Golden Weekly is a weekly summary column of the blockchain industry launched by Golden Finance, covering key news, mining information, project dynamics, technological advancements, and other industry trends over the week. This article is part of the news weekly, bringing you an overview of the major events in the blockchain industry this week.
Headlines
▌Ethereum's market cap has surpassed Mastercard, rising to 22nd in the global asset market cap rankings
Data shows that Ethereum's market cap has surpassed Mastercard, reaching $568.06 billion, rising to 22nd in the global asset market cap rankings.
▌XRP's market cap surpasses BlackRock
Market data shows XRP broke through $3 this morning, currently slightly retreating to $2.99, with a 24-hour increase of 4.8%. According to 8MarketCap, its market cap has reached $177.97 billion, surpassing BlackRock in global asset market cap rankings, where BlackRock's current market cap is $177.79 billion.
▌Bitcoin mining company Hut 8 has launched a new round of $1 billion in an off-market stock issuance plan
Bitcoin mining and data center developer Hut 8 Corp. has updated its off-market stock issuance plan, which will allow the company to raise up to $1 billion through stock sales. This plan replaces the company's $500 million off-market plan that was initiated in December 2024.
▌Federal Reserve Chairman Powell: The situation indicates that employment faces downside risks
Federal Reserve Chairman Powell: The situation indicates that employment faces downside risks.
▌Huaxing Capital will invest approximately $100 million for special allocation of BNB assets
Huaxing Capital announced a strategic cooperation memorandum with YZi Labs to support the application of BNB and the BNB Chain ecosystem and establish a mutually empowering partnership. The cooperation includes: a strategic BNB special allocation led by Huaxing Capital, with the company investing approximately $100 million for special allocation in BNB assets, intending to become the first Hong Kong-listed company to include BNB in special digital asset allocations; promoting Web3 ecosystem-related initiatives and facilitating the compliance exchange listing of BNB; and promoting real-world asset (RWA) funds and BNB Chain ecosystem projects.
Policy
▌China National New Group issued a solemn statement: the company and its affiliated parties are unaware of and have not engaged in any activities related to stablecoin funds
China National New Holding Co., Ltd. issued a solemn statement regarding false information. The statement notes that the company recently discovered that certain online media published and spread false reports such as 'China National Capital Venture Capital Fund Co., Ltd. announced the establishment of its first stablecoin-denominated venture capital fund' and 'The state-owned capital venture capital fund's first stablecoin fund is officially on sale,' accompanied by images of the China National Capital Venture Building. The company hereby reminds that neither the company nor its affiliates have any ownership or business cooperation relationships with the entities mentioned in these reports, nor have they signed any agreements with these entities or their affiliates. The company and its affiliates are unaware of and have not engaged in any activities related to stablecoin funds; such activities are unrelated to the company.
▌The Philippines has proposed a bill aimed at establishing a strategic Bitcoin reserve
According to @pete_rizzo_, the Philippines has just proposed a bill aimed at establishing a strategic Bitcoin reserve.
▌Southwest Securities: Currently, no stablecoin-related business has been developed
Southwest Securities stated on August 22 on the interactive platform that the company has a subsidiary in Hong Kong and is operating in compliance with overseas rules. Currently, the company has not developed any stablecoin-related business. At the same time, under the premise of compliance, the company is actively exploring and researching various business opportunities based on its own circumstances.
▌The central bank: conducting 600 billion MLF operations next Monday
The People's Bank of China: To maintain ample liquidity in the banking system, on August 25, 2025 (Monday), the People's Bank of China will conduct 600 billion MLF operations using a fixed amount, interest rate bidding, and multiple pricing methods, with a term of 1 year.
▌Federal Reserve Governor Waller calls for embracing AI and payment innovation driven by stablecoins
Federal Reserve Governor Waller calls for embracing the 'technological revolution' driven by artificial intelligence and stablecoins as a way to boost the U.S. economy. 'The technology may be new, but the story of using innovative technology to create new payment services is not new.' Waller stated in remarks prepared for a blockchain seminar in Wyoming. Previously, Waller supported certain decentralized finance elements (including technologies supporting virtual currencies) as a complement to traditional payment systems. He emphasized that distributed ledger technology can provide a more efficient and faster way to track asset transfers. On Wednesday, he highlighted the impact of decentralized finance in the payment space and suggested that collaboration between the private sector and the Federal Reserve could be a win-win situation. Waller stated that the Federal Reserve is studying the latest wave of innovations, including tokenization in payments, smart contracts, and artificial intelligence.
Blockchain applications
▌Coinbase's 'Everything App' Base App will open the invitation feature in two weeks
Base co-founder Jesse Pollak stated in an interview that the invitation feature will be opened in two weeks in the 'Base App' to accelerate the viral growth cycle of the Base App, ensuring the product is good enough for every user. Coinbase announced the launch of 'Everything App' - 'Base App' on July 16, aimed at attracting more users into the crypto economy. This new app, which replaces Coinbase Wallet, integrates wallet, trading, and payment functions while incorporating social media, instant messaging, and mini-program support, all running on its self-developed Ethereum Layer 2 network, Base. For Coinbase, this move aims to break the limitations of its core cryptocurrency trading business and reach a broader potential user base.
