June will see three major token unlocks—ZKsync (ZK), Vana (VANA), and LayerZero (ZRO). These tokens will unlock nearly $133 million in newly circulating assets.
Overall, $2.4 billion worth of assets will be unlocked this month. These unlocks represent sizable portions of each project’s market cap and could influence short-term price dynamics. Here’s what to know.
1. ZKsync (ZK)
Unlock Date: June 17
Number of Tokens to be Unlocked: 770 million ZK (3.67% of Max Supply)
On June 17, 770 million ZK tokens—worth approximately $41.61 million—will be unlocked. Of that, 397.20 million tokens (11%) are allocated to investors, and 372.80 million tokens (11%) to team members.
This unlock represents nearly 21% of the token’s market cap. ZKsync is currently trading at $0.05394, down 11% in the last week of May.
2. Vana (VANA)
Unlock Date: June 16
Number of Tokens to be Unlocked: 5.19 million VANA (4.33% of Total Supply)
Current Circulating Supply: 30.8 million VANA
Vana is a decentralized data marketplace that lets users control and monetize their personal data. Its native token, VANA, powers platform access, rewards contributors, and governs network decisions.
On June 16, Vana will release 5.19 million tokens—valued at $35.25 million. The distribution includes 4.74 million tokens (8.98%) for community initiatives and 452.60K tokens (1.65%) for ecosystem expansion.
Meanwhile, the token is up 18% in the last week of May. So, this unlock could test bullish sentiment.
Number of Tokens to be Unlocked: 24.68 million ZRO (2.47% of Total Supply)
Current Circulating Supply: 111.15 million ZRO
LayerZero is an omnichain interoperability protocol designed to connect disparate blockchain networks. Its ZRO token plays a key role in governance and may support future messaging or fee functionalities.
On June 20, LayerZero will unlock 24.68 million ZRO tokens. The unlocked assets will be worth roughly $56.72 million.
Overall, the allocation includes 12.88 million tokens (4%) for strategic partners, 10.20 million tokens (4%) for core contributors, and 1.60 million tokens (4%) for tokens repurchased by the team.
Meanwhile, ZRO is currently trading at $2.30, down 10% in the final week of May.
These three unlocks represent a combined $133 million in token value entering the market. With substantial portions going to insiders and ecosystems, market participants should monitor distribution activity closely.
Short-term volatility may follow, especially in lower-liquidity trading environments.
Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee as we discuss the growing influence of stablecoin issuers in the US Treasury market. With growing institutional adoption and regulatory legitimization of US dollar-pegged stablecoins, experts warn of artificial inflation of demand for the dollar.
Crypto News of the Day: Using Government Debt Instruments To Back Digital Dollars is Risky, Keiser Warns
The influence of stablecoin issuers in the US is growing, so much that Tether, which already issues the USDT stablecoin, plans to launch a US-only stablecoin by 2025. Tether aims to position stablecoins as strategic financial tools under the Trump administration.
Stablecoin supply by issuer in billions of US dollars. Source: Bain & Company
This chart shows Tether’s dominance in the stablecoin market, with overall supply going from $2 billion to more than $200 billion in recent years.
Meanwhile, the US Treasury projects stablecoins could reach a $2 trillion market by 2028, which could attract more players.
Nevertheless, as stablecoin influence in the Treasury market grows, the House Financial Services Committee is concerned.
Perhaps, however, the greater concern is stablecoin issuers’ using Treasury yields to buy Bitcoin. According to experts, this could undermine US government reserves.
A recent US Crypto News publication indicated reports of stablecoin issuers using Treasury yields to buy Bitcoin. Some say this could undermine initiatives like the proposed US Strategic Bitcoin Reserve, which aims to bolster national holdings of the pioneer crypto.
Growing Influence of Stablecoin Issuers in US Treasuries Market is Concerning, Max Keiser Says
Among them is Bitcoin pioneer Max Keiser, who voiced concerns over the growing influence of stablecoin issuers in the US Treasury market. Keiser warns that their use of government debt instruments to back digital dollars may have broader implications for the global financial system.
As of Q1 2025, Tether reported holding nearly $120 billion in short-term US Treasury securities and reverse repos. This makes it one of the largest non-sovereign holders of American government debt.
Meanwhile, Circle, issuer of USDC, disclosed more than $22 billion in Treasury bills in a February 2025 attestation.
These holdings collateralize dollar-pegged stablecoins, helping issuers maintain liquidity and trust. The issuers benefit from the interest income generated by the bonds.
While this practice is common and legal, Keiser contends it contributes to deeper systemic issues tied to fiat currency dynamics.
