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Ripple (XRP) and Stellar (XLM) remain under pressure, extending their correction on Tuesday amid broader risk-off conditions following US-Iran tensions. XRP slips below $1.070, while XLM hovers near the critical support at $0.177; both altcoins suggest deeper correction amid geopolitical risks and a deteriorating technical outlook.

Risk-off sentiment weighs on XRP and XLMThe United States Central Command (CENTCOM) said on Tuesday that US forces completed new strikes on Iranian military targets, adding that more than 50,000 US service members are currently deployed across the Middle East, Reuters reported.

The source said that it struck military targets across Iran, including Bushehr, Chabahar, Jask, Konarak, Abu Musa, and Bandar Abbas.

Meanwhile, Iran's Nournews confirmed that areas of southern Iran's Bushehr were hit in a renewed US attack.

In addition, the Iranian Islamic Revolutionary Guards Corps (IRGC) said on the same day that two "offending supertankers" were hit and disabled in the Strait of Hormuz. IRGC said that the tankers ignored warnings, turned off their navigation systems, and tried to pass through a 'mined route.’

The Iranian military said that cooperation with the 'aggressor enemy' in the critical waterway will delay reopening of the waterway and create a global energy crisis.

Global markets continued the week on a risk-off footing as renewed tensions between the US and Iran dampened investor sentiment. Rising geopolitical uncertainty pushed West Texas Intermediate (WTI) crude oil prices above $80 per barrel, while risk assets such as XRP and XLM came under pressure, slipping below $1.070 and $0.180, respectively, on Tuesday.

Derivatives data shows a bearish biasDerivatives metrics show a bearish bias for Ripple and Stellar. XRP’s futures Open Interest (OI) dips to $2.35 billion on Tuesday, having fallen steadily since a mild rise in early July and now remaining in a broader downward trend. 

During the same period, XLM’s OI drops to $180.95 million, having fallen steadily since a sharp rise in June. These declines in OI alongside falling prices suggest a bearish outlook.

XRP open interest chart. Source: Coinglass

XLM open interest chart. Source: CoinglassIn addition, XRP and XLM funding rates flipped negative on Monday, reading -0.0031% and -0.0021%, respectively, and remained negative on Tuesday, indicating bearish sentiment.

XRP funding rates chart. Source: Coinglass

XLM funding rates chart. Source: CoinglassXRP technical outlook: Bears aiming for the $1 psychological supportXRP trades at $1.065 on Tuesday, extending its decline below all key Exponential Moving Averages (EMAs) and retaining a bearish near-term bias. The 50-day EMA at $1.157, together with the 100-day EMA at $1.257 and the more distant 200-day EMA at $1.463, sit overhead as successive trend resistances that cap the upside.

Momentum is mixed but tilted lower, as the Relative Strength Index (RSI) at 39 remains in bearish territory, while the Moving Average Convergence Divergence (MACD) indicator hovers just above zero with a marginally positive line, suggesting only tentative stabilization rather than a clear recovery.

On the topside, initial resistance is seen at the 50-day EMA near $1.157, followed by the 100-day EMA at $1.257 and the horizontal barrier at $1.300; beyond that, the 200-day EMA at $1.463 and the major resistance zone around the $1.900 mark are deeper recovery targets. 

On the downside, immediate support emerges around the current trading area, with the parallel channel level clustered near $1.050. At the same time, a break lower would expose the psychological and structural floor at $1.000, where buyers are likely to attempt to reassert demand.

XLM technical outlook: Momentum indicators turn bearishXLM trades at $0.179 on Tuesday, holding below the 50-day, 100-day and 200-day EMAs at $0.190, $0.186 and $0.196, respectively, which keeps the near-term bias bearish. 

The RSI at 41 suggests weak momentum, while the MACD remains in negative territory, hinting that rallies are likely to be capped by the clustered EMAs and Fibonacci resistance overhead.

On the downside, initial support appears at the horizontal level around $0.177, followed by the 78.6% Fibonacci retracement at $0.173, with a deeper floor near $0.142. 

On the topside, a first hurdle is the 100-day EMA at $0.186, ahead of the 50-day EMA at $0.190 and the 200-day EMA at $0.196; above these, the 61.8% Fibonacci retracement at $0.200 and the mid-range 50% retracement level at $0.218 define subsequent resistance, before $0.237 and $0.260 come into play as higher Fibonacci barriers.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

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JCB has partnered with Circle to test USDC for internal treasury transfers and merchant payments in Japan, extending stablecoin use into cross-border corporate settlement and retail transactions.

Summary

JCB and Circle will test USDC for cross border treasury transfers and merchant payments in Japan. The first pilot will focus on JCB’s internal fund transfers before expanding to retail payment use. The agreement extends Circle’s institutional payments push following its U.S. trust bank approval and expansion across Asia. A July 14 statement from JCB said the Japanese payments company has signed a memorandum of understanding with a Circle affiliate to develop payment services using USD Coin (USDC), Circle’s dollar-backed stablecoin.

The first phase of the partnership will focus on a proof of concept for JCB’s internal cross-border treasury operations. The companies also plan to evaluate stablecoin payments at physical stores for merchants and international visitors travelling in Japan.

Alongside the pilot, the two firms said they will assess other payment services that combine Circle’s stablecoin infrastructure with JCB’s merchant network to support cross-border transactions and new payment options for businesses and consumers.

Coming days after Circle secured a key U.S. banking approval, the agreement adds another institutional payments partnership to the stablecoin issuer’s recent expansion efforts.

Earlier this month, the U.S. Office of the Comptroller of the Currency granted final approval for Circle National Trust, placing the company’s national trust bank under federal supervision. Circle said the institution will initially provide fiduciary digital asset custody services for the company and its affiliates, while future plans could include managing reserves backing USDC, although no timeline has been announced.

Outside the United States, Circle has also continued building relationships with regulated financial institutions. Standard Chartered recently introduced a service through its Dubai International Financial Centre operations that allows eligible institutional clients to mint and redeem USDC directly through the bank’s platform. BNY has also added USDC to its digital asset custody platform, enabling institutional clients to mint and redeem the stablecoin through its infrastructure.

Japan agreement follows Asia expansion The JCB partnership comes as Circle continues pursuing new institutional relationships across Asia.

Later this month, the company will host its invitation-only Current Seoul event, bringing together executives from banks, crypto exchanges, payment companies and technology firms to discuss digital asset regulation, cross-border payments and industry partnerships.

During an April visit to South Korea, Circle co-founder and CEO Jeremy Allaire met executives from KB Kookmin Bank, Shinhan Bank, Hana Bank, Upbit, Bithumb, and several payment companies to discuss potential cooperation through the Circle Payments Network for international payments.

Competition in the stablecoin sector has also intensified in recent weeks. Open USD, a competing dollar-backed stablecoin model, launched with a revenue-sharing structure that distributes reserve income among participating members. 

However, several South Korean companies, including Samsung Electronics, Dunamu, Shinhan Financial Group, and K Bank, later told local media they had not formally agreed to join the consortium despite being listed as participants.

Key Takeaways Circle secured final OCC clearance to launch First National Digital Currency Bank as a federally chartered trust bank Shares climbed 5% Friday on the regulatory approval but retreated 4.7% to $63.03 by Monday’s close Mizuho maintained its Neutral stance, citing concerns that the charter won’t address fundamental USDC challenges USDC’s circulating supply has contracted approximately $7 billion since March, dropping to roughly $74 billion Baird reduced its CRCL price target from $138 down to $100 while maintaining an Outperform rating Circle Internet Group (CRCL) achieved a significant regulatory milestone last week. However, investor enthusiasm proved short-lived.

The company secured final authorization from the Office of the Comptroller of the Currency to launch First National Digital Currency Bank. Shares surged 5% Friday when the news broke. That optimism evaporated quickly—by Monday’s session, the stock had surrendered nearly the entire rally, closing down 4.7% at $63.03.

