The past week in the crypto world has been marked by a series of significant developments that highlight the growing integration of cryptocurrencies into mainstream financial systems and applications.
Telegram's native crypto wallet, TON Wallet, is now accessible to users in the United States, allowing them to buy, sell, and send cryptocurrencies directly within the messaging app. This integration of financial transactions into everyday applications is a significant step towards the mainstream adoption of cryptocurrencies, providing a user-friendly platform for millions of users to engage with digital assets.
The growing interest in Solana (SOL) is also noteworthy, with the REX-Osprey Solana Staking ETF reaching $100 million in assets under management just 12 days after its launch. This rapid growth indicates a strong investor interest in innovative crypto exposure through regulated investment vehicles. It also reflects the rising value of SOL, which is nearing the $200 mark.
Meanwhile, the XRP Army's frustration over the SEC's legal battle with Ripple underscores the impact of regulatory uncertainty on crypto markets. Despite XRP's recent all-time high, the ongoing legal dispute has dampened investor sentiment and stunted the coin's growth potential.
In the realm of stablecoins, Western Union's exploration of stablecoin remittance settlements and the potential development of a consumer-facing crypto wallet signals a broader plan to incorporate blockchain-based infrastructure into its global money transfer operations. This move, in response to the increasing pressure from stablecoin-native solutions offering faster and cheaper transfers, further illustrates the growing penetration of cryptocurrencies into traditional financial systems.
As we look ahead, these developments underscore the importance of regulatory clarity and the potential of cryptocurrencies to reshape financial systems and everyday applications. As investors and builders, we must remain informed and strategic, focusing on long-term trends and opportunities rather than short-term fluctuations and hype.
The following article summaries have been sourced from Decrypt, CryptoSlate, NewsBTC, and Crypto Briefing. Each summary includes a direct link to the original source.
- Telegram's native crypto wallet, TON Wallet, is now available to users in the United States. The wallet, developed by The Open Platform, allows users to buy, sell, and send cryptocurrencies directly within the Telegram messaging app.
- The TON Wallet was first launched for international users in September 2023 and has been activated by over 100 million users worldwide. With the U.S. launch, it is expected to gain more activations from Telegram's 87 million U.S. users.
- U.S. users will have access to staking and yield opportunities and 0% fiat on-ramp fees when purchasing through Apple Pay, Google Pay, or credit cards via MoonPay’s payment integration. The U.S. launch is being supported by the TON Foundation, which supports development on The Open Network.
- SOL is nearing the $200 mark, boosted by an MEV elimination upgrade. Meanwhile, JP Morgan is exploring the possibility of loans backed by BTC and ETH. Searches for altcoins have reached a four-year high, and ETH ETF inflows continue to outperform BTC.
- Fartcoin is leading the meme coin trend. Other notable movements include Strategy's purchase of $740m BTC and plans to sell $500m perps, Trump Media's ~$2b BTC holdings, and Mexico's Groupo Murano's intention to buy $1b BTC. Several other companies, including Sequans, Volcon, and Profusa, are also set to buy BTC.
- In other news, GameSquare has purchased $30m ETH and raised its limit to $250m, Mercurity Fintech plans to buy $200m SOL, and Bit Origin has bought $10m DOGE. A new stablecoin, X, has been formed to buy $260m ENA. BitGO is preparing for a US IPO, and Western Union is exploring a stablecoin rollout.
- XRP, the cryptocurrency linked to Ripple, reached a new all-time high last week for the first time in seven years, sparking frustration among its dedicated fanbase, the XRP Army. The group blames the SEC's long-running legal battle with Ripple for stunting the coin's growth.
- Ripple has been in a legal dispute with the SEC since 2020 over allegations of a $1.3 billion unregistered securities offering via the sale of XRP. While most XRP sales were ruled not to constitute the sale of unregistered securities, the legal battle has continued, with Ripple recently suggesting an imminent conclusion.
- Despite the recent all-time high, many XRP Army members remain dissatisfied, with some stating they won't be happy until XRP hits $27, a 675% increase from its current price. The group also expresses frustration towards the crypto media and those who have mocked or dismissed XRP over the years.
- The REX-Osprey Solana Staking ETF (SSK) has reached $100 million in assets under management (AUM) just 12 days after its launch on July 2. This rapid growth indicates a strong investor interest in innovative crypto exposure through regulated investment vehicles.
- SSK is the first US-listed Solana ETF to offer on-chain staking rewards, providing investors with direct exposure to SOL’s market price and staking yield in a regulated ETF format. This product has made Solana more accessible to traditional investors by eliminating technical barriers such as managing wallets or self-custody.
- The ETF's success coincides with a surge in Solana’s price, which recently exceeded $200 for the first time since January 2025. This price increase has pushed Solana’s market capitalization to $107 billion, making it the fifth-largest digital asset by market cap. Institutional investors are also showing increased interest in Solana, with recent large-scale acquisitions by Upexi and Defi Development Corp.
- Ethereum validators are currently facing the longest wait times in over a year to withdraw their staked ETH due to the network's built-in exit limitations and a surge in demand for staking. The wait time to exit the Ethereum network is approximately 8 days and 6 hours, the highest delay since early 2023. The queue to join the network as a new validator has also increased, with a wait time of around 6 days and 10 hours.
