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Project Overview
Backed provides the infrastructure for capital markets to bridge real-world assets onto the blockchain. They issue ERC-20 tokens that track the value of real-world assets, such as stocks or ETFs. These tokens are freely transferable across wallets, fully collateralized by the underlying asset, and issued in compliance with the Swiss DLT act.
AI Space Satellite Company Muon Space Closes $250 Million Series C Funding Round, Backed by Google and Others
According to Bloomberg, AI space satellite company Muon Space has announced the completion of a $250 million Series C funding round, led by Eclipse Capital, with participation from Google, Salesforce Ventures, Galvanize, Wellington Management, I Squared Capital, Woven Capital, as well as Radical Ventures and Congruent Ventures.
Discovered Materials Completes $9 Million Seed Round, Backed by Peak XV Partners and Others
: Discovered Materials announced the completion of a $9 million seed funding round, with participation from Lightspeed India Partners, Peak XV Partners, and several angel investors. The company combines AI agents with physical models to screen new heat-dissipating materials for chips at scale, targeting the high heat generation and high energy consumption challenges of AI chips in data centers. Reports indicate that AI can improve the efficiency of candidate material generation, but commercialization in this field remains constrained by factors such as material screening, synthesis validation, and manufacturing feasibility. (TechCrunch)
Tether Gold-Backed Digital Asset XAU₮ Receives Sharia Compliance Certification
Tether announced that its gold-backed digital asset XAU₮ has received Sharia compliance certification from Amanah Advisors, an institution led by Mufti Faraz Adam. The certification confirms that XAU₮ adheres to the core principles of Islamic finance. XAU₮ is issued by TG Commodities, S.A. de C.V., with each full token representing direct ownership of physical gold stored in Swiss vaults. Certification requirements include genuine ownership of physical gold, clear and verifiable asset backing, no interest (riba), no leverage or speculative derivatives, and transparent reserve structures. Tether stated that XAU₮ can be used for integrating digital gold products into Islamic banking, takaful and halal savings products, long-term wealth preservation strategies, as well as tokenized trade finance and collateral applications. Amanah Advisors will continue to work with Tether to develop practical guidelines and governance frameworks to support the adoption of XAU₮ in a Sharia-compliant manner.
AI Reasoning Startup General Compute Secures $400 Million Loan Backed by ASIC Chips for Inference
: AI reasoning cloud startup General Compute has obtained a $400 million loan from Upper90. This deal is the world’s first financing project to use dedicated inference chips as collateral. The company has built a proprietary AI reasoning cloud platform based on SambaNova’s self-developed ASIC chips, primarily targeting Agent-type AI computing workloads. Compared to traditional GPU clouds, it offers faster token processing speeds and lower operational latency. The hardware requires no water cooling and can be directly deployed in traditional data centers and idle cryptocurrency mining facilities.
ORANGE JUICE Completes $40 Million Financing, Launches Bitcoin-Backed Permanent Capital Company
According to PR Newswire, U.S. permanent capital company ORANGE JUICE (@orangejuice_btc) announced the completion of a $40 million financing round, committed to acquiring, improving, and holding U.S. small and medium-sized enterprises long-term, while using Bitcoin as a treasury reserve. The company was founded by core members of ego death capital, including Jeff Booth, Lyn Alden, Nico Lechuga, and Andi Pitt, among others. Mexican billionaire and Grupo Salinas founder Ricardo Salinas participated as an anchor investor. Unlike traditional private equity, ORANGE JUICE is not limited by fund cycles, focusing on the long-term operational health of enterprises. Initially, it will acquire stable profitable enterprises with annual cash flow between $1 million and $10 million. Business cash flow will be used for reinvestment in acquisitions or to replenish the Bitcoin treasury. The company plans to seek a public listing in the future.
Bitget Wallet Opens SpaceX Tokenized IPO Subscription—$10 Minimum Investment, No Threshold
Bitget Wallet has opened the first subscription for SpaceX’s tokenized IPO stock, SPCXx, with a total quota of $3 million. The minimum subscription amount is $10 per user, and the maximum per user is $5,000—on a first-come, first-served basis. SPCXx is issued by xStocks, a tokenized stock trading platform. The subscription price is $135, and underwriters will charge an additional 5% fee. Subscriptions open at 4:00 PM Beijing Time on June 9 and close at 4:00 PM Beijing Time on June 11. Upon completion of the subscription period, SPCXx tokens will be automatically sent to users’ wallets, with distribution expected to be finalized by 8:30 PM Beijing Time on June 12. This subscription requires no overseas brokerage or exchange accounts, VIP tier, or holding prerequisites. Users may pay directly using stablecoins—including USDT and USDC—on Base, Ethereum, BNB Chain, Solana, and TRON. The SpaceX tokenized IPO operates via xStocks—a collaboration between Bitget Wallet and Backed. The tokenized stocks issued are fully backed 1:1 by underlying assets held by Backed. Note that the $135 subscription price is not the final fixed issuance price; the final IPO price will be determined by the issuer and underwriters based on a comprehensive assessment of order book demand, market conditions, and valuation factors. During the subscription period, users typically see only a reference price.
