PA Daily | Tether will stop supporting USDT on five chains including EOS starting from September 1; BlackRock's IBIT becomes the fastest ETF to surpass 80 billion USD in history.

Today's news highlights:

1. BlackRock's IBIT has become the fastest ETF in history to surpass $80 billion, currently ranked as the 21st largest ETF in the world.

2. Two congressmen launched "Anti-Cryptocurrency Corruption Week," calling on Democrats to block bills like GENIUS.

3. Binance Alpha will launch Chainbase on July 14 (C)

4. Tether will stop supporting USDT on five major networks including Kusama, EOS, and Algorand starting from September 1.

5. Linea project leader: The announcement to be released later this month will be related to the TGE.

6. SOON has announced a recovery plan to burn 3% of the total supply of tokens.

7. Bitcoin spot ETF saw a net inflow of $1.03 billion yesterday, continuing a 7-day net inflow.

8. The publicly listed company SharpLink Gaming purchased 10,000 ETH from the Ethereum Foundation through OTC.

Regulation/Macro

Tiansheng Capital plans to apply for a Hong Kong stablecoin license.

According to the Hong Kong Commercial Daily, Tian Sheng Capital plans to apply for a Hong Kong stablecoin license by establishing a digital asset trading and settlement company, and intends to use its stablecoin as the digital currency for its art trading and settlement, promoting art and cultural relic transactions from various countries in Hong Kong. It is reported that Tian Sheng Capital aims to use the Hong Kong stablecoin platform as a compliant digital payment solution, focusing on cross-border trade settlement services.

Coinbase sues Oregon Governor and other government officials, demanding the disclosure of public records related to the abrupt changes in crypto regulatory policies.

Coinbase's Chief Legal Officer paulgrewal.eth stated that Coinbase has filed a lawsuit in the Marion County Circuit Court of Oregon, seeking the disclosure of public records related to the abrupt changes in cryptocurrency asset regulatory policies from government officials including Governor Tina Kotek. Coinbase pointed out that the Oregon government suddenly changed its long-standing policy stance in April 2025, classifying digital assets as regulated securities, and sued Coinbase without public participation. Coinbase emphasized that this policy change affects hundreds of thousands of digital asset holders and traders in Oregon, but there was a lack of public discussion or rule-making procedures throughout the process.

The lawsuit in Oregon occurred just two months after the federal government withdrew its SEC lawsuit against Coinbase, and currently, no other states have followed with similar lawsuits. Coinbase believes that the out-of-state law firms hired by the state government could take a 20%-30% cut from potential damages, harming the interests of local residents.

Two congressmen launched "Anti-Cryptocurrency Corruption Week," calling on Democrats to block bills like GENIUS.

According to former Fox Business reporter Eleanor Terrett, in response to the Republican "Cryptocurrency Week," Congresswoman Maxine Waters and Rep. Stephen F. Lynch have initiated the "Anti-Cryptocurrency Corruption Week" initiative, calling on Democrats to block the "GENIUS Act," "CLARITY Act," and "Anti-CBDC Act," warning that these bills pave the way for so-called "cryptocurrency corruption."

Grayscale submits a lawyer's letter protesting the SEC's "halt" order on the ETF conversion of GDLC.

Bloomberg analyst James Seyffart tweeted that Grayscale and its lawyers submitted a letter responding to the U.S. SEC's "stop" order regarding the ETF conversion of GDLC, arguing that the SEC has no authority to do so.

opinion

Linea project leader: The announcement to be released later this month will be related to TGE.

Declan Fox, the project leader of Linea, tweeted that they are ready to realize the LINEA plan announced in Bangkok, with a detailed announcement to be released later this month. When community members inquired whether it is related to the TGE, Declan Fox replied "Yes."

Project Updates

Binance: Users holding at least 150 Binance Alpha points are eligible to receive an airdrop of 88,000 G tokens.

According to the official announcement from Binance, trading for Giants Protocol (G) will begin on July 11 at 21:00 (UTC+8). After the trading starts, users holding at least 150 Binance Alpha points can claim an airdrop of 88,000 G tokens, available on a first-come, first-served basis, until the airdrop pool is completely distributed or the airdrop event ends. Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm their claim on the Alpha event page within 24 hours, or it will be considered a forfeiture of the claim.

SOON has announced a recovery plan, aiming to destroy 3% of the total supply of tokens.

