整理:Nona
This Week's Focus
[]( Circle to Frax, the gameplay of the stablecoin ecosystem
整理:Nona
[]( Circle to Frax, the gameplay of the stablecoin ecosystem
<div class=)Bitcoin treasury growth slows, is the DAT market already "overheated," or is it still in a "growth phase"?Circle's listing has sent a signal to the market: crypto companies can successfully enter the traditional financial market. At the same time, Circle's strong performance in the public market has also boosted confidence in the prospects of stablecoin infrastructure within the traditional financial system.
It is important to note that cryptocurrencies have extremely high short-term volatility, which not only increases the difficulty of corporate allocation but also raises the financial risks of DAT. Additionally, DAT generally adopts leverage strategies to expand returns by issuing convertible bonds or increasing stock issuance to acquire digital assets.
[
In less than two months, Yunfeng Financial has demonstrated remarkable strategic execution by establishing a Web3 strategy and substantially acquiring 10,000 Ethereum as reserve assets. Behind this series of actions is the company's "noble lineage," which continuously provides an irreplicable competitive barrier and strategic depth in the uncertain field of innovation.
]( ETH Layout: Yunfeng Financial's Web3 "Lightning War" and "Noble Chess Game"
[]( ETH Layout: Yunfeng Financial's Web3 "Lightning War" and "Noble Chess Game"
Over the past six months, Hyperliquid has generated $409 million in user fees. This figure is 1.23 times that of Ethereum and 1.75 times that of Solana. However, the trading price of the HYPE token (on a fully diluted basis) is approximately 88% lower than ETH and about 62% lower than SOL. This raises a key question: Is HYPE undervalued?
]( Over $400 million in revenue in six months surpassing Ethereum and Solana, is HYPE undervalued?
[]( Over $400 million in revenue in six months surpassing Ethereum and Solana, is HYPE undervalued?
]( $900 million in deposits, what exactly is Fluid, the partner behind Jupiter Lend?
The strong alliance between Jupiter and Fluid is precisely to fill this gap. Through Jupiter Lend, Jupiter fully leverages its deep foundation and user network in the Solana ecosystem, while Fluid utilizes its successful integrated experience in the EVM market DEX + lending to provide underlying technical architecture and liquidity solutions. The combination of the two creates a new soil that can truly support large-scale lending for LPs and users.
<span style=)
[]( $900 million in deposits, what exactly is Fluid, the partner behind Jupiter Lend?
The strong alliance between Jupiter and Fluid is precisely to fill this gap. Through Jupiter Lend, Jupiter fully leverages its deep foundation and user network in the Solana ecosystem, while Fluid utilizes its successful integrated experience in the EVM market DEX + lending to provide underlying technical architecture and liquidity solutions. The combination of the two creates a new soil that can truly support large-scale lending for LPs and users.
<span style=)
[]( $900 million in deposits, what exactly is Fluid, the partner behind Jupiter Lend?
The strong alliance between Jupiter and Fluid is precisely to fill this gap. Through Jupiter Lend, Jupiter fully leverages its deep foundation and user network in the Solana ecosystem, while Fluid utilizes its successful integrated experience in the EVM market DEX + lending to provide underlying technical architecture and liquidity solutions. The combination of the two creates a new soil that can truly support large-scale lending for LPs and users.
<span style=)
[]( $900 million in deposits, what exactly is Fluid, the partner behind Jupiter Lend?
The strong alliance between Jupiter and Fluid is precisely to fill this gap. Through Jupiter Lend, Jupiter fully leverages its deep foundation and user network in the Solana ecosystem, while Fluid utilizes its successful integrated experience in the EVM market DEX + lending to provide underlying technical architecture and liquidity solutions. The combination of the two creates a new soil that can truly support large-scale lending for LPs and users.
<span style=)
[]( PumpFun to Hyperliquid: Why is "buyback and burn" superior to "revenue sharing" in value distribution?
PumpFun has a low market-to-sales ratio, allowing for more buybacks, with Jupiter following closely behind. Interestingly, Metaplex still has greater buyback potential. However, it is necessary to comprehensively consider the burn rate and the proportion of circulating supply for buybacks, as these will affect the effectiveness of the buyback plan.
WLFI's ability to stand out in the 2025 market environment is largely due to the combination of its political and capital narrative. From the project's inception, it has been endorsed by the Trump family, with Eric Trump and Zach Witkoff joining the ALT5 Sigma board, giving the brand a strong political label.
In the past year, DAT has extended from BTC and ETH to BNB and SOL, showing a dual-line advancement: one end is driven by Asian funds and ecological parties, promoting BNB treasury through "holding + ecological investment"; the other end is led by American institutional investors, with Wall Street investment banks facilitating the transformation of SOL-centered treasury platforms through mergers/acquisitions, PIPE, convertible securities, and warrants.
Regardless of the scenario, the following hard indicators will become key observation signals: the number of licensed stablecoin issuers and settlement volumes, the status of the first batch of mature certifications and SEC objections, the net inflow scale of ETFs and the proportion of 401(k) plans opening brokerage windows, and the progress of bank/card organization settlement pilots transitioning to formal operations. These indicators will reveal whether the US crypto market is evolving towards a regulated financial system or falling back into contraction.
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[
Nasdaq strengthens regulation on listed companies' fundraising for cryptocurrency trading
Tether CEO: The 2 billion USDT minted in the early morning is not an increase, but an inter-chain swap
Bank of England: Systemic stablecoins can hold some government bonds
ArbitrumDAO approves an incentive plan totaling 80 million ARB tokens to promote DeFi growth
](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
[](
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
Currently, Google's UCL is still in the test network. The Chicago Mercantile Exchange (CME) has joined, and other partners are actively seeking to join. Google plans for a broader rollout in 2026. However, I believe this ambition is not unfounded.
Gemini launches IPO, stock code GEMI
Venus protocol suffers an attack resulting in a loss of about $30 million
Metaplanet president: The company plans to launch permanent preferred shares to accumulate 210,000 bitcoins by 2027
Solana community expected to pass the Alpenglow proposal, reducing block finalization time to 150 milliseconds
Sources: Bank of China Hong Kong plans to apply for a stablecoin issuer license
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