Circle Internet Group, CRCL

The weak follow-through signals growing doubt among institutional investors about whether the banking charter addresses the company’s core challenges.

Mizuho maintained its Neutral rating with an $85 price objective, stating bluntly: “While a positive development, we believe the market reaction is likely overly optimistic, as this does not resolve fundamental issues that have been hurting the stock of recent.”

The federal charter grants Circle the authority to operate under direct national banking supervision, concentrating on digital asset custody, reserve operations, and fiduciary activities. That regulatory achievement is clear-cut. The more pressing concern centers on USDC’s underlying performance.

USDC Circulation Contracts Significantly USDC’s total supply in circulation has declined by approximately $7 billion from its March 2026 high to around $74 billion by July. This represents the most substantial monthly decline since 2022, with redemptions consistently exceeding new token creation.

The broader stablecoin sector experienced its steepest monthly contraction in years during June, coinciding with cryptocurrency markets hovering near 2026 lows. While blockchain transaction activity remains robust, the shrinking supply threatens Circle’s revenue from both transactions and reserve interest income.

Mizuho specifically highlighted this trend, noting that USDC’s market capitalization decline since March creates legitimate concerns regarding the stablecoin’s expansion potential.

Emerging Rivals Intensify Market Dynamics The competitive landscape has evolved considerably. Open USD, a recently introduced stablecoin that complies with GENIUS Act requirements, emerged from a consortium exceeding 140 financial services and technology firms, including Mastercard, Stripe, and Coinbase.

Mizuho cautioned this development increases the likelihood that stablecoins become increasingly commoditized products, complicating Circle’s efforts to maintain market dominance despite possessing a national trust bank charter.

“We remain on the sidelines,” the research team concluded.

Baird adopted a more constructive long-term perspective but still lowered its price objective from $138 to $100. The firm retained its Outperform rating, highlighting Circle’s pioneering position as a GENIUS Act-compliant stablecoin provider and expanding stablecoin adoption as positive factors.

Baird anticipates Q2 revenue will fall marginally short of Wall Street projections, though EBITDA should align with consensus expectations. The firm kept its 2027 earnings estimates intact, noting that reduced USDC circulation levels are balanced by elevated reserve interest rates.

Wolfe Research continues to rate the stock Underperform with a $65 price target.

CRCL shares have declined 65% over the trailing twelve months. The stock was last quoted at $63.00 according to recent market data.

Robinhood Chain has been live for barely a week, and USDG liquidity on Uniswap has already doubled. The Paxos-issued stablecoin’s total value locked on the protocol climbed past $8.5 million, up from roughly half that just seven days ago.

Robinhood Chain’s first week, by the numbers Robinhood Chain, an Arbitrum-based Layer 2 network, officially launched its public mainnet on July 1, 2026. Uniswap deployed as the primary automated market maker from day one, essentially serving as the chain’s liquidity backbone.

The entire chain’s TVL crossed $100 million within days of going live, and Uniswap alone has captured over $30 million of that liquidity.

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Trading volume on Uniswap reportedly reached as high as $500 million during the first week.

USDG now represents around 65% of the total stablecoin supply on Robinhood Chain.

Why USDG is growing so fast Ethena made a $50 million deposit into a USDG vault curated by Steakhouse Financial.

Robinhood Earn, a yield product built around USDG, offers an estimated 7% APY through structured vaults managed by Steakhouse Financial.

What this means for investors When a single stablecoin accounts for 65% of a chain’s stablecoin supply, the ecosystem’s health becomes tightly coupled to that one asset. If USDG faces a de-peg event, regulatory challenge, or liquidity crisis, the ripple effects across Robinhood Chain would be disproportionately severe.

Uniswap’s position as the flagship AMM on Robinhood Chain gives it a first-mover advantage, with over $30 million in liquidity already captured and $500 million in first-week trading volume.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Uniswap [UNI] has opened community voting on a proposal that could introduce the protocol’s first sustained UNI burn mechanism. The initiative spans three governance votes.

They include protocol fee activation on Robinhood Chain, v4 deployment, and bridge infrastructure across all other chains.

If Uniswap members approve the proposals, the protocol will begin depositing fees into TokenJar accounts. At press time, the voting stood at 74% in support of the proposal.

Once there, users can acquire an amount of UNI sufficient to burn it completely and in turn collect their UNI from the TokenJar account.

Source: X The proposal will link the supply of UNI with the actual use of the protocol rather than just providing incentives through governance.

Protocol revenue strengthens UNI value capture That potential shift becomes more meaningful when viewed alongside Uniswap’s growing protocol revenue. Every increase in trading activity would generate additional fees, creating more opportunities to remove UNI from circulation through the proposed burn mechanism.

Currently, according to DefiLlama data, Uniswap generates approximately $5 million per day in fees. Moreover, its annual protocol revenue stands near $50 million.

As v4 deployments and Robinhood Chain attract more trading volume, fee generation could continue expanding.

Despite that, the projected burn rate remains modest relative to UNI’s total supply. Still, the mechanism introduces a lasting connection between protocol usage and token scarcity.

If network activity continues growing, UNI’s long-term value could increasingly reflect organic protocol demand rather than governance incentives alone.

Robinhood Chain tests Uniswap’s growth strategy Whether the burn mechanism delivers meaningful results now depends on user adoption rather than governance alone. Robinhood Chain has quickly become an early test of that thesis after surpassing $1 billion in cumulative swap volume within days of launch.

That momentum suggests Uniswap’s ecosystem is reaching users beyond its traditional base. Rising wallet interactions and swap activity further indicate participation extends beyond speculative interest.

However, sustained success will depend on retaining those users over time. If daily transactions and liquidity continue expanding, Robinhood Chain could become an increasingly important contributor to Uniswap’s long-term protocol growth.

Final Summary Uniswap could link long-term token value to protocol usage through its proposed fee-funded burn mechanism. Uniswap adoption on Robinhood Chain will determine whether sustained burns meaningfully strengthen token scarcity.

Interpol operation exposes $122M crypto wallet tied to romance scam launderingA crypto wallet linked to a suspected romance-scam money launderer processed more than $122.5 million in 10 months, according to Interpol.

Interpol said that Thai authorities arrested two suspects and uncovered a money-laundering network that funneled proceeds from romance scams into cryptocurrencies, using cross-chain token swaps to obscure the trail.

The investigation was part of Operation First Light 2026, an Interpol-coordinated campaign targeting social engineering scams and the financial infrastructure used to launder their proceeds.

The operation involved authorities in 97 countries and territories, resulting in 5,811 arrests and the seizure of $293 million in illicit assets tied to fraud and money laundering.

Romance scams, also known as pig-butchering scams, often involve criminals building trust with victims through social media or online dating platforms before steering them toward fraudulent investment schemes.

InterpolAuthorities carried out raids on scam centers. Source: Interpol

Hyundai completes USDT treasury settlement pilot between US and MexicoHyundai Motor's US and Mexican units completed a pilot cross-border treasury transfer using Tether's USDT stablecoin, settling a $20,000 payment in about seven minutes on the Avalanche blockchain.

Hyundai Motor America converted the funds into USDT, transferred the stablecoin to Hyundai Motor Mexico and converted it back into US dollars. The transfer and verification process took about seven minutes, compared with three to four hours or more for a traditional cross-border bank transfer.

Tether said the pilot used Axiym's settlement infrastructure, while Hyundai Card designed the remittance structure and oversaw the regulatory, compliance, accounting and operational requirements needed to support the proof of concept.

Japan’s SBI to launch yen stablecoin lending with 3% yieldTokyo-based SBI VC Trade will begin accepting applications Thursday for a Japanese yen-denominated stablecoin lending service offering an initial annualized rate of 3% on JPYSC lent for 12 weeks.

