HorseTWN

$USDC

Circle's listing price was $31, and it has now reached a price of $151. BitMex founder Arthur Hayes pointed out on his personal blog that the valuation of the American stablecoin concept stock Circle after its IPO is too high. However, he also warned against shorting CRCL, suggesting that one should instead indirectly buy Coinbase stocks, as Circle has an agreement with Coinbase to share 50% of its interest income in exchange for adoption. He also reviewed the history of stablecoin development, analyzing why investing in new stablecoin issuers often leads to investors losing all their money.

#GENIUS稳定币法案

The United States Senate passed the "GENIUS Act" on Tuesday (June 17) with a vote of 68 to 30, establishing a federal regulatory framework for dollar-pegged cryptocurrencies known as "stablecoins." The bill received bipartisan support and will next be sent to the House of Representatives for deliberation; if approved, it will be sent to President Donald Trump for signing into law.
Treasury Secretary Scott Bessent noted on social media platform X, "Research predicts that the stablecoin market could exceed $3.7 trillion by the end of this century. With the passage of the 'GENIUS Act,' such a future is even more promising."

$BTC

Market concerns over the potential escalation of war between Israel and Iran have eased, and on Monday, risk appetite returned to Wall Street, with all three major U.S. stock indexes rising slightly ahead of the Federal Reserve's interest rate decision.
The pioneer of Bitcoin reserve strategy, MicroStrategy, announced an additional investment of $1.05 billion to purchase 10,100 BTC. Bitcoin rose from 104K yesterday, reaching a high of $108,952.

Earlier, Trump stated that despite both sides trading fire for the fourth consecutive day, Iran still hopes to negotiate a de-escalation of the conflict with Israel. When asked whether the U.S. would further intervene militarily, Trump responded that he did not want to discuss the matter.

#越南加密政策

The National Assembly of Vietnam officially passed the "Digital Technology Industry Law" on June 14, further refining regulatory mechanisms in areas such as cryptocurrency, AI, semiconductors, and digital infrastructure, while providing multiple incentives to attract foreign investment. The law will officially take effect on January 1, 2026.

According to official reports, Vietnam has for the first time included "digital assets" within the scope of regulation, further subdividing them into "virtual assets" and "crypto assets," but excluding securities, central bank digital currencies (CBDCs), and other financial instruments. Below are the definitions of "virtual assets" and "crypto assets" as outlined in the law:

Virtual assets: A type of digital asset used for trading or investment, excluding securities defined by civil law or financial law, digital forms of legal tender, or other financial instruments.

Crypto assets: Digital assets that rely on cryptographic technology to verify transactions and ownership, which, like virtual assets, explicitly exclude securities, digital currencies, and other financial instruments under the current legal framework.

$BTC

The upcoming technical update from the Bitcoin Core team has sparked debates within the community regarding its core value of decentralization and future direction. The Bitcoin Core 30 update, scheduled to go live on October 30, 2025, includes a significant adjustment to the OP_RETURN functionality data storage limit, which aims to greatly enhance the capacity for non-financial data on the blockchain. This has raised deep concerns among conservatives about potential inflation of the blockchain and the positioning of Bitcoin as a 'sound currency'.

The crux of the issue lies in the planned removal of the current 80 bits character limit for the OP_RETURN functionality in the Bitcoin Core 30 update (expected to be released on October 30, 2025), which will allow up to 4MB of character data per transaction input.

This decision stems from the support of 31 Bitcoin Core developers who signed Merge Pull Request MPR #32406. The developers emphasized that this is an adjustment to the relay policy, not a change to consensus rules. In simple terms, it is an optional feature, and miners and node operators can independently decide whether to process such transactions.

#韩国加密政策

South Korea is widely regarded as the third key market for global Web3 projects, following the United States and China. This status is not merely a result of marketing strategies. According to the Financial Services Commission's 2024 report, South Korea's daily cryptocurrency trading volume reached 7.3 trillion won, with over 20 million registered accounts and 9.7 million active users.

Investor behavior further solidifies this position. South Korean users consistently show a strong interest in altcoins beyond Bitcoin and Ethereum. On-chain activity is also very active, making South Korea a valuable indicator for assessing the global market acceptance of new projects.

