Good Morning Bitcoin, 10 July
Today's Snapshot
- Stablecoins hit $1.78T in June as MiCA redraws Europe's digital money map
- Philippine Blockchain Week 2026 closes with 14,950 attendees pushing governance over speculation
- BSV mines 132 blocks on 9 July, block #957,150 peaking at 5,525 transactions and #957,106 the largest at 10.49 MB
Stablecoins hit $1.78T in June as MiCA redraws Europe's digital money map
The news Stablecoin transaction volume hit $1.78 trillion in June 2026, which matches February's all-time high. That's a big jump from May's $1.1 trillion, according to Visa's Onchain Analytics dashboard.
Transaction count nearly reached 203.4 million, with USDT leading at 145.8 million and USDC at 57 million. The first half of 2026 saw $8.8 trillion in adjusted stablecoin volume settled.
More on this These record numbers landed right as new regulations hit. The EU's Markets in Crypto-Assets framework now forces large stablecoin issuers to hold 60% of their reserves in cash at EU-regulated banks.
Tether refused to go for MiCA authorisation, which basically blocks USDT from compliant European channels. Revolut responded by delisting USDT for all its European users.
Circle's USDC, already MiCA-registered, stands to soak up some of that volume, but the switch will test how well European exchanges can handle EUR pairs. The activity isn't just crypto speculation anymore - June's numbers include payments, remittances, institutional settlement and a rising number of AI agent transactions, where bots settle microtransactions on their own.
What's next? Everyone's watching to see which issuers fill the USDT gap in Europe and whether MiCA's reserve rules become a global model for regulators.
The Takeaway
203 million stablecoin transactions in a single month is a payment rail operating at scale, and MiCA is now forcing the industry to prove that digital money can survive compliance scrutiny - that shift favours BSV's architecture.
Tether's move isn't just a tactical decision; it's a signal that USDT's business model - opaque, offshore - just can't survive under European rules. The volume being redirected, hundreds of billions each month, will look for transparent, auditable infrastructure.
That's exactly where a public ledger like BSV comes in, with its immutable audit trails and sub-cent transaction costs. As stablecoin volume keeps growing and regulations tighten, the question isn't "how fast?" anymore. Now it's "how auditable?" and that's what BSV was built for.
Philippine Blockchain Week 2026 closes with 14,950 attendees pushing governance and trust over speculation
The news The fifth Philippine Blockchain Week just wrapped up at SMX Convention Center Manila, drawing 14,950 attendees, 247 speakers and 396 key opinion leaders. The Philippines keeps proving it's one of Southeast Asia's most active blockchain markets.
Coverage from 8 July showed a clear shift in tone this year: people focused on governance, public accountability and regulatory trust, not just token prices or DeFi hype.
More on this Senator Bam Aquino kicked things off by promoting the Cadena Act, a blockchain bill to track government spending on a public ledger. Donald Lim from Digital Cities summed it up: "Innovation without accountability undermines public confidence. Technology alone does not create progress. Trust does."
The second day turned to stablecoins, digital identity and explaining blockchain to regular folks. BSV Association Ambassador Nicholas King joined discussions on education as the key to real adoption.
For the Philippines, this isn't just theory. Remittance inflows top $35 billion a year and many Filipinos are still unbanked, creating a perfect storm for BSV adoption.
What's next? The Cadena Act goes to committee. Senator Aquino's backing gives it weight, but the Philippine legislative process is unpredictable.
The Takeaway
When a sitting senator promotes blockchain budget transparency legislation to a 14,950-person conference and the room responds with serious engagement rather than scepticism, the technology's role has definitively shifted from speculative asset to public infrastructure.
The Cadena Act demands a lot: national-scale volume, permanent data storage, public auditability and infrastructure tough enough for official government records. Most ledgers can't handle that.
But BSV's unbounded block architecture and Teranode's scalability are exactly what a government-scale application needs. Add in the remittance corridor - high volume, low margin, where sub-cent fees aren't just nice but necessary - and the Philippines seems like a natural fit for BSV.
BSV chain snapshot: 132 blocks mined on 9 July UTC, block #957,150 peaks at 5,525 transactions
The news BSV miners produced 132 blocks on 9 July 2026, covering heights 957,047 to 957,178. The chain tip ended at block 957,178.
Estimated daily transactions landed around 219,000, based on a sampled average of 1,662 transactions per block.
More on this Block 957,150 stood out with 5,525 transactions at 19:30 UTC. Block 957,106 was the largest by size at 10.49 MB, mined at 11:23 UTC.
Here's a cross-section of 10 sampled blocks from 9 July UTC:
| Height | Time (UTC) | Txs | Size (MB) |
|--------|-----------|-----|-----------|
| 957,047 | 00:38 | 2,245 | 5.00 |
| 957,062 | 04:19 | 255 | 0.57 |
| 957,076 | 06:38 | 134 | 0.15 |
| 957,091 | 08:09 | 846 | 1.23 |
| 957,106 | 11:23 | 1,144 | 10.49 |
| 957,120 | 14:08 | 1,820 | 0.34 |
| 957,135 | 16:30 | 2,776 | 0.52 |
| 957,150 | 19:30 | 5,525 | 1.32 |
| 957,164 | 21:52 | 1,700 | 0.38 |
| 957,178 | 23:59 | 179 | 8.85 |
What's next? Chronicle's protocol restoration from April 2026 has been live for three months. The real question is: are developer pipelines starting to push on-chain volume higher? That 12-to-18-month lag between building and going live means we might start seeing the effects in the data later this year.
The Takeaway
Block #957,106 at 10.49 MB and block #957,150 with 5,525 transactions on a single Thursday are data points from real application activity, not outliers - and Chronicle's April 2026 protocol restoration keeps raising the utility ceiling.
You can see it in the numbers: a 10.49 MB block and an 8.85 MB block on the same day, right alongside tiny sub-1 MB blocks. That's organic, app-driven load, not just synthetic throughput.
That's what a utility chain actually looks like. Chronicle's protocol restoration in April 2026 removed the last script complexity limits, so now the network can handle more demanding applications - think enterprise data, government transparency and compliance-grade stablecoin settlement.
The infrastructure's ready. The day's data shows people are using it.
What to Watch
- Teranode mainnet readiness is the next threshold for BSV. Chronicle wrapped up its April 2026 protocol upgrade, which finally cleared the last technical hurdles for full script support. Now, Teranode deployment feels like the obvious next step. If BSV wants to become the backbone for something as big as the Philippine Cadena Act or a MiCA-compliant stablecoin, Teranode's throughput isn't just nice to have - it's absolutely necessary. It's the only way this whole idea holds up.
- The Southeast Asian CBDC pipeline is moving faster than most market participants appreciate. The Bank of Thailand just proposed a baht stablecoin, right after Singapore's Project Orchid. You can see a clear trend across ASEAN: central banks are really pushing ahead with digital currency infrastructure. Every time a CBDC or government stablecoin launches in the region, it needs a solid settlement and data layer. BSV's public ledger, its super-low fees and fixed protocol tick all the right boxes for any central bank that's serious about long-term stability.
- BSV developer adoption lag is the honest risk to watch alongside the positive signals. It's true - application development takes time. Even with Chronicle live, it's usually 12 to 18 months before you see real on-chain volume. The chain data from 9 July looks promising, but we probably won't see the full impact of Chronicle's April 2026 upgrade in transaction numbers until later this year. Regulatory and governance trends are moving in BSV's favour, but the rollout won't happen overnight.
That is The Daily Drop for 10 July.