Crypto Bites | Recap 20062025
Hello fams,
Today, June 20, 2025, the crypto landscape is buzzing with news highlighting increasing institutional embrace, innovative staking solutions, and significant legislative movements. Here's a quick rundown of the top stories:
Stablecoins Cement Their Place in Global Finance
A groundbreaking survey by Fireblocks reveals that 49% of global institutions now actively use stablecoins for payments, with another 41% in testing or planning stages. This widespread adoption is fueled by stablecoins' ability to provide instant settlement and enhanced security. The report further indicates that 86% of institutions boast stablecoin-ready infrastructure, signalling a clear shift towards operational integration rather than just pilot programs. Latin America is leading the charge, with 71% of institutions in the region prioritizing stablecoins for faster cross-border B2B payments.
Adding to the stablecoin narrative, Circle's stock (CRCL) has surged over 500% since its IPO on June 5, now nearing $200 per share. This impressive performance coincides with the Senate passing the GENIUS Act, a bill aimed at creating a robust stablecoin regulatory framework. Circle's USDC is now the second-largest USD-pegged stablecoin, with a market cap of $61.4 billion, and its adoption continues to expand across major platforms.
Kraken Revolutionizes Bitcoin Staking
In a significant development, Kraken has launched native Bitcoin "staking" via the Babylon protocol, allowing users in the US, UK, Australia, and UAE to earn up to 1% APR on their BTC. This innovative solution eliminates the need for wrapping, bridging, or lending Bitcoin, addressing a long-held assumption that native BTC staking wasn't feasible without counterparty risk. The protocol utilizes native Taproot scripts for non-custodial, time-locked BTC commitments, with rewards paid weekly in Babylon's governance token, BABY. This move positions Kraken as the first major exchange to offer such a service, leveraging Babylon's over $96 million in funding and its mainnet launch in April 2025.
Bitcoin ETFs See Massive Inflows, On-Chain Activity Shifts
Bitcoin spot ETFs have witnessed over $1 billion in inflows this week, indicating strong institutional confidence despite Bitcoin's relatively flat price movement. This sustained demand suggests investors are viewing current levels as a buying opportunity, even amidst geopolitical tensions causing some volatility.
However, a new report from Glassnode highlights a curious divergence: Bitcoin's on-chain transaction activity has become a "ghost town" in recent months. This decline is attributed to increased institutional participation, which shifts more activity off-chain. Despite the overall slowdown, the average transaction size is growing, signaling a growing dominance of "whales" using the base layer for larger transfers.
Crypto Industry Continues to Attract Significant Investment
The broader crypto industry remains a hotbed for investment, with $155 million raised across 15 deals this week. This puts the industry on track for an impressive $18 billion in funding for 2025. Notably, A16z crypto has contributed roughly 10% of the year's total investment, backing its 29th deal of 2025. Major funding rounds include EigenLayer's $70 million token purchase, PrismaX's $11 million seed, and Gradient Network's $10 million seed.
Regulatory Progress and Unsung Performers
South Korean regulators are actively preparing for spot crypto ETFs this year, with the Financial Services Commission submitting an implementation plan to the Presidential Committee. This marks a reversal of a 2017 ban and also includes regulatory approval for Korean won-based stablecoins by year-end.
In the US, the Arizona Senate has passed a Bitcoin Reserve Bill that would allow the state to create a fund for seized crypto, which now heads to the House for debate. This is part of a broader national push for state-level crypto legislation.
Finally, while Bitcoin garners most of the headlines, Bitcoin Cash (BCH) has quietly emerged as a top performer in 2025, surging 98% from March to June and hitting a new yearly high above $500. This growth is notable given its limited institutional backing, with strong fundamentals and increased retail engagement driving its momentum.
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