As the Bitcoin 2025 conference unfolds in Las Vegas, New York City Mayor Eric Adams has announced that the city will issue Bitcoin-backed financial instruments. Specifically, Adams says he will do everything in his power to launch BitBonds in New York, cementing the city’s place in the global financial renaissance. New York Targets BitBonds To Attract Investors NYC Mayor Eric Adams says the city will be the first to launch Bitcoin-backed municipal bonds for investors. Adams unveiled the plans in a keynote address at the Bitcoin 2025 summit, sharing plans for a wave of financial instruments backed by Bitcoin. Dubbed BitBonds, the NYC mayor says the incoming financial instrument will cater to a growing investor demographic in the city. Adams confirmed that BitBonds will become the go-to financial tool for Bitcoin holders in New York City. HUGE BREAKING: NEW YORK CITY MAYOR SAYS HE WILL BE THE 1st CITY IN… Read More at Coingape.com
Over the past week, Tether has been on a strong USDT minting spree, adding $8 billion worth of stablecoins over the past eight days on the Tron and Ethereum blockchain networks. This fresh supply of USDT stablecoins can provide fresh ammunition for the broader crypto market rally, helping it break out of the current consolidation phase.
Tether Mints 1 Billion USDT on Tron Blockchain
In a notable development, Tether has minted an additional $1 billion worth of USDT on the Tron blockchain, just four hours ago. This marks a continuation of the company’s aggressive issuance strategy.
On-chain data further reveals that since April 28, the firm has expanded its stablecoin supply by a massive $8 billion across both – Tron and Ethereum blockchain networks. This helps USDT extend its lead over other competitors like USDC, BUSD, RLUSD, etc. Furthermore, the development also underscores move underscores the increasing demand for liquidity and stablecoin usage across decentralized finance (DeFi) and trading ecosystems.
Source: SpotOnChain
As per the Tether transparency report, the total USDT issued on Tron has surged to $71.4 billion. Currently, $72.8 billion USDT is in circulation on the Ethereum network. With just an additional $1.4 billion USDT on Tron, it could once again surpass Ethereum as the leading network for the world’s largest stablecoin issuer, a position it has held at various times over the past two years.
Apart from Tron and Ethereum, the third-largest network for the USDT stablecoin is Solana, with a $1.9 billion circulating supply. USDT’s total circulation has reached an all-time high of $149.4 billion USDT, reflecting an 8.6% increase since the start of the year.
As a result, it captures a staggering 61% of the total stablecoin market as of now. Furthermore, Tether CEO Paolo Ardoino believes that the crypto-friendly Trump administration could help the firm gain further market share over the next few years.
Additionally, Ardoino also teased the launch of an artificial intelligence (AI)-powered product designed for decentralized applications. Named “Tether AI,” the innovation is expected to drive a surge in Bitcoin and USDT transaction volumes upon release.
Crypto Market Rally Ahead?
With Bitcoin price flirting around $94,500 level over the past week, and altcoins entering strong consolidation, the recent minting of USDT could provide a catalyst for a further crypto market rally ahead.
Additionally, U.S. Treasury Secretary Scott Bessent called on the Federal Reserve to reduce interest rates, while fueling speculation of a major bull run in the crypto market.
Moreover, U.S. President Donald Trump has announced plans to lower tariffs on China. Citing the current 145% levy as excessively high and a barrier to trade, Trump expressed an intent to ease the restrictions.
Bitcoin (BTC) is trading with a bullish bias, driven by renewed optimism surrounding US–China trade negotiations and signs of détente between Donald Trump and Elon Musk, two of the world’s most powerful men.
The momentum shift in geopolitical and social dynamics helped push global markets higher. While Chinese stocks in Hong Kong enter a bull market and the S&P 500 approaches its February highs, Bitcoin may be poised for a new all-time high (ATH).
