SpaceX IPO Watch: SpaceX’s record-setting listing is drawing $70B+ in retail orders and could raise about $75B at a $1.75T valuation, but analysts warn the terms may be “unmoored,” with some investors already rotating out of crypto to chase shares. Market Pulse: Bitcoin slipped back toward ~$62.5K after U.S. producer inflation jumped (PPI 6.5% y/y), while Ethereum derivatives on Binance hit fresh open-interest highs as traders re-enter after oversold conditions. Stablecoin Rails: Coinbase teamed with MassPay to enable stablecoin cross-border payouts, aiming for near-instant settlement and lower costs; Coinbase also said it processes ~$1T in annual stablecoin movement and is pushing agentic payments via its x402 protocol. Institutional Tokenization: Citi launched blockchain-recorded “Digital Depositary Receipts” for tokenized private-company shares, while Franklin Templeton and BNP Paribas highlighted tokenization’s role in improving EU capital efficiency. Regulation & Compliance: The GENIUS Act implementation is moving fast, setting up a coordinated U.S. framework for payment stablecoins; meanwhile, the U.S. Treasury sanctioned Iran’s Nobitex exchange over alleged IRGC-linked activity. Crypto Risk & Security: Zcash’s Orchard privacy pool saw a major withdrawal after a reported vulnerability sparked a sharp rebound; U.S. prosecutors also charged alleged AudiA6 operators tied to $389M+ in laundering activity. Exchange/Corporate Headlines: Nakamoto sold ~600 BTC to cover a Kraken loan, and South Korea’s police named Bithumb CEO Lee Jae-won as a bribery suspect. Funding: Digital Asset (Canton Network) raised $355M led by a16z crypto, signaling continued Wall Street interest in blockchain infrastructure.