Bank Stablecoins March Forward as Crypto Infrastructure institutionalizes (2026-06-10)

Coinbase adds Arcium (ARX) and Re (RE) to its listing roadmap

On June 10, according to an official announcement, Coinbase announced that it will add Arcium (ARX) and Re (RE) to its listing roadmap.

The launch of trading for these assets remains contingent upon market-making support and the readiness of technical infrastructure; the specific launch date will be announced separately once the relevant conditions are met.

[PANews]

Profit of $2.977 million realized; a whale increased its SP500 short position to $147.6 million.

According to on-chain data, a whale increased its SP500 short position to $147.6 million, generating a profit of $2.977 million so far.

[Odaily]

Japan’s Megabanks Plan Joint Stablecoin as Bank-Issued Tokens Go Global

Three of the largest banks in Japan are forming a consortium to issue a jointly operated stablecoin by the end of fiscal year 2026, extending a regulatory pilot that has been operating under the Financial Services Agency’s supervision since November 2025. The plan involves Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMFG), and Mizuho Financial Group.

The token will start pegged to the yen, with a US dollar version following later in the year. It will run on Progmat, a distributed ledger platform developed by MUFG and NTT Data.

The three banks are not chasing retail wallets at launch. Their combined enterprise client base covers more than 300,000 companies, giving the token immediate distribution scale without the regulatory friction of consumer onboarding. The FSA’s choice to run the November pilot with all three institutions simultaneously, rather than sequentially, signals a preference for a single shared standard over competing bank tokens. That approach fits a broader Japan yen stablecoin shift in which private and public actors have moved toward a common infrastructure. Separately, an SBI Shinsei and JPMorgan deal shows Japan’s mid-tier lenders are also pursuing tokenized deposits on parallel tracks.

The megabank plan lands as globally licensed banks begin shipping deposit tokens at scale. JPMorgan brought JPMD to Coinbase’s Base network earlier this year, bridging Kinexys to public rails and enabling institutional clients to receive round-the-clock dollar settlement. SoFi pushed its SoFiUSD bank token to its roughly 15 million members in May 2026, making it one of the first consumer-facing bank stablecoins in the US.

The thread connecting all three programs is a shift away from third-party tokens like Tether (USDT) and USD Coin (USDC) toward instruments issued directly by regulated balance sheets. Stablecoins eclipsed ACH network volumes in the U.S. this year, sharpening the competitive pressure on legacy payment infrastructure.

What remains open for the Japanese consortium is the governance structure. Whether the three banks issue a single token under one brand or operate shared rails that each bank draws on separately will determine how replicable the model is for other multi-institution stablecoin efforts.

[Nikkei]

Research institutions: 800V DC and CPO mass production progress delayed, optical module sector under pressure

SemiAnalysis, a semiconductor and AI infrastructure research firm, released a new report stating that two key technological pathways for AI data centers have experienced significant delays: NVIDIA’s native 800V DC architecture and the commercial mass production of CPO (co-packaged optics) technology—both lagging behind market expectations.

The report notes that NVIDIA’s 800V DC power architecture, originally slated for large-scale adoption, has seen its shipment timeline pushed back to 2028, later than previously anticipated by the market. Meanwhile, CPO shipments in 2027 are expected to fall short of market expectations, with规模化量产 (scale-up mass production) potentially delayed to 2028–2029, primarily due to challenges including low optical engine interconnect yield, ASIC integration complexity, and cost factors.

SemiAnalysis believes the 400V DC solution will still ramp up as scheduled starting in 2026, and certain NPO (near-packaged optics) projects may accelerate. However, supply chains for power solutions, switches, and optical modules dependent on new platforms such as Rubin Ultra and Kyber will face scheduling pressure. The report maintains a relatively positive outlook on Amphenol, Vertiv, and Legrand, while adopting a more cautious stance toward Lumentum, Himax, Navitas, and Wolfspeed.

[Odaily]

Anthropic launches Claude Fable 5 with new safeguards

Anthropic has launched Claude Fable 5 as a generally available Mythos-class model with new safety controls. Fable 5 can handle longer and more complex tasks than prior Claude models. The release also includes Claude Mythos 5 for selected cyberdefenders and infrastructure providers.

