Today's news highlights:
Federal Reserve meeting minutes: Stablecoins may increase demand for U.S. Treasuries, and related risks will be closely monitored.
DBS Bank of Singapore launches tokenized structured notes on Ethereum
Coinbase adds AWE, DOLO, FLOCK, LAYER, and SPX to the listing roadmap.
BNB treasury company WINT will be delisted for failing to meet Nasdaq listing standards.
Wormhole intends to acquire Stargate at a high price and requests to suspend the 'LayerZero acquisition of STG' vote.
The YZY launched by YZY Money adopts random contracts to prevent front-running, with 20% allocated to the public.
Data: 69 institutional treasuries hold over 4.1 million ETH, with a total value of approximately $17.6 billion.
Regulation & Macro
Federal Reserve meeting minutes: Stablecoins may increase demand for U.S. Treasuries, and related risks will be closely monitored.
The Federal Reserve released the July meeting minutes, which mentioned that many participants discussed recent and future developments related to payment stablecoins and their potential impact on the financial system. These participants noted that with the recent passage of the (GENIUS Act) (U.S. Stablecoin Guidance and National Innovation Act), the use of payment stablecoins may increase. They stated that payment stablecoins help improve the efficiency of payment systems and also observed that such stablecoins may increase demand for the underlying assets (including U.S. Treasuries). Additionally, the participants expressed concerns that stablecoins may have broader implications for banks and the financial system, as well as the implementation of monetary policy, and therefore should be closely monitored, including monitoring the various assets used to support stablecoins. The Federal Reserve meeting minutes show that officials are closely watching the growth of stablecoins and the related risks after the passage of the (Genius Act).
According to financial blog Zero Hedge, the term 'stablecoin' was mentioned 8 times in this Federal Reserve meeting minutes.
Federal Reserve Governor Cook stated that he will not resign due to bullying, and Trump officials quickly rebutted.
Federal Reserve Governor Cook issued a statement saying, 'I learned from the media that the Director of the Federal Housing Finance Agency, Pruitt, posted on social media that he is referring a criminal matter related to a mortgage application from four years ago, which was before I joined the Federal Reserve. I have no intention of resigning due to some questions raised on Twitter and the bullying I have faced. As a member of the Federal Reserve, I take any questions about my personal financial history seriously, so I am gathering accurate information to address any legitimate inquiries and provide the facts.' Pruitt quickly responded, saying, 'Ms. Cook, you or your lawyer can write whatever you like. Your exposure is based on mortgage documents, not Twitter.'
DBS Bank of Singapore launches tokenized structured notes on Ethereum
According to CoinDesk, Singapore's largest bank DBS (Development Bank of Singapore) has announced the issuance of tokenized structured notes on the Ethereum public chain, open to qualified and institutional investors on Singapore's local exchanges ADDX, DigiFT, and HydraX. The first product is a participatory note linked to crypto assets, cash-settled when prices rise and with limited losses when prices fall. The note unit has been reduced from the traditional $100,000 to $1,000, enhancing liquidity and trading convenience. The trading volume of related products exceeded $1 billion in the first half of 2025, with nearly 60% quarter-on-quarter growth in Q2. DBS will subsequently expand to stocks and credit notes.
New York legislator proposes a 0.2% tax on crypto transactions, with stablecoins not exempt.
New York State legislator Phil Steck proposed a 0.2% tax on all cryptocurrency transactions within the state, expected to generate an additional $158 million annually to support schools in combating drug abuse. Steck made it clear that stablecoins would not be exempt and high-frequency trading would also apply.
Project Updates
MANTRA proposes to abolish ERC20 OM, aiming to adjust the token inflation rate to 8%.
According to official news from MANTRA, MANTRA Chain is proposing to abolish the ERC20 version of the OM token and plans to fully migrate it to MANTRA Chain as the sole native base. This proposal aims to promote ecological development by consolidating liquidity, adjusting the token inflation rate to 8%, setting a supply cap of 2.5 billion OM, and enhancing network security.
