MAS Orders Unlicensed Crypto Providers to Cease Overseas Services by End-June link

The Monetary Authority of Singapore (MAS) issued a final policy document on May 30, 2025, stipulating that all cryptocurrency service providers (DTSPs) registered or operating in Singapore must cease providing cryptocurrency services to overseas clients by June 30, 2025 if they have not obtained a DTSP license. MAS emphasized there will be no transition period, and violators will face penalties in accordance with the law.

Ng Kit-chong tweeted that Singapore previously released the Guidelines on Licensing for Digital Token Service Providers, introducing new policies for companies, institutions, and individuals engaged in virtual assets. Since Hong Kong issued its Virtual Asset Policy Statement in 2022, it has welcomed the industry to develop in the city. Informal statistics show that thousands of Web3 companies have established operations in Hong Kong. Enterprises engaged in related industries in Singapore are welcome to relocate their headquarters and teams to Hong Kong, and policy support and landing assistance will be provided.

4. South Korea’s President Lee Jae-myung Promises to Advance Crypto ETFs and KRW Stablecoins link

South Korea has elected Lee Jae — myung, who is pro — cryptocurrency, as the new president. He obtained a vote — share of 49.42%, and the voting rate reached 79.4%, the highest in 28 years. Lee has promised to promote the adoption of local spot cryptocurrency ETFs and establish a won — pegged stablecoin market to prevent domestic capital outflows. Lee will also complete the second — stage digital asset regulatory framework, with a focus on stablecoin regulation and the transparency of exchanges. Meanwhile, he will reduce regulation in blockchain — designated zones to promote innovation.

5. Eleanor Terrett: GENIUS Stablecoin Bill Likely to Face U.S. Senate Vote This Week link

According to the disclosure of cryptocurrency journalist Eleanor Terrett, the GENIUS stable — coin bill is expected to be voted on in the US Senate as soon as this week. The two parties are promoting the reaching of an agreement on a number of amendments, including banning foreign adversaries such as China from holding shares in stable — coin issuers, strengthening the obligation of officials to disclose their cryptocurrency holdings, and reforming anti — money laundering regulations. If an agreement is reached, the bill is expected to pass this week; otherwise, it may be postponed to next week. At the same time, the latest public opinion poll shows that 74% of US voters support the introduction of specific cryptocurrency regulations.

6. Circle Closes at 168% Above IPO Price, Valuation Hits $18.5B link

Circle’s opening price on the first — day of listing on the New York Stock Exchange was $69, a significant increase from the IPO price of $31.

According to Yahoo Finance, Circle, the issuer of the cryptocurrency — backed stablecoin USDC, closed at $83.23 on its first — day of listing on the New York Stock Exchange, representing a 168.48% increase from the issue price of $31. The trading volume exceeded 47.1 million shares, and the total market value reached $18.5 billion.

Arthur Hayes, the co — founder of BitMEX, tweeted about Circle’s listing, stating that the spirit of the 2017 ICO has transformed into a cryptocurrency IPO craze from 2025 to 2027. This is the beginning of a frenzy that will ultimately end like the super IPO of EOS — frantically sucking in a large amount of fiat currency funds, followed by a sharp decline as soon as it goes public.

7. Ethereum Foundation Restructures R&D to Focus on Base Layer Scaling and User Experience link

The Ethereum Foundation has announced the dismissal of some members of its R&D team and the restructuring of its “Protocol Research and Development” department, which is renamed “Protocol”. It will focus on three core directions: scaling the Ethereum base layer, expanding blobspace (a key data — availability module), and optimizing the user experience. This move is aimed at responding to the long — term criticism from the community regarding the foundation’s poor management and failure to address key issues in protocol design.

Regarding the Ethereum Foundation’s proposed lay — off plan and subsequent development direction, Kyle Samani, co — founder of Multicoin Capital, commented, “Please note that the definition of the word ‘focus’ usually means ‘less’, not’more’, especially when the goals should not conflict with each other. However, when we look at it from the perspective of Goal 3 (i.e., scaling the L1 and L2 networks and improving the user experience), Goal 1 (i.e., lay — offs) and Goal 2 (i.e., clarifying the division of responsibilities) are contradictory.”

In addition, the Ethereum Foundation has announced its financial management policy, specifying that the focus of its asset — management strategy is to maintain an operating expense buffer for 2.5 years and keep the annual expenditure within 15% of the total treasury amount, with a plan to gradually reduce it to the long — term target of 5% within the next five years. To maintain this expenditure structure, the foundation will regularly assess the scale of ETH sales and make adjustments through off — chain fiat — currency conversion or on — chain asset replacement. The foundation has established a structured internal reporting mechanism, with the finance team submitting quarterly reports to the board of directors and management, covering asset performance, position changes, and important operating matters. The annual report further discloses the proportion of major asset allocations, including fiat currency, idle ETH, and deployed ETH, to ensure the transparency and accountability of financial management.

8. HashKey Responds to Layoffs, Cash Flow Concerns, and HSK Controversies link

In response to recent layoff rumors, HashKey stated that the proportion of recent personnel adjustments is between 10%-20%. The group’s global workforce has grown from over 500 employees at the end of last year to more than 600 today, and it is accelerating the expansion of high-growth business lines such as HashKeyOTC Global and HashKeyChain.

Regarding cash flow concerns, HashKey revealed that its major shareholders have provided hundreds of millions of dollars in stable funding support and pledged to continue providing financial guarantees. As for the decline in HSK prices, HashKey emphasized that it does not manipulate the price of HSK and will enhance HSK’s long-term value by continuously promoting ecological development and innovation.

9. Tether CEO: Prioritizing Non-U.S. Markets, May Enter U.S. via New Stablecoin link

Tether CEO Paolo Ardoino has stated that the company will prioritize developing non-U.S. markets, with a focus on emerging markets in Latin America, Asia, and Africa, which have an urgent need for stable financial infrastructure — despite the current pro-crypto stance of the Trump administration. Ardoino noted that as the U.S. Senate advances the Genius Act (stablecoin bill), Tether may enter the U.S. market by issuing a new stablecoin. Additionally, a report by Artemis shows that the Singapore-China corridor is the most active region for stablecoin flows, accounting for 36.3%, while the U.S. represents only 18.7%.

10. Research: 116 Listed Companies Hold 809,100 BTC in Bitcoin Vaults, Valued at ~$85B link

As of the end of May, Bitcoin treasury assets held by 116 listed companies increased to 809,100 BTC, with a total value of approximately $85 billion. This represents a more than doubling from 312,200 BTC last year, with nearly 100,000 BTC added since April. Binance Research notes that Trump’s election victory and supportive crypto policies have driven this trend, while new accounting standards also allow companies to recognize gains from BTC holdings. Additionally, tokenized real-world assets (RWA) have grown rapidly, surging by over 260% this year to reach $23 billion.

Fundraising

K Wave Media launches $500 million equity financing to advance Bitcoin reserve and infrastructure deployment link
Crypto trading platform Rails completes $14 million token financing link
Momentum closes new round of strategic financing, valued at $100 million link
Avantis announces completion of $8 million Series A financing link
Stablecoin banking platform Limited completes $7 million seed round financing link
Launcher Capital announces completion of $4 million seed round financing link
Crypto credit startup 3Jane completes $5.2 million seed round financing, led by Paradigm link
HeyElsaAI announces $3 million financing, led by M31Capital link
On-chain staking and yield protocol HashPower completes $4 million strategic financing link

Learn more, check out crypto-fundraising.info.

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