Regulation & macro
U.S. Treasury Secretary Bessenet: The Fed should consider a 50 basis point rate cut in September.
Total U.S. Treasury debt exceeds $37 trillion for the first time
Politico: Trump officials consider Federal Reserve Vice Chair Jefferson as the next Fed Chair
Vietnam will pilot a digital asset exchange in the international financial center.
The Vietnamese government announces a pilot digital asset exchange in the international financial center. Three legal measures have laid the groundwork for the digital asset sector, including the National Assembly's resolution to develop the financial center, the Ministry of Finance's proposal for a pilot digital asset exchange, and new laws that clarify asset category definitions. The Ministry of Finance is refining related pilot policies, expected to be submitted to the government in August, covering issuance, trading, and management. Service institutions may choose to list assets independently, with a preference for highly liquid varieties. The official emphasizes that blockchain is the core infrastructure and will strengthen cybersecurity and risk management. The central bank is studying models for a national digital currency (CBDC).
Grayscale Cardano Trust ETF registered in Delaware
U.S. Delaware company registration information shows that Grayscale Cardano Trust ETF was officially registered in Delaware on August 12, 2025, with registration number 10293424. The entity type is a statutory trust, with registration agent CSC Delaware Trust Company, located at 251 Little Falls Drive, Wilmington, DE 19808.
Do Kwon plans to plead guilty to conspiracy fraud and telecommunications fraud charges.
According to Reuters, at a U.S. court hearing, the judge stated that Do Kwon will plead guilty to conspiracy fraud and telecommunications fraud charges related to the collapse of a cryptocurrency worth over $40 billion. Kwon was previously accused of misleading investors, claiming that the TerraUSD stablecoin would restore its peg algorithmically, while secretly instructing high-frequency trading firms to buy in to inflate the price. This action pushed the market cap of TerraUSD and Luna to $50 billion in spring 2022. Kwon has previously settled with the SEC, paying an $80 million fine and being banned from participating in cryptocurrency trading. Since being extradited from Montenegro in 2024, Kwon has been detained.
Project updates:
Qubic states that the team experiments with the PoW protocol, emphasizing no harm to the Monero network.
Circle will issue 10 million shares of stock, including 8 million shares sold by existing shareholders
Stripe appoints Paradigm co-founder Matt Huang as the first CEO of the Tempo blockchain.
According to Fortune, payment giant Stripe has appointed Paradigm co-founder and managing partner Matt Huang as the first CEO of its new blockchain project, Tempo. Huang will continue to hold his position at Paradigm. Tempo is positioned as a high-performance Layer-1 blockchain focusing on the payment sector and supporting Ethereum-compatible code. Stripe recently acquired stablecoin company Bridge and wallet service provider Privy to strengthen its stablecoin business technology stack. It is unclear whether Tempo will issue its own token, and the project's specific launch time has not been disclosed.
Coinbase includes WalletConnect Token (WCT) in its asset roadmap
Circle announces the launch of the ARC Layer 1 blockchain focused on stablecoins.
The Arc blockchain proposed by Circle will use USDC as its native gas.
According to Circle's official blog, Circle announces the launch of Arc, an open Layer-1 blockchain designed for stablecoin financial scenarios. Arc uses USDC as its native gas, supports low and predictable USD-denominated transaction fees, and features a built-in institutional-grade forex engine for 24/7 automatic settlement between stablecoins. Arc employs the Malachite high-performance consensus mechanism, supporting sub-second finality and optional privacy protection. The chain is EVM-compatible and targets applications in cross-border payments, stablecoin derivatives, on-chain credit, and capital market settlements, with public testing expected this fall and mainnet launch in 2026.
SUI Network mistakenly released a Robinhood listing announcement, suspected to be a premature leak.
According to SUI Blog, SUI Network briefly released and quickly deleted a blog post announcing that SUI tokens would be listed on Robinhood, raising market speculation about premature leaks and embargo errors. The announcement highlighted the growth of the SUI ecosystem and the increase in user accessibility and trust from this listing. No official statement has been released yet, and related information remains to be further confirmed.
Grayscale launches DeepBook and Walrus trusts, laying out key protocols for the Sui ecosystem.
According to The Block, Grayscale announces the establishment of two single-asset trusts, DeepBook and Walrus, which hold the DEEP and WAL native tokens on the Sui blockchain, respectively. DeepBook provides a liquidity layer for decentralized finance applications on the Sui network, while Walrus focuses on on-chain data storage and privacy, supporting cross-chain applications. The market caps of the two tokens are $372 million (DEEP ranked 226) and $559 million (WAL ranked 168), with prices dropping approximately 5% and 3% in the past 24 hours, respectively. The trust products are only open for daily subscriptions to qualified investors and do not promise secondary market trading.
BitMine plans to issue $20 billion of common stock
According to a supplemental filing to the SEC, BitMine (BMNR) plans to add $20 billion of common stock issuance authority, increasing the total scale to $24.5 billion on top of the previously planned $2 billion and $2.5 billion issuance amounts. The document shows that the company has previously sold about $4.5 billion in stock as originally planned. BMNR is listed on NYSE American, with a closing price of $58.98 on August 11.
