Top Crypto and Financial Developments: June 30 – July 1

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The past 48 hours have seen a surge of pivotal developments across the blockchain, cryptocurrency, and macroeconomic landscapes. From major institutional moves and regulatory shifts to groundbreaking technical launches and market-moving investments, the ecosystem is rapidly evolving. This comprehensive overview covers the most significant updates, offering clarity on what matters and why it impacts the future of digital finance.

Polyhedra Revives Ecosystem with Phoenix Plan and Privacy Stablecoin Roadmap

In a bold move to rebuild trust after a June 15 liquidity attack, Polyhedra has officially launched its Phoenix Revival initiative. The program rewards early supporters who staked ZKJ tokens on Ethereum or BSC at 21:00 on June 15. Eligible users will receive future product incentives and exclusive access to ecosystem airdrops, with allocations based on their snapshot staking share (SP).

The revival underscores Polyhedra’s long-term vision, which includes several high-impact projects:

👉 Discover how zero-knowledge technologies are shaping the future of privacy and scalability.

Polyhedra also announced a token buyback plan to stabilize ZKJ, reinforcing its commitment to ecosystem resilience.

Trump-Linked Crypto Projects Gain Momentum

Several crypto initiatives tied to the Trump family are gaining traction, signaling a strategic push to position the U.S. as a global crypto leader.

American Bitcoin, backed by Eric Trump, raised $220 million** through equity sales to fund Bitcoin mining operations and digital asset infrastructure. Notably, part of the transaction was settled in Bitcoin—worth approximately $10 million. The project is being advanced through Hut 8 Corp**, which transferred its mining equipment to American Bitcoin in exchange for an 80% ownership stake. Expansion plans include operations in Dubai.

Additionally, the $TRUMP token is now accepted at official merchandise sites like GetTrumpFragrances.com and GetTrumpSneakers.com, enhancing its utility and visibility.

Another Trump-affiliated stablecoin, USD1, made headlines by surpassing USDC in 24-hour trading volume—reaching $3.37 billion, the highest in its history. It now ranks as the second most traded stablecoin globally, behind only USDT.

Institutional Moves: Sui Overflow Winners, Katana Mainnet, and Coinbase Listings

Sui Overflow 2025 Hackathon Announces Winners

The Sui Foundation revealed the winners of Sui Overflow 2025, a major hackathon that attracted 599 project submissions. Thirty-six projects were awarded across nine tracks, with additional recognition for student teams.

Top winners include:

A community voting round drew 195,000 votes, with 28 participants earning rewards for accurately predicting winners.

Katana Mainnet Launches with $240M+ in Pre-deposits

Katana, a DeFi chain incubated by Polygon and GSR, has officially launched its mainnet with over $240 million in pre-deposited assets. The platform introduces a two-year 1 billion KAT token liquidity mining program, enabling users to earn rewards through yield farming and asset management.

Supported assets include USDC, USDT, AUSD, and ETH, with WBTC and WETH native bridging coming soon. Key innovations include:

KAT token holders can stake to become vKAT holders and participate in governance, with full token unlock expected by February 20, 2026.

Regulatory and Macroeconomic Outlook: Fed Rate Cuts and U.S. Stablecoin Legislation

Goldman Sachs Expects Fed Rate Cuts Starting in September

Goldman Sachs forecasts that the Federal Reserve will begin cutting interest rates in September 2025, with additional cuts in October and December—totaling 75 basis points. This would lower the terminal rate to 3.0%–3.25%, down from previous expectations.

Key drivers include:

If upcoming jobs reports underperform, the likelihood of early cuts increases. In contrast, Morgan Stanley remains skeptical, expecting only one cut this year due to still-resilient employment data.

Fed officials are divided:

U.S. Treasury Secretary Signals Stablecoin Bill by Mid-July

U.S. Treasury Secretary Benesset indicated that federal stablecoin legislation could be finalized by mid-July 2025. The framework aims to regulate issuers like Circle and may boost demand for U.S. Treasuries as reserve backing.