The SOON Foundation tweeted that in response to recent price manipulation events, it is releasing a new governance proposal that includes a series of measures aimed at restoring market confidence and alleviating supply pressure. Details are as follows:

1. Token Burn Plan - 3% of the total supply. A total of 30 million SOON tokens (3% of the total supply) will be permanently removed. Approximately 7.7 million unclaimed airdrop $SOON (about 0.77%) will be burned in the coming days. The remaining 22.3 million SOON will be repurchased from centralized exchanges and burned in the coming days. This plan aims to directly reduce the existing supply and maintain price stability amid recent market fluctuations.

2. In order to maintain transparency and open communication, an AMA event will be held on Twitter next Wednesday, where founder Joanna and Marketing Director Henry will be present. The event will provide a detailed overview of the complete recovery plan and answer various questions from the community.

3. On-chain SOON buyback product (in development). At the same time, the team is building a new on-chain product that will enable the SOON Foundation to buy back tokens directly from holders on a regular basis – a mechanism to further strengthen support and gradually reduce the circulating supply.

4. Launch $SOON governance. The team is preparing to launch the $SOON governance system, which includes everything from fund allocation to protocol upgrades and ecosystem grants.

Binance Alpha will launch Chainbase on July 14 (C)

According to the official announcement, Binance Alpha will launch Chainbase (C) on July 14. Eligible users can claim the airdrop through Binance Alpha points on the Alpha event page after trading begins.

The 1700 ETH "reserved" by the GMX hacker has started to be "washed" through a mixer.

According to @ai_9684xtpa's monitoring, the GMX hacker's "self-retained" 1700 $ETH has started to be "laundered" through a mixer. In the past 3 hours, this hacker has returned about 40 million dollars worth of $FRAX and $ETH, but retained nearly 5 million dollars in profit due to the increase in coin prices as a white hat bonus; half an hour ago, 100 ETH was transferred to Tornado, and the remaining amount is estimated to just be a matter of time.

Binance: Giants Protocol (G) token airdrop event has been postponed, specific time to be determined.

According to the official announcement from Binance, the airdrop event for the Giants Protocol (G) token will be postponed, with the specific time to be determined.

BlackRock's IBIT has become the fastest ETF in history to surpass $80 billion, currently ranking as the 21st largest ETF in the world.

Bloomberg ETF analyst Eric Balchunas tweeted that BlackRock's IBIT has surpassed the $80 billion mark, becoming the fastest ETF to break $80 billion in history, taking 374 days, about 5 times faster than the previous record held by VOO (1814 days). In addition, IBIT's market capitalization has also reached $83 billion, currently ranking as the 21st largest ETF in the world.

Tether will cease USDT support for five major networks including Kusama, EOS, and Algorand starting September 1.

Tether plans to stop supporting USDT on the five major traditional blockchains: Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand, starting from September 1, 2025, and freeze the remaining tokens. Tether stated that this move is part of its broader efforts to optimize infrastructure, align with community usage trends, and refocus resources on blockchains that are high utility and actively developed.

The EigenLayer-based re-staking protocol Inception announces its termination of operations.

The re-staking protocol Inception built on EigenLayer has announced the termination of its operations. Over the past two years, Inception successfully launched more than 15 LRTs, expanded across ecosystems and blockchains, integrated with over 60 DeFi protocols, and underwent more than 8 security audits. However, the protocol could not find a suitable product-market fit. Additionally, the lack of liquidity rewards in the shared security space has made the path for the protocol's development difficult.

Coinbase changed the avatar of its X account to Pengu NFT.

The GMX project team sold 10,000 ETH for 29.597 million USDT about 7 hours ago.

According to on-chain analyst Yu Jin's monitoring, the GMX hacker also gave the GMX project party assets yesterday, including: 10.495 million FRAX and 10,000 ETH (3000 million USD ). 7 hours ago, the GMX project party sold 10,000 ETH for 29.597 million USDT, with a selling price of 2,959 USD. The conversion to stablecoins is expected to prepare for returning assets to users.

Binance Alpha is now live with peaq (PEAQ)

According to the official announcement, Binance Alpha has now launched peaq (PEAQ). Eligible users can claim 643 PEAQ tokens airdrop using Binance Alpha points after the launch begins. The airdrop will be distributed in two phases:

• Stage One (First 18 Hours): Users holding at least 234 Alpha points can apply.
• Phase Two (Last 6 Hours): Users holding at least 180 Alpha Points can participate on a first-come, first-served basis, until the airdrop pool is exhausted or the event ends.

Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm the claim on the Alpha event page within 24 hours, otherwise it will be considered as giving up the airdrop.

Important data

The 1inch team has reportedly purchased 11.81 million 1INCH again in the past 16 hours, worth 3.3 million USD.

