Web3 Weekly Report: US stablecoin legislation advances, crypto market welcomes new opportunities

Macroeconomic Trends

The U.S. Senate has passed the GENIUS stablecoin bill, marking an important milestone in stablecoin regulation. The bill also needs to be approved by the House of Representatives and the President to officially take effect. During the legislative process, lawmakers engaged in heated discussions on issues related to stablecoins associated with the Trump family.

At the same time, Hong Kong has also made progress in stablecoin legislation. Regulators have conducted tests on three issuing institutions. Some lawmakers have called for the inclusion of the renminbi stablecoin into the regulatory framework to strengthen Hong Kong's status as a digital financial center connecting the mainland and overseas.

In the crypto market, Bitcoin is entering a "stair-step" upward trend. Analysts predict that its annual compound growth rate will stabilize at around 8%, and a price level of $160,000 may be just around the corner.

Ethereum has recently experienced a significant rebound, but there is still an uneven distribution of activity within its ecosystem. Comprehensive data analysis shows that Ethereum is undergoing a deep value reconstruction.

AI and Meme Craze

The popular IP Labubu has successfully entered the US market, driving the price of the eponymous token LABUBU to soar. This phenomenon reflects the younger generation's pursuit of personal expression and has also garnered the attention of the capital markets.

Looking back at the past few years, the development of AI in the Web3 field has gone through several waves of hype. From concept to application, AI is gradually landing in the blockchain world.

However, the chaos surrounding Meme tokens has also drawn attention. An influencer faced an FBI investigation and death threats due to endorsement issues, exposing potential legal and security risks in this field.

Innovative Project Updates

The Monsters project in the Abstract ecosystem is drawing significant attention, supported by a strong team and official backing.

The Bitcoin Layer 2 project Spark, created by members of the PayPal founding team, has also received support from top investment firms like a16z, and its ecosystem is beginning to take shape.

Recent data from the virtual asset platform Virtuals Genesis shows that early participants have an average return of 32 times, and there is a positive correlation between the level of oversubscription of the project and the return rate.

Industry Hotspot Analysis

The recent Movement event has sparked reflection on the behavior of market makers. Industry insiders are calling for enhanced information disclosure to promote market standardization.

The new Ethereum whale Abraxas Capital has attracted attention. This London-based asset management company has heavily invested in Ethereum DeFi strategies and is seen as an important institutional client of Tether.

The algorithm mechanism of the content creation platform Kaito has sparked controversy, with some arguing that it may limit creators' freedom.

The Web3 gaming sector is facing a reshuffle, with multiple projects announcing shutdowns due to funding difficulties. This reflects that the blockchain gaming industry is undergoing a crisis of confidence.

Bancor has filed a patent infringement lawsuit against Uniswap, sparking a discussion on the balance between open-source spirit and commercial interests.

The Sui ecosystem has encountered a major security incident, with a major DEX losing 260 million USD due to an oracle vulnerability. The official response measures have also sparked controversy over centralization.

In terms of the stablecoin ecosystem, data from 12 major public chains shows that SUI is growing the fastest, while the issuance of USDT on the TRON network has exceeded that on Ethereum.

Market Trends

Solana Mobile announces that the second Web3 phone is about to be shipped, and plans to launch a new token.

CME Group officially launched XRP futures contracts.

Société Générale is expected to become the first traditional bank to issue a US dollar stablecoin on the Ethereum network.

The scale of US Treasury bonds held by Tether has exceeded that of Germany, reaching over $111.4 billion.

BlackRock and Circle have reached a partnership, committing not to issue stablecoins independently in the next four years.

Several major American banks are discussing the possibility of jointly issuing stablecoins.

Kraken exchange will offer over 50 tokenized stocks and ETF products, including shares of well-known companies such as Apple and Tesla.