It is reported that since the launch of the MANTRA Chain mainnet, approximately 250 million OM (about 28% of the total supply) have completed migration. If the proposal passes, the ERC20 OM token will officially cease to exist on January 15, 2026, and any ERC20 OM tokens that have not completed migration will be considered forfeited. Voting will start at 19:50 Beijing time on August 20, 2025, and end at 19:50 on August 22.
Kaito releases H1 update and future growth plan: launching Kaito Venture, utilizing strategic reserve of 6 million KAITO to incentivize ecological development, etc.
According to the latest news from Kaito founder Yu Hu, Kaito achieved approximately $40 million in annualized revenue in the first half of the year, with over 80% of revenue verifiable on-chain, becoming the highest revenue-generating AI application in the crypto space.
Kaito proposed its future growth plan, focusing on integrating on-chain and social aspects, optimizing the leaderboard and Kaito Earn to enhance matching efficiency and investment returns, and advancing the construction of a multi-platform distribution network over the next 12 months.
Additionally, Kaito announced the launch of Kaito Venture, aimed at investing in and accelerating crypto applications that can leverage its distribution advantages, further enhancing the ecosystem's value cycle. Yu Hu stated that Kaito is at a critical point of innovation and will promote industry development based on the vision of 'financialization of information' through core functions such as sovereign data ownership, market-driven signals, and open information markets.
The company plans to use the strategic reserve of 6 million KAITO tokens to incentivize creators and ecological development while exploring long-term behavioral reward mechanisms to promote network growth.
Coinbase adds five assets: AWE, DOLO, FLOCK, LAYER, and SPX to the listing roadmap.
According to Coinbase Assets, Coinbase will today add AWE Network (AWE), Dolomite (DOLO), Flock (FLOCK), Solayer (LAYER), and SPX6900 (SPX) to the asset listing roadmap. The official announcement also includes the contract addresses for each asset on the Base, Ethereum, and Solana networks. The platform stated that the trading of the related assets will depend on market-making support and meeting technical conditions, with specific launch times to be announced later.
BNB treasury company WINT will be delisted for failing to meet Nasdaq listing standards.
According to the SEC's official announcement, Windtree Therapeutics (WINT) has been suspended from trading on Nasdaq due to failure to comply with listing rule 5550(a)(2) starting from the opening of the market on August 21, 2025. The company's stock will transition to OTC market trading, with the code remaining WINT. Windtree Therapeutics has applied to be listed on the OTCID section, but approval is not guaranteed. The company's business and operations remain unaffected, and it will continue to submit regular reports to the SEC.
Wormhole intends to acquire Stargate at a high price and requests to suspend the 'LayerZero acquisition of STG' vote.
According to a Wormhole Foundation announcement, LayerZero proposed to acquire Stargate (STG) for about $110 million in ZRO, but Wormhole believes the offer undervalues Stargate's protocol assets and growth. Stargate's bridging volume in July reached $4 billion, a tenfold year-on-year increase, with a TVL of $345 million and an expected annual revenue of $2 million. Wormhole plans to submit a higher offer and requests to suspend the current Snapshot vote for 5 working days to refine the bidding process and protect STG holders' interests.
Judge unfreezes $57.6 million USDC assets related to Libra.
According to Decrypt, a U.S. federal judge in Manhattan has unfreezed $57.6 million USDC assets related to the Libra meme coin scandal. Previously, the assets were frozen due to investor accusations against Hayden Davis (CEO of Kelsier Labs) and Ben Chow (founder of Meteora) for misleading investors. The judge stated that the defendants cooperated with the lawsuit, and the plaintiffs failed to prove irreparable harm, and the case is still in its early stages. Libra was promoted by Argentine President Javier Milei, and its market cap plummeted by 97% after listing.
Kanye West launches Meme coin YZY on Solana.
According to Aggr News, Kanye West has launched a meme coin called 'YZY' on the Solana blockchain.