Customers will lend JPYSC to the SBI Holdings subsidiary from Thursday and receive the tokens back with a lending fee at maturity, the company said in a Monday press release. At the advertised rate, the gross return over the 12-week term would be about 0.69%, before tax.

The company said the product pays more than the 0.325% to 1% annual rate SBI cited for ordinary yen deposits. Still, it is not a bank deposit, is not covered by deposit insurance and generally cannot be canceled early.

Japanese lender launches Bitcoin-backed loans of up to $6.2MJapanese lender CRYL has launched Bitcoin-backed loans of up to 1 billion yen ($6.2 million), allowing individuals and businesses to raise fiat currency without selling their BTC. 

On Thursday, the company announced that borrowers can access between $6,200 and $6.2 million at annual rates of 3.5% to 7%. The loans carry collateral ratios of 40% to 60%. They run for one year and can be used for expenses, including taxes, business funding and property purchases.

The launch expands Japan’s small market for regulated crypto-backed financing. In 2020, Fintertech, a Daiwa Securities Group and Credit Saison joint venture, launched a similar service and currently lends up to $3 million against Bitcoin or Ether. However, CRYL's service advertises a higher ceiling and a lower minimum, while limiting collateral to BTC. 

Metaplanet explores Bitcoin-backed digital credit with JPYC in JapanJapanese Bitcoin treasury company Metaplanet has teamed up with stablecoin issuer JPYC and tokenization infrastructure provider Progmat to study Bitcoin-backed digital credit products in Japan.

The investigation will examine whether Bitcoin can be used as collateral or credit enhancement for digital corporate bonds and other credit instruments, with 24/7 accessibility, settlement and daily interest accrual for holders, issued on the blockchain ledger. No product has been launched yet as part of the experiment.

The news suggests Metaplanet is looking beyond its role as a Bitcoin treasury company and testing how Bitcoin could be used as a productive balance sheet asset.

Digital credit instruments have been an important part of Strategy’s playbook. The world’s largest corporate Bitcoin holder has relied on "digital credit" instruments such as the STRC preferred stock as a primary vehicle for raising capital to acquire more Bitcoin. 

MetaplanetJoint study in the digital credit domain utilizing Bitcoin, JPYC, and security tokens. Source: Metaplanet 

Japan stablecoin payments advance with Lawson trial, Netstars launchJapanese convenience-store operator Lawson plans to test yen-denominated stablecoin payments at a Tokyo location in August, examining whether stablecoin payments can work within a standard convenience store checkout flow.

On Monday, blockchain company HashPort said it had signed an agreement to conduct the trial at the Lawson Takanawa Gateway City store. Participants will use HashPort's non-custodial wallet, while the store will process payments through the company's point-of-sale system without needing to open or manage crypto wallets. 

The pilot aims to explore how stablecoin payments can be integrated into Japan’s existing retail infrastructure while shielding merchants from much of the operational complexity associated with accepting digital assets.

Bitdeer stock jumps 14% as company expands US mining hardware productionBitdeer shares rallied after the company announced a $36 million Nevada manufacturing facility that will produce its SEALMINER Bitcoin mining machines and expand its hardware business.

The gains for the Singapore-based miner followed Bitdeer’s announcement that it will build a manufacturing facility in Sparks, Nevada. It will produce key mining hardware components, with commercial production expected to begin by the end of the year.

BitdeerBitdeer Technologies Group (BTDR) stock. Source: Yahoo Finance

Hong Kong regulator orders new anti-phishing measures for crypto platformsThe Hong Kong Securities and Futures Commission (SFC) on Thursday issued new requirements for phishing-resistant authentication methods for virtual asset trading platforms (VATPs) and online brokers in the special administrative region.

The new standards require stronger phishing-resistant authentication methods and device binding while prohibiting the use of one-time passwords through SMS, email or app-based logins. Platforms must implement the changes within the next 12 months.

Bank of Korea stands firm on bank-led stablecoin push as deposit token pilots advanceThe Bank of Korea (BOK) has doubled down on its stance that won-denominated stablecoins should first be issued through bank-led consortiums.

According to local reports from Digital Asset and EDaily, the BOK also called for new safeguards including a statutory policy body involving relevant agencies to oversee the sector.

The latest comments reinforce the BOK's months-long push to keep won stablecoin issuance under bank-led structures. The central bank's stance has divided policymakers and industry groups and contributed to delays in South Korea's digital asset bill.

Regulators invited Binance to seek new licenses after MiCA setback, co-CEO saysBinance co-CEO Richard Teng says some regulators have invited the exchange to apply for crypto licenses after it failed to secure permission to operate in Europe.

Teng said the discussions are still “premature” and declined to identify the jurisdictions. 

MiCA created a single licensing framework for crypto firms across the European Union, with non licensed firms unable to operate in the block after July 1. Binance withdrew its application for a MiCA license in Greece on June 24, after report that Greek regulators were planning on knocking it back.

“It caught us by surprise because we submitted a fully compliant application. The regulators told us as much,” Teng said.

“We are not quite sure why the approval kept being delayed. We withdrew the application because otherwise our users would have faced a very short transition period,” he added.

Richard TengRichard Teng. Source: Binance

Asia crypto news in brief
Temasek says no to crypto
Singapore sovereign wealth fund Temasek is still smarting from having to write down $275 million on its FTX investment. Its Global Investment Head said this week that crypto remains “off the table” for now, though it’s still keeping an eye on developments in the blockchain sector.  

HSBC’s blockchain note
HSBC and Marketnode teamed up to complete the private placement of a “digitally native” USD denominated note issued on blockchain in Hong Kong.

Japan’s crypto ETFs and credit
The Japanese government remains on track to launch crypto ETFs in the country, following recent legislative amendments to the Financial Instruments and Exchanges Act

SBI Solana Global
Japanese asset manager SBI Holdings has teamed up with the Solana Foundation to launch a new division called SBI Solana Global, focused on stablecoins, international payments and RWAs.

India crypto ban looms
The Reserve Bank of India said it is “leaning” toward a total prohibition on crypto and has  recommended that legislators prevent banks and financial institutions from getting involved in the sector.

Thailand stablecoin audits
The Bank of Thailand and the Thai SEC are using blockchain analytics tools to investigate suspicious high-volume stablecoin transactions, with a particular focus on USDT.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

https://www.globenewswire.com/news-release/2026/06/15/3311607/0/en/owlting-group-nasdaq-owls-and-credible-finance-partner-to-open-china-payment-corridor.html

Credible Finance’s initial coin offering (ICO) on the MetaDAO platform has markedly surpassed its fundraising goal, with commitments reaching $18.2 million against a target of $4 million. This overperformance by more than 4.5 times underscores robust demand for Solana-native fundraising mechanisms, highlighting MetaDAO’s effectiveness in capital formation. This development comes as the ICO still has three days left, presenting the potential for further financial commitments. MetaDAO, which operates as a decentralized capital formation layer on Solana, has previously facilitated significant oversubscriptions, such as Umbra’s 200-fold accomplishment.

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The market response to this news has been swift, with the odds of exceeding higher commitment thresholds by the end of August now reflecting heightened optimism. Current market data shows that the probability of surpassing $20 million in commitments is priced at 100% YES, while exceeding $25 million and $30 million stands at 93% and 70% YES respectively. This suggests that market participants view the possibility of reaching these higher thresholds as increasingly likely.

Key Takeaways The $18.2 million commitment significantly exceeds the $4 million target, suggesting strong demand in the market. MetaDAO’s platform has demonstrated its capacity to attract substantial oversubscription, consistent with previous fundraising events. Current market pricing suggests a high probability of commitments surpassing $20 million, reflecting optimistic expectations. What to Watch With three days remaining in the ICO, further developments could influence the final commitment total. Observers should watch for announcements from MetaDAO or Credible Finance regarding any changes to the fundraising cap or additional institutional commitments. The market’s pricing of over $30 million and $40 million thresholds suggests that surpassing these figures would be consistent with recent trends, potentially influencing the broader perception of Solana-based fundraising projects.

