Recently, payment giant Visa, venture capital firm Castle Island, and global hedge fund company Brevan Howard Digital launched a tripartite research report stating that stablecoins have become the “killer currency” in cryptocurrencies, especially in emerging markets.

Payment giants such as Visa promote the development of stablecoin technology

Global payment giants such as Visa are actively adopting stablecoins and exploring the possibilities in "cross-border settlement and payment systems." Visa founder Dee Hock said: In the future, currency will be used for global transactions in the form of digital data through electronic transmission.

Ethereum co-founder Vitalik Buterin recently stated that starting next year, he will only mention some Layer 2 that have reached Stage 1 or above in his blog and speeches. He said that this time he is very serious about expressing his views on technology. And he also responded to the public’s doubts about selling ETH when he fell in love in the comment area of ​​the post.

Emphasizing security and decentralization, Vitalik announced that from next year it will only talk about “Stage 1+” L2

"Starting next year, I plan to only publicly mention (blog or speech, etc.) Layer 2 that has reached stage 1. I am very serious about this matter." Vitalik Buterin wrote on Twitter. But he also added that there is a grace period for particularly interesting or innovative projects.

Pharmaceutical company CelaCare has filed a lawsuit against stablecoin issuer Circle for a refund of 1 million USDCs sent to the wrong address due to its misoperation. Why should Circle compensate for your own input error? Is this possible in the traditional financial world?

Why is CelaCare suing Circle?

According to court documents, Celacare CEO Kenneth Yates intended to send 1 million USDC to a wallet address on the Ethereum blockchain to a partner manufacturer, but mistakenly entered the letter B in the address as the number 8, resulting in the funds not being transferred to the right address smoothly. address.

Celacare believed that Circle, the issuer of USDC, was obliged to compensate its losses, but Circle refused, so it filed a lawsuit in court.

Consumers’ Research, a non-profit organization for consumer protection in the United States, recently issued a report on stablecoin issuer Tether (USDT), pointing out that even though Tether promised to conduct a financial audit after its establishment, it has not yet fulfilled its promise. Stablecoin issuer Tether claims that its USDT is pegged to the U.S. dollar at a 1:1 ratio. Although stablecoin technology has a certain value in the market, if there is no third-party audit agency to confirm the asset guarantee behind USDT, there is a huge risk hidden for consumers. He also said that Tether’s problems are similar to the situation before FTX’s collapse.

Chain News recently reported exclusively on Taiwan’s Ministry of Digital Affairs’ 7/11 announcement that it is inviting bids for the “Decentralized Verification and Authorization System Service Design Project” to implement the digital public construction design of Decentralized Identifier (DID) and Verifiable Credentials (Verifiable Credentials). Picture, that is, Digital Wallet. On September 2, it was announced that Chunghwa Telecom won the bid. Other participants include electronics company ASUS, telecommunications provider Taiwan Mobile, and the old exchange BitTool.

Taiwan's digital wallet was awarded by Chunghwa Telecom with a budget of 199.9 million

The bid information shows that the total budget is NT$199,966,400; this bid belongs to a business category that is sensitive or has national security (including information security) concerns and involves national security. Performance start and end dates: August 27, 2024 to December 15, 2025.

The Gambling Regulatory Authority of Singapore (GRA) has just passed the second reading of the Casino Control (Amendment) Bill. During the meeting, it was mentioned that it has no intention to allow cryptocurrencies to be used as chips in casino gambling because this will bring money laundering risks.

Singapore casinos can offer cashless gaming models, but not involving cryptocurrencies

Singapore is amending its Casino Control Ordinance, which now allows the country’s casinos to offer cashless gaming models. Cashless gaming means players can use virtual credits to place bets on machines and gaming tables from their e-wallet or gaming account. Sun Xueling, Singapore’s Minister of State for Home Affairs and Community and Family Development, said:

Standard Chartered analyst Geoff Kendrick predicts that Bitcoin prices will hit all-time highs by the end of the year, regardless of who wins the U.S. presidential election. Kendrick pointed out that the price of Bitcoin is driven by a number of positive factors, especially changes in the regulatory environment for digital assets.

BTC may reach a new high before the end of the year

Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, pointed out that compared with when Biden was the Democratic candidate at the beginning, now whether Trump or Harris wins, the impact on the price of Bitcoin is no longer significant, and the market is anticipating the election results. It may also be overvalued, he said:

OpenAI’s latest AI model, OpenAI o1, says it performs well in various benchmark tests. From competitive programming to science exams that surpass human Ph.D. levels, o1 models are driving new standards in AI reasoning capabilities.