Shri Thanedar, Backed by Crypto PAC with Over $2 Million, Loses Michigan Democratic Primary
Odaily News: Michigan State Representative Donavan McKinney defeated incumbent U.S. Representative Shri Thanedar in the Democratic primary for Michigan's 13th Congressional District. As of Wednesday, McKinney held 51.9% of the vote, compared to Thanedar's 48.1%. In this primary, Protect Progress, a crypto-backed political action committee, spent over $2 million on media expenditures to support Thanedar's re-election and oppose McKinney. Protect Progress is affiliated with Fairshake, which is primarily backed by crypto companies Coinbase and Ripple. Thanedar previously voted in the House in favor of bills such as the GENIUS Act and the CLARITY Act. McKinney will face Republican candidate Taras Nykoriak in the November election.
Tether Gold-Backed Digital Asset XAU₮ Receives Sharia Compliance Certification
Tether announced that its gold-backed digital asset XAU₮ has received Sharia compliance certification from Amanah Advisors, an institution led by Mufti Faraz Adam. The certification confirms that XAU₮ adheres to the core principles of Islamic finance. XAU₮ is issued by TG Commodities, S.A. de C.V., with each full token representing direct ownership of physical gold stored in Swiss vaults. Certification requirements include genuine ownership of physical gold, clear and verifiable asset backing, no interest (riba), no leverage or speculative derivatives, and transparent reserve structures. Tether stated that XAU₮ can be used for integrating digital gold products into Islamic banking, takaful and halal savings products, long-term wealth preservation strategies, as well as tokenized trade finance and collateral applications. Amanah Advisors will continue to work with Tether to develop practical guidelines and governance frameworks to support the adoption of XAU₮ in a Sharia-compliant manner.
South Korea Unveils Roadmap for Won Internationalization, Plans Legal Framework for Won-Backed Stablecoin Issuance and Circulation
The South Korean government has released a "Roadmap for the Internationalization of the Won," aiming to transition the currency from a regulated currency to a freely convertible one. The roadmap was jointly formulated by the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository. The Bank of Korea also plans to advance a tokenized treasury bond pilot project linked to an institutional CBDC (Central Bank Digital Currency). Additionally, South Korea will participate in Project Agora, an international payment initiative led by the Bank for International Settlements (BIS). (coinpost)
Pakistan's Crypto Regulator Pushes for Distinction Between Speculative Cryptocurrencies and Asset-Backed Tokens
Bilal bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), has requested Jamia Darul Uloom Karachi to clarify the distinction between speculative cryptocurrencies and asset-backed digital tokens, following the religious institution’s ruling that cryptocurrency-based purchases are not compliant with Islamic law. The ruling pertains to a consultation on using cryptocurrencies to pay for books and online course fees. Waqas Ghani, Head of Research at JS Global Capital, stated that the ruling could hinder bank-led cryptocurrency adoption in Pakistan, but trading volumes have not yet been affected. Saqib stated that PVARA is working with scholars to evaluate digital assets by category, rather than treating them as a single class. He noted that blockchain-recorded Sukuk represent ownership of real income-generating assets, while gold-backed tokens and fully-reserved stablecoins correspond to redeemable value. He added that speculative tokens without underlying assets fall into a different category, and scholars' concerns must be taken seriously. PVARA will continue to collaborate with scholars as it develops a licensing framework in Pakistan and advances efforts in stablecoins and the tokenization of real-world assets.
UK FCA and Central Bank Advance Crypto Regulatory Rules, Remove Limits on Fiat-Backed Stablecoin Holdings
the UK Financial Conduct Authority finalized crypto rules last month, providing guidance on capital requirements, admission and disclosure, and a broader conduct framework for crypto firms.The Bank of England has removed previously proposed limits on holdings of fiat-backed stablecoins and reduced the reserve requirement that issuers must hold at the central bank from 40% to 30%. The stablecoin proposal put forward in November 2025 had restricted individual holdings of systemic sterling stablecoins to no more than £20,000 and corporate holdings to no more than £10 million. (CoinDesk).
