WuBlockchain Weekly: PBOC Governor Discusses Stablecoins for the First Time, US Senate Passes Stablecoin Bill, Vietnam Legislates to Recognize Cryptocurrencies, etc

Jun 20, 2025

1. Fed Announces Interest — Rate Decision, Upper Limit at 4.50% link

The Federal Reserve announced that the upper — bound of the interest rate decision is 4.50%, in line with the expected 4.50% and the previous value of 4.50%. According to the FOMC dot — plot in June 2025, against the background of the current federal funds rate being in the range of 4.25% to 4.50%, a total of 7 committee members expect no interest — rate cuts this year, 2 expect one interest — rate cut, 8 expect two interest — rate cuts, and another 2 expect three interest — rate cuts. No committee members predict four or more interest — rate cuts.

2. US Senate Passes GENIUS Act, First Stable — coin Regulatory Legislation Enters House Review link

The US Senate passed the GENIUS Act on June 17 by a vote of 51 to 23. This is the first major crypto legislation to be passed, aiming to establish a federal regulatory framework for stablecoins. The bill requires stablecoins to be fully reserved with US dollars or equivalent liquid assets, issuers with a market value of more than $50 billion must conduct annual audits, and it stipulates priority repayment clauses for foreign issuances and bankruptcies. The next step is to submit it to the House of Representatives for consideration. The House needs to decide whether to advance its own version of the “Stablecoin Transparency and Accountability for a Better Ledger Economy Act” or adopt the GENIUS Act passed by the Senate.

3. US Prosecutors File Civil Forfeiture Lawsuit Against Over $225 Million in Crypto Assets link

The U.S. Department of Justice announced on June 18 that it has filed a civil forfeiture lawsuit in the U.S. District Court for the District of Columbia against over $225 million in crypto assets, alleging they were involved in the transfer and money laundering of funds from crypto investment fraud. The investigation, carried out by the U.S. Secret Service and the FBI through blockchain analysis and other means, confirmed that the addresses involved formed a money laundering network executing hundreds of thousands of transactions to obscure fund sources and ownership. The U.S. side called this the largest seizure of related crypto funds in the history of the Secret Service, adding that Tether assisted in the investigation.

4. Trump — owned Truth Social Submits Application to US SEC for Bitcoin and Ethereum Spot ETFs link

Truth Social, a social — media platform owned by Trump, filed an application with the US SEC on June 16, 2025, planning to launch a spot ETF for Bitcoin and Ethereum named “Truth Social Bitcoin & Ethereum ETF, B.T.”. The fund is initiated by Yorkville America Digital, LLC and is registered in Nevada. If the application is approved, it will become the first dual — currency crypto ETF associated with Trump.

5. Financial Times: Tron May Go Public in the US link

After US regulators paused their investigation into the TRON project, TRON will achieve a backdoor listing through a reverse merger with NASDAQ-listed company SRM Entertainment. The transaction is arranged by Dominari Securities, a New York investment bank closely connected to the Trump family. The merged new entity will acquire and hold TRX in a manner similar to Strategy. Meanwhile, SRM announced it has obtained a $100 million equity investment, which will be used to implement TRON’s staking and dividend strategies. It also plans to rename itself Tron Inc., with TRON founder Justin Sun serving as an advisor.

6. PBOC Governor Discusses Stable — coins for the First Time link

On June 18, at the 2025 Lujiazui Forum, Pan Gongsheng, Governor of the People’s Bank of China, mentioned “stable — coins” in public for the first time. Pan Gongsheng said that new technologies are being applied at an accelerating pace in the field of cross — border payments. New technologies such as blockchain and distributed ledgers have promoted the vigorous development of central bank digital currencies and stable — coins, realizing the “payment — settlement” function, reshaping the traditional payment system from the bottom — up, greatly shortening the cross — border payment chain, and at the same time posing huge challenges to financial supervision. Technologies such as smart contracts and decentralized finance will also continue to promote the evolution and development of the cross — border payment system.