Claude Fable 5 is now available to users through Claude products and the Claude API. Developers can access the model through the claude-fable-5 API identifier. Anthropic said Fable 5 performs strongly in software engineering, knowledge work, vision, and scientific research. Additionally, the model has its largest lead on longer and more complex tasks, working autonomously for longer periods and staying focused across millions of tokens.

In software testing, Stripe reported that Fable 5 completed a large Ruby migration in one day, a task that would have taken a team more than two months by hand. Anthropic also cited strong results on finance, vision, memory, and scientific research tasks.

Because of the model’s capabilities, the release required extra controls. Some Fable 5 requests will fall back to Claude Opus 4.8, specifically for selected cybersecurity, biology, chemistry, and distillation-related queries. The company said the safeguards trigger in less than 5% of sessions on average, though they may catch harmless requests due to conservative tuning. The company added new classifiers to detect potential misuse and jailbreak attempts, preventing the model from responding directly to flagged requests.

Anthropic also launched Claude Mythos 5 for a smaller group of approved users, which uses the same underlying model as Fable 5. Mythos 5 starts through Project Glasswing in cooperation with the U.S. government, including cyberdefenders and critical software infrastructure providers. The program lifts some safeguards for approved cybersecurity users, and Anthropic plans a trusted access program for selected biology researchers and companies.

Business customer traffic on Mythos-class models will face 30-day retention, and the company will not use this data to train new Claude models. Pricing for Fable 5 and Mythos 5 is set at $10 per million input tokens and $50 per million output tokens. Fable 5 is included on Pro, Max, Team, and seat-based enterprise plans through June 22; starting June 23, use will require credits unless capacity allows an extension.

Google launches Gemini 3.5, a real-time speech-to-speech translation audio model

June 9th news, Google launched Gemini 3.5 real-time translation, its latest real-time voice-to-voice translation audio model.

Starting this month, Google will roll out the private preview update to select enterprise Google Workspace customers, with a broader release later this year.

[PANews]

The US military began retaliatory strikes against Iran.

On June 10, according to CCTV News, U.S. Central Command stated that, acting on instructions from President Trump, the U.S. military launched a defensive strike against Iran at 5:00 p.m. Eastern Time in response to the downing of a U.S. “Apache” helicopter the previous day. U.S. Central Command described this operation as a response to Iran’s “unprovoked acts of aggression.”

Early this morning (June 10) local time, explosions were heard across eastern Hormozgan Province in southern Iran—including on Qeshm Island and in Sirik and Minab—prompting activation of air defense systems.

U.S. President Trump said: “I believe it is very important to respond. They shot down a helicopter, and we are responding.” Trump added: “I have always believed in responding forcefully. We originally had a very good deal—and we very well may still have one.”

[PANews]

Hyperliquid advocate and Paradigm urge US to revise proposed anti-money laundering rule

Prolific crypto venture capital firm Paradigm and Hyperliquid Policy Center, a DeFi advocacy group, jointly issued a letter Tuesday urging the U.S. Treasury to alter a proposed anti-money laundering rule that they say would subject stablecoin issuers “to strict liability for transactions they cannot meaningfully police.”

The Hyperliquid-backed lobby group and Paradigm, a backer of Hyperliquid, are seeking to prevent rules they say would limit decentralized stablecoin usage on public blockchains.

Back in April, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) jointly proposed a rule to implement provisions of the GENIUS Act related to treating stablecoin issuers like financial institutions for purposes of the Bank Secrecy Act.

“We broadly support the proposed rule, and in particular FinCEN’s decision to tailor most issuer obligations to the primary market, but write to recommend that certain secondary market obligations be clarified or narrowed to avoid unintended consequences for permissionless blockchain infrastructure and the DeFi ecosystem,” Hyperliquid Policy Center (HPC) and Paradigm said in their letter.

