Bit Deer completes $330 million convertible bond issuance, pump.fun's X unblocked.

The Golden Weekly is a weekly summary column of the blockchain industry launched by Golden Finance, covering key news of the week, mining information, project dynamics, technological progress, and other industry developments. This article is part of the news weekly, bringing you a glimpse of the major events in the blockchain industry this week.

Headline

▌Bitdeer has completed a $330 million convertible bond issuance

Bitdeer completed a $330 million convertible bond issuance with a coupon rate of 4.875%, maturing in 2031. This is the third time in nearly a year that this Bitcoin mining company has financed through convertible bonds, and the funds will be used for the R&D of SEALMINER mining machines and the expansion of data centers. This private placement is aimed at qualified institutional investors, exceeding the original target of $300 million and including an overallotment option of $45 million.

▌pump.fun and its founder's official X account have now been unblocked

According to information from platform X, the official X account of pump.fun and its founder Alon, which was previously banned, has now been unbanned. Yesterday's news reported that a wave of freezes hit platform X, resulting in the freezing of pump.fun and its founder Alon's official X account.

▌Ark Invest again reduced its holdings of Circle stocks by 44.8 million dollars

Ark Invest, led by Cathie Wood, sold $51.7 million worth of Circle Internet Group Inc. (CRCL) shares the previous day and further reduced its holdings by $44.76 million the next day. As a stablecoin issuer, Circle's stock price remains above its recent IPO price. According to the latest filings, Ark Invest's three exchange-traded funds (ETFs) sold relevant shares on Tuesday. Among them, the ARK Innovation ETF (ARKK) reduced its holdings by 208,654 shares of Circle stock, the ARK Next Generation Internet ETF (ARKW) sold 65,320 shares, and the ARK Fintech Innovation ETF (ARKF) also reduced its holdings by 26,134 shares of the stablecoin issuer's stock. According to Yahoo Finance data, CRCL closed down 1.26% on Tuesday, at $149.15, but rose 2.84% in after-hours trading. Its stock price remains significantly higher than the IPO price of $31.

▌JD Coin Chain CEO: Currently negotiating cooperation with global compliant exchanges to launch JD stablecoin

Liu Peng, CEO of JD Coin Chain Technology, revealed in a recent interview with Bloomberg Businessweek/Chinese Edition that as of early June, we have mainly conducted tests on Hong Kong dollar stablecoins, and will later conduct tests on other fiat currency stablecoins. The second phase focuses on testing the use of stablecoins in three practical scenarios: cross-border payments, investment transactions, and retail payments. In the cross-border payment scenario, we plan to expand our user base through both direct customer acquisition and non-direct customer acquisition (for example, partnering with compliant wholesalers). In the investment trading scenario, we are negotiating partnerships with global compliant exchanges to launch the JD stablecoin in different regions. The first retail implementation will be at the JD Global Sale Hong Kong and Macau site, where users will be able to use stablecoins for shopping in JD's self-operated e-commerce environment.

********▌Iran: Only the above-ground part of the Fordow nuclear facility was damaged and can be repaired

According to the Iranian Tasnim News Agency, Menan Reihy, a representative of the Iranian parliament from Qom province, stated early today (June 22) that contrary to what U.S. President Trump claimed, the Fordow nuclear facility in Iran has not suffered serious damage, with the main damage being to the above-ground portion, which is repairable. He expressed confidence that "all items that could pose a threat to nearby residents" had long been cleared from the facility, and there are currently no reports of nuclear radiation. He emphasized that Iran views this U.S. attack as a manifestation of direct U.S. involvement in the war, and it is now "time for Iran to decide when and how to respond to the U.S." (CCTV International News)

▌Federal Reserve: The liquidity of the U.S. stock, corporate bond, and municipal bond markets has substantially deteriorated

The Federal Reserve's monetary policy report shows that financial stability is "resilient" amid increasing uncertainty; market liquidity has improved, but market conditions remain sensitive to news related to trade policy; liquidity in the stock, corporate bond, and municipal bond markets has also substantially worsened.

Policy

▌The South Korean Financial Services Commission is developing a roadmap for the launch of virtual asset ETFs

According to Bitcoin News, the South Korean Financial Services Commission is formulating a roadmap for virtual asset ETFs, which is expected to be launched in the second half of this year.

