Today's news highlights:
Bullish raised $1.1 billion through IPO, oversubscribed by more than 20 times
Stripe appoints Paradigm co-founder Matt Huang as the first CEO of Tempo blockchain
Circle's proposed Arc blockchain will use USDC as native gas
Grayscale launches DeepBook and Walrus trusts, positioning itself in key Sui ecosystem protocols
BitMine plans to issue $20 billion in common stock
Binance will launch the 33rd exclusive TGE: Cherry AI (AIBOT)
X Layer completes PP upgrade and initiates OKB Gas Token economic model optimization
Perplexity proposes $34.5 billion acquisition of Chrome browser
Regulation & macro
U.S. Treasury Secretary Yellen: The Federal Reserve should consider a 50 basis point rate cut in September
The total amount of U.S. national debt exceeds $37 trillion for the first time
Politico: Trump officials consider Fed Vice Chairman Jefferson to serve as 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 foundation for the digital asset field, including the National Assembly's resolution to develop the financial center, the Ministry of Finance's proposal for a pilot digital asset exchange, and a new law clarifying asset category definitions. The Ministry of Finance is refining relevant pilot policies, expected to be submitted to the government in August, covering issuance, trading, management, and other aspects. Service institutions can independently choose listed assets, prioritizing high liquidity varieties. The official emphasizes that blockchain is the core infrastructure and will strengthen network security and risk control. The central bank is studying the national digital currency (CBDC) model.
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 CSC Delaware Trust Company as the registered agent, and the registered address is 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 related to the collapse of over $40 billion in cryptocurrency. Kwon was previously accused of misleading investors by claiming that the TerraUSD stablecoin would regain its peg through an algorithm, while actually instructing high-frequency trading firms to buy to inflate prices. This behavior drove the market capitalization of TerraUSD and Luna to $50 billion in spring 2022. Kwon had previously reached a settlement with the U.S. SEC, paying an $80 million fine and being banned from participating in cryptocurrency trading. Since his extradition from Montenegro in 2024, Kwon has been in custody.
Do Kwon faces up to 25 years in prison, with sentencing expected in December
According to Reuters, Terraform Labs founder Do Kwon has admitted to conspiracy fraud and telecommunications fraud in New York, involving the TerraUSD and Luna crash that caused investors to lose about $40 billion. Prosecutors said he concealed the intervention of high-frequency trading firms in the TerraUSD price, misleading investors. Kwon agreed to pay an $80 million fine and is banned from participating in cryptocurrency trading, with a sentencing expected to be announced on December 11, with a maximum of 25 years, and prosecutors suggested no more than 12 years after his guilty plea.
Project dynamics
Qubic claims team experiments verify PoW protocol, emphasizing no harm to 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 Tempo blockchain
According to Fortune, payment giant Stripe will have Paradigm co-founder and managing partner Matt Huang as the first CEO of its new blockchain project Tempo. Huang will retain his position at Paradigm. Tempo is positioned as a high-performance Layer-1 blockchain focusing on the payment field and supporting Ethereum code compatibility. Stripe recently acquired stablecoin company Bridge and wallet service provider Privy to strengthen its stablecoin business technology stack. Whether Tempo will issue its own token is not yet clear, and the specific launch time of the project has not been disclosed.
Coinbase incorporates WalletConnect Token (WCT) into asset roadmap
Circle announces the launch of ARC, a Layer 1 blockchain focused on stablecoins
Circle's proposed Arc blockchain will use USDC as native gas
According to Circle's official blog, Circle announced 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 dollar-denominated fees, and features an institutional-level foreign exchange engine for 24/7 automatic settlement between stablecoins. Arc adopts the Malachite high-performance consensus mechanism, supports sub-second finality and optional privacy protection. The chain is EVM compatible and targeted at applications such as cross-border payments, stablecoin derivatives, on-chain credit, and capital market settlements, expected to enter public testing this fall and launch its mainnet in 2026.