HPC and Paradigm said they support FinCEN’s approach of focusing on compliance obligations on the primary market, where issuers know their customers, and take a lighter approach in the secondary market, where issuers only see wallet addresses and transaction amounts. “The same principle should guide the agencies’ implementation of AML and sanctions requirements for stablecoins deployed to permissionless environments,” they said.

OFAC’s proposal to extend issuer liability to secondary market activity through smart contracts imposes unnecessarily strict liability for transactions issuers cannot control, HPC and Paradigm argue.

“An issuer facing obligations it cannot meet on the secondary market has a strong incentive to deploy only to permissioned environments, pulling U.S.-regulated stablecoins out of DeFi and creating a void filled by unregulated, offshore, non-dollar alternatives,” they added. “It would undo the current regulatory spring and restore the brutal winter of the past administration.”

Congress passed the GENIUS Act last year in part due to President Donald Trump’s administration supporting the digital assets industry. Now, the legislation is in the implementation phase, which includes rules being proposed and then eventually agreed upon, before the stablecoin bill goes into full effect.

HPC and Paradigm made a series of specific suggestions in their letter from Tuesday, including narrowing “the definition of ‘payment stablecoin-related activity'” and reconsidering “OFAC’s treatment of smart contract interactions.”

Hyperliquid Foundation helped create HPC in February with a donation of roughly $29 million worth of HYPE tokens. Jake Chervinsky acts as HPC’s CEO.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. [The Block]

Garrett Jin turns bullish on ZEC, opening a $11.90 million position

On June 10, according to on-chain analyst Onchain Lens (@OnchainLens), Garrett Jin has switched from shorting ZEC to going long.

He has opened a 2x leveraged long position involving 27,723 ZEC, valued at approximately $11.9 million.

[TechFlow]

LMAX CEO: Why Everything Will Be Tokenized

Episode 12 of The Big Brain Podcast, hosted by The Block President Larry Cermak and MegaETH CSO Namik Muduroglu, was recorded with David Mercer, CEO of LMAX Group.

Listen below, and subscribe to The Big Brain Podcast on YouTube, Apple, Spotify, or wherever you listen to podcasts. Please send feedback and revision requests to [email protected]

In episode 12 of The Big Brain Podcast, Larry and Namik are joined by David Mercer, CEO of LMAX Group. The conversation explores stablecoins, collateral mobility, tokenized securities, institutional adoption, regulatory clarity and why Mercer believes tokenization could have an impact on capital markets similar to the rise of derivatives.

They also examine prediction markets, perpetuals and the growing role of banks in digital asset infrastructure.

OUTLINE
00:00 – Introduction
01:09 – LMAX Overview
05:29 – Stocks vs FX
08:23 – 24/7 Markets
11:03 – Omnia Strategy
17:05 – Institutional Future
23:21 – Adoption Reality
30:45 – Credit Markets
33:02 – Tokenization Debate
38:21 – Prediction Markets

GUEST LINKS
David Mercer – https://www.linkedin.com/in/mercerdavid/
LMAX Group – https://x.com/LMAX

HOST LINKS
Larry Cermak – https://x.com/lawmaster
Namik Muduroglu – https://x.com/NamikMuduroglu
The Block – https://x.com/TheBlockCo
The Block Pods – https://x.com/TheBlockPods

This episode of the Big Brain Podcast is brought to you by our sponsor, Canton Network.

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Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Gannon Van Dyke faces landmark Polymarket insider trading trial

The U.S. government’s first insider trading prosecution involving a prediction market has advanced after a Manhattan court scheduled a Dec. 7 trial for Army soldier Gannon Van Dyke. According to courtroom reporting from Inner City Press, U.S. District Judge Margaret Garnett scheduled the trial on Monday in Manhattan, where Van Dyke appeared in court after being released earlier this year on a $250,000 personal recognizance bond.

Judge: The US should reach out by July 31 to set up the Section 2 conference I’d want to have in August. Intrater: We propose December 7 as a trial date… The Government think its case is going to be a week, we’d have two weeks before Christmas, a Friday.