- Despite the growing exit queue, the total volume of ETH staked continues to increase. Over 35.5 million ETH is currently locked in staking contracts, accounting for nearly one-third of Ethereum’s total supply. Net staking inflows have jumped by 689,000 ETH, valued at around $3 billion, over the past 30 days. During this period, Ethereum's price climbed by 62.61% briefly above $3,800, its highest level since December 2024.
- Western Union is testing stablecoin remittance settlements in select regions across South America and Africa, as part of a closed-loop trial. The company is also considering the development of a consumer-facing crypto wallet, indicating a broader plan to incorporate blockchain-based infrastructure into its global money transfer operations. This move is in response to the increasing pressure from stablecoin-native solutions offering faster and cheaper transfers.
- Western Union's pilot project comes amidst new legislative clarity in the United States. The GENIUS Act, signed into law on July 18, mandates 1:1 fiat backing and monthly attestations for dollar-pegged stablecoins and grants issuers access to Federal Reserve master accounts, provided they hold FDIC insurance. This has accelerated stablecoin adoption among traditional payment providers.
- Western Union has not yet disclosed which stablecoins or blockchains are in use, or whether the wallet product under consideration would be proprietary or partner-based. The company's strategy aligns with geopolitical trends, such as the Trump administration's proposal to impose a remittance tax on U.S. outbound transfers, which could inadvertently boost stablecoin adoption by pushing consumers towards cheaper, tax-neutral digital alternatives.
- Crypto strategist Quantum Ascend predicts a potential 323% rally for Solana, with a peak around $830, based on market cap extensions and Elliott Wave structures. The analyst argues that inflation and token supply dynamics, often overlooked by retail traders, significantly affect price projections.
- Quantum Ascend uses Elliott Wave Theory to identify Solana as currently operating within a macro third wave, which could lead to a parabolic rally. He also points to Fibonacci extensions from Solana’s historical price structures, suggesting a $620-$830 price range for Solana.
- The analyst warns that targeting round numbers like $1,000 can mislead traders, especially when inflation-adjusted market cap analysis tells a different story. He emphasizes the importance of market cap projections for a more accurate view of potential upside, stressing realism over hype.
- Strategy (formerly MicroStrategy), the world's largest corporate holder of Bitcoin, has increased its holdings to 607,770 BTC, purchased at an aggregate cost of approximately $43.61 billion. This acquisition occurred during a week of regulatory progress in the US, with the GENIUS Act receiving final approval, establishing federal guidelines for stablecoins.
- Despite the positive regulatory environment, Strategy's stock fell by 7.2% over two days, reflecting a broader dip in Bitcoin prices. This performance may have been influenced by a bearish research note from analyst Gus Gala, who maintained a Sell rating on Strategy shares.
- Strategy's Chairman, Michael Saylor, continues to support the company's Bitcoin strategy, emphasizing a long-term commitment to accumulating the cryptocurrency. Meanwhile, the crypto market awaits further legislative developments, such as the CLARITY Act, which aims to provide a clearer regulatory framework for digital assets.
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- The US Department of Justice (DOJ) has concluded its investigation into Jesse Powell, the co-founder of crypto exchange Kraken, over allegations of hacking into the accounts of the Verge Center for the Arts, a nonprofit he founded. The allegations, which Powell denied, were unrelated to Kraken's operations.
- The FBI, which had confiscated multiple electronic devices from Powell's residence during the investigation, has returned these items. Powell's attorney, Brandon Fox, received a letter from the DOJ confirming the closure of the probe, a development he believes is crucial for restoring Powell's reputation and Kraken's regulatory standing.
- TON Wallet, a self-custodial crypto wallet built on the TON blockchain, has launched in the US. The wallet is integrated into the Telegram messaging app, allowing users to manage and transact with their digital assets directly within the app. Features include staking, swaps, and zero-fee USDT on-ramps.
- The wallet has already been activated by over 100 million users worldwide in 2024. With Telegram’s US user base exceeding 87 million, the US launch of TON Wallet could unlock significant growth opportunities. The wallet's features include crypto transfers within Telegram chats, built-in trading tools, staking capabilities, and zero-fee USDT purchases via various payment methods.
- The integration of the TON blockchain into Telegram is seen as a major step in bringing decentralized finance (DeFi) into everyday life, by offering direct, intuitive access within a familiar app. This move aims to put financial freedom in the hands of users and deliver real utility through a platform they use daily.
- The Bank of England (BoE) is reassessing its plans for a digital pound, also known as "Britcoin," due to the rapid advancement of private sector payment technologies. While the BoE is not completely abandoning its Central Bank Digital Currency (CBDC) plans, it may scale back the effort if private firms continue to develop comparable electronic payment technologies.
- This shift in perspective comes as global enthusiasm for state-backed digital currencies is decreasing. The BoE is encouraging the banking industry to prioritize payment innovations that could achieve similar outcomes without the need to issue a retail CBDC. The final decision will be made after the current design phase is completed.
- The BoE's research indicates diminished benefits from launching a CBDC. The project has faced challenges such as privacy concerns and fears about potential destabilizing effects if investors rush to state-backed digital currencies during crises. BoE Governor Andrew Bailey supports a wholesale CBDC for financial institutions but remains skeptical about a retail version.
