Author: TechFlow
Market Dynamics Yesterday
Federal Reserve Meeting Minutes Mention "Stablecoin" Eight Times
According to Golden Ten Data, the recently released Federal Reserve meeting minutes mentioned "stablecoin" eight times, noting that many participants discussed the recent and future developments of payment-type stablecoins and their potential impact on the financial system. These participants pointed out that with the recent passage of the GENIUS Act (United States Stablecoin Guidance and National Innovation Act), the use of payment-type stablecoins may increase.
Payment-type stablecoins can help improve the efficiency of the payment system, and it was observed that such stablecoins might increase demand for the underlying supporting assets (including U.S. Treasury bonds).
Federal Reserve Mouthpiece: Meeting Minutes Show Some Officials Hint at Joining Rate Cut Camp in September
According to Golden Ten Data, Nick Timiraos, the "Federal Reserve mouthpiece," recently wrote that today's published policy meeting minutes show that despite two officials opposing and advocating for rate cuts, the Federal Reserve's decision to maintain interest rates last month still received broad support.
However, some officials are now aligned with Waller and Bowman, suggesting they might support a rate cut at the next meeting on September 16-17. They stated that the transmission of tariff increases to consumer prices is slower than expected, which should alleviate concerns about new inflation impacts from rising import costs. However, inflation-focused "hawks" point out that price pressures have increased since last month's meeting, including service prices.
Kansas City Federal Reserve Bank President Schmidt stated in a speech last week that tariffs have a limited impact on inflation, partly because the Federal Reserve has maintained stable interest rates. Unlike Bowman (who has been calculating inflation levels excluding tariffs), Schmidt promised never to make such calculations, calling it "a meaningless and immeasurable concept".
China May First Allow RMB-Backed Stablecoins to Promote Internationalization
According to Reuters, China is considering allowing stablecoins backed by the RMB for the first time to promote the internationalization of the RMB. Multiple sources revealed that Chinese tech giants have proposed issuing stablecoins pegged to offshore RMB in Hong Kong. Shanghai regulatory authorities are actively studying policy responses to stablecoins, despite China's ban on cryptocurrency trading since 2021. This move is consistent with recent statements by the People's Bank of China, whose governor has publicly promised to expand the international use of the digital yuan and called for developing a multipolar monetary system.
MANTRA Chain Proposes Complete Migration of OM to Native Chain, Setting 2.5 Billion Limit
According to official sources, MANTRA Chain is voting on whether to completely migrate ERC20 OM to its native chain. The "OM Homecoming" proposal plans to completely phase out ERC20 OM on Ethereum by January 15, 2026, and establish MANTRA Chain as the sole native base for OM. The proposal also suggests adjusting the inflation rate to 8%, targeting an approximately 18% annual staking return, and setting a hard supply cap of 2.5 billion OM for the first time. Currently, about 250 million OM (28% of ERC20 supply) has been migrated to MANTRA Chain.
Mitosis: Airdrop Query Opened, Claiming Expected by September 10
According to the official announcement, the modular liquidity protocol Mitosis has opened an airdrop query website and announced the airdrop registration from August 20 at 12:00 AM (UTC), with the registration window lasting until August 26. Airdrop claiming is expected to open by September 10, with a one-week claiming period.
Previously, the Mitosis Foundation announced MITO token economics, with 10% allocated for genesis airdrop. Binance Wallet has launched a Mitosis token Booster activity and TGE pre-sale.
Hyperliquid Becomes Global Highest Per Capita Revenue Company, Earning $102.4 Million per Employee
According to HyperliquidFR, Hyperliquid has become the global highest per capita revenue company with an annual revenue of $102.4 million per employee.
The Hyperliquid team, consisting of 11 core members, has an estimated annual revenue of $1.127 billion, surpassing per capita revenue of companies like Tether, OnlyFans, Nvidia, and Apple.
Goldman Sachs: Stablecoin Disruption of Traditional Finance Premature, Prefers Robinhood over Circle
According to Investopedia, Goldman Sachs analysts Will Nance and James Yaro noted in their latest report that it remains to be seen whether stablecoins pegged to fiat currencies will grow to trillions of dollars and gradually erode traditional financial services. The "threat" to payment services is limited, and their current poor performance has created buying opportunities. Visa and Mastercard are not competitors but are likely to play important roles in the widespread adoption of stablecoin payments on the consumer side. Therefore, despite Circle's valuation rise after its sensational IPO this year, Goldman Sachs is more optimistic about Robinhood's continued innovation in the cryptocurrency field.
OpenAI CFO: Will Consider Going Public at Some Point
According to Golden Ten Data, OpenAI CFO Sarah Friar stated that they will consider going public at some point in the future.
Crypto Exchange Kraken Acquires No-Code Trading Company Capitalise.ai
According to CoinDesk, cryptocurrency exchange Kraken announced the acquisition of assets and technology from Israeli company Capitalise.ai. Capitalise.ai focuses on developing a no-code, natural language trading automation platform supporting trading strategies across various asset classes. This acquisition will enable Kraken Pro users to create, test, and automatically execute trading strategies using everyday text without coding. Kraken plans to launch these new features on the Pro platform later this year. Capitalise.ai's co-founders and core engineering team will join Kraken. Financial details of the acquisition were not disclosed.
Hong Kong-Listed Ming Cheng Group: Will Spend $483 Million to Purchase 4,250 Bitcoins
According to Golden Ten Data, the Hong Kong-based, U.S.-listed construction engineering service provider Ming Cheng Group announced that it has signed a Bitcoin purchase agreement to spend $483 million on 4,250 bitcoins.
Market Dynamics
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