Daily News: GENIUS Act Passed, US Retail Sales Declined, JD.com Stablecoin announced, and More

Senate Passes Landmark GENIUS Act Stablecoin Bill

The Senate passed the GENIUS Act, establishing the first federal framework for U.S. dollar-pegged stablecoins with a 68-30 vote. The bill grants the Treasury Department oversight authority and sets guidelines such as full reserve backing and monthly audits. It enables banks, fintechs, and major retailers to issue stablecoins while restricting non-financial tech companies from direct issuance. The legislation now heads to the House, where reconciliation with the House's STABLE Act could take time.

US Retail Sales Decline by 0.9% in May

US retail sales reported a decline of 0.9% in May, missing the expected drop of 0.7%. The previous month's figure was revised down from 0.1% to -0.1%, indicating weaker consumer spending.

JPMorgan to Launch USD Deposit Token JPMD and Partner with Coinbase for Testing

JPMorgan announces the launch of a token named JPMD, representing the bank's USD deposits, according to Bloomberg. Naveen Mallela, the global co-head of JPMorgan's blockchain division Kinexys, revealed that the bank plans to conduct its first test transaction in the coming days, transferring a fixed amount of JPMD from JPMorgan's digital wallet to Coinbase, the largest cryptocurrency exchange in the U.S.

Coinbase Seeks SEC Approval to Offer Tokenized Stock Trading

Coinbase seeks approval from the U.S. Securities and Exchange Commission to offer tokenized stock trading, according to market reports.

Dragonfly Managing Partner Predicts Token Introduction to Stock Markets Will Last 1-2 Years

Dragonfly Managing Partner Haseeb Qureshi wrote that in every market cycle, founders chase the flow of hot money. In the previous cycle, token issuance was a hotspot due to the unusually active crypto capital markets. In the current cycle, introducing tokens into the stock market, resembling a fiscal company model, has become the new trend. He noted that hot money never stays in one place for long, which is why fiscal companies will not become the ultimate model. However, he expects this trend to persist for 1-2 years until the hype fades.

Fed‘s Mouthpiece: If Non-Tariff Risks to Prices Were Absent, the Fed Would Be Ready to Cut Rates This Week

"Fed's mouthpiece" Nick Timiraos writes in his LinkedIn post that there is ample reason to believe that if it weren't for the risks to prices posed by tariffs, the Federal Reserve would be ready to cut interest rates this week, as recent inflation has shown improvement. In my opinion, the past five years have changed people's views on inflation and what might happen.

Binance Alpha to List Matchain (MAT) on June 19, Airdrop to Be Released in Two Phases

According to an official announcement, Binance Alpha will list Matchain (MAT) on June 19. Eligible users can visit the Alpha event page starting June 19 to claim the airdrop using Binance Alpha points. The airdrop will be distributed in two phases: In the first phase, users with points reaching X can claim the airdrop with priority, ensuring everyone gets a share. In the second phase, the threshold will be lowered to Y (Y < X), and the airdrop will be distributed on a first-come, first-served basis until the reward pool is exhausted or the airdrop event concludes.

Eigen Labs Launches EigenCloud and Secures $70 Million Investment from a16z

Eigen Labs announces the launch of EigenCloud, a platform designed to bring blockchain-grade trust guarantees to Web2 and Web3 applications. This coincides with a $70 million token purchase by a16z crypto, following its earlier $100 million Series B investment. Built on the EigenLayer restaking protocol, EigenCloud integrates tools like EigenDA, EigenCompute, and EigenVerify, enabling developers to cryptographically verify off-chain activities with on-chain trust guarantees. The platform aims to redefine blockchain as a programmable trust engine, creating new economic opportunities for EIGEN token holders while expanding the scope of decentralized infrastructure.

EigenCloud is built on the EigenLayer re-staking protocol, integrating functionalities such as data availability (EigenDA), general computation (EigenCompute), and dispute resolution (EigenVerify). The platform enables developers to cryptographically prove off-chain activities, providing the same level of trust assurance as on-chain activities. Currently, over $12 billion in re-staked assets provide security for more than 200 independently verifiable services.

Chinese E-Commerce Platform JD.com Will Apply for Stablecoin Licenses in Major Global Currency Countries

Liu Qiangdong, Chairman of JD.com, announced that the company plans to apply for stablecoin licenses in all major currency countries worldwide. The goal is to use these licenses to facilitate cross-border corporate payments, reducing transaction costs by 90% and increasing efficiency to within 10 seconds. Liu also indicated that after completing B2B payment integration, JD.com aims to expand into consumer payments, enabling global transactions using JD stablecoins.

Liu Qiangdong mentioned, "Currently, it takes an average of 2 to 4 days for remittances between enterprises, and the costs are quite high. After completing B2B payments, we will move towards penetrating C2C payments. We hope that one day, people around the world can use JD stablecoins for payments when making purchases globally."

Infini Announces Termination of Infini Card Services and Refund of Card Issuance Fees

Infini has officially announced the termination of its Infini Card services, including Global Card, Lite Card, and Tech Card, which will all be fully suspended for use and new applications. The platform stated that core functions such as top-up, withdrawal, and Earn earnings will not be affected, and users' assets remain secure and controllable. For users who have already applied for the cards, Infini will automatically refund the actual card issuance fee to their account balance within 10 working days. Refunds in progress will be completed within 5-21 working days, and refund requests exceeding 21 days that have already been submitted via the form will continue to be processed. Users can get the latest updates through the in-app customer service or the official Telegram community.

Layer 2 network Ink announced plans to launch its native token INK, with a total supply of 1 billion tokens.

On June 17, Layer 2 network Ink posted on the X platform that it will launch the ecosystem's native token INK, with the total supply permanently capped at 1 billion tokens, and no further minting will be conducted through governance in the future. The INK token is intended for use by users and at the application layer, and an airdrop of INK tokens will be available to early participants of the liquidity protocol.