It is reported that Kanye West (now known as Ye), born in 1977 in Atlanta, USA, is one of the most influential hip-hop artists in the world, as well as a songwriter, producer, and entrepreneur.
The YZY launched by YZY Money adopts random contracts to prevent front-running, with 20% allocated to the public.
According to YZY Money's official website, YZY Money has released a new token YZY, all YZY are minted on the Solana blockchain. YZY supports crypto payments through Ye Pay, allowing users to purchase with credit cards or USDC, and trade via the Jupiter App. YZY adopts a random contract address selection mechanism to prevent front-running, and the official liquidity pool has been launched. The team's share is locked on-chain and unlocked in batches using the Jupiter Lock protocol, with specific lock-up periods of 3, 6, and 12 months, and 24 months of linear release. YZY, Ye Pay, and YZY Card are independent projects, and YZY does not constitute an investment contract or security.
In the total supply of YZY tokens, 20% is allocated to the public, 10% is for liquidity, and Yeezy Investments LLC receives 50% of the shares, divided into three lock-up phases: 30% unlocks after 3 months, 20% after 6 months, and 20% after 12 months, all adopting a 24-month linear release mechanism.
Moonshot launches YZY
Hyperliquid launches $YZY with up to 3x leverage trading.
YZY Money's official document includes a 'collective lawsuit waiver' clause.
According to YZY Money's official document, the terms include a 'collective lawsuit waiver.' 'To the extent permitted by law, you agree not to file, join, or participate in any class action lawsuit regarding any claims, disputes, or controversies you may have against any protected party. You agree that the court may take injunctive relief measures to prevent such lawsuits or remove you from the suit. You agree to pay any protected party's attorney fees and litigation costs incurred in seeking such relief.'
Binance: Users holding at least 200 Alpha points can claim 625 ARIA airdrops.
Binance Alpha will launch AriaAI (ARIA) Alpha trading tonight at 8 PM. Users holding at least 200 Binance Alpha Points can claim 625 ARIA airdrops on a first-come, first-served basis, with a claim consuming 15 points. If the reward pool is not fully disbursed, the point threshold will automatically decrease by 15 points every hour, and users must confirm their claims within 24 hours.
Binance will suspend USDC withdrawal services for AVAX-C tomorrow for wallet maintenance.
Binance will conduct wallet maintenance for USDC withdrawal services for Avalanche C-Chain (AVAX-C) on August 22, 2025, at 15:00 (UTC+8). To support this maintenance, Binance will suspend the USDC withdrawal service for Avalanche C-Chain (AVAX-C) at the same time. Maintenance is expected to take 2 hours, and the withdrawal service will automatically resume after maintenance is completed.
Binance Alpha has now launched YZY
The Binance app page shows that Binance Alpha has now launched YZY.
DeepSeek released the V3.1 model, upgrading the hybrid reasoning architecture and agent capabilities.
DeepSeek announced the launch of the V3.1 model, which adopts a hybrid reasoning architecture, supporting the free switch between thinking and non-thinking modes, enhancing thinking efficiency and agent task performance. The API interface has been upgraded in sync, supporting 128K context and Anthropic API format, with Function Calling adding a strict mode. The Base model's training has been extended to 840B tokens and has been open-sourced on Hugging Face and Modao. The official announcement states that starting from September 6, API prices will be adjusted and night discounts will be canceled.
The Winklevoss brothers donated over 188 BTC to support U.S. cryptocurrency policy, valued at approximately $21 million.
Gemini co-founder Tyler Winklevoss announced that he and Cameron Winklevoss donated 188.4547 BTC, worth approximately $21 million, to the Digital Freedom Fund PAC (Political Action Committee) to support President Trump's vision of making the U.S. a global cryptocurrency hub.