In line with this, Circle has applied for a national bank charter, which would allow it to act as the custodian of USDC reserves under OCC supervision. While it won’t offer traditional banking services, this move positions USDC to become the most regulated stablecoin—especially under the proposed GENIUS Act.

USDC’s market cap currently stands at $61.5 billion.

Market Infrastructure Expands: Robinhood Chain, Kraken xStocks, and Solana ETF

Robinhood Launches Stock Tokens in EU, Plans Own Blockchain

Robinhood has launched “stock tokens” for EU customers, enabling 24/7 trading of blockchain-based representations of U.S. stocks and ETFs. Initially issued on Arbitrum, these tokens will eventually migrate to Robinhood Chain, a proprietary Layer 2 network designed for continuous trading.

The platform supports dividends and zero-commission trades across 200+ companies. Robinhood also offers crypto perpetual futures in Europe and staking for ETH and SOL in the U.S.

Kraken Launches 60 Tokenized Stocks

Kraken has rolled out xStocks, offering tokenized versions of 60 U.S. equities—including Apple, Tesla, and NVIDIA—available for trading five days a week, 24 hours a day. The service is available only to non-U.S. users due to regulatory restrictions.

👉 Explore how tokenized assets are transforming traditional finance.

REX-OSPREY Solana ETF Set to Trade Wednesday

Market signals confirm that the REX-OSPREY Solana ETF will begin trading on Wednesday, marking a major step toward mainstream institutional access to SOL.

Bitcoin and Ethereum Developments

Bitcoin Mining Difficulty Drops Sharply

Bitcoin mining difficulty was adjusted downward by 7.48% to 116.96 T, the largest drop since China’s 2021 mining ban. This correction follows heat-related shutdowns of U.S. miners and unconfirmed power outages affecting Iranian operations (which contribute ~4% of global hash rate).

Ethereum Community Launches “Time Capsule” Project

To commemorate Ethereum’s 10th anniversary (July 30), a community-driven team has launched an on-chain “time capsule.” Users can submit messages, art, or predictions—sealed via Shutter Network’s threshold encryption—to be opened on the network’s 11th anniversary.

Submissions cost ~$2.50 in ETH, with proceeds supporting Protocol Guild research.

Whale Activity and Corporate Bitcoin Accumulation

A major ETH whale recently unstaked and withdrew 95,920 ETH (~$237 million), depositing **62,289 ETH** (~$154 million) into exchanges like HTX, Bybit, and OKX. The wallet retains ~33,631 ETH (~$83 million).

Meanwhile, Strategy (formerly MicroStrategy) added 4,980 BTC at ~$106,801 each—spending **$531.9 million—bringing its total holdings to 597,325 BTC at an average cost of ~$70,982. Year-to-date Bitcoin investment return: 19.7%**.

Other notable moves:

Frequently Asked Questions (FAQ)

Q: What is Polyhedra’s Phoenix Revival plan?
A: It’s an ecosystem recovery initiative offering rewards and airdrop access to users who staked ZKJ before June 15, following a liquidity attack.

Q: When will Polyhedra’s privacy stablecoin launch?
A: The mainnet is scheduled for September 2025, following a July testnet release.

Q: Can non-U.S. users trade stocks on Kraken?
A: Yes—Kraken offers 60 tokenized U.S. stocks (xStocks) for non-U.S. residents with 24/5 trading access.

Q: Is USD1 now larger than USDC?
A: In daily trading volume—yes ($3.37B vs ~$3B). But USDC still has a larger market cap ($61.5B vs ~$4B).

Q: Will the Fed cut rates in 2025?
A: Goldman Sachs predicts three cuts starting in September; Morgan Stanley expects only one. Jobs data will be decisive.

Q: What is Katana’s KAT token unlock date?
A: Expected by February 20, 2026—holders can then stake for governance rights.

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