Headlines
▌Grayscale: Has provided actively managed cryptocurrency income strategies for financial professionals through iCapital Marketplace.
Digital asset management platform Grayscale Investments announced that its first actively managed investment strategy is now available to financial professionals through iCapital Marketplace, expanding Grayscale's reach to a broader network of financial advisors and providing qualified investors with non-traditional investment opportunities such as cryptocurrency staking. It is reported that the goal of the strategy is to monetize staking rewards and distribute them to investors in USD on a quarterly basis.
▌MetaMask launches 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 M0's decentralized infrastructure.
Market Trends
As of publication, according to CoinGecko data:
The price of BTC is $112,345, with a 24-hour change of -1.7%;
The price of ETH is $4,224.06, with a 24-hour change of -2.6%;
The price of BNB is $840.38, with a 24-hour change of -3.7%;
The price of SOL is $180.62, with a 24-hour change of -3.4%;
The price of DOGE is $0.2152, with a 24-hour change of -3.1%;
The price of XRP is $2.85, with a 24-hour change of -3.6%.
The price of TRX is $0.3534, with a 24-hour change of -0.3%.
Policies
▌The CFTC's acting chair, Pham, announced a new round of a crypto sprint initiative to implement the Trump administration's digital asset strategy.
Acting Chair of the CFTC, Caroline D. Pham, announced on August 21 that the CFTC will initiate the next phase of the crypto sprint initiative to implement recommendations from the President's Digital Asset Market Working Group report. The initiative focuses on advancing federal-level digital asset spot trading and coordinating with the SEC's 'Crypto Project,' echoing President Trump's call for the U.S. to achieve a leadership position in the crypto field. Pham stated that the CFTC will broadly solicit stakeholder opinions covering topics such as leverage, margin, and financing retail trading, and will open public submissions for comments by October 20.
▌A Pennsylvania Congressman proposes to ban public officials from trading cryptocurrencies.
Democratic Congressman Ben Waxman from Pennsylvania has proposed a bill (HB1812) that aims to prohibit public officials and their immediate family members from profiting from cryptocurrencies during their term, including the issuance, promotion, or trading of 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 can result in up to 5 years in prison or a fine of up to $50,000. Waxman introduced this bill in response to controversies surrounding Trump and his family's alleged use of public office for profit.
▌The latest version of the National Defense Authorization Act in the House of Representatives includes provisions banning CBDCs.
The latest version of the National Defense Authorization Act (NDAA) in the U.S. House of Representatives includes a new provision titled the 'Anti-CBDC Surveillance State Act.' This provision was previously proposed by House Majority Whip Tom Emmer as a standalone bill aimed at prohibiting the Federal Reserve from issuing central bank digital currency (CBDC) directly to individuals.
▌The OCC cancels the corrective requirements against Anchorage Digital, signaling a shift toward a friendly regulatory approach.
The U.S. Office of the Comptroller of the Currency (OCC) announced the withdrawal of its corrective consent order against Anchorage Digital. This document was originally issued during the Biden administration in 2022 due to insufficient anti-money laundering (AML) and customer due diligence (KYC) measures. The OCC stated that the bank's robustness and compliance situation no longer requires maintaining this requirement. During the Trump administration, U.S. regulatory agencies gradually shifted their attitude toward cryptocurrencies to a friendly one. The Fed has withdrawn previous guidance that restricted banks' participation in crypto activities and issued a statement in conjunction with the OCC clarifying how existing rules apply to banks holding customers' crypto assets.
Blockchain Applications
▌The trading volume on the Uniswap protocol has exceeded $50 billion.
According to a chart released by @Uniswap, the trading volume on the Uniswap protocol has exceeded $50 billion.
▌Coinbase CEO: All asset classes will migrate to the blockchain.
According to market news released by @Cointelegraph, the Coinbase CEO stated that all asset classes will migrate to the blockchain.
▌Gemini has obtained a MiCA license in Malta.
According to market news released by @Cointelegraph, cryptocurrency trading platform Gemini has obtained a MiCA license in Malta to support the company's ongoing expansion in Europe.
▌State Street Bank connects to JPMorgan's digital debt service, promoting blockchain debt securities custody.
State Street Bank announced that it has become the first third-party custodian to access 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 settlements and automated operations. The first transaction was completed by State Street's investment management department, 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.
A recent research report from Bank of America points out that the demand for stablecoins for U.S. Treasury bonds is expected to grow by $25 billion to $75 billion over the next 12 months. However, this growth will not significantly change the dynamics of the Treasury bond market but will pose a greater competitive challenge to money market funds (MMF). The report indicates that some MMF clients are actively exploring tokenization as a defensive measure against stablecoin competition. In July, BNY Mellon and Goldman Sachs launched blockchain-based technology to record ownership of specific MMF shares, marking the first successful transfer of tokenized MMF shares. As 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 regulatory changes or innovations in the stablecoin industry.
▌The Ethereum Foundation currently holds over 4.1 million Ethereum.
According to a chart released by @BTCTN, based on CoinMarketCap data, the Ethereum Foundation currently holds over 4.1 million Ethereum, valued at $17.6 billion, with BitMine leading with 1.5 million ETH.
