MEXC On-chain Daily Report: USDT Market Cap Hits $187 Billion, Surpasses ETH to Rank Second

Updated: June 8, 2026, 09:30 (UTC+8) | Author: MEXC

1. Headlines

• USDT Market Cap Reaches $187 Billion, Surpassing ETH to Become the Second-Largest Crypto Asset

• U.S. House Moves Forward with Crypto Tax Legislation Covering Staking, Mining, and Stablecoins

• Valuable Capital to Suspend New Positions and Transfers for Mainland Accounts Starting June 15

• Grayscale Files Registration for Grayscale Canton ETF

• Morgan Stanley Launches In-Kind Subscription Service for Bitcoin ETFs

2. Industry Insights

Joe Lubin: Ethereum Foundation Restructuring Is Not a Crisis, Focus Shifts to AI Agents and Core Technologies

According to CoinDesk, Ethereum co-founder and Consensys CEO Joe Lubin stated that recent layoffs, budget reductions, and leadership changes at the Ethereum Foundation should be viewed as part of a normal organizational evolution rather than a crisis. Lubin explained that the Foundation will increasingly focus on core protocol development, security, and stewardship, while ecosystem growth, institutional partnerships, and commercialization efforts will be led by independent organizations. He added that years of scalability improvements have prepared Ethereum for its next growth phase, with autonomous AI agents, institutional adoption, and on-chain economic activity expected to become major growth drivers.

Vietnam Plans Pilot Program for Regulated Crypto Trading Market

According to CoinDesk, Vietnam’s securities regulator announced that the country may soon introduce a pilot crypto asset trading market. The initiative aims to create a regulated environment that improves transparency and investor protection while helping authorities gain experience for future digital asset regulations. Vietnam currently ranks seventh globally in crypto user adoption and fifth in transaction growth, making it one of Southeast Asia’s most important digital asset markets.

DRW, Wintermute, and IMC Build Dedicated Prediction Market Trading Teams

According to CoinDesk, major quantitative trading firms including DRW, Wintermute, and IMC are actively expanding into prediction markets as trading volumes continue to grow. These firms are hiring specialists focused on platforms such as Polymarket and Kalshi, utilizing cross-platform arbitrage, market structure strategies, and event-driven trading opportunities. Industry participants expect competition around liquidity provision, pricing efficiency, and market-making capabilities to intensify as prediction markets gain broader adoption.

U.S. May Nonfarm Payrolls Beat Expectations

According to Jin10, U.S. nonfarm payrolls increased by 172,000 in May, significantly exceeding market expectations of 85,000. The stronger-than-expected employment data suggests that the U.S. labor market remains resilient despite ongoing concerns about economic growth. Following the report, investors continued to monitor inflation and employment trends closely to assess the likely pace of future Federal Reserve rate cuts and overall liquidity conditions.

Treasury Capital Launches Bitcoin-Backed Preferred Stock with 10% Dividend

According to BitcoinTreasures.NET, Bitcoin Treasury Capital announced the launch of Sweden’s first Bitcoin-backed preferred stock product, BTC PREF. Trading is expected to begin on July 20 through Spotlight Stock Market. The product offers a projected annual dividend yield of 10%, with approximately $2.5 million targeted in fundraising. Proceeds will primarily be used to expand the company’s Bitcoin treasury holdings. Management stated that the product is designed to combine traditional income-generating securities with Bitcoin exposure.

Major U.S. Banks Plan Shared Tokenized Deposit Network

According to market reports, JPMorgan Chase, Bank of America, Citigroup, and other major financial institutions are working through The Clearing House to launch a shared tokenized deposit network in the first half of 2027. The system is expected to provide blockchain-based, 24/7 settlement capabilities while maintaining compliance within the traditional banking framework. Participating institutions aim to improve payment efficiency and meet growing demand for real-time settlement services from corporate and institutional clients.

Starknet v0.14.3 Mainnet Upgrade Scheduled for June 22

According to official announcements from StarkWare, Starknet v0.14.3 will be deployed to mainnet on June 22, following a testnet release on June 9. The upgrade introduces a dynamic STRK-based Layer 2 gas adjustment mechanism, faster block production, and lower L2 gas consumption per block. While maximum block capacity will remain unchanged, RPC version 0.8 will be deprecated. Developers are encouraged to review upgrade documentation and prepare their applications in advance.

SEC Approves Securitize Reverse-Merger Listing Plan

According to official sources, Securitize announced that the U.S. Securities and Exchange Commission has approved the S-4 registration statement related to its planned merger with Cantor Equity Partners II. Shareholders will vote on the transaction on June 29. If approved and all closing conditions are met, the combined company will operate as Securitize Corp. and trade on the New York Stock Exchange under the ticker symbol SECZ. The company remains one of the leading players in tokenized securities and real-world asset infrastructure.

ZODL Proposes Ironwood Privacy Pool Upgrade for Zcash

According to official announcements, Zcash ecosystem contributor ZODL, together with Tachyon, Valar Group, the Zcash Foundation, and Shielded Labs, has proposed a new network upgrade centered on the Ironwood privacy pool. Built on the existing Orchard protocol, Ironwood will incorporate formal verification and additional security audits to enhance network security. The upgrade is expected to activate in late July 2026, with all ZEC currently held within Orchard migrating through a Turnstile mechanism to ensure verifiable supply integrity.

3. MEXC Market Hot List

Data reflects MEXC market activity before 09:30 (UTC+8). Market conditions may change over time.

Top 24H Gainers 

• SENS/USDT (+40.44%)

• BEAT/USDT (+23.27%)

• BLESS/USDT (+18.34%)

Top 24H Trading Volume

• BTC/USDT ($753.295M)

• ETH/USDT ($390.915M)

• SOL/USDT ($78.176M)

Trending Meme Tokens

• VIRL/USDT

• WORLDCUP/USDT

• KELLYCLAUDE/USDT

4. On-Chain Calendar

Major Token Unlock Watchlist

• Rain/USDT — June 11, Unlock: 722.09M tokens (8.13% of circulating supply) — Extremely high sell-pressure risk

• Humanity/USDT — June 24, Unlock: 74.3M tokens (16.39% of circulating supply) — Extremely high sell-pressure risk

Key Macro Event Today

• June 8, 23:00 (UTC+8): U.S. Consumer Inflation Expectations—Reflects market inflation outlook and may influence Federal Reserve policy expectations, U.S. dollar performance, and broader crypto market sentiment.

5. Security Alert

Recent incidents have highlighted a growing wave of search engine poisoning attacks targeting cryptocurrency users. Cybercriminals are purchasing search advertisements, creating fake official websites, and abusing free website-building services to push fraudulent pages for popular AI development tools such as Codex and Claude Code to the top of search results.

Once users download and install these malicious applications, browser data, wallet extensions, private key files, and account credentials may be compromised, potentially leading to the theft of digital assets. Because many of these fake websites closely resemble official pages and often appear prominently in search rankings, they can be extremely difficult to identify.

Users are strongly advised not to download software directly from search engine results. Instead, access download pages through official announcements, verified social media accounts, or official website links. Always verify domain names and digital signatures before installation, avoid software and plugins from unverified sources, and maintain strong device and wallet security practices to protect digital assets.

MEXC Chain Observation Daily, updated daily at 09:30 am, strives to provide professional, timely, and in-depth market analysis for cryptocurrency practitioners. Welcome to share and subscribe.

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Risk Warning: The content of this article is for reference only and does not constitute any investment advice. The cryptocurrency market is volatile, please make a cautious decision based on your own situation.