Headlines
▌Grayscale: Actively managed cryptocurrency income strategy available through iCapital Marketplace for financial professionals
Digital asset management platform Grayscale Investments announced that its first actively managed investment strategy is now available to financial professionals through the iCapital Marketplace, expanding Grayscale's reach to a broader network of financial advisors, providing accredited investors with non-traditional investment opportunities such as cryptocurrency staking. It is reported that the strategy aims to monetize staking rewards and distribute them to investors in USD on a quarterly basis.
▌MetaMask launched its native stablecoin mUSD
MetaMask officially launched its native stablecoin MetaMask USD (mUSD). MetaMask announced on Thursday that mUSD will be issued by Bridge, a stablecoin issuance platform under Stripe, and minted through the decentralized infrastructure of M0.
Market
As of the time of publication, according to CoinGecko data:
BTC price is $112,345, 24-hour change -1.7%;
ETH price is $4,224.06, 24-hour change -2.6%;
BNB price is $840.38, 24-hour change -3.7%;
SOL price is $180.62, 24-hour change -3.4%;
DOGE price is $0.2152, 24-hour change -3.1%;
XRP price is $2.85, 24-hour change -3.6%.
TRX price is $0.3534, 24-hour change -0.3%.
Policy
▌CFTC acting chair Pham announces launch of a new round of crypto sprint program to implement the Trump administration's digital asset strategy
Caroline D. Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), announced on August 21 that the CFTC will initiate the next phase of its crypto sprint program to implement recommendations from the President's Digital Asset Market Working Group report. The program focuses on advancing federal-level digital asset spot trading and aligns with the SEC's "Crypto project," echoing President Trump's call for the U.S. to achieve leadership in the crypto space. Pham stated that the CFTC will broadly solicit input from stakeholders covering topics such as leverage, margin, and retail trading in financing, and will open public comment submissions by October 20.
▌Pennsylvania lawmaker proposes to ban public officials from trading cryptocurrencies
Democratic Congressman Ben Waxman from Pennsylvania has proposed a bill (HB1812) aimed at prohibiting public officials and their immediate family members from profiting from cryptocurrencies during their term, including issuing, promoting, or trading digital assets in which they have a financial interest. The bill stipulates that relevant individuals are prohibited from conducting cryptocurrency transactions exceeding $1,000 during their term and within one year after leaving office, and they must liquidate their holdings within 90 days of the bill's enactment. Violations could result in five years of imprisonment or a fine of up to $50,000. Waxman proposed this bill in response to controversies surrounding Trump and his family allegedly profiting from public office.
▌The latest version of the U.S. House of Representatives' National Defense Authorization Act adds a ban on CBDCs
The latest version of the U.S. House of Representatives' National Defense Authorization Act (NDAA) includes a new provision called the "Anti-CBDC Surveillance State Act." This provision was previously proposed by House Majority Whip Tom Emmer as an independent bill, aiming to prohibit the Federal Reserve from issuing central bank digital currency (CBDC) directly to individuals.
▌U.S. OCC cancels corrective actions against Anchorage Digital, regulatory stance turns friendly
The U.S. Office of the Comptroller of the Currency (OCC) announced the withdrawal of the corrective action consent order against Anchorage Digital. This document was initially issued during the Biden administration in 2022 due to insufficient anti-money laundering (AML) and customer due diligence (KYC). The OCC stated that the bank's robustness and compliance circumstances no longer require the continuation of that requirement. During the year of the Trump administration, U.S. regulatory attitudes toward cryptocurrencies gradually turned friendly. The Federal Reserve has rescinded previous restrictions on banks participating in crypto activities and jointly issued a statement with the OCC clarifying how existing rules apply to banks' custody of clients' crypto assets.
Blockchain applications
▌Unichain trading volume on the Uniswap protocol exceeds $50 billion
According to a chart released by @Uniswap, the trading volume on the Uniswap protocol for Unichain has exceeded $50 billion.
▌Coinbase CEO: All asset classes will migrate to the blockchain
According to market news released by @Cointelegraph, the CEO of Coinbase stated that all asset classes will migrate to the blockchain.