“This is exactly why the stablecoin issuers are buying Bitcoin, this is called a speculative attack on the US dollar. Feeding the debt spiral with fiat stablecoins, buying treasury bills, and then investing the interest into Bitcoin, allowing the stablecoin issuers to buy billions in Bitcoin for free,” Keiser told BeInCrypto.
Stablecoin issuers purchase US debt on secondary markets and earn interest, which they may or may not deploy into digital assets like Bitcoin. Keiser is critical of the broader financial architecture underpinning stablecoins.
“Issuing new stablecoins backed by US T-bills printed out of thin air is not a monetary system, but a financial hologram,” he said.
US Treasury bills are debt instruments issued by the federal government and sold to investors, including private companies like Tether and Circle, through regulated markets. These stablecoin issuers tokenize existing fiat currency held in reserve.
Keiser elaborated on what he sees as the long-term consequences of this model.
“It’s a speculative attack by private banks. It is financial repression, pushing rates down as ‘malinvestments’ increase. It is rinse and repeat,” he explained.
His critique also extends to the broader outlook for the US dollar, which, according to the Bitcoin pioneer, “is a quick, deadly fix; a USD hospice. Cue the final death throes of the US dollar.”
BeInCrypto has contacted Circle and Tether for comment and will update this article if they respond.
Max Keiser Proposes AI To Invent Novel Security Structures
Keiser also highlighted what he views as an emerging trend. He said high-profile investors and technologists use artificial intelligence (AI) and novel corporate strategies to increase Bitcoin exposure.
The Bitcoin maxi referenced Strategy Executive Chair Michael Saylor and investor-turned-politician Vivek Ramaswamy.
“Financial engineers like Michael Saylor and Vivek Ramaswamy are using AI to invent novel security structures to maximize the Bitcoin Treasury model. Vivek Ramaswamy plans to take his company, Strive Asset Management, public by merging with Asset Entities and starting to accumulate Bitcoin using the model that Saylor’s Strategy has already successfully adopted — using proceeds from stock and debt issuance,” Keiser remarked.
Though no confirmed public filings detailing Ramaswamy’s use of AI in this context, Keiser sees these developments as significant.
“The results are redefining finance globally and adding significantly to the Bitcoin demand. OG’s like myself, who have watched Bitcoin outperform everything for 15 years, are seeing, for the first time, investment strategies that are outperforming Bitcoin, and the implications are profound,” he said
Keiser believes such strategies could push Bitcoin’s market value even higher. He also implied that the extraordinary compounding rates of the past could be extended. This sentiment comes as Bitcoin captures more of the total addressable market and scales even higher price points.
The views expressed are those of Max Keiser and do not necessarily reflect the opinions of BeInCrypto.
Chart of the Day
International holdings of US Treasuries in billions of dollars. Source: Bain & Company
This chart shows that stablecoins have become a large holder in US treasuries.
Byte-Sized Alpha
Here’s a summary of more US crypto news to follow today:
Cryptocurrency exchange Gemini has announced the listing of Ripple’s stablecoin RLUSD on its exchange, enabling trading, deposits, and withdrawals.
This marks a significant step forward in the global adoption of RLUSD. Moreover, the listing triggered a surge in RLUSD’s trading volume, which has increased by 63.7%.
“RLUSD is now available for trading on Gemini. Deposits and withdrawals are enabled. Buy, sell, and store today,” the post read.
The move positions Gemini alongside other major exchanges supporting RLUSD trading. For instance, Bitstamp enabled trading for the stablecoin on January 8. Meanwhile, Kraken followed suit on April 2.
Notably, Gemini’s listing had a positive impact on RLUSD. Following the announcement, the stablecoin’s 24-hour trading volume surged to over $52 million, reflecting a 63.7% increase over the past day, according to data from CoinGecko.
Since its launch late last year, the stablecoin has seen remarkable growth. Its market capitalization has risen 338.6% since the beginning of 2025. As of the latest data, it stands at $317 million.
Although the market cap remains modest compared to industry leaders like Tether (USDT) and USDC (USDC), analysts remain optimistic about RLUSD’s prospects.
“Ripple’s RLUSD stablecoin has exploded since launch, now pushing over $860 million in monthly volume. It’s fully backed, built on the XRP Ledger and Ethereum, and already integrated into Ripple Payments. Kraken, Bitstamp, and LMAX Digital have listed it. This is Ripple’s enterprise-grade answer to global stablecoin demand, and it’s built for compliance, scalability, and cross-border dominance,” a user wrote on X.
Meanwhile, the broader stablecoin ecosystem is also positioned for significant growth. According to forecasts from the US Treasury, the market capitalization could reach $2 trillion by 2028.
Furthermore, Citigroup’s projections estimate that the market cap could soar to $3.7 trillion by 2030. This overall expansion of the stablecoin market is expected to benefit RLUSD as well, driving further integration and usage as the demand for stablecoins continues to rise.
