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THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

JAPAN PROPOSES RECLASSIFYING CRYPTO, PAVING WAY FOR ETFS AND LOWER TAXES

Japan's FSA has proposed reclassifying cryptocurrencies as financial products under the FIEA, paving the way for crypto ETFs and a flat 20% capital gains tax. The move would shift crypto out of a progressive tax regime that reaches up to 55%, aligning it with equities and boosting appeal for both retail and institutional investors. With over 12 million active crypto accounts and initiatives like SMBC and Ava Labs exploring stablecoins, Japan is positioning itself as a global crypto hub under its “New Capitalism” strategy.

CHAINLINK, MASTERCARD LETTING 3B CARDHOLDERS BUY CRYPTO ONCHAIN

Chainlink and Mastercard have partnered to enable over 3 billion Mastercard holders to purchase cryptocurrencies directly onchain through an integrated system involving Shift4 for payment processing, zerohash for custody, and XSwap/Uniswap for decentralized token swaps. Chainlink's interoperability protocol facilitates the data exchange between traditional card networks and multiple blockchains, creating a bridge between off-chain and on-chain transactions. This partnership continues Mastercard's expansion into cryptocurrency infrastructure, following recent collaborations with MoonPay for stablecoin payments and Kraken for crypto debit cards.

IRANIAN CEX HACK MOTIVATED BY MORE THAN MONEY

Crypto's largest Iranian exchange, Nobitex, was breached on June 18, with attackers siphoning off between $48.65 million and $82 million across Tron, Bitcoin, Dogecoin, and other chains. The hacker group “Gonjeshke Darande” claimed responsibility and sent the funds to vanity addresses emblazoned with anti-IRGC messages, thereby permanently burning the assets. This deliberate destruction of value and public political messaging recast the incident as cyber terrorism rather than a profit-driven crime.

HOW TO MAKE SURE YOU GET PAID THIS CYCLE

Despite record highs in stablecoins, payments, and institutional onchain adoption by firms like JPMorgan, BlackRock, Mastercard, and Shopify, most token holders aren't capturing the resulting profits. Value is accruing to application-layer companies rather than public tokens, signaling the end of low-float, high-FDV launches and CEX-listing arbitrage. Going forward, sustainable wealth generation in crypto will mirror other industries: thesis-driven investing in BTC/ETH or building revenue-driven companies rather than “spray-and-pray” token bets.

SINGLENESS OF MONEY

Circle has launched USDC native minting on Codex, making it the fastest chain in crypto history to secure this milestone. The announcement emphasizes Codex's focus on solving the “singleness of money” problem, ensuring 1 USD stable equals 1 USD fiat across geographies and rails by addressing deep-rooted issues at the fiat–crypto boundary. Codex is building native solutions for T+0 wholesale FX, atomic compliance-integrated off-ramps, and risk-free fiat delivery, positioning itself as the infrastructure backbone for global stablecoin interoperability.

STABLECOINS COULD SUPERCHARGE RETAIL MARGINS

A Shopify unit economics breakdown shows stablecoin payments already deliver higher implied gross margins (30%) than credit cards (22%) despite a slightly lower take rate. Cross-border USDC rails eliminate costly FX fees (up to 1.25%) and settlement delays, offering faster and cheaper merchant payouts. With big-box retailers like Walmart and Costco operating on razor-thin 2–3% profit margins, even a 1–2% reduction in payment fees could boost bottom lines by 50%+, making merchant-issued or integrated stablecoins an obvious next step.

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