The blog comes as the Senate races to advance the Digital Asset Market Clarity Act before lawmakers break for their August recess. While the bill cleared the Senate Banking Committee, negotiators are still trying to resolve several contentious issues, including ethics rules for senior government officials with crypto ties, liability protections for decentralized finance developers, stablecoin yield provisions and concerns from Senate Agriculture Committee Democrats.

Industry groups remain optimistic that the legislation can reach the Senate floor in July, but analysts have warned that failing to pass it before the August recess would sharply reduce its chances of becoming law this year.

In JPMorgan’s view, assets that function like securities should continue to follow securities laws regardless of whether they are issued on a blockchain. Likewise, decentralized trading platforms that serve as exchanges or brokers should be held to the same standards for market integrity, disclosure and customer protection.

JPMorgan also devoted considerable attention to stablecoins, an area where many banks see both commercial opportunity and competitive pressure. While stablecoins and tokenized deposits could improve payment efficiency, the executives warned against allowing products that resemble bank deposits to operate outside the capital, liquidity and consumer protection rules that apply to banks. Features such as rewards or cashback for holding balances, they wrote, could lead consumers to assume they have protections that may not exist, increasing the risk of rapid withdrawals during times of market stress.

BNY has upgraded its Digital Asset Custody platform to support client use of Circle’s USD Coin (USDC), adding the ability for institutional users to convert US dollars to USDC, store it, and later redeem it back into dollars through the bank.

The bank says this makes USDC the first stablecoin available on its custody service, with plans to expand to other stablecoins and related “digital cash” workflows over time. The move follows BNY’s broader push into crypto-adjacent infrastructure, including custody offerings for major tokens.

Key takeaways

• BNY’s Digital Asset Custody now supports USDC for institutional clients, including storage, transfers, and redemption into USD through the bank.
• Clients can convert dollars into USDC and redeem back into dollars directly within BNY’s platform workflow.
• BNY positions the upgrade as an extension of its existing role as custodian of assets backing USDC reserve arrangements.
• DefiLlama data referenced by BNY puts USDC at more than $73.8 billion in circulation, making it the world’s second-largest stablecoin by market capitalization.
• BNY’s step aligns with a broader wave of stablecoin-related product launches by major banks and asset managers.

BNY turns custody into a stablecoin cashflow tool

BNY’s announcement goes beyond basic custody support. According to the bank, the platform enables institutional clients to convert USD into USDC and redeem USDC back into USD, with storage and transfers of USDC handled through BNY’s custody rails.

For investors and treasury teams, the practical value is that stablecoin operations can be consolidated inside an institution’s existing banking relationship rather than requiring separate workflows across multiple counterparties. While many crypto platforms can hold stablecoins, BNY’s framing emphasizes continuity with traditional banking functions—especially the ability to move between dollars and USDC.

BNY also said the service is intended to expand. Over time, it plans to add additional stablecoins and broader “digital cash” use cases, indicating this is the start of a wider product roadmap rather than a one-off integration for USDC.

Building on BNY’s USDC reserve-custodian role

The expansion is also positioned as a deepening of BNY’s existing partnership with Circle. BNY has previously served as the primary custodian of the assets backing USDC, and it is now extending that relationship from reserve safeguarding into client-facing stablecoin custody and operations.

BNY states that it oversees $59.3 trillion in assets under custody and administration and serves more than 90% of Fortune 100 companies. In its filing to contextualize the move, the bank also cited DefiLlama data showing USDC as the second-largest stablecoin by market capitalization, with more than $73.8 billion in circulation.

That matters because stablecoin adoption has often depended not only on token liquidity and ecosystem growth, but also on credible institutional infrastructure—particularly for regulated participants who want compliance-friendly custody, transfer controls, and clearer operational processes.

Stablecoin infrastructure is becoming a mainstream banking product

BNY’s latest upgrade lands in the middle of a wider trend: major financial institutions are developing products that sit alongside stablecoin issuance, reserve management, and—critically—compliance-aligned investment vehicles.

In May, JPMorgan filed to launch a tokenized money market fund aimed at stablecoin issuers, designed to allow reserve assets to be held in a regulated investment vehicle while earning interest. The proposal described an Ethereum-based fund investing in US Treasury bills and overnight repurchase agreements used to back payment stablecoins.

