Treasury Secretary Scott Bessent Sees Stablecoin Market Surging Past $2 Trillion As Senate Advances Dollar-Pegged Crypto Bill

Treasury Secretary Scott Bessent said Wednesday that dollar-pegged stablecoins could reach a market capitalization of $2 trillion and beyond as the stablecoin bill advanced in the Senate.

What happened: During a testimony before the Senate Appropriations Committee, Bessent underscored the Trump administration’s goal of preserving the dollar’s status as the world’s reserve currency.

“I believe stablecoin legislation backed by U.S. Treasuries or T-bills will create a market that will expand U.S. dollar usage via these stablecoins all around the world,” he added. “I think that $2 trillion is a very, very reasonable number, and I could see it greatly exceeding that.”

See Also: Forget…

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GameStop-Themed Crypto Skyrockets Over 500% After Retailer Announces $1.75 Billion Investment Plan

A cryptocurrency named after GameStop Corp. GME blasted to triple-digit gains Wednesday after the video game retailer announced plans to raise over a billion dollars for investment purposes.

What happened: BNB Chain BNB/USD-based GameStop Coin (GME) soared a whopping 532% in the last 24 hours, defying the broader market correction. The memecoin recorded a significant surge in trader interest, with volume jumping by 53%.

GME outperformed blue-chip cryptocurrencies like Bitcoin BTC/USD and Dogecoin DOGE/USD, which fell 1.21% and 2.30%, respectively.

Note that the token is unrelated to GameStop and merely seeks to capitalize on the hype surrounding the meme stock.

See Also: Forget Dollars:…

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Solana-based golf rewards app GolfN hits App Store

This is a segment from the Lightspeed newsletter. To read full editions, subscribe.

The Solana-based golfing loyalty app GolfN has gone live on the App Store, Lightspeed has learned exclusively.

The mobile app combines collectibles with digital caddie features and a native GOLF token for an experience that CEO Jared Phillips described to me as “Chase rewards meets Strava meets Pokémon Go.” The app’s self-reported waitlist of over 47,000 golfers will now gain access to the latest shot at crypto consumer rewards. 

Upon downloading GolfN, I was directed to create a free account. I then received three digital golf clubs, which enable rewards, but logging a round with my…

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OpenSea sunsets ‘Deals,’ other features in OS2 shakeup

This is a segment from The Drop newsletter. To read full editions, subscribe.

Not all OpenSea users are happy about its plans to kill some features, as the company sets a date for its newly-launched OS2 to fully replace its predecessor.

OS2, which primarily splits users into “Collectors” and “Pros,” was first teased back in November but saw its full public launch late last month. 

In a post, OpenSea revealed yesterday that it won’t rollover all OS1 features to the latest marketplace version and will sunset OS1 come June 16, giving traders no choice but to use OS2. 

Deals, English auctions, testnet support, and the Shopping Cart feature are all going away in…

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Skull, $5 Million; Banana, $6 Million; Freedom, Priceless

“It would have been nice to get this attention in any other context. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.” 

This message was posted by Satoshi Nakamoto to BitcoinTalk on December 11, 2010. A couple of months later, in February 2011, the Silk Road marketplace was launched, and only a couple months after — on April 23, 2011 — Satoshi posted his last message.

In October 2013, Ross Ulbricht was captured by the FBI and the Silk Road fell — only to be replaced by a thousand more copycat marketplace sites. The rest is Bitcoin history.

Ross Ulbricht chose to center his Bitcoin 2025 keynote speech around an experience he had clearing…

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What does ‘stablecoin summer’ look like?

This is a segment from the 0xResearch newsletter. To read full editions, subscribe.

In the wake of Circle’s IPO and Plasma’s token sale, stablecoins are undisputedly in vogue.

Meanwhile, the US Senate is going into a final vote on the landmark stablecoin bill, dubbed the GENIUS Act, this week.

What does the stablecoin landscape look like today?

First, total stablecoin supply remains up and to the right — $249 billion in the last week. USDT and USDC represent the lion’s share of stablecoins, about 88% ($218 billion) of the entire stablecoin market put together.

Source: Blockworks Research

Okay, stablecoin supply is growing, but how are they being…

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The CLARITY Act Heads To House Floor For Vote With Protection For Noncustodial Tools Intact

Yesterday, The CLARITY Act passed favorably through the House Agriculture and Financial Services Committees with 47-6 and 32-19 bipartisan votes, respectively.

While a handful of amendments will be incorporated into a revised version of the bill, none of said amendments will alter a recently-added section of the bill that regards noncustodial products and services.

To clarify, on Monday, language from The Blockchain Regulatory Certainty Act (BRCA) was added to The CLARITY Act.

This language, included in Section 110 of The CLARITY Act, is focused on non-controlling (noncustodial) blockchain developers and blockchain service providers.

The exact wording in the bill is as…

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LATEST: Payment Firm Stripe to Acquire Crypto Wallet Provider Privy

Stripe has agreed to acquire crypto wallet startup Privy marking another bold step in its expansion into digital assets. This follows its recent $1.1 billion purchase of stablecoin platform Bridge as reported by Bloomberg. While the Privy deal’s financial terms remain undisclosed it reflects Stripe’s deepening interest in building crypto-friendly tools for businesses.

Privy launched in 2021 helps companies integrate crypto wallets directly into their platforms making onboarding smoother for users. Clients include NFT giant OpenSea loyalty app Blackbird and HR firm Toku. Privy removes the need for third-party wallet setups which often disrupt user experience. The startup was last valued at $230 million in March 2025.

Stripe confirmed Privy will continue to operate independently like Bridge. This move enhances Stripe’s goal to provide end-to-end crypto infrastructure. It also supports Stripe’s growing stablecoin projects such as merchant accounts funded by USDC and USDB. The acquisition is expected to finalize in the coming weeks.

Bloomberg

Stripe Acquires Startup Privy To Expand Bitcoin Strategy

Today, Stripe Inc. announced that it has acquired Bitcoin and crypto wallet infrastructure provider Privy, marking its second major digital asset focused acquisition following its $1.1 billion purchase of stablecoin firm Bridge earlier this year.

1/ Today, we’re proud to announce that Stripe is acquiring Privy.

We couldn’t be more excited.

Privy will continue as an independent product – but now we’ll move faster, ship more, and serve you even better, so you can stay focused on your users. pic.twitter.com/8CHJqhqYy7

— Privy (@privy_io) June 11, 2025

Privy specializes in helping companies embed Bitcoin and crypto wallets directly into their apps and websites. For example,…

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Everything in Bitcoin is decentralized — except the blocks

This is a segment from the Supply Shock newsletter. To read full editions, subscribe.

Eleven years ago to the day, the Bitcoin space was grappling with the ballooning hash rate of one massively popular mining pool: Ghash.io.

Ghash, which was owned by CEX.io (an exchange still operating today) was widely considered the best mining pool in 2014. It had automatic payouts and ultra-low fees, and it even shared transaction fees with the entire pool, whereas others tended to keep those for themselves.

There was also clear and responsive tooling for tracking hash rates and incomes, and it supported more merge-mined coins than any other pool. Users could even trade hash rate and…

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