Federal prosecutors have accused the 38-year-old active-duty service member of using classified military intelligence connected to the January operation involving Venezuelan President Nicolás Maduro to place profitable wagers on Polymarket. Court filings cited by prosecutors allege that Van Dyke made 13 Venezuela-related bets over a seven-day period beginning in late December, turning an initial investment of about $33,000 into more than $410,000.

As described in the government’s case, Van Dyke faces three counts of violating the Commodity Exchange Act, along with wire fraud and engaging in an unlawful monetary transaction. He entered a not guilty plea during his April arraignment.

Details from the latest hearing indicate that Van Dyke’s legal team is preparing to contest the prosecution before the case reaches trial. According to ABC News, defense attorneys told the court they expect to file a motion seeking dismissal of the charges by the end of next month. Prosecutors have also alleged that Van Dyke attempted to conceal his activity after the wagers were settled. Court documents cited by the government claim he requested the deletion of his Polymarket account following the trades.

The case has drawn attention because federal authorities have described it as the first U.S. insider trading prosecution involving a prediction market platform. As regulators continue examining how such markets operate, the outcome could provide one of the earliest judicial tests of how existing commodities and fraud laws apply to blockchain-based event betting platforms.

Outside the criminal proceedings, Polymarket has become the subject of growing regulatory and political attention in multiple jurisdictions. On Capitol Hill, House Oversight Committee Chairman James Comer requested documents and internal communications from Polymarket related to wagers connected to the U.S. operation targeting Maduro. According to reports, lawmakers are examining activity surrounding the market and the information available to participants before the event’s outcome became public.

Regulatory pressure has also emerged overseas. As crypto.news previously reported, the Gangwon Provincial Police Agency in South Korea has opened what is believed to be the country’s first investigation into domestic Polymarket users. South Korean authorities are examining whether participation on the platform violated South Korean gambling laws after a request from the national police headquarters. Speaking to Chosun Biz, attorney Ahn Chang-bo, who represents some of the users under investigation, said the legal elements required for a gambling offense appear to be present. At the same time, he noted that South Korea has no established legal precedent involving punishment for Polymarket users, making the final outcome difficult to predict.

Separate from the criminal charges against Van Dyke, the Commodity Futures Trading Commission has filed its own civil complaint. CFTC Chair Mike Selig said anyone engaging in fraud, manipulation, or insider trading in regulated markets would face enforcement action regardless of ongoing debates surrounding prediction market regulation.

Bitmine increased its ETH holdings by 75,000 tokens over the past 8 hours, valued at approximately $123 million.

On June 10, according to on-chain analysis platform Lookonchain (@lookonchain), Bitmine purchased another 75,000 ETH from Kraken and FalconX within the past 8 hours, valued at approximately 123 million USD.

[TechFlow]

FIFA names Kraken official crypto exchange supporter for 2026 World Cup

FIFA has named Kraken the Official Crypto Exchange Supporter of the FIFA World Cup 2026. FIFA said the partnership will cover crypto awareness, fan engagement, and product experiences across North America and Europe.

The tournament will feature 48 teams, 104 matches, and 16 host cities across three countries. Kraken will use the partnership to introduce football fans to digital asset products and education. FIFA said the agreement will bring fan-first activations to tournament audiences before and during the World Cup. The company will connect those programs to match viewing, football communities, and tournament events.

The FIFA World Cup 2026 will run for seven weeks across North America. FIFA expects more than six billion cumulative viewers during the expanded tournament. The event will include the first 48-team format in World Cup history. Kraken has operated for more than a decade and serves users in over 190 countries. The exchange will use the tournament platform to present crypto tools to football audiences. The company has not disclosed financial terms for the FIFA agreement.

FIFA Chief Business Officer Romy Gai said the partnership fits the organization’s fan experience plans. FIFA has used commercial partnerships to add technology and consumer programs around major tournaments. The Kraken deal adds a crypto exchange partner to the World Cup 2026 sponsorship structure.

Kraken co-CEO Arjun Sethi described football as a shared global experience. He said the sport brings people together across borders, languages, and cultures. Sethi also said money should work with similar openness through smartphone access. The partnership will begin public programming around the FIFA World Cup 2026 Countdown Concert on June 10. The concert will take place across several cities as part of tournament preparations. After that event, Kraken plans activations in North America and Europe.