Earlier in the month, State Street launched a government money market fund for stablecoin issuers aligned with the GENIUS Act. According to the coverage cited in the article, the fund invests in US government securities and repurchase agreements and lists State Street Bank and Anchorage Digital among its initial investors.

Large firms are also exploring other angles of the stablecoin ecosystem. The article notes that Bank of America said it was exploring stablecoins to modernize payments infrastructure, while Fidelity Investments launched a US dollar-backed stablecoin (FIDD) after receiving conditional approval to operate a national trust bank.

While these initiatives are not identical—some target reserve investment structures and others focus on payments modernization—the underlying pattern is clear: traditional institutions are treating stablecoins less as an experimental fringe product and more as an infrastructure layer that can be standardized for regulated use.

Where the market stands for stablecoins

BNY’s move also fits the scale of the stablecoin market itself. The article cites DefiLlama estimates valuing the stablecoin sector at about $313 billion, with Tether’s USDT accounting for roughly 60% of that market.

USDC’s prominence is reflected in BNY’s cited circulation figure, and its position as a large, widely supported stablecoin helps explain why institutional custodians are prioritizing it. However, the next question for market participants is whether BNY’s platform expansion beyond USDC will concentrate on a handful of other major stablecoins or broaden across more issuers and tokens over time.

Investors and operators should watch how quickly BNY rolls out additional stablecoins and whether it extends the platform’s “digital cash” workflows into more payment or treasury use cases, since the pace of expansion will signal how seriously big banks are committing to stablecoin settlement as an operational standard rather than a pilot feature.

Bitcoin (BTC) nears the end of June and Q2 2026 threatening to lose $60,000 support. Can RSI divergences save bulls?

Key points:

• Bitcoin RSI data is printing key bullish divergences that were absent from previous dips in 2026.
• Traders remain concerned about a support collapse as analysis makes a key 2022 bear-market comparison.
• Macro data hinges on the labor market and Iran peace deal, with a potential crypto tailwind due.
• Where June fails, July historically comes through for Bitcoin bulls.
• Onchain data sees Bitcoin’s “first bottoming flag” already present.

Bitcoin RSI divergence stands out in 2026 bear market

A classic BTC price leading indicator continues to boost the odds of a recovery as June comes to an end, TradingView data shows.

BTC/USD one-week chart with daily, weekly RSI. Source: Cointelegraph/TradingView

As Cointelegraph reported, relative strength index (RSI) cues across multiple time frames are locking in bullish divergences with price.

“$BTC is printing a bullish RSI divergence while a potential double bottom forms,” Bitcoin whale Gerla, owner of the Gerla trading group, told X followers about the four-hour chart on Sunday. 

“This is getting interesting.”

BTC/USD four-hour chart with RSI data. Source: Gerla/X

The sense of anticipation is increasing across the trading community, with pseudonymous trader and commentator Heisenberg noting a key divergence between Bitcoin’s latest macro lows and previous dips in 2026.

“Small sample size but still noteworthy. Notice the last two oversold RSI divergences (in orange) formed bottoms,” they wrote alongside a chart on X. 

“The last two recent drops (in blue) had no RSI divergences… UNTIL NOW… Is this the one?”

BTC/USD one-day chart with RSI data. Source: Heisenberg/X

RSI divergences have accompanied some of the most significant trend changes in Bitcoin history, including the end of its previous bear market in late 2022.

$60,000 sparks mid-2022 comparison

Bitcoin saw modest upside as the week began after sealing a weekly close below $59,500 — its first since September 2024. $60,000 is now increasingly acting as resistance, with bulls unable to exert significant momentum.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

“Quite funny enough, this is not a bad start of the week for Bitcoin as it bounces upwards,” crypto trader and analyst Michaël van de Poppe responded in his latest X analysis.

“We need to see way more momentum, and a clear break above $61,000, however, the bullish divergence is there and shouldn’t be ignored.”

BTC/USDT 12-hour chart with RSI, volume, MACD data. Source: Michaël van de Poppe/X

With the monthly and quarterly closes approaching, trader Killa suggested that upcoming BTC price action would be particularly significant within the long-term trend.

