Elizabeth Warren Demands Meta Explain Stablecoin Plans

Senators Elizabeth Warren and Richard Blumenthal sent a formal letter to Mark Zuckerberg, demanding clarity on Meta’s revived stablecoin ambitions. The letter comes after reports that Meta is in talks with crypto firms to integrate stablecoin payments across Instagram, Facebook, and WhatsApp.

The senators accuse Meta of seeking to exploit its 3.5 billion daily users to gain economic leverage and undermine financial competition. “Big Tech companies' issuing or controlling their own private currencies, like a stablecoin, would threaten competition across the economy,” the letter warns.

Warren and Blumenthal gave Zuckerberg until June 17 to disclose which companies Meta has consulted, whether it's considering its own token, and if it has lobbied on crypto policy. The probe links Meta’s current efforts to its failed 2019 Libra project, which collapsed under bipartisan regulatory heat.

The inquiry shadows the Senate’s advancement of the GENIUS Act, which could explicitly permit tech giants like Meta to issue stablecoins. Warren slammed the vote, saying the bill would “bless this corruption” and enable Meta to “monetize sensitive private information through sales to third-party data brokers.”

Coinbase Launches US Futures & New Bitcoin Rewards Card

Coinbase announced at its 2025 State of Crypto Summit the launch of US-compliant perpetual futures regulated by the CFTC, offering traders advanced crypto derivatives on a secure platform. This initiative aims to expand trading options and strengthen Coinbase’s position in the US market. The company emphasized this as a milestone for American crypto trading.

Alongside futures, Coinbase revealed the Coinbase One Card, a credit card on the American Express network with up to 4% Bitcoin back on purchases. Exclusively for Coinbase One members in the US, the card’s waitlist is open now, with full details expected this fall. Executives from both Coinbase and Amex stressed the card’s innovative rewards and secure payment experience.

Ripple Adds Circle’s USDC To XRPL For Institutional Use

Ripple and Circle announced that USDC, a fully reserved dollar-backed stablecoin, is now live on the XRP Ledger. The goal is to drive institutional adoption by combining USDC’s regulatory compliance with XRPL’s low-cost, high-speed infrastructure. Ripple said the move unlocks new use cases for payments, remittances, and decentralized finance.

The XRPL has processed over 3.3 billion transactions since 2012 without incident, and now supports USDC natively alongside XRP. Developers can leverage XRPL’s built-in decentralized exchanges and auto-bridging feature to enable efficient cross-asset trades. Ripple said it will also use USDC within its flagship payments platform, which has moved $70 billion in volume to date.

Ethereum ETFs Outperform Bitcoin’s with $240M Inflows

Spot Ethereum ETFs in the US attracted $240.3 million in net inflows on Wednesday, beating Bitcoin ETFs for the first time since launch. It marks the 18th straight day of positive flows into ETH funds, led by BlackRock’s ETHA and Fidelity’s FBTC. Analysts linked the surge to growing optimism over regulatory clarity and Ethereum’s role in the DeFi ecosystem.

The SEC’s supportive comments on self-custody and stablecoins have fueled bullish sentiment among institutional traders. Ethereum also posted $106 billion in derivatives volume, topping bitcoin’s total for the same period. ETH hit a high of $2,800 before easing slightly, with analysts pointing to Pectra upgrade momentum and ETF spillover as key drivers.

Data of the Day

Roughly 30.9% of all circulating Bitcoin is now held by centralized entities, according to a new report from Gemini and Glassnode. This includes holdings by governments, ETFs, exchanges, and public companies; a structural shift toward institutional custody. Analysts say this trend is reducing volatility and enabling more orderly bull markets across longer timeframes.

Exchanges hold over 3 million BTC, followed by ETFs with 1.3 million, and public companies with more than 765,000 coins in their Bitcoin treasuries. The report also notes that while balances at exchanges and DeFi platforms are declining, ETFs and funds continue to absorb supply. This transition reflects a growing preference for regulated custody and signals Bitcoin’s ongoing financial maturation.

More Breaking News

• Binance has launched full trading services in Syria, listing over 300 tokens after US and EU sanctions were lifted last month.
• Shopify will enable USDC payments via Coinbase’s Base L2 starting June 12 for select merchants, with broader access planned later this year.
• Tether has acquired a 32% stake in Elemental for $89 million, gaining passive exposure to global gold production through royalty streams.
• The Philippines has enacted strict new crypto rules requiring local incorporation, ₱100M capital, and detailed asset disclosure from all providers.
• GameStop plans to raise $1.75 billion through a convertible notes offering, possibly to grow its Bitcoin treasury amid declining sales.
• ASIC has banned a financial adviser for ten years over a $9.6 million crypto scam involving client funds and a blacklisted investment platform.
• President Trump addressed Coinbase’s summit, touting executive orders and pledging support for the GENIUS Act and broader crypto regulation.

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