The fund will focus on winning midterm elections, promoting market structure legislation, and opposing Central Bank Digital Currency (CBDC) policies, ensuring the freedom and development of the crypto industry. Additionally, the fund supports the 'Project Crypto' initiative aimed at further consolidating the U.S. leadership in the crypto space through collaboration between the SEC and CFTC. The Winklevoss brothers call for more people to participate in jointly promoting the golden age of the U.S. crypto industry.
Opinions & Analysis
CryptoQuant: Bitcoin may find support at $110,000, a price level that could reduce the selling pressure of traders.
According to CryptoQuant analysis, Bitcoin is currently in a stage of slowing demand and profit-taking. Since July, Bitcoin's apparent demand has fallen from a peak of 174,000 coins to the current 59,000 coins, a reduction of two-thirds. Meanwhile, demand from U.S. ETFs and institutional buyers has also significantly decreased, with the 30-day net purchase of ETFs dropping to 11,000 coins, the lowest since April this year. Market sentiment has shifted from 'extremely bullish' to 'cooled bullish,' and Bitcoin's price momentum has slowed after breaking $120,000. Additionally, since July, Bitcoin holders have realized a net profit of $74 billion, with whale investors realizing a profit of $2 billion on August 16. CryptoQuant believes the downside risk for Bitcoin is limited, and $110,000 may become a support level, a price that represents the realization price for on-chain traders, potentially reducing the selling pressure in the market.
YZY was released 5 hours after the unfreezing of Libra-related funds, raising community doubts.
Data shows that the $YZY token market cap reached $3 billion within 2 hours but then fell back. The on-chain trading volume reached $512 million in just 3 hours. Crypto KOL scooter, who participated in exposing the LIBRA token insider information, tweeted that 5 hours after Hayden Davis's funds were unfrozen, YZY was released, which is likely not a coincidence.
ZachXBT disclosed that the vast majority of investigation work is pro bono, and in the future, reasonable compensation will be required.
On-chain detective ZachXBT posted on X platform that since 2021, he has publicly released over 150 investigations, with actual cases exceeding 250, and over 95% of work being pro bono. If valued at $5,000-$10,000 per case, theoretical earnings could reach $750,000 to $1.5 million. Some successful cases have helped recover over $300 million in funds. ZachXBT stated he will no longer conduct pro bono investigations in the future and expects fair compensation.
Financing News
Blockchain startup Legion completes $5 million seed round financing, led by VanEck and Brevan Howard Digital.
According to Fortune, blockchain startup Legion announced the completion of a $5 million seed round led by VanEck and Brevan Howard Digital, with participation from institutions including Kraken, Coinbase, and Crypto.com.
Legion aims to create a compliant ICO platform that provides companies with strict standards similar to IPOs, while utilizing crypto technology for token sales. The two founders stated that the platform will adhere to the latest EU regulations, requiring projects to publish detailed white papers and update them regularly to avoid common scams from the past ICO era. This round of financing includes equity and token subscription rights, with specific valuations not disclosed.
On-chain RWA exchange DigiFT has completed strategic financing, with a cumulative financing of $25 million.
On-chain RWA exchange DigiFT announced the completion of a new round of strategic financing in August 2025, led by Japan's largest financial group SBI Holdings, with participation from Mirana Ventures, Offchain Labs (Arbitrum), Yunqi Capital, and global fintech executives. After this round of financing, DigiFT's cumulative financing total reaches $25 million, which will be used to expand tokenized products, enhance RWA secondary market liquidity, expand on-chain application scenarios, and build compliant smart contract infrastructure.
Key Data
A user who rolled over $125,000 long to $6.99 million used 25x leverage to open long positions on 3,694 ETH, with a liquidation price of $4,183.
According to Yu Jin monitoring, a user who rolled over $125,000 long on ETH to $6.99 million withdrew $130,000 USDC from Hyperliquid 40 minutes ago, equivalent to withdrawing $125,000 in principal. Subsequently, he used the remaining $640,000 profit to open a long position on 3,694 ETH with 25x leverage, with a total value of approximately $15.75 million, opening at $4,272 and a liquidation price of $4,183.