Zhou Xiaochuan, the former governor of the People’s Bank of China, said at the 2025 Lujiazui Forum that the stable — coins mostly discussed nowadays are US dollar — denominated stable — coins. Although some other regions intend to issue stable — coins denominated in their local currencies, it is “hard to say” what role they can play globally, while US dollar — denominated stable — coins are likely to have a global impact. Zhou Xiaochuan believes that US dollar — denominated stable — coins may assist in dollarization. The impact of dollarization on the economy is highly controversial. He reminded that when talking about the possible role of stable — coins in the future, one should keep in mind the need to consider whether to pursue dollarization and the impact of dollarization on the economy of specific countries.

7. Vietnam Legislates to Recognize Crypto — assets, Digital Technology Industry Law to Take Effect in 2026 link

The National Assembly of Vietnam passed the Law on Digital Technology Industry on June 14, 2025, incorporating crypto assets into the national legal framework for the first time and carrying out clear classification and regulation of them. The new law divides digital assets into two categories: “virtual assets” and “crypto assets”, excluding financial instruments such as securities and digital fiat currencies, and grants the government the power to formulate detailed rules. At the same time, it emphasizes network security, anti-money laundering and counter-terrorism financing requirements. The law will come into effect on January 1, 2026, aiming to improve the legal system, align with international standards, and strive to get out of the FATF gray list as soon as possible.

8. Iranian Exchange Nobitex Allegedly Hacked by Israeli Hackers, Losses May Reach $90 Million link

The Iranian crypto exchange Nobitex was attacked by the hacker group Gonjeshke Darande linked to Israel, with losses potentially reaching $90 million. The hacker group threatened to publish its source code and internal information within 24 hours, warning users to transfer assets as soon as possible. Nobitex has shut down its official website and App, promising to compensate users for damaged assets with insurance funds and its own funds. In addition, Elliptic said the hacker attack was not motivated by economic factors, and the relevant funds were sent to Vanity Address, which is essentially the destruction of tokens.

9. Strategy Announces Purchase of 10,100 Bitcoins for Approximately $1.05 Billion link

Strategy announced the purchase of 10,100 bitcoins for approximately $1.05 billion, at a unit price of about $104,080. So far this year, BTC has yielded 19.1%. As of June 15, 2025, Strategy holds a total of 592,100 bitcoins, with a cumulative purchase cost of about $41.84 billion and an average price of about $70,666.

10. JD Coin — Chain CEO Liu Peng: JD Global Sales Hong Kong and Macau Station to Support Stable — coin Settlement link

Liu Peng, CEO of JD Coinlink Technology, a subsidiary of JD Technology, recently stated in an interview with Bloomberg that the company is testing compliant stable — coins pegged to the Hong Kong dollar and other currencies within the “sandbox” of the Hong Kong Monetary Authority. It is planned to go live as early as the fourth quarter of this year, and will be first applied to the settlement scenarios of JD Global Sales (Hong Kong and Macau stations).

Liu Peng pointed out that JD stable — coins will be mainly targeted at the traditional cross — border trade market, and will connect the real — world payment demands of regions such as Asia — Pacific, the Middle East, and Africa with the advantages of compliance, security, and auditability, instead of competing in the Crypto — native scenarios.

Fundraising

Eigen Labs launched EigenCloud and obtained an additional $70 million investment from a16z. link
Bitdeer completed a $330 million convertible bond financing to support ASIC R&D and data center expansion. link
Yupp, an AI model evaluation platform, completed a $33 million seed round led by a16z. link
PrismaX completed an $11 million financing led by a16z crypto CSX. link
Ubyx, a stablecoin liquidation startup, completed a $10 million seed round led by Galaxy Ventures. link
PublicAI, a Web3 AI infrastructure platform, has obtained $10 million in financing. link
Gradient Network announced the completion of a $10 million seed round. link
Uptopia announced the completion of a $4 million financing led by Pantera Capital. link
TAC announced the completion of a total of $11.5 million in seed and strategic rounds. link
BitVault, a DeFi protocol, announced the completion of a $2 million pre-seed financing. link
Project Eleven, a development company focused on post-quantum cryptography, completed a $6 million financing. link
Project 11 announced the completion of a $6 million seed round. link
SparkChain AI, a DePIN project, announced the completion of a $10.8 million financing. link

Learn more, check out crypto-fundraising.info.

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