1. Technology Headlines

1.1. Circle prices IPO at $31 per share, raising $1.1 billion at a valuation of $6.2 billion

On June 5, CoinDesk reported that stablecoin issuer Circle completed its IPO on the New York Stock Exchange at $31 per share, exceeding the original expected pricing range ($24-26), raising $1.1 billion and valuing $6.2 billion. The stock code is "CRCL" and will start trading on Thursday. The IPO was originally planned to issue 24 million shares, but it was expanded to more than 34 million shares due to surging demand. Circle issued USDC, the second largest stablecoin in the United States, and its listing came at a time when U.S. lawmakers were pushing for a stablecoin regulatory bill.

https://www.coindesk.com/markets/2025/06/04/circle-debuts-on-nyse-at-31-per-share-valuing-stablecoin-issuer-at-62-billion

1.2. Sui validators voted to return 162 million frozen assets, allowing affected users to recover and restart the plan.

Sui validators voted to return $162 million in assets frozen as a result of the Cetus vulnerability, providing a full recovery and restart plan for affected users.

https://www.panewslab.com/en/articles/1e18c16dfb85fa181b9d600999

1.3. Ethereum Foundation reorganizes R&D team and establishes "Protocol" to focus on three strategic goals

On June 3, according to the official website of Ethereum Foundation, the Ethereum Foundation announced that it would rename its "Protocol R&D" team to "Protocol" and reorganize around three strategic goals: L1 expansion, blob expansion and user experience improvement. Tim Beiko, Alex Stokes and others will be responsible for the specific implementation, and some members will leave the foundation. This change aims to improve the efficiency of R&D collaboration, accelerate the integration of zkEVM and L2, and promote the global expansion of Ethereum.

https://blog.ethereum.org/2025/06/02/announcing-protocol

2. Industry News

2.1. RWA market size surges by more than 48.9% in the first half of 2025, with regulatory clarity driving industry development

According to a report by Binance Research Institute on June 5, the RWA market has increased by about 48.9% since 2025, from $15.7 billion to $23.39 billion. Tokenized private credit accounts for the largest market share (58%), followed by tokenized U.S. Treasuries (34%). The report states: "As the regulatory framework becomes clearer, the industry will continue to grow and attract more major industry players." The new cryptocurrency pledge rules issued by the U.S. SEC on May 29 are seen as an important development in the industry, and the final vote on the GENIUS Act will provide clearer rules for stablecoin pledges. Analysts point out that Bitcoin price fluctuations have prompted investors to turn to RWA products with more predictable returns.

https://cointelegraph.com/news/rwa-token-market-bitcoin-adoption-2025

2.2. Hong Kong Treasury Bureau to issue second policy statement on the development of virtual assets

On June 4, according to AASTOCKS, Hong Kong Financial Services and the Treasury Secretary Paul Chan said that in response to the latest developments in the virtual asset market, the Treasury will issue a second policy statement on the development of virtual assets, outlining the next policy vision and direction. The policy statement will explore how to combine the advantages of traditional financial services with technological innovation in the field of virtual assets, and improve the security and flexibility of real economic activities. It will also encourage local and international companies to explore the innovation and application of virtual asset technology. In addition, he pointed out that the Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors, emphasizing that it will formulate robust risk management measures, which are expected to further enrich the product options in the Hong Kong market while ensuring that transactions are conducted in an orderly, transparent and secure manner. In terms of assisting fintech companies to expand their business, he pointed out that Invest Hong Kong is actively working with industry stakeholders to promote in the Guangdong-Hong Kong-Macao Greater Bay Area to assist Hong Kong fintech companies to further expand into the mainland market.

https://hk.finance.yahoo.com/news/%E8%B2%A1%E5%BA%AB%E5%B1%80%E5%B0%87%E7%99%BC%E8%A1%A8%E7%AC%AC%E4%BA%8C%E4%BB%BD%E7%99%BC%E5%B1%95%E8%99%9B%E6%93%AC%E8%B3%87%E7%94%A2%E6%94%BF%E7%AD%96%E5%AE%A3%E8%A8%80-084509537.html

2.3. The SEC pointed out that agreement pledge does not constitute securities trading, paving the way for the approval of pledge ETFs

The SEC pointed out that agreement pledge does not constitute securities trading, paving the way for the approval of pledge ETFs.

https://cointelegraph.com/news/sec-crypto-staking-guidance-win-crypto-regulations?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

3. In-depth analysis

3.1. Circle IPO: The “ChatGPT” Moment for Stablecoins and On-Chain Finance

Circle's listing marks the first time that stablecoins have entered the main stage of the global capital market. From USDT, which was regarded as "casino chips", to USDC, which represents the "compliant digital dollar", landing on the US stock market today, this is not only a turning point in business, but also a frontier battle for the reconstruction of the financial order. Compliant stablecoins are no longer a circulation tool on the chain, but a strategic agent for the US dollar to expand globally in a "de-banking and de-geographical" way.

https://www.panewslab.com/zh/articles/l25j2s21