Cryptocurrency Market Overview June 25: Ripple Enters the Japanese Market, Kalshi Aims for $40 Billion, and MIM Loses Its Peg
The morning of June 25 brought a series of landmark events: Ripple officially launches its RLUSD stablecoin in Japan, prediction market platform Kalshi prepares for a funding round at a $40 billion valuation, and DeFi protocol Abracadabra is urgently trying to save its MIM stablecoin from collapse. Let's break down the key trends and market movements.
Market Dynamics: Sideways Movement for Leaders
Bitcoin (BTC) started the day with sideways movement. As of 07:32 MSK, the asset is trading at $60,799, with a daily low of $59,029 and a high of $63,097. The second-largest cryptocurrency by market cap, Ethereum, is also showing a flat trend at $1,616.
In the top 10, the best daily performance is from Hyperliquid (+3.44%), and the best weekly performance is from Tron (+2.17%). The worst performer both daily (-3.55%) and weekly (-10.27%) is Dogecoin.
Among the top 100, Aave (+14.93% daily) and DeXe (+67.89% weekly) stand out. The laggard is MemeCore, which lost 73.80% in 24 hours and 74.38% over seven days.
Ripple Launches RLUSD in Japan
Ripple has received regulatory approval from Japan's FSA to launch its RLUSD stablecoin. The token, pegged to the US dollar at a 1:1 ratio, is now available through the crypto exchange SBI VC Trade, a subsidiary of financial giant SBI Holdings. RLUSD has a market cap of $1.6 billion, backed by reserves in dollars and short-term US Treasury bonds. This is a significant step for Ripple, strengthening its position in the Asian market.
Kalshi Targets $40 Billion
Prediction market platform Kalshi, according to the Financial Times, is in talks for a new funding round at a $40 billion valuation. This is nearly double the May valuation of $22 billion. If the deal closes in the third quarter, the company's value will have grown eightfold in a year, significantly outpacing competitor Polymarket with its $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: $17.9 billion versus $7.1 billion in May.
Abracadabra Fights for MIM
DeFi protocol Abracadabra is taking emergency measures after its Magic Internet Money (MIM) stablecoin lost its peg to the dollar, falling 50% below the $1 level. Problems began in mid-June: the token dropped to 74 cents, recovered to 89, and then crashed 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 peg critically depends on liquidity on Curve Finance. Currently, the pools are thin and unbalanced, amplifying selling pressure. This case is a clear example that even overcollateralized stablecoins are vulnerable when liquidity is weak.
My Comment: The launch of RLUSD in Japan is a strong signal for institutional adoption, but the real test for Ripple will begin when the stablecoin faces genuine competition in a liquid market. As for MIM, the situation resembles a classic crisis of confidence: without deep liquidity and swift team action, a recovery of the peg is unlikely. The prediction market, meanwhile, continues to attract massive capital, and Kalshi's $40 billion valuation looks ambitious but well-founded given the explosive growth in volumes.