In a significant development within the cryptocurrency sector, Tether and Circle have collectively minted $1.25 billion in stablecoins yesterday, signaling a robust demand in the market. This substantial issuance includes Tether’s creation of $1 billion in USDT and Circle’s $250 million in USDC. Over the last month, these companies have minted a total of $8.75 billion in stablecoins, typically indicating an increased user engagement and a bullish market sentiment, suggesting a flow of more capital into the crypto ecosystem.
In related financial news, Ark Invest has expanded its stake in Bitmine Immersion (BMNR), acquiring an additional 339,000 shares worth $15.6 million. The investment is part of a strategy involving three of Ark’s funds, with BMNR shares experiencing a decline of nearly 8% on Wednesday, continuing a trend of fluctuating market conditions.
0xinfini’s founder, Christian, has reportedly sold 2,477 ETH for approximately $11.66 million, aligning closely with market peak prices. This transaction involved selling a portion of the ETH through Cowswap at an average price of around $4,777.6, with another batch deposited to Binance, indicating a significant liquidity move.
In South Korea, three individuals have been arrested for allegedly defrauding investors of $4.1 million through a memecoin scheme disguised as golf memberships. The accused created a token called GCV, drawing in 129 victims with false promises from December 2023 to June 2024.
Project Developments from Yesterday
Hyperliquid has launched a new method for calculating mark prices on pre-market perpetual contracts, leading to dramatic increases in funding rates for WLFI and XPL tokens. This adjustment has seen WLFI’s rate soar from 11% to 100%, and XPL’s from 11% to an astonishing 800%. Current quotes show WLFI at $0.292 and XPL at $0.66, outperforming other exchanges.
NVIDIA reported a Q2 revenue of $46.7 billion, surpassing market expectations but leading to a 5% decline in after-hours trading. Following this earnings report, Bitcoin briefly dipped below $111,000, indicating the ripple effects of NVIDIA’s stock performance on the cryptocurrency market.
Circle has announced a collaboration with Mastercard and Finastra to enhance stablecoin payment services across Europe and Africa. This partnership will enable merchants in specific regions to settle transactions using USDC and EURC, marking a significant step in mainstreaming stablecoin usage.
Pumpfun reported a repurchase of over $58 million in PUMP tokens, representing 4.26% of its circulating supply, while The Sandbox has seen leadership changes with the founders stepping back and a significant staff reduction. The company is shifting focus from the metaverse towards broader Web3 applications.
In the latest updates from Linea, team members presented the LXP airdrop voucher and witch distribution map, revealing that ‘witches’ represent a significant portion of low-tier users in the ecosystem.
Bitplanet has announced plans to establish a Bitcoin treasury company with ambitions to purchase $40 million in Bitcoin, while a recent report from Anthropic suggests that its AI chatbot Claude is being exploited by cybercriminals for ransom demands in Bitcoin.
Investment and Financing Updates from Yesterday
Strive Funds CEO revealed intentions to acquire over $700 million in Bitcoin following its public offering. Meanwhile, Shun Tai Holdings is set to invest approximately HKD 70 million in various cryptocurrencies, including BTC and ETH.
American Bitcoin, backed by Donald Trump’s sons, is preparing for a public listing on Nasdaq in September, with plans for a full stock merger with Gryphon Digital Mining.
Metafyed has successfully raised $5.5 million to enhance its position in the tokenized real asset market, while CIMG Inc. plans to invest $55 million in Bitcoin following a share placement. Additionally, crypto lending platform Ledn has refinanced a $50 million Bitcoin mortgage with Sygnum Bank.
The Clearing Company, established by former Polymarket team members, has secured $15 million in seed funding to develop a compliant, retail-friendly prediction market, while crypto card issuer Rain completed a $58 million Series B financing round.
Other notable financings include Lakestar’s completion of a $265 million continuation fund and AirNet Technology’s $180 million share placement funded through digital assets. M0 has raised $40 million in Series B financing to enhance stablecoin interoperability.
Lastly, Hut 8 has secured $330 million in credit to support infrastructure projects in the U.S., holding over 10,000 Bitcoins as liquidity reserves.
Regulatory & Policy Updates from Yesterday
The U.S. Commodity Futures Trading Commission (CFTC) is adopting Nasdaq’s monitoring system to bolster its oversight of the digital asset market. This system aims to provide automated alerts and facilitate cross-market analyses to detect potential manipulations, enhancing regulatory response during volatile trading periods.
In other regulatory news, U.S. Treasury Secretary Janet Yellen announced that interviews for the next Federal Reserve chair will begin on September 1, with a shortlist submitted to President Trump.
The Department of Commerce has chosen Pyth Network for on-chain economic data verification, initiating a partnership to provide quarterly GDP data. However, discrepancies have emerged between the economic data reported by the Department and that published by Chainlink.
As the SEC prepares for a roundtable discussion on trade-through rules, China National Petroleum is exploring stablecoin applications for cross-border settlements, reflecting the ongoing integration of digital currencies into traditional finance.
Meme Popularity Rankings
As of August 29, the top Ethereum tokens in the past 24 hours include HOKK, KUMO, LINK, SATOSHIT, and MHRD. On the Solana network, the leading tokens are Lenda, LIPEPE, LBRETT, DOPE, and DOPE, while the top Base tokens listed are ZORA, GIGABRIAN, VIRTUAL, CLIPPY, and Farcaster.
Must-Read Articles from the Past 24 Hours
Recent analyses highlight the evolution of cryptocurrency’s acceptance on Wall Street, examining the shift from skepticism to regulatory engagement. The competitive landscape among exchanges has also transformed, with emerging challenges from ETFs and DeFi protocols. Furthermore, the implications of mnemonic phrases in securing crypto assets have come under scrutiny, alongside the ongoing lobbying efforts within the financial sector as the crypto industry navigates regulatory changes.