Coinbase Partners with Better to Launch Crypto-Backed Mortgages, Allowing BTC and USDC for Down Payments This Summer
According to Cointelegraph, Coinbase and Better Home & Finance announced they will launch a cryptocurrency-backed mortgage program in summer 2026, enabling qualified borrowers to use bitcoin (BTC) or USDC as collateral to fund down payments on mortgages backed by Fannie Mae. This initiative follows the U.S. Federal Housing Finance Agency’s (FHFA) directive in June 2025 instructing Fannie Mae and Freddie Mac to include crypto assets in mortgage risk assessments—without requiring conversion into fiat currency. Other lenders, including Newrez, have already begun adopting similar measures. However, some U.S. senators have expressed concerns that cryptocurrency price volatility could threaten housing market stability. Republican Senator Cynthia Lummis has introduced the “21st Century Mortgage Act,” aiming to codify this policy into law.
Ether.fi Launches Tokenized Stock Trading, Portfolio-Backed Lending, and Fiat Accounts
Decentralized finance platform Ether.fi announced that its self-custody app has added trading for tokenized stocks, metals, and crypto assets, along with the ability to borrow against multiple holdings as collateral. Users can lend assets or borrow against a portfolio through the integrated Aave market on Optimism, allowing them to transfer or spend borrowed funds without selling their positions. Ether.fi stated that its fiat accounts support global deposits and withdrawals across more than 30 currencies and payment methods. However, tokenized stock and metal trading is not available to users in the United States and certain other markets. Fiat accounts are only open to users who have completed payment card identity verification, and deposit and withdrawal speeds may vary. Ether.fi will also introduce automatic ETHFI buybacks and offer 3% cashback on card spending. Ether.fi founder and CEO Mike Silagadze said that initial support will cover Ethereum, Bitcoin, Hyperliquid, ETHFI, and select tokenized stocks and gold, with additional collateral assets to be added later. (Decrypt)
Shri Thanedar, Backed by Crypto PAC with Over $2 Million, Loses Michigan Democratic Primary
Odaily News: Michigan State Representative Donavan McKinney defeated incumbent U.S. Representative Shri Thanedar in the Democratic primary for Michigan's 13th Congressional District. As of Wednesday, McKinney held 51.9% of the vote, compared to Thanedar's 48.1%. In this primary, Protect Progress, a crypto-backed political action committee, spent over $2 million on media expenditures to support Thanedar's re-election and oppose McKinney. Protect Progress is affiliated with Fairshake, which is primarily backed by crypto companies Coinbase and Ripple. Thanedar previously voted in the House in favor of bills such as the GENIUS Act and the CLARITY Act. McKinney will face Republican candidate Taras Nykoriak in the November election.
Tether Gold-Backed Digital Asset XAU₮ Receives Sharia Compliance Certification
Tether announced that its gold-backed digital asset XAU₮ has received Sharia compliance certification from Amanah Advisors, an institution led by Mufti Faraz Adam. The certification confirms that XAU₮ adheres to the core principles of Islamic finance. XAU₮ is issued by TG Commodities, S.A. de C.V., with each full token representing direct ownership of physical gold stored in Swiss vaults. Certification requirements include genuine ownership of physical gold, clear and verifiable asset backing, no interest (riba), no leverage or speculative derivatives, and transparent reserve structures. Tether stated that XAU₮ can be used for integrating digital gold products into Islamic banking, takaful and halal savings products, long-term wealth preservation strategies, as well as tokenized trade finance and collateral applications. Amanah Advisors will continue to work with Tether to develop practical guidelines and governance frameworks to support the adoption of XAU₮ in a Sharia-compliant manner.
European First BTC-Backed Preferred Stock Listed, Bitcoin Treasury Capital Launches BTC PREF
BitcoinTreasuries.NET posted on X, stating that Swedish public company Bitcoin Treasury Capital has launched Europe’s first BTC-backed preferred stock on the Spotlight Stock Market, trading under the ticker BTC PREF. The product offers an annual dividend of 10%, paid on a monthly basis.
South Korea Unveils Roadmap for Won Internationalization, Plans Legal Framework for Won-Backed Stablecoin Issuance and Circulation
The South Korean government has released a "Roadmap for the Internationalization of the Won," aiming to transition the currency from a regulated currency to a freely convertible one. The roadmap was jointly formulated by the Financial Services Commission, the Bank of Korea, the Financial Supervisory Service, and the Korea Securities Depository. The Bank of Korea also plans to advance a tokenized treasury bond pilot project linked to an institutional CBDC (Central Bank Digital Currency). Additionally, South Korea will participate in Project Agora, an international payment initiative led by the Bank for International Settlements (BIS). (coinpost)
AI Reasoning Startup General Compute Secures $400 Million Loan Backed by ASIC Chips for Inference
: AI reasoning cloud startup General Compute has obtained a $400 million loan from Upper90. This deal is the world’s first financing project to use dedicated inference chips as collateral. The company has built a proprietary AI reasoning cloud platform based on SambaNova’s self-developed ASIC chips, primarily targeting Agent-type AI computing workloads. Compared to traditional GPU clouds, it offers faster token processing speeds and lower operational latency. The hardware requires no water cooling and can be directly deployed in traditional data centers and idle cryptocurrency mining facilities.