“A few more days and $BTC reaches my 5th pivot. For the past 18+ months, we’ve consistently seen major directional shifts around this point at the start of each month,” the explained on Monday. 

“Whether it’s a pivot low or a pivot high, this is a key time to start paying close attention.”

BTC/USD chart. Source: Killa/X

Data from monitoring resource CoinGlass puts June losses for BTC/USD at nearly 19% — the worst since the 2022 bear market and the sharpest of the year so far.

BTC/USD monthly returns (screenshot). Source: CoinGlass

On the fate of $60,000, meanwhile, commentator Exitpump argued that patience was required.

“Significant support and resistance levels rarely break on the first attempt. They usually require a lot of time, effort, and repeated tests before finally giving way,” they wrote at the weekend. 

“60K now reminds me of 30K in 2022.”

BTC/USDT one-week chart. Source: Exitpump/X

Bitcoin spent several months interacting with the $30,000 mark in mid-2022 before finally losing it as support, putting in its bear-market low around five months later.

To the upside, Exitpump expected that a “full blown bull market will be back” once $86,000 reappears. 

PMI stands out for crypto in week’s macro prints

A mixed bag of US macro data makes for a “short but busy” four-day trading week to end Q2.

Wednesday will see the latest Manufacturing Purchasing Managers Index (PMI) report from the Institute of Supply Management (ISM) — a potential tailwind for crypto markets.

This continues its breakout from a multiyear downtrend, and estimates see bullish data continuing with a score of around 54, albeit with a potential mild decrease versus last month.

US manufacturing PMI data (screenshot). Source: ISM

Another focus is the labor market as the market reacts to various employment numbers, including the June nonfarm payrolls report on Thursday.

“We have a short but busy week ahead,” trading resource The Kobeissi Letter summarized in a thread on X.

Kobeissi noted that the week would start with a reaction to geopolitical developments as the US and Iran agree to discuss their fragile peace agreement.

“This week also marks the end of Q2 2026 with earnings season on the horizon,” it added.

In the latest edition of its regular newsletter, The Market Mosaic, trading resource Mosaic Asset Company suggested that seasonality could boost stocks next.

“The S&P 500 is about to enter one of the best months of the year for calendar seasonality,” it explained. 

“While weakness in the back half of June is common, July ranks as the best performing month based on data going back nearly 100 years.”

S&P 500 seasonality data. Source: Mosaic Asset Company

Bitcoin has seen mixed correlation activity versus equities in recent months, with even crypto-industry analysis calling the BTC-tech stock relationship “overblown.”

“$BTC vs S&P 500 back at the level it held during the Yen Carry trade blowup and the initial June low,” trader Daan Crypto Trades observed this weekend, referring to BTC price downside triggers over the past year.

“If you believe in people trading relative values or ratios on different assets, then you will see that this is an important level to hold for $BTC relative to stocks. Because down here there is not much support left until you’re at the late 2023 pre spot ETF rally levels.”

BTC/USD vs. S&P 500 one-week chart. Source: Daan Crypto Trades/X

Analysis expects July BTC price relief

While a copycat move by Bitcoin in the face of a stocks rebound is anything but guaranteed, history favors a return to strength as July begins. 

Recent research by trader and analyst Rekt Capital reveals that in previous years, July price performance tends to offer a counterpoint to what occurred in June.

“If history repeats for Bitcoin, then the pattern may be as follows for next couple of months: June ends as a red month, July could be green in response, And August could therefore be red to cancel out July’s upside completely,” he told X followers last week.

BTC/USD quarterly returns (screenshot). Source: CoinGlass

CoinGlass data confirms the divergence between June and July moves, with only three exceptions since 2013. Among them is 2025, when BTC/USD finished both months in the green.

So far this year, the pair is down 18.4% in June, its worst performance since the 2022 bear market.

As Cointelegraph reported, Rekt Capital believes that the latest bear trend still has months left to play out, with new lows possible as a result before a long-term floor is in. A chart uploaded to X put the bear market as 71% complete as of June 22.

