News Roundup — Circle IPO News: The Success of the First Days as Confirmation of the Credibility of the Crypto Sector

Major news stories this week;

1. Circle IPO News: The Success of the First Days as Confirmation of the Credibility of the Crypto Sector‍
2. Trump-Musk Spat Sees Bitcoin Tumble, Liquidating $308M in Longs‍
3. California Moves Forward Bill To Accept Crypto for State Payments‍
4. USDT0 Launches Omnichain Version of Tether Gold Stablecoin on TON‍
5. Spanish Company Vanadi Coffee Bets on Bitcoin: $1.1 Billion Investment

Story Summaries;

1. Circle's IPO surged over 200% on its first day, signaling growing credibility for the crypto sector and stablecoins. Experts see it as a milestone for regulatory progress, especially after recent U.S. bitcoin ETF approvals. BlackRock’s 10% stake reflects strong institutional confidence. Circle’s regulatory focus with its stablecoin USDC positions it well as the IPO pushes forward the conversation on crypto oversight.
2. Bitcoin dropped nearly 3% in 24 hours, triggering $308M in long liquidations amid macroeconomic tensions and ongoing sell-offs by long-term holders. The decline followed a public feud between Trump and Musk, with recession warnings adding pressure. Bitcoin briefly fell to $100,500 before stabilizing above $102,000. Broader market losses pushed total liquidations to nearly $1B, with major altcoins also falling.
3. California’s Assembly unanimously passed AB 1180, a bill allowing state agencies to accept crypto payments, moving it to the Senate. If approved, it would take effect in 2026 with a pilot program running through 2031. The bill tasks regulators with setting crypto payment rules and complements AB 1052, focused on crypto self-custody rights. California would join other states like Florida and Colorado in embracing crypto for state transactions.
4. USDT0 launched XAUt0, an omnichain version of Tether’s gold-backed stablecoin, enabling cross-chain use without wrapping. Debuting on the TON blockchain, XAUt0 expands access beyond Ethereum, where XAUt holds over $832M in market cap. Backed by 7.7 tons of Swiss-stored gold, it enters a growing market amid rising gold prices and competition from gold ETFs and other stablecoins.
5. Vanadi Coffee SA plans a $1.1 billion bitcoin investment to shift its business model toward crypto, inspired by Strategy’s approach. Despite 2024 losses, the company aims to fund the move via convertible financing. Chairman Salvador Martí has already bought 5 BTC, signaling commitment. A key board vote on the strategy is set for June 29, positioning Vanadi within the growing trend of corporate bitcoin adoption.

And that’s all for last week’s news! Wishing you a great week ahead!