整理：Nona
This Week's Focus
“With the Four-Year Cycle Approaching, Will This Bear Market Arrive on Time?”
Although the economic data from the United States this year has not clearly shown signs of recession, the author wants to remind readers that once an economic recession can be reflected in the data, it often becomes an irreversible trend.
“Cryptocurrency Market Continues to Decline, What Catalysts Are Left?”
A combination of factors has led to the market's continuous decline over the past few days without any significant negative news. So, has the bull market peaked? Based on multiple data analyses, it has not yet reached its peak.
“Kanye West's Meme Market Cap Surpasses $3 Billion, Allegations of Insider Trading Surface”
Unlike previous celebrity token launches, Ye has introduced YZY Money, Ye Pay, and YZY Card this time, seemingly aligning with the Trump family's WLFI to add so-called application scenarios to the token. More notably, the official documentation for YZY Money includes a "class action waiver" clause, explicitly requiring users to waive their rights to join class action lawsuits and bear related legal costs.
Last night, Wyoming announced the launch of the Frontier (FRNT) stablecoin, backed by the U.S. dollar and short-term government bonds, becoming the first state in the U.S. to issue a stablecoin. This marks a substantial achievement in the state's exploration of stablecoins that began in 2023. This move also reaffirms the "Cowboy State's" leading role in cryptocurrency legislation and practice, despite its population of less than 600,000.
“OKB Soars 500%: Is It a Frenzy of Emotion or a Revaluation of Value?”
The surge in OKB reflects cryptocurrency market investors' expectations for the X Layer's future and the optimistic sentiment surrounding OKX's listing in the U.S. In this rapidly evolving market, the story of OKB may just be the prelude to a larger wave.
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If the underlying technology for issuing the Hong Kong dollar is replaced with blockchain, it would form a "Hong Kong Dollar Stablecoin." This model can effectively address the three core issues of stablecoin issuance: the absence of rescue, lack of credit transparency, and naming confusion, avoiding the "layered leverage" risk of reissuing stablecoins based on anchor currencies.
Starting from Labor Day on September 1, Besant will meet with these candidates one by one to select the final candidate for President Trump. Previously, Trump did not hide his dissatisfaction with the current chair, Powell, publicly calling him a "numbskull" and "moron" multiple times. He desires a more "obedient" Federal Reserve chair but also needs to maintain the Fed's reputation for independence.
“Hyperliquid In-Depth Study: From Zero to a Trillion Dollar DeFi Legend”
Hyperliquid has grown from zero to over 600,000 users in just two years, with a growth trajectory that can be described as phenomenal. The project was quietly launched in 2023, without a press conference or marketing budget; Jeff Yan simply "opened the door and watched the changes." However, the result was explosive: within just 100 days, daily trading volume exceeded $1 billion.
Reflecting on the collapse after the ICO boom, the market does not lack memories of structural faith breakdowns. The difference this time is that the "shell" comes from a U.S. listed company; however, the similarity lies in the fact that without endogenous cash flow and real business support, any mechanism of "exchanging assets for trust" will ultimately struggle against the test of time.
In this race, three forces are emerging, representing three distinctly different paths: the "dimensionality reduction attack" of internet brokerage giant Robinhood, the "open Lego" of DeFi-native xStocks (issued by Backed Finance and distributed by Kraken, among others), and the "hybrid model" of the mysterious newcomer StableStocks, supported by institutions like Matrix Partners.
Ten News Items Not to Miss This Week
MetaMask will launch the stablecoin mUSD on Ethereum and Linea.
Kanye West X account announces the launch of the token YZY.
Hong Kong Ming Cheng Group plans to invest $483 million to purchase 4,250 bitcoins.
Sources say China may allow stablecoins backed by the renminbi for the first time to promote internationalization.
Illinois in the U.S. signs the first cryptocurrency consumer protection bill in the Midwest.
Eleanor Terrett: Wyoming launches the Frontier stablecoin FRNT, becoming the first state in the U.S. to issue a stablecoin.
Hong Kong establishes a specialized committee for anti-money laundering in digital assets, with participation from companies like Yuan Coin Innovation Technology.
Thailand launches a "tourist wallet," with cryptocurrency functionality still in the sandbox testing phase.
CMB International Securities officially launches virtual asset trading services.
The LayerZero Foundation's acquisition proposal for Stargate has opened for voting, currently with a support rate of 97.09%.
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