▌DDC Enterprise has increased its holdings by 100 BTC, bringing the total holdings to 688 BTC.
DDC Enterprise, a publicly listed company on the New York Stock Exchange, announced that it has increased its holdings by 100 BTC, bringing the total Bitcoin holdings to 688 BTC.
▌SOL Strategies announces treasury holds over 400,000 SOL.
SOL Strategies announced on social media that the company treasury currently holds 400,909 SOL tokens. The company stated that its validators generate SOL rewards daily and choose to reinvest these rewards rather than dilute shareholder equity, thereby expanding treasury size at a cost below market price.
▌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 $558 million private placement on August 8, with over 110 institutions and crypto-native investors participating. The company used most of the funds from the private placement to purchase TON as the main treasury reserve asset, with the goal of accumulating over 5% of the circulating supply of TON.
▌Coinbase's cbBTC supply exceeds 30,000, while wBTC's market share declines.
Coinbase's synthetic Bitcoin product cbBTC has grown rapidly since its launch in September 2024, with supply currently exceeding 30,500 coins, a cumulative increase of over 160% in 2025. Meanwhile, wBTC supply has decreased by 17% since the launch of cbBTC, down 4% for the year. It is noteworthy that despite the significant growth of 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 influx of new funds. The growth of cbBTC is due to Coinbase's ability to attract BTC holders directly through its own custody and exchange channels, reducing operational friction and making it more convenient than third-party minting.
▌Coinbase will launch USD1.
Coinbase will add support for World Liberty Financial USD (USD1) on the Ethereum network. If liquidity conditions are met, trading will begin later today.
Important Economic Dynamics
▌Federal Reserve's Harker: No support for a rate cut in September.
Cleveland Fed President Harker stated that if Fed officials were 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 the rise over the past year,' Harker said in an interview on Thursday. 'From the information I have, I see no reason to lower rates if we meet tomorrow.' She acknowledged concerns about the labor market but pointed out that the unemployment rate is still close to her estimate for full employment levels. 'From an overall balance perspective, I think it is important to maintain a modest tightening policy stance to continue bringing inflation back to target levels.'
▌DOJ official urges Powell to remove Cook from the Board.
A senior official from the U.S. Department of Justice wrote to Federal Reserve Chairman Powell on Thursday, stating that the DOJ plans to investigate Fed Governor Cook and urged Powell to remove Cook from the board. DOJ official Ed Martin indicated in the letter that Cook's case 'requires further examination.' Martin had previously led similar investigations into California Senator Adam Schiff and New York Attorney General Letitia James. In the letter, Martin stated, '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 appropriate for her to remain in office under a cloud of suspicion.' Cook indicated her intention to remain at the Fed after Trump called for her resignation the previous day.
▌Federal Reserve's Goolsbee: Hopes the dangerous inflation data is just a temporary phenomenon.
Federal Reserve's Goolsbee stated that while some recent inflation data has been better than expected, there is also a 'dangerous' data point, which he hopes is just a temporary phenomenon. He said, 'The last inflation report showed that service sector inflation has indeed started to rise, which may not be driven by tariffs.' 'This is a dangerous data point, and I hope it is just a small episode.' He mentioned that the Fed's policy meeting in September 'looks like a real-time meeting' to him. Goolsbee made these remarks as the Fed faces stricter scrutiny and demands from the Trump administration to lower interest rates.
▌Federal Reserve's Collins: A rate cut may be appropriate in the short term if the labor market outlook worsens.
Federal Reserve's Collins stated that if the labor market outlook worsens, a rate cut may be appropriate in the short term; one cannot wait until inflation is fully clear to consider a rate cut; inflation is expected to continue rising until the end of the year, then return to the previous downtrend in 2026.
▌Bank of America: Rate cuts and high inflation will depress the dollar.
Alex Cohen from Bank of America stated in a report that as the Fed seems ready to restart rate cuts amidst high inflation, the dollar may weaken further. He pointed out that disappointing July non-farm payroll data and concerns over the Fed's independence have driven market expectations for faster and larger rate cuts, despite inflation still showing sticky signs. 'Implementing potential rate cuts during rising inflation creates fertile ground for dollar depreciation.' Bank of America forecasts that the EUR/USD will 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 on the Russia-Ukraine issue in about two weeks.
President Trump: (Regarding the Russia-Ukraine issue) We will know the progress in about two weeks, and in two weeks, we may have to adopt other strategies.
Golden Encyclopedia
▌What are tokenized commodities?
Tokenized commodities represent partial 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 part or the whole of the commodity, making it easier to split and trade. This simplifies the buying and selling of small portions of commodities for investors, provides more liquidity, and offers access to markets that are typically difficult to trade. You don't have to purchase the entire commodity (which may be very expensive and impractical) but can divide it into small 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 than volatile cryptocurrencies. This stability is achieved by pegging their value to tangible commodities like real estate, gold, or oil. Commodity tokenization clarifies ownership, enables fractional ownership, simplifies transactions, and promotes market activity. While the prospects are bright, tokenized commodities also face challenges. 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.
