Weekly Update: 4th of July
What happened between the 27th of June and the 4th of July?
- SEC approved first Solana staking ETF; working on broader altcoin ETF framework. Read more
- Sparkassen and KBC integrate Bitcoin and Ether into banking infrastructure. Read more
- Deutsche Bank & DWS launch licensed euro stablecoin and custody offerings. Read more
- Bitvavo, Amdax, OKX & Kraken secure MiCA licenses for EU-wide operations. Read more
SEC approves Solana ETF and works on broader crypto ETF framework
Last week, the SEC approved the REX-Osprey Solana + Staking ETF (ticker SSK) with minimal objections, launching the first U.S.-based Solana staking ETF. Structured under the Investment Company Act of 1940, the ETF uses a C-Corp model to directly distribute staking rewards to investors. On its first trading day, the fund saw $33 million in volume and $12 million in net inflows.
Bloomberg analysts estimate a 95% chance of approval for additional ETFs, including XRP and Litecoin, by the end of 2025. They also suggest that a broader framework for altcoin ETFs is in development. This could eventually allow the top 50 cryptocurrencies to enter the ETF market. The approval of the Solana staking ETF also opens the door for future staking-based ETFs for other tokens like Ethereum.
Sparkassen and KBC to offer crypto services
Germany’s largest banking group, Sparkassen-Finanzgruppe, and Belgium’s KBC have announced plans to offer crypto services to retail clients. Sparkassen will initially focus on Bitcoin and Ether through its app, with a launch planned for summer 2026 targeting over 50 million users. KBC aims to provide crypto access via its Bolero platform and has applied for a Crypto-Asset Service Provider license, anticipating a late-2025 rollout. These initiatives underscore how established European financial institutions are increasingly integrating crypto into their mainstream operations.
Deutsche Bank launches custody and MiCA-compliant stablecoin
Deutsche Bank and asset manager DWS, via their joint venture AllUnity, have obtained a BaFin EMI license to issue a euro-denominated stablecoin, EURAU, compliant with MiCA regulations. This license enables AllUnity to offer a fully regulated, proof-of-reserves backed, 24/7 institutional-grade payment solution. Simultaneously, Deutsche Bank is preparing to launch crypto custody services, reinforcing its institutional offering within the MiCA framework. The move illustrates growing confidence in stablecoins from traditional banking players and a shift toward generating yield from digital assets.
Dutch crypto companies gain MiCA approval
Several major Dutch crypto firms, including Bitvavo and Amdax, received MiCA licenses from the Dutch AFM last week. These approvals allow them to offer services across the EU. International players like Kraken, Coinbase, Bybit, OKX, and Crypto.com have already received licenses through other member states. The simultaneous greenlighting of Bitvavo, OKX, Kraken, and Amdax marks a pivotal step toward regulated adoption, enhancing trust among users and institutions and supporting the continued expansion of the EU crypto market.
In other digital assets news
- Bitcoin recovers towards $109,000 as altcoins follow gradually
- Ripple, issuer of the XRP token, applies for a banking license
- Robinhood starts offering stock trading via blockchain
- Paxos launches MiCA-compliant stablecoin USDG in Europe
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