[News Brief] Jul 11, morning | Circle Receives Approval to Operate a Federally Regulated Trust Bank in the U.S.

Circle Receives Approval to Operate a Federally Regulated Trust Bank in the U.S.

Watcher.Guru reported that Circle, the issuer of USDC, has received approval to operate as a federally regulated trust bank in the United States.

The approval comes as regulatory frameworks for stablecoin issuers continue to take shape. Through this, Circle is expected to strengthen its foothold in institutional financial infrastructure and expand its custody service capabilities.

CFTC Chair Highlights Need for CLARITY Act Passage... Crypto ETF Filings and Listings Surpass 500

Odaily reported on the 11th that the CFTC chair emphasized the need for passage of the CLARITY Act, while the number of crypto ETF filings and listings has surpassed 500.

Robinhood Chain reportedly recorded more than $1 billion in DEX trading volume in its first week after launch and overtook Hyperliquid in 24-hour DEX trading volume rankings.

A Bloomberg ETF analyst stated that around 20 additional ETFs have been filed, bringing the total number of filed and listed ETFs to over 500.

The founder of 1confirmation projected that the next wave of crypto market user growth could come from the tokenization of real-world assets (RWA).

TrueDAO raised $10 million in a strategic funding round led by Brevan Howard Digital.

Standard Chartered maintained its $100,000 Bitcoin target, saying that Strategy's Bitcoin sales do not necessarily signal worsening risk conditions.

CleanSpark purchased an additional 454 BTC, bringing its total holdings to 13,924 BTC, valued at about $880 million.

The U.S. government transferred 4,036 ETH from a seized wallet, worth approximately $7.22 million.

ZachXBT said an early large Solana holder wallet was suspected of being compromised, with about 180,900 SOL moved.

South Korean securities firms reportedly offered mixed views on SK Hynix, with the key issue being whether AI demand can drive long-term growth.

In the Lu Jun case, no verdict has been delivered for more than half a year, and a second supplementary indictment disclosed that profits received in Bitcoin and other assets amounted to 12.18 million yuan.

Coinbase Vice Chairman Says CLARITY Act Has Bipartisan Support

A Coinbase vice chairman said that the CLARITY Act, a U.S. crypto regulatory bill, has support from both Democratic and Republican lawmakers.

According to Bitcoin Magazine, he said, “Democratic and Republican senators are continuing discussions to finalize the bill process.”

The CLARITY Act is intended to clarify the market structure and supervisory authority for digital assets in the United States.

Custodia Bank Seeks U.S. Supreme Court Review Over Denial of Federal Reserve Payment System Access

Bloomberg reported that crypto-focused bank Custodia Bank has asked the U.S. Supreme Court to review the denial of its access to the Federal Reserve payment system.

Custodia applied for a master account with the Federal Reserve Bank of Kansas City in 2020, but the Fed denied the request in 2023, citing its crypto-asset-focused business model. The 10th U.S. Circuit Court of Appeals later upheld the Fed’s decision.

Custodia argues that the case raises a significant question about whether a regional Federal Reserve bank can deny access to central bank payment services in a way that effectively overrides a state’s bank charter decision.

Custodia founder and CEO Caitlin Long said Wyoming had established a crypto-friendly framework, but that the Kansas City Fed president opposed the state’s policy choice. The Supreme Court is expected to decide whether to hear the case after its October recess begins.

Meta Reviews Stablecoin Payment Integration... Identifies Agent Commerce as a Next Major Business

According to CoinDesk, Meta Chief Data Officer Alex Schultz said agent commerce could become the company’s “next major business.” He explained that stablecoins could serve as the core payment layer for agent-based commerce.

Schultz said more than 1 million businesses actively use Meta’s commerce agents every week. He added that the model, in which agents handle tasks such as scheduling and location searches, could eventually expand into supply chains and cross-border commerce.

He noted that millions of small businesses in Brazil and India already use WhatsApp for business conversations and predicted that physical wallets will gradually disappear. Rather than issuing its own stablecoin, Meta is considering integrating regulated third-party stablecoins as the payment settlement layer.

Schultz also said decentralized identity systems could be useful for Meta, but that currently no system meets the necessary scale and reliability requirements. He identified verifying whether an agent truly represents a real business as a key challenge in the agent economy.

Hyundai Motor Completes USDT Cross-Border Transfer Test Between U.S. and Mexico Entities on Avalanche

According to Wu Blockchain, Hyundai Motor completed an internal cross-border remittance test moving $20,000 worth of USDT from its U.S. entity to its Mexico entity on Avalanche.

Hyundai said the test reduced a process that previously took several hours through traditional banking rails to about seven minutes.

The company plans to expand the method to more countries and local currencies and will conduct a second test later this month involving its European entities in partnership with Circle and Visa.

Backpack Launches 24/7 Trading of Tokenized U.S. Stocks for Overseas Investors

Crypto exchange Backpack has launched 24-hour trading of selected tokenized U.S. stocks for overseas investors. Initial supported names include SpaceX, Micron, and SanDisk.

According to Cointelegraph, Backpack said the structure gives investors direct ownership exposure to the underlying shares rather than synthetic products. Trades are settled instantly, and both fiat and stablecoin deposits are supported.

The service is available in more than 150 countries and regions. The tokenized stocks are issued on Solana, enabling wallet-to-wallet transfers and use in DeFi applications, and can be redeemed 1:1 for the corresponding shares through Backpack.

Hong Kong-Listed Boyaa Interactive Purchases 108 More Bitcoin

Hong Kong-listed Boyaa Interactive purchased an additional 108 BTC as a treasury asset.

According to Bitcoin Magazine, the purchase brings Boyaa Interactive’s total Bitcoin holdings to 4,201 BTC. The move highlights the continuing trend of public companies allocating treasury assets to Bitcoin.

Source: Bitcoin Magazine

Whale Alert: 190.83 Million USDC Moved from Aave to Anonymous Whale Wallet

Whale Alert said that 190,835,786 USDC, worth about $190.81 million, was transferred from Aave to an anonymous whale wallet.

The transaction was a large-scale stablecoin movement on the Ethereum network. However, the purpose of the transfer, including whether it was related to a deposit or withdrawal, was not disclosed.

$235 Million Liquidated in Global Crypto Futures Market Over Past 24 Hours... Shorts Account for 70%

According to CoinGlass, about 58,248 traders were liquidated across the global crypto futures market over the past 24 hours, with total liquidations reaching approximately $235 million.

Of that amount, roughly $167 million came from short liquidations, while long liquidations totaled about $68.22 million. Shorts accounted for around 70% of all liquidations.

By exchange, Binance, Bybit, Bitget, and OKX ranked among the top venues. Binance alone accounted for about $96.05 million, or more than 40% of the total.

The largest single liquidation occurred on the Bitget BTCUSDT futures contract, with a value of approximately $10.89 million.