Competitive Achievements: A New Standard for AI Performance

OpenAI said that OpenAI o1 demonstrated extraordinary capabilities in the fields of competitive programming, mathematics and science. The model performed in the 89th percentile on Codeforces, a well-known competitive programming platform, and ranked in the top 500 at the American Mathematical Olympiad (AIME). Additionally, o1 surpassed human PhD-level accuracy on the GPQA benchmark, which tests expertise in physics, biology, and chemistry.

U.S. lawmakers recently launched a joint investigation into the U.S. Securities and Exchange Commission (SEC), suspecting that the SEC's selection of senior employees based on political affiliations may violate federal law and endanger the agency's impartiality.

Admission based on political correctness?

According to a Sept. 11 letter sent to SEC Chairman Gary Gensler, the investigation was co-sponsored by three Republican members, including:

Judiciary Committee Chairman Jim Jordan

Oversight Accountability Committee Chairman James Comer

Financial Services Committee Chairman Patrick McHenry

The investigation will look into whether the SEC took political affiliations into account when hiring top employees.

The U.S. Securities and Exchange Commission (SEC) announced a settlement with eToro, a new financial trading platform, on Thursday. eToro USA LLC has agreed to pay $1.5 million and ban U.S. customers from trading most cryptocurrencies on its platform. The exceptions are Bitcoin, Bitcoin Cash and Ethereum.

eToro is a new financial company in Israel. It advertises copy trading services and a variety of convenient trading products, attracting young investors from all over the world to use its platform. According to its website, there are more than 6,000 assets on its platform and as many as 3,000 users. Ten thousand. eToro also obtained a New York BitLicense and currency transfer license in February last year.

Nigeria’s Economic and Financial Crimes Commission (EFCC) has recently obtained an order from the Federal High Court to freeze the bank accounts of multiple crypto users, involving up to 548.6 million naira (approximately US$330,000). The overseas exchanges used by these users include ByBit and KuCoin. They were accused of contributing to the devaluation of the naira, Nigeria's legal currency, prompting an investigation.

Nigeria has also previously accused Binance of devaluing its legal currency and even arrested its top executives, who have not yet been released.

(Binance shakes the country’s foundation? Nigeria asks for $10 billion in compensation: Binance devalued the country’s currency by 70%)

Centralized exchange CEX.IO has officially resumed operations in its UK market today, having now met compliance requirements from the country’s financial regulator, the Financial Conduct Authority (FCA). The FCA’s new law regulating British exchanges will take effect on October 8, 2023, and since then CEX.IO has voluntarily withdrawn from the British market.

CEX.IO returns to the UK market in partnership with Gateway 21

The UK is one of CEX.IO's main markets, with UK users accounting for approximately 69% of its total customers across Europe before the suspension of services, and trading volume increased by 26.9% month-on-month. The cryptocurrency exchange claims to have more than 15 million users worldwide and is understood to have 190 digital assets currently available in the UK.

Swift, the global payment leader, announced a new plan on September 11 to optimize global transactions and allow users to process traditional and digital asset transactions through Swift. The plan will test simultaneous delivery and settlement (DvP) of multi-account bonds, simultaneous payment-to-payment (PvP), and focus on real asset tokenization (RWA). Standard Chartered Bank predicts that the market value of RWA will reach US$30 trillion by 2034.

(Swift actively embraces blockchain technology to provide a single point of entry for financial institutions to transfer tokenized assets)

RWA digital ledger remains fragmented

Swift said that before digital assets and cryptocurrencies can move towards global popularity, they must overcome the differences between different platforms, technologies and regulatory environments. These differences have caused various RWA projects to become "digital islands", unable to further expand their business and increase the number of RWA projects. transaction costs and risks. This is mainly due to the lack of a globally recognized form of digital currency.

Yesterday, Marco Monaco, the ecological director of the Ethereum Layer 2 public chain Linea, dropped a shock bomb on Twitter. He stated that he had left the project team as early as mid-June. Coincidentally, Emily Lin, the core figure of the project's BD team, also announced her resignation near the time. Since the beginning of this year, the airdrops of many projects have been limited by market sentiment and have generally performed poorly. Linea, which has been unable to wait for the currency to be released, is even called the king of PUA by the airdrop party. Now the departure of the core team has also added more uncertainty to the future.

MetaMask officially builds Layer 2, Linea suffered a disaster just after it was launched

According to the Financial Times, foreign capital has withdrawn more than $12 billion from Chinese stocks since June, and 2024 may be the first year of net stock market outflows. Beijing has restricted key data on foreign investment as global funds continue to withdraw from Chinese stocks, putting 2024 on track to be the first year of net outflows for the entire year. There are concerns that this move may further weaken market confidence.

