Gate Research Institute: Plasma's $1 billion deposit limit quickly sold out | U.S. House passes GENIUS stablecoin bill

2025-06-12 06:38:32

##Abstract

BTC fell back after breaking through 110,000 USD, with short-term fluctuations as the main trend.
The ETH/BTC exchange rate has slightly rebounded, with ETH breaking through the key resistance level of $2,700.
The stablecoin project Plasma supported by Tether has quickly sold out its $1 billion deposit limit.
The U.S. Senate passed the procedural vote on the GENIUS Stablecoin Act.
The issuance of TRC20-USDT has surpassed 78.7 billion.
Gate Launchpool launches Fly.trade, with a total prize pool of 1,233,344 ELDE.

Market Commentary

BTC Market —— BTC has once again broken through 111,000 USD this week but failed to maintain that level effectively, currently retreating to around 108,000 USD. The current support level for BTC is at 107,000 USD, while the resistance level to watch is 111,000 USD. Although there has been a continuous net inflow of ETF funds, it has not brought about a significant sustained upward momentum. Overall, BTC is expected to consolidate and fluctuate within a high range in the short term.
ETH Market —— This week, ETH performed relatively strongly, breaking through the key resistance level of 2,700, with a maximum reaching 2,880 USD. The ETH/BTC exchange rate surpassed 0.0255, and the market share continued to rise to 9.8%. ETH ETF funds have seen continuous net inflows for three consecutive weeks, providing support to the market, and short-term ETH performance may continue to be strong.
Altcoins —— The overall performance of the altcoin market is volatile, lacking a collective narrative. The Altcoin Season Index currently stands at 29, which is roughly the same as last week, reflecting a relatively neutral market sentiment. Overall, the sentiment in the altcoin market is cautious, and it is likely to continue adjusting and differentiating in the short term.
Futures Market —— In the past week, BTC ETF and ETH ETF have continued to show a net inflow trend, demonstrating strong demand from institutional funds, and market sentiment is optimistic.
Macroeconomic Data - According to market news, the probability that the Federal Reserve will keep interest rates unchanged in June is 97.6%, while the probability of a 25 basis point rate cut is 2.4%. The probability that the Federal Reserve will keep interest rates unchanged in July is 80.5%, with a cumulative probability of a 25 basis point rate cut at 19.1% and a cumulative probability of a 50 basis point rate cut at 0.4%.
Stablecoins —— The total market value of stablecoins has increased by 2.2% to $255 billion, with more incremental funds flowing in from over-the-counter.
Gas Fee —— Despite the overall market recovery, there has not been a significant increase in trading activity on the Ethereum chain. As of June 12, the average Gas fee for that day was 1.67 Gwei.

##Popular Concepts This week, Bitcoin is fluctuating at a high level, just one step away from breaking through the previous high. Altcoins are mixed, and market funds remain in a wait-and-see mode. According to Coingecko data, within this week, sectors such as AI Meme, Virtuals ecosystem, and perpetual contract DEX have outperformed the market average, rising approximately 16.3%, 15.2%, and 13.9% respectively over seven days. The commonality of these three major sectors lies in their high enthusiasm for technological or narrative development, all of which belong to long-term hot tracks.

###AI Meme AI Meme is a cryptocurrency that combines AI and meme culture, typically packaging AI technology concepts in a fun and engaging manner. It features strong community dissemination and high market topicality. As the concept of AI continues to gain traction in the cryptocurrency market, AI Meme projects have emerged, attracting significant investment. On one hand, they combine technical narratives with entertainment elements to appeal to a broader range of investors; on the other hand, they have also become key targets for speculative funds during market trends. — In the past 7 days, this sector has seen an increase of 16.3%, with outstanding performances from TERMINAL, SHOGGOTH, and FARTCOIN.

