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Reeve Collins, co-founder of Tether, stated that the stablecoin industry is entering a '2.0 era.' He noted that the current stablecoin infrastructure still has structural issues, and the next generation of solutions needs to address the problem of users not being able to earn returns on reserve assets. The core logic of the stablecoin 1.0 model is 'users provide 1 dollar, and the issuer issues 1 token,' but users only gain convenience in payments and transfers without sharing in reserve earnings. In the future, financial services will gradually become infrastructure, where 'users will not care which bank sends the funds,' and AI agents may choose different financial ecosystems based on user interests. The next phase of competition in stablecoins will revolve around financial infrastructure and profit distribution models. Regarding regulatory issues, Reeve Collins revealed that he still holds Bitcoin for the long term, while also pointing out that USD stablecoins essentially remain an extension of the U.S. financial system, which carries regulatory reach risks and differs from central bank digital currency (CBDC) models, the latter of which may offer stronger programmability and financial monitoring capabilities.

[Tether Co-Founder: Stablecoins Entering 2.0 Era, Future Should Allow Users to Share Reserve Earnings]Reeve Collins, co-founder of Tether, stated that the stablecoin industry is entering a '2.0 era.' He noted that the current stablecoin infrastructure still has structural issues, and the next generation of solutions needs to address the problem of users not being able to earn returns on reserve assets. The core logic of the stablecoin 1.0 model is 'users provide 1 dollar, and the issuer issues 1 token,' but users only gain convenience in payments and transfers without sharing in reserve earnings. In the future, financial services will gradually become infrastructure, where 'users will not care which bank sends the funds,' and AI agents may choose different financial ecosystems based on user interests. The next phase of competition in stablecoins will revolve around financial infrastructure and profit distribution models. Regarding regulatory issues, Reeve Collins revealed that he still holds Bitcoin for the long term, while also pointing out that USD stablecoins essentially remain an extension of the U.S. financial system, which carries regulatory reach risks and differs from central bank digital currency (CBDC) models, the latter of which may offer stronger programmability and financial monitoring capabilities.

Tether Co-Founder: Stablecoins Entering 2.0 Era, Future Should Allow Users to Share Reserve Earnings

The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market about its capital structure and solvency. Key timeline events include: 
May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 
May 15: Strategy announced a buyback of $1.5 billion in 2029 convertible bonds at an approximately 8% discount. The market subsequently noted that the company's cash reserves in USD, intended for dividends and debt support, were used for this transaction. 
May 26: Strategy confirmed that cash reserves participated in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous goal was to maintain a coverage capability of about 24 months. 
June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following the announcement, MSTR's stock price fell by 5.9%. 
June 5: Bitcoin fell below $60,000, and STRC dropped to around $90. 
June 8: Strategy's shareholders approved changing STRC to pay dividends twice a month, while the company disclosed that its USD reserves had rebounded to $1 billion. 
June 15: Strategy purchased an additional 1,587 BTC, raising its USD reserves to $1.1 billion. 
June 18: STRC fell below $83 during trading, approximately 17% lower than the target price, reaching a new low since its listing in July 2025, ultimately closing at $88.59. 
Analysts believe that STRC's core challenge lies in its high-yield preferred stock structure being highly correlated with the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

[STRC Falls Below Par Value: A Review of the Timeline from Bond Buybacks to BTC Decline]The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market about its capital structure and solvency. Key timeline events include: 
May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 
May 15: Strategy announced a buyback of $1.5 billion in 2029 convertible bonds at an approximately 8% discount. The market subsequently noted that the company's cash reserves in USD, intended for dividends and debt support, were used for this transaction. 
May 26: Strategy confirmed that cash reserves participated in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous goal was to maintain a coverage capability of about 24 months. 
June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following the announcement, MSTR's stock price fell by 5.9%. 
June 5: Bitcoin fell below $60,000, and STRC dropped to around $90. 
June 8: Strategy's shareholders approved changing STRC to pay dividends twice a month, while the company disclosed that its USD reserves had rebounded to $1 billion. 
June 15: Strategy purchased an additional 1,587 BTC, raising its USD reserves to $1.1 billion. 
June 18: STRC fell below $83 during trading, approximately 17% lower than the target price, reaching a new low since its listing in July 2025, ultimately closing at $88.59. 
Analysts believe that STRC's core challenge lies in its high-yield preferred stock structure being highly correlated with the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

STRC Falls Below Par Value: A Review of the Timeline from Bond Buybacks to BTC Decline

The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market regarding its capital structure and solvency. Key timeline events include: 

May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 

May 15: Strategy announced a buyback of $1.5 billion in convertible bonds due in 2029 at an approximate 8% discount. The market then noted that the company's dollar cash reserves, intended for dividends and debt support, were used for this transaction. 