Kraken has already worked with Tottenham Hotspur FC, Atlético de Madrid, and RB Leipzig. The exchange also has a Formula 1 partnership with Atlassian Williams Racing. Those agreements place Kraken across football and motorsport audiences before the World Cup. The FIFA deal follows other crypto partnerships tied to sports and entertainment. Crypto companies have used teams, leagues, and major events to reach non-trading audiences. In this case, Kraken will focus on education, brand visibility, and product access around football.

FIFA has positioned the 2026 World Cup as its largest tournament by teams and matches. The competition will take place in the United States, Canada, and Mexico. Kraken’s World Cup programming starts with the June 10 countdown concert.

CZ: Bitcoin won’t “die” for long

On June 9, Binance founder CZ posted that Bitcoin will not “stay dead for too long,” and urged investors not to panic with the phrase “Don’t panic.”

[PANews]

SpaceX IPO Turns Tesla Merger Talk Into a Core Wall Street Thesis

Wolfe Research says a SpaceX and Tesla merger has moved into the Wall Street mainstream. Some investors now treat a future combination as their primary reason for owning TSLA stock. Analyst Emmanuel Rosner detailed the thesis in a June 9 client note. The call lands two days before Elon Musk’s rocket firm prices the largest initial public offering (IPO) in history.

SpaceX plans to sell 555.6 million shares at a fixed $135 apiece, according to StreetInsider. The deal would raise a record $75 billion at a $1.75 trillion valuation. Nasdaq trading starts June 12 under the ticker SPCX. The offering is all-primary, and Musk must hold his shares for 366 days after the debut.

Demand already outstrips supply. The offering is well oversubscribed, with some institutions bidding for $10 billion or more. Banks will close order books Wednesday, with reported demand near $150 billion. Rosner identifies three forces behind the merger thesis: SpaceX already absorbed Musk’s AI startup xAI earlier this year, a deal valuing the rocket maker at $1 trillion.

The IPO carries direct crypto weight too. SpaceX’s S-1 filing disclosed 18,712 Bitcoin (BTC) bought for roughly $661 million in 2021, near $35,324 per coin. The filing valued the position at $1.29 billion as of March 31. That tops the roughly 11,509 BTC held by Tesla in the corporate bitcoin treasury rankings.

Crypto traders are pricing the debut early. Coinbase, Binance, and Kraken list SPCX pre-IPO perpetual futures, as crypto markets price SpaceX before its shares list. ProShares plans to launch a 2x daily leveraged SpaceX ETF on listing day itself.

Wolfe flags serious obstacles, however. Tesla’s China operations add regulatory complications. The firm sees completion as unlikely before mid-2027 at the earliest. SpaceX booked $18.67 billion in revenue in 2025 but posted a $4.94 billion net loss. Morningstar pegged fair value at $780 billion, and some analysts argue the float is worth half the valuation.

Near term, Rosner argues merger anticipation may give Tesla shares downside support. However, he stresses that robotaxi and Optimus delivery still decides whether the stock finds momentum. The offering prices on June 11. Early SPCX trading may show whether investors assign a real merger premium or treat the idea as narrative fuel. Either answer will shape expectations for what comes after SpaceX goes public.

[Wolfe Research]

Anthropic releases “Claude Fable 5,” a public version of Mythos without cybersecurity features

June 10th news, according to JIN10, on Tuesday local time, Anthropic launched the public version of its Mythos model, but set restrictions, prohibiting its use in high-risk areas such as cybersecurity.

Anthropic stated that the new version of Claude Fable 5 is Anthropic’s strongest model built for broader applications to date, and praised its performance in software engineering and data analysis.

Anthropic had previously announced that Mythos had discovered thousands of software vulnerabilities, after which the company, through the “Glasswing” program, limited the model’s use to about 200 institutions, including the U.S. government. Anthropic stated that extensive testing has been conducted to ensure users cannot manipulate Claude Fable 5 to bypass its guidelines and perform restricted operations.

[PANews]