Techub News Evening Report: "GENIUS Act" Boosts USDe Big Pump by 70%, US CFTC Seeks Public Opinion on Encryption Spot Contract Listing

Organizer: Nona

Fear and Greed Index: 55 (Greed) Bitcoin price: $114,344 BTC/ETH Spot ETF Fund Flow (8.4) BTC net outflow: $333.19 M ETH net outflow: $465.06 M

Regulation/Macro

After the introduction of the "GENIUS Act", the supply of yield-bearing stablecoins surged, with USDe supply increasing by 70%.

Since the passage of the GENIUS Act in July, the supply of yield-bearing stablecoins has surged, as the law prohibits issuers from providing stablecoin yields. On-chain data shows that the biggest beneficiaries are Ethena USDe (USDe) and Sky's USDS (USDS). Since July 18, the circulating supply of USDe has increased by 70%, reaching 9.49 billion, ranking third among all stablecoins by market capitalization.

The Hong Kong stablecoin regulations have been officially implemented, and there may be legal risks associated with stablecoin OTC.

The founder and CEO of Hong Kong virtual asset OTC store One Satoshi, Roger Li, stated in an interview with Techub News that, out of respect for the law and considerations for the risks to company employees and users, the exchange services for fiat currency to stablecoins such as USDT and USDC were removed immediately after the regulations came into effect on August 1.

Insiders: The White House plans to sign an executive order prohibiting banks from denying services to customers due to political reasons or cryptocurrency business.

The White House is preparing to sign an executive order this week that prohibits banks from terminating customer services due to political stance or involvement in cryptocurrency businesses. The draft instructs regulators to investigate whether banks are violating relevant laws, and violators may face fines and other penalties. The order may be signed as early as this week.

Project/Company Updates

JD Coin Chain: There are false reports in the market, and the company is preparing to apply for a stablecoin license.

JD Coin Chain Technology has stated that it is aware of false reports and rumors in the market, and is currently preparing for the application of a stablecoin license. Relevant information will be based on the announcements made on the official website of Coin Chain Technology.

CFTC: Will begin allowing cryptocurrency spot contracts such as Bitcoin and Ethereum to be listed on designated contract markets.

The U.S. Commodity Futures Trading Commission (CFTC) is exploring how to allow certain registered futures exchanges to list leveraged digital assets such as Ethereum and Bitcoin spot contracts. This is provided that these contracts meet the standards required by existing CFTC rules. This is the first time that a federal regulatory agency has taken coordinated action to allow real-time cryptocurrency spot trading on registered platforms. The regulatory agency has requested public comments on the matter of spot cryptocurrency asset contract trading on CFTC-registered futures exchanges by August 18.

AI fintech company Alaan has completed a $48 million Series A funding round, with participation from Y Combinator and others.

AI fintech company Alaan has completed a $48 million Series A funding round, led by Peak XV Partners, with participation from 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund among others. This funding will be used to accelerate expansion, allowing the company to scale up hiring in sales, customer success, and compliance while also doubling down on AI-driven financial automation.

Animoca Brands Co-founder: Will buy back TOWER on the open market

Yat Siu, co-founder and executive chairman of Animoca Brands, tweeted that we are publicly announcing our support for the Tower ecosystem, with the first initiative being the launch of a token buyback. The Web3 gaming sector is vibrant and crucial for the development of the on-chain economy. As we announced earlier this year regarding CTA, we will be purchasing TOWER tokens on the open market.

Deep & Forward-looking

Stablecoins: A Hidden Path to Monetizing U.S. Treasury Securities

Stablecoins are a form of currency with higher risk. The risk lies in the fact that they use an atomic swap model rather than a fiat-backed model. The risk also comes from the fact that their KYC processes are subject to much less regulation. Additionally, there is a concentration risk around miners in the blockchain.

The Financial Era of Cryptocurrency

Truly decentralized projects cannot be regulated in the traditional way through intermediaries, so a new approach is needed. Regulators should develop a flexible framework that achieves policy goals without stifling innovation.

viewpoint

Exclusive Interview with One Satoshi Founder and CEO Roger Li: Where Will OTC Stores Go After the Implementation of Hong Kong's Stablecoin Regulations?

The VA Dealing license can be understood as a compliance license exclusive to OTC, no longer the MSO (money exchange) license previously issued by customs, but rather uniformly regulated by the Securities Regulatory Commission. This change reflects the government's desire to bring cryptocurrency trading under a regulatory framework similar to that of the securities market.

Turning on the tap: How will Hong Kong stablecoins revitalize the liquidity of RWAs?

When it comes to stablecoins, no one can avoid the two giants Tether (USDT) and Circle (USDC). With their multi-billion level circulation and tremendous network effects, they have long become the "digital dollar" of the crypto world. How can compliant stablecoins in Hong Kong survive in the shadow of these behemoths?