May 26: Strategy confirmed that cash reserves were involved in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous target was to maintain a coverage capability of about 24 months. 

June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following this announcement, MSTR's stock price fell by 5.9%. 

June 5: Bitcoin dropped below $60,000, and STRC fell to around $90. 

June 8: Strategy's shareholders approved changing STRC to a bi-monthly dividend payout, while the company disclosed that dollar reserves had risen to $1 billion. 

June 15: Strategy bought back 1,587 BTC, increasing dollar reserves to $1.1 billion. 

June 18: STRC fell below $83 during trading, approximately 17% below the target price, marking a new low since its listing in July 2025, ultimately closing at $88.59. 

Analysts believe that the core challenge facing STRC lies in its high-yield preferred stock structure being highly tied to the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

[STRC Falls Below Par Value: A Review of the Timeline from Bond Buybacks to BTC Decline]The dividend-paying preferred stock STRC, issued by Bitcoin treasury company Strategy, has recently fallen below the $100 par value, sparking discussions in the market regarding its capital structure and solvency. Key timeline events include: 

May 14: STRC closed at $100 before the ex-dividend date, while Bitcoin's price remained above $80,000, but market pressure was already evident. During the same period, Strive Asset Management announced that its competing product SATA would adopt a daily dividend mechanism, increasing its yield to 13%, further intensifying competitive pressure on STRC. 

May 15: Strategy announced a buyback of $1.5 billion in convertible bonds due in 2029 at an approximate 8% discount. The market then noted that the company's dollar cash reserves, intended for dividends and debt support, were used for this transaction. 

May 26: Strategy confirmed that cash reserves were involved in the bond buyback, reducing the fund size to approximately $871 million, which only covers about 6 months of STRC dividend payments, whereas the company's previous target was to maintain a coverage capability of about 24 months. 

June 1: Strategy sold Bitcoin for the first time since 2022, selling 32 BTC to demonstrate its ability to support dividend payments through asset sales. Following this announcement, MSTR's stock price fell by 5.9%. 

June 5: Bitcoin dropped below $60,000, and STRC fell to around $90. 

June 8: Strategy's shareholders approved changing STRC to a bi-monthly dividend payout, while the company disclosed that dollar reserves had risen to $1 billion. 

June 15: Strategy bought back 1,587 BTC, increasing dollar reserves to $1.1 billion. 

June 18: STRC fell below $83 during trading, approximately 17% below the target price, marking a new low since its listing in July 2025, ultimately closing at $88.59. 

Analysts believe that the core challenge facing STRC lies in its high-yield preferred stock structure being highly tied to the Bitcoin cycle. In a Bitcoin bear market environment, investors are not only reassessing BTC itself but also beginning to reevaluate the financial products and capital systems built around Bitcoin.

On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was attacked by an unidentified drone. (CCTV News)

[Sources: Residence of Iraqi Parliament Speaker Targeted by Drone Attack]On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was attacked by an unidentified drone. (CCTV News)

Sources: Residence of Iraqi Parliament Speaker Targeted by Drone Attack

On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was targeted by an unidentified drone attack. (CCTV News)

[Sources: Residence of Iraqi Parliament Speaker Targeted by Drone Attack]On June 21, local time on the 20th, sources from Iraqi security forces reported that the residence of Iraqi Parliament Speaker Mohammed al-Halbousi was targeted by an unidentified drone attack. (CCTV News)

Hyperliquid announced that as part of the USDH exit plan, all USDH-priced markets on HyperCore have completed settlement. Users can immediately process their remaining USDH assets, including: exchanging USDH for USDC on the HyperCore spot order book, converting USDH to USDC on HyperEVM, withdrawing USDH from Borrow/Lend products, and repaying borrowed USDH by purchasing the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and manage their lending positions to avoid impacts from the USDH exit process.

[Hyperliquid: All USDH-Priced Markets on HyperCore Have Completed Settlement]Hyperliquid announced that as part of the USDH exit plan, all USDH-priced markets on HyperCore have completed settlement. Users can immediately process their remaining USDH assets, including: exchanging USDH for USDC on the HyperCore spot order book, converting USDH to USDC on HyperEVM, withdrawing USDH from Borrow/Lend products, and repaying borrowed USDH by purchasing the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and manage their lending positions to avoid impacts from the USDH exit process.

Hyperliquid: All USDH-Priced Markets on HyperCore Have Completed Settlement

Hyperliquid announced that as part of the USDH exit plan, all USDH-priced markets on HyperCore have completed settlement. Users can immediately process their remaining USDH assets, including: exchanging USDH for USDC on the HyperCore spot order book, converting USDH to USDC on HyperEVM, withdrawing USDH from Borrow/Lend products, and repaying borrowed USDH through the purchase of the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and manage their lending positions to avoid impacts from the USDH exit process.

