Trader Turns $800 into $1 Million | CoinDesk Daily

**Jennifer Sanasie** (0:00)
A trader turns $800 into a million dollars on Robinhood's blockchain and Bitcoin holds above $63,000.
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Lower rates, protected Bitcoin. Ledn's lowest loan rates ever. Check yours at ledn.io. The first breakout hit on Robinhood's blockchain is a meme coin. Cash Cat, named after an old Robinhood cat mascot, has surged several hundred percent on Robinhood chain. One early buyer who spent $838 sold most of their position for $917,000 with the remaining tokens worth another $133,000.
The five most profitable wallets collected about $3.7 million between them. CEO Vlad Tenev spent a week calling meme coins a dead end. Then Cash Cat climbed and he posted that Robinhood chain, quote, works great for memes too. Six federal agencies, including the OCC, FDIC, and Treasury are in the final stretch to publish stablecoin rules by July 18th, exactly one year after Congress passed the Genius Act. The rules set who can issue stablecoins and how. Reserves must be held in cash, insured deposits or short dated US treasuries. Follow JPEG Trading on X for insights on crypto markets, liquidity and DeFi. And the two-week ceasefire between the US and Iran has collapsed. Both sides have exchanged air strikes for a second straight day and shipping through the Strait of Hormuz is grinding to a halt. Bitcoin is holding above $63,000 this morning. Gold is falling and bond yields are climbing. Get more updates on coindesk.com. RealFi, a smarter stable coin backed by real world assets. Visit realfi.co.