Starknet mainnet welcomes the launch of derivatives DEX Extended
According to The Block, decentralized perpetual contract exchange Extended has launched on the Starknet mainnet, supporting over 50 trading pairs and up to 100x leverage. Extended previously operated on StarkWare's StarkEx, with an average daily trading volume of $319 million and an annualized return of about 70% over the past 30 days. The project has completed $6.5 million in financing, with investors including Tioga Capital, Semantic Ventures, and StarkWare. Extended will migrate to Starknet in three phases, with the first two weeks running both the old and new versions simultaneously, followed by a gradual shutdown of the old version. U.S. users cannot access the platform.
Binance will launch the 33rd exclusive TGE: Cherry AI (AIBOT)
Binance Wallet will launch the 33rd exclusive TGE in collaboration with Cherry AI (AIBOT) on PancakeSwap from 8:00 to 10:00 (UTC) on August 14. Users need to use Binance Alpha Points to participate in the subscription. The official statement indicates that there will be an additional 30 million AIBOT for related activities, with specific details to be announced.
Company financial reports:
eToro's Q2 cryptocurrency trading revenue accounts for over 90%
eToro's latest financial report shows that Q2 cryptocurrency trading revenue reached $1.91 billion, accounting for 91% of total revenue. The company's total revenue was $2.09 billion, with cryptocurrency trading still being the main source of income. During the same period, the company's net loss from cryptocurrency derivatives trading was $8.4 million. Compared to the first quarter, the proportion of cryptocurrency income slightly decreased (Q1 was 93%), indicating that contributions from stock and other sectors have increased. eToro recently announced that it will enable the tokenization of U.S. stock assets on the Ethereum blockchain to expand trading products. The company went public on Nasdaq in May at $52 per share, with the current stock price at $50.7, down 8.2% from its first day of trading.
Circle's Q2 USDC circulation increased by 90% year-on-year, with a net loss of $482 million.
According to BusinessWire, Circle (NYSE: CRCL) announced its Q2 2025 financial report, with USDC circulation increasing by 90% year-on-year to $61.3 billion, and total revenue and reserve income growing by 53% year-on-year to $658 million. A net loss of $482 million was reported due to non-cash expenses related to the IPO. Circle completed a $1.2 billion IPO, launched Circle Payments Network, announced partnerships with Binance, OKX, and plans to launch a Layer-1 blockchain Arc specifically designed for stablecoin finance.
Financing & acquisitions
Market news: Sam Altman and OpenAI will invest $250 million in brain-computer interface company Merge Labs.
Pantera Capital discloses investment of over $300 million in DAT company.
Coinbase announces the restart of stablecoin-guided funding.
Perplexity proposes a $34.5 billion acquisition of the Chrome browser
According to The Wall Street Journal, AI company Perplexity has made a $34.5 billion offer to Google to acquire its Chrome browser. Perplexity is currently valued at around $18 billion, and the company claims that several large venture capital funds have agreed to fully support the transaction.
Transak completes $16 million strategic financing, led by IDG Capital and Tether.
Web3 payment infrastructure company Transak announces completion of $16 million strategic financing, led by IDG Capital and Tether, with participation from Primal Capital, 1kx, Protein Capital, and Fuel Ventures. Transak plans to use the funds to expand its stablecoin payment network and enter new markets. The company states that about 30% of the $2 billion trading volume comes from stablecoin liquidity and has obtained compliance licenses in the U.S., U.K., EU, Canada, Australia, and India. Tether currently holds over 60% of the stablecoin market.
1Kosmos completes $57 million Series B financing to advance biometric identity security.
According to Tech in Asia, the U.S. identity verification platform 1Kosmos announces completion of $57 million Series B financing, led by Forgepoint Capital and Origami’s Oquirrh Ventures, with Bridge Bank providing a $10 million line of credit, bringing total financing to over $72 million. 1Kosmos plans to use the new funds to drive product innovation, accelerate market expansion in North America, Europe, the Middle East, and Asia-Pacific, and deepen technical integration with mainstream identity and access management (IAM), customer identity and access management (CIAM), privileged access management (PAM), and zero-trust platforms.
Diginex plans to acquire compliance automation company Findings for $305 million.
NASDAQ-listed digital asset financial services company Diginex announces signing of a memorandum of understanding to acquire compliance automation company Findings for $305 million, including $270 million in Diginex company shares and up to $35 million in cash.
On-chain & important data:
pump.fun sold 86,000 SOL for the first time after issuing tokens, exchanging for $16.28 million USDC.
Ethereum Foundation related addresses sold a total of 2,794.87 ETH within two hours.
An anonymous whale increases holdings by 35,000 ETH, totaling 328,000 ETH
USDC Treasury mints 500 million USDC on the Solana chain.
According to Whale Alert, at 18:55 and 18:56 on August 12, Beijing time, the USDC Treasury minted 250 million USDC on the Solana chain, totaling a value of $500 million.
Aave ranks among the top 40 U.S. banks by deposit size.
The decentralized finance protocol Aave's deposit size has surpassed that of three U.S. banks, rising to $67.921 billion and ranking 38th among U.S. banks.