###Virtuals Ecology The Virtuals ecosystem is an emerging crypto ecosystem centered around virtual assets and virtual characters, integrating virtual idols, AI, NFTs, and on-chain interactive experiences, emphasizing immersive socialization and digital identity construction. This ecosystem has attracted funding primarily due to its strong community engagement, content extensibility, and brand-building capabilities, rapidly attracting young users and creators to participate. At the same time, the combination of AI-driven character intelligence and on-chain economic models brings new growth expectations and application scenarios for investors. — Over the past 7 days, this sector has increased by 15.2%, with POLY, BRAIN, and VADER performing particularly well.

perpetual contract DEX

Perpetual Contract DEX refers to decentralized exchanges that support leveraged trading without expiration. Users can directly trade derivatives on-chain without the need for asset custody. It has gained favor among funds mainly due to its advantages of decentralization, security, transparency, and operational freedom, meeting users' demand for high leverage and low slippage trading. With the surge in market demand for on-chain derivatives, related project tokens have performed strongly, such as HYPE breaking $40, reflecting the high recognition and enthusiasm of funds for the growth potential in this sector. — In the past 7 days, this sector has increased by 13.9%, with notable performances from LVN, ZEX, and HYPE.

##This Week's Focus

The stablecoin public chain project Plasma has a deposit limit of 1 billion USD, which was quickly sold out. With Circle's successful IPO and impressive market performance, the focus on stablecoins is gradually increasing. Today, the stablecoin public chain project Plasma officially announced that it has reopened the deposit limit to $1 billion at 9 AM, and this deposit amount was quickly absorbed by the market. Plasma stated that the $1 billion raised in deposits is not the XPL token sale itself; the public sale of XPL has not yet started. All funds will be bridged to the Plasma mainnet testnet and will be fully owned by the depositors, who will participate in the sale based on the final unit ownership at the time of locking. The terms of the public sale remain unchanged: $500 million worth of XPL will be sold, with a fully diluted valuation of $5 billion.

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According to official information, Plasma is not just a stablecoin chain, but a financial infrastructure specifically designed for Bitcoin. It combines the functions of a Bitcoin sidechain, privacy protection, and stablecoin, with the expectation of natively supporting USDT and providing deep liquidity through Tether to meet the strong demand for low-slippage exchanges and trustless lending in BTCFi scenarios.

The Plasma architecture uses Bitcoin as the final settlement layer, introduces BitVM2 and a model that does not require native tokens to pay for gas, greatly reducing the threshold and counterparty risk. At the same time, its built-in privacy mechanism supports selective disclosure, taking into account regulatory needs. As a project directly backed by Tether, Plasma catapults stablecoins from liquidity instruments to on-chain core assets, and builds a stablecoin settlement network comparable to bank payment systems. Combining the three major trends of rollup, privacy, and payment infrastructure, it is expected to become the most valuable financial layer in the Bitcoin ecosystem.

)Bullish submits listing application again In early June, Circle successfully debuted on the US stock market, becoming the first stock of a stablecoin, with its stock price soaring 168% on the first day, raising $1.1 billion, which triggered a chain reaction in the industry. The trading platform Bullish has also been reported to have submitted a listing application to the SEC. Bullish's development strategy is highly focused on compliance, not only choosing to cooperate with Circle (USDC) to avoid USDT, but also obtaining cryptocurrency financial licenses in places like Hong Kong and Germany, laying out a global market strategy. It had previously attempted to go public through a SPAC but ultimately failed, and is now restarting its IPO process.

Bullish is backed by Block.one, the parent company of EOS, which raised $4.2 billion in 2018 through an ICO, making it the largest fundraising case in cryptocurrency history. The EOS project later faced a downturn due to issues related to technology, governance, and fund distribution, leading Block.one to pivot towards the compliant trading platform Bullish. Bullish launched in 2021, with official claims of starting capital exceeding $10 billion, with investors including Peter Thiel and Mike Novogratz.

Bullish has a tense relationship with the EOS community, which believes that Block.one's abandonment of EOS in favor of Bullish is "betrayal." The EOS community has completely split from it through hard forks and legal lawsuits, and in 2025, they renamed the project to Vaulta, and the token to A, in an attempt to break away from the past. To this day, Block.one still holds 160,000 Bitcoins (worth over $17.5 billion), making it one of the private companies with the largest Bitcoin reserves in the world, relying on value preservation and investment to become the most profitable project in the crypto space.

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) The U.S. Senate passed the procedural vote on the "GENIUS Stablecoin Act". On June 12, 2025, the U.S. Senate passed the procedural vote for the "GENIUS Stablecoin Act" (Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025) with a vote of 68 to 30, officially starting the debate in the whole chamber and paving the way for the final vote. If passed smoothly, the bill will be submitted to the House of Representatives for consideration and is expected to become the first comprehensive federal legislation on crypto assets in the United States.

