The U.S. Treasury's new financial inclusion strategy does not mention cryptocurrency.
According to CoinDesk, the U.S. Treasury has formulated a new financial inclusion strategy to help people enter the financial system, but this 35-page report mentions cryptocurrency only once, to promote the Treasury's work in marking the dangers of the industry. Although Vice President Kamala Harris stated during her campaign that she would encourage cryptocurrency as part of her economic agenda, the current government she serves maintains distance from digital assets, which could be the last mention of cryptocurrency by the U.S. Treasury before the elections next week. The Biden administration's Treasury noted in Tuesday's report that it 'fosters financial inclusion through developing and promoting research' and released a report on 'Risks Associated with Digital Assets' in 2022. It remains unclear whether the Vice President's office will have any say regarding the Treasury's latest strategy, but it seems to starkly contrast with her previously expressed openness to cryptocurrency during her campaign.
Florida CFO proposes using Bitcoin to diversify the state's pension fund.
According to Crypto Briefing, Florida CFO Jimmy Patronis wrote to Florida's State Board of Administration Executive Director Chris Spencer, requesting the board submit a report exploring the feasibility of using Bitcoin and other digital assets as viable investments for the state's pension fund. Patronis cited Florida's strong economic performance and history of innovation as reasons to explore the potential of cryptocurrency investments. He argued that Bitcoin, often referred to as 'digital gold', could diversify the state's portfolio and hedge against volatility in other asset classes. He suggested that a 'digital currency investment pilot program' would be very suitable for Florida's growth fund, allowing for more innovation and investments in emerging fields. Patronis' letter highlighted recent developments in the cryptocurrency space, including the national cryptocurrency reserve plan proposed by President Trump and Governor DeSantis' efforts to protect Florida residents from the impacts of central bank digital currencies (CBDCs). The letter also noted other states that have already taken action to invest in cryptocurrency. Wisconsin and Michigan have invested a small portion of their pension funds in cryptocurrency, while the Arizona Senate has advanced work to include cryptocurrency in the state retirement fund. Additionally, Wyoming and Nebraska have enacted laws to attract the cryptocurrency mining industry, including creating a framework for chartering cryptocurrency banks.
Insiders: Musk's xAI is negotiating a new financing round at a $40 billion valuation.
According to Interface News citing The Wall Street Journal, insiders revealed that Elon Musk's xAI is in talks with investors for a round of financing, with a valuation expected to reach around $40 billion. Just months ago, the last valuation of this startup was $24 billion when it raised $6 billion in spring financing. Insiders said xAI hopes to raise billions of dollars in the new financing round, with the cash raised counting towards the $40 billion valuation. Financing discussions are still in the early stages, meaning terms may change and negotiations could fall through.
Circle plans to increase USDC stablecoin exchange fees.
According to The Block, stablecoin issuer Circle will increase its USDC stablecoin exchange fees. Circle will charge fees for USDC exchanges over $15 million and additional fees for instant redemptions exceeding $2 million per day. The starting point for these fees is 0.03% per transaction, with a maximum of 0.1% for redemptions over $15 million. The Block analyzes that not all cryptocurrency practitioners can benefit from the Federal Reserve's interest rate cuts. For stablecoin operators, declining interest rates mean reduced income from cash reserves supporting their tokens. Therefore, it seems reasonable for Circle to adjust fees in the face of a low interest rate environment and IPO pressure. However, given the increasing competition in the stablecoin space, raising USDC redemption costs is a tricky timing.
Visa collaborates with Coinbase to provide real-time cryptocurrency purchasing services via debit cards.
According to Bloomberg, Visa Inc. announced a partnership with cryptocurrency exchange Coinbase, allowing Visa customers with eligible debit cards to deposit funds into their Coinbase Global Inc. accounts (sometimes even instantaneously). According to a statement released on Tuesday, Coinbase has already connected with debit cards for millions of customers, but this new development will enable customers in the U.S. and EU to achieve real-time fund transfers. Yanilsa Gonzalez Ore, head of Visa Direct North America, stated that eligible Visa debit cardholders can now 'seize trading opportunities around the clock.' Visa supports Coinbase debit cards, and customers can also use eligible debit cards to purchase cryptocurrency on Coinbase and withdraw funds from the platform to their bank accounts via the card.
dYdX announces a 35% reduction in core team members.
