Today’s Insider ⬇️
Cardano launches first Bitcoin DeFi app ‘Cardinal’
French Société Générale set to launch dollar-pegged stablecoin
Hong Kong partners with Chainlink to explore CBDC adoption
Market Update
Market | Value | Day PnL | YTD |
Bitcoin | $109,355 | +2% | +57% |
Ethereum | $2,693 | 61% | -26% |
Solana | $158 | -1% | -1.11% |
XRP | $2.28 | +1% | +358% |
S&P 500 | $6,006 | +0.01% | +2.11% |
Gold | $3,350 | +0.33% | +27% |
1. Cardano launches its first Bitcoin DeFi protocol - Cardinal
New DeFi Solution: Cardano has just unveiled ‘Cardinal’, its first DeFi protocol that enables Bitcoin users to lend, stake, and borrow without centralized custodians.
Trust-Minimized Wrapping Technology: Cardinal uses advanced tools like MuSig2 cryptography and BitVMX to securely convert Bitcoin into tokens that are pegged 1:1.
Boost Liquidity: Cardinal aims to attract Bitcoin liquidity to Cardano's DeFi ecosystem to help address the drop in total value locked from $415M to $334M.
Conclusion: Cardano has launched "Cardinal," its first DeFi protocol for Bitcoin users to lend, stake, and borrow without centralized custodians. Meanwhile, the latest development is aimed at boosting liquidity in Cardano's DeFi ecosystem.
Top Crypto Insider Pick of 2025
BlockchainFX (BFX) rewards token holders with daily USDT
You are probably wondering what the catch is. Well, BlockchainFX (BFX) adopts a built-in reward mechanism that allocates 70% of its daily transaction fees to reward active participants, both in the native BFX token and USDT.
The platform features an ‘all-in-one’ super trading app that allows users to trade a wide range of digital assets, including cryptocurrencies, forex, commodities, indices, and stocks.
Presale Benefits: As the presale progresses, the platform offers exclusive perks like a custom BFX Visa Card and exclusive trading credit. Also, the BFX token is currently priced at $0.0145, which offers a significant earning potential for early backers.
Symbol | Current Price | Key Features |
$BFX | $0.0145 (Presale) | All-in-One Trading App, Daily Passive Staking Income |
Conclusion: BlockchainFX (BFX) rewards token holders with 70% of daily transaction fees in BFX and USDT. But more importantly, the platform aims to be a diversified exchange with an all-in-one trading app for various digital assets.
2. French Société Générale set to launch dollar-pegged stablecoin
Stablecoin Adoption: French bank SocGen, via its crypto arm SG-FORGE, is introducing "USD CoinVertible," a dollar-pegged stablecoin on Ethereum and Solana.
Versatile Use Cases: Set to launch in July, the stablecoin will support crypto trading, cross-border payments, forex transactions, and collateral management, with BNY Mellon as its reserve custodian.
A ‘First’ Milestone: SocGen becomes the first major European bank to issue a dollar-backed cryptocurrency, expanding its presence in the growing market.
Conclusion: French bank Societe Generale is launching "USD CoinVertible," a dollar-pegged stablecoin on Ethereum and Solana. This makes SocGen the first major European bank to issue a dollar-backed cryptocurrency.
3. Hong Kong partners with Chainlink to explore CBDC adoption
Institutional Partnership: Hong Kong is using Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to test cross-border transactions and settlement for its potential e-HKD CBDC.
Main Focus: The ongoing study explores blockchain interoperability, with CCIP enabling seamless connection across Ethereum and Solana-compatible networks.
Key Partners and Timeline: Visa, ANZ, and Fidelity are among the collaborators, with findings from Phase Two of the e-HKD initiative expected by the end of 2025.
Conclusion: Hong Kong is partnering with Chainlink, alongside other institutional collaborators, to explore CBDC adoption using its Cross-Chain Interoperability Protocol for cross-border transactions and settlements.
That’s all for today’s insight. Stay informed, and we’ll see you in tomorrow’s edition.
Till next time,
3Insiders Team
