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Share link:In this post: After Trump’s failed Alaska summit with Putin, Zelensky heads to Washington. Markets await July minutes and Powell’s Jackson Hole speech, with pressure mounting for rate cuts. Flash PMI figures from the US and globally will reveal how Trump’s new tariffs are rippling.
Share link:In this post: Japan will approve yen-backed stablecoins this fall, starting with fintech firm JPYC. JPYC tokens will be backed by bank deposits and Japanese government bonds. Profits from the bonds stay with the issuer; users won’t earn interest.
Share link:In this post: Trump canceled U.S.-India trade talks scheduled for August 25–29 after meeting with Putin. New tariffs of up to 50% on Indian goods will begin on August 27 due to India’s Russian oil imports. Modi responded with nationalist economic reforms, promising tax changes and domestic chip production.
Japan's Financial Services Agency will approve JPYC as the nation's first yen-denominated stablecoin. Circle invested in the Tokyo fintech firm, which plans to launch its regulated digital token later this year.
Investors directed nearly five times more into Ethereum than into Bitcoin.
Quick Take The SEC has pushed back decisions on several crypto ETF proposals, including five spot XRP ETFs. Strategy has purchased another 430 BTC for $51.4 million at an average price of $119,666. The firm now holds about 629,376 BTC. A wallet linked to an early Ethereum ICO participant sent 4,460 ETH — worth about $19 million — to Kraken.
- 06:08Paxos destroys $300 trillion in stablecoins after minting error; CEO says transparency is a blockchain advantageAccording to Jinse Finance, citing Decrypt, Paxos CEO Charles Cascarilla stated at the Federal Reserve's cryptocurrency roundtable on Wednesday that the company accidentally minted $300 trillion worth of PayPal stablecoin (PYUSD) last week due to an "internal technical error," and destroyed all of it within 24 minutes. This amount exceeds twice the global GDP. Cascarilla attempted to reframe the incident as a demonstration of blockchain transparency, stating, "This actually showcases the transparency that blockchain can provide instantly."
- 05:59Kinetiq, a liquid staking platform based on Hyperliquid, launches governance token KNTQJinse Finance reported that on Wednesday, the Kinetiq Foundation officially launched the protocol's official governance token, KNTQ. As the largest liquid staking platform in the Hyperliquid public chain Layer 1 (HyperEVM) ecosystem, Kinetiq currently has a TVL exceeding $1.6 billion. The total supply of the token is capped at 1 billion. Eligible airdrop recipients must agree to the "Kinetiq Foundation Terms of Use" before 20:00 UTC on November 21 in order to receive the tokens. According to the token distribution plan, 30% of KNTQ will be used for protocol development and rewards; 25% will be allocated for the initial airdrop, of which 1% will go to Hypurr holders and 24% to kPoints holders—a points system launched in mid-July, where users accumulate points based on the amount and duration of HYPE staked, in preparation for the airdrop; 23.5% will be allocated to core contributors, 10% will be held by the Kinetiq Foundation, 7.5% will be allocated to investors, and the remaining 4% will be used for liquidity support.
- 05:30Viewpoint: South Korea's stablecoin business may be reorganized around a "banking consortium" modelJinse Finance reported that, according to local information from the Bank of Korea (the central bank of Korea) in Hong Kong, the number of stablecoin issuer license applications received by the Hong Kong Monetary Authority (HKMA) since August this year has been lower than expected. The HKMA stated that as of the end of September, only 36 institutions had applied. This number is less than half of the 77 institutions that initially expressed interest. The Bank of Korea is also closely monitoring the case in Hong Kong. Even in Hong Kong, where capital flow controls are relaxed and there is no financial-industrial separation principle (“financial-industrial separation principle”), stablecoins still need to be managed under a strict regulatory framework. This situation will provide more substantial grounds for the Bank of Korea’s policy decisions. In response, some predict that the domestic stablecoin business in Korea is also highly likely to be reorganized with a “banking alliance at its core.” On the 20th, at the National Assembly’s state audit meeting, the Financial Services Commission of Korea and the Bank of Korea jointly stated that the issuer of the Korean won stablecoin should be an alliance centered on the banking industry. In response to the question from Democratic Party member Ryu Dong-soo, “Is it more appropriate to adopt an alliance form with bank participation when balancing innovation and stability?” Vice Chairman of the Financial Services Commission Kwon Dae-young replied, “I agree with this view.” The Bank of Korea also emphasized in its business report that it “supports this in principle” and pointed out that “it is necessary to issue (stablecoins) through a bank-centered alliance.”