US Senate Passes the GENIUS Act Stablecoin Bill
The GENIUS Act has passed the Senate, paving the way for new stablecoin regulations with bipartisan support.
Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We review the top news, stats, and reports in the digital asset ecosystem for our 325k weekly subscribers. This week, the US Senate passed the GENIUS Act, SEC pulled back from crypto rules, Spot Ethereum ETFs broke record 19-day inflow streak, and big new rounds from Plasma ($500M) and Yupp ($33M).
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💵 Weekly Crypto Fundraises & Deals
Here are all the crypto fundraises we heard about this week, ranked by size…
🗞️ Crypto News Recap: The Top 5 Stories
Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week…
🚀 US Senate Passes the GENIUS Act Stablecoin Bill: The GENIUS Act has passed the Senate, paving the way for new stablecoin regulations with bipartisan support. The bill mandates stablecoin issuers to purchase US Treasury bonds, giving them influence in global finance.
⚖️ SEC pulls back from crypto rules proposed under Gary Gensler administration: The US Securities and Exchange Commission (SEC) is rolling back 14 proposed rules, including key measures that once targeted the crypto industry. The decision, announced on June 12, illustrates the shift in regulatory priorities as the agency distances itself from the aggressive stance adopted during the previous administration.
📈 Spot Ethereum ETFs break record 19-day inflow streak with modest outflows: U.S.-based spot Ethereum ETFs saw their longest inflow streak to date come to an end on Friday, logging $2.2 million in net outflows as heightened geopolitical tensions led to a broad market downturn.
⚖️ SEC greenlights Trump Media’s $2.3B Bitcoin Treasury deal:The U.S. Securities and Exchange Commission (SEC) greenlighted the registration statement filed by Trump Media and Technology Group for its $2.3 billion Bitcoin (BTC) Treasury deal on June 13, an SEC filing shows. Trump Media, the company behind Truth Social, is a public company that U.S. President Donald Trump’s family significantly controls.
⚖️ SEC Names Crypto Industry Veteran as Trading and Markets Director: The U.S. Securities and Exchange Commission's new director of the trading and markets division is a crypto-native. Wall Street's top regulator on Friday named Jamie Selway as new chief of the SEC department. Selway previously worked at Blockchain.com and for Skew, a crypto analytics platform owned by Coinbase, according to his LinkedIn page. He also previously worked at Goldman Sachs, where he was an associate, and at Silvertrain AI. His most recent role was at Gradient, a financial services firm that uses AI.
💬 Tweet of the Week
📊 Key Stats of the Week
Here are the most important and interesting stats in crypto this week...
1. Digital assets just notched 9 straight weeks of institutional inflows, $1.9B last week alone, including $1.3B into $BTC and $583M into $ETH.
Interestingly, June ($880M) now accounts for 39% of all of ETH's inflows in 2025.
2. Trading volume on PancakeSwap continues to be a massively under-indexed angle. The protocol now represents 78% of all daily DEX volumes and recently handled over $13.7B of onchain volume in a single day.
Last week alone, it processed $72B, more than Uniswap ($12.2B), Raydium ($9.8B), Orca ($2.8B), and Pump.fun ($2.8B) combined.
Much of this is being driven by Binance Alpha, which functions as a curated pre-listing token platform built directly within Binance Wallet. It gives users early access to tokens with listing potential on Binance and offers trading incentives that have already netted over $1,000 per user on average.
3. As onchain lending surges to new heights, it's pretty incredible to see how dominant AAVE has become. The protocol is now responsible for 60% ($17B) of all onchain loans and has grown its marketshare by 40% from last June.
Aave also manages a staggering $40B in lending deposits, more than doubling their deposits from last year, and more than 7x the next largest lending protocol.
4. 📈 Tokenized Assets — Excluding Stablecoins — See Record Growth in Q2 2025, Led by Treasuries, Private Credit, and Gold
5. 📈 Plume is Becoming the Go-To Chain for Tokenized Treasuries — with rising AUM, Growing Yields, and Strong RWA-Native Traction
📝 Highlights from the Top Crypto Reports
Here are the top highlights from the best crypto research reports this week…
ON–345: Yield 🔼
About the Author: OurNetwork, aims to help you understand crypto like never before by harnessing the power of onchain data & analytics. This is an excerpt from the full article, which you can find here.
📝 Editor’s Note:
DeFi is a more intricate ecosystem than it was over six years ago when a group of developers coined the term. Now, crypto is starting to look a bit more like Wall Street as investors and traders chain transactions across many protocols to arbitrage differences in yield.
For this issue OurNetwork is focusing on yield, the rates of return investors can get across DeFi, especially with their stablecoins. You won't find the flashy, token-fueled, triple-digit yields of 2021, but you will find a quick update on some of the most impactful rates in the space which are providing yield on billions of dollars.
Thanks to Tyler of the vaults.fyi team for kicking this off, also to Hubert and Pauls for covering Stake DAO and f(x) Protocol. Owen from the OurNetwork team also took a look at Pendle, a key project in the yield space.
Let's get into it.
– ON Editorial Team
📈 DeFi Markets Show Renewed Risk Appetite, Signaled by ETH's Role as Productive Collateral at a High and Capital Flowing Back into Ethena
While Ethereum mainnet remains the hub for DeFi activity, lenders are finding higher rates on networks offering incentives to attract liquidity. Vaults.fyi's stablecoin benchmarks show higher seven-day average APYs on Polygon (5.64%), Base (5.34%), and Unichain (5.09%) compared to Mainnet (4.81%).
Ethereum is leaning into its "defipunk" journey, with ETH increasingly used as productive collateral. Aave is ETH's largest lending market and now holds over 3M WETH with roughly 5M additional ETH in staking derivatives like stETH and eETH. DeFi and yield continue to play a growing role in the Ethereum economy.
Ethena's sUSDe, the staked version of the protocol's synthetic dollar, has seen a powerful resurgence, signaling renewed market confidence. After a sharp drawdown in April, the protocol's total value locked (TVL) has recovered significantly, adding over $1B in the last 30 days alone. This highlights a returning appetite for stablecoin yields in growth-stage products.
🎧 Top Crypto Podcasts of The Week
Here are the crypto podcasts that are worth listening to this week...
Bankless - Why ETH Might Be the Most Mispriced Asset in the World
Coin Bureau - Wall Street’s $425M Bet on Ethereum: ETH's Michael Saylor!
The Breakdown: Who is Funding These Bitcoin Treasury Companies?
Forward Guidance: The Unwinding Of The Global U.S Dollar Trade | Weekly Roundup
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Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela.
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