▌Gemini obtains MiCA license in Malta
According to market news released by @Cointelegraph, cryptocurrency exchange Gemini has obtained a MiCA license for cryptocurrency market regulation in Malta to support its ongoing expansion in Europe.
▌State Street connects to JPMorgan's digital debt service, promoting blockchain debt securities custody
State Street has announced it is the first third-party custodian to connect to JPMorgan's digital debt service, providing blockchain-based debt securities custody services for institutional clients. JPMorgan's digital debt service supports the issuance, settlement, and lifecycle management of bonds through the Kinexys digital asset platform, utilizing blockchain technology for precise T+0 settlement and automation. The first transaction was completed by State Street's investment management division, purchasing $100 million in commercial paper, marking the modernization of the short-term debt market.
Cryptocurrency
▌Bank of America: Stablecoins will pose competitive pressure on money market funds
Bank of America’s latest research report indicates that demand for stablecoins for U.S. Treasury securities is expected to grow by $25 billion to $75 billion over the next 12 months, but this growth will not significantly change the dynamics of the Treasury market; rather, it poses a greater competitive challenge to money market funds (MMFs). The report shows that some MMF clients are actively exploring tokenization as a defensive measure against stablecoin competition. In July of this year, BNY Mellon and Goldman Sachs launched blockchain-based technology for recording ownership of specific MMF shares, marking the first successful transfer of tokenized MMF shares. Since stablecoins are currently restricted from paying yields, money market funds face a limited time window to complete tokenization and offer competitive yields in response to potential future regulatory changes or breakthroughs in the stablecoin industry.
▌The Ethereum treasury company currently holds over 4.1 million Ethereum
According to a chart released by @BTCTN, as per CoinMarketCap data, the Ethereum treasury company currently holds over 4.1 million Ethereum, valued at $17.6 billion, with BitMine holding the top position with 1.5 million ETH.
▌DDC Enterprise increases its holdings by 100 BTC, total holdings reach 688 BTC
NYSE-listed company DDC Enterprise announced it has increased its holdings by 100 BTC, with its total bitcoin holdings currently at 688 BTC.
▌SOL Strategies announces treasury holds over 400,000 SOL
SOL Strategies announced on social media that its treasury currently holds 400,909 SOL tokens. The company stated that its validators generate SOL rewards daily and have chosen to reinvest these earnings rather than dilute shareholder equity, thus expanding treasury size at a cost below market prices.
▌Verb Technology (to be renamed Ton Strategy): Holds $713 million in TON and $67 million in cash
Verb Technology Company, Inc. (NASDAQ: VERB, to be renamed Ton Strategy Company) announced that its treasury assets have exceeded $780 million, including $713 million in Toncoin (TON) and $67 million in cash. Previously, Verb Technology completed a private placement of $558 million on August 8, with over 110 institutional and crypto-native investors participating. The company used most of the funds from the private placement to purchase TON as its primary treasury reserve asset, aiming to accumulate over 5% of the circulating supply of TON.
▌Coinbase cbBTC supply surpasses 30,000, wBTC market share declines
Coinbase's synthetic bitcoin product cbBTC has grown rapidly since its launch in September 2024, with a current supply of over 30,500, an increase of over 160% year-to-date. Meanwhile, the supply of wBTC has decreased by 17% since the launch of cbBTC, down 4% for the year. Notably, despite significant growth in cbBTC, the total supply of synthetic bitcoin on Ethereum has only increased by about 3%, indicating that the expansion of cbBTC is primarily a substitution effect within market share rather than an overall inflow of new capital. The growth of cbBTC is attributed to Coinbase's ability to attract BTC holders directly through self-custody and exchange channels, reducing operational friction and being more convenient compared to third-party minting.
▌Coinbase will list USD1
Coinbase will add support for World Liberty Financial USD (USD1) on the Ethereum network. Trading will begin later today if liquidity conditions are met.
