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PENGU briefly overtook BONK as the top Solana meme coin, signaling a potential shift in the meme coin leaderboard.
Quick Take Ethereum’s validator exit queue reached 521,000 ETH (about $1.9 billion), the highest since early 2024. The entry queue also grew, with 359,500 ETH (~$1.3 billion) waiting to stake.
The 70-year old textile firm joins the growing trend of Asian companies adopting the leading asset.
The SEC halted Bitwise’s ETF just days after stopping Grayscale’s mixed crypto fund, marking two sudden reversals this month.
Flare (FLR) jumps 68% this month, breaks long-term downtrend, gains $102M in volume, and eyes $0.032 next.
The XRP community hopes that the Ripple vs SEC lawsuit will be settled on August 15, which is the deadline for the status reports.
Altcoins are showing broad strength following Bitcoin’s lead, but surging open interest across the sector suggests speculative froth may be building, raising the risk of sharper volatility ahead.
- 06:28Yield-Bearing Stablecoin Supply Surges Following Passage of the GENIUS ActAccording to a report by Cointelegraph cited by Jinse Finance, the supply of yield-bearing stablecoins has surged since the passage of the GENIUS Stablecoin Act in July. Data shows that the biggest beneficiaries are Ethena’s USDe and Sky’s USDS, both of which offer yields when staked within their respective protocols. According to DefiLlama data, since July 18, the circulating supply of USDe has increased by 70% to $9.49 billion, making it the third-largest stablecoin by market capitalization. During the same period, the circulating supply of USDS rose by 23% to nearly $4.81 billion, ranking fourth in market capitalization. Anthony Yim, co-founder of analytics firm Artemis, stated: “Although the GENIUS Act prohibits the issuance of yield-bearing stablecoins in the United States, the supply of such stablecoins has grown significantly, making them ‘unexpected winners.’” Julio Moreno, Head of Research at CryptoQuant, noted that because the GENIUS Act bans issuers from directly providing yields to holders, investors have turned to yield-bearing or staked stablecoins to earn returns.
- 05:52Peter Schiff: A September Rate Cut Is Not a Foregone Conclusion, Inflation May Exceed ExpectationsEconomist and cryptocurrency critic Peter Schiff stated: "A rate cut in September is not a certainty, as the inflation data to be released before the next Federal Reserve meeting may come in higher than expected. The market is rising on expectations of a rate cut, but this actually reduces the likelihood of a cut. Stronger inflationary pressures will outweigh the impact of slowing job growth."
- 05:52US SEC Updates Accounting Guidelines for Dollar Stablecoins, Some Stablecoins May Be Classified as "Cash Equivalents"According to ChainCatcher, the U.S. Securities and Exchange Commission (SEC) has updated its staff guidance on accounting rules for stablecoins. The core of the new guidance states that if a U.S. dollar-pegged stablecoin has a guaranteed redemption mechanism and its value stability is linked to another class of assets, it may be classified as a "cash equivalent." While the SEC is formulating broader cryptocurrency regulatory rules, this latest interim guidance is part of Chairman Paul Atkins' efforts to lift restrictive measures. For example, in April of this year, the SEC clarified that "covered" U.S. dollar stablecoins are not considered securities and confirmed that entities engaged in the issuance and redemption of such stablecoins do not need to register these activities with the agency.