Gate Daily Report (September 22): The first offshore renminbi stablecoin launched; XRP supports the launch of stablecoins; The EU reaches Consensus on the digital euro.

Bitcoin (BTC) continues its weekend pullback, currently reported at around $114,760 on September 22. AnchorX launched its stablecoin AxCNH, which is pegged to the RMB, making it the first stablecoin pegged to the "offshore RMB." Flare Network announced the launch of the first stablecoin backed by Ripple (XRP), and EU finance ministers reached a compromise with the European Central Bank on the roadmap for the issuance of the digital euro.

Today's Outlook

1. The one-year loan market quoted interest rate in China, the previous value was 3.00%.

2. The expected difference in the CBI industrial orders in the UK for September, with a previous value of -33.

3. Reserve Bank of Australia Governor Philip Lowe testified before the House of Representatives Standing Committee on Economics.

4. New York Fed Chairman Williams speaks on monetary policy and economic outlook.

5. St. Louis Fed President James Bullard spoke on the outlook for the U.S. economy and monetary policy.

Macro Events & Coin Circle Hotspots

1. As sovereign governments increasingly compete in the stablecoin market, the first stablecoin pegged to the Chinese Yuan (CNH) has been launched. The fintech company AnchorX introduced its CNH-pegged stablecoin AxCNH at the Hong Kong "Belt and Road" summit. This token is intended for international transactions and is not applicable for use within mainland China. The digital asset infrastructure company BDACS also launched an over-collateralized stablecoin pegged to the Korean Won, named KRW1. This development comes as China seeks to challenge the dominance of the US Dollar in the digital currency market and establish land and maritime trade routes globally.

2. Flare Network announced the launch of the first stablecoin supported by XRP, created in collaboration with Enosys Loans and backed by Liquity V2. This is a significant milestone for the XRP ecosystem, further solidifying its position in the DeFi space and driving applications beyond remittances. Under the new system, XRP holders can borrow stablecoins without needing to sell their tokens. Its model uses collateralized debt position (CDP) scheme, where users lock FXRP (wrapped XRP) or Flare's native token wFLR as collateral. In return, they create a cryptocurrency that is closely pegged to the US dollar.

On September 22, according to a report by Reuters, EU finance ministers reached a compromise with the European Central Bank on the issuance roadmap for the digital euro, granting finance ministers the decision-making power on issuance and holding limits. This measure aims to reduce reliance on the US payment system and enhance European sovereignty. The legislation for the digital euro is still pending approval from the European Parliament and the European Council, with an official launch expected around 2028 at the earliest.

Market Trend

1. Latest news on Bitcoin: $BTC continues the weekend pullback, currently reported at around 114,760 USD, with liquidations of 46.5 million USD in the past 24 hours, mainly from long positions;

2. After the Federal Reserve (Fed) announced its first interest rate cut in 2025, Wall Street's stock market closed at a new high on September 19, continuing its recent upward trend. The Dow Jones Industrial Average rose by 172.85 points or 0.37%, closing at 46,315.27 points. The S&P 500 Index increased by 32.40 points or 0.49%, closing at 6,664.36 points. The Nasdaq Composite rose by 160.75 points or 0.72%, closing at 22,631.48 points. The Philadelphia Semiconductor Index fell by 45.92 points or 0.73%, closing at 6,232.24 points.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 115,178.70 USDT, if it drops to around 114,394 USD, the cumulative liquidation amount for long positions exceeds 228 million USD; if it rises to around 116,724 USD, the cumulative liquidation amount for short positions exceeds 407 million USD. The liquidation amount for shorts is significantly higher than that for longs, and it is advisable to reasonably control leverage ratios to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 585 million USD, outflow was 646 million USD, resulting in a net outflow of 59 million USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $ETH, $BTC, $SOL, $DOGE, and $XRP have seen net outflows, indicating trading opportunities.

News Updates

1. EU finance ministers and the European Central Bank reached a compromise on the issuance roadmap of the digital euro.

2. Musk responds to being in the same frame as Trump: "For Charlie"

3. Arthur Hayes is suspected of selling 96,600 HYPE, worth 5.1 million USD.

4. Tether CEO: USDT market capitalization exceeds 172 billion USD, reaching a new high.

5. The Aster project team multi-signature wallet transferred 80 million APX to Aster half an hour ago.

6. Data: Tokens such as PARTI, NIL, MBG will see a large unlocking next week, with PARTI unlocking a value of approximately 34 million USD.

7. Michael Saylor once again released a Bitcoin Tracker message, which may disclose the accumulation data next week.

8. Investment bank Jefferies: Capital is shifting from speculative assets to tokens that drive real applications; don't just focus on BTC.

9. Liu Yuanchun, President of Shanghai University of Finance and Economics: The comprehensive implementation and promotion of the US dollar stablecoin alleviates the risks presented by US debt.

10. Ronin Treasury plans to initiate RON token buyback on September 29.

11. The Singapore Civil Defence Force plans to launch a blockchain system called TruCerts.

12. Michael Saylor: Bitcoin may appreciate at an average annual rate of nearly 29% over the next twenty years.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "The weekend was almost safely passed, 20% of the long positions were closed, mainly still worried about Monday's reaction to H-1B. The main reason was mentioned yesterday, although the contracts were closed, the spot market hasn't moved at all. There hasn't been any systemic-level risk seen in the trend yet. Of course, whether there will be a reaction to H-1B tomorrow is just my personal opinion and does not mean I am right. Trump doesn’t have much else outside of H-1B. Although there was a press conference today, it mainly talked about regional conflicts including Russia. These matters are not likely to change the narrative of the US stock market for now. Interestingly, Trump has not made any statements regarding the Federal Reserve and Powell so far, and there haven't been any important data recently, so it is highly probable that it will still maintain a correlation with the US stock market's fluctuations."

"Looking back at the data of Bitcoin, the liquidity continued to decrease on Sunday, and the turnover rate also continued to decline. Although the turnover rate is not as low as the same period last week, it indicates that investors are not very interested in the current BTC price, especially after the recent interest rate game has concluded, the sentiment of short-term investors should have settled down for a while. Currently, it is likely a vacuum period for short-term investors. In simple terms, investors are somewhat confused about the upcoming short-term market. Although there is still the possibility of two more rate cuts, this sentiment has already been released during the September interest rate meeting. Next, it’s time to look at the data, but there’s simply not much data available in the short term."