The US Senate has passed the 'Big and Beautiful' tax bill, which may temporarily activate the markets while also raising inflation concerns. Meanwhile, Ondo and Pantera are launching a fund to support real-world asset tokenization, and Owlto is developing infrastructure for a USD1-based stablecoin.
Tax Bill “Big and Beautiful”
The US Senate narrowly advanced a major tax and spending bill dubbed “Big and Beautiful” with a 51-49 vote. The bill extends Trump-era tax cuts and introduces new deductions, such as for tips and auto loans, while also boosting defense spending and funding anti-immigration efforts. Lawmakers aim to finalize the bill before July 4.
Analysis: The bill may temporarily enhance risk appetite in equities and crypto markets by increasing disposable income and corporate profit expectations. However, the increased deficit could stoke inflation fears and raise expectations of Fed tightening later, potentially triggering volatility for BTC and ETH in the medium term.
$250M Fund for RWA Projects
Ondo Finance and Pantera Capital are launching a $250M 'Catalyst' fund focused on tokenized real-world asset (RWA) equity and token investments. Ondo’s flagship products, OUSG and USDY, already hold a combined ~$1.4B in tokenized US Treasuries. Ondo is also building a dedicated Layer 1 network to support RWA liquidity and infrastructure.
Analysis: The fund signals a maturing RWA sector, with capital now backing foundational ecosystems, not just products. Catalyst may accelerate traditional asset tokenization and support the emergence of a full-stack RWA economy. As RWAs become a bridge between DeFi and traditional finance, more institutional capital could flow on-chain.
USD1-Based Stablecoin Infrastructure by Owlto
Owlto Finance is building a cross-chain infrastructure centered around USD1, a Trump-affiliated stablecoin. Key upgrades include seamless USD1 transfers across chains, staking-based yield opportunities, and a long-term plan to make USD1 a core settlement asset once the 'GENIUS Act' passes.
Analysis: Owlto’s plan reflects a broader trend of expanding stablecoins from single-chain tools into multichain liquidity anchors. If successful, USD1 could become a go-to settlement layer in the cross-chain world, particularly if regulations legitimize its usage. This move highlights growing interest in both compliance and interoperability within the stablecoin sector.
The developments surrounding the 'Big and Beautiful' tax bill and the launch of the Catalyst fund highlight the significance of new initiatives in the economy and financing. Key attention is focused on the further development of tokenized assets and the strengthening of stablecoins in cross-chain interaction.