▌Trump: I hope the House can push the legislation forward at lightning speed and quickly pass the stablecoin bill

Trump posted on the Truth Social platform, enthusiastically praising the Senate for passing the digital asset legislation known as the "GENIUS Act." He stated that this act will make the U.S. the "undisputed leader in the field of digital assets" and will bring about "huge investments and innovations." He hopes that the House will push the legislation forward at lightning speed, swiftly pass the stablecoin bill, and send it to his desk as soon as possible, emphasizing "no delays, no additional conditions." In his post, he stressed: "Digital assets are the future, and our country will lead this field," and stated that the U.S. will show the world how to achieve unprecedented success in the digital asset space.

▌The UK plans to introduce rules on bank exposure to crypto assets next year

The Bank of England's Executive Director for Prudential Policy, David Bailey, stated that the UK plans to propose new restrictive regulations on banks holding crypto assets before 2026 to mitigate financial stability risks. The plan will refer to the disclosure framework established by the Basel Committee, which recommends that banks limit their exposure to cryptocurrencies such as Bitcoin to within 1%.

▌Central Financial Committee: Support financial institutions in using Blockchain and other technological means to develop supply chain finance

The Central Financial Committee issued the "Opinions on Supporting the Accelerated Construction of the Shanghai International Financial Center." The opinions propose to strengthen the construction of a unified financing and credit service platform, support financial institutions in using technological means such as Blockchain to develop supply chain finance, and serve the development of a multi-level and multi-pillar pension insurance system. Build a global financial technology center of high quality. Promote financial support for the higher quality integrated development of the Yangtze River Delta. (Xinhua News Agency)

▌The Governor of the Bank of Korea is cautious about launching a Korean won stablecoin

According to the Korea Economic Daily, Bank of Korea Governor Lee Chang-yong has expressed a cautious attitude towards the launch of a Korean won stablecoin. Lee stated that while he does not oppose the Korean won stablecoin, factors such as the stability of the foreign exchange market and changes in the banking sector structure need to be considered. There are concerns that the Korean won stablecoin may increase the demand for US dollar stablecoins, complicating foreign exchange management. The active use of stablecoins could lead to a shift in payment and settlement functions from the banking sector to the non-banking sector, affecting banks' revenue structures and business models. The Bank of Korea has been conducting experimental research on Central Bank Digital Currency (CBDC), but the formal issuance of stablecoins requires coordination with financial regulatory authorities. Lee emphasized the need for policy coordination with the Ministry of Finance, the Financial Services Commission, and other departments, taking into account both the positive functions and potential risks of stablecoins.

Blockchain Application

▌Cross-border payment通 officially launched, the first transaction in the country landed in Shenzhen

The Cross-Border Payment Channel has officially launched, marking the interconnection between the Mainland and Hong Kong Fast Payment Systems. In the future, residents of both places can conduct real-time cross-border remittance. The first cross-border payment transaction for Mainland residents remitting south and Hong Kong residents remitting north has been implemented in Shenzhen. The Cross-Border Payment Pass refers to connecting the rapid payment system of mainland China with the rapid payment systems of other currency authorities, establishing supporting policy arrangements to provide efficient, convenient, and secure cross-border payment services for residents of mainland China and residents abroad. The rapid payment system is a retail financial infrastructure designed for quick payment settlement, characterized by longer operating hours and real-time fund arrival for the payee compared to traditional payment systems. Residents in both locations can simply use the "Cross-Border Payment" feature module in the mobile banking app, enter the phone number or a combination of the account name and receiving account number to make cross-border remittances. They can also flexibly choose the currency for the remittance to be either Renminbi or Hong Kong Dollar according to their needs.

▌Wyoming, USA plans to launch the WYST stablecoin mainnet on August 20

The latest monthly meeting minutes of the Wyoming Stable Token Committee (a government-supported organization) show that the committee plans to officially launch the mainnet of its WYST stablecoin on August 20. WYST is a stablecoin pegged to the US dollar, authorized for issuance by the Wyoming Stable Token Act in 2023, aimed at consolidating the state's leadership position in the Blockchain field. Currently, the organization has not finalized which of the 11 blockchains WYST will be deployed on: Aptos, Arbitrum, Avalanche, Base, Ethereum, Optimism, Polygon, Sei, Solana, Stellar, and Sui, but the first government-backed stablecoin is likely to choose to launch simultaneously on multiple blockchains.