The bill focuses on the regulation of stablecoins, proposing requirements that cover 100% reserves, anti-money laundering (AML) compliance, and consumer protection, aiming to enhance market transparency, reduce systemic risk, and promote the use of stablecoins in mainstream payment systems. These regulations not only establish a clearly compliant operational framework but also signify the U.S. government's proactive shaping of the digital dollar landscape.

From an industry perspective, once this bill is implemented, it will have a profound impact on the stablecoin market landscape, helping compliant projects gain greater support from institutions and banks, and pushing fiat-backed assets like PayPal USD and USDC into the mainstream. The current market generally holds a positive attitude towards the bill, believing it can reduce policy uncertainty, enhance the acceptability of compliant stablecoins, and accelerate the integration of traditional finance and crypto finance.

##Highlight Data

###Sonic cumulative transaction count exceeds 100 million As of this week, Sonic officially announced that the cumulative number of transactions on its blockchain network has officially surpassed 100 million. This achievement marks Sonic's rapid rise and wide adoption as an emerging Layer 1 blockchain on a global scale. According to official data released by the Sonic Foundation on June 8, 2025, since the launch of the Sonic mainnet, the number of on-chain transactions has reached 102 million, with a continuous increase in daily transaction volume, reflecting that its technical advantages of high throughput, low cost, and high scalability are gradually translating into actual preference from users and developers.

Sonic blockchain's cumulative transaction count has surpassed 100 million transactions. With its high-performance Layer 1 network and low-cost advantages, FoMoney's fully on-chain games have attracted over a million players, while Chaos Finance and Chillonic have driven a surge in DeFi and NFT trading. Surpassing 100 million transactions demonstrates its market competitiveness, and future technology upgrades and cross-chain plans will further propel it to become an important infrastructure for Web 3.

###Uniswap v4 has been online for 4 months, and the trading volume has exceeded 40 billion USD. Uniswap recently disclosed that since its official launch on January 31, 2025, Uniswap v4 has achieved a trading volume exceeding $40 billion in just four months, demonstrating strong market appeal and user activity. According to data, the trading volume of Uniswap v4 accounts for 8.7% of the total decentralized trading market volume (approximately $462 billion) as of 2025. Its overall ecosystem continues to maintain a leading position in the DEX market, holding 23% market share, further solidifying its status as the largest DEX in the industry.

Uniswap v4 significantly improves the flexibility and trading efficiency of decentralized exchanges (DEXs) with its innovative "hook" mechanism and dynamic fees, as well as deep integration with Unichain Layer 2. With its astonishing 250ms block time and up to 95% cost reduction, Unichain quickly overtook Ethereum to become the dominant chain in Uniswap v4 trading volume, capturing nearly 75% of the market share. In addition, approximately $45 million in liquidity incentives successfully drove Unichain's total value locked (TVL) soaring from $9 million to $267 million, demonstrating the high level of recognition from users. This series of developments not only demonstrates Uniswap's strong innovation capabilities in the DeFi space, but also further solidifies its position as a leader in decentralized financial infrastructure.

TRC20-USDT issuance exceeds 78.7 billion

As of June 2025, the issuance of TRC20-USDT has reached 78.7 billion, accounting for 52.5% of the total global USDT supply (150 billion). Since the beginning of 2025, an additional 19 billion has been issued, far exceeding the 7 billion issued in April 2024, representing a year-on-year growth of nearly 11 times. Among them, 7 billion was issued in May alone, and about 1 billion has been added in June.

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This significant growth not only highlights TRON's dominance in the stablecoin sector but also underscores the profound impact of blockchain technology in reshaping the global financial system. In the future, TRON is expected to further expand its Web3 ecosystem and broaden the practical application scenarios of TRC20-USDT through collaboration with financial institutions and the integration of emerging technologies. At the same time, as competition intensifies and regulatory uncertainties rise, TRON must continue to strengthen its technological advantages to avoid undermining user confidence due to external controversies.

TRX, as the native token of the Tron chain, has shown relatively strong price performance over the past few years, consistently maintaining a position in the top 10 by market capitalization. Since 2024, TRX has accumulated a rise of over 150%, performing relatively well among Layer 1 public chains.

