Good morning everybody.
Before we get into crypto, I noticed something this morning.
SpaceX is almost back to its IPO price.
After all the excitement surrounding the launch, the stock is now trading around $140, only a few dollars above its $135 IPO price. A lot of people who chased it higher are probably wishing they had waited. I’m still watching it. If it drops below the IPO price, it may finally become interesting.
Now, onto crypto.
Japan Continues Building Around Stablecoins
Japan’s largest credit card network, JCB, has signed an agreement with Circle to explore using USDC for cross-border payments and merchant transactions.
JCB serves roughly 140 million cardholders and works with about 40 million merchants worldwide. The initial project will focus on internal fund transfers, but the long-term goal is much broader: lower remittance costs, simpler currency exchange, and stablecoin-based merchant payments.
This also fits into Japan’s larger push toward stablecoins. Lawson convenience stores are expected to begin testing JPYClater this summer, adding another real-world use case for digital currencies.
Matt couldn’t resist taking a quick detour down memory lane, reminiscing about living in Taiwan and Japan and explaining why Asian convenience stores still have some of the best prepared food he’s ever had.
CleanSpark Lands a Massive Data Center Deal
CleanSpark announced a 20-year triple-net lease worth approximately $6.6 billion in contracted revenue for its Sandersville, Georgia data center campus.
The unnamed technology company plans to deploy 175 megawatts of computing capacity beginning in late 2027. If extension options are exercised, the agreement could eventually generate roughly $11.6 billion in total revenue. The same customer has also secured exclusivity over CleanSpark’s 885-megawatt Texas portfolio.
While CleanSpark is best known as a Bitcoin mining company, this deal highlights how mining infrastructure is increasingly being repurposed to meet growing demand for AI and high-performance computing.
Coinbase Ventures Keeps Leading Crypto Investing
Coinbase Ventures remained the most active crypto venture investor during the first half of 2026, completing 30 investments.
Animoca Brands followed with 19 deals, Andreessen Horowitz completed 18, and Tether made 15 investments during the same period. Over the past twelve months, Coinbase Ventures completed 75 investments, maintaining its position as one of the industry’s most active venture firms.
Despite a difficult market, venture capital continues flowing into blockchain infrastructure, developer tools, and emerging crypto startups.
Banks Push Back on Stablecoin Rewards
The debate over the Clarity Act continues.
The American Bankers Association, the Independent Community Bankers of America, and 76 state banking associationsare urging the Senate to rewrite portions of the bill dealing with stablecoins.
Their concern centers on whether companies might find alternative ways to reward stablecoin holders even if direct interest payments remain prohibited. Banks argue that loyalty programs, rewards points, or similar incentives could effectively turn stablecoins into deposit substitutes that compete directly with traditional bank accounts.
Matt wasn’t particularly sympathetic.
He argued that if consumers want to earn rewards on digital dollars, lawmakers shouldn’t be rewriting legislation simply to protect incumbent banks from competition.
Law Enforcement Backs the Clarity Act
While banks continue raising concerns, the Clarity Act also received another public endorsement.
The Federal Law Enforcement Officers Association announced its support for the legislation while recommending several modifications related to decentralized finance investigations and enforcement powers.
Supporters argue the endorsement undercuts claims that the legislation would weaken law enforcement’s ability to investigate crypto-related crime.
Government Wallets Move Crypto
On-chain data tracked by Arkham showed U.S. government-controlled wallets transferred roughly $288 million worth of seized Bitcoin and Ethereum to Coinbase Prime.
The transfers included approximately 2,875 Bitcoin, worth around $178 million.
Whether the assets are ultimately sold remains unclear.
Coinbase Prime frequently provides custody and asset management services for institutional clients, so transfers don’t automatically mean liquidation is coming.
Still, markets tend to pay attention anytime government-held Bitcoin begins moving.
Bitcoin ETF Trading Continues Slowing
One final data point stood out.
According to Glassnode, spot Bitcoin ETF trading volume has fallen approximately 78% from its peak, dropping from roughly $5.8 billion per day to about $1.25 billion.
That’s actually below where ETF trading volumes stood shortly after the funds first launched in early 2024.
Institutional interest hasn’t disappeared.
But the excitement surrounding spot ETFs has clearly cooled.
Crypto Prices
Bitcoin (BTC): $63,666
Ethereum (ETH): $1,864
BNB: $578
XRP: $1.09
Solana (SOL): $76.80
Tron (TRX): $0.325
Hyperliquid (HYPE): $64.77
Dogecoin (DOGE): $0.073
Total Crypto Market Cap: $2.2 Trillion
Fear & Greed Index: 32 (Fear)
RSI: 50
My Take
Japan continues to be one of the countries I’m watching most closely.
While much of the conversation in the United States revolves around regulation, Japan keeps building.
Stablecoins.
Payments.
Merchant adoption.
Financial infrastructure.
It’s not moving the market today, but over the long run, real-world adoption stories like these tend to matter a lot more than a single day’s price action.