Important economic dynamics
▌Federal Reserve's Harmack: No support for rate cuts in September
Cleveland Fed President Harmack stated that if Federal Reserve officials are to make a policy decision tomorrow, she would not support a rate cut in September. "Current inflation levels are too high and have been on an upward trend over the past year," Harmack stated in an interview on Thursday. "From the information I have, I see no reason to lower rates if the meeting were tomorrow." She acknowledged concerns about the labor market but noted that the unemployment rate remains close to her estimates of full employment levels. "From an overall balance perspective, I believe it is important to maintain a moderate tightening policy stance to continue bringing inflation back to target levels."
▌U.S. Department of Justice officials urge Powell to remove Cook from the board
A senior official from the U.S. Department of Justice sent a letter to Federal Reserve Chairman Powell on Thursday, stating that the DOJ plans to investigate Federal Reserve Governor Cook and urging Powell to remove Cook from the board. DOJ official Ed Martin mentioned in the letter that Cook's case "requires further scrutiny." Martin previously led similar investigations against California Senator Adam Schiff and New York Attorney General Letitia James. Martin stated in the letter, "I urge you to remove Ms. Cook from the board. Act today, or it will be too late! After all, no American would think it is appropriate for her to continue serving in the position while under a cloud of suspicion." Cook indicated her intention to remain at the Federal Reserve after Trump called for her resignation the previous day.
▌Federal Reserve's Goolsbee: Hopes that dangerous inflation data is just a temporary phenomenon
Federal Reserve's Goolsbee stated that while some recent inflation data is better than expected, there is also a "dangerous" data point, and hopes it is just a temporary phenomenon. He said, "The last inflation report showed that service sector inflation is indeed starting to soar, which may not be driven by tariffs." He remarked that this is a dangerous data point, and he hopes it is just a small episode. He noted that the Federal Reserve's September policy meeting "seems to me like a real-time meeting." Goolsbee's comments come as the Federal Reserve faces stricter scrutiny and demands for rate cuts from the Trump administration.
▌Federal Reserve's Collins: If the labor market outlook worsens, it may be appropriate to cut rates in the short term.
Federal Reserve's Collins stated that if the labor market outlook worsens, it may be appropriate to cut rates in the short term; one cannot wait until inflation is fully clear to consider cutting rates; inflation is expected to continue rising until the end of the year and then revert to the earlier declining trend by 2026.
▌Bank of America: Rate cuts and high inflation will depress the dollar
Alex Cohen of Bank of America stated in the report that as the Federal Reserve appears prepared to restart rate cuts while inflation remains high, the dollar may weaken further. He noted that the disappointing July non-farm payroll data and concerns about the independence of the Federal Reserve have driven market expectations for faster and larger rate cuts, even as inflation continues to show sticky signs. "Implementing potential rate cuts amid rising inflation creates fertile ground for dollar depreciation." Bank of America expects the EUR/USD to rise from the current 1.1620 to 1.20 by the end of the year, and further to 1.25 by the end of 2026.
▌Trump: We will know the progress of the Russia-Ukraine issue in about two weeks
U.S. President Trump: (Regarding the Russia-Ukraine issue) We will know the progress in about two weeks, and we may have to adopt a different strategy after two weeks.
Golden Encyclopedia
▌What are tokenized commodities
Tokenized commodities represent fractional ownership of real-world assets using digital tokens on the blockchain while retaining their tangible value. Tokenized commodities are digital versions of real-world items (such as gold, oil, or crops) recorded on the blockchain. Each token represents a portion or the entirety of the commodity, making it easier to divide and trade. This simplifies the buying and selling of small portions of commodities for investors, providing more liquidity and access to markets that are typically hard to trade. You don’t have to purchase the entire commodity (which can be very expensive and impractical), but rather break it down into smaller pieces called tokens. Each token represents a small part of the commodity. Blockchain technology can help tokenize various commodities, including energy resources, real estate, precious metals, and agricultural products. Commodity-backed cryptocurrencies are designed to be more stable digital assets compared to volatile cryptocurrencies. This stability is achieved by pegging their value to tangible commodities such as real estate, gold, or oil. Tokenization of commodities clarifies ownership, enables fractional ownership, simplifies trading, and facilitates market activity. While the prospects are bright, tokenized commodities also face challenges. The rules are not always clear, as existing regulations may not fully cover these rules. The technology behind tokenized commodities must be properly tested to handle the complexities of creating and trading these tokens.