[Hyperliquid: All USDH-Priced Markets on HyperCore Have Completed Settlement]Hyperliquid announced that as part of the USDH exit plan, all USDH-priced markets on HyperCore have completed settlement. Users can immediately process their remaining USDH assets, including: exchanging USDH for USDC on the HyperCore spot order book, converting USDH to USDC on HyperEVM, withdrawing USDH from Borrow/Lend products, and repaying borrowed USDH through the purchase of the USDH/USDC trading pair. Hyperliquid stated that users should promptly complete the relevant asset conversions and manage their lending positions to avoid impacts from the USDH exit process.

On June 21, Abdulla Banndar Al Eltaibi, a professor at Qatar University, stated that Iran is implementing a 'weekend strategy.' He said, 'This is a tactic often used by Trump in the past, aimed at preventing market reactions over the weekend. Therefore, they (Iran) are actually exerting maximum pressure on Trump and the mediators, using the Strait of Hormuz as leverage to negotiate arrangements concerning Lebanon. They hope for a complete cessation of hostilities within Lebanon as a condition for restoring passage through the Strait of Hormuz.'

[Scholar: Iran Adopts 'Weekend Strategy' Similar to Trump]On June 21, Abdulla Banndar Al Eltaibi, a professor at Qatar University, stated that Iran is implementing a 'weekend strategy.' He said, 'This is a tactic often used by Trump in the past, aimed at preventing market reactions over the weekend. Therefore, they (Iran) are actually exerting maximum pressure on Trump and the mediators, using the Strait of Hormuz as leverage to negotiate arrangements concerning Lebanon. They hope for a complete cessation of hostilities within Lebanon as a condition for restoring passage through the Strait of Hormuz.'

Scholar: Iran Adopts 'Weekend Strategy' Similar to Trump

On June 20, the IPO counseling public disclosure system on the official website of the China Securities Regulatory Commission (CSRC) showed that Yingrun Technology Co., Ltd. and its counseling broker Guotai Junan Securities submitted the 'Completion Report of Counseling Work' to the Shanghai Securities Regulatory Bureau. Yingrun Technology submitted its counseling filing on December 19, 2024, with the counseling process lasting a year and a half. The company is a fabless semiconductor chip design firm, primarily engaged in the design and supply of high-performance solid-state drive (SSD) controller chips, while also providing SSD and storage system solutions. Its products are widely used in fields such as cloud computing, artificial intelligence, data center management, and intelligent driving.

[Yingrun Technology Completes IPO Counseling]On June 20, the IPO counseling public disclosure system on the official website of the China Securities Regulatory Commission (CSRC) showed that Yingrun Technology Co., Ltd. and its counseling broker Guotai Junan Securities submitted the 'Completion Report of Counseling Work' to the Shanghai Securities Regulatory Bureau. Yingrun Technology submitted its counseling filing on December 19, 2024, with the counseling process lasting a year and a half. The company is a fabless semiconductor chip design firm, primarily engaged in the design and supply of high-performance solid-state drive (SSD) controller chips, while also providing SSD and storage system solutions. Its products are widely used in fields such as cloud computing, artificial intelligence, data center management, and intelligent driving.

Yingrun Technology Completes IPO Counseling

Аналитики американского финансового холдинга JPMorgan оценили себестоимость добычи биткоина в $78 000 за монету. Первая криптовалюта уже пять месяцев торгуется ниже этого уровня, что продолжает оказывать давление на майнинговую индустрию.

Ripple Launches XRPL AI Starter Kit For XRP And RLUSD Agent Payments

China's Export Controls to Japan Create Bottleneck; 'White-Haired Stock God' Serenity Claims South Korea's Foosung to Become a 'Big Winner'

Claude to Mandate "Face-Scan ID Verification", No ID No Service Starting July?

A Clod of Chinese Soil Chokes Two Japanese Giants

The Calculation Behind Plasma's U Card with Free Claude Membership

U.S.-Iran Ceasefire: How Much of a Bitcoin Rally Can a Truce Agreement Support?

World Cup Upset! Polymarket User Loses Nearly $1 Million

Can SK Hynix's Stock Double Again in This Rally?

Standard Chartered Bank Places a 40x 'Bet', Calls for UNI to Rise to $100

Cursor's New 1.5T Model Abandons Kimi Foundation, $60 Billion Stock Swap for Cursor, Musk's First Move Targets Microsoft's GitHub

Article

Nobel Laureate John Jumper Leaves DeepMind for Anthropic

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Tom Lee Responds to Concerns Over Ethereum's Funding Crisis: Probability is Zero, Funds are in Place

Tom Lee Responds to Concerns of Ethereum Facing Funding Crisis: Probability is Zero, Funds are Secured

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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