BTC/USD one-month chart. Source: Rekt Capital/X

Bitcoin metric produces “first bottoming flag”

Opinions still differ when it comes to whether Bitcoin has already seen its bear-market bottom.

Related: Bitcoin falls under $60K, but traders anticipate 15% bounce

As Cointelegraph continues to report, market participants broadly agree that more progress is required before a convincing downtrend reversal enters.

In its latest research, onchain analytics platform CryptoQuant adds to that consensus — but with an early silver lining for Bitcoin bulls.

“Bitcoin is starting to show the first clear sign of a deeper market clean-up,” contributor I. Moreno wrote in a QuickTake blog post on Sunday.

Moreno referenced a lesser-known onchain indicator, the UTXO Block P/L Count Ratio Model. This compares the aggregate profitability of blocks of unspent transaction outputs, or UTXOs.

“In simple terms, it measures how broad the market’s profit base is beneath price. When the ratio is high, most UTXO blocks remain in profit. That usually reflects a market still carrying a large amount of unrealized gains, which also means higher distribution risk,” the post explains. 

“When the ratio collapses toward the lower range, the opposite happens: profitability compresses, losses become more widespread, and the market starts moving into a more advanced reset phase.”

Bitcoin UTXO Block P/L Count Ratio. Source: CryptoQuant

The Ratio currently measures 5.9, marking its lowest level since 2022 and one of its lowest on record. Moreno called it “Bitcoin’s first bottoming flag” of the current bear market.

“The main takeaway is that BTC is finally showing evidence of a meaningful internal clean-up. But if history is a guide, the market may still need to absorb more stress before the bearish phase can fully exhaust itself,” he concluded.

Unlike cryptocurrencies such as bitcoin, stablecoins are designed to maintain a fixed price pegged to a fiat currency, typically to the U.S. dollar and backed with cash and short-term U.S. Treasuries. Originally used primarily by crypto traders on exchanges, they are increasingly finding broader uses in payments, cross-border transfers and securities settlement.

Institutions see significant room for growth. Standard Chartered projected the stablecoin market could expand from roughly $300 billion today to $2 trillion by the end of 2028, while Citigroup estimated it could reach $4 trillion by 2030 in its base case. Circle’s USDC is the second-largest stablecoin with a market capitalization of over $73 billion.

“As digital assets become increasingly integrated into financial markets, institutions need infrastructure that seamlessly works across traditional and blockchain-based systems,” said Carolyn Weinberg, chief product and innovation officer at BNY.

The protocol has two parts. A Single Asset Vault pools a single asset, and the lending layer turns that pooled money into loans with set terms. Both are still proposals, defined in technical drafts known as XLS-65 and XLS-66, and remain subject to approval by the validators who run the network. The features are available to test on a development network but are not live.

The use Ripple leads with is short-term financing. A payment company holding reserves in RLUSD, its US dollar-pegged stablecoin, might need cash to fund outgoing payments before a cross-border settlement clears two days later.

Instead of drawing on a bank credit line or selling assets, it could borrow against the incoming settlement through an approved pool, with repayment enforced automatically.

This is separate from XRP, the token the network is best known for, and from RLUSD, which is one of the assets such a system could lend against. It is infrastructure aimed at institutions rather than a product retail users would touch directly.

Ripple is also walking into a crowded field, however. Onchain lending already runs at scale through protocols like Aave, Compound, Maple and Clearpool, which collectively hold billions in deposits.

However, Ripple says that those systems were built around crypto-native governance, where a protocol can change its risk rules through community votes, which it says institutions cannot underwrite in advance. Its counter is to fix the lending mechanics at the network’s base layer so the behavior does not shift underneath a lender, while keeping the network public rather than walling it off to a closed group as some permissioned systems do.

The U.S. Supreme Court has blocked President Donald Trump’s bid to remove Federal Reserve Governor Lisa Cook, preserving the Fed Board’s current balance as the administration continues pushing for lower interest rates.

According to the Court’s 5-4 decision, the justices rejected Trump’s effort to dismiss Cook over allegations of mortgage fraud, ruling that the legal dispute must proceed under the proper standards rather than allowing the president to remove a Fed governor without judicial review.

