Important information last night this morning (August 12-August 13)

Regulation & Macro

US Treasury Secretary Yellen: The Fed should consider cutting interest rates by 50 basis points in September

Total US national debt exceeds $37 trillion for the first time

Politico: Trump officials considering Federal Reserve Vice Chairman Jefferson for Fed Chair

Vietnam to pilot digital asset exchange in international financial center

The Vietnamese government announced that it will pilot a digital asset exchange in the international financial center. Three legal initiatives have laid the foundation for the digital asset field, including the National Assembly's approval of a resolution to develop the financial center, the Ministry of Finance's submission of a pilot bill for digital asset exchanges, and the new law clarifying the definition of asset classes. The Ministry of Finance is improving relevant pilot policies, which are expected to be submitted to the government in August, covering issuance, trading, management and other links. Service institutions can independently choose listed assets, giving priority to varieties with high liquidity. Officials emphasized that blockchain is the core infrastructure and will strengthen network security and risk control. The central bank is studying the central bank digital currency (CBDC) model.

Grayscale Cardano Trust ETF registered in Delaware

According to US Delaware company registration information, Grayscale Cardano Trust ETF was officially registered in Delaware, USA on August 12, 2025, with registration number 10293424. The entity type is a Statutory Trust, the registered agent is CSC Delaware Trust Company, and the registered address is 251 Little Falls Drive, Wilmington, DE 19808.

Do Kwon plans to plead guilty to two charges of conspiracy to defraud and wire fraud

According to Reuters, at a US court hearing, the judge said Do Kwon would plead guilty to two charges of conspiracy to defraud and wire fraud related to the collapse of more than $40 billion in cryptocurrencies. Kwon was accused of misleading investors by claiming that TerraUSD stablecoin was restored to its peg through algorithms, but actually secretly instructed high-frequency trading companies to buy to drive up prices. This behavior pushed the market value of TerraUSD and Luna to $50 billion in the spring of 2022. Kwon had previously reached a settlement with the US SEC, paying an $80 million fine and being banned from participating in crypto trading. Kwon has been in custody since being extradited from Montenegro in 2024.

Project Updates:

Qubic says team's experiment tested PoW protocol, emphasizing no harm to Monero network

Circle to issue 10 million shares, including 8 million sold by existing shareholders

Stripe appoints Paradigm co-founder Matt Huang as first CEO of Tempo blockchain

According to Fortune, payment giant Stripe will have Paradigm co-founder and managing partner Matt Huang serve as the first CEO of its new blockchain project Tempo. Huang will retain his position at Paradigm. Tempo is positioned as a high-performance Layer-1 blockchain focusing on the payment field and supports Ethereum code compatibility. Stripe recently acquired stablecoin company Bridge and wallet service provider Privy, aiming to strengthen its stablecoin business technology stack. It is not yet clear whether Tempo will issue its own token, and the specific launch time of the project has not been disclosed.

Coinbase adds WalletConnect Token (WCT) to asset roadmap

Circle announces launch of ARC, a Layer 1 blockchain focused on stablecoins

Circle's proposed Arc blockchain will use USDC as native Gas

According to Circle's official blog, Circle announced the launch of Arc, an open Layer-1 blockchain designed specifically for stablecoin financial scenarios. Arc uses USDC as native Gas, supports low and predictable US dollar-denominated fees, and has a built-in institutional-grade foreign exchange engine to achieve 24/7 automatic settlement between stablecoins. Arc adopts the Malachite high-performance consensus mechanism, supporting sub-second instant finality and optional privacy protection. The chain is EVM-compatible, targeting applications such as cross-border payments, stablecoin derivatives, on-chain credit, and capital market settlement. It is expected to open public beta in autumn this year and launch the mainnet in 2026.

SUI Network mistakenly issued Robinhood listing announcement, suspected of early leak

According to SUI Blog, SUI Network briefly posted and quickly deleted a blog post announcing that SUI tokens will be listed on Robinhood, sparking speculation about early leaks and embargo errors. The announcement emphasized the growth of the SUI ecosystem and the improvement of user accessibility and trust brought by this listing. Currently, no official statement has been released, and relevant information remains to be further confirmed.

Grayscale launches DeepBook and Walrus trusts,布局Sui生态关键协议

According to The Block, Grayscale announced the establishment of two single-asset trusts, DeepBook and Walrus, holding DEEP and WAL native tokens on the Sui blockchain respectively. DeepBook provides a liquidity layer for Sui network decentralized financial applications, while Walrus focuses on on-chain data storage and privacy, supporting cross-chain applications. The market values of the two tokens are $372 million (DEEP ranked 226) and $559 million (WAL ranked 168) respectively, with prices falling by about 5% and 3% in the past 24 hours. The trust products are only open to qualified investors for daily subscription and do not promise secondary market trading.

BitMine plans to issue $20 billion in common stock

According to the prospectus supplement filed by the company with the SEC, BitMine (BMNR) plans to add $20 billion in "at-the-market" issuance authority for common stock on top of the previous $2 billion and $2.5 billion issuance limits, increasing the total scale to $24.5 billion. Documents show that the company has previously sold about $4.5 billion of stock as planned. BMNR is listed on NYSE American, with a closing price of $58.98 on August 11.