##Market Opportunities

) Gate IPO

This week's IPO project to pay attention to is: Fly.trade

Fly.trade is an advanced cross-chain liquidity aggregator designed to provide efficient and convenient token exchange solutions for traders, decentralized protocols, and agents. It integrates liquidity pools from multiple blockchain networks, optimizes trading paths, reduces slippage and trading costs, ensuring users can seamlessly exchange assets across different chains. The core advantage of Fly.trade lies in its smart routing algorithm, which can analyze market data in real-time and dynamically select the optimal trading channels, thereby providing users with highly competitive prices and fast trade execution.

preliminary preparation

Gate account: Register and complete user verification;
Recharge Assets: Ensure that there are enough GT or BTC in the account, this Launchpool only supports ETH and BTC;

participate in staking

Time window: Until June 15, 8 PM Beijing Time
Steps to operate: First, log in to Gate and go to the 【Launchpool】 page; second, select the FLY project and click 【Participate Now】; finally, enter the staking amount and confirm to participate.
Total airdrop amount: 1233,344 FLY

Financing Weekly Report

This week, multiple projects successfully completed financing, involving a wide range of applications in areas such as infrastructure and developer platforms. According to statistics from RootData, from June 6 to June 12, a total of 16 projects announced that they had secured financing. Here are excerpts from popular projects:

###Turnkey Completed a $30 million Series B financing on June 9, with participation from institutions such as Bain Capital Crypto and Galaxy Digital.

Turnkey is a private key infrastructure platform designed specifically for cryptocurrency developers, aimed at simplifying and enhancing the development experience of blockchain applications. It enables developers to dynamically generate thousands of cryptocurrency wallets through an easy-to-use API interface and supports the efficient signing of tens of thousands of transactions on any blockchain network. The core advantage of Turnkey lies in its flexible and programmable permission control mechanism, allowing developers to precisely define and customize signing permissions, ensuring that the system only signs transactions that meet predefined conditions, significantly improving security and operational efficiency.

###Hypernative Completed $40 million financing on June 10. Investors include institutions such as StepStone Group and Boldstart Ventures.

Hypernative is an innovative company focused on crypto security, dedicated to providing comprehensive protection for digital asset managers, blockchain protocols, and Web3 applications against cyber threats, economic risks, and governance and community-related risks, minimizing the likelihood of significant losses. With its core product "Pre-Cog" platform, Hypernative utilizes advanced proprietary machine learning models to monitor and analyze on-chain and off-chain data sources in real-time, accurately predicting potential threats and ensuring preventive measures are taken before substantial impacts occur due to cyber attacks, economic vulnerabilities, governance crises, or community risks.

###OneBalance Completed a $20 million financing on June 12, with participation from institutions such as Cyber Fund and Blockchain Capital.

OneBalance is an innovative trusted account framework designed to fundamentally address the fragmented user experience issues in the Web3 ecosystem by integrating chain abstraction, gas abstraction, and permission management, providing users and developers with a more seamless, secure, and efficient way to interact with blockchain.

##Focus next week

token unlock

According to data from Tokenomist, the market will see significant unlocks of certain important tokens in the next 7 days (2025.6.14 - 2025.6.20). The top 3 unlocks are as follows:

FTN will unlock approximately $89 million worth of tokens in a linear manner over the next 7 days, accounting for about 4.66% of the circulating supply, with the recipients being the founding team.
ZRO will unlock approximately $56.9 million in value in a linear manner over the next 7 days, with strategic partners receiving 13.42 million ZRO (approximately $29.65 million), core contributors receiving 10.63 million ZRO (approximately $23.48 million), and the repurchased token portion being 1.67 million ZRO (approximately $3.68 million).
ZK will unlock tokens worth approximately $41.82 million in a linear manner over the next 7 days, accounting for 21% of the circulating supply, with the unlock primarily focused on investment institutions and internal team members.

Reference source

X, https://x.com/Grayscale/status/1927463971335909625
defillama, https://defillama.com/stablecoins
Glassnode, https://glassnode.com/
Gate, https://www.gate.com/zh/launchpool/ELDE?pid=307

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Last edited on 2025-06-12 06:40:02

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