Daily News: South Korea to Allow Stablecoins, SEC to Potentially Approve Solana ETF in July, Uphold Considers U.S. IPO, and More

SEC Chair: Economic Freedom, Private Property, and Innovation Are Core to DeFi

The U.S. SEC’s Crypto Working Group hosted a roundtable on “DeFi and the American Spirit,” according to DeFi Education Fund. During the opening remarks, former SEC Commissioner Paul Atkins emphasized that the American values of economic freedom, private property rights, and innovation are the foundational principles of the DeFi movement. Atkins stated that developers of neutral tools should not be held liable for third-party actions, and engineers should not be subject to federal securities laws merely for publishing software code.

SEC Requests Solana ETF Filers to Update S-1, Potential Approval as Early as July

The U.S. Securities and Exchange Commission has asked potential issuers of a Solana ETF to submit revised S-1 filings within the next week, Blockworks reports. The SEC will provide feedback within 30 days of submission. Sources say the agency requested updates on language regarding physical redemptions and how staking will be handled. The SEC appears open to including staking as part of the Solana ETF structure. One source estimates that, depending on the revisions, approval could come within three to five weeks — potentially as early as July.

SEC Begins Procedural Review of Bitwise Bitcoin and Ethereum ETF Filing

The SEC announced on June 10, 2025, that it has initiated a procedural review of NYSE Arca’s application to list a dual Bitcoin and Ethereum ETF by Bitwise, according to the official filing. The ETF aims to hold both Bitcoin and Ethereum, with asset allocation based on current market caps—approximately 83% Bitcoin and 17% Ethereum. Bitwise Investment Advisers, LLC sponsors the trust, and Coinbase Custody Trust Company will serve as the crypto custodian. The fund will use CME CF benchmarks for daily NAV calculation and allow authorized participants to create and redeem shares in blocks of 10,000 via cash transactions.

South Korea Unveils Plan to Allow Stablecoins

South Korean lawmaker Min Byeong-deok has introduced the Digital Asset Basic Act, aimed at enhancing crypto regulations. The bill establishes a licensing system for stablecoin issuers, requiring them to maintain a minimum capital of 500 million Korean won (approximately $367,890). As a member of the ruling Democratic Party, Min emphasized that the legislation seeks to position South Korea as a leader in the global digital economy by providing clearer rules for the crypto sector.

Limited Edition Mint Green LABUBU Sells for ¥1.08M at Auction, Pop Mart Market Cap Soars to HK$347.6B

The world's first and only mint green LABUBU figure sold for ¥1.08 million during Yongle’s Spring Auction on June 10. A brown LABUBU (limited to 15 editions) also fetched ¥820,000. The LABUBU frenzy has driven Pop Mart’s stock price up more than tenfold since February 2024, boosting its market capitalization to HK$347.6 billion. Deutsche Bank, JPMorgan, and other foreign institutions have raised their price targets. In 2024, Pop Mart reported ¥13.04 billion in revenue, a 106.9% year-on-year increase, with adjusted net profit up 185.9%.

Uphold Considers U.S. IPO, Eyes over $1.5 Billion Valuation

Digital asset platform Uphold is exploring strategic options including a U.S. IPO or potential acquisition by a payments firm, CEO Simon McLoughlin told The Block. FT Partners has been appointed to guide the process. Sources indicate the company is targeting a valuation above $1.5 billion. McLoughlin also noted that Uphold is expanding its reach among U.S. consumers interested in XRP. Uphold offers cryptocurrency trading and financial services, supporting a wide range of digital assets, including XRP.

Binance Wallet to Launch MEET48 (IDOL) TGE on June 11

Binance Wallet will launch the MEET48 (IDOL) token generation event on June 11, 2025. The subscription window is from 08:00 to 10:00 UTC. Eligible users must use Binance Alpha Points to participate.

Michael Saylor: Apple Should Buy Bitcoin

CNBC host Jim Cramer recently criticized Apple’s stock buyback strategy, calling it ineffective. In response, MicroStrategy co-founder Michael Saylor said, “Apple should buy Bitcoin,” suggesting that investing its cash reserves in BTC might be a more strategic move.

Coinbase Survey: 60% of Fortune 500 Companies Working on Blockchain Initiatives

According to Coinbase’s latest State of Crypto report, about 60% of Fortune 500 executives say their companies are currently developing blockchain initiatives. The report also highlights growing adoption among small and medium-sized enterprises, many of which view blockchain as a solution to specific financial challenges. Additionally, over 80% of institutional investors plan to increase their crypto allocations this year.

Pyth Network Adds Real-Time ETF Price Feeds, Unlocks New Use Cases in DeFi and RWA

Pyth Network, a decentralized oracle solution, has begun publishing real-time ETF price data on-chain. This includes U.S. and global indices, gold, treasuries, REITs, and dividend-focused portfolios. The data opens up new DeFi and RWA applications, offering developers access to institutional-grade pricing infrastructure for building more precise financial tools. Pyth now supports over 100 blockchains and more than 1,500 real-time feeds, aiming to serve as the global decentralized price layer with its low-cost, transparent, and secure architecture.

Deutsche Bank and Ant International Partner to Develop Tokenized Deposits and Stablecoins

Deutsche Bank and Ant International have entered a strategic partnership to provide cross-border payment solutions for enterprises in Europe and Asia. The collaboration includes plans to launch tokenized deposits, stablecoins, and AI-powered FX solutions based on the Temporal Sequence Transformer (TST) model. Deutsche Bank becomes the first German bank to integrate with Ant’s blockchain platform, enabling instant fund transfers and enhanced global treasury efficiency. The partnership will also expand business across EMEA regions through deeper integration with Ant’s payment network.

Forbes Rich List: CZ Once Again the Richest Chinese Individual with $65.7B Net Worth

Forbes data shows Binance founder Changpeng Zhao (CZ) has reclaimed the title of richest Chinese individual, with a net worth of $65.7 billion.