Starknet mainnet sees launch of derivatives DEX Extended

According to The Block, Extended, a decentralized perpetual contract exchange built by the former Revolut team, has launched on the Ethereum Layer2 network Starknet mainnet, supporting over 50 trading pairs and a maximum leverage of 100x. Extended previously operated on StarkWare's StarkEx, with a cumulative average daily trading volume of $319 million and an annualized return of about 70% in the past 30 days. The project has completed $6.5 million in financing, with investors including Tioga Capital, Semantic Ventures, StarkWare, etc. Extended will migrate to Starknet in three phases, with the old and new versions running in parallel for the first two weeks, after which the old version will be gradually closed. US users cannot access the platform.

Binance to launch the 33rd exclusive TGE: Cherry AI (AIBOT)

Binance Wallet will join hands with Cherry AI (AIBOT) to launch the 33rd exclusive TGE on the PancakeSwap platform from 8:00-10:00 (UTC) on August 14. Users need to use Binance Alpha Points to participate in the subscription. The official said that 30 million AIBOT will be used for related activities, and specific rules will be announced later.

Company Earnings:

eToro's Q2 cryptocurrency trading revenue accounts for over 90%

eToro's latest financial report shows that cryptocurrency trading revenue in the second quarter reached $1.91 billion, accounting for 91% of total revenue. The company's total revenue was $2.09 billion, of which cryptocurrency asset trading remained the main source of income. In the same period, the company's net loss from crypto derivatives trading was $8.4 million. Compared with the first quarter, the proportion of crypto revenue slightly decreased (93% in Q1), indicating that sectors such as stocks contributed more. eToro recently announced that it will tokenize US stock assets on the Ethereum blockchain to expand trading products. The company went public on Nasdaq in May this year at $52 per share, and the current stock price is $50.7, down 8.2% from the first day of listing.

Circle's Q2 USDC circulation increased 90% year-on-year, with a net loss of $482 million

According to BusinessWire, Circle (NYSE: CRCL) released its Q2 2025 financial report. USDC circulation increased 90% year-on-year to $61.3 billion, and total revenue and reserve income increased 53% year-on-year to $658 million. Affected by IPO-related non-cash expenses, the net loss was $482 million. Circle completed a $1.2 billion IPO, launched the Circle Payments Network, announced partnerships with Binance, OKX, etc., and plans to launch Arc, a Layer-1 blockchain designed for stablecoin finance.

Funding & Acquisitions

Market news: Sam Altman and OpenAI to invest $250 million in brain-computer interface company Merge Labs

Pantera Capital discloses over $300 million investment in DAT company

Coinbase announces restart of stablecoin bootstrap fund

Perplexity offers $34.5 billion to acquire Chrome browser

According to the Wall Street Journal, artificial intelligence company Perplexity has offered Google $34.5 billion to acquire its Chrome browser. Perplexity is currently valued at about $18 billion, and the company said several large venture capital funds have agreed to fully support the transaction.

Transak completes $16 million strategic financing, led by IDG Capital and Tether

Web3 payment infrastructure company Transak announced the completion of a $16 million strategic financing, co-led by IDG Capital and Tether, with participation from Primal Capital, 1kx, Protein Capital, Fuel Ventures, etc. Transak plans to use the funds to expand its stablecoin payment network and enter new markets. The company said that about 30% of its $2 billion transaction volume comes from stablecoin flows and has obtained compliance licenses in the US, UK, EU, Canada, Australia, India and other regions. Tether currently holds more than 60% of the stablecoin market share.

1Kosmos completes $57 million Series B financing to advance biometric identity security

According to Tech in Asia, US identity verification platform 1Kosmos announced the completion of a $57 million Series B financing, led by Forgepoint Capital and Origami’s Oquirrh Ventures, with Bridge Bank providing a $10 million credit line, bringing the total financing to over $72 million. 1Kosmos plans to use the new funds to drive product innovation, accelerate market expansion in North America, Europe, the Middle East and Asia-Pacific, and deepen technical integration with mainstream Identity and Access Management (IAM), Customer Identity and Access Management (CIAM), Privileged Access Management (PAM) and zero-trust platforms.

Diginex to acquire compliance automation company Findings for $305 million

NASDAQ-listed digital asset financial services company Diginex announced that it has signed a memorandum of understanding to acquire compliance automation company Findings for $305 million, including $270 million in Diginex shares and up to $35 million in cash.

On-chain & Important Data:

pump.fun sells 86,000 SOL for the first time after token issuance, exchanging for $16.28 million in USDC

Addresses associated with the Ethereum Foundation sold a total of 2,794.87 ETH within two hours

An anonymous whale增持35,000 ETH, with total holdings reaching 328,000 ETH

USDC Treasury newly minted 500 million USDC on Solana chain

According to Whale Alert, at 18:55 and 18:56 Beijing time on August 12, USDC Treasury newly minted 250 million USDC each on the Solana chain, with a total value of $500 million.

Aave ranks among top 40 US bank deposit sizes

The deposit size of decentralized finance protocol Aave has surpassed three US banks, jumping to the top 40 US banks with a total deposit of $67.921 billion, ranking 38th.

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