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Term Structure

Contract Odds Δ since publish Volume 24h August 31 2026 99.8% — — View market → August 31 2026 92.8% — — View market → August 31 2026 37% — — View market → August 31 2026 69.5% — — View market → August 31 2026 99.9% — — View market →

Circle, the company behind USD Coin (USDC), minted nearly $750 million worth of USDC on the Solana blockchain on July 13, bringing the total USDC issued on Solana in 2026 to approximately $68.26 billion, according to Onchain Lens. This significant activity highlights Solana’s growing role as a major platform for dollar-backed crypto liquidity.

USDC issuance and Solana’s positionUSDC serves a vital function in the digital asset ecosystem, facilitating trade settlement, acting as collateral in lending and derivatives, and powering tokenized real-world asset transactions. Increased minting volumes often signal shifts in capital allocation and investor sentiment across the market.

Onchain Lens reported that the latest batch of tokens was sent to the Solana address 7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE. The growing trend of USDC issuance on Solana has been evident throughout 2026. For example, in April, Circle minted $3.25 billion of USDC on the network within a single week, executed across thirteen separate tranches of 250 million tokens each.

Circle, a global financial technology firm, is known for issuing stablecoins and providing blockchain-based payment solutions. Solana is a high-performance blockchain recognized for its speed and low-cost transactions, making it a preferred venue for both projects and traders seeking fast settlements.

Mini dictionary: Onchain Lens, a blockchain tracking and analytics platform that monitors major activity and trends in cryptocurrency networks.

Gross issuance, supply, and liquidity flowWhile $68.26 billion represents the total USDC minted on Solana this year, much of this amount does not remain on the network. According to DefiLlama, the current USDC supply on Solana is about $7.3 billion. Industry data shows that across all blockchains, total USDC supply stands near $73.5 billion.

MetricSolanaAll Blockchains2026 Gross USDC Issuance$68.26 billionn/aCurrent USDC Supply$7.3 billion$73.5 billionThis means only 10.7% of the USDC issued on Solana remains on the chain, with the remainder likely redeemed, burned, or moved to other blockchain networks as market participants adjust their strategies. Far from suggesting lost assets, these numbers indicate that liquidity is actively recycled, confirming that Solana operates as an efficient settlement layer for large-scale dollar flow.

Circle has consistently emphasized the importance of measuring USDC issuance alongside redemptions and circulating supply. The company’s transparency reports specifically distinguish between new minting, redemptions, and total supply, suggesting that issuance alone is not a complete indicator of market dynamics.

USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is always redeemable 1:1 for US dollars.

— Circle

As the ecosystem continues to evolve, these transparency measures are designed to provide greater clarity for market participants and institutional users.

Key drivers behind Solana’s USDC activitySolana remains a leading hub for digital asset trading activity, which helps explain Circle’s heavy USDC issuance on the network. Earlier this year, USDC accounted for 52% of all stablecoins held on Solana, reaching $14.7 billion in reserves. Major decentralized exchanges on Solana, including Raydium, Jupiter, and Orca, support high transaction volumes that rely on a robust stablecoin reserve for liquidity.

Circle’s expansion into institutional finance further drives USDC issuance on Solana. In June, BNY became the first institutional partner to offer direct custody and minting of USDC. The company also collaborates with global banks such as Standard Chartered, reinforcing its broader mission to integrate traditional finance with blockchain infrastructure.

The USDC reserve is primarily composed of cash and short-term US Treasury instruments, maintaining full backing and allowing users to redeem USDC 1:1 for U.S. dollars. This model has helped USDC retain its position as the world’s second-largest stablecoin by market capitalization, trailing only Tether’s USDT.

Going forward, observers are likely to focus on the speed and frequency with which newly minted USDC either stays on Solana or transitions off the chain. Solana’s prominence is increasingly measured by the scale of dollar volumes moving through its network, rather than any fixed snapshot of circulating supply.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Cardano founder Charles Hoskinson (@IOHK_Charles) has pushed back at community criticism following Japanese financial giant SBI Holdings' decision to partner with Solana for its stablecoin and real-world asset (RWA) tokenization ambitions, a move that has stoked frustration among $ADA holders.

SBI Bets on Solana for Japan's Onchain Financial Market SBI Holdings and the Solana Foundation announced SBI Solana Global on July 13, 2026, to build Japan's first onchain financial market. The partnership will see SBI R3 Japan adopt the planned trade name SBI Solana Global and pursue a new growth strategy alongside shareholders SBI Holdings and Sumitomo Mitsui Financial Group.

SBI Holdings lists supporting the issuance and distribution of stablecoins, supporting the structuring and distribution of tokenized RWAs, and developing payment infrastructure for AI agents among SBI Solana's functions. According to SBI, the platform is intended to connect Japanese financial assets with global liquidity pools.

The partnership builds on Japan's existing regulatory framework for stablecoins and security token offerings, one of the more established regimes among major financial markets.

Hoskinson: Use the Treasury, Stop Expecting IOG to Do It All Japanese financial giant SBI Holdings' move onto the Solana blockchain sparked a public clash within the Cardano ecosystem, with the corporation's announcement triggering a wave of criticism among ADA holders. Some pointed to Japan's historic role in supporting Cardano as reason enough for Hoskinson and Input Output Global (IOG) to have secured a comparable deal.

Hoskinson rejected that framing. He argued that commercial deals of this kind should be funded through Cardano's onchain treasury rather than relying on IOG or himself to deliver every institutional partnership. Hoskinson stressed that if the community wants deals on the scale of SBI, it must fund commercial initiatives itself instead of demanding solutions on social media.

The conflict has exposed a systemic challenge for Cardano. While Solana operates through aggressive, centralized foundations that directly secure integrations, Cardano is attempting to live by the rules of pure democracy, where every grant must pass through lengthy rounds of voting.

For Hoskinson, it is a manifesto: decentralization means that every token holder is now responsible for the network's commercial success, not a single prominent leader. Whether the broader $ADA community accepts that argument, and whether Cardano's treasury governance is agile enough to compete for deals at the speed that institutional partners demand, remains an open question.

Sources:
CoinDesk: SBI Holdings' blockchain initiative pivots to Solana for tokenization, stablecoin issuance
U.Today: Charles Hoskinson fires back at Cardano community after Solana's Japan deal
Finance Magnates: SBI Holdings taps Solana to build Japan's institutional onchain finance market

SBI Holdings and the Solana Foundation have announced a strategic partnership to develop Japan-originated on-chain financial markets.

As part of this agreement, the initiative will bring the Solana Foundation into the newly renamed SBI Solana Global. This will be, alongside SBI and Sumitomo Mitsui Financial Group (SMFG), one of Japan’s three largest banks.

The partnership will initially target JPY stablecoins, tokenized real-world assets, cross-border payments, and institutional services. It will also combine SBI’s regulatory expertise with Solana’s high-speed, low-cost infrastructure.

Source: SBI Holdings Rather than positioning blockchain against traditional finance, the initiative aims to modernize regulated financial markets. If the collaboration succeeds, it could strengthen Japan’s role as a leading hub for institutional on-chain finance across Asia.

Meanwhile, Japan is advancing regulated yen stablecoins to strengthen its digital financial infrastructure. The initiative aims to support secure, compliant blockchain-based financial services.

The partnership comes shortly after SBI advanced its JPYSC project, Japan’s first trust bank-backed yen stablecoin. These moves highlight the group’s broader push to expand regulated blockchain-based financial services.

