Odaily News White House trade adviser Navarro said the Federal Reserve should cut interest rates in July. (Jinshi)

Odaily News Ripple announced on Wednesday that it has selected Bank of New York Mellon to hold the U.S. dollar cash and U.S. Treasury reserves of its stablecoin RLUSD, with the circulation of RLUSD exceeding $500 million. As one of the largest custodian banks in the United States, Bank of New York Mellon manages approximately $52 trillion in total assets and will provide secure custody for RLUSD's reserve assets and assist in liquidity management. The move aims to ensure that RLUSD holders can redeem U.S. dollars at a 1:1 ratio, and the exchange mechanism follows the same regulatory standards as traditional money market funds. Bank of New York Mellon established a dedicated digital asset department in 2021 and officially opened its services to institutional-level crypto clients in 2022. (The Block)

Odaily News Kraken and Backed are expanding xStocks support to BNB Chain, enabling users to trade tokenized U.S. stocks as BEP-20 tokens. The two institutions said that the community has a growing demand for on-chain composable stock markets. In the coming weeks, eligible non-U.S. Kraken customers will be able to deposit and withdraw xStocks through BNB Chain and Solana on the CEX platform. (The Block)

Odaily News Japanese financial institution SBI allows users to exchange credit card points for BTC, ETH and XRP, which means that Japanese credit card users can now convert loyalty points into cryptocurrencies through SBI VC Trade and APLUS. It is reported that 2,100 points can be exchanged for cryptocurrencies equivalent to more than 2,000 yen. (CoinDesk)

Odaily News According to official news, the Sparksat trading market Beta version is launched today, currently supporting FSPKS and SNOW tokens, and will support more tokens in the future. The market is in its early stages and may encounter some problems or instability. In order to avoid order delays caused by RPC or other transfer reasons, it is recommended that each order should not exceed US$1,000.

Odaily News DeFi asset management protocol Velvet Capital announced the completion of $3.7 million in financing, with YZi Labs and Blockchain Founders Fund, FunFair Ventures, Selini Capital, Mucker Capital, PAKA, LucidBlue, Mindfulness Capital, SkyVision Capital, Gate Labs, Poolz Ventures, NexGen, Cointelegraph Accelerator, Gains Associates, Rarestone, Echo, and DWF Ventures participating. This funding accelerates Velvet's mission to provide frictionless portfolio management and trading for funds, DAOs, and individual traders, while driving the launch of its new governance and utility token Velvet.