Bit Editor's daily selected Web3 news:
【Guotai Junan International Officially Approved to Provide Cryptocurrency Trading Services】
Guotai Junan International (1788.HK) announced that on June 24, it was officially approved by the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services. After the upgrade, customers can directly trade cryptocurrencies such as Bitcoin, Ethereum, and stablecoins like USDT on its platform.
Guotai Junan International thus becomes the first Hong Kong-based Chinese securities firm to provide comprehensive virtual asset trading services, covering virtual asset trading, consulting, and related product issuance and distribution. In recent years, the company has continuously expanded its virtual asset business, including launching virtual asset ETF structured products, conducting trading platform agency business, and issuing digital bonds, actively helping Hong Kong build an international virtual asset center.
【Bank for International Settlements Believes Stablecoins Have Not Passed "Three Key Tests"】
The Bank for International Settlements report points out that digital assets pegged to legal tender have not passed three key tests of singularity, resilience, and completeness, and cannot become a pillar of the monetary system.
The authors stated that while stablecoins have advantages such as programmability and pseudo-anonymity, their technical attributes may make cross-border payments low-cost and fast, with increasing roles in cryptocurrency ecosystem entry/exit and high-inflation countries, compared to central bank and commercial bank issuance tools, they may damage government monetary sovereignty and abet crime, and should not be viewed as cash.
Specifically, stablecoins fail the resilience test due to difficult construction, requiring full prepayment for additional issuance; issued by centralized entities with varying standards and settlement guarantees, breaking singularity; and not all issuers follow standardized KYC/AML guidelines, lacking completeness.
【New York City Mayor Announces Cryptocurrency Plan During Democratic Primary Voting】
New York City Mayor Eric Adams criticized former Governor Andrew Cuomo's digital asset policy as "wrong and misleading" at the Permissionless conference in Brooklyn, saying he "destroyed the state's crypto industry" during his term. Adams announced the formation of a municipal committee to promote crypto policy, establish channels for paying city services with cryptocurrency, and plans to introduce digital asset education courses in schools.
【Grayscale Updates Spot Solana ETF S-1 Filing, Discloses 2.5% Management Fee】
SEC documents show that Grayscale recently submitted the latest version of the spot Solana ETF (Grayscale Solana Trust, SOL) S-1/A filing, disclosing a management fee rate of 2.5% for the trust product.
【ProCap Announces Purchase of 3,724 Bit, Total Amount Approximately $387 Million】
Anthony Pompliano's Bitcoin treasury company ProCap announced the purchase of 3,724 Bit, with an average transaction price of about $103,785, totaling approximately $387 million. The company stated it will continue to accumulate Bit and plans to hold up to $1 billion in Bit assets under the name ProCap Financial after the merger. Previously, ProCap planned to go public through a SPAC merger, expected to be completed by the end of 2025.
【ETH Version of MicroStrategy SharpLink Gaming Further Increases Holdings by 12,207 ETH, Total Holdings 188,478 ETH】
The ETH version of MicroStrategy, SharpLink Gaming, announced that it has expanded its ETH treasury holdings to 188,478 ETH, spending $30,674,829 (including fees and expenses) at an average price of $2,513 to additionally acquire 12,207 ETH between June 16, 2025, and June 20, 2025.
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