Weekend Recommended Reading: The U.S. aims to leverage stablecoins to create the third phase of the Bretton Woods System. Is the Pump.fun public sale worth participating in?

Organizer: Nona

This week’s focus

The New York Times: From Mar-a-Lago to the White House, the “Presidential Overhaul” Project of Cryptocurrency Lobbyists

This carefully crafted public relations effort by the industry for Trump has created the craziest lobbying melee in Washington in recent years.

“Zhu Guangyao: The U.S. is trying to initiate the third phase of the Bretton Woods system with stablecoins”

Regarding the impact of digital currencies, especially stablecoins, on the global monetary system, former Vice Minister of Finance Zhu Guangyao spoke at the 2025 China International Issues Forum “World Order and China’s Foreign Strategy in a Period of Turbulent Change” held on June 26.

“Over $40 Million Lost! Analysis of GMX Security Incident Vulnerability and Tracking of Stolen Funds”

GMX was attacked, with the attacker exploiting a reentrancy vulnerability in the project contract, profiting approximately $42 million. The Beosin security team conducted a vulnerability analysis and fund tracing for this attack incident.

“Pump.fun Token: Opportunity or Harvest?”

Regarding the token issuance of Pump.fun, most people in the industry are not optimistic. As the Meme market has cooled down, the profits of Pump.fun have also dropped significantly. This token issuance is seen as another harvesting action, taking advantage of the recovery of market liquidity.

“Dialogue with FTX Chinese Creditors: Hundreds of Millions in Claims May Be Confiscated, How to Save Ourselves?”

FTX China’s major creditor Will elaborated on his personal experiences during the FTX incident, the process of asset loss, and the potential impact of FTX’s motion for “restricted jurisdiction” on Chinese creditors. The interview also covered Will’s review of asset allocation decisions before and after the collapse of FTX, legal strategies for safeguarding rights, and the systemic injustices behind the motion.

Featured Recommendations

How Hong Kong Can Win the Competition for the ‘Global Tokenization Center’?

As the tokenization of real-world assets (RWA) accelerates into the mainstream, Hong Kong is building a new generation of financial infrastructure with a clear regulatory framework, open market strategies, and proactive policy innovation. In the second half of this competition, the key will no longer be policy direction, but whether the products truly meet market demands.

“A Deep Dive into the Cooperation Between OKX and Circle: Why Did They Come Together? What Impact Will It Have on the Market?”

OKX has become the first non-U.S. compliant exchange partner of Circle, bringing strong compliance power and support from the U.S. to its listing journey, and enhancing its stablecoin payment business. For Circle, OKX is a great channel outside of the U.S., and the collaboration with OKX can alleviate the restrictions from Coinbase while expanding new users and liquidity.

“US SEC Brewing Fast Track, Are SOL and XRP ETFs About to ‘Open the Floodgates’?”

The SEC is in the early stages of establishing a set of universal listing standards for cryptocurrency ETFs, aimed at significantly accelerating the approval process for such funds. If this initiative is implemented, it signifies that, following the Bitcoin and Ethereum spot ETFs, more mainstream digital asset ETF products are expected to usher in a “floodgates open” situation.

“Field Investigation by Journalists: Stablecoin Payments in Yiwu Are Far from Widespread, Rumors Exaggerate Actual Usage Scale”

What is the true state of stablecoin usage in Yiwu? To find out, a reporter from the 21st Century Business Herald conducted an on-the-ground investigation into the use of stablecoins in Yiwu.

“Two Paradigms of Stock Tokenization: The Openness of xStocks and the Walled Garden of Robinhood”

How do these platforms balance between stringent financial regulations, complex technical implementations, and huge market opportunities? What paths have they chosen, and what fundamental differences exist in their underlying logic and compliance design? This is the core that this report will reveal.

Ten news stories you can’t miss this week

China and Egypt sign a memorandum of understanding to promote local currency settlement and cooperation in areas such as central bank digital currencies.

Robinhood launches ETH and SOL staking services in the United States.

Former Chinese Vice Finance Minister Zhu Guangyao: The United States is trying to initiate the third phase of the Bretton Woods system with stablecoins.

The Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting focusing on the development trends and response strategies of cryptocurrencies and stablecoins.

Insiders: Ant International plans to integrate USDC into its own blockchain platform after it meets US regulatory requirements.

SEC Commissioner Hester Peirce: Tokenized securities still fall under the category of securities.

pump.fun announced the PUMP token economics, which will be publicly sold on July 12.

Korea’s National Tax Service: Income from overseas work in cryptocurrency must be declared and subject to income tax.

The strategy plans to issue STRD stock to raise $4.2 billion, and the net proceeds will be used to acquire Bitcoin and other assets.

Director of the Hong Kong Investment Promotion Agency: There are currently stablecoin operators in discussions with their financial teams to establish a presence in Hong Kong.