Crédit Agricole Launches EURXT Euro Stablecoin on Ethereum, Settles First Tokenized Fund

Crédit Agricole launches EURXT, first bank-issued euro stablecoin on Ethereum France's Crédit Agricole launched EURXT, a MiCA-compliant euro stablecoin on Ethereum, and immediately used it to settle a tokenized UCITS money market fund subscription with Amundi, Europe's largest asset manager. The transaction marks the first time a tokenized UCITS fund was settled with a bank-issued stablecoin on-chain, bypassing traditional T+2 settlement. 1

UK FCA unveils crypto framework preserving global liquidity and overseas stablecoins The FCA's new rules allow overseas exchanges to serve UK customers via locally authorized branches (QCATP model) and permit non-UK-issued stablecoins to circulate, contrasting with the EU's ring-fencing approach. However, industry participants warn that the authorization process and uncertainty around DeFi and international firms could deter adoption. 2

CLARITY Act misses July 4 deadline as odds surge to 53% on law enforcement endorsement The Digital Asset Market Clarity Act missed its July 4 target but gained momentum as the National Organization of Black Law Enforcement Executives endorsed the bill, removing a key law enforcement objection. Prediction market odds rose to 53% as the Senate returns July 13 with three weeks before the August recess. 345

Tokenized stocks hit record $1.8B market cap as Ondo Finance leads with 24/7 minting Tokenized equities reached an all-time high market cap of $1.8 billion, with Ondo Finance controlling 58% of the market. Ondo also launched 24/7 minting and redemption for tokenized stocks and ETFs, while Micron's tokenized stock (MUon) surged 700% in a year on Ethereum. 678

Brazil central bank proposes 24-hour hold on stablecoin transfers over $10,000 The Banco Central do Brasil proposed a rule requiring virtual asset service providers to hold stablecoin transfers of $10,000 or more for up to 24 hours before releasing them abroad or to self-custody wallets. The measure is the third tightening move this year, treating dollar stablecoins as foreign exchange, and is expected to take effect in October 2026. 9

UAE central bank clears DDSC dirham stablecoin for retail listing on VARA platforms The Central Bank of the UAE granted a no-objection certificate to the dirham-backed stablecoin DDSC, allowing it to list on exchanges regulated by Dubai's VARA. The stablecoin, pegged 1:1 to the dirham, moves from institutional testing to consumer markets, challenging dollar stablecoins that dominate over 90% of the market. 10

Revolut to delist USDT in August citing regulatory and risk concerns Revolut notified users it will delist Tether's USDT stablecoin, with purchases ending July 6 and full delisting by August 31. The move aligns with MiCA compliance, as Tether has refused to comply with EU regulations, and follows similar delistings by Coinbase in Europe. 11

Coinbase joins Open USD stablecoin consortium, renegotiates Circle deal Coinbase signed on as a launch partner in the Open USD consortium alongside Stripe, BlackRock, and Visa, while preparing to renegotiate its revenue-sharing agreement with Circle. Circle's stock dropped 17% on the news, as Open USD offers no mint/burn fees and majority reserve income sharing, threatening Circle's USDC model. 12

Bitcoin and Ethereum rebound as Fed dovish signal revives rate cut hopes Bitcoin recovered from a low of $58,000 to above $62,000, posting a 3% weekly gain, while Ethereum surged over 10% to around $1,730. The rally followed Fed Chair Warsh's comments that inflation risks have subsided, triggering $221 million in spot Bitcoin ETF inflows and ending a 10-day outflow streak. 1314

Binance CEO warns MiCA implementation risks fragmentation after withdrawing Greek application Binance withdrew its MiCA application in Greece after the transition period ended without a decision, and CEO Richard Teng warned that inconsistent implementation across EU member states could push users and investment elsewhere. The opinion piece highlights the gap between MiCA's ambition and its execution. 15