Klarna has applied to the Utah Department of Financial Institutions and the FDIC to establish Klarna Bank USA, a proposed Utah-chartered industrial bank. If approved, the unit would be FDIC-insured and operate as a wholly owned subsidiary of Klarna Inc.

The move marks another step in Klarna's push beyond buy now, pay later and deeper into full-scale banking. The company says it already serves U.S. customers through partner banks, while about 30 million Americans use Klarna each year.

Klarna also named Gary Harding, former chairman and CEO of Milestone Bank and former president and CEO of Prime Alliance Bank, to lead the proposed bank if the application is approved.

Yield Guild Games (YGG) announced it is sunsetting YGG Play, its Web3 game publishing arm, citing unfavorable macroeconomic conditions and an unsustainable market for crypto game publishing. The transition will be completed by August 1.

Despite generating over $9M in lifetime revenue by the end of Q1 2026, YGG said the prolonged crypto market downturn and weak retail activity made the business no longer commercially viable. The company will also lay off 35 employees as part of the restructuring.

Going forward, YGG will shift its focus toward the AI data economy, building gaming datasets for AI training while leveraging its community to create behavioral data and expand AI-related opportunities.

USD.AI and BSQ Capital Partners have formed a joint venture to finance up to $300M of AI compute across Asia-Pacific, structured as GPU-backed financings.

The initial deployment targets $300M, with a path to upsize to $1B once performance milestones are met — channelling onchain credit into real-world GPU infrastructure to meet surging regional AI-compute demand.

Revolut has notified users that it will remove USDT from its list of supported assets for affected European accounts.

Buying USDT is available until July 6, deposits stop on July 30, and users can still sell or withdraw their USDT until August 31. After that, any remaining balance will be automatically converted to fiat.

The move comes as MiCA continues to reshape stablecoin access across the EU. Reuters reported that Revolut already holds a MiCA licence, while EU regulators have warned crypto firms without authorization to put orderly wind-down plans in place.

Revolut's decision adds another major consumer platform to the list of venues reducing USDT support in Europe. For users holding USDT on Revolut, the key dates are now July 6, July 30, and August 31.

Variational has launched “swaps” — an onchain instrument that connects crypto markets with TradFi liquidity, offering tighter spreads and deeper liquidity.

Funding is made predictable through dealer-backed OTC execution, bridging onchain markets with institutional-grade liquidity. The new instrument is slated to launch in Q3.

Interfold — infrastructure for multiplayer privacy that lets independent parties coordinate without exposing inputs — has laid out full details for its FOLD token auction, a Continuous Clearing Auction (CCA) on Uniswap.

Registration & verification: July 6–7 (KYC via Predicate). Auction: July 8, 10am ET → July 10, 10am ET. Starting CCA price $0.0167, starting FDV $20M, 120M FOLD up for auction (of a 1.2B supply), plus a 48M FOLD airdrop. FOLD transferability / TGE target: Aug 19, with a 40-day cooldown on auction-bought FOLD.

Bidding runs through the official Uniswap CCA interface — participants set a max FDV and budget, and successful bids clear at the same price.

Ripple has received full Crypto-Asset Service Provider (CASP) authorisation from Luxembourg's CSSF, completing its MiCA requirements and confirming it as fully compliant across the European Economic Area.

Its end-to-end regulated crypto-payments product is now available to financial institutions, corporates and businesses across all 30 EEA countries. Ripple is now one of a small number of firms with full MiCA authorisation, part of a global portfolio of 75+ regulatory licenses.

“Ripple enters the post-transitional MiCA era fully compliant and ready to scale,” said Cassie Craddock, Managing Director UK & Europe at Ripple.

This week featured new corporate treasury announcements across Bitcoin, Ethereum, and Solana, while ETF flows remained mixed, with continued outflows from BTC and ETH products and modest inflows into select altcoins.

Corporate Treasuries

- Strategy sold 3,588 BTC to fund dividends on its digital credit securities

- Metaplanet increased its holdings to 43,000 BTC.

- BitMine launched its ETH treasury strategy

- Forward Industries acquired 500K+ SOL, bringing holdings to 7.55M+ SOL

ETF Flows

Bitcoin ETFs: -$526M net outflows (8th consecutive week)

Ethereum ETFs: -$13.7M net outflows

DeFi protocol Summer Finance has been drained of roughly $6M on Ethereum, according to on-chain security firm PeckShield, which flagged the attack.

The team has issued no official statement so far, and the exact attack vector is not yet confirmed. Around $6M in assets were moved out of the protocol before the alert.

Ethereum co-founder Vitalik Buterin has sketched the chain's third major era — “Lean Ethereum” — with upgrades expected to land over the next three to four years.

Highlights: recursive STARKs become a native verification component; quantum-vulnerable cryptography is swapped for post-quantum alternatives; a new “scalable state” type targets 100 TB by 2030 (cutting costs for some tokens 10x+); and RISC-V / leanISA VMs are explored for programmable privacy.

The near-term Glasterdam upgrade is also expected to significantly raise Ethereum's gas limit.