JPY Stablecoins anchor the initiative This strategy places JPY stablecoins at the center of SBI and Solana’s long-term vision for regulated on-chain finance. Rather than serving retail payments, these assets will support institutional settlement, tokenized real-world assets, and cross-border transactions.

It also provides both familiar yen-denominated liquidity and reduces dependence on traditional settlement rails. The sustained expansion of institutional wallet activities using Solana and the continued use of their stablecoins are evidence that institutional adoption will continue to grow.

Needless to say, this has boosted the potential for more financial organizations to move their regulated payment flows to blockchain-based infrastructure. Even so, long-term success will depend on sustained transaction growth instead of issuance alone.

Ultimately, Japan’s regional ambitions now depend on execution, not policy alone. Cross-border payment activity must continue expanding.

Sustained institutional adoption and deeper liquidity will determine the partnership’s long-term impact. Stronger tokenized asset growth could position Japan as Asia’s leading regulated on-chain finance hub.

Final Summary SBI’s regulated on-chain strategy places JPY stablecoins at the center of Japan’s digital finance expansion. Institutional adoption and cross-border usage will determine the long-term success of Japan’s on-chain finance strategy.

Major altcoins in the crypto market, such as Ripple (XRP), Cardano (ADA), and Solana (SOL), are trading in the red on Tuesday, extending their 2% to 3% decline from the previous day. The technical outlook for XRP, ADA, and SOL shows a near-term bearish bias, with prices trending below their respective 50-day Exponential Moving Averages (EMAs). 

XRP remains vulnerable to deeper lossesXRP nears the $1.00 psychological threshold at press time on Tuesday, maintaining a steady decline as the 50-day EMA and a declining resistance trendline capped recovery around $1.18 on July 4. XRP maintains a clear bearish configuration, heading toward the recent swing low of $1.00 from June 26.

From a technical perspective, a potential slip below $1.00 could target the 127.2% and 161.8% Fibonacci extension levels at $0.94 and $0.86, respectively, measured over the $1.29 to $1.00 downswing.

Momentum is losing strength on the daily chart, with the Relative Strength Index (RSI) at 39, reflecting a downward trend, while the Moving Average Convergence Divergence (MACD) risks crossing below its signal line as buying pressure wanes.

XRP/USDT daily price chart.On the topside, initial resistance is seen at the overhead trendline near the 50% retracement at $1.14, reinforced by the 50-day EMA at $1.15.

Cardano at risk of erasing early July gainsCardano trades in the red on Tuesday, maintaining a near-term decline over the last 10 days. The 50-day EMA at $0.1802, well below the 200-day EMA at $0.2812, keeps the altcoin capped in the short term.

The RSI at 40 has dipped below its midline, hinting at renewed downside momentum, while the MACD and signal line risk a bearish crossover amid flattening histogram bars.

On the downside, the swing low at $0.1385 from June 26 emerges as the crucial support level in sight.

ADA/USDT daily price chart.Looking up, the 50-day EMA at $0.1802 remains a key dynamic barrier, guarding the upside to the $0.2000 psychological threshold.

Solana drops below its 50-day EMA amid mounting selling pressureSolana trades below $75.00 at press time on Tuesday, keeping a bearish near-term tone as it holds beneath the 50-day EMA at $76.66 and the 200-day EMA at $97.65. From a technical perspective, the key support for SOL is at the $67.50 horizontal level, which helped trigger a rebound on June 26.

The MACD has crossed below its signal line, triggering a fresh wave of bearish histograms, while the RSI at 46 falls below the midline. Taken together, they suggest waning buying pressure as sellers regain strength.

SOL/USDT daily price chart.On the flip side, initial resistance is at the 50-day EMA near $76.63, followed by the longer-term 200-day EMA at $97.65.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Solana (SOL) at Critical Juncture: Will $73 Support Hold or Break?

Goldman Sachs: Semiconductor industry fundamentals remain supported, while leveraged ETFs amplify volatility in tech stocks.

Goldman Sachs’ latest research report points out that the recent sharp volatility in global tech stocks is mainly driven by liquidity deleveraging triggered by highly leveraged transactions, rather than a deterioration in the semiconductor industry’s fundamentals. The U.S. investment bank noted that newly launched single-stock 2x leveraged ETFs in South Korea have amplified market volatility, with multiple leveraged ETFs tracking Samsung Electronics and SK Hynix once posting single-day declines of over 30% recently. To maintain their leverage ratios, the funds were forced to offload underlying stocks, creating a liquidity stampede feedback loop of "price drops → forced selling → deeper declines." Goldman Sachs estimates that around 62% of recent net selling by South Korean institutional investors comes from the liquidation of these ETFs. Meanwhile, the Leuthold Group pointed out that the U.S. margin balance has risen by roughly 54% over the past 12 months, entering a historically high range. Leveraged funds are heavily concentrated in the AI and semiconductor sectors, making the market structure more fragile. However, Goldman Sachs believes the semiconductor industry has not yet reached its cycle peak. The firm noted that earnings expectations for Samsung Electronics and SK Hynix have not been revised down. Limited expansion of memory chip production capacity means supply tightness is expected to persist until the second half of 2028, and the current pullback is more a position adjustment than a fundamental reversal of the industry.

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US government transfers nearly $300 million in crypto assets linked to fraud and money laundering cases involving BTC-e, Farace and others.

According to on-chain data platform Arkham’s monitoring, U.S. government-associated wallets transferred approximately $288 million in seized crypto assets to Coinbase Prime on Monday. The sum includes 2,875 BTC (valued at around $178 million) from the seized address linked to Ryan Farace’s "xanaxman" case, and 925.512 BTC (about $57 million) from the closed BTC-e exchange case—both were routed through newly created intermediate addresses before reaching Coinbase Prime. Separately, a wallet tied to the Brian Krewson money laundering case directly sent 30,007 ETH (worth roughly $53.09 million) to the platform. The transfer follows a March 2025 executive order signed by Trump, which mandates that seized Bitcoin for the strategic Bitcoin reserve should not be sold in principle. Notably, the funds’ transfer to Coinbase Prime does not signal a sale, as the platform provides services including custody, financing, and asset management. As of press time, U.S. government-related wallets hold approximately $20.65 billion in crypto assets, comprising 324,552 BTC, 28,394 ETH, and 145.5 million USDT. The latest transfer represents only a small fraction of their total holdings.

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Institutions: The strong U.S. dollar is suppressing gold prices in the short term, but may further reinforce gold’s status as a long-term reserve asset.

Gold prices have fallen roughly 25% from their year-to-date all-time high, weighed down by elevated interest rates, a strong U.S. dollar, and higher energy prices that have lifted holding costs, leaving the metal under notable short-term pressure. However, multiple market participants argue that this correction has not altered gold’s long-term investment thesis. Paul Wong, a market strategist at Sprott, attributes the recent gold decline to a stronger U.S. dollar, rising expectations of Federal Reserve rate hikes, and concentrated liquidations by quantitative funds. He notes that the current gold price drop has significantly outpaced the actual rise in the dollar and short-term interest rates, indicating that the headwinds from high rates and a strong greenback have been largely priced in. Wong points out that while a stronger dollar tends to weigh on gold in the short term, over the long run, the stronger the U.S. currency, the greater the global incentive to seek alternative reserve assets to the dollar, which in turn boosts gold’s strategic standing as a neutral reserve asset. Against a backdrop of widening global fiscal deficits, central banks’ continued gold purchases, and rising geopolitical fragmentation, gold is gradually evolving from a mere inflation hedge into a currency hedge, reserve asset, and even a potential international financial collateral. He believes that gold and the U.S. dollar could strengthen in tandem over the long term for different reasons: the dollar benefits from its core role in the global financial system, while gold benefits from the trend toward diversification of global reserve assets. However, at the cyclical level, gold prices still tend to maintain an inverse correlation with the U.S. Dollar Index.

