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The Big Story
Tether's $186B USDT Faces EU Ban Today As MiCA Kicks In — July 1, 2026 marks the hard deadline for the EU's Markets in Crypto-Assets regulation, and for Tether, it's an effective exit from Europe's regulated markets. Coinbase, Kraken, and Crypto.com EU have already restricted USDT trading and deposits, while rival stablecoins like USDC stand ready to capture displaced liquidity. The regulatory line has been drawn, and the world's largest stablecoin is on the wrong side of it. Meanwhile, the EU has issued 244 MiCA licenses as of June 29, with Germany and France accounting for more than a third of all authorizations across the bloc.
Breaking News
BlackRock Deposits Nearly $1B In BTC To Coinbase Prime Over 72-Hour Window — BlackRock executed another large on-chain movement on July 1, depositing 3,625 BTC (approximately $212.43M) and 20,598 ETH to Coinbase Prime, bringing the 72-hour total to nearly $1 billion across two separate transfers.
Senate Republicans push to pass the CLARITY Act in July — Senate Republican leaders are making a public push to bring the Digital Asset Market Clarity Act to a floor vote in July, setting up one of the most consequential legislative tests for the crypto industry in years.
Bitcoin Spot ETFs Lose $4.5B in Worst Month Ever — Spot Bitcoin exchange-traded funds posted a record $4.5 billion in net outflows during June, their worst monthly performance since launching in January 2024, according to SoSoValue data.
Binance And CZ Hit With $200M UK Lawsuit — Nearly 1,700 UK investors have sued Binance and founder Changpeng Zhao in London's High Court, seeking at least £150 million ($200 million) over crypto derivatives they claim were sold without proper authorization.
Top Stories
XLM Surges As Stellar Joins Open USD — Stellar's native token XLM climbed roughly 10% over 24 hours after the Stellar Development Foundation joined the launch of Open USD as both a launch partner and Open Standard participant. The move ties Stellar into a coalition that includes Visa, Mastercard, Coinbase, and BlackRock, positioning the network as infrastructure for a stablecoin designed to solve persistent cost and access problems in global payments. Aptos also joined the Open USD push alongside more than 140 companies.
Kaspa's Toccata hard fork is live on mainnet — Kaspa's Toccata hard fork went live on mainnet on June 30, marking what the project describes as the biggest upgrade in its history. The hard fork activated at DAA score 474,165,565, roughly at 16:15 UTC, drawing a clear line between what Kaspa was and what it is now becoming: a chain that started as a high-speed payment network and is now programmable. KAS led the market on June 30, posting an 8.7% gain as traders positioned ahead of the fork.
Ondo Tokenized Stocks Launch On Uniswap Across Ethereum And BNB Chain — Ondo Finance has officially integrated more than 430 tokenized U.S. stocks and ETFs into the Uniswap interface across Ethereum and BNB Chain, enabling direct on-chain access to equities for compliant investors. The integration marks a concrete step in the expansion of tokenized real-world assets beyond treasuries and bonds into public equities, and it's happening on decentralized infrastructure rather than walled exchanges.
Deep Dive of the Week
Are Coinbase and OKX Coming for Binance's European Users? — Not in so many words, but the timing is hard to miss. Neither Coinbase nor OKX named Binance when they rolled out fresh sign-up incentives for European users in late June, but both campaigns landed within days of Binance telling its EU customers that certain services would be restricted under MiCA. This deep dive examines the competitive positioning as Europe's largest exchange faces regulatory pressure and its rivals move in.
By the Numbers
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294 billion transactions — Internet Computer Protocol has officially crossed the 294 billion transaction milestone, underscoring persistent on-chain activity on the DFINITY-backed network.
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$21 million recaptured — Aave and Chainlink have recaptured more than $21 million in combined revenue since the launch of Chainlink Smart Value Recapture (SVR) in 2025, with $14 million flowing to Aave and $7 million to Chainlink.
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26.2% retention — Ethereum recorded the highest on-chain user retention rate among 11 major blockchains in CoinGecko's Q1 2025 to Q1 2026 cohort study, meaning roughly 1 in 4 users remained active after a full year.
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87.37 billion LUNC burned — Binance burned over 600 million LUNC tokens on July 1, bringing the exchange's cumulative total burn to 87.37 billion Terra Classic tokens and closing in on the 90 billion milestone.
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$1.4 billion crypto earnings — Donald Trump's 2025 financial disclosure shows at least $1.4 billion in cryptocurrency-related income, making digital assets the largest single source of earnings during his second term, according to the U.S. Office of Government Ethics.
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4,941 new XRP wallets — The XRP Ledger added 4,941 new wallets in a single day on June 30, its strongest network growth spike in over three months, even as XRP struggles to hold the $1 mark.
On Our Radar
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Strategy's capital framework overhaul — Strategy's common stock MSTR jumped roughly 13% to $92.87 on June 29, while the new STRC preferred instrument climbed 14% to $115.50, following the company's announcement of a flexible capital framework that includes board approval to monetize Bitcoin holdings if needed.
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UK splits stablecoin rulebook — The Bank of England and FCA have published their joint oversight plan for sterling stablecoins, drawing a clear line between everyday crypto-market coins and those designed to plug into systemic payment rails.
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MetaMask launches on Monad — MetaMask has officially launched the MetaMask Money Account, a self-custodial product that combines stablecoin yield, payments, and crypto trading in a single balance, with immediate yield generation through the MUSD stablecoin.
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Winklevoss twins transfer $67M to Gemini — Cameron and Tyler Winklevoss have transferred approximately $67 million in digital assets to Gemini, reigniting speculation that the billionaire co-founders may be preparing to offload a portion of their long-held cryptocurrency positions.
Until Friday.