According to @ai_9684xtpa's monitoring, in the past 16 hours, the 1inch team has allegedly purchased 11.81 million 1INCH tokens again, worth 3.3 million USD, at a proposed price of 0.28 USD. Currently, this address holds 83.97 million 1INCH tokens, with a total value of 23.72 million USD.

Bitcoin spot ETF saw a net inflow of $1.03 billion yesterday, continuing a 7-day net inflow.

Ethereum spot ETF saw a net inflow of $205 million yesterday, continuing a six-day streak of net inflows.

Arthur Hayes allegedly purchased ENA worth $1.505 million through multiple channels in the past day.

According to on-chain analyst Yu Jin's monitoring, BitMEX co-founder Arthur Hayes has likely purchased a total of $1.505 million worth of ENA through multiple channels in the past day.

• 755,000 USDC transferred to Binance, retrieved 2.1 million ENA;
• 248,000 USDC transferred to Wintermute, retrieved 700,000 ENA;
• 502,000 USDC transferred to Galaxy Digital, bringing back 1.4 million ENA.

Financing/Aquisition

Insiders: Stablecoin infrastructure startup Zerohash is set to raise $100 million, with a valuation of nearly $1 billion.

According to a report by Fortune, two insiders revealed that cryptocurrency and stablecoin infrastructure startup Zerohash is set to raise approximately $100 million, with a valuation nearing $1 billion. Online brokerage firm Interactive Brokers ( will lead this funding round. This financing round follows Zerohash's Series D funding in 2022, during which the company raised $105 million from investors including Bain Capital ), Nyca, and Point72 Ventures. According to PitchBook data, the Series D funding valued the company at $340 million.

( Institutional Holdings

The listed company MicroCloud Hologram has purchased $200 million in Bitcoin and cryptocurrency-related securities derivatives.

According to the official announcement, the Nasdaq-listed company MicroCloud Hologram has announced the purchase of up to $200 million in Bitcoin and cryptocurrency-related securities derivatives. The company holds $394 million in cash reserves, which will be used to invest in Bitcoin )BTC###, blockchain technology, quantum computing, and artificial intelligence-enhanced reality (AI-AR).

Upexi, a publicly traded company, announced a simultaneous private placement of $200 million in common stock and convertible notes to purchase SOL.

Upexi, a Nasdaq-listed company, announced that it has entered into a securities purchase agreement with certain qualified investors, accredited purchasers, and institutional investors, as well as the company's CEO Allan Marshall, to purchase and sell 12,457,186 shares of common stock (or equivalent common stock substitutes) at a price of $4.00 per share (the price for management participation being $4.94 per share), for total proceeds of approximately $50 million (the "Equity Offering").

At the same time as the equity issuance, additional securities purchase agreements have been signed with certain institutional investors and qualified purchasers to purchase convertible notes, completing the subscription in the form of locked-up and spot SOL, with a total original principal amount of approximately $150 million ("Note Issuance"). The convertible notes are secured by SOL provided by the respective holders. The interest rate on the convertible notes is 2.0%, payable quarterly, with a fixed conversion price of $4.25 per share, and a term of 24 months. Big Brain Holdings is the lead investor.

The issuance of the notes is expected to be completed around July 16, 2025, subject to customary closing conditions. The SOL (Solana) underlying this note issuance will become part of the company's Solana asset portfolio after the transaction is completed. It is expected that after the bond issuance is completed, approximately 1.65 million SOL will be held, which is more than double the previously disclosed balance of 735,692 SOL. The net proceeds from the stock issuance will be used in the coming weeks to acquire more SOL.

Public company SharpLink Gaming purchased 10,000 ETH from the Ethereum Foundation through OTC.

The Ethereum Foundation tweeted that earlier this week, it finalized the sale terms for 10,000 ETH through OTC at an average price of $2,572.37. The OTC counterparty is the publicly listed company SharpLink Gaming.

SharpLink Gaming purchased 21,487 ETH in the past 6 hours, with a current unrealized profit of $79.88 million.

According to on-chain analyst Yu Jin's monitoring, after directly acquiring 10,000 ETH from the Ethereum Foundation, SharpLink Gaming has purchased another 21,487 ETH (64.26 million USD) through Galaxy Digital and Coinbase Prime in the past 6 hours. Since beginning to accumulate ETH in early June with a microstrategy operation model, SharpLink Gaming has accumulated a total of 253,000 ETH. The average purchase price is approximately 2,647 USD, currently yielding a floating profit of 79.88 million USD.