The GENIUS Act has been officially passed by the U.S. Senate, and JD.com will apply for stablecoin licenses in major global currency countries. JPMorgan Chase will launch the USD deposit token JPMD and collaborate with Coinbase for testing.

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 JPMorgan Chase to Launch USD Deposit Token JPMD and Collaborate with Coinbase for Testing.
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Author: TechFlow by Deep Tide
<h2>Yesterday's Market Update</h2>
GENIUS Stablecoin Bill Officially Passed in the US Senate
According to Politico, the US Senate passed the "GENIUS Act" on Tuesday with 68 votes in favor and 30 against. This is the first comprehensive regulatory reform bill targeting cryptocurrencies in the US. The bill, led by Republican Senator Bill Hagerty of Tennessee, will establish a regulatory framework for stablecoins pegged to the US dollar, marking a significant legislative breakthrough for the digital asset industry. 18 Democratic senators joined the majority of Republicans in supporting the bill, which will now be submitted to the House of Representatives for further review.
US May Retail Sales Month-over-Month: -0.9%, Expectation: -0.7%, Previous Value Revised from 0.10% to -0.1%
According to JIN10 data, US retail sales for May declined by 0.9% month-over-month, against an expected drop of 0.7%. The previous figure was revised from an increase of 0.10% to a decrease of 0.1%.
Following the release of the US retail sales data, US short-term interest rate futures narrowed earlier gains; traders maintain expectations of a rate cut in September.
Fed's Mouthpiece: Ready to Cut Rates This Week if Tariffs Do Not Pose Price Risks
According to JIN10 data, "Fed mouthpiece" Nick Timiraos stated: There is sufficient reason to believe that if it weren’t for the risks tariffs pose to prices, the Fed would be ready to cut rates this week, as recent inflation has improved. I think the past five years have changed people’s views on inflation and what might happen.
Infini Announces Suspension of Infini Card Service and Refund of Card Issuance Fees
Infini officially announced the suspension of its Infini Card services, including Global, Lite, and Tech cards, suspending both usage and new applications. The platform stated that core functions such as top-up, withdrawal, and Earn earnings are unaffected, and user asset security is controllable. For users who have already applied for cards, Infini will automatically refund the actual card issuance fees to their account balances within 10 business days. In-transit refunds will be completed within 5 to 21 business days, and refund requests submitted over 21 days ago will continue to be followed up. Users can check the latest updates via in-app customer service or the official Telegram community.
Liu Qiangdong: JD.com to Apply for Stablecoin Licenses in Major Currencies Worldwide
According to Sina Finance, JD Group Chairman Liu Qiangdong said at a sharing session today that JD.com hopes to apply for stablecoin licenses in all major currency countries globally, then use the licenses to facilitate global corporate remittances, reducing cross-border payment costs worldwide by 90% and improving efficiency to within 10 seconds.
Liu Qiangdong stated, "Currently, corporate remittances take an average of 2 to 4 days, with relatively high costs. After completing B2B payments, we will expand into B2C payments, hoping that one day everyone can use JD stablecoins for payments worldwide."
Eigen Labs Launches EigenCloud Platform, Secures $70 Million Investment from A16z
According to Forbes, Eigen Labs announced the launch of the EigenCloud platform, designed to provide blockchain-level trust guarantees for any Web2 or Web3 application. Concurrent with the Alpha version release, A16z’s crypto investment arm directly purchased $70 million worth of EIGEN tokens.
EigenCloud is built atop the EigenLayer restaking protocol, integrating data availability (EigenDA), general computation (EigenCompute), and dispute resolution (EigenVerify) functions. The platform allows developers to cryptographically prove off-chain activities, offering trust guarantees equivalent to on-chain activities. Currently, more than $12 billion in restaked assets secure over 200 autonomous verifiable services.
Layer 2 Network Ink Announces Native Token INK with a Total Supply of 1 Billion Tokens
Layer 2 network Ink announced on the X platform that it will launch the ecosystem’s native token INK, with a total supply permanently capped at 1 billion tokens. No further minting will occur through governance. INK tokens are designed for users and application layers, with an airdrop planned for early liquidity protocol participants.
Binance Alpha to Launch Matchain (MAT) on June 19, Airdrop Distributed in Two Phases
According to the official announcement, Binance Alpha will launch Matchain (MAT) on June 19. Eligible users can claim the airdrop starting June 19 by visiting the Alpha event page and using Binance Alpha points.The airdrop will be distributed in two phases:
Phase 1: Users with points reaching X can claim first, everyone gets a share;
Phase 2: The threshold lowers to Y (Y < X), distributed on a first-come, first-served basis until the prize pool is depleted or the airdrop event ends.