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Wall Street is on alert for tonight's CPI "fake cool down"; bond markets have already priced in a July interest rate hike.

The US will release June CPI data at 20:30 Beijing time tonight. Market consensus expects that driven by falling gasoline prices, the overall June CPI may decline by 0.1% to 0.2% month-on-month, with its year-on-year growth rate projected to drop from 4.2% in May to 3.8%. Core CPI is forecast to rise around 0.2% month-on-month, with its year-on-year figure falling to approximately 2.8%. However, multiple Wall Street institutions argue that this inflation slowdown stems more from the pullback in energy prices, and does not mean US inflationary pressures have faded. Housing, auto insurance, travel services, and the pass-through of tariffs on goods prices may still keep core inflation sticky. Meanwhile, the bond market is further pricing in a Federal Reserve rate hike. Interest rate options data shows the implied probability of the Fed raising rates by 25 basis points in July has risen from less than 10% to around 50%, with the two-year US Treasury yield staying above 4.25%. Earlier, Fed Governor Waller stated that if core inflation rises again, a rate hike should be considered in the near term. Institutions generally believe that even if the overall CPI declines due to lower energy prices, the performance of core CPI and its sub-components will remain key to judging whether US inflation has truly peaked and the Fed’s subsequent policy path.

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Hyperliquid's contracts posted a 24-hour trading volume exceeding that of Bitcoin (BTC), making it the platform's most active asset.

On the Hyperliquid platform, the combined 24-hour trading volume of SK Hynix-related contracts SKHX and SKHY has reached $1.836 billion, surpassing BTC to become the platform’s top active asset by trading volume. Specifically, SKHX posted a 24-hour trading volume of $1.63 billion, with open interest (OI) of $635 million; SKHY recorded a 24-hour trading volume of $206 million, and its open interest stood at $101 million. As of now, SKHY still carries a roughly 26% premium over SKHX.

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Trump plans to strengthen control over the Strait of Hormuz, while the U.S. Strategic Petroleum Reserve has fallen to its lowest level since 1983.

US President Donald Trump said the U.S. should control and operate the Strait of Hormuz, and is considering charging passing vessels a fee equivalent to 20% of the value of their cargo to compensate for the cost of maintaining security in the strait. Separately, Trump noted that the U.S. may continue military operations against Iran, with U.S. forces carrying out airstrikes on Iran for the third consecutive night. Analysts pointed out that against the backdrop of the Strait of Hormuz’s navigation not returning to normal and the U.S. being in its summer peak travel season, the U.S. Strategic Petroleum Reserve (SPR) and commercial crude oil inventories will likely continue to decline, further supporting rises in international oil prices. In the week ending July 3, the U.S. SPR fell to 319.5 million barrels, the lowest level since 1983, and only slightly above the recommended safety floor of around 250 million barrels. Market players believe that if the Strait of Hormuz remains disrupted for a long time, even with relatively sufficient domestic crude oil supply in the U.S., global benchmark crude oil prices may continue to rise, further pushing up inflationary pressure and increasing the likelihood that the Federal Reserve will maintain high interest rate policies. Iranian Foreign Minister Abbas Araghchi responded that any party ensuring safe passage through the Strait of Hormuz should be compensated, but deemed the 20% fee rate too high.

1 seconds ago

Shiba Inu (SHIB) extends its losses, trading below $0.0000042 on Tuesday, pointing to four consecutive days of correction since last week. Weakening on-chain data and negative derivatives metrics support a bearish bias. In addition, risk-off sentiment amid rising US-Iran tensions suggest a deeper sell-off is possible for the meme coin.

Fading interest among SHIB investorsSantiment’s Social Dominance metric for Shiba Inu supports a bearish outlook. The index measures the share of SHIB-related discussions across the cryptocurrency media. It has fallen sharply since a high on July 12, now at 0.014% on Tuesday, nearing the lows seen in early July. This fall indicates fading market interest and sentiment among SHIB investors.

SHIB social dominance chart. Source: SantimentDerivatives metrics show bearish biasIn the derivatives markets, traders are supporting a negative outlook for the meme coin. SHIB’s long-to-short ratio stands at 0.91 on Tuesday, nearing the lowest level over a month. This ratio, being below 1, reflects bearish sentiment in the market, as more traders are betting the asset’s price will fall.

SHIB long-to-short ratio chart. Source: CoinglassIn addition, the funding rate remains negative at -0.0136% on Tuesday, indicating that shorts are paying the longs and suggesting bearish sentiment.

SHIB funding rates chart. Source: CoinglassApart from bearish on-chain and derivatives metrics, rising tensions between the US and Iran this week have dampened traders’ risk appetite. As a highly speculative meme coin, SHIB remains vulnerable to shifts in investor sentiment, increasing the likelihood of a deeper correction.

Shiba Inu Price Forecast: Weakening momentum indicatorsShiba Inu price extends its losses, slipping below $0.0000042 on Tuesday, correcting over 5% in the last three days after facing rejection from the descending trendline (drawn by joining multiple highs since mid-May).

If SHIB continues its correction, it could extend the decline toward the yearly low at $0.0000040. 

The Relative Strength Index (RSI) on the daily chart reads 31, pointing downward toward oversold conditions and indicating strengthening bearish momentum. The Moving Average Convergence Divergence (MACD) indicator lines are about to flip a bearish crossover, further supporting the negative outlook.

SHIB/USDT daily chartOn the other hand, if SHIB recovers, it could extend the advance toward the descending trendline around $0.0000044.

SoftBank's Masayoshi Son: AI boom will require $5 trillion in annual investment.

SoftBank Group founder Masayoshi Son stated that by 2040, global artificial intelligence (AI) infrastructure will require $5 trillion in annual investment to support the expansion of data centers, power supplies, and humanoid robots, thereby driving the shift from a "human-centric" work model to a new paradigm. He pointed out that as AI evolves into Artificial Superintelligence (ASI), the revenue generated will justify these massive expenditures. "AI will revolutionize our lives—and this transformation will bring profits," Son said. (Jinshi)

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South Korea's four government departments will hold a meeting on Thursday to discuss the risks of single-stock leveraged ETFs.

According to a report by The Korea Times, South Korea’s financial regulators will hold a high-level meeting on Thursday to discuss risks and countermeasures for single-stock leveraged ETFs. The meeting is expected to take place under the framework of the "F4 Meeting" — the South Korean government’s macroeconomic and financial issue coordination mechanism — with officials from the Ministry of Economy and Finance, Financial Services Commission, Financial Supervisory Service, and the Bank of Korea in attendance. Recently, volatility in South Korea’s stock market has continued to intensify, drawing growing attention from regulators and market participants to single-stock leveraged ETFs. Stakeholders believe these products have become a key factor driving sharp stock price fluctuations. An official with knowledge of the matter said regulators have been coordinating relevant plans internally in recent days, but no final policy direction has been set yet. Possible measures under market discussion include raising margin requirements, limiting daily price fluctuation ranges, and adjusting leverage multiples. However, regulatory officials noted that these measures may only provide temporary relief and cannot fundamentally resolve the structural causes of market volatility. (Jinshi)

5 minutes ago

Binance will conduct wallet maintenance for the Ethereum (ETH) network on July 16.

According to an official announcement, Binance will conduct wallet maintenance for the Ethereum network (ETH) at 14:00 UTC+8 on July 16, 2026. To facilitate this maintenance, Binance will suspend ETH network deposit and withdrawal services starting at 13:55 UTC+8 on the same day. The maintenance is expected to take 1 hour, and deposit and withdrawal services will automatically resume after completion.

5 minutes ago

Over 320,000 retail leveraged accounts in South Korea were forcibly liquidated by securities firms, with some investors still owing funds to their brokers after the liquidations.

