US accounting board FASB proposes conditions for stablecoins as cash equivalents
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Treasury Proposes Rules Defining Who Can Legally Sell Stablecoins in US
Exchanges and other crypto platforms would face new restrictions on selling stablecoins to US customers beginning in 2027.
EtherFi proposes deploying a dedicated Aave V4 instance on the OP Mainnet to support EtherFi Cash.
According to Mars Finance, on July 3rd, EtherFi proposed a Temp Check, requesting the deployment of a dedicated Aave V4 white-label instance operated by EtherFi on the OP Mainnet. This instance would serve as the credit backend for its Visa card product, EtherFi Cash, replacing the current Debt Manager. The instance would share liquidity and other market isolation with Aave, with EtherFi responsible for configuration, risk parameters, liquidity, and operations. Aave would provide the V4 deployment and operation license and receive 20% of the reserve factor revenue. Commercial terms also include integration with GHO, deployment of GHO GSM on the OP Mainnet, a maximum initial asset launch of $175 million, and exclusive access to the Aave V4 lending market for EtherFi Cash. The proposal will gather at least 5 days of community feedback. If approved, it will enter the ARFC phase, with a target deployment date of July 2026.
Bitmine announced a cash dividend of $0.1056 per share to its perpetual preferred shareholders.
According to Mars Finance, on June 22, Bitmine Immersion Technologies, Inc. announced that its Board of Directors has decided to pay a cash dividend of $0.1056 per share to its Series A perpetual preferred stock with a 9.50% yield. This preferred stock is listed on the New York Stock Exchange under the ticker symbol "BMNP". The dividend will be paid in cash in accordance with the terms and conditions set forth in the Series A preferred stock Certificate of Preferred Stock. The dividend payment date is July 10, 2026, and shareholders of record who held the preferred stock as of the close of business on June 30, 2026, are eligible to receive this dividend. Previously reported, Bitmine's Series A perpetual preferred stock "BMNP" is expected to pay dividends weekly.
Is the first humanoid robot company to go public on the A-share market coming? Unitree Robotics' IPO registration on the Science and Technology Innovation Board has been approved, with plans to raise 4.202 billion yuan.
According to Odaily Odaily on July 6, the Shanghai Stock Exchange website shows that the IPO application status of Unitree Technology Co., Ltd. on the Science and Technology Innovation Board has changed to "registration effective". It is reported that Unitree Robotics plans to issue no less than 40.4464 million new shares in its IPO, accounting for no less than 10% of the total share capital after the issuance, with a planned total fundraising amount of 4.202 billion yuan. According to the prospectus, from 2023 to 2025, the company's operating revenue was 159 million yuan, 393 million yuan, and 1.699 billion yuan, respectively, and its net profit was -11.1451 million yuan, 95.4747 million yuan, and 278 million yuan, respectively, making it one of the few profitable high-performance general-purpose robot companies globally. (Bianews)
Tether CEO: EU MiCA regulations are "very dangerous" for stablecoins; abandoning the application was to protect users.
PANews reported on July 2nd that, according to Coin Bureau, Tether CEO Paolo Ardoino explained why USDT did not apply for an EU MiCA license, stating that the regulation is "very dangerous for stablecoins." He indicated that MiCA could force issuers to hold 60% of their reserves in uninsured cash deposits at small European banks, which might be unable to handle large-scale redemptions. Ardoino believes the legislation is "poorly considered" and stated that "skipping MiCA is to protect Tether's more than 400 million users."
Circle CEO Responds to Competition Concerns Regarding OUSD: Stablecoins are Winner-Take-All! USDC's Decade-Long Network Effect Creates a Triple Moat
According to Mars Finance, on July 1st, Circle co-founder and CEO Jeremy Allaire responded to investors' questions regarding the competition from the emerging stablecoin OUSD, emphasizing that stablecoins are a business built on long-term platform and network effects, with a significant winner-takes-all characteristic. USDC's network strength stems from three barriers: First, the network effect of developer and application integration: thousands of services have integrated USDC, each integration amplifies network utility, forming a positive flywheel of developer preference and user stickiness; Second, the liquidity network effect: USDC is currently the third most liquid digital asset globally, alongside BTC and USDT, while other USD stablecoins have only one-tenth of its liquidity and are highly concentrated on promotional accounts on a single trading platform. USDC's liquidity is dispersed across dozens of exchanges, and it took nearly a decade to build this global liquidity foundation; Third, deep integration of policy and regulation: USDC is the only large-scale global stablecoin simultaneously covering Europe and Japan, and Circle continuously invests in the global banking system, reserve management, and near-24/7 liquidity infrastructure. Artemis data shows that USDC processed nearly $30 trillion in on-chain transactions in Q1 2026, accounting for 80% of all USD stablecoin transactions. Allaire addressed OUSD's core selling points point by point: First, while free minting and redemption are theoretically attractive, the market reality is that stablecoins with strong redemption capabilities, high liquidity, and zero fees naturally become exit channels for competitors. Circle addresses this issue through contractual mechanisms rather than general fee waivers. Second, while "everyone sharing the profits" sounds appealing, Circle has already distributed most of its revenue to distribution partners, while retaining sufficient revenue to continuously invest in the infrastructure that makes USDC a global utility—"distributing all revenue will only starve the infrastructure." Third, while the consortium governance model is attractive, its history of scaling and product agility is extremely poor. Large corporations often suffer from poor coordination, inconsistent incentives, and self-interest that stifles consortium operational investment. Circle attempted a similar model in the early days of USDC, encountering immense challenges even on a small scale; small, focused strategic partnerships and independently driven business partnerships almost always prevailed. Allaire also explicitly stated that Circle's stablecoin partnership with Coinbase remains strong, with both parties seeing significant opportunities to expand the USDC network. He expressed optimism about the overall growth of the stablecoin ecosystem, welcomed OUSD, and revealed that Circle is continuously expanding its partnerships with dozens of other stablecoin issuers through platforms such as Arc, CCTP, CPN, StableFX, and Agent Stack, even though some of these partners compete with Circle in other areas of their business. Last night, Open Standard announced the launch of OpenUSD, a new stablecoin backed by over 140 companies including Visa, Stripe, Mastercard, BlackRock, and Coinbase. According to BIT (bit.com) market data, Circle's stock price fell over 16% on Tuesday as a result, but has since rebounded briefly to a 1.55% gain in pre-market trading.