Landmark GENIUS Act Stablecoin Bill Passes US Senate

JD.com, led by founder Richard Liu, plans to launch stablecoin services globally to improve cross-border payments. The company aims to reduce settlement times to under 10 seconds and cut payment costs by up to 90%. This initiative is part of JD.com's strategy to revitalize its business after years of stagnation.

Coinbase aims to introduce trading for tokenized equities pending SEC approval, as stated by the firm's chief legal officer. The move could lead to lower transaction costs and 24/7 trading for assets like tech stocks on blockchain networks.

Fold has announced an agreement to issue and sell $250 million in new shares to purchase more Bitcoin. The company will sell shares to selected investors and institutions, with no set timeline for the sale. Currently, Fold's stock is trading at $4.57, down nearly 3%.

The Ink Foundation, purportedly an independent entity distinct from Kraken, will introduce the INK token for Kraken's Ethereum layer-2 network, Ink. INK, with a fixed supply of 1 billion tokens, will support DeFi on the Ink blockchain, starting with a liquidity protocol powered by Aave.

Bitcoin and Ethereum experienced drops of nearly 4% and 6.5%, respectively, in the past 24 hours following President Donald Trump's social media post hinting at potential conflict in the Middle East. Other cryptocurrencies like Solana, Cardano, and Dogecoin also saw declines.

Emma Lovett, an executive director at JPMorgan Chase, expressed concerns about the stablecoin market becoming overcrowded at the DigiAssets 2025 conference. The GENIUS Act, a bill for regulating stablecoins and digital assets, has been a driving force behind the market hype.

Meme coin investors are facing significant losses as Pepe, SPX6900, and Fartcoin drop by double digits. Technical indicators and on-chain data suggest further declines, with key support levels to watch. The broader market turmoil and geopolitical tensions are contributing to the sector's correction.

The Uniswap DAO may vote on activating a fee switch this summer, potentially bundled with a proposal for incorporating the DAO in Wyoming. The fee switch, which would share transaction fees with UNI token holders, was previously scrapped by the Uniswap Foundation.

Institutional investors in the UK are gearing up to invest in crypto exchange-traded products, with WisdomTree receiving FCA approval for Bitcoin and Ethereum ETPs. Bitcoin's volatility and lack of correlation with traditional assets make it an attractive addition to multi-asset portfolios, improving risk/return metrics.