Recently reappointed CEO Antonio Juliano of dYdX announced on the official blog that he has decided to lay off 35% of the core team members at dYdX. Earlier this month, when Juliano returned to the company as CEO, he first hinted at the need to revitalize the company and stated that he would 'go into founder mode.'
Consensys lays off 20%, CEO blames SEC for abuse of power leading to layoffs
According to Fortune, Ethereum infrastructure giant and MetaMask wallet developer Consensys announced a 20% layoff, affecting more than 160 employees. Consensys founder and CEO Joe Lubin stated in a blog that the layoffs were due to macroeconomic pressures and legal disputes with regulators. He pointed out that the SEC's enforcement actions in the digital asset industry have led to a loss of many job opportunities and investments, calling the SEC's abuse of power a significant reason. Since its establishment in New York in 2014, Consensys has been committed to the development of Ethereum-related infrastructure. In recent years, regulatory uncertainty has severely impacted its development, especially as litigation with the SEC is still ongoing. Lubin stated that the layoffs will involve various departments of the company and will provide generous severance packages including career support and health insurance.
DWF Labs has fired the partner accused of 'attempted drugging' from management and operational roles.
DWF Labs announced on the X platform that one of its partners has been accused of inappropriate and unacceptable behavior. During the investigation, DWF Labs has decided to immediately terminate the management and operational responsibilities of the aforementioned partner. Previously, X user @hananotsorry claimed she faced danger while interacting with a DWF Labs partner, accusing the partner of drugging and raping her, and was later rescued by relevant restaurant staff after being informed. After DWF Labs' announcement, the accused former partner Eugene Ng has now canceled his X account (@Eug_Ng). It is reported that, in addition to being a DWF partner, Eugene Ng is also a co-founder of OpenEden, a RWA project invested by Binance.
OpenEden has suspended and canceled the management and operational roles of DWF Labs former partner Eugene Ng.
The previously fired DWF Labs partner Eugene Ng, accused of 'attempted drugging', is also a co-founder of OpenEden, a RWA project invested by Binance. OpenEden officially stated: 'OpenEden has been made aware of the recent allegations against its team member. As a platform committed to upholding the values of trust and integrity, we are disappointed by these allegations related to this individual's personal conduct. Until the results of further investigations are available, we will take immediate action to suspend and cancel this person's management and operational roles in the company and its affiliates. Jeremy Ng continues to serve as CEO, and company operations are unaffected. We appreciate your understanding and patience as this matter unfolds. We will provide timely updates.'
Solayer launches the first RWA-backed decentralized stablecoin sUSD, offering a 4.33% U.S. Treasury yield.
Solayer launches Solayer USD (sUSD), a decentralized stablecoin protocol based on Solana, which is the first synthetic stablecoin backed by real-world assets (RWA), allowing anyone to participate in tokenized investments in low-risk assets like U.S. Treasury bonds with just $5. Solayer collaborates with OpenEden to exchange USDC for sUSD through a non-custodial RFQ market, achieving a fully decentralized and user-owned stablecoin architecture. sUSD is based on a basket of low-risk RWAs, currently supporting U.S. Treasury bonds and will expand to other assets like gold, with an annual yield of 4.33% paid out automatically in USDC, requiring no additional actions. sUSD provides users with a convenient channel to directly redeem back to USDC and aims to integrate blockchain with the real economy through the Solana network.
The Optimism Foundation agreed to provide Kraken with 25 million OP tokens to support its Layer-2 network construction.
According to CoinDesk, the U.S. cryptocurrency exchange Kraken recently announced it will build a Layer-2 network called Ink based on the Optimism OP Stack framework, becoming part of the 'superchain' ecosystem. In an agreement reached earlier this year, the Optimism Foundation agreed to provide Kraken with 25 million OP tokens in funding, worth about $100 million at the time, now approximately $42.5 million. This agreement allows Kraken to create its custom Layer-2 using OP Stack, with tokens unlocking monthly. Additionally, Kraken becomes another major participant developing Layer-2 networks using OP Stack technology, following Coinbase, Uniswap, and Sony, further promoting the rapid expansion of the Optimism ecosystem.