U.S. financial blog portal ZeroHedge noted in a post that as of July 13, South Korea had a total of 1.2 million retail leverage accounts that triggered margin calls, with approximately 320,000 to 360,000 of these accounts fully liquidated by securities firms, and some accounts still owed funds to the firms following the liquidations.

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NOXA: Web domain offline, new ENS-based interface set to launch soon

Robinhood Chain’s Launchpad platform NOXA announced that its web domain is currently offline. The team is testing a new ENS-based frontend interface, which is nearly complete. Once the new interface goes live, creators will be able to claim their creator fees via the frontend again. NOXA serves as the launchpad for CASHCAT, with cumulative protocol fees exceeding $14.5 million.

5 minutes ago

Margin call amounts in South Korea's stock market exceeded 324 billion won last week.

South Korea's stock market has seen intensified volatility recently, with risks from leveraged trading starting to surface en masse. According to data from FreeSIS, the Korea Financial Investment Association, the total value of actual reverse transactions conducted by South Korean securities firms for unsettled funds last week (July 6 to July 10) stood at approximately 324.095 billion won. This is about 32% higher than the average of roughly 244.921 billion won over the prior five weeks, marking a week of notable elevated pressure. Compared with the relatively calm week of June 15 to June 19, last week’s figure was roughly five times that level. In terms of daily data, forced liquidation pressure in South Korea’s stock market intensified significantly on July 9. That day’s actual reverse transaction value hit around 142.197 billion won, accounting for 10.2% of unsettled funds, the highest of the week. On July 10, the amount remained at approximately 81.613 billion won, with a 5.7% share. The three preceding trading days saw figures of 39.698 billion won, 31.741 billion won, and 28.846 billion won respectively. The so-called "reverse transactions" refer to cases where, after investors buy stocks using margin or unsettled funds, if they fail to top up funds in a timely manner, securities firms will forcibly sell the relevant stocks in accordance with rules. This data is not equivalent to the number of margin liquidation cases, but it reflects the scale of forced liquidation of leveraged accounts during market downturns. Analysts note that when the index experiences consecutive corrections and individual stock declines widen, margin accounts and short-term trading accounts are more likely to face margin calls or forced liquidation pressure. If market sentiment continues to weaken, reverse transactions could further amplify intraday volatility, creating a vicious cycle of "declines → forced liquidations → further declines".

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OpenAI’s GPT-5.6 Sol Ultra is having quite the first week. The model, which launched on July 9 as part of the broader GPT-5.6 family, has already been credited with generating a complete proof for the Cycle Double Cover Conjecture, a famously unsolved problem in graph theory. It completed the task in under one hour using 64 parallel subagents.

Naturally, the crypto world responded the only way it knows how: someone launched a meme token.

What GPT-5.6 Sol Ultra actually did The GPT-5.6 model family includes three tiers: Terra, Luna, and the flagship Sol. The Sol Ultra mode is the heavy hitter, distinguished by its parallel multi-agent reasoning capability.

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On July 10, just one day after general availability, Sol Ultra tackled the Cycle Double Cover Conjecture. For the non-mathematicians in the room: this is a problem in graph theory that has stumped researchers for decades. The conjecture asks whether every graph without a specific type of edge (called a “bridge”) can have its edges covered by a collection of cycles where each edge appears exactly twice.

The prompt and resulting proof were made publicly accessible, which is notable. OpenAI is clearly signaling confidence in the output’s validity by inviting peer scrutiny rather than keeping it behind closed doors.

Sol Ultra scored 91.9% on Terminal-Bench 2.1, a benchmark designed to measure advanced reasoning. Pricing for the Sol tier sits at $5 per million input tokens and $30 per million output tokens, with Terra and Luna offering lower price points for less demanding workloads.

The Erdős connection, and the confusion Here’s where things get murky. Claims have circulated that Sol Ultra solved “Erdős problem #793” using an improved construction. The Erdős problems are a legendary collection of open questions posed by Hungarian mathematician Paul Erdős, many carrying cash bounties for solutions.

What’s verified is that earlier 2026 AI models from OpenAI worked on the Erdős planar unit distance problem. There is no confirmed, independently verified connection between GPT-5.6 Sol Ultra and a specific Erdős problem numbered 793.

The Cycle Double Cover Conjecture proof is the documented achievement. Everything else is, at this point, unverified.

Enter the meme token A Solana-based meme token called $5.6SolUltr appeared almost immediately after the GPT-5.6 launch. The token has no disclosed utility beyond its namesake association with OpenAI’s model. It does not appear to be affiliated with OpenAI in any capacity. The token shows near-zero trading volume and negligible liquidity since inception.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Big Bank Earnings Today: Will Results Calm Economic Fears?

The US government on Monday deposited about $288 million worth of confiscated Bitcoin and Ether onto Coinbase Prime, according to Arkham Intelligence data.

The transferred assets are linked to three separate enforcement cases involving Brian Krewson, convicted darknet drug trafficker Ryan Farace, and the now-defunct crypto exchange BTC-e.

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Krewson, a former Oracle employee known outside work as the performer “Mr. Poto,” came under Justice Department scrutiny over allegations that he helped safeguard millions of dollars in crypto connected to convicted cocaine traffickers. He has not been charged with a crime.

Although moving funds to Coinbase Prime often raises expectations of a possible sale, these transfers alone could simply be an administrative transfer, and do not indicate the government intends to sell the crypto assets.

The government-labeled wallets currently hold 324,551 Bitcoin worth over $20 billion at current market prices.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Warsh Testifies to Congress Today: Will He Bring a Rate Hike in July?

The broader cryptocurrency market risk-off sentiment builds as US President Donald Trump formally declares war with Iran to the US Congress. Bitcoin (BTC) holds at $62,000 on Tuesday, while Pi Network (PI) and Worldcoin (WLD) are leading losses over the last 24 hours.

CoinMarketCap’s Fear and Greed Index is at 28 on Tuesday, down from 31 on Sunday, reaffirming the declining risk appetite in the industry.

Fear and Greed Index. Source: CoinMarketCapBitcoin nears $60,000 amid renewed pressureBitcoin trades near $62,000 on Tuesday, after a 2% drop the previous day, keeping the near-term trend trapped below the 50-day Exponential Moving Average (EMA) at $65,070. The reversal risks a retest of the $60,000 psychological level, with the swing low near $58,115 in place.

Momentum signals are comparatively modest, with the Relative Strength Index (RSI) hovering around a neutral 46.9 and the Moving Average Convergence Divergence (MACD) staying in positive territory but not yet strong enough to challenge the dominant downside structure.

BTC/USDT daily price chart.Looking up, a potential breakout of the 50-day EMA at $65,070 could extend the rally to the $70,000 mark.

Pi Network and Worldcoin poised for further declinePi Network trades at a record low level near $0.0740 on Tuesday, testing the breakout below a descending support trendline of a falling channel pattern. The PI token targets the 161.8% Fibonacci extension level at $0.0679 as immediate support, measured from the downswing from $0.1998 to $0.1183, where a daily close could extend its decline to steeper levels.

The MACD and signal line extend the declining trend, with expanding negative histograms indicating firm bearish momentum, while the RSI near 11 keeps the pair deeply oversold, suggesting that, while downside pressure is dominant, short-term bounces cannot be ruled out.

PI/USD daily price chart.Looking up, a potential rebound in the bearish setup from the support trendline could test the 127.2% Fibonacci level at $0.0961.

Worldcoin trades below $0.4000 at press time on Tuesday, following a 6% decline the previous day. The 50-day EMA at $0.4268 caps the near-term trend, pushing WLD price below the 50% retracement at $0.4048, measured from $0.7229 to $0.2267. A steady decline below could target the 23.6% Fibonacci retracement level at $0.2980.

That said, the RSI at about 42 still leans toward softness, while the MACD remains marginally below its signal line, suggesting downside pressure persists despite the latest stabilization.