Trade Diplomacy Reignites Risk Appetite
BeInCrypto data shows Bitcoin surged nearly 4% in the last 24 hours and was approaching the $110,000 threshold. As of this writing, BTC was trading for $109,275, steadily approaching its $111,814 ATH recorded on May 22, 2025.
The surge follows a high-level trade discussion between the US and China, which resumed on Monday, June 9, at London’s historic Lancaster House.
“I am pleased to announce that Secretary of the Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer, will be meeting in London on Monday, June 9, 2025, with Representatives of China, with reference to the Trade Deal. The meeting should go very well,” Trump said in a Truth Social post on June 6.
According to a Bloomberg report, the meeting stretched more than six hours and will continue into Tuesday, June 10.
Treasury Secretary Scott Bessent leads the US delegation alongside Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer. They attempt to strike a deal with China’s Vice Premier He Lifeng over technology export controls and rare earth shipments.
Expectations are that the US may ease export restrictions on chip design software and advanced materials. In return, they would get increased access to China’s rare earth supply.
The Trump administration remains firm on protecting high-end semiconductor technologies like Nvidia’s H2O AI chips. However, Reuters reported that officials hinted at a broader willingness to compromise.
Bitcoin’s strong recovery highlights its increasing sensitivity to global macro winds. Controversial trader James Wynn anticipated market optimism in a June 6 post on X (Twitter).
“Once this trade deal is cleared up, another green light for crypto to start rallying,” Wynn wrote in a Friday post.
The softening of Musk and Trump’s hostilities coincides with a sharp shift in investor mood. Bitcoin’s rebound pushed the Crypto Fear & Greed Index into “Greed” territory. The change in sentiment came as traders interpreted the Musk–Trump rapport as a stabilizing force amid broader volatility.
Nevertheless, speculation is that the conflict may have been engineered or orchestrated.
“The Trump-Musk Feud: A Staged Manipulation… They’re orchestrating the drop – but not joining in themselves… The abrupt emergence of the Musk-Trump clash is not accidental… Collaboratively, they unsettle retail, paving the way for fresh market surges,” wrote DeFi researcher Qmo.
Blockchain data supports the claim, showing large BTC accumulations by whale wallets during the feud’s peak.
BTC and ETH accumulations amid the Musk-Trump feud. Source: Qmo on X
Bitcoin’s recovery highlights how tightly the crypto market is tethered to high-level diplomacy and narratives surrounding influential actors like Trump and Musk.
With talks between the US and China set to continue today, and Musk’s perceived realignment with Trump, traders are watching for confirmation of de-escalation and potential policy clarity.
Bitcoin and altcoins’ price performance. Source: CoinGecko
At the time of writing, Bitcoin is trading at $109,406, with altcoins also beginning to move. CoinGecko data shows Ethereum is up by over 7% in the last 24 hours, while Solana (SOL) and Dogecoin (DOGE) surged by over 5%.
If Tuesday’s session in London yields concrete progress, Bitcoin could rally further, potentially establishing a new all-time high, especially with altseason narratives gaining traction.
Earlier this week, Coinbase revealed a significant cyberattack and data breach. Being a leading crypto exchange, the breach has put the personal data of influential figures at risk. As per the latest reports, Sequoia Capital’s Managing Partner, Roelof Botha, is also among the high-profile victims, with hackers accessing sensitive information, including phone numbers and addresses. Reports also suggest that exchanges like Binance and Kraken have also faced similar incidents. Concerns are now being raised about potential security vulnerabilities and the exposure of other prominent individuals’ data. Coinbase Hack Exposes Sequoia Capital Botha’s Info According to a Bloomberg report on the Coinbase hack, critical data belonging to high-profile executives like Sequoia Capital’s Roelof Botha is now in the hands of perpetrators. The hack has raised concerns about the safety of prominent crypto industry leaders. Notably, Roelof Botha is a prominent South African-American venture capitalist who joined Sequoia Capital in 2003. He… Read More at Coingape.com
