Here’s what happened in crypto today

Today in crypto, New Hampshire rejected a proposal to issue $100 million in Bitcoin-backed bonds, dealing a blow to one of the most closely watched state crypto initiatives in the US. Elsewhere, Circle secured final approval to establish a federally regulated national trust bank and Robinhood’s new layer-2 network surpassed $70 million in bridged Ether during its first week.

New Hampshire rejects $100 million Bitcoin-backed bond proposal

New Hampshire’s executive council has voted down a proposal to issue $100 million in Bitcoin-backed bonds, marking a setback for one of the highest-profile state crypto initiatives in the US.

The five-member council rejected the measure 3-2 despite support from Governor Kelly Ayotte and prior approval from the New Hampshire Business Finance Authority. The proposal would have seen CleanSpark provide Bitcoin as collateral for the bonds, building on the state’s crypto-friendly agenda after lawmakers approved a Bitcoin reserve law in 2025. State representative Keith Ammon called the decision “short-sighted” and urged the council to reconsider.

Supporters argued the bonds would strengthen New Hampshire’s position as a digital asset leader, while opponents warned they would expose the state to unnecessary financial risk. Moody’s had assigned the proposed bond a provisional Ba2 rating earlier this year.

USDC issuer Circle wins final approval for US national trust bank charter

USDC stablecoin issuer Circle on Friday announced it received final approval from the US Office of the Comptroller of the Currency (OCC) to establish First National Digital Currency Bank (FNDCB), a national trust bank that will operate under the name Circle National Trust.

“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the US financial system,” Circle CEO Jeremy Allaire said.

The approval comes after Circle applied for the charter in June 2025, allowing it to establish a federally regulated trust institution and expand its digital asset custody infrastructure.

Circle National Trust will initially provide fiduciary digital asset custody services for Circle and its affiliated companies, according to the company’s approved business plan.

The bank could later expand those services to a limited group of institutional customers, including banks and other financial institutions such as regulated derivatives firms, if demand develops.

Source: Circle

Robinhood Chain sees over $70 million in ETH bridged in first week

The amount of Ether bridged to Robinhood’s new layer-2 blockchain exceeded $70 million in just the first week, according to Token Terminal. 

Robinhood Chain, an EVM-compatible Arbitrum-based layer-2 network that uses ETH as its native gas token, launched on July 1 with the company describing it as “AI-native and purpose-built for real-world assets.” 

“If adoption continues, the chain could become a meaningful new source of demand for ETH,” said Token Terminal on Thursday. 

Robinhood has also offered tokenized stocks to customers in more than 120 countries, responding to a surging demand for tokenized US equities. Ethereum and its layer-2 scaling networks have been a popular choice for tokenized real-world assets (RWA) with more than 50% market share, according to RWA.xyz, and this move could cement that position even further. 

ETH bridged to Robinhood Chain tops $70 million. Source: Token Terminal