Data on foreign capital inflows are restricted and information transparency decreases

Starting Monday, daily capital flow data showing foreign capital entering the Chinese mainland stock market through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect will cease to be made public, and foreign shareholdings will be released quarterly instead. The move comes as international investors have pulled more than $12 billion from Chinese stocks since June, turning flows into negative for the year. According to data from the Hong Kong Exchange, previous capital inflows were mostly driven by overseas branches of state-owned institutions. As divestments intensified, capital outflows became a reality during the year. Since the launch of Shanghai-Hong Kong Stock Connect in 2014, China’s stock market has never seen a full-year net outflow.

The Federal Reserve is about to announce its interest rate decision next week on September 18. The market is generally expecting the Fed to cut interest rates by one percentage point as a precautionary measure, and may have a cumulative four percentage points of interest rate cuts by the end of this year. U.S. Treasury bonds are an important source of income for stablecoins. Stablecoin issuer Tether estimates that it may lose $200 million in revenue per quarter. How will Tether respond?

The Tether empire continues to expand

Tether started as a stablecoin and has firmly established itself as the leader, accounting for nearly 70% of the market share among stablecoins. This year, it announced the establishment of four new business departments to move towards financial and technical ecosystems other than stablecoins to provide a A series of new decentralized infrastructure solutions to fulfill a broader mission.

Among the many Ethereum application scenarios, the only ENS domain name service praised as the best L2 application by Ethereum founder Vitalik Buterin finally has the latest breakthrough. Vitalik once helped publicly call for ENS price reduction: "ENS is super-important, it needs to be affordable! (ENS is super-important, it needs to be affordable! )."

If you were FOMO and bought countless ENS domain names in preparation for speculation, you may now be able to pay for extended domain name services. Domain names do not need to be hyped, and can be used as personal files, or to simplify the cryptocurrency payment process. The ENS domain name can point your existing self-hosted encrypted wallet address to the purchased ENS domain name. Currently compatible wallets include Coinbase Wallet, Rainbow Wallet, etc.

Nubank initially announced the issuance of the platform currency Nucoin in 2022, and it was officially launched in March last year. However, it immediately stopped the trading function within two years. The encryption-related loyalty program did not seem to bring surprising changes to Web2 companies.

(Starbucks ends NFT reward program without warning: to prepare for the next phase of the plan)

To prevent market fluctuations, Nubank suspends Nucoin trading

According to Nubank’s announcement, users will not be able to trade Nucoin within the Nucoin application from now on to avoid fluctuations in the value of Nucoin in the market.

Nucoin has been developing on a trajectory similar to platform coins. Last year, the official emphasized that in order to improve on-chain transparency, such as providing personal wallets and transaction inquiries, the block browser Nucoin Explorer was launched. As a utility token in the loyalty program, Nucoin is not only It can provide relevant benefits to holders, and users can also freeze (similar to staking) Nucoin to unlock more benefits, or directly exchange it for cash through the liquidity pool.

The U.S. CPI slowed down for five consecutive months in August, and the market expects the Federal Reserve to cut interest rates by 1% next week. All major U.S. stock indexes closed higher yesterday (9/11). Republican candidate Donald Trump and Democratic candidate Kamala Harris held their first debate yesterday. Neither of them mentioned cryptocurrency. However, Kamala Harris showed strong momentum to suppress Trump. Cryptocurrency and related stocks fell. .

Core CPI rose 0.3% month-on-month

The U.S. Bureau of Labor Statistics released the Consumer Price Index (CPI) for August, with an annual increase of 2.5%, in line with market expectations. Elsewhere, core CPI rose 3.2% annually, also in line with expectations. However, core CPI increased 0.3% on month, the largest increase in four months. Although headline inflation fell to its lowest level since February 2021, the monthly increase in core CPI disappointed some who had hoped the Fed would cut interest rates by 50 basis points rather than 25 basis points.

According to data from the cryptocurrency analysis platform CryptoQuant, short-term holders of Bitcoin have been on a downward trend since late May, indicating that market demand has weakened. At the same time, long-term holders are still under selling pressure from short-term holders. Continue to accumulate positions.

CryptoQuant: Strong hands take over weak positions

Julio Moreno, head of research at CryptoQuant, pointed out to The Block that short-term holders have not yet begun to accumulate Bitcoin and are even still selling it, showing that the market demand for Bitcoin is still weak, but long-term holders have continued to do so during this period. Accumulate Bitcoin.