For many global projects, establishing a business in South Korea has become a strategic entry point into the broader Asian market. This gives the upcoming presidential election special significance, as key campaign issues now include cryptocurrency taxation, regulation of won-backed stablecoins, and the approval of cryptocurrency ETFs.

#科技巨头入场稳定币

With increasing demand, payments are being made with faster and cheaper cross-border payments. This is also evident for tech companies like Airbnb. Accepting stablecoins can also avoid the high fees charged by credit card networks such as Visa and MasterCard.

An Airbnb spokesperson stated that the company has been "looking at various aspects of payments" to improve the user experience, but it is also researching digital assets.

According to previous reports, X has expressed interest in adding stablecoin payments to its upcoming payment product, X Money.

Sources say that Elon Musk's team has been in contact with cryptocurrency companies that are working on integration. The goal is to realize Musk's vision of merging social media, payments, and commerce.

$USDC

USDC is a type of dollar stablecoin issued in collaboration between Circle and Coinbase. Among all dollar stablecoins, USDC ranks second in market capitalization and circulation, only behind USDT, which is why many people consider USDC as an alternative option to USDT.

According to a report by Circle, in November 2024 alone, the trading volume of USDC reached a staggering 1 trillion dollars, with a total historical trading volume exceeding 18 trillion dollars.

A stablecoin means that the token's price is pegged to the dollar at a 1:1 ratio. Compared to other cryptocurrencies with extreme price volatility, it has the function of value stability and is widely used in cryptocurrency trading. Many exchanges offer trading pairs priced in USDC, and many institutions also accept USDC for payments.

When USDC is issued, an equivalent amount of dollars is held as reserves. Circle regularly provides proof of reserves and auditor reports and has obtained regulatory licenses from many countries. Most importantly, USDC has gained relevant regulatory approval in the United States, which may lead to broader adoption in the payment sector by more enterprises.

#加密安全须知

Looking back at historical data, during bull markets, scams and phishing activities in the Web3 space have emerged endlessly, with total losses exceeding $350 million. Analysis shows that hackers primarily target the Ethereum network, with stablecoins being the main target.

According to bitsCrunch data, attacks based on Ethereum account for about 75% of all attack incidents, with USDT being the most attacked asset, with a theft amount reaching $112 million, and the average value of each attack on USDT being about $4.7 million. The second most affected asset is ETH, with losses of about $66.6 million, followed by DAI, with losses of $42.2 million.

Although Ethereum dominates all phishing incidents, accounting for 80% of phishing transaction volume, theft activities have also been observed on other blockchains. Polygon has become the second largest target chain, accounting for about 18% of the transaction volume. Often, theft activities are closely related to on-chain TVL (Total Value Locked) and daily active users, with attackers making judgments based on liquidity and user activity.

$BTC

Metaplanet announces the issuance of 555 million shares, valuing at 5.4 billion USD, to acquire more Bitcoin, while expanding its accumulation target from 21,000 BTC to 210,000 BTC by the end of 2027. Meanwhile, Strategy announced an increase in its STRD stock issuance scale from 250 million USD to 1 billion USD, aiming to increase its Bitcoin holdings.

Metaplanet targets 1% of the total Bitcoin supply, Strategy expands capital plan
Japanese company Metaplanet unveiled its updated Bitcoin acquisition strategy after issuing 555 million shares, expecting revenues of 5.4 billion USD.

The company signed a purchase agreement with EVO FUND regarding stock acquisition rights, claiming it to be "the largest stock acquisition rights issuance in the history of the Japanese capital market."

Metaplanet stated that the issuance of 555 million shares follows its initial capital plan of 210 million shares announced in May. The company indicated plans to use the proceeds from the issuance to increase its Bitcoin holdings.

#交易流动性

What is stock market liquidity? Stock market liquidity refers to the fact that the trading volume of certain stocks is large enough to be directly bought and sold by traders. Stocks that lack liquidity and do not have sufficient trading volume are difficult to buy or sell, simply because it is harder to find buyers and sellers for these types of stocks.
Liquidity can be measured using stock turnover, where the turnover is calculated as the total number of shares traded over a specific period divided by the average number of issued trading shares held during that period.
If a company's stock turnover is very high, then its stocks are considered liquid. For example, if a company holds 100 million issued shares in major indices such as the NASDAQ Composite Index, DAX30, or FTSE 100 on the first day of the fiscal year; and the stock holding increases to 150 million shares by the last day of the fiscal year, then the average number of issued shares held by the company during that fiscal year is 125 million shares. If the total amount of shares traded during that fiscal year is 90 million shares, then based on the aforementioned principle, we can calculate: 90 million shares / 125 million shares = 0.72, which is usually expressed as a percentage, meaning the turnover rate is 72%.

