1. According to Reuters, China is considering allowing the use of RMB-backed stablecoins for the first time to promote the internationalization of the RMB. Multiple sources have revealed that Chinese tech giants have proposed to regulators to issue stablecoins linked to offshore RMB in Hong Kong. Shanghai regulators are actively researching policy responses to stablecoins, despite the fact that mainland China has banned cryptocurrency trading since 2021. This move is consistent with recent statements from the People's Bank of China, whose governor has publicly pledged to expand the international use of the digital RMB and called for the development of a multipolar currency system.
2. Tom Lee, chairman of BitMine's board, reposted on the X platform the views of analysts from his Fundstrat Capital: Ethereum is experiencing a slight correction, pulling back to $4075-$4150 midweek. The correction is healthy.
3. The DeFi protocol Fluid released its growth vision and community buyback discussion, stating that the market size of Fluid Protocol has surpassed $3 billion, and it will expand its partner network and multi-chain deployment in the future. Furthermore, Fluid introduced a token buyback plan for community discussion, with Model One being a dynamic buyback based on FDV, Model Two being a 30-day TWAP buyback, and Model Three being a hybrid of the first two. Community discussions are now open, and a governance vote will follow; if approved, the buyback will commence on October 1, with a six-month evaluation period. In addition, according to official news, Plasma announced a partnership with the DeFi protocol Fluid, which will join the Plasma ecosystem on the first day of its launch on the Plasma testnet.
4. According to Alternative data, today's cryptocurrency fear and greed index has dropped significantly to 44, down from 56 yesterday, with market sentiment shifting from 'greed' to 'fear.'
5. According to Coinglass data, the funding rates of mainstream CEX and DEX show that the market is almost fully bearish.
6. Solana co-founder claims that pump.fun aims to create a global streaming platform, with the pump.fun founder responding that it is in the initial stages.
7. Cryptocurrency market analysis platform Santiment tweeted that Bitcoin failed to rebound and fell below $113,000, with retail investor sentiment on social media showing the strongest pessimistic shift since the panic of June 22 over the last 24 hours. Santiment noted that historical data indicates that extremely negative sentiment often provides patient investors with buying or increasing opportunities, and market trends usually go against popular expectations.
8. Michelle Bowman, Vice Chair for Supervision at the Federal Reserve, stated her support for Federal Reserve staff holding a small amount of cryptocurrency, emphasizing the avoidance of 'one-size-fits-all' regulation, requiring risk assessment based on application scenarios, while adhering to anti-money laundering and consumer protection standards, and supporting the tokenization and stablecoin to enhance financial efficiency. She advocates for reconstructing the digital asset regulatory framework, centered on the four principles of 'certainty, targeted approaches, consumer protection, and national competitiveness,' by removing barriers to banking services, supporting technological practices, and tokenization applications to ensure the U.S. maintains its leadership position in global financial innovation.
9. SEC Chairman Paul Atkins stated that only a few cryptocurrencies should be classified as securities, marking a shift in the agency's regulatory stance on crypto assets after Gary Gensler's tenure. Atkins emphasized that the tokens themselves are not necessarily securities; their nature depends on the associated packaging and sales methods.