▌Reddit is in talks to use Worldcoin's iris scanning device Orb

Reddit is in talks to use the iris scanning device Orb from Sam Altman's Worldcoin. According to two informed sources, World ID may soon become a way for Reddit users to verify themselves as unique individuals while remaining anonymous on the platform. The discussions between Reddit and World ID's parent company Tools for Humanity highlight the growing market for new identity verification technologies as artificial intelligence floods online platforms with false content, and governments around the world are considering new age verification laws to prevent children and teenagers from accessing social media. If World ID becomes one of Reddit's third-party providers, it will be good news for Tools for Humanity, an organization founded six years ago with the noble goal of providing a universal basic income to everyone in the world by offering a cryptocurrency called Worldcoin in exchange for using the Orb to scan their eyeballs.

▌Digital banking giant Revolut is exploring its own stablecoin issuance plan

The London-based digital banking giant Revolut is actively exploring its own stablecoin issuance plan. Revolut serves 55 million individual users and 500,000 business clients across 160 countries, with a recent valuation reaching $48 billion. Revolut launched the RevolutX crypto trading platform for the EU in 2024, and two sources have confirmed that Revolut is in talks with at least one native crypto company regarding its stablecoin plan.

▌X will be built into a "super application" that will include functions such as investment, trading, etc.

According to the Financial Times, Linda Yaccarino, CEO of social media platform X, said users would be able to invest or trade on the social media platform "soon". She outlined the company's foray into financial services in order to achieve its owner, Elon Musk's goal of creating an "all-encompassing app." Mr Yaccarino added that the company is also exploring the launch of an X credit or debit card, which could be as early as this year. Previously, X has stated that it will launch the digital wallet and peer-to-peer payment service X Money later this year, with Visa as its first partner.

Cryptocurrency

▌US Treasury Secretary Besant: Cryptocurrencies will not pose a threat to the US dollar, stablecoins can reinforce the dollar's hegemony

U.S. Treasury Secretary Basent stated on the X platform that cryptocurrencies do not pose a threat to the U.S. dollar. In fact, stablecoins can reinforce the dollar's hegemonic position. Digital assets are one of the most important phenomena in today's world, but they have long been overlooked by governments around the world. This administration is committed to making the U.S. a center for digital asset innovation, and the "GENIUS Act" has brought us one step closer to this goal.

▌UK mutual fund Baillie Gifford launched a fully tokenized UCITS fund on Ethereum

One of the UK's largest mutual funds, Baillie Gifford, managing assets worth £197 billion, has announced the launch of a fully tokenized UCITS fund on Ethereum. The regulated Strategic Bond Feeder Fund ( is also part of this fund giant's tokenization pilot project. UCITS funds are a special investment vehicle in the EU, fully known as Undertakings for Collective Investment in Transferable Securities, specifically investing in transferable securities. As part of this pilot, Baillie Gifford plans to hold the fund's tokens in self-custodied wallets, and it is reported that during the pilot, the tokenized fund will be exclusively available to a select group of whitelist clients.

▌Li Yang: Stablecoins have obvious differences in theoretical foundations and operational characteristics compared to traditional currencies, which will pose new challenges to the traditional currency financial system

On June 21, at the 2025 Mid-term Forum (the 69th session) of the Chinese Macroeconomic Forum (CMF) held at Renmin University of China, Li Yang, a member of the Chinese Academy of Social Sciences and chairman of the National Institution for Finance & Development, delivered a speech titled "The Ever-expanding Toolbox of China's Monetary Policy." Li Yang stated that the environment for formulating and implementing monetary policy is becoming increasingly complex from three aspects. First, there is insufficient domestic effective demand, sluggish prices, and weak expectations. There are still pressures in promoting economic growth, advancing technological progress, and improving income distribution. Second, the "unprecedented changes in a century" are accelerating internationally, the process of globalization has stalled, geopolitical tensions are rising, and the world pattern has entered a phase of fragmentation, multipolarity, and bilateralism, affecting international economics, international trade, and international finance. Furthermore, the legislation of stablecoins in Europe, the United States, and Hong Kong has made the challenges posed by digital technology to existing currency, finance, monetary policy, and even monetary finance theory more evident. Li Yang particularly pointed out that although there are various types of existing virtual currencies, only stablecoins have entered the legislative process, which needs to be given high attention. Stablecoins have a significantly different theoretical basis and operational characteristics compared to traditional currencies, and will pose new challenges to the traditional currency financial system.