Coinbase director estimates that the new Kanye token is at least 94% held internally.
Coinbase director Conor Grogan tweeted that the new Kanye token is at least 94% held internally, with 87% previously controlled by a single multi-signature wallet and now distributed across multiple addresses; about 3% was bought in large amounts by multiple wallets at launch, and 7% was used for liquidity pools.
The total net outflow of Bitcoin spot ETFs yesterday was $312 million, continuing a four-day net outflow.
According to SoSoValue data, yesterday (Eastern Time, August 20), the total net outflow of Bitcoin spot ETFs was $312 million. The Bitcoin spot ETF with the highest net inflow yesterday was Bitwise ETF BITB, with a net inflow of $619,800, bringing BITB's historical total net inflow to $2.229 billion. The Bitcoin spot ETF with the highest net outflow yesterday was Blackrock ETF IBIT, with a net outflow of $220 million, bringing IBIT's historical total net inflow to $58.385 billion.
As of the time of writing, the net asset value of Bitcoin spot ETFs is $147.018 billion, with an ETF net asset ratio (market cap compared to the total market cap of Bitcoin) reaching 6.46%. The historical cumulative net inflow has reached $54.018 billion.
The total net outflow of Ethereum spot ETFs yesterday was $240 million, the third-highest in history.
The Ethereum spot ETF with the highest net inflow yesterday was Grayscale Ethereum Trust ETF ETH, with a net inflow of $9.0017 million, bringing ETH's historical total net inflow to $1.312 billion. The next highest was Fidelity ETF FETH, with a net inflow of $8.6420 million, bringing FETH's historical total net inflow to $2.510 billion. The Ethereum spot ETF with the highest net outflow yesterday was Blackrock ETF ETHA, with a net outflow of $258 million, bringing ETHA's historical total net inflow to $11.814 billion.
As of the time of writing, the net asset value of Ethereum spot ETFs is $26.857 billion, with an ETF net asset ratio (market cap compared to the total market cap of Ethereum) reaching 5.11%. The historical cumulative net inflow has reached $11.802 billion.
The true TPS of the Solana network reached 2300 during the $YZY launch, setting a historical high.
SolanaFloor tweeted that the Solana network's true TPS (TrueTPS) reached 2300 for the first time during the $YZY token launch, setting a new historical high, indicating significant improvements since the $TRUMP token launch.
The YZY team collected over $9 million in fees within hours.
According to X user bizzy, the YZY team collected approximately $9.164 million in fees within hours using a 1% dynamic fee rate pool. The team used a 100-bin step instead of a 50-bin step pool design, leading to traders' total fees amounting to about 10%, which includes 4-5% in hidden costs.
A whale/institution sold 670 BTC and went long on ETH heavily on Hyperliquid, with a position value exceeding $300 million.
According to Yu Jin monitoring, a whale/institution holding 10,606 BTC (approximately $1.21 billion) sold 670 BTC (approximately $76.38 million) in the past 20 hours and went long on 69,983 ETH with $58.5 million USDC across four wallets in the $4,300-$4,333 range, with a position value of approximately $301 million. The institution initially withdrew 14,837 BTC from Binance and HTX in 2018, some of which have been sold off gradually.
Data: 69 institutional treasuries hold over 4.1 million ETH, with a total value of approximately $17.6 billion.
69 institutional treasuries hold over 4.1 million ETH, with a total value of approximately $17.6 billion, accounting for 3.39% of the total circulating supply of Ethereum. Among them, BitMine holds approximately 1.5 million ETH, valued at about $6.6 billion, ranking first. SharpLink Gaming holds approximately 740,800 ETH, Ether Machine holds approximately 345,400 ETH, and the Ethereum Foundation holds 231,600 ETH. The total ETH held by public companies has reached 2.6 million, worth about $10.9 billion. The U.S. spot Ethereum ETF holds about 670,000 ETH, accounting for 5.5% of the total supply.
