Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.
Here’s what happened in crypto this week:
Crypto Exchange Gemini Makes US IPO Filing Public
Gemini, the crypto exchange founded by the Winklevoss twins, has officially made its US IPO filing public, signaling a major step toward mainstream financial integration amid a hot crypto market in 2025.
This public filing follows a confidential submission earlier in June, with heavyweights Goldman Sachs and Citigroup leading the charge.
The crypto sector’s seeing a flurry of IPOs—Bullish recently debuted with a massive valuation, and others like Grayscale are in line. A pro-crypto regulatory shift under Trump’s administration is fueling this rush.
FED To Scrap Program Devoted To Policing Banks On Crypto, Fintech Activities
The Federal Reserve is reportedly scrapping a program focused on policing banks’ involvement in cryptocurrency and fintech activities, signaling a potential easing of regulatory scrutiny on digital asset engagements for US banks.
Recent reports indicate the Fed is withdrawing specific guidance that required banks to seek preapproval for crypto-related activities, aligning with broader moves by U.S. banking regulators to reduce cautionary stances on digital assets.
This rollback, including the removal of “reputational risk” as an oversight factor, could pave the way for banks to more freely engage with crypto firms, potentially reducing debanking practices long criticized by the industry.
Thailand To Launch Crypto Payment Sandbox For Tourists
Thailand has launched a pilot program called TouristDigiPay, allowing foreign tourists to convert cryptocurrencies into Thai baht for local spending.
This initiative targets reviving tourism by enabling seamless digital payments. Tourists can exchange crypto via licensed platforms and use baht for QR code transactions at merchants, with spending caps in place.
Operating within a sandbox, the program ensures compliance without legal changes. It’s a strategic move to position Thailand as a crypto-friendly destination amid declining tourist numbers, especially from key markets like China.
Wyoming State Debuts US Dollar Stablecoin On Seven Blockchains
Wyoming just launched WYST (short for Wyoming Stable Token), the first state-issued US dollar-backed stablecoin, deployed across seven blockchains. This pioneering step aims to integrate blockchain tech into public finance, potentially reshaping state-level monetary systems.
Launched at the Wyoming Blockchain Symposium, it targets efficient payments and school funding, sidestepping federal CBDC debates.
Deployed on chains like Solana, Avalanche, and Aptos via LayerZero, WYST showcases interoperability. This broad rollout tests blockchain scalability for public use, hinting at wider adoption in government transactions.
Tether Appoints Former White House Crypto Council Executive Director Bo Hines As Strategic Advisor For Digital Assets And US Strategy
Tether has appointed Bo Hines, the former executive director of President Donald Trump’s Council of Advisers on Digital Assets, as its Chief of Digital Assets and US Strategic Advisor.
This move marks a significant step in Tether’s strategy to expand its presence in the U.S. market and deepen its ties with the Trump Administration, according to a spokesperson for the company.
Hines served in the Trump administration for nearly seven months before leaving in August. During his tenure, he also worked alongside David Sacks, the administration’s crypto and AI czar, to facilitate discussions among government agencies, industry groups, and lawmakers.
China Considering Yuan-Backed Stablecoins To Boost Global Currency Usage
China might greenlight yuan-backed stablecoins to push the yuan’s global reach, a first for Beijing. This could challenge dollar dominance in digital finance.
A report from Reuters suggests China is eyeing yuan-pegged stablecoins as a tool for internationalization. This aligns with efforts to counter the overwhelming presence of US dollar stablecoins, which dominate the $265 billion market.
Hong Kong’s new regulatory framework could serve as a sandbox for these stablecoins, potentially linking the digital yuan to global assets. This move might reshape cross-border financial dynamics significantly.
30 Crypto Executives Push UK For Stablecoin Rules
Thirty executives from major firms, including Coinbase, Kraken, Copper, and VanEck, have urged the UK to adopt a national stablecoin strategy.
In an open letter to Finance Minister Rachel Reeves, they warned the UK risks becoming a rule-taker instead of a leader if regulation lags. They criticize current legal definitions as outdated, arguing that stablecoins should be recognized as essential digital payment infrastructure.
With the US passing frameworks like the GENIUS Act, the UK risks losing financial innovation leadership without timely regulatory clarity.
Final Thoughts
So that’s it for this week!
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Have a fantastic week ahead!