WLD/USDT daily price chart.Looking up, the 50-day and 200-day EMAs at $0.4268 and $0.4851, respectively, serve as key resistance levels.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Bitcoin (CRYPTO: BTC) tapped $64,000 the previous week, but Glassnode’s Weekly Market Pulse report shows weakening spot participation, declining on-chain activity, and defensive options positioning underneath the price recovery.

What Is The Spot Market Actually Saying?Bitcoin’s 14-day Relative Strength Index jumped from 50.8 to 66.9, pushing the asset into overbought territory.

Spot trading volume fell 21.5% to $4.1 billion, well below Glassnode’s lower threshold of $4.7 billion.

Spot cumulative volume delta flipped from positive $17.2 million to negative $58.8 million, meaning aggressive sellers now outnumber aggressive buyers even as price climbs.

“The advance has been driven by relatively thin liquidity rather than broad-based buying conviction,” Glassnode wrote.

Are Futures And Options Traders Buying This Move?Futures open interest barely moved, slipping from $31.4 billion to $31.3 billion, meaning traders are holding existing positions rather than adding new bets. 

Meanwhile, funding payments rose above the upper statistical band, meaning long holders are paying a growing premium to stay in their trades while actual buying intensity collapsed 81.7% in perpetual markets.

Options traders are hedging rather than speculating. Put options are trading at a premium to calls, with traders paying more for downside protection than for upside exposure. The options market is not convinced this rally holds.

U.S. spot Bitcoin ETF flows turned positive, recording $161.3 million in net inflows after weeks of outflows. 

ETF trading volume fell 11.97% to $8.4 billion, so the return looks like gradual allocation rather than aggressive re-entry.

What Does On-Chain Data Show?Network activity moved against the price recovery. Daily active addresses fell 7.6% to 599,000, approaching Glassnode’s lower threshold of 594,600. 

Transfer volume dropped 16.1% to $4 billion and total fee revenue fell 13.9% to $168,400, below the lower statistical band.

Long-term holders remain firm, with the short-term to long-term supply ratio falling to 12.1%, below the lower band of 12.5%. 

Moreover, capital is still leaving Bitcoin on the net, just at a slower rate than before.

Glassnode’s takeaway is that Bitcoin is consolidating after recent lows rather than breaking out.

Spot volume recovering, sellers turning into buyers, and on-chain activity stabilizing are the conditions the data still needs to show before this recovery carries real conviction.

Image: Shutterstock

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Jul 13, 2026, 3:17 p.m.

4 min read

Baiju Bhatt (right) and Vlad Tenev, founders of Robinhood (Getty Images/Spencer Platt)Summary

Robinhood Chain, an Ethereum layer-2 launched July 1 to host tokenized stocks, has quickly become one of crypto’s busiest new networks, with about $312 million in total value locked and 3.6 million daily transactions.Despite Robinhood’s pitch of a regulated venue for tokenized real-world assets, those assets account for only about $12.8 million on the chain, while memecoins like CASHCAT and stablecoins dominate activity and market value.The chain’s future hinges on whether speculative memecoin traders convert into users of its tokenized equity and real-world asset offerings.Robinhood Chain, the blockchain network built by the popular trading app to power tokenized stocks, has become one of the busiest new chains in crypto. But despite being built around tokenized stocks and other real-world assets (RWAs), speculative memecoin trading has so far become the network's defining use case.

A cat-themed token called CASHCAT, named after Robinhood's former mascot before the company rebranded, has surged 2,158% over the past 7 days, and the memecoin has a $156 million market cap. By comparison, tokenized real-world assets on the chain are worth just $12.81 million, of which $10.68 million is stocks, with the rest split across commodities, tokenized ETFs and a $410,000 sliver of U.S. Treasuries as of Monday morning.

The contrast comes as the chain has posted explosive early growth since it officially went live on July 1.

Data reviewed by CoinDesk shows that total value locked for the chain reached about $135 million, up more than sevenfold from $17 million on July 3, according to DefiLlama. It even ranked among the top three networks for decentralized exchange trading volume over the past week, generating $3.1 billion in volume.

Robinhood chain's trading volume by DEX (DeFiLlama)This means the tokenized-equity book remains tiny in a chain that clears billions of dollars in weekly trading volume. The pattern is similar to when prominent exchange Coinbase launched its own network, Base, in 2023. Memecoins and speculation filled it first, while the durable applications arrived later, per CoinDesk reports from that time.

Robinhood Chain also recently surpassed Base in daily transaction count, according to Token Terminal. "Robinhood Chain overtook Base in just 1.5 weeks. Yesterday, Robinhood Chain processed 10.4 million transactions versus Base's 6.4 million," it posted on X.

What is Robinhood Chain?Robinhood Chain is an Ethereum layer-2 built on Arbitrum's Orbit stack. It settles transactions on the Ethereum network and uses ether to pay network fees.

An anchor product of the chain is Stock Tokens, onchain versions of equities like Nvidia and Apple that trade around the clock and, unusually, are structured as tokenized debt securities barred to U.S. persons. Crypto applications, including Uniswap, Chainlink and the Morpho lending protocol, were also integrated at launch.

As of Monday morning, the value of all tokens locked on the protocol is $312 million, and the total asset market cap is $480 million. The chain has drawn nearly 800,000 lifetime active addresses, processed 3.6 million transactions in a day, and cleared $838 million in decentralized exchange volume over 24 hours. Fees run a fraction of a cent per transaction.

Robinhood positioned it as a regulated venue where tokenized real-world assets plug into decentralized finance (DeFi), enabling blockchain-based versions of traditional financial assets to interact with onchain lending, trading and other applications.

Yet the composition of activity tells a different story.

According to data tracked by Dune Analytics, asset management accounts for 40.5% of value locked on the chain, while lending accounts for 38.3%. Spot exchanges are 11.9% and perpetual futures 5.2%. Real-world assets, Robinhood's flagship use case behind the chain's existence, are just 4.1%.

The CASHCAT memecoin has also spawned an entire ecosystem of Robinhood-themed tokens, including Cash Dog in Hood, Little John, Hoodrat, and Arrow, none of which existed two weeks ago. The launchpad feeding them, NOXA.fun, and a trading bot called basedbot now have their own dedicated tracking dashboards.

Stablecoins account for much of the remaining activity.

Global Dollar, the USDG token issued by the Paxos-led consortium Robinhood helped found, holds about $200 million of the roughly $299 million stablecoin market cap on the chain, with Ethena's USDe making up most of the rest.

'Works great for memes'While the chain may not yet be serving its original purpose, speculative trading often provides the earliest burst of activity on new blockchains, generating addresses, liquidity and transaction volume well before their intended use cases mature.

But it remains to be seen if the traffic converts. Memecoin traders run to where the activity is and are not loyal to any specific chain, meaning Robinhood Chain's current users may not overlap with the investors it ultimately hopes to attract.

And the platform's executives might even be leaning into that behavior.

On July 2, Robinhood's CEO, Vlad Tenev, told CNBC that assets without utility do not serve a lasting purpose and that tokenized real-world assets were the durable direction for crypto.

Six days later, as CASHCAT climbed, he posted that while the company is building the chain to be the best for real-world assets, 'it works great for memes too.' He later followed the token's X account.

The key question over the coming months is whether Robinhood can convert speculative demand into adoption of its tokenized equity platform. If tokenized real-world assets grow beyond today's roughly $13 million while memecoin activity fades, the strategy may be working.

But if real-world assets stay flat while the speculation moves on to the next flashy chain where memecoins start to rack up quick profits, Robinhood Chain may risk following a familiar crypto pattern: attracting an early wave of speculation without becoming the financial infrastructure it was built to support.

Read more: Robinhood Chain surges into top five by DEX volume: Bernstein

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