The Daily: Trump’s Truth Social files for ‘Crypto Blue Chip’ ETF, Dubai approves tokenized money market fund in RWA push, and more

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

Happy Tuesday! While many hodlers still dream of that elusive “altseason” this cycle, with crypto stocks and treasury companies popping off left and right, maybe it’s more like “suitseason” this time around?

In today’s newsletter, Trump’s Truth Social files for a “Crypto Blue Chip” ETF, Dubai approves its first tokenized money market fund, Robinhood engages with EU regulators amid backlash over its tokenized equities, and more.

Meanwhile, Benchmark sees 150% upside for Semler Scientific amid its bitcoin accumulation play, as Mizuho goes bearish on Circle, citing overstated USDC growth.

Let’s get started.

Truth Social files for ‘Crypto Blue Chip’ ETF tracking BTC, ETH, SOL, XRP, and CRO

Truth Social, the social media arm of Trump Media & Technology Group, filed an S-1 registration statement with the SEC to launch a “Crypto Blue Chip” ETF tracking BTC, ETH, SOL, XRP, and CRO.

• The ETF initially aims to allocate roughly 70% to BTC, 15% to ETH, 8% to SOL, 5% to CRO, and 2% to XRP, according to the filing.
  CRO is the native cryptocurrency of the Cronos blockchain, which is closely associated with the Crypto.com ecosystem.
• Truth Social previously applied for a spot Bitcoin ETF in June, followed swiftly by a submission for a Bitcoin and Ethereum combo ETF.
• Like those registration statements, the “Truth Social Crypto Blue Chip ETF” is sponsored by Yorkville America Digital, and Foris DAX Trust Company serves as its custodian for digital assets.
• Shares of the ETF are planned to trade on NYSE Arca, if approved by the SEC.
• Earlier this year, Trump Media signed a binding agreement with Crypto.com and asset management firm Yorkville America Digital to launch a series of ETFs comprising various digital assets and securities with a “Made in America” focus.
• In March, Cronos controversially approved a proposal to reissue 70 billion CRO that was previously burned in 2021, amid Crypto.com’s plans for an ETF application.

Dubai approves tokenized money market fund in RWA push

Dubai’s Financial Services Authority has approved the QCD Money Market Fund as the first tokenized money market fund within the Dubai International Financial Centre.

• Qatar National Bank and DMZ Finance collaborated to launch the QCDT fund, with QNB managing investments and DMZ providing the tokenization technology.
• QCDT enables use cases such as bank collateral, exchange reserves, stablecoin backing, and web3 payments, the firms said.
• The approval marks another step in Dubai’s push to position itself as a global hub for digital assets after allowing Ripple’s RLUSD stablecoin as a payment rail in the special economic zone last month.

Robinhood engages with regulators over tokenized equities

Robinhood is engaging European regulators after backlash over its blockchain-based “stock tokens” offering exposure to OpenAI and SpaceX.

• Lithuania’s central bank and other authorities questioned whether Robinhood’s tokens blur the line between real equity and derivatives, Bloomberg reported.
• CEO Vlad Tenev previously clarified that the tokens are derivatives designed to give retail users exposure without transferring actual shares.
• Robinhood continues to pilot around 215 stock tokens on Arbitrum while planning its own Ethereum Layer 2 blockchain launch.

Crypto stocks soar in Hong Kong as stablecoin momentum builds

Crypto-related stocks in Hong Kong rallied Tuesday amid growing optimism about the city’s upcoming stablecoin licensing framework set to start on Aug. 1.

• Shares in Victory Securities soared 33.3%, Guotai Junan surged 28.5% after winning approval to offer crypto trading, while Dmall rose 10.3% and OSL gained 8.1%.
• Dmall and Victory Securities have signaled plans to expand into stablecoins and bitcoin trading ahead of the new licensing regime, and OSL is one of the crypto trading platforms already approved to offer retail services.
• The rally reflects growing momentum for stablecoins, with Hong Kong and Chinese regulators exploring yuan-based stablecoin opportunities.

Vertex to sunset VRTX token, migrate DEX to Kraken-backed Layer 2 Ink

Vertex will shut down its Arbitrum-based DEX, sunset its VRTX token, and relaunch exclusively on the Kraken-incubated Layer 2 Ink, aiming to stay competitive in the perp trading space.

• Ink Foundation will acquire Vertex’s tech stack and team to accelerate its push into onchain capital markets and integrate Vertex into its ecosystem.
• VRTX holders will receive an INK token airdrop based on a July 8 snapshot, while treasury and unvested VRTX will be burned as part of the migration.

In the next 24 hours

• U.S. mortgage data are due at 7 a.m. ET on Wednesday. The latest U.S. FOMC meeting minutes are released at 2 p.m.
• IOTA and Movement are set for token unlocks.

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

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.