MEXC On-chain Daily Report：USDT surpasses Ethereum to become the second-largest cryptocurrency by market capitalization.

Updated: June 29 2026, 09:30 (UTC+8) | Author: MEXC

1. Headlines

• Europe has issued 230 MiCA crypto licenses ahead of the regulation's implementation.

• USDT surpasses Ethereum to become the second-largest cryptocurrency by market capitalization.

• Spain will remove crypto platforms operating without MiCA licenses starting in July.

• Securitize plans to raise $400 million through a NYSE listing on July 2.

• Framework Ventures launches a $400 million fund focused on the stablecoin sector.

2. Industry Updates

Story Rebrands to DATA and Integrates the World's Largest AI Data Marketplace Kled

According to Odaily, Story has officially rebranded as DATA Foundation, with IP tokens converted to DATA at a 1:1 ratio. The Trace platform has also gone live alongside the technical integration of AI data marketplace Kled, bringing approximately 1.1 billion licensed data records onto the DATA Network, with an estimated 10 million new registrations added daily. Meanwhile, ecosystem project Poseidon announced a strategic partnership with South Korea's financial super app Toss. Its Numo application is now integrated with Toss, allowing users to contribute AI training data and earn on-chain incentives, further expanding the AI data infrastructure ecosystem.

Hong Kong's Crypto Asset Reporting Framework Enters Legislative Review

According to Odaily, Hong Kong legislator Johnny Ng stated that the Inland Revenue (Amendment) (Automatic Exchange of Information) Bill 2026 has been passed, while the Crypto-Asset Reporting Framework (CARF) legislation has entered the legislative review stage. Approximately 8,000 financial institutions are expected to complete registration under the framework, strengthening Hong Kong's digital asset tax reporting and regulatory infrastructure.

Polymarket Surpasses $1 Billion in Annualized Revenue as U.S. Trading Activity Accelerates

According to Odaily, Polymarket's annualized revenue has exceeded $1 billion following the reopening of its U.S. platform. Within six weeks, daily trading volume on the U.S. platform has surpassed $200 million, driven largely by the FIFA World Cup, while weekly trading volume on its international platform also reached record highs, highlighting sustained growth in the prediction market sector.

U.S. CFTC and SEC Seek Public Feedback on Unified Portfolio Margin Framework

According to Odaily, the U.S. Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have jointly launched a 60-day public consultation on a unified portfolio margin and cross-margin framework covering securities, futures, and swaps. The proposal focuses on customer protection, capital requirements, collateral management, and clearing arrangements.

Australia Extends Digital Asset Licensing Transition Period

According to Odaily, the Australian Securities and Investments Commission (ASIC) has extended the transition period for digital asset licensing until September 30, 2026. During the extension, businesses may continue applying for or modifying financial services licenses and operate through authorized representative arrangements while adapting to the new regulatory framework.

PBOC Official Highlights Growth of Stablecoins and CBDC Bridge Network

According to Odaily, Mu Changchun, Director General of the Digital Currency Institute of the People's Bank of China, stated that stablecoins and cryptocurrencies are reshaping global cross-border payments. By the end of 2025, cumulative transaction volume on the multi-CBDC Bridge project had approached RMB 500 billion. China will continue working with multiple central banks and financial institutions to develop next-generation cross-border payment infrastructure.

Orthogonal Raises $4.3 Million Seed Round Led by Pantera Capital

According to Odaily, AI agent infrastructure project Orthogonal has completed a $4.3 million seed round led by Pantera Capital, with participation from Y Combinator and Pioneer Fund. The platform provides capability discovery, task orchestration, and on-chain payment infrastructure for AI agents, enabling autonomous tool usage and blockchain transactions. The new funding will support product development and ecosystem expansion.

Canopy Secures $8.5 Million Seed Funding for AI-Native Blockchain Development

According to Odaily, AI-native blockchain development framework Canopy has raised $8.5 million in seed funding with participation from Arrington Capital, Fenbushi Capital, Borderless Capital, and SNZ Capital. The proceeds will be used to launch the mainnet, expand the engineering team, and enhance AI-native development tools that enable developers and AI coding assistants to build decentralized applications more efficiently.

3. MEXC Market Heatmap

Top 24H Gainers

• ANSEM/USDT (+1588.60%)

• PERM/USDT (+368.88%)

• LVR/USDT (+50.50%)

Top 24H Trading Volume

• BTC/USDT (378.435M)

• ETH/USDT (144.697M)

• SOL/USDT (52.816M)

Trending Meme Tokens

• RTM/USDT

• DOGEUS/USDT

• SOLANGELES/USDT

New Listing Announcement

• PARK/USDT — Listing Time: June 29, 2026, 17:00 (UTC+8)

4. On-Chain Calendar

High-Risk Token Unlocks

• MemeCore/USDT — July 3, 02:41 (UTC+8): 167.21M USDT unlocked, representing 4.28% of circulating supply. Elevated short-term selling pressure expected.

• Pump/USDT — July 12, 15:41 (UTC+8): 140.11M USDT unlocked, representing 25.6% of circulating supply. Extremely high short-term selling pressure expected.

Key Macro Events

• June 29, 00:35 — Fed's Barkin Speech (U.S.): Signals U.S. monetary policy direction and may impact the U.S. dollar.

• June 29, 08:00 — ECB Central Banking Forum (EU): Provides insights into Eurozone monetary policy and global risk sentiment.

• June 29, 16:00 — Eurozone M3 Money Supply YoY: Reflects liquidity conditions and influences market risk appetite.

• June 29, 17:00 — Eurozone Selling Price Expectations: Offers clues on inflation outlook and ECB policy expectations.

• June 29, 19:30 — Brazil Central Bank Focus Survey: Reflects inflation and liquidity expectations across emerging markets.

5. Security Alert

Speculation in the meme coin market has intensified significantly, with some tokens posting gains of hundreds or even thousands of times within a short period. These price movements are often driven by hype and speculative capital rather than sustainable utility or intrinsic value, making them highly vulnerable to sharp corrections and liquidity risks. At the same time, scammers frequently exploit trending meme coins by launching fake tokens with identical names or deploying phishing campaigns targeting retail investors. Users are strongly advised to avoid emotional FOMO-driven purchases, always verify official contract addresses and project announcements before trading, maintain prudent position sizing, and remain cautious of counterfeit projects to better protect their digital assets.

MEXC Chain Observation Daily, updated daily, 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.