Author: Deep Tide TechFlow
Market Dynamics Yesterday
The Fed meeting minutes mentioned 'stablecoins' eight times.
According to Jinshi Data, the minutes of this Fed meeting released early yesterday mentioned 'stablecoins' eight times, noting that many attendees discussed recent and future developments related to payment stablecoins and their potential impact on the financial system. These attendees pointed out that with the recent passage of the (GENIUS Act) (the U.S. Stablecoin Guidance and National Innovation Act), the use of payment stablecoins may increase.
Payment stablecoins help improve the efficiency of payment systems and are also observed to potentially increase demand for the underlying assets they are backed by (including U.S. Treasury bonds).
Fed Mouthpiece: The Fed meeting minutes show that a few officials hinted they may join the rate cut camp in September.
According to Jinshi Data, 'Fed Mouthpiece' Nick Timiraos recently wrote: Today's released policy meeting minutes show that despite two officials opposing and advocating for a rate cut, the decision by the Fed to maintain interest rates last month still received broad support.
However, a few officials align with Waller and Bowman, suggesting they may support a rate cut at the Fed's next meeting on September 16-17. They stated that the transmission speed of tariff increases to consumer prices is slower than expected, which should alleviate concerns about new inflation shocks caused by rising import costs. However, inflation-focused 'hawks' pointed out that price pressures have intensified since last month's meeting, including service prices.
Kansas City Federal Reserve Bank President George Schmidt stated in a speech last week that tariffs have a limited impact on inflation, partly because the Fed has maintained stable interest rates. Unlike Bowman, who has been calculating inflation levels excluding tariffs, Schmidt pledged never to conduct such calculations, calling it 'a concept that is both meaningless and unmeasurable.'
China may allow stablecoins backed by the renminbi for the first time to promote internationalization.
According to Reuters, China is considering allowing the use of stablecoins backed by the renminbi for the first time to promote the internationalization of the renminbi. Multiple sources revealed that Chinese tech giants have proposed to regulators to issue stablecoins linked to offshore renminbi in Hong Kong. Shanghai regulators are actively studying policy responses to stablecoins, even though cryptocurrency trading has been prohibited in mainland China since 2021. This move aligns with the recent statements of the Chinese central bank, whose governor has publicly committed to expanding the international use of the digital renminbi and called for the development of a multipolar currency system.
MANTRA chain proposes to fully migrate OM to the native chain, setting a limit of 2.5 billion.
According to official news, the MANTRA chain is voting on whether to fully migrate ERC20 OM to its native chain. The proposal 'OM Homecoming' plans to completely discontinue the use of ERC20 OM on Ethereum by January 15, 2026, and establish the MANTRA chain as the only native basis for OM. The proposal also suggests adjusting the inflation rate to 8%, targeting an annual staking return rate of approximately 18%, and setting a hard supply limit of 2.5 billion OM for the first time. Currently, approximately 250 million OM (28% of the ERC20 supply) have migrated to the MANTRA chain.
Mitosis: Airdrop query is now open, airdrop claiming is expected to open before September 10.
According to an official announcement, the modular liquidity protocol Mitosis has announced the opening of an airdrop query site and will open airdrop registration at 12:00 AM (UTC) on August 20, with the registration window lasting until August 26. Airdrop claiming is expected to open before September 10, with a one-week claiming period.
According to previous news, the Mitosis Foundation announced the MITO token economics, with 10% allocated for the genesis airdrop. Binance wallet launched the Mitosis token Booster event and TGE pre-sale.
Hyperliquid becomes the company with the highest revenue per capita globally, with annual revenue of $102.4 million per employee.
According to HyperliquidFR, Hyperliquid has an annual revenue per employee of $102.4 million, making it the company with the highest revenue per capita globally.
It is reported that the Hyperliquid team consists of 11 core members, with an estimated annual revenue of $1.127 billion, surpassing companies like Tether, OnlyFans, Nvidia, and Apple in revenue per capita.
Goldman Sachs: It is too early to say that stablecoins will disrupt traditional finance; they are more optimistic about Robinhood compared to Circle.
According to Investopedia, Goldman Sachs analysts Will Nance and James Yaro pointed out in their latest report that whether stablecoins pegged to fiat currencies will grow to a scale of trillions of dollars and gradually erode traditional financial services remains to be seen. The 'threat' posed by stablecoins to payment services (including the consumer credit card ecosystem) is 'limited'; their current overall poor performance has instead created a buying opportunity. Visa and Mastercard are not only not competitors but are 'very likely to play an important role in the large-scale promotion of stablecoin payments at the consumer end.' Therefore, despite Circle's valuation rising after a sensational IPO this year, Goldman Sachs is more optimistic about Robinhood's continued innovation capabilities in the cryptocurrency space.
OpenAI CFO: Will consider going public at some point in the future.
According to Jinshi Data, OpenAI CFO Sarah Friar stated that the company will consider going public at some point in the future.
Cryptocurrency exchange Kraken acquires no-code trading company Capitalise.ai.
According to CoinDesk, cryptocurrency exchange Kraken announced the acquisition of assets and technology from Israeli company Capitalise.ai. Capitalise.ai focuses on developing a no-code, natural language trading automation platform that supports trading strategies across multiple asset classes. This acquisition will enable Kraken Pro users to create, test, and automatically execute trading strategies using everyday language without writing code. Kraken plans to launch these new features on the Pro platform later this year. The co-founder and core engineering team of Capitalise.ai will join Kraken. Financial details of the acquisition were not disclosed.
U.S. listed Hong Kong company Ming Cheng Group: plans to spend $483 million to purchase 4,250 bitcoins.
According to Jinshi Data, Hong Kong-based U.S. listed construction engineering service provider Ming Cheng Group announced that it has signed a Bitcoin purchase agreement to spend $483 million to acquire 4,250 bitcoins.
Market Dynamics
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