▌Santiment: Retail investor sentiment has reached its lowest level since "Trump's Liberation Day" after BTC fell below $103,000

Under the increasing pressure of macroeconomic factors, BTC has fallen from a high of $106,000 to below $103,000, followed by a slight rebound. According to a report by Santiment, retail investor sentiment is currently at its most pessimistic level since the announcement of tariffs on Trump’s Liberation Day in early April. However, due to the unusually strong pessimism among retail investors this time, it may signal a price rebound according to past patterns, as Bitcoin has often rebounded shortly after similar panic sentiments emerged, since large investors frequently take advantage of retail sell-offs to accumulate at more favorable prices.

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Important Economic Dynamics

▌The United States demands unbalanced trade concessions from the EU, which may trigger a countermeasure from the EU

In the US-EU trade negotiations, the United States demands that the EU make one-sided concessions that EU officials consider unbalanced. If the terms of a potential agreement do not improve, the EU will face the difficult decision of whether to take countermeasures. According to informed sources, the best-case scenario remains reaching a principled agreement that allows negotiations to continue beyond the July deadline. Washington's demands can be categorized into three types: the first type involves measures related to fish export quotas, which EU officials indicate might conflict with WTO rules. The second type pertains to non-reciprocal tariff-related measures. The third type consists of a range of economic security demands described by EU officials as far-fetched. Informed sources indicate that even if an agreement is reached, many of Trump's tariffs will remain unchanged. The EU has been seeking a mutually beneficial agreement and will assess any final outcome, deciding at that stage how much asymmetry it is willing to accept—if any. )金十(

▌Trump again criticizes Federal Reserve Chairman Powell for failure: If he can decisively cut interest rates to 1-2%, the US could save trillions of dollars annually

Trump posted on social media, saying: "Mr. Powell, 'Too Late' always complains about cost issues—most of these costs are caused by the Biden administration. The greatest contribution he can make to America right now is to decisively lower interest rates. If he could cut rates by one or two basis points, this 'blockhead' could save America up to $1 trillion a year. Although my strong criticism may make it more difficult for him to fulfill his duties (to lower rates), I've tried all moderate means: I've been polite, neutral, and even tough, but unfortunately, none of them worked! Don't use 'there may be inflation risks in the future' as an excuse—because there is no inflation right now! Even if it does appear in the future, it would still be possible to raise rates then. I really don't understand why the Federal Reserve Board doesn't replace this complete idiot! Perhaps I need to change my mind on whether to fire Powell. But there's no rush, anyway, his term is almost over!

▌Federal Reserve's Daly: If there are no tariff measures, will consider interest rate normalization

Fed's Daly stated that concerns about the impact of tariffs on inflation are not as severe as initially announced; if there are no tariff measures, consideration will be given to normalizing interest rates; a continuing decline in inflation is good news. He also indicated that the economic fundamentals are moving in a direction that may require interest rate cuts, unless there is a softening in the labor market, in which case a rate cut in the fall seems more appropriate.

▌Federal Reserve: The value of the US dollar in foreign exchange has generally declined

The Federal Reserve's monetary policy report shows that the foreign exchange value of the US dollar has generally fallen. At the beginning of April, the government bond market continued to operate in an orderly manner, but liquidity has decreased to levels not seen since the beginning of 2023.

▌Federal Reserve's Barkin: Current data shows no urgent reason to cut interest rates

Federal Reserve's Barkin stated that current data shows no urgent reason for a rate cut, as the job market and consumption remain strong. The final direction of trade policy has not yet been determined, and it is unclear how it will affect prices and employment. Businesses expect to raise prices later this year as more higher-priced imported goods have entered their inventories. Companies not affected by tariffs view the chaos in trade policy as an opportunity to increase prices.