Aptos Labs CEO Avery Ching Attends US Congressional Hearing, Emphasizes that Digital Assets are Powering the Next Generation Infrastructure

June 6th. As per Fortune magazine, the crypto industry has been in the pursuit of a "killer app" to successfully bring blockchain into the mainstream financial sector. And it seems that stablecoins might just be the answer they have been longing for. A stablecoin is a digital token that is pegged to a fiat currency like the US dollar. Banks and fintech companies are quickly adopting this technology. Now, even major tech companies are showing interest in getting involved. According to sources with knowledge of the matter, Apple, X (formerly Twitter), Airbnb, and Google are all in the initial stages of discussions with crypto companies to figure out how to incorporate stablecoins. These sources, who spoke to Fortune magazine on a condition of anonymity, said that these tech companies believe that using stablecoins can lower transaction costs and simplify cross-border payment processes. Not only these four companies but Meta (formerly Facebook) has also once again entered

On June 6th, analysts from institutions gave their comments on the US non-farm payroll report. They stated, "Positive wage data in the US may further lower expectations of rate cuts and have a negative impact on the front end of the yield curve. Overall, we believe that the employment data has reinforced our view of the Fed's 'holding the line' - at least until the fourth quarter of this year." The analysts pointed out that the slight rise in wages, coupled with the stable 4.2% unemployment rate, clearly indicates that the Fed will remain on hold. As a result, the probability of a Fed rate cut in September, which was fully priced in earlier this week, has dropped to around 75%. (FXStreet)

On June 6th, the UK Financial Conduct Authority (FCA) declared the removal of the ban on Exchange-Traded Notes (ETNs) in order to promote growth and competitiveness in the UK. (FXStreet)

On June 6th, an analyst from the "New York Times" stated that the employment report had reinforced the Federal Reserve's cautious attitude towards further interest rate cuts. The Fed is almost certain to once again decide not to cut interest rates at the meeting later this month (June 18). (FXStreet)

On June 6th, a senior official from the White House stated that Trump is giving thought to either selling or presenting away the red Tesla which he purchased earlier this year. Trump acquired the vehicle with the intention of promoting Musk's business within the White House. As of Thursday evening, the car remained parked outside the West Wing of the White House. (Golden Finance)

On Friday, June 6th, the U.S. Bureau of Labor Statistics disclosed data indicating that nonfarm payrolls rose by 139,000 in May (revised downward from 147,000), surpassing the market's anticipation of 130,000. Due to the influence of trade policy uncertainty, the growth of employment continued to decelerate, and the unemployment rate remained at 4.2% for three consecutive months. This might offer the Federal Reserve with policy room to postpone the rate cuts. The U.S. economy requires the creation of approximately 100,000 jobs each month to keep pace with the growth of the working-age population. With U.S. President Trump revoking the temporary legal status of hundreds of thousands of immigrants during his immigration crackdown, this figure may decline. The majority of this year's job growth reflects the uncertainty regarding tariffs as Trump wavers, and companies are stockpiling workers. Economists state that this has restricted businesses' ability to make long-term plans. The oppos