Former BitMEX CEO Arthur Hayes believes stablecoins could help rescue the US Treasury as it struggles to fund over $5 trillion in bond sales this year. In a July 3 post Hayes said Treasury Secretary Scott Bessent faces a nearly impossible task of selling debt while keeping the 10-year yield below 5% and without Fed support

Stablecoins may offer a lifeline. Hayes pointed to JP Morgan’s JPMD token on Coinbase’s Base network as a sign of change. He predicts banks could transform deposits into stablecoins cutting $20 billion in compliance costs and recycling trillions into Treasury bills. Tokenized deposits could unlock $6.8 trillion in demand for T-bills Hayes estimated

Data shows T-bills now yield around 5.3% while bank reserves pay roughly 5.4% Hayes argues that tokenized dollars will shift idle cash into Treasuries acting like stealth quantitative easing. That new liquidity could support Bitcoin and other risk assets Hayes says even if there is a brief slowdown after debt ceiling talks

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Arizona Governor Katie Hobbs has vetoed a bill that would have created a state-managed reserve fund using bitcoin and digital assets seized from criminal activity. This is the third time Hobbs has put an end to a bill seeking to establish a bitcoin reserve.

The latest Arizona bitcoin reserve bill, House Bill 2324, would have established a “Bitcoin and Digital Assets Reserve Fund”. The fund was to be managed by the Arizona State Treasurer and funded through digital assets seized in criminal cases.

Under the plan, the first $300,000 from seized digital assets would have gone to the Anti-Racketeering Revolving Fund (ARRF), and any remaining funds would be split: 50% to the…

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NOTE: This article presents the author’s perspective on the likely structure and future implications of Nakamoto’s strategy. It is a forward-looking analysis, not a statement from Nakamoto or its employees. Until the proposed merger closes, Nakamoto’s strategic execution remains subject to change. The analysis reflects public materials, early actions, and directional signals observed to date.

Introduction: From Treasury Strategy to Global Bitcoin Refinery

The Nakamoto strategy offers a new framework for capital formation in the age of Bitcoin. Rather than viewing Bitcoin solely as a reserve asset, Nakamoto is pursuing an approach that uses Bitcoin as a foundation for…

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The first spot Solana staking exchange-traded fund, named REX-Osprey Solana + Staking ETF, made a powerful debut Wednesday with $33 million in trading volume, according to Bloomberg Senior ETF Analyst Eric Balchunas. It ended the day managing about $1 million in assets, but Balchunas expects that could jump to $10 million on day two, given the impressive volume.

Unlike other staking ETFs under SEC discussion, this fund operates under the tougher Investment Company Act of 1940 rules, requiring a qualified custodian. REX-Osprey chose Anchorage Digital, the only federally regulated bank approved to both custody and stake crypto assets, offering extra security for investors. Anchorage CEO Nathan McCauley called staking the next chapter in crypto ETFs and said this launch will help institutions access digital assets in a regulated package.

Despite momentum, the SEC remains cautious about new ETF structures. On Wednesday, Deputy Secretary J. Matthew DeLesDernier signaled the agency is still reviewing a recently approved Grayscale ETF, suggesting strict listing standards will not change easily.

Ripple Labs is applying for a US national banking license in a major push to build confidence around its stablecoin RLUSD. CEO Brad Garlinghouse confirmed the move on X, stating the company applied with the Office of the Comptroller of the Currency. Ripple also aims to secure a Federal Reserve Master Account through Standard Custody, which it bought in February 2024. This would let Ripple hold RLUSD reserves directly with the Fed, providing stronger protection for stablecoin holders.

Circle also recently applied for a similar license after the US Senate passed the GENIUS Act, which sets standards for stablecoins and puts large issuers under OCC oversight. Circle CEO Jeremy Allaire called it a proactive step to align with new dollar-backed token regulations. Anchorage Digital remains the only crypto firm so far with a national bank charter.

Ripple believes federal oversight will strengthen trust in the $RLUSD stablecoin, which is already regulated by the New York Department of Financial Services. Garlinghouse said clear rules from Congress and greater bank support are helping crypto grow responsibly.

BlackRock’s iShares Bitcoin Trust (IBIT) has surpassed its own flagship S&P 500 ETF (IVV) in annual fee revenue according to Bloomberg. IBIT which launched only 18 months ago has quickly grown to $75 billion in assets with a 0.25% fee generating about $187.2 million each year. In comparison IVV with $624 billion under management earns $187.1 million thanks to its much lower 0.03% fee.

Investors have poured $52 billion into IBIT since spot Bitcoin ETFs began trading in January 2024 showing strong demand for Bitcoin exposure without opening new crypto accounts. IBIT now controls over 55% of the spot Bitcoin ETF market and saw outflows in just one month. BlackRock’s Bitcoin ETF has even climbed into the top 20 most traded funds in the US.

This success highlights a shift in market confidence towards Bitcoin as a store of value with many hedge funds pensions and banks embracing it. Bloomberg data shows total spot Bitcoin ETF flows reached $54 billion with IBIT capturing the lion’s share.

Bloomberg