SUI Network mistakenly issued Robinhood listing announcement, suspected of premature leakage
According to SUI Blog, SUI Network briefly published and quickly deleted a blog post announcing that SUI tokens would be listed on Robinhood, raising market speculation about premature leakage and mistakes in embargoes. The announcement emphasized the growth of the SUI ecosystem and the enhancement of user accessibility and trust from this listing. The official has not yet released a formal statement, and the relevant information remains to be further confirmed.
Grayscale launches DeepBook and Walrus trusts, positioning itself in key Sui ecosystem protocols
According to The Block, Grayscale announced the establishment of two single-asset trusts, DeepBook and Walrus, which hold the native tokens DEEP and WAL 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 capitalizations of the two tokens are $372 million (DEEP ranks 226) and $559 million (WAL ranks 168), with prices dropping approximately 5% and 3% respectively in the past 24 hours. The trust products are only open for daily subscription to qualified investors, with no commitment to secondary market trading.
BitMine plans to issue $20 billion in common stock
According to a supplemental document submitted to the SEC, BitMine (BMNR) plans to add an additional $20 billion in common stock 'marketable' issuance authority on top of the previous $20 billion and $25 billion issuance limits, raising the total to $24.5 billion. The document shows that the company has previously sold approximately $4.5 billion in stock as planned. BMNR is listed on NYSE American, with a closing price of $58.98 on August 11.
The Starknet mainnet welcomes the launch of the derivatives DEX Extended
According to The Block, the decentralized perpetual contract exchange Extended, built by the former Revolut team, has launched on the Ethereum Layer 2 network Starknet mainnet, supporting over 50 trading pairs and a maximum leverage of 100 times. Extended previously operated on StarkWare's StarkEx, with an average daily trading volume of $319 million and an annualized return of about 70% in 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 operating both old and new versions, after which the old version will gradually be shut down. Users in the United States 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 states that there will be an additional 30 million AIBOT for related activities, with specific details to be announced.
Binance Alpha will launch PublicAI (PUBLIC) on August 15
Binance Alpha will support PublicAI (PUBLIC) on August 15 for the first time. Eligible users can claim airdrops using Binance Alpha Points on the trading open.
Binance will remove spot trading pairs ANIME/FDUSD, HYPER/FDUSD, and STO/BNB
Binance will remove the three spot trading pairs ANIME/FDUSD, HYPER/FDUSD, and STO/BNB on August 15 at 11:00, and will simultaneously stop related trading bot services.
Binance Alpha will launch TCOM Global (TCOM) on August 15
Binance Alpha will be the first platform to list TCOM Global (TCOM) on August 15. Eligible users can claim TCOM airdrops using Alpha Points on the Alpha Events page, with specific details to be announced later.
Eden Network announces official closure and initiates EDEN token buyback
Eden Network announces it has decided to cease operations, with products including Eden RPC, Eden Bundles, Mempool Stream, etc., stopping services effective immediately. The official recommends users switch to alternative solutions such as Flashbots Protect and Blocknative Mempool Explorer. Eden Network will initiate a buyback plan for EDEN tokens at a fixed exchange rate of 0.00001506 ETH/EDEN, with a total buyback amount of 2,000 ETH, limited to the existing circulation of approximately 133 million EDEN. The buyback window will close on September 30 at 23:59 UTC. U.S. users cannot participate in this buyback.
X Layer completes PP upgrade and initiates OKB Gas Token economic model optimization
According to official news, OKX has decided to make a strategic upgrade to X Layer, making it a leading public chain focused on DeFi, payments, and RWA scenarios. X Layer is built on Polygon CDK and completed the 'PP upgrade' on August 5, 2025, increasing network throughput to 5000 TPS and gas costs to nearly zero, with enhanced security and compatibility with the Ethereum mainnet. The upgrade will also promote ecological construction, focusing on DeFi, global payments, and RWA issuance and circulation, accelerating application landing through ecological funds, liquidity incentives, and infrastructure improvements. OKX Wallet, OKX Exchange, and OKX Pay have fully integrated with X Layer, providing 0 gas rapid withdrawal and efficient on-chain payment experience.
