📰1. JPMorgan Launches Tokenized Fund on Ethereum
JPMorgan has submitted a request to launch the JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX) on the Ethereum network, investing in U.S. Treasury bills and overnight repos. This structure is designed to comply with reserve requirements under the GENIUS Act, positioning Ethereum at the heart of the compliant stablecoin infrastructure.
2. CFTC Supports Calchi Against Ohio
The Commodity Futures Trading Commission (CFTC) filed an amicus brief to the Sixth Circuit in support of Calchi in its legal battle with Ohio. The commission claims that Ohio is overstepping its authority by classifying Calchi's contracts as unlicensed sports gambling, following a local court's denial in March of Calchi's request for a preliminary injunction.
3. Global Bank Expands Tokenized Money Market
A major global bank is expanding its offerings in the tokenized money market after a similar move by BlackRock days ago, according to CoinDesk. This expansion highlights the increasing institutional adoption of tokenized financial products and blockchain technology in traditional finance sectors.
4. Broadridge Expands Tokenized Securities Infrastructure
Broadridge Financial Solutions has expanded its infrastructure to support tokenized securities alongside traditional assets. Its distributed ledger trading platform currently tokenizes over $365 billion in assets daily, while its broader infrastructure supports more than $15 trillion in securities transactions daily across Ethereum-compliant chains and the Canton platform.
5. Launch of Surge Update for Bondly Network
The first update for the Bondly network, named Surge, is now available, providing up to a 25% increase in proof capacity and a 50% reduction in costs. These infrastructure improvements enhance the network's scalability and efficiency in generating zero-knowledge proofs.
6. Coinbase Adds Solana to Crypto Lending
Coinbase has expanded its crypto-backed lending product to include Solana as collateral, allowing users to borrow up to $100,000 against their SOL holdings. The total value of crypto-backed loans has surpassed $2.3 billion, with $2.17 billion backed by Bitcoin and $110 million backed by Ethereum. 📊 Market Shifts
1. Withdrawal of 3 Million ETH from Binance
More than 3 million ETH has been withdrawn from Binance since early May, which may alleviate immediate selling pressure according to analyst @ArabxChain. This significant outflow indicates that asset holders are moving their funds into cold storage or to decentralized finance protocols, signaling reduced immediate market pressure.
2. Inflation Outpaces Growth of American Wages
For the first time in three years, inflation has surpassed the growth of American wages, according to the Wall Street Journal. This economic indicator suggests potential pressure on consumer spending and may impact monetary policy decisions made by the Federal Reserve in the coming months.
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