▌Ethena has listed BNB as the first asset under its new framework to support USDe perpetual contracts
According to market news released by @Cointelegraph: Ethena has listed BNB (Binance Coin) as the first asset under its new framework to support USDe perpetual contracts.
▌State Street has connected to JPMorgan's digital debt services, promoting blockchain debt securities custody
State Street announced that it has become the first third-party custodian to connect to JPMorgan's digital debt services, providing blockchain-based debt securities custody services to institutional clients. JPMorgan's digital debt services support bond issuance, settlement, and lifecycle management 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 department, purchasing $100 million in commercial paper, marking the modernization of the short-term debt market.
▌MetaMask launches its native stablecoin mUSD
MetaMask officially launches 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.
▌The Ethereum Foundation has launched the first round of the 'Trillion Dollar Security' plan, focusing on user experience and wallet standards
After the Ethereum Foundation proposed the 'Trillion Dollar Security' plan in May this year, it announced the first round of implementation measures this week, focusing on enhancing user experience (UX) security, particularly regarding wallet security and blind signing issues. The foundation stated that wallets are the starting point for Ethereum users' security. If users cannot securely manage private keys and sign transactions, it is difficult to ensure the safety of on-chain funds. In the future, it will promote the establishment of minimum security standards for wallets and explore how to enable non-technical users to use them conveniently. Additionally, the foundation will research how to convert transaction codes into human-readable descriptions to reduce blind signing risks. This plan is co-led by Fredrik Svantes, head of protocol security, and Josh Stark, a member of the management team, with more priority projects in security areas to be phased in later, aiming to equip Ethereum to support 'billions of users and trillions of dollars in on-chain capital.'
Cryptocurrency
▌A Bitcoin OG whale continues to convert ETH, holding a value of $1.06 billion
According to OnchainLens monitoring, in the past 3 hours, a Bitcoin OG whale has converted 1,276 BTC to ETH, valued at $147.09 million. This OG whale now holds 221,600 ETH, worth $1.06 billion.
▌The WLFI token will open for trading and the first batch of 20% claims on September 1
The WLFI token will launch on the Ethereum mainnet and open for trading on September 1, with early supporters able to claim the first batch of 20% unlocking. The remaining 80% unlocking plan will be determined by community governance.
▌The liquidity on the TRON network has surged: large wallet fund transfers reached $6.95 billion within 24 hours
According to a chart published by @cryptoquant_com, the liquidity on the TRON network has surged: large wallet fund transfers reached $6.95 billion within 24 hours. 'Wallets holding over $100 million accounted for nearly 80% of the total transfer volume on that day—this ratio has significantly increased from about 54% on June 22.'
▌1 million SOL transferred from Binance to an unknown wallet
According to @whale_alert monitoring, at 20:02 Beijing time, 1,000,000 SOL (worth $181,169,695) was transferred from Binance to an unknown wallet.
▌Binance's wealth management chain has launched the Plasma USDT fixed-term product
Binance's wealth management chain has launched the Plasma USDT fixed-term product (limited time and amount). The Plasma USDT fixed-term product will be launched on August 20, 2025, at 20:00 (GMT+8), available for a limited time and with a cap on the amount. Users can deposit USDT to receive USDT rewards and XPL airdrop rewards (issued after the TGE of the Plasma protocol). The total subscription limit is 250,000,000 USDT, with rewards issued after the TGE. Total XPL rewards: 100,000,000 XPL (accounting for 1% of total token supply).
Important economic dynamics
▌Huatai Securities maintains its prediction of two more rate cuts by the Federal Reserve within this year
Huatai Securities research report states that at 20:02 Beijing time on August 22, the Federal Reserve Chairman spoke at the Jackson Hole annual meeting, providing guidance for another rate cut in September and announcing a revised monetary policy framework. Powell's speech released a clear signal for a September rate cut. Huatai Securities maintains its forecast for two more rate cuts within the year, with non-farm data being a key reference indicator for the Federal Reserve's rate-cutting path.
▌Barclays: The Federal Reserve is expected to start cutting rates in September
Barclays: The Federal Reserve is expected to start cutting rates in September, previously anticipated for December.
▌Deutsche Bank expects the Federal Reserve to cut rates by 25 basis points in both September and December
Deutsche Bank expects the Federal Reserve to cut rates by 25 basis points in both September and December, whereas the previous forecast was only for a rate cut in December 2025.
▌Powell: Just relying on uncertain estimates of employment potentially exceeding its maximum sustainable level does not necessarily require tightening policy
Federal Reserve Chairman Powell stated at the Jackson Hole global central bank annual meeting that the Federal Reserve still believes that just relying on uncertain estimates of employment potentially exceeding its maximum sustainable level does not necessarily require tightening policy.
