Scenius Sync (Issue # 156)
Huge Circle IPO Paves Way For Crypto Public Listings, Crucial Stablecoin Vote, JPM To Offer Crypto ETF Financing, Societe Generale To Launch Stablecoin & Robinhood Wraps Up Bitstamp Acquisition
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Highlight innovative applications and mainstream adoption of crypto and blockchain technology.
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Essential News 🗞
USDC issuer Circle debuts public trading on New York Stock Exchange
Circle, the issuer of the second-largest stablecoin by market capitalization, USDC, has begun trading on the New York Stock Exchange. Circle CEO Jeremy Allaire took to X on June 5 to announce the company’s public debut of CRCL shares on the NYSE. The company’s public listing comes 12 years after Allaire co-founded Circle with Sean Neville with a mission to remake the global economic system by “re-imagining and re-building it from the ground up natively on the internet,” the CEO said.
More on the IPO here: The Circle IPO delivered the biggest two-day ‘pop’ since 1980—but the crypto company left $3 billion on the table
& here: Crypto Firm Circle’s Shares Soar in Stock Market Debut
& here: Circle's blockbuster IPO paves way for other crypto public listings
Fed’s Bowman confirmed as vice chair for supervision; Lummis calls it a win for crypto
The US Senate confirmed Federal Reserve Governor Michelle Bowman to serve as vice chair for supervision at the central bank — a move that Sen. Cynthia Lummis said "signals a brighter future for digital assets." Bowman, who received President Trump's nomination for the role in March, secured confirmation in a 48-46 Senate vote. She has served as a Fed governor since 2018. "I'm thrilled that the Senate has confirmed Miki Bowman as Vice Chair of Supervision at the Federal Reserve," said Lummis in an X post. "Her confirmation represents a turning point for digital assets and brings much-needed balance and accountability to Fed banking supervision. Miki's commitment to evidence-based regulation over political considerations will strengthen America's financial system."
Crucial Stablecoin Bill Vote Teed Up in the Senate for This Week
Senate Majority Leader John Thune has teed up a critical procedural vote Wednesday on stablecoin legislation supported by the crypto industry and President Donald Trump. The vote, which will require support from 60 senators, puts the bipartisan legislation on path for swift passage in the coming days after revisions last month won the backing of crypto-friendly Democratic senators like Angela Alsobrooks and Mark Warner. The stablecoin bill would set up rules for dollar-pegged tokens used to make payments. The stablecoins would have to be backed one to one with reserves held in short-term investments like federal debt, overseen by federal or state regulators. Progressive Democrats bemoan that the legislation lacks safeguards to prevent stablecoins from endangering the financial system and allowing criminals to exploit them. They’ve also criticized the bill for not addressing Trump’s profiting off his own crypto dealings.
California moves forward bill to accept crypto for state payments
California has taken a step closer toward embracing crypto after a bill allowing state departments to accept digital currencies sailed through the state’s lower house with a unanimous vote and is now headed for the Senate.
Assembly Bill 1180 (AB 1180), which passed the California State Assembly on June 2 with a 68-0 vote on its third reading, would require the Department of Financial Protection and Innovation (DFPI) to develop rules permitting state fees and transactions under the Digital Financial Assets Law (DFAL) to be payable in crypto.
South Korea crypto industry to win no matter snap election outcome
South Korea’s crypto scene will gain either way in the country’s presidential elections, as both candidates have run on pro-crypto platforms, pledged to ease regulations and expand crypto access. South Koreans will head to the polls on June 3 to elect a new president in a snap election to replace Yoon Suk-yeol, who was impeached and removed from office over his attempt to declare martial law in December. Currently leading the polls is Lee Jae-myung of the center-left Democratic Party, who is up against staunch conservative and People Power Party nominee Kim Moon-soo. Lee has proposed legalizing spot crypto exchange-traded funds and wants to allow South Korea’s $884 billion national pension fund to invest in cryptocurrency. He has also advocated for wider issuance of a stablecoin backed by the South Korean won as part of modernizing the country’s financial system and stemming capital outflows.
Innovation & Adoption 💡📈
JPMorgan & Chase plans to expand some of its crypto offerings for trading and wealth-management clients as the United States regulatory environment warms to digital assets, Bloomberg reported, citing anonymous sources. The bank intends to let its clients use cryptocurrency assets as loan collateral for certain cryptocurrency exchange-traded funds (ETFs), including BlackRock's iShares Bitcoin Trust (IBIT). Previously, clients could only do so on a case-by-case basis. JPMorgan will also include a wealth-management client's crypto holdings when assessing their total net worth and liquid assets when determining the amount a client can borrow against their assets, according to the report.
Chinese firm Webus files with US SEC for possible $300 million XRP treasury plan
Webus International, a China-based automotive and hospitality company, filed a Form 6-K with the U.S. Securities and Exchange Commission outlining plans to establish a $300 million-focused corporate treasury. The filing, published on Tuesday, follows an initial May 29 announcement where Webus said it aims to raise up to $300 million through non-equity financing or credit facilities to support its treasury initiative. As part of the move, Webus has partnered with asset manager Samara Alpha to build out its XRP strategy. The company said it will also integrate Ripple’s blockchain-based payment network into its operations to streamline cross-border settlements and improve booking transparency across its travel and hospitality services.
In similar news, Classover signs $500M convertible note deal for Solana reserve.
And more along these related lines here: Consensys to help SharpLink build its ETH treasury by leading $425 million private placement
Robinhood completes $200 million acquisition of crypto exchange Bitstamp
Robinhood has completed the acquisition of Bitstamp for $200 million — a deal designed to better position the crypto and stock trading platform for expansion outside of the U.S. The popular trading app first announced the proposed acquisition of Bitstamp in June 2024. Just under a year later, Robinhood hit its target of closing the deal in the first half of 2025, which was subject to customary closing conditions, including regulatory approvals. Founded in 2011 as a European-focused alternative to the now-defunct Mt. Gox, Bitstamp is the oldest running crypto exchange, with over 85 tradable assets and more than 50 licenses and registrations globally. The deal brings its retail customers in the EU, UK, U.S., and Asia under the Robinhood umbrella and introduces the firm to institutional crypto clients for the first time.
French bank Societe Generale to launch US dollar-pegged stablecoin on Ethereum and Solana
French banking giant Societe Generale announced plans to launch a U.S. dollar-pegged stablecoin called USD CoinVertible (USDCV) on Ethereum and Solana, potentially becoming the first major European bank to do so.
The USDCV coin will be issued through SG-Forge, Societe Generale’s crypto-focused subsidiary, with custody services provided by New York-based BNY Mellon, according to a statement released Tuesday. USDCV follows SG-Forge’s euro-denominated stablecoin EURCV, which debuted in April 2023.
Noah raises $22 million in seed funding to build its global stablecoin payment network
Stablecoin infrastructure platform Noah has raised $22 million in a seed funding round led by London-based venture capital firm LocalGlobe, the project announced on Tuesday. Felix Capital and FJ Labs also participated in the round alongside angel investors including Palantir co-founder Joe Lonsdale, former Unity CEO David Helgason, and former Adyen CTO Alexander Matthey. Noah plans to use the capital to build out its global stablecoin payment network — a regulated fintech service that provides a bridge between fiat and stablecoins via web and mobile apps, according to its website.