The Wire PM — June 23, 2026

The Wire PM — June 23, 2026

Ripple Wins Preliminary MiCA Approval in Luxembourg Luxembourg's CSSF granted Ripple preliminary approval for a Crypto Asset Service Provider license under MiCA, clearing the way to passport regulated crypto and stablecoin services across all 30 countries of the European Economic Area. Paired with Ripple's existing e-money license, the CASP approval lets European banks and corporates collect, exchange, and pay out through a single integration, with the dollar-backed RLUSD at the center of the pitch. The timing is the story: it lands eight days before the July 1 hard deadline, after which unlicensed firms operating in the EU are in breach. For anyone holding or earning on a regulated stablecoin, the issuer's license status is now part of the risk profile, not a footnote. (CoinDesk)

Chainlink and 47 Banks Launch Project Pangea Chainlink, a Korean banking coalition, and a 37-bank European euro-stablecoin consortium announced Project Pangea, a working group testing near-instant settlement of euro and won stablecoins using atomic payment-versus-payment. The target is the roughly $150 billion Europe to South Korea trade corridor, with the pitch being T+0 settlement against the two-day standard, run as middleware on top of existing Swift and ISO 20022 rails. It is a working group, not a live network, and no production date was given. But the direction is clear: regulated banks are treating stablecoins as settlement infrastructure, not a side experiment. (CoinDesk)

SecondFi Halts After a $2.4M Cardano Wallet Exploit SecondFi, the wallet formerly known as Yoroi and built by Cardano founding entity Emurgo, said it lost about 16 million ADA, roughly $2.4 million, to a platform vulnerability and has paused affected functions while it investigates. The team took a balance snapshot to support recovery and said compensation details will come later. It is a smaller loss than the week's headline exploits, but the pattern is the same one our security scores are built around: brand and track record matter, and a rebrand does not reset a product's risk surface. (CoinNess)

Solana Yields Hold as the Sell-Off Deepens SOL slid below $69 on the day and Solana DeFi TVL sits near $4.75 billion, yet on-chain lending rates barely moved. Jupiter Lend still pays about 4.59% on USDC across a deep $405 million book, and jitoSOL staking holds near 5.59%. That gap is the point worth watching: directional plays got flushed this week, but carry that does not depend on price going up keeps paying through the drawdown. Thin pools quoting higher numbers, like the $3.3 million Kamino market near 7.2%, are not the same trade as deep, liquid yield. (DeFiLlama)

Numbers (Updated)

• BTC: $62,275 (-3.10%)
• SOL: $68.86 (-5.14%)
• ETH: $1,656.58 (-4.21%)
• Solana DeFi TVL: $4.75B
• Top USDC yield (Solana): Jupiter Lend near 4.59% APY ($405M)

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