Court says removal powers remain subject to legal review

Writing for the majority, Chief Justice John Roberts said accepting the administration’s position would effectively allow a president to dismiss a Federal Reserve governor at any time and for any reason, reducing statutory “for-cause” protections to little more than at-will employment.

Roberts added that the Court was not deciding whether Trump ultimately has legal grounds to remove Cook. Instead, he said the ruling addresses the legal framework that lower courts must apply before reaching that question.

“To be clear, the ultimate question of whether the President can remove Cook for cause will depend in part on the underlying facts,” Roberts wrote. “In this opinion, we have not addressed the facts, as they have yet to be found or analyzed under the relevant legal standards.”

The decision keeps Cook on the Federal Reserve Board while the legal proceedings continue, leaving Trump without a majority of governors despite changes elsewhere in the central bank’s leadership.

Ruling complicates Trump’s push for lower interest rates

Soon after the ruling, Trump responded on Truth Social by arguing that the Supreme Court had sent the case back on procedural grounds rather than ruling on the merits. He added:

“We will take appropriate action immediately to make sure that someone who has committed wrongdoing will not be making vital decisions concerning the Welfare of the United States of America!”

The decision also comes as Trump continues to call for lower interest rates. Although he appointed Kevin Warsh to succeed former Fed Chair Jerome Powell, Trump previously said he would not pressure Warsh over monetary policy and would leave interest-rate decisions to the Federal Reserve.

During his Senate confirmation hearing in April, Warsh reinforced that position by telling the Senate Banking Committee that Trump had never asked him to predetermine, commit to, or decide any interest-rate action before taking office. He added that he would never agree to such a request.

Even under Warsh’s leadership, the Federal Reserve kept interest rates unchanged at its June FOMC meeting while maintaining a cautious stance on inflation, underscoring that policy decisions continue to be driven by economic conditions rather than White House preferences.

Cook’s continued presence on the Board means Trump still lacks the majority needed to reshape the Federal Reserve’s policy direction through appointments alone, making future interest-rate decisions dependent on votes within the central bank.

The ruling arrives as inflation remains a key concern for policymakers. As crypto.news previously reported, the Fed left interest rates unchanged in June despite relatively hawkish economic projections from many officials.

Separate crypto.news reporting also noted that the latest Personal Consumption Expenditures inflation reading reached 4.1%, its highest level since 2023. Against that backdrop, Bank of America has forecast three rate hikes beginning later this year, while Polymarket currently assigns a 53% probability that the Federal Reserve raises rates before year-end.

Key Takeaways

• Shares of Roblox surged more than 14% Monday, starting at $50.90 and reaching approximately $54.29, following Arete Research’s upgrade from Neutral to Buy alongside a $95 price target.
• The stock broke above both its 20-day and 50-day moving averages, though it continues trading roughly 30% under its 200-day moving average.
• First-quarter revenue reached $1.44 billion, falling short of the $1.74 billion estimate, while EPS of -$0.35 exceeded the consensus forecast of -$0.41.
• In May, Roblox approved a $3 billion stock repurchase program, representing up to 9.5% of shares outstanding.
• Arkansas’s Attorney General launched legal action against Roblox, claiming the company misled users about child safety protocols.

Shares of Roblox (RBLX) kicked off Monday trading at $50.90, rising from Friday’s closing price of $47.56, before advancing to approximately $54.29—marking a roughly 14.5% increase—accompanied by elevated volume exceeding 2.5 million shares.

Roblox Corporation, RBLX

The primary driver behind this rally was Arete Research’s decision to upgrade RBLX from Neutral to Buy while simultaneously lifting its price target from $75 to $95. This represents one of the most optimistic outlooks currently on Wall Street for the gaming platform.

During Monday’s trading session, the stock reclaimed territory above its 20-day simple moving average ($46.03) and 50-day simple moving average ($47.92). However, shares remain approximately 30% beneath the 200-day moving average of $79.09, with a death cross pattern having materialized in December 2025.

The MACD indicator now sits above its signal line with a positive histogram reading—suggesting diminishing downward momentum. Critical resistance levels exist around $60.50, while support appears established near $52.50.

