Daily News: Tensions Loom Over Trump and Elon, Deutsche Bank Eyes Stablecoin, $300 Million Incoming Token Unlocks, and More

Trump Warns Musk of “Serious Consequences” if He Funds Democrats

On June 7, U.S. President Donald Trump warned that Elon Musk could face “very severe consequences” if he provides financial backing to Democratic candidates opposing the Republican budget plan. “If he does, he’ll have to pay the consequences for that,” Trump told NBC News in a phone interview, though he did not specify the nature of the potential repercussions. Trump also made it clear that he has no intention of mending his relationship with Musk, saying, “I would assume so, yeah,” when he was asked if he thought his relationship with the Tesla and SpaceX CEO was over.

Trump Says New Fed Chair Nomination Coming Soon

On June 6, Trump said the nomination for the next Federal Reserve chair will be announced soon. "It's coming out very soon," Trump told reporters on Air Force One. He indicated he already has a clear candidate in mind and added that "a good Fed chair is someone who can lower interest rates." When asked if he would consider cutting Elon Musk’s government contracts, Trump responded that he will consider everything before making any decision.

U.S. Democrats to Hold Hearing on “The Stop TRUMP in Crypto Act”

The U.S. House Financial Services Committee, led by Maxine Waters, will hold a hearing at 09:00 a.m. ET (13:00 UTC) next week as part of Minority Day. The session will further scrutinize what they describe as Trump’s involvement in “crypto crimes” and evaluate broader risks posed by the CLARITY Act.

Key topics include The Stop TRUMP in Crypto Act (HR 3573) and regulatory concerns surrounding the CLARITY Act (HR 3633).

Deutsche Bank Considers Launch of Its Own Stablecoin

Deutsche Bank, one of Germany’s largest financial institutions with over $1.5 trillion in assets, is reportedly considering issuing its own stablecoin, Bloomberg reports. The potential move signals a growing interest from major European financial players in the crypto space. If confirmed, such an initiative could inject substantial liquidity into on-chain ecosystems and further legitimize the role of stablecoins within traditional finance.

Circle President: IPO Is a Necessary Step, Not Competing With Banks

In an interview with Yahoo Finance, Circle President and former CFTC Chairman Heath Tarbert stated that going public is a vital move for the company. Circle aims to be a foundational internet-native monetary layer, as envisioned with the 2017–2018 launch of USDC.

Tarbert emphasized that Circle operates as a neutral platform with both traditional compliance roots and Web3 philosophy. He clarified that Circle does not intend to compete with banks but instead sees them as ideal partners. Going public signals to banks and tech firms that Circle is open for regulated business.

Airwallex CEO Questions Real-World Utility of Stablecoins

Jack Zhang, co-founder and CEO of Airwallex, expressed skepticism on X about the practical use of stablecoins. He noted that while investors often inquire about their potential to lower FX costs, the end-to-end conversion — from stablecoin to recipient fiat — often results in higher costs than interbank FX rates.

Zhang remarked that despite 15 years of crypto development, no compelling real-world application of the technology has emerged.

Uber CEO: Bitcoin Is a “Proven Commodity”, Stablecoins Aid Global Payments

Uber CEO Dara Khosrowshahi said that Bitcoin has become a “proven commodity” and highlighted the role of stablecoins in facilitating international transactions at the Bloomberg Tech Summit in San Francisco on June 5.

Pump.fun to Distribute Protocol Revenue to PUMP Token Holders

Meme coin platform Pump.fun is reportedly planning a $1 billion initial coin offering (ICO) at a $4 billion valuation and will share protocol revenues with PUMP token holders, according to The Block.

Built on Solana, the platform intends to allocate 25% of its tokens for public sale and 10% for airdrops, with a total supply capped at 1 trillion. Private sales are priced at $0.004 per token, and the public offering is expected to launch within two weeks on exchanges such as Binance.

Since its 2024 debut, Pump.fun has generated approximately $677 million in revenue and earns around $1 million daily, making it one of the most profitable projects in the crypto space.

Cetus Protocol to Relaunch on June 8 With 85%-99% LP Recovery

Cetus Protocol announces that it will fully relaunch on June 8 at 03:00 UTC following a previous exploit that drained its CLMM pools.

Users will regain access to trading, liquidity management, and rewards. Liquidity recovery across affected pools ranges from 85% to 99%. To compensate users, Cetus will allocate 15% of its token supply to a compensation contract—5% will be claimable immediately, and 10% will unlock linearly over 12 months starting June 10, 2025.

The team has committed its entire $7 million cash reserve and secured a 30 million USDC loan from the Sui Foundation. Legal proceedings are underway in multiple jurisdictions to recover lost funds.

Meta in Talks Over $10 Billion AI Investment

Meta Platforms (META.O) is in negotiations to invest more than $10 billion in AI startup ScaleAI, Bloomberg News reported on Sunday. Scale AI declined to comment, and Meta (NASDAQ:META) did not immediately respond to reporters' requests for comment outside regular business hours.

Ethereum Core Devs Delay 60M Gas Limit Increase

According to a summary by Tim Beiko on Ethereum community discourse, the Ethereum's 213th All Core Devs Execution (ACDE) call covered several key issues, including postponing the gas limit increase to 60M pending throughput and latency benchmarks from the Berlinterop testnet.

Additional topics included a Glamsterdam brainstorming session, implementation of FOCIL across five clients to resist mempool censorship, and performance promises of EVM64 via 64-bit algorithms. Benchmarking remains ongoing.

Token Unlocks Worth Over $300 Million Scheduled This Week

According to Token Unlocks, over $300 million worth of tokens are set to be unlocked this week across multiple projects:

• CONX: 3.62M tokens on June 15, worth ~$133.2M

• CHEEL: 20.81M tokens on June 13, worth ~$106.56M

• APT: 11.31M tokens on June 12, worth ~$53.83M (1.79% of circulating supply)

• STRK: 127M tokens on June 15, worth ~$16.9M (3.79%)

• IMX: 24.52M tokens on June 13, worth ~$13M (1.33%)

• SEI: 55.56M tokens on June 15, worth ~$10.49M (1.04%)

• MOVE: 50M tokens on June 9, worth ~$7.27M (1.96%)

• BB: 42.89M tokens on June 12, worth ~$4.74M (10.47%)

• XCN: 296.38M tokens on June 15, worth ~$4.27M (0.87%)

• AGI: 69.03M tokens on June 11, worth ~$3.81M (4.00%)

• COOKIE: 13.88M tokens on June 13, worth ~$3.08M (2.54%)

• IOTA: 15.16M tokens on June 11, worth ~$2.78M (0.40%)

• IO: 3.22M tokens on June 11, worth ~$2.48M (1.98%)

• RENDER: 492,130 tokens on June 11, worth ~$1.9M (0.10%)

• EIGEN: 1.29M tokens on June 10, worth ~$1.82M (0.42%)