Bitcoin (BTC) fell back to $108,000 after breaking through $111,000 this week, experiencing short-term high-level fluctuations; Ethereum (ETH) broke through the $2,700 resistance level, with its market share rising to 9.8%; AI Meme, Virtuals, and perpetual contract DEX sectors led the gains; Plasma's $1 billion deposit limit was quickly sold out; Bullish has submitted a new listing application; the U.S. Senate passed the procedural vote for the "GENIUS Stablecoin Act."
Summary
Market Commentary
Popular Concepts
This week, Bitcoin fluctuated at high levels, just one step away from breaking the previous high. Altcoins showed mixed performance, and market funds remained cautious. According to Coingecko data, the AI Meme, Virtuals ecosystem, and perpetual contract DEX sectors outperformed the market average this week, rising approximately 16.3%, 15.2%, and 13.9% respectively over the past seven days. The commonality among these three sectors is that their technological or narrative developments are highly popular, all belonging to long-term hot tracks.
AI Meme
AI Meme is a cryptocurrency that combines AI and meme culture, typically packaging AI technology concepts in a fun and engaging manner, characterized by strong community dissemination and high market topicality. As the AI concept continues to gain traction in the cryptocurrency market, AI Meme projects have risen to prominence and attracted significant funding. On one hand, they combine technological narratives with entertainment elements to attract a broader range of investors; on the other hand, they have become key targets for speculative funds in hot rotations. — Over the past seven days, this sector has risen by 16.3%, with TERMINAL, SHOGGOTH, and FARTCOIN standing out.
Virtuals Ecosystem
The Virtuals ecosystem is an emerging cryptocurrency ecosystem centered around virtual assets and characters, integrating virtual idols, AI, NFTs, and on-chain interactive experiences, emphasizing immersive social interaction and digital identity construction. This ecosystem has attracted funding mainly due to its strong community stickiness, content extensibility, and brand-building capabilities, quickly drawing in young users and creators. At the same time, the combination of AI-driven character intelligence and on-chain economic models brings new growth expectations and application scenarios for investors. — Over the past seven days, this sector has risen by 15.2%, with POLY, BRAIN, and VADER performing notably.
Perpetual Contract DEX
Perpetual contract DEX refers to decentralized exchanges that support leveraged trading without expiration, allowing users to trade derivatives directly on-chain without the need for asset custody. It has attracted funding mainly due to its advantages of decentralization, security, transparency, and operational freedom, meeting users' demands for high leverage and low slippage trading. As market demand for on-chain derivatives surges, related project tokens have performed strongly, such as HYPE breaking through $40, reflecting high recognition and enthusiasm for growth in this sector. — Over the past seven days, this sector has risen by 13.9%, with LVN, ZEX, and HYPE standing out.
Focus of the Week
Stablecoin public chain project Plasma's $1 billion deposit limit was quickly sold out.
With Circle's successful IPO and impressive market performance, interest in stablecoins has gradually increased. Today, the stablecoin public chain project Plasma announced that it reopened the deposit limit to $1 billion at 9 AM, which was quickly absorbed by the market. Plasma stated that the $1 billion raised is not from the sale of XPL tokens themselves, as the public sale of XPL has not yet begun; all funds will be bridged to the Plasma mainnet testnet and will be fully owned by the depositors, who will participate in the sale based on the final unit ownership at the time of locking. The terms of the public sale remain unchanged: $500 million worth of XPL will be sold, with a fully diluted valuation of $5 billion.
According to official information, Plasma is not just a stablecoin chain but also a financial infrastructure specifically designed for Bitcoin. It combines Bitcoin sidechain, privacy protection, and stablecoin functions, with the potential to natively support USDT and provide deep liquidity through Tether, meeting users' strong demand for low-slippage exchanges and trustless lending in BTCFi scenarios.
The Plasma architecture uses Bitcoin as the final settlement layer, introducing BitVM2 and a model that does not require native tokens to pay Gas, significantly lowering the usage threshold and counterparty risk. At the same time, its built-in privacy mechanism supports selective disclosure, balancing regulatory needs. As a project directly supported by Tether, Plasma elevates stablecoins from liquidity tools to core on-chain assets and builds a stablecoin settlement network comparable to banking payment systems. Its combination of Rollup, privacy, and payment infrastructure trends is expected to make it the most valuable financial layer in the Bitcoin ecosystem.
Bullish Submits New Listing Application
In early June, Circle successfully listed on the U.S. stock market, becoming the first stablecoin stock, with its share price soaring 168% on the first day, raising $1.1 billion, triggering a chain reaction in the industry. The trading platform Bullish has also been reported to have submitted a listing application to the SEC. Bullish's development strategy is highly focused on compliance, choosing to collaborate with Circle (USDC) to avoid USDT, while obtaining cryptocurrency financial licenses in places like Hong Kong and Germany to expand into global markets. It previously attempted to go public via a SPAC but ultimately failed and is now restarting the IPO process.
Bullish is backed by Block.one, the parent company of EOS, which raised $4.2 billion through an ICO in 2018, the largest fundraising in cryptocurrency history. The EOS project later fell into a downturn due to issues with technology, governance, and fund allocation, leading Block.one to pivot to the compliant trading platform Bullish. Bullish launched in 2021, claiming to have over $10 billion in initial funding, with investors including Peter Thiel and Mike Novogratz.
