Daily News: Fed Governor Waller Indicates Rate Cuts This Year, Circle Upsizes IPO Size and Pricing Range, Russia's Largest Bank to Launch Bitcoin Derivatives, and More

Fed Governor Waller: Trade Policy Uncertainty Looms, But Rate Cuts Still Possible Later This Year

“Assuming that the effective tariff rate settles close to my lower tariff scenario, that underlying inflation continues to make progress to our 2 percent goal, and that the labor market remains solid, I would be supporting ‘good news’ rate cuts later this year,” said Federal Reserve Governor Christopher Waller at a Bank of Korea conference in South Korea on Monday.

Waller noted that moderate tariffs may not necessarily be passed on to consumers, though tariffs could result in one-time price increases. The Fed can afford to tolerate such temporary inflationary pressures. The outlook for rate cuts hinges on how inflation evolves and whether any new tariffs fall on the lower end of the proposed spectrum. He emphasized that the strong economic performance through April gave the Fed room to assess how trade policy developments played out. Still, trade tensions introduce significant downside risks to the economy and labor market. Tariffs could raise unemployment, with potentially lasting effects, while also fueling inflationary pressures.

Circle Upsizes IPO Size and Pricing Range

Circle Internet Group Inc., the issuer behind the USDC stablecoin, has increased the size and pricing range of its upcoming initial public offering (IPO), signaling strong investor appetite.

In a filing submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, Circle and certain existing shareholders now plan to offer 32 million shares, with an updated price range of $27 to $28 per share.

This marks an increase from the company’s earlier plan to offer 24 million shares at a price range of $24 to $26 per share.

Sberbank of Russia Plans to Launch Bitcoin Derivatives and Structured Bonds

According to a post by The Bitcoin Historian on platform X, Sberbank, Russia’s largest bank with $626 billion in assets, is planning to launch Bitcoin derivatives and structured bonds.

Ethereum Foundation Restructures to Refocus on Network Scalability and User Experience

Ethereum Foundation has announced a restructuring of its research and development team, including staff layoffs, and has renamed the department to “Protocol” to better focus on core challenges in protocol design.

The move comes in response to ongoing criticism from the community regarding the Foundation’s management and strategic direction. Some voices have warned that failing to address key technical issues could threaten Ethereum’s position as a technological leader in the industry.

The Foundation stated that the restructured Protocol team will focus on three key priorities: scaling Ethereum’s base layer network, advancing blobspace expansion within the data availability strategy, and improving user experience.

In the announcement, the Foundation noted that "this also means some members of PR&D won’t be continuing with the Ethereum Foundation," and encouraged other teams to absorb this talent. The number of layoffs was not disclosed.

Additionally, the Foundation said the new team structure aims to improve transparency around upgrade timelines, technical documentation, and research. Executive Director Hsiao-Wei Weng expressed on social platform X that she hopes the new structure will help drive core projects forward more efficiently.

ETHGlobal Prague 2025 Announces Finalist Project List

ETHGlobal Prague 2025 has unveiled its list of finalist projects. Among the selected entries are:

• Yetris - game

• DUST.OPS - cross-chain token sweeper

• Wrld Map - travel verification

• Karma Proof - on-chain proof solution

• Detox-Hook - LP yielding

• 0xCollateral credit lending

• MCPay.fun - payment layer

• Pomodoki - virtual pet

• conduct.chat - AI dialogue workspace

• Decycle - on-chain “trash” cleanup tool

CZ: Now Might Be the Right Time to Launch an On-Chain Dark Pool Perpetual DEX

On platform X, CZ stated that in light of recent events, he believes now might be the right time to launch a dark pool perpetual DEX.

“I have always been puzzled with the fact that everyone can see your orders in real-time on a DEX. The problem is worse on a perp DEX where there are liquidations, ” said CZ in the post.

He criticized the real-time visibility of orders on decentralized exchanges, especially for large trades and perps, arguing that this transparency exposes traders to manipulation and liquidation risks. Drawing parallels to TradFi, he noted that large players often use dark pools to protect trade intent, as these are typically ten times larger than public order books.

While acknowledging that transparency can help market makers absorb large orders, CZ emphasized that different traders need different market structures. He suggested using zero-knowledge proofs or similar encryption to hide order books or smart contract deposits, at least temporarily.

"Just a Sunday idea," CZ wrote, adding that builders of such platforms can contact him via Reachme.io, though he made no promises of investment or replies.

Metaplanet Acquires Additional 1,088 BTC, Total Holdings Reach 8,888 BTC

Japanese publicly listed company Metaplanet has announced the purchase of 1,088 Bitcoin, valued at approximately $117.3 million. This brings the company’s total Bitcoin holdings to 8,888 BTC, worth around $934 million.

China’s Webus International Announces $300 Million XRP Strategic Reserve

Chinese AI company Webus International Limited (WETO) has announced a funding plan of up to $300 million to establish a strategic reserve of XRP, Cointelegraph reports. The initiative aims to support global payment solutions.

FTX Creditors to Receive Repayments on Kraken

According to FTX creditor representative Sunil on social media, “FTX creditors have received distributions from FTX in their Kraken accounts.”

Earlier reports indicated that FTX has initiated a second repayment round exceeding $5 billion, with qualified creditors expected to receive funds within 1 to 3 business days.

Yuga Labs Sells Moonbirds IP to Gaming Startup Orange Cap Games

Yuga Labs co-founder Garga announced on May 31 that the Moonbirds NFT intellectual property had been sold to gaming startup Orange Cap Games. The terms of the deal were not disclosed.

This marks Yuga Labs’ third NFT project IP sale this year, following the sales of Meebits and CryptoPunks IP to The Meebit Company and nonprofit Infinite Node Foundation in February and May, respectively.

Orange Cap Games has not yet revealed specific development plans for the Moonbirds IP but stated that future on-chain assets related to Moonbirds will be minted on Layer 1 chains or ApeChain, which is affiliated with Yuga Labs. Additionally, Moonbirds characters will continue to appear in Yuga’s Otherside game.

Token Unlocks This Week:

• Eigenlayer (EIGEN): 1.29 million tokens at 19:00 UTC on June 3, accounting for 0.42% of the current circulating supply, valued at around $1.7 million;

• Cetus Protocol (CETUS): 8.33 million tokens at 00:00 UTC on June 4, accounting for 1.15% of the current circulating supply, valued at around $1.1 million;

• IOTA (IOTA): 8.63 million tokens at 00:00 UTC on June 4, accounting for 0.23% of the current circulating supply, valued at around $1.6 million;

• Taiko (TAIKO): 81.55 million tokens at 12:00 UTC on June 5, accounting for 69.37% of the current circulating supply, valued at around $47 million;

• Spectral (SPEC): 3.62 million tokens at 00:00 UTC on June 6, accounting for 17.57% of the current circulating supply, valued at around $3.7 million;

• Neon (NEON): 53.91 million tokens at 00:00 UTC on June 7, accounting for 22.51% of the current circulating supply, valued at around $6.1 million.

Source: tokenomist