Dragonfly Managing Partner: The financial company model of introducing tokens into the stock market may last 1-2 years

Dragonfly Managing Partner Haseeb Qureshi stated that in every market cycle, founders chase hot money flows. In the last cycle, token issuance was the hotspot due to the extraordinary activity in the crypto capital markets;

In this cycle, introducing tokens into the stock market (similar to the financial company model) has become a new trend. He pointed out that hot money never stays in one place for long, which is why the financial company will not be the final model, but he expects this trend to continue for 1-2 years until the hype fades.

Coinbase Seeks Approval from the U.S. SEC to Offer Tokenized Stock Trading

According to market news, Coinbase is seeking approval from the U.S. Securities and Exchange Commission to offer tokenized stock trading.

JPMorgan Chase to Launch Dollar Deposit Token JPMD and Cooperate with Coinbase for Testing

According to Bloomberg, JPMorgan Chase announced the launch of a token named JPMD, representing the bank's dollar deposits. Naveen Mallela, Co-Head of JPMorgan’s blockchain division Kinexys Global, revealed that the bank plans to conduct its first test transaction in the coming days, transferring a fixed amount of JPMD from JPMorgan’s digital wallet to Coinbase, the largest cryptocurrency exchange in the U.S.

Market Updates

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Recommended Reading

<a href="https://www.techflowpost.com/article/detail_26367.html">Crypto U Card Retreats</a>
This article discusses crypto payment cards (U Cards) as an innovative attempt to integrate the crypto industry with traditional finance. Due to high compliance costs, thin profits, and operational complexity, this sector is facing global challenges. Multiple companies have exited this field, highlighting systemic issues in the industry and revealing limitations imposed on crypto payments by traditional financial systems.

<a href="https://www.techflowpost.com/article/detail_26353.html">Tron Merges with SRM, Targeting Nasdaq; Justin Sun's Bold Move</a>
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<a href="https://www.techflowpost.com/article/detail_26354.html">Arthur Hayes: Stablecoin Narrative Heats Up, IPO May Be a "Dead End", But I Advise Against Shorting</a>
This article explores the current development, historical background, and future trends of the stablecoin market, focusing on the hype and potential issues surrounding stablecoin IPOs. The author points out that although stablecoin issuers may attract substantial investments, limited distribution channels and fierce market competition may cause many investors to suffer losses. The article also analyzes successful cases like Tether and Circle, as well as the influence of traditional banks and social media companies on stablecoins.

<a href="https://www.techflowpost.com/article/detail_26356.html">Circle, the First Stablecoin Stock, Continues to Surge, Can Investors Still Understand It?</a>
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<a href="https://www.techflowpost.com/article/detail_26370.html">"Wealthy Yet Naive": Singapore Targeted by Scammers</a>
This article discusses how Singapore, as a global wealth management hub, attracts a large number of high-net-worth individuals and family offices, but has also become a target for scammers. From online scams and investment frauds to sophisticated disguises using new technological tools, Singapore faces dual challenges in wealth security and regulation. The article provides detailed descriptions of scam cases, methods, and the reasons why Singapore attracts scammers, highlighting how the psychology and structural vulnerabilities of high-net-worth groups make them more susceptible targets.
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GENIUS Act Passed, JD.com Applies for Stablecoin License, JPMorgan Launches JPMD Token

GENIUS Act Passed, JD.com Applies for Stablecoin License, JPMorgan Launches JPMD Token