Bullish has a tense relationship with the EOS community, which views Block.one's shift from EOS to Bullish as a "betrayal." The EOS community has attempted to completely split from it through hard forks and legal actions, and in 2025, they renamed the project Vaulta, with the token renamed to A, in an effort to shed the past. To this day, Block.one still holds 160,000 Bitcoins (worth over $17.5 billion), making it one of the private companies with the largest Bitcoin reserves in the world, relying on value preservation and investment to become one of the most profitable project parties in the cryptocurrency space.
U.S. Senate Passes Procedural Vote for the "GENIUS Stablecoin Act"
On June 12, 2025, the U.S. Senate passed the procedural vote for the "GENIUS Stablecoin Act" (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025) with a vote of 68 to 30, officially initiating debate in the chamber and paving the way for a final vote. If passed smoothly, the bill will be submitted to the House of Representatives for review and is expected to become the first comprehensive federal legislation on cryptocurrency assets in the U.S.
The bill focuses on stablecoin regulation, proposing requirements covering 100% reserves, anti-money laundering (AML) compliance, and consumer protection, aiming to enhance market transparency, reduce systemic risk, and promote the application of stablecoins in mainstream payment systems. These provisions not only establish a clear compliance framework but also signify the U.S. government's proactive shaping of the digital dollar landscape.
From an industry perspective, if this bill is enacted, it will have a profound impact on the stablecoin market landscape, helping compliant projects gain greater support from institutions and banks, and promoting fiat-pegged assets like PayPal USD and USDC to mainstream adoption. The current market generally holds a positive attitude towards the bill, believing it can reduce policy uncertainty, enhance the acceptability of compliant stablecoins, and accelerate the integration of traditional finance and cryptocurrency finance.
Highlight Data
Sonic's cumulative transaction count exceeds 100 million.
As of this week, Sonic officially announced that its blockchain network's cumulative transaction count has officially surpassed 100 million, marking Sonic's rapid rise and widespread adoption as an emerging Layer 1 blockchain globally. According to official data released by the Sonic Foundation on June 8, 2025, the on-chain transaction count has reached 102 million since the launch of the Sonic mainnet, with daily transaction volume showing a continuous growth trend, reflecting its high throughput, low cost, and high scalability technical advantages gradually translating into actual user and developer preference.
Sonic's blockchain has surpassed 100 million transactions, leveraging its high-performance Layer 1 network and low-cost advantages, with FoMoney's fully on-chain games attracting over a million players, and Chaos Finance and Chillonic driving a surge in DeFi and NFT trading. The breakthrough of 100 million transactions highlights its market competitiveness, and future technological upgrades and cross-chain plans will further propel it to become an important infrastructure in Web3.
Uniswap v4 launched four months ago, with trading volume exceeding $40 billion.
Uniswap recently disclosed that since its official launch on January 31, 2025, Uniswap v4 has achieved a trading volume exceeding $40 billion in just four months, demonstrating strong market appeal and user activity. According to statistics, Uniswap v4's trading volume accounts for 8.7% of the total decentralized trading market volume (approximately $462 billion) as of 2025. Its overall ecosystem continues to maintain a leading position in the DEX market, holding a 23% market share, further solidifying its status as the largest DEX in the industry.
Uniswap v4, with its innovative "hook" mechanism and dynamic fees, combined with deep integration with Unichain Layer 2, has significantly enhanced the flexibility and trading efficiency of decentralized exchanges (DEX). Unichain, with its astonishing 250-millisecond block time and up to 95% cost reduction, has quickly surpassed Ethereum, becoming the dominant chain for Uniswap v4 trading, capturing nearly 75% of the market share. Additionally, approximately $45 million in liquidity incentives successfully propelled Unichain's total locked value (TVL) from $9 million to $267 million, fully demonstrating user recognition. This series of developments not only showcases Uniswap's strong innovative capabilities in the DeFi space but also further solidifies its position as a leader in decentralized financial infrastructure.
TRC20-USDT issuance exceeds 78.7 billion.
As of June 2025, the issuance of TRC20-USDT has reached 78.7 billion, accounting for 52.5% of the total global USDT supply (150 billion). Since the beginning of 2025, an additional 19 billion has been issued, far exceeding the 7 billion issued in April 2024, representing nearly an 11-fold year-on-year increase. Among them, 7 billion were issued in May alone, and approximately 1 billion has been added in June.
This significant growth not only highlights TRON's dominant position in the stablecoin sector but also underscores the profound impact of blockchain technology in reshaping the global financial system. In the future, TRON is expected to further expand its Web3 ecosystem and broaden the practical application scenarios of TRC20-USDT through collaborations with financial institutions and the integration of emerging technologies. Meanwhile, as competition intensifies and regulatory uncertainties rise, TRON must continue to strengthen its technological advantages to avoid impacting user confidence due to external controversies.
TRX, as the native token of the Tron chain, has shown relatively strong price performance over the past few years, consistently maintaining a position within the top 10 by market capitalization. Since 2024, TRX has accumulated a rise of over 150%, performing relatively well among Layer 1 public chains.
Related: U.S. Bancorp explores the stablecoin sector, crypto custody business sees a revival
Original: “Plasma's $1 Billion Deposit Limit Quickly Sold Out | U.S. House Passes GENIUS Stablecoin Act”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