#中心化与去中心化交易所

Cryptocurrency exchanges are platforms that allow users to buy and sell cryptocurrencies, which can be divided into two types: centralized exchanges (CEX) and decentralized exchanges (DEX). Cryptocurrency exchanges typically offer various functions such as trading, storage, withdrawals, deposits, and different trading pairs.

CEX is similar to traditional banks; they hold users' crypto assets and are responsible for processing transactions. Users need to rely on the exchange to fulfill its commitments and handle the transfer of their cryptocurrencies. This means that users cannot control their private keys, and theoretically, the exchange can freeze or confiscate their assets. This can also increase the risk of cryptocurrencies being stolen. We can find real-life examples to prove this point. In 2018, the leak at Coincheck exchange led to a massive theft of $713 million.

On DEX, the exchange does not hold users' crypto assets but utilizes smart contracts to facilitate trading on the blockchain. This means that users always have control of their private keys and fully control their assets. DEX is merely a matching platform that provides the environment necessary for users to trade.

#订单类型解析

Common order types used in exchanges mainly include market orders, limit orders, stop orders, and their derived types, such as stop limit orders and trailing stop orders.
1. Market Order:
Description: Buy or sell stocks immediately at the best available price in the market.
Applicable Scenario: When you want to trade quickly without price restrictions.
Risk: May execute at a worse price, especially during high trading volumes.
2. Limit Order:
Description: Set a specific price for buying or selling.
Applicable Scenario: When you want to buy or sell at a specific price and avoid executing at a worse price.
Risk: May not execute or take longer to execute.
3. Stop Order:
Description: Triggers a buy or sell operation when the stock price reaches a specific level.
Applicable Scenario: Used to protect investments and prevent losses.
Risk: When the stop loss price is triggered, it may execute at the market price, which could be worse.
4. Stop Limit Order:
Description: A combination of stop orders and limit orders, executing a buy or sell at the limit price when the stop loss price is reached.
Applicable Scenario: When you want to buy or sell at a specific price during a stop loss to reduce risk.
Risk: If unable to buy or sell at the limit price, the order may not execute.
5. Trailing Stop Limit Order:
Description: A trailing stop price that adjusts as the stock price declines.
Applicable Scenario: Used to protect investments while allowing gains to remain at a higher level.
Risk: May trigger a stop loss due to price fluctuations, even if the price rebounds later.

#Circle扩大IPO规模

Circle's stock price has more than doubled from its IPO issue price of $31 per share, peaking at $103.75 per share, and was suspended multiple times during this period due to market volatility. The stock closed at $83.23 per share in New York, with a single-day increase of 168%.

Data compiled by Bloomberg shows that this is the largest first-day increase since Sono Group NV went public in 2021 for U.S. IPOs that raised over $100 million. The stock price of this solar electric vehicle manufacturer closed up 155% on its first day of trading.

This transaction brings Circle's market capitalization to $18.5 billion. When including employee stock options, restricted stock units, and warrants, the company's fully diluted valuation is approximately $22.1 billion.

(Excerpt from news)

#贸易战缓和

（Extracted from some news）

After the U.S.-China economic and trade talks, both sides significantly reduced tariffs, and the trade war seems to show a glimmer of hope. However, Scott Kennedy, a China economic expert at the Washington think tank Center for Strategic and International Studies (CSIS), predicted before the meeting that the two countries have not yet truly reached the stage of 'it is imperative to reach an agreement' and may only achieve a 'temporary ceasefire' to maintain market confidence and domestic support, with a high possibility of escalation in the future.

On the 9th, Kennedy wrote in 'Foreign Policy' that 'don't expect (the U.S. and China) to reach a trade agreement in Geneva,' believing that the possibility of the U.S. and China reaching a 'real agreement to resolve mutual grievances' is extremely low.

$ETH

According to a post by the Ethereum Foundation, the ETH Pectra hard fork upgrade has officially gone live on the mainnet. This upgrade introduces smart account wallet functionality (account abstraction), doubles the L2 data storage capacity, and improves the validator experience, aiming to enhance Ethereum's scalability and user experience.

