MetaMask's stablecoin mUSD is set to arrive next month, stirring market dynamics
MetaMask enters the market with stablecoin mUSD, supported by Stripe's Bridge and the M^0 protocol, with Blackstone as the custodian. This stablecoin targets 30 million monthly active users and aims to capture short-term US Treasury yields, expected to launch by the end of August, potentially rewriting the existing stablecoin landscape and igniting an intense market competition.
Ripple and SEC lawsuit reaches a critical juncture
On August 15, Ripple and the US SEC must submit a joint report to the Second Circuit Court of Appeals, and this nearly five-year dispute is expected to reach its conclusion. If the SEC withdraws its appeal, the regulatory shadow over XRP may dissipate, allowing the PayFi sector to ride this wave for a new round of upward momentum.
Countdown to the issuance of Hong Kong stablecoin licenses
The Hong Kong Monetary Authority is expected to issue the first batch of stablecoin licenses this month, which are scarce and focused on cross-border payment scenarios, aiming to establish a dual-track structure of 'US Dollar stablecoin linking internationally + Hong Kong Dollar stablecoin connecting to the mainland' to inject liquidity into RWA transactions and propel Hong Kong fintech to new heights.
New ETF listed on the Hong Kong Stock Exchange on August 21
MicroBit's Bitcoin and Ethereum spot ETFs will debut on the Hong Kong Stock Exchange on August 21, with an attractive low management fee of 0.5%. Bank of China International provides custody, and HashKey Exchange offers a trading platform, opening a new convenient investment channel for investors.
Pilot for new Hong Kong crypto clearing regulations
A cross-border trading system based on Hong Kong's stablecoin regulations has been unveiled, employing a three-tier clearing structure of 'onshore - offshore - international.' The offshore Renminbi stablecoin (CNH) channel can save 30% on exchange costs and has been piloted in Shenzhen-Hong Kong.
BCH trading volume surges, risks increase
Bitget exchange's BCH/USDT perpetual contract trading volume surged 26 times within 10 minutes, with a 24-hour trading amount reaching $55.93 million, potentially due to large capital operations and geopolitical factors, leading to increased price volatility risks that investors need to handle cautiously.
US 401(k) cryptocurrency policy takes effect
Trump's executive order takes effect, allowing approximately $12.5 trillion in traditional retirement funds to allocate crypto assets through 401(k) plans. Institutions like BlackRock have increased their holdings in Coinbase stock, providing short-term support for Bitcoin, with support levels at $112,000.
Ethereum Foundation-associated wallet engages in frequent transactions
The Ethereum Foundation's associated wallet sold 6,194 ETH (approximately $28.36 million DAI) in the past two days, with the latest transaction being 2,099 ETH ($9.61 million DAI), while receiving 3,000 ETH in transfers, raising market concerns about potential follow-up sell-offs.
US sanctions Ruble stablecoin A7A5
The US has imposed sanctions on the Ruble stablecoin A7A5 supported by Russia and the cryptocurrency trading platform Grinex for assisting in evading international sanctions, with the platform's daily trading volume reaching $1 billion.
Citigroup ventures into stablecoin services
Citigroup plans to provide custody, payment, and USD exchange services for stablecoins and crypto ETFs, and is even considering issuing its own stablecoin, as traditional financial giants accelerate their foray into the crypto space under the influence of US stablecoin legislation and regulatory environment.
Disclaimer: The content of this article is for reference only and does not constitute any investment advice. Investors should view cryptocurrency investments rationally based on their risk tolerance and investment goals, and should not follow trends blindly.
