Market Watch
Things to Watch This Week (June 23 - June 28)
June 27 - U.S. Personal Consumption Expenditures (May)
Markets will be watching Friday’s PCE print closely, as it could shape expectations ahead of Powell’s July testimony and the next FOMC decision.
Random Musing This Week (June 23 - June 28)
Deposit Tokens vs. Stablecoins
JPMorgan recently filed a trademark for “JPMD”, its tokenized deposit product designed for blockchain-based payment services. Notably, the announcement came during the same week that the U.S. Senate passed the GENIUS Act, a bill establishing a regulatory framework for fiat-backed stablecoins. Here is a quick explainer on how deposit tokens differ from stablecoins.
Deposit tokens, such as JPMD, are issued by commercial banks and represent tokenized claims on actual deposits. They operate on permissioned blockchains, are governed by existing banking regulations, and benefit from the traditional safeguards of the financial system—including access to a lender of last resort. JPMorgan’s Kinexys (formerly Onyx) white paper frames deposit tokens as a compliant, programmable extension of commercial bank money, designed to integrate seamlessly with tokenized asset markets and real-world financial infrastructure.
By contrast, stablecoins—like USDC or USDT—are typically issued by non-bank entities and backed by cash or short-term Treasuries. They circulate on public blockchains and serve as a core component of DeFi and crypto trading. However, they also face greater uncertainty around reserve transparency, regulatory status, and systemic risk—issues the GENIUS Act aims to address by imposing uniform federal standards.
Rather than positioning deposit tokens as competitors to stablecoins, JPMorgan presents them as complementary instruments. The Kinexys white paper calls for policymakers to recognize deposit tokens as a distinct category, separate from both stablecoins and central bank digital currencies (CBDCs). It highlights their potential to stabilize blockchain-based payments through regulated, bank-native infrastructure.
U.S. institutions are now racing to define what regulated dollars will look like on-chain. One approach reinforces public-chain stablecoin standards; the other embeds tokenized money directly under the banking system’s umbrella. The result may be a layered architecture in which bank tokens and stablecoins coexist, each serving different trust models and use cases in the digital economy.
Recap of Top Stories (June 16 – June 20)
Interesting
Elon Musk’s X to roll out in-app trading and investing features in line with super app ambitions
Commentary: Elon Musk’s X plans to let users trade and invest directly inside the social-media app, broadening a payments push that already includes a Visa-backed digital wallet.
CEO Linda Yaccarino said the new features will cover investments and trading, and could include a branded debit or credit card, according to The Financial Times. The in-app services will roll out first in the United States under the X Money banner, a wallet the company announced in January when it partnered with Visa to enable real-time transfers between bank accounts and in-app digital wallets.
South Korean authorities submit spot crypto ETF approval roadmap
Commentary: South Korea's top financial authority has filed its roadmap to approve the local spot crypto exchange-traded funds on Thursday, according to local news reports.
According to Yonhap News Agency, the Financial Services Commission submitted its plans to the Presidential Committee on Policy Planning, which said it would prepare implementation measures for spot crypto ETFs in the second half of this year.
Iranian exchange Nobitex hacked for over $81M by Israel-linked hackers
Commentary: Iran-based cryptocurrency exchange Nobitex has been hacked for more than $81 million of digital assets, according to onchain investigator ZachXBT. The attack, disclosed in a Wednesday Telegram post, drained at least $81.7 million in assets across the Tron network and Ethereum Virtual Machine (EVM)-compatible blockchains.
Senate passes stablecoin bill, turning focus to House
Commentary: In a move poised to accelerate the development of U.S. dollar-pegged crypto tokens, the Senate has passed the GENIUS bill to regulate stablecoins. This is a win for the Trump administration, which has been committed to advancing the legitimization of crypto by establishing clear regulation.
Next, the House of Representatives will decide how to proceed by choosing whether to push its own stablecoin legislation or to take up the Senate’s GENIUS bill.
DTCC lists VanEck's proposed spot SOL ETF on list of 'active and pre-launch' funds
Commentary: VanEck’s proposed spot Solana exchange-traded fund has been listed on a page maintained by the Depository Trust and Clearing Corporation (DTCC), an indication that the U.S. Securities and Exchange Commission may soon approve the fund.
The DTCC’s list includes both active and prelaunch ETFs, the latter of which cannot be processed at the DTCC until they receive regulatory approval. The SEC has yet to approve a spot SOL ETF, though Bloomberg analysts think this could happen within months.
Coinbase seeks SEC greenlight for tokenized stocks to compete with Robinhood, Charles Schwab
Commentary: Coinbase is pushing for regulatory clarity to bring tokenized equities to U.S. customers, Paul Grewal, the company's chief legal officer, told Reuters on Tuesday. If approved, the move could allow the crypto exchange to offer blockchain-based trading of traditional stocks - putting it on a collision course with brokerages like Robinhood and Charles Schwab.
JPMorgan files ‘JPMD’ trademark for crypto payment services
Commentary: JPMorgan Chase has filed a new trademark application in the US for “JPMD” — signaling a potential expansion of its blockchain and crypto services and amplifying speculation of a stablecoin offering.
JPMorgan’s application to the US Patent and Trademark Office on Sunday outlines a wide range of crypto-related services, including digital asset trading, exchange, transfer, clearing and payment processing.
Gemini, Coinbase expected to secure EU licenses under MiCA
Commentary: Crypto exchanges Gemini and Coinbase are reportedly set to secure licenses to operate in the European Union, marking a significant step in their expansion under the newly implemented Markets in Crypto-Assets (MiCA) regulations.
Gemini is on track to receive approval from Malta, while Coinbase is expected to obtain its license through Luxembourg, Reuters reported Monday, citing unnamed sources familiar with the matter.
Justin Sun-linked firm plans to go public in US with TRX acquisition strategy
Commentary: A firm linked to Tron blockchain's billionaire founder, Justin Sun, intends to go public in the U.S., the Financial Times first reported on Monday. The new company plans a reverse merger with Nasdaq-listed SRM Entertainment in a deal arranged by Dominari Securities — a New York-based boutique investment bank linked to Donald Trump Jr. and Eric Trump, according to two people familiar with the matter, the outlet said.
Upcoming Market Events
June 27 - BTC CME June (BTCM25) Options Expiry
July 15 - U.S. CPI (June)
July 30 - U.S. FOMC Interest Rate Decision