The Pectra upgrade is another significant update for Ethereum following the Dencun hard fork, featuring three core updates aimed at further optimizing network performance and the ecosystem.

Smart account wallet functionality (EIP-7702): Account abstraction supports batch transactions, sponsored gas fees, and smart sessions, enhancing the wallet user experience and transaction efficiency.
L2 data storage capacity doubled: Pectra expands Blob transaction capacity, doubling the data throughput of Layer 2 solutions (such as Optimism and Arbitrum) and reducing transaction costs.
Validator experience improvement: The upgrade optimizes staking and validation operations, reducing technical barriers and increasing participation.

#ETH突破2500

The price of Ethereum was significantly driven up after the Pectra upgrade on May 7, with ETH closing at $2,345 on May 9, rising to $2,582.42 on the 10th, an increase of about 10%, and slightly retreating to $2,509.62 on the 12th.

On the hot list of Douyin (the Chinese version of TikTok), the topic 'What happened to Ethereum with a 40% surge in 3 days?' accumulated over ten million clicks in a short time, occupying the top spot for a while, indicating the attention towards Ethereum within China.

However, the overbought state of Bitcoin may trigger a short-term correction, as a large investor has taken a bearish stance, having invested a total of $25 million on the Hyperliquid platform today, heavily shorting Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) with 5x leverage.

$XRP

Based on the bottom price of $0.287 in June 2022, XRP surged to a high of $3.4, with a maximum increase of approximately 1085% during this period; amidst generally poor performance from other competing coins, XRP's strong performance helped it return to the Top 3 in the cryptocurrency market capitalization rankings. Based on fully diluted valuation (FDV), XRP even temporarily surpassed ETH multiple times, becoming the second-largest cryptocurrency after BTC.

Although XRP's secondary performance is remarkable, for XRP believers, the ecosystem has long faced a significant dilemma—due to the blockchain characteristics of the XRP Ledger, the earning opportunities for holding XRP are limited, and users cannot gain other earnings beyond price appreciation through long-term holding of XRP.

In short, because the XRP Ledger uses a Federated Byzantine Agreement (FBA) consensus mechanism, it does not support native staking like PoS networks such as Ethereum and Solana, so XRP holders cannot earn returns through native staking or liquidity like ETH and SOL holders; moreover, since the XRP Ledger system itself does not support smart contracts, the progress of the DeFi ecosystem surrounding XRP is relatively slow, making it difficult for XRP holders to release greater value through various DeFi tools.

#山寨季何时到来

Bitcoin's Dominance - its share of the total market capitalization of cryptocurrencies - has hovered around 60% during 2024-2025, a level not seen since the bull market of 2017. This dominance reflects the market's preference for Bitcoin, due to its stability and widespread institutional adoption.

Institutional Attention: Bitcoin ETFs approved at the end of 2023 and early 2024 attracted billions of dollars in inflows to BTC, making it a 'safe-haven asset' in the crypto market. Large institutions like BlackRock and Fidelity prioritize Bitcoin, ignoring altcoins.
Halving Effect: The 2024 Bitcoin halving event reinforces its scarcity narrative, attracting funds that might have flowed into riskier altcoins.
As analyst Benjamin Cowen pointed out, 'Altcoins typically start to rise only after Bitcoin completes its parabolic ascent.' With BTC still setting new highs, investors have no reason to turn to altcoins.

$USDC

Circle is the world's second-largest stablecoin issuer, issuing the US dollar stablecoin USDC. According to foreign media reports, Circle has officially started the IPO process and is expected to be listed in a few weeks, attracting significant market attention.
Reports from foreign media such as CNBC indicate that on April 1, Circle officially submitted its IPO application to the U.S. Securities and Exchange Commission (SEC), planning to be listed on the New York Stock Exchange under the ticker symbol 'CRCL.US', with a target valuation of up to $5 billion.

According to the IPO prospectus, Circle's operations show a trend of annual growth, with projected revenue and income from reserve assets reaching $1.68 billion in 2024, higher than $1.45 billion in 2023 and $772 million in 2022.

However, Circle's net profit for 2024 is expected to be $156 million, down from $268 million in 2023, but significantly improved compared to a net loss of $769 million in 2022.