Organized by: Cora, Techub News
Hong Kong
Why is Hong Kong issuing HKD stablecoin licenses when USD stablecoins dominate at 99%?
When viewed from the perspective of global currency competition, a larger picture emerges: the United States is using the GENIUS Act to turn stablecoins into a digital extension of USD hegemony, essentially using global crypto funds to inject liquidity into its national debt market. What Hong Kong is doing is a much smaller endeavor: ensuring that the HKD has a place in a tokenized world.
From April 20 to 23, the Hong Kong Web3 Carnival, co-created by Wanxiang Blockchain Lab and HashKey Group, will convene senior government officials, financial giants, technology leaders, and over 500 core global decision-makers at the Hong Kong Convention and Exhibition Centre, creating a high-dimensional dialogue space that breaks down barriers and integrates diversity.
Regulation/Macro
Pakistan's central bank allows licensed virtual asset service providers to open formal bank accounts
IRS formally implements mandatory cost basis reporting rules for digital asset brokers
US Senator Thom Tillis stated that the Senate is expected to unveil a compromise draft text concerning stablecoin revenue distribution this week. Currently, there is a divergence between banks and crypto enterprises regarding whether cryptocurrency exchanges should be allowed to pay returns to stablecoin holders through reward programs, and the related dispute has caused the legislative process of the Clarity Act to stall.
Virginia passes HB 798, which includes digital assets in the scope of unclaimed property management
Project/Company News
TeraWulf expands fundraising to 900 million USD to support AI data center construction
eToro acquires Zengo to expand self-custody cryptocurrency business
Société Générale partners with Consensys to bring its USD stablecoin to MetaMask
Bitcoin quantum safety researchers, including Jameson Lopp, proposed BIP-361, which suggests freezing tokens in addresses on the Bitcoin network that are vulnerable to quantum attacks, including those held by Satoshi Nakamoto valued at approximately 74 billion USD, to prevent these cryptocurrencies from being stolen once quantum computers become mainstream. The proposal has sparked controversy within the community, with critics labeling it as "authoritarian and confiscatory," arguing that forcing upgrades and rendering old expenditures invalid lacks reasonable justification.
Insider: US Department of Commerce bypasses Trump's ban on Anthropic, testing its AI model Mythos
Japanese e-commerce giant Rakuten introduces XRP as a payment option
Crypto.com enters prediction market by collaborating with High Roller
Goldman Sachs applies to launch a Bitcoin ETF that invests in other Bitcoin exchange-traded products
Tether launches self-custody digital wallet tether.wallet
Kraken receives 200 million USD investment from Deutsche Börse
In-Depth & Prospects
Bitcoin in the Strait of Hormuz
Iranians are beginning to settle with cryptocurrency and the renminbi. I believe the likelihood of using mainstream stablecoins like USDT and USDC is very low, as these are essentially products that the U.S. government can freeze at will; in contrast, Bitcoin is more likely to be adopted because it is currently one of the few payment tools in this world that has no "counterparty risk."
The most divided group is the Americans. Only 33% of Americans believe AI will make their jobs better, compared to a global average of 40%. Trust in the U.S. government's regulation of AI is the lowest among surveyed countries, at 31%.
Last night, Bitcoin price surged momentarily, breaking through 76,000 USD, reaching the highest level since February 4th. Subsequently, Ethereum also followed suit, breaking the 2,400 USD mark. This wave of price rebound coincided with a Fox News report indicating that Trump claimed the U.S. war with Iran was over.
Behind the Circle freeze controversy: Where are the power boundaries of USD stablecoins?
This discussion surrounding the "power boundaries" of USD stablecoins is far from over. Stablecoins are becoming fundamental vehicles for global capital flow. And any vehicle that possesses the power to "freeze" is no longer just a tool.
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