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The U.S. Senate passed the stablecoin regulation bill, marking a historic breakthrough for the GENIUS Act.
The U.S. Senate Passed Stablecoin Regulatory Bill, Advancing Regulatory Process
The U.S. Senate recently passed the landmark "GENIUS Act," marking an important step forward for the federal government's regulation of stablecoins. The passage of this bill also puts pressure on the House of Representatives to advance the next phase of national digital asset regulation. This is the first time the Senate has passed such significant cryptocurrency legislation.
The main sponsor of the bill expressed gratitude to some colleagues before the official vote. Not long ago, the lawmakers had overwhelmingly voted in favor of the bill, so its final passage was expected.
Next, the House will need to decide how to advance the relevant legislative work. Earlier this year, the House Financial Services Committee proposed its own stablecoin legislation, but the proposal has not yet been submitted for a vote by the full House.
Trump comments on Iran issue
Trump posted on social media, expressing his stance on the Iran issue.
Cryptocurrency Market Trends
As of the time of writing, the prices of major cryptocurrencies are as follows:
The Federal Reserve will discuss easing bank leverage requirements
The Federal Reserve plans to hold a meeting to discuss plans to relax leverage requirements for large banks. This could signal the Federal Reserve's reconsideration of bank regulatory rules. The meeting will take place on June 25 to discuss proposed changes to the "supplementary leverage ratio." This will be the first meeting since the appointment of the new top regulatory official.
Relaxing the leverage ratio requirement may be the first in a series of easing rule plans by the Federal Reserve. New officials aim to reform the way the Federal Reserve regulates and supervises large, complex banks. While specific proposal details have not yet been released, the banking industry has been calling for changes to the supplementary leverage ratio for years, hoping to exempt assets traditionally considered safe or modify the formula for calculating the leverage ratio. The banking industry believes that the current supplementary leverage ratio may hinder its ability to enter the intermediate Treasury market during periods of market stress.
Thailand Approves Tax Incentives for Cryptocurrency Sales Profits
The Thai cabinet has approved a new policy that implements a five-year personal income tax exemption on profits from cryptocurrency sales. This move demonstrates the Thai government's supportive stance toward the cryptocurrency industry.
JPMorgan Chase to Pilot Issuance of Deposit Token JPMD
JPMorgan Chase, the world's largest bank, announced the launch of a token pilot project named JPMD. This token represents the bank's dollar deposits and marks a further step by financial institutions into the digital asset space. JPMD will be piloted on a certain blockchain network.
Executives from JPMorgan's blockchain department stated that within the next few days, the bank will execute a transaction to transfer a certain amount of JPMD from the bank's digital wallet to a major cryptocurrency exchange.
A cryptocurrency exchange platform seeks SEC approval to offer blockchain stocks
Market news reports that a major cryptocurrency exchange is seeking approval from the U.S. Securities and Exchange Commission (SEC) to offer blockchain-based stock trading services.
Plasma stablecoin project sets deposit limit
The stablecoin project Plasma officially announced that the deposit limit will no longer be increased, with a total limit set at 1 billion USD. After the recharge channel is closed, the system will continue to operate. Users can still withdraw at any time before the lock-up period begins, but withdrawals or transfers of voucher tokens will reduce the allocated share.
A certain trading platform enters the German and Polish markets
A large cryptocurrency exchange platform has announced its official entry into the German and Polish markets, launching fully compliant centralized trading services. Users in Germany and Poland can trade over 270 cryptocurrencies, including more than 60 trading pairs of cryptocurrencies with the euro.
Deutsche Bank plans to launch a tokenized platform
Deutsche Bank is preparing to launch the minimum viable product (MVP) of its blockchain-as-a-service platform in November 2025. The platform aims to reduce the upfront costs for enterprises exploring tokenization, allowing asset managers, wealth advisors, and other financial institutions to create, distribute tokenized assets and provide related services. Deutsche Bank has previously conducted tokenized asset experiments through its digital asset management platform.
VanEck to Launch Digital Asset Fund
Asset management company VanEck has announced plans to launch a private digital asset fund named VanEck PurposeBuilt Fund this month. The fund will be managed by the VanEck Digital Asset Alpha Fund (DAAF) team, focusing on a certain blockchain ecosystem, investing in tokenized Web3 projects in areas such as gaming, financial services, payments, and artificial intelligence, as well as early-stage projects with long-term token utility.
A certain e-commerce giant plans to apply for a global stablecoin license
A senior executive of a well-known e-commerce group stated that the company plans to apply for stablecoin licenses in major currency countries worldwide, enabling foreign exchange between global enterprises through stablecoins, significantly reducing cross-border payment costs and improving efficiency. The company also plans to expand stablecoin payments into the C-end consumer field in the future.
USDC Treasury destroys a large amount of USDC on a certain blockchain
According to on-chain data monitoring, USDC Treasury has conducted two large-scale USDC burn operations on a certain blockchain, with a total destruction amount exceeding 130 million USDC.
SEC postpones approval of a certain asset management company's crypto ETF application
The U.S. Securities and Exchange Commission (SEC) has postponed the approval of the XRP spot ETF and Solana spot ETF applications submitted by a large asset management company.
Ark Invest Reduces Circle Stock Holdings
Ark Invest, led by Cathie Wood, has reduced its holdings of Circle stock by 342,658 shares through its three ETFs, with a total value of $51.7 million. Circle's stock price rose 13.1% on the day, reaching an all-time high of $151.06, nearly five times its IPO price of $31.
Interactive Strength has completed financing and started purchasing FET coins.
Interactive Strength Inc. announced the completion of a $55 million financing and has begun purchasing the AI token FET in the secondary market. The company expects to become one of the largest holders of AI tokens among publicly listed companies in the United States. This financing was jointly provided by private equity firms and cryptocurrency market makers.
DDC Enterprise plans to expand Bitcoin reserves
DDC Enterprise Limited, a company listed on the NYSE, announced the signing of multiple securities purchase agreements, expecting to raise up to $528 million. Investors include several well-known institutions and individual bitcoin investors. The funds raised will be entirely used to expand the company's bitcoin reserves.
Analysis of Federal Reserve Policy Outlook
Some analysts believe that if it weren't for the risks posed by tariffs on prices, the Federal Reserve might have been prepared to cut interest rates this week, given the recent improvement in inflation. The past five years have changed people's views and expectations regarding inflation.
According to CME's "FedWatch" data, the market expects an 85.5% probability that the Federal Reserve will keep interest rates unchanged in July, a 58.2% probability of a 25 basis point cut in September, and a 41.3% probability of a cumulative 50 basis point cut by December.
The Impact of 10-Year U.S. Treasury Yield on the Cryptocurrency Market
The changes in the 10-year U.S. Treasury yield will have a broad impact on the global financial markets, including the cryptocurrency market. As a global safe-haven asset, fluctuations in U.S. Treasury yields affect investors' risk appetite. Rising yields may put pressure on risk assets such as cryptocurrencies, while a low-yield environment may stimulate demand for high-risk assets. Crypto investors need to closely monitor changes in this important economic indicator.