Related news
AI Space Satellite Company Muon Space Closes $250 Million Series C Funding Round, Backed by Google and Others
According to Bloomberg, AI space satellite company Muon Space has announced the completion of a $250 million Series C funding round, led by Eclipse Capital, with participation from Google, Salesforce Ventures, Galvanize, Wellington Management, I Squared Capital, Woven Capital, as well as Radical Ventures and Congruent Ventures.
Ether.fi Launches Tokenized Stock Trading, Portfolio-Backed Lending, and Fiat Accounts
Decentralized finance platform Ether.fi announced that its self-custody app has added trading for tokenized stocks, metals, and crypto assets, along with the ability to borrow against multiple holdings as collateral. Users can lend assets or borrow against a portfolio through the integrated Aave market on Optimism, allowing them to transfer or spend borrowed funds without selling their positions. Ether.fi stated that its fiat accounts support global deposits and withdrawals across more than 30 currencies and payment methods. However, tokenized stock and metal trading is not available to users in the United States and certain other markets. Fiat accounts are only open to users who have completed payment card identity verification, and deposit and withdrawal speeds may vary. Ether.fi will also introduce automatic ETHFI buybacks and offer 3% cashback on card spending. Ether.fi founder and CEO Mike Silagadze said that initial support will cover Ethereum, Bitcoin, Hyperliquid, ETHFI, and select tokenized stocks and gold, with additional collateral assets to be added later. (Decrypt)
Discovered Materials Completes $9 Million Seed Round, Backed by Peak XV Partners and Others
: Discovered Materials announced the completion of a $9 million seed funding round, with participation from Lightspeed India Partners, Peak XV Partners, and several angel investors. The company combines AI agents with physical models to screen new heat-dissipating materials for chips at scale, targeting the high heat generation and high energy consumption challenges of AI chips in data centers. Reports indicate that AI can improve the efficiency of candidate material generation, but commercialization in this field remains constrained by factors such as material screening, synthesis validation, and manufacturing feasibility. (TechCrunch)
Shri Thanedar, Backed by Crypto PAC with Over $2 Million, Loses Michigan Democratic Primary
Odaily News: Michigan State Representative Donavan McKinney defeated incumbent U.S. Representative Shri Thanedar in the Democratic primary for Michigan's 13th Congressional District. As of Wednesday, McKinney held 51.9% of the vote, compared to Thanedar's 48.1%. In this primary, Protect Progress, a crypto-backed political action committee, spent over $2 million on media expenditures to support Thanedar's re-election and oppose McKinney. Protect Progress is affiliated with Fairshake, which is primarily backed by crypto companies Coinbase and Ripple. Thanedar previously voted in the House in favor of bills such as the GENIUS Act and the CLARITY Act. McKinney will face Republican candidate Taras Nykoriak in the November election.
Tether Gold-Backed Digital Asset XAU₮ Receives Sharia Compliance Certification
Tether announced that its gold-backed digital asset XAU₮ has received Sharia compliance certification from Amanah Advisors, an institution led by Mufti Faraz Adam. The certification confirms that XAU₮ adheres to the core principles of Islamic finance. XAU₮ is issued by TG Commodities, S.A. de C.V., with each full token representing direct ownership of physical gold stored in Swiss vaults. Certification requirements include genuine ownership of physical gold, clear and verifiable asset backing, no interest (riba), no leverage or speculative derivatives, and transparent reserve structures. Tether stated that XAU₮ can be used for integrating digital gold products into Islamic banking, takaful and halal savings products, long-term wealth preservation strategies, as well as tokenized trade finance and collateral applications. Amanah Advisors will continue to work with Tether to develop practical guidelines and governance frameworks to support the adoption of XAU₮ in a Sharia-compliant manner.
Base Co-founder: Partnering with Coinbase to Launch 1:1 Backed Tokenized Stocks, Enhancing On-Chain Stock Scalability
Base co-founder Jesse Pollak stated that Robinhood Chain's introduction of tokenized stocks in an EVM environment was a move they got right, and he expressed regret that Base had lagged behind in this area.Jesse Pollak indicated that Base will soon collaborate with Coinbase to address this issue, planning to launch a tokenized stock product backed by 1:1 stock assets. He stated that compared to the derivatives model offered by Robinhood, this solution will offer better scalability in terms of trust, capital efficiency, and institutional acceptance.Jesse Pollak noted that combining the world's largest capital market with the financial programmability of EVM on Base will create a powerful financial infrastructure.