This upgrade is also accompanied by the optimization of the OKB Gas Token economic model, with OKB continuing to serve as the only gas and native token for X Layer. OKX will destroy a total of 65,256,712.097 OKB from historical repurchases and reserves in one go. After completion, the OKB smart contract will be upgraded to remove the functions of issuance and manual destruction, fixing the total issuance at 21 million. Users holding the Ethereum L1 version of OKB need to recharge their assets to OKX and complete the chain swap through 'withdraw to X Layer'. At the same time, OKTChain will be phased out, with trading on OKX ceasing from August 13, 2025, at 14:10 (UTC+8), and OKT will be periodically exchanged for an equivalent amount of OKB based on the average closing price from July 13 to August 12, 2025. On-chain OKT exchange will be supported until January 1, 2026.
Company financial reports
eToro's cryptocurrency trading revenue accounted for over 90% in the second quarter
eToro's latest financial report shows that cryptocurrency trading revenue reached $1.91 billion in the second quarter, 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 reported a net loss of $8.4 million from cryptocurrency derivatives trading. Compared to the first quarter, the proportion of cryptocurrency revenue declined slightly (93% in Q1), indicating an increase in contributions from stock and other sectors. eToro recently announced plans to tokenize 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 $50.70, down 8.2% from the first day of listing.
Circle's Q2 USDC circulating volume grew 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 circulating volume growing 90% year-on-year to $61.3 billion, total revenue and reserve income increasing by 53% year-on-year to $658 million. Due to non-cash expenses related to the IPO, the net loss was $482 million. Circle completed a $1.2 billion IPO, launched Circle Payments Network, announced partnerships with Binance, OKX, and others, and plans to launch a Layer-1 blockchain Arc specifically for stablecoin finance.
Financing & acquisition
Market news: Sam Altman and OpenAI will invest $250 million in brain-computer interface company Merge Labs
Pantera Capital discloses that it has invested over $300 million in DAT
Coinbase announces the restart of stablecoin-guided funds
Perplexity proposes a $34.5 billion acquisition of the Chrome browser
According to The Wall Street Journal, artificial intelligence company Perplexity has made an offer to Google to acquire its Chrome browser for $34.5 billion. Perplexity is currently valued at approximately $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 its $2 billion trading volume comes from stablecoin liquidity and has obtained compliance licenses in multiple regions, including the U.S., U.K., EU, Canada, Australia, and India. Tether currently holds over 60% market share in the stablecoin market.
1Kosmos completes $57 million Series B financing, advancing biometric identity security
According to Tech in Asia, U.S. identity verification platform 1Kosmos announced the completion of $57 million in 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 service company Diginex announced it has signed a memorandum of understanding to acquire compliance automation company Findings for $305 million, including $270 million in Diginex shares and up to $35 million in cash.
Bullish raised $1.1 billion through IPO, oversubscribed by more than 20 times
According to Bloomberg, digital asset trading platform Bullish raised $1.1 billion through an initial public offering at a price of $37 per share, higher than the previous range of $32 to $33. The IPO was oversubscribed by more than 20 times, with a market capitalization of $5.4 billion. BlackRock and ARK Investment Management intend to jointly subscribe for $200 million in shares. Bullish, led by former NYSE president Tom Farley, primarily serves institutional clients, with the largest shareholder being Block.one CEO Brendan Blumer (holding 30.1%). The company will list on the NYSE under the ticker BLSH.
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 associated addresses sold a total of 2794.87 ETH within two hours
An anonymous whale has increased its holdings by another 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, USDC Treasury minted 250 million USDC on the Solana chain, totaling $500 million in value.
Aave ranks among the top 40 U.S. banks by deposit size
The deposit scale of decentralized finance protocol Aave has surpassed three U.S. banks, rising to the top 40 U.S. banks with a total deposit of $67.921 billion, ranking 38th.
