The Daily: Corporate crypto treasury bubble risks are real, Bessent says Trump’s digital asset push will ‘lock in’ dollar supremacy, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Bitcoin remains flat as summer sluggishness sets in and markets push Fed rate cut hopes to September, with the wait-and-see mood potentially keeping BTC rangebound — for now.

In today’s newsletter, crypto treasury company bubble risks are real but more nuanced than in past boom-and-bust cycles, according to Presto. Treasury Secretary Bessent says the U.S. crypto push will “lock in” dollar supremacy, President Trump urges the House to get the stablecoin bill on his desk “ASAP,” and more.

Meanwhile, bitcoin’s $100,000 level is being “cemented as the base price” for investors, according to analysts.

Let’s get started.

Corporate crypto treasury bubble risks are real

A wave of public companies is piling into crypto treasury strategies, raising billions to stockpile digital assets like BTC, ETH, SOL, and XRP — fueling both soaring valuations and bubble fears.

• While the risks are real, they’re more nuanced than the Terra or 3AC-style collapse scenarios seen during crypto’s last boom-and-bust cycle, according to Presto Head of Research Peter Chung.
• They often restructure as former operating firms, SPACs, or shell companies to become vehicles for crypto accumulation, using funding methods like PIPEs, ATM offerings, convertibles, or preferred shares tailored to their maturity stage and investor base, Chung explained.
• The rapid rise of crypto treasury companies has sparked concerns that their leveraged positions could trigger a new wave of forced liquidations if crypto markets turn bearish.
• However, crypto treasury firms largely avoid collateralized debt, limiting systemic risk, while activist pressure and GBTC-like premium to NAV concerns remain secondary due to their flexible financing and early-stage dynamics.
• With over 200 companies now following the Strategy playbook, Chung warned that poor liquidity and balance sheet planning, not the corporate treasury model itself, is the real risk.

Treasury Secretary Bessent says Trump’s crypto push will ‘lock in’ dollar supremacy

Treasury Secretary Scott Bessent said President Trump’s crypto push will help “lock in” dollar supremacy by turning stablecoins into major buyers of U.S. Treasurys.

• Bessent’s comments follow the Senate’s passage of the landmark GENIUS Act stablecoin legislation Trump wants signed into law by August.
• The Treasury Secretary predicts the U.S. dollar-backed stablecoin market could surge past $2 trillion within three years and $3.7 trillion by the end of the decade, up from around $240 billion today.
• Bessent also blasted former President Joe Biden for trying to “make [crypto] extinct.” Crypto “is one of the most important phenomenons in the world and the U.S. just ignored it,” he said.

Trump urges House to pass stablecoin bill: ‘get it to my desk, ASAP’

Meanwhile, President Trump urged the House of Representatives to pass the GENIUS Act and get it to his desk “ASAP,” calling it key to making America the “undisputed leader” in digital assets.

• Following its passage in the Senate, the House must now decide whether to take up the bill or support its own version, the STABLE Act, which the House Financial Services Committee advanced in April.
• Trump requested a “clean” bill via a Truth Social post, with “no delays, no add-ons.”
• “Digital Assets are the future, and our Nation is going to own it,” Trump wrote. “We are talking about MASSIVE Investment, and Big Innovation.”
• The GENIUS Act would require stablecoins to be fully dollar-backed, audited annually, and subject to clear foreign issuance rules.

Trump-linked firm quietly reduces equity interest in World Liberty Financial

Trump-linked DT Marks DeFi quietly cut its stake in World Liberty Financial’s holding firm from 60% to 40%.

• The exact timing of the equity reduction remains unclear, but legal filings and website disclosures confirm the recent shift.
  DT Marks DeFi previously held a 75% stake in December 2024, according to Forbes.
• The move comes amid intensifying scrutiny over Trump’s crypto ties, including Senate inquiries and controversy surrounding his memecoin dinners.
• World Liberty Financial, a DeFi project backed by the Trump family and launched in October 2024, offers its own token, WLFI, and the stablecoin USD1, which has a $2.2 billion supply.

Elon Musk’s X to roll out in-app trading and investing features amid super app ambitions

Elon Musk’s ambitions to turn X into an “everything app” have taken a step closer amid plans to “soon” roll out in-app investing and trading features as part of its X Money umbrella, according to the FT.

• “You’ll be able to come to X and be able to transact your whole financial life on the platform,” CEO Linda Yaccarino told the outlet.
• “And that’s whether I can pay you for the pizza that we shared last night or make an investment or a trade. So that’s the future.”
  Yaccarino added that X is exploring its own branded credit and debit cards, potentially launching later this year.
• While Yaccarino did not confirm if crypto trading is part of the rollout, the platform already supports tipping via Bitcoin’s Lightning Network, and plans for a peer-to-peer digital wallet with Visa as its first partner are also underway.

In the next 24 hours

• It’s quiet on the economic calendar front.
• BTC Prague continues in the Czech Republic.
• Moca Network is set for a token unlock.

Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.

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