Trump Eyes Replacing Fed Chair Powell as Treasury Secretary Bessent Signals Willingness

Robinhood Expands to 30 EU Countries, Launches Stock Tokens, Perpetual Futures, and US Crypto Staking in Major Global Push

At its Cannes event, Robinhood announced a major expansion across Europe, now reaching over 400 million people in 30 EU and EEA countries. The company unveiled US stock and ETF tokens for European customers, allowing 24/5 trading with dividends and no commissions or spreads from Robinhood. These tokens launch on Arbitrum and will later transition to a new Robinhood Layer 2 blockchain. Robinhood also introduced crypto perpetual futures in the EU with up to 3x leverage and an intuitive trading interface, plus US crypto staking for Ethereum and Solana. Additional new features include instant deposit boosts, crypto credit card rewards, AI investing assistant Cortex, smart exchange routing, tax lot selection, and advanced mobile charts. The comprehensive rollout aims to make investing simpler and more accessible worldwide.

Trump Eyes Replacing Fed Chair Powell as Treasury Secretary Bessent Signals Willingness; Trade Deals and Tariff Tensions Shape Economic Outlook

Treasury Secretary Scott Bessent said he would accept if President Trump asked him to replace Federal Reserve Chair Jerome Powell, whose term as chair ends in May. Bessent emphasized he would follow the president’s wishes despite being content in his current role. Other potential candidates include Christopher Waller, Michelle Bowman, Kevin Hassett, and Kevin Warsh. Tensions have risen as Trump pressures the Fed to cut interest rates to stimulate the economy, while Powell has resisted due to inflation concerns partly driven by Trump’s tariffs. Inflation rose to 2.4 percent in May. Meanwhile, U.S. stock markets hit new highs after a breakthrough in trade negotiations with China, which finalized tariffs around 55 percent. Bessent expects a surge of new trade deals with 18 key countries before a July 9 deadline, noting an unprecedented rush of offers from trading partners.

Circle Seeks OCC Approval for National Trust Bank to Oversee USDC Reserves, As JP Morgan Slaps $80 Price Target on Surging Stock

Fresh off its blockbuster IPO, USDC stablecoin issuer Circle announced plans to establish a national trust bank called First National Digital Currency Bank, N.A., under the supervision of the Office of the Comptroller of the Currency (OCC). The move aims to strengthen USDC infrastructure, improve reserve oversight, and align with new U.S. stablecoin regulations. While the bank wouldn’t offer traditional services like loans or deposits, it would let Circle hold and manage its own reserves under federal oversight. Meanwhile, JP Morgan initiated coverage of Circle with an “Underweight” rating and an $80 price target, citing overvaluation concerns despite confidence in USDC’s growth. Circle’s stock, which had soared from $31 to nearly $299 after its IPO, has dropped 28% over the past week, closing Monday at $181.29.

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