Gemini receives principle approval for the 'Major Payment Institution' license from the Monetary Authority of Singapore.
Cryptocurrency exchange Gemini announced it has received preliminary approval for a 'Major Payment Institution' (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to provide cross-border transfer and digital payment token services in Singapore. Since establishing its Asia-Pacific headquarters in Singapore, Gemini has been continuously expanding its local business and strengthening its team, including the recent appointment of Asia-Pacific head Saad Ahmed. Gemini plans to continue expanding its Singapore team to attract more top talent to support its compliance and development in the Asia-Pacific region.
Ethereum staking reward rate remains around 3% in Q3, lower than the yields of other PoS chains.
According to The Block, Ethereum network staking yields remain around 3% in Q3 2024, down from over 3.5% in July. Analysts point out that Ethereum's staking returns are lower than other major Layer 1 protocols, such as Cosmos, Polkadot, Celestia, and Solana, which have yields of 7%-21%.
The low staking yield helps reduce the network's inflationary pressure. Kaiko analysis indicates that the Ethereum validator queue has averaged less than a day this year, a significant decrease from the peak of 45 days in June 2023. Despite a decline in on-chain activity and staking demand, the supply of Lido's stETH has remained stable year-to-date, with growth slowing to about 9.6 million ETH, reflecting a slowdown in the overall staking stock's growth rate.
Warning: The official X account of hardware wallet Keystone has been hacked; be cautious of phishing links.
Slow Fog founder Yu Xian posted on the X platform: 'Be cautious, the official X account of hardware wallet Keystone has been hacked; be wary of any information posted (including private messages) and avoid phishing.'
Bitcoin re-staking protocol PumpBTC completes $10 million seed round financing, led by SevenX Ventures and Mirana Ventures.
Bitcoin liquidity staking platform PumpBTC announced the completion of a $10 million seed round financing, led by SevenX Ventures and Mirana Ventures, with participation from well-known institutions like UTXO and Mantle Ecosystem Fund, and attracting several industry partners including Quantstamp and Veda. This financing will support PumpBTC in launching a new product, BTC-Fi, which is a CeDeFi BTC liquidity vault that combines CeFi-level security with DeFi's BTC yield optimization, offering automated yield strategies that allow Bitcoin holders to maximize returns.
Since its launch in July 2024, PumpBTC has deployed across more than 10 public chains, attracting a total locked amount of 3,400 BTC (approximately $240 million) and collaborating with over 70 projects, further promoting the development of a multi-chain, multi-partner ecosystem for CeDeFi.
BlockFi transferred 12,067 ETH to Coinbase Prime, approximately $31.69 million.
According to on-chain analyst Yu Jin's monitoring, the bankrupt lending platform BlockFi transferred 12,067 ETH (approximately $31.69 million) to Coinbase Prime 5 hours ago.
Tether minted 1 billion authorized but unissued USDT on the Tron network.
According to Whale Alert monitoring, at 04:43:51 Beijing time, Tether Treasury minted 1 billion USDT on the Tron network. Tether CEO Paolo Ardoino stated that this 1 billion USDT is a supplement to the Tron inventory. This is an authorized but unissued transaction, meaning that this issuance will be used for the next issuance requests and cross-chain exchange inventory.
BTC breaks through $73,000, with a daily increase of 0.92%.
OKX market shows that BTC just broke through $73,000, currently reported at $73,065.80, with a daily increase of 0.92%.
Today's options market cumulative block trade volume exceeds $1 billion, hitting a one-month high.
Greeks.live macro analyst Adam posted on the X platform that driven by Bitcoin's price breakthrough of $72,000, the options market today saw a trading volume reaching a one-month high, with total block trades exceeding $1 billion. Among them, call options trading volume was about $700 million, while put options trading volume was about $300 million. Notably, a ratio spread strategy trade was executed: a large investor sold 250 call options with a strike price of $75,000 while buying 500 call options with a strike price of $90,000, indicating their expectation that Bitcoin may not exceed its previous high, but if it does, it could quickly surge to $100,000. This trading strategy saved about $13,000 in slippage through block trading, showcasing a bold and clever market layout.
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