Cryptodigest June 25: Ripple launches RLUSD in Japan, Kalshi valued at $40 billion, and stablecoin MIM crashes 50%
The morning of June 25 brought several landmark events: Ripple officially launched its stablecoin RLUSD on the Japanese market, prediction market platform Kalshi is preparing for a funding round with a $40 billion valuation, and DeFi protocol Abracadabra is urgently trying to save its stablecoin MIM from collapse. We break down the key trends.
Market Overview: Sideways Movement and Local Declines
Bitcoin (BTC) started the day moving sideways. As of 07:32 Moscow time, the asset is trading around $60,799 (approximately 4,553,528 rubles). Over the past 24 hours, the low was $59,029 and the high was $63,097. Ethereum (ETH) is also flat at $1,616 (121,106 rubles).
Among the top 10 by market cap, the 24-hour leader is Hyperliquid (+3.44%), and the weekly leader is Tron (+2.17%). Dogecoin posted the worst performance both daily (-3.55%) and weekly (-10.27%). In the top 100, Aave showed the best daily performance (+14.93%), while DeXe led the week (+67.89%). MemeCore remains the laggard, losing 73.80% in a day and 74.38% over the week.
Ripple and SBI: Stablecoin RLUSD Officially in Japan
Ripple has launched its US dollar-pegged stablecoin RLUSD on the Japanese market. The token is now available to institutional and retail users through the crypto exchange SBI VC Trade, a subsidiary of financial giant SBI Holdings. Japan's Financial Services Agency (FSA) has classified RLUSD as a new type of electronic payment instrument.
The stablecoin is backed by reserves in US dollars and short-term US Treasury bonds at a 1:1 ratio. RLUSD's current market capitalization stands at $1.6 billion. This is a significant step for Ripple, demonstrating growing institutional adoption of stablecoins in Asia.
Kalshi: $40 Billion Valuation — A New Record for Prediction Markets
Prediction market platform Kalshi is in talks for a new funding round with a $40 billion valuation. This is nearly double the May valuation of $22 billion. According to the Financial Times, the round could close as early as the third quarter of 2025. If the deal goes through, the company's value will have increased eightfold in a year, significantly outpacing competitor Polymarket, which is valued at $15 billion.
Recall that in May, Kalshi raised $1 billion in a Series F round with participation from Coatue, Andreessen Horowitz, Sequoia, Morgan Stanley, and Ark Invest. The company is already surpassing Polymarket in trading volumes: in May, Kalshi's monthly turnover was $17.9 billion compared to $7.1 billion for its competitor. This indicates a rapid surge in interest in decentralized and regulated prediction markets.
MIM Crisis: Abracadabra's Stablecoin Loses Its Peg
DeFi protocol Abracadabra is taking emergency measures after its stablecoin Magic Internet Money (MIM) crashed 50% below its $1 peg. Problems began in mid-June: the token fell to 74 cents, briefly recovered to 89, and then collapsed to 49 cents.
The team is raising interest rates to incentivize debt repayment and reduce the circulating supply of MIM. The stablecoin is issued against yield-bearing tokens as collateral, and its dollar peg depends on the depth of liquidity pools on Curve Finance. Currently, liquidity is thin and unbalanced, amplifying selling pressure.
This case vividly demonstrates the vulnerability of even overcollateralized stablecoins when secondary market liquidity is weak. Investors should carefully assess the risks of DeFi protocols, especially in low-volatility conditions.
My takeaway: The market is in a consolidation phase, but specific segments—stablecoins and prediction markets—are showing explosive growth. The launch of RLUSD in Japan and Kalshi's $40 billion valuation confirm that institutional money is actively seeking entry points into the crypto economy. However, the MIM incident serves as a reminder: DeFi infrastructure is still fragile, and trust should be placed with careful consideration of liquidity mechanisms.