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Here are today’s top cryptocurrency news, picked by CoinChapter.com.
Ethereum ETF could launch in late June
According to analysts, the United States could launch a spot Ethereum exchange-traded fund (ETF) in late June. BlackRock updated its S-1 form, a key document for the launch of its iShares Ethereum Trust (ETHA), on May 29. Earlier this week, the U.S. Securities and Exchange Commission (SEC) approved its 19b-4 filing. Both applications need to be approved in order for the ETF to begin trading.


Source: Eric Balchunas, ETF analyst at Bloomberg
ETF analyst Eric Balchunas said this is a good sign, suggesting that other companies may soon follow. He mentioned that there may be another round of fine-tuning, depending on the SEC's opinion, but a launch in late June is a reasonable possibility. However, Balchunas still believes that a launch around the Fourth of July is more likely, calling early approval an "unlikely" scenario.
Related articles:
Ethereum ETF Could Be Approved in July
Stablecoin market capitalization reaches two-year high
The latest report from CCData shows that the stablecoin market capitalization has reached its highest level since April 2022. The report pointed out that the stablecoin market capitalization increased by 0.63% from the beginning of May 2023 to 161 billion US dollars. However, the stablecoin market share fell slightly to 6.07%, down from 7% in March.


Source: CCData report
Among the top ten stablecoins, Athena USDe's market value increased significantly by 11.6% to 2.61 billion US dollars. Tether's market value also hit a record high of 111 billion US dollars, and the stablecoin market share reached 69.3%.


The market capitalization of the top ten stablecoins, including Athena USDe, Tether, etc. Source: CCData report
BlackRock's tokenized fund token BUIDL rose by 19.6% to $448 million. It is now the largest tokenized fund, surpassing Franklin Templeton's BENJI. Circle's USDC market capitalization grew for the sixth consecutive month, reaching $32.6 billion.


USDC market value reaches 32.6 billion US dollars. Source: CCData report
Despite the rise in market capitalization, stablecoin trading volume on centralized exchanges hit a monthly low of $829 billion on May 23.
In other crypto news: US lawmakers predict cryptocurrency laws within a year
U.S. Rep. Patrick McHenry (R-N.C.) vowed that the cryptocurrency industry won’t have to wait too long for regulation. He assured us that “we will have cryptocurrency laws within the next year.”


Source: X
McHenry, who chairs the House Financial Services Committee, cited the massive bipartisan support for his 21st Century Financial Innovation and Technology Act (FIT21) last week as proof of the inevitability of cryptocurrency policy and law. More than a third of House Democrats voted in favor of the bill despite pushback from the White House.
He believes that the momentum of the House consensus product will continue into the next congressional session in 2025, and if necessary, will advance the market structure bill and the long-awaited stablecoin issuer regulation bill.
PayPal’s new Solana stablecoin will offer “confidential transfers”
PayPal’s recently launched PYUSD stablecoin on Solana will offer “confidential transfers” as an additional feature, according to a recent announcement. While PYUSD was previously only available on Ethereum, its expansion on Solana will allow merchants to “provide their consumers with confidentiality of transaction amounts while maintaining visibility for regulatory purposes.”


Source: X
The “confidential transfers” feature has been compared to bitcoin’s long-discussed but yet-to-be-implemented “confidential transactions” concept, with some industry experts noting that PayPal users may get the privacy-boosting feature before bitcoin users.
In addition to confidential transfers, PYUSD on Solana will benefit from additional programmability, including “transfer hooks” that allow specific programs to be called on each token transfer, giving more control over the wallet’s assets.
Crypto News: BlackRock’s IBIT Attracts Net Inflows in Spot Bitcoin ETF
U.S.-based spot Bitcoin exchange-traded funds (ETFs) recorded a total net inflow of $28.32 million on May 29. This was the 12th consecutive day of net inflows and the longest streak of net inflows since late February.


The total net inflow of Bitcoin ETFs on May 29 reached $28.32 million. Source: SoSoValue
According to SoSoValue, BlackRock’s IBIT attracted $24.5 million in inflows. Grayscale’s GBTC recorded $31 million in net outflows, widening the gap between the two after IBIT surpassed GBTC in net assets under management.


BlackRock's IBIT records $24.5 million in Bitcoin ETF inflows. Source: SoSoValue
Fidelity’s FBTC, the third-largest spot Bitcoin ETF, saw net inflows of $18 million. Bitwise’s ETF attracted $11 million in net inflows, while Ark Invest, 21Shares, Invesco, Galaxy Digital, and WisdomTree saw smaller inflows.
Overall, the 11 spot Bitcoin ETFs have seen a combined net inflow of more than $2 billion over the past 12 days. This brings the cumulative net inflows since January to $137.6 billion.
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