Wall Street Remains Divided on RBLX

Not all analysts share the same enthusiasm. Wells Fargo reduced its price objective from $97 down to $78, while maintaining an Overweight rating. Piper Sandler shifted to Neutral with a $50 target back in May. DA Davidson also maintained a Neutral stance while lowering its target to $45.

Goldman Sachs preserved its Buy recommendation but reduced its price objective to $65. BMO reaffirmed its Outperform rating, and Oppenheimer initiated coverage with an Outperform designation.

According to MarketBeat, the consensus rating stands at Moderate Buy with an average price objective of $86.30.

For the first quarter, Roblox reported EPS of -$0.35, surpassing the -$0.41 forecast. Revenue totaled $1.44 billion—representing 43.4% growth year-over-year—but missed the $1.74 billion consensus expectation.

The company’s board greenlit a $3 billion share repurchase authorization in May, permitting buybacks of up to 9.5% of outstanding shares. CEO David Baszucki and insider Matthew Kaufman both executed stock sales in May for tax withholding purposes related to vested equity compensation.

Legal Challenge Over Child Safety Practices

Tim Griffin, Arkansas Attorney General, initiated legal proceedings against Roblox alongside Discord, claiming both platforms provided misleading information regarding their safety measures and facilitated predator access to children.

The filing further asserted that Roblox distributed over $900 million annually to developers whose content included explicit material. Roblox issued a statement saying it “strongly disputes” these allegations and highlighted recently implemented age verification requirements for chat functionality.

Institutional stakeholders control approximately 94.5% of RBLX shares. Multiple funds established new positions during Q4 2024, with Norges Bank acquiring a position worth roughly $435 million.

The company’s next quarterly earnings announcement is scheduled for July 30, 2026. Wall Street analysts anticipate a loss of 34 cents per share alongside revenue of $1.60 billion.

BNY has expanded its Digital Asset Custody platform to let institutional clients store, transfer, mint and redeem Circle’s USD Coin, making it the first stablecoin supported on the platform.

The new capabilities allow BNY clients to convert US dollars into USDC and redeem the stablecoin back into dollars directly through the bank while also storing and transferring USDC on its custody platform. BNY said it plans to expand the service to additional stablecoins and digital cash workflows over time.

The expansion builds on BNY’s existing role as the primary custodian of the assets backing USDC, extending its relationship with Circle beyond safeguarding reserve assets to include client-facing stablecoin services.

According to BNY, the custodian bank oversees $59.3 trillion in assets under custody and administration and serves more than 90% of Fortune 100 companies. USDC is the world’s second-largest stablecoin by market capitalization, with more than $73.8 billion in circulation, according to DefiLlama data.

In May, BNY partnered with Abu Dhabi-based Finstreet and the ADI Foundation to develop institutional custody services for Bitcoin (BTC) and Ether (ETH), with plans to later support stablecoins and tokenized real-world assets.

Source: DefiLlama

Related: Breez launches Bitcoin-to-stablecoin payments across more than 30 blockchains

Traditional finance expands stablecoin infrastructure

BNY’s announcement is the latest in a series of stablecoin-focused products launched by major financial institutions in recent months, as traditional banks and asset managers expand services supporting reserve management, custody and blockchain-based payments.

In May, JPMorgan filed to launch a tokenized money market fund that would allow stablecoin issuers to hold reserve assets in a regulated investment vehicle while earning interest. The Ethereum-based fund is designed to invest in US Treasury bills and overnight repurchase agreements that back payment stablecoins.

Earlier this month, State Street launched a government money market fund for stablecoin issuers, offering a vehicle to hold reserve assets in compliance with the GENIUS Act. The fund invests in US government securities and repurchase agreements and counts State Street Bank and Anchorage Digital among its initial investors.

Other large financial institutions are pursuing stablecoin strategies as well. In July 2025, Bank of America said it was exploring stablecoins to modernize its payments infrastructure, while in January, Fidelity Investments launched a US dollar-backed stablecoin, FIDD, after receiving conditional approval to operate a national trust bank.

The stablecoin market is valued at approximately $313 billion, according to DefiLlama, with Tether’s USDT accounting for about 60% of the market.

Source: DefiLlama

Magazine: Bitcoin slides to $58K, XRP hits $1 but onchain data promising: Market Moves