Regulation & Macro
U.S. National Debt Exceeds $37 Trillion for the First Time
Politico: Trump Officials Consider Jefferson, Fed Vice Chair, as Fed Chair
Vietnam to Pilot Digital Asset Exchange in International Financial Center
The Vietnamese government announced plans to pilot a digital asset exchange in an international financial center. Three legal measures have laid the groundwork for the digital asset sector, including a parliamentary resolution on developing the financial center, a digital asset exchange pilot proposal submitted by the Ministry of Finance, and a new law clarifying asset category definitions. The Ministry of Finance is refining the pilot policies, expected to be submitted to the government in August, covering issuance, trading, and management. Service agencies can independently choose listed assets, prioritizing high-liquidity varieties. Officials emphasize blockchain as core infrastructure and will strengthen network security and risk management. The central bank is studying the CBDC model.
Grayscale Cardano Trust ETF Registered in Delaware
Delaware company registration information shows that the Grayscale Cardano Trust ETF was officially registered on August 12, 2025, with registration number 10293424. The entity type is a Statutory Trust, with CSC Delaware Trust Company as the registered agent, located at 251 Little Falls Drive, Wilmington, DE 19808.
Do Kwon Intends to Plead Guilty to Conspiracy to Commit Fraud and Wire Fraud
According to Reuters, at a U.S. court hearing, the judge stated that Do Kwon will plead guilty to conspiracy to commit fraud and wire fraud related to the collapse of over $40 billion in cryptocurrency. Kwon was accused of misleading investors by claiming TerraUSD stablecoin could be algorithmically re-pegged, while secretly instructing high-frequency trading firms to buy and raise prices. This action drove TerraUSD and Luna's market cap to $50 billion in spring 2022. Kwon previously settled with the SEC, paying an $80 million fine and being banned from crypto trading. He has been in custody since being extradited from Montenegro in 2024.
Project Updates:
Qubic Claims Team Experiments Verify PoW Protocol, Emphasizes No Damage to Monero Network
Circle to Issue 10 Million Shares, Including 8 Million Sold by Existing Shareholders
Stripe Appoints Paradigm Co-founder Matt Huang as First CEO of Tempo Blockchain
According to Fortune, payment giant Stripe will have Paradigm co-founder and managing partner Matt Huang as the first CEO of its new blockchain project, Tempo. Huang will retain his Paradigm position. Tempo is positioned as a high-performance Layer 1 blockchain focused on payments and Ethereum code-compatible. Stripe recently acquired stablecoin company Bridge and wallet service Privy to strengthen its stablecoin tech stack. It's unclear whether Tempo will issue its own token, and the specific mainnet launch date has not been disclosed.
Coinbase to Include WalletConnect Token (WCT) in Asset Roadmap
Circle Announces ARC, a Stablecoin-Focused Layer 1 Blockchain
Circle's Planned Arc Blockchain Will Use USDC as Native Gas
According to Circle's official blog, they announced Arc, an open Layer 1 blockchain designed specifically for stablecoin financial scenarios. Arc uses USDC as native gas, supports low and predictable dollar-denominated fees, and has a built-in institutional-grade forex engine for 24/7 automatic stablecoin settlement. Arc uses the Malachite high-performance consensus mechanism, supporting sub-second finality and optional privacy protection. The chain is EVM-compatible, targeting cross-border payments, stablecoin derivatives, on-chain credit, and capital market settlements. Public testing is expected this fall, with mainnet launch in 2026.
SUI Network Mistakenly Releases Robinhood Listing Announcement, Suspected Premature Leak
According to SUI Blog, SUI Network briefly published and quickly deleted a blog post announcing SUI token's listing on Robinhood, sparking market speculation about a premature leak or embargo failure. The announcement emphasized SUI ecosystem growth and the listing's potential to improve user accessibility and trust. The official has not yet issued a formal statement, and information remains to be confirmed.
Grayscale Launches DeepBook and Walrus Trusts, Positioning in Sui Ecosystem Key Protocols
According to The Block, Grayscale announced the establishment of DeepBook and Walrus single-asset trusts, holding DEEP and WAL native tokens from the Sui blockchain. DeepBook provides a liquidity layer for Sui network DeFi applications, while Walrus focuses on on-chain data storage and privacy, supporting cross-chain applications. The tokens' market caps are $372 million (DEEP ranked 226) and $559 million (WAL ranked 168), with prices dropping about 5% and 3% in the past 24 hours. Trust products are only open to qualified investors for daily subscription and do not promise secondary market trading.
BitMine Plans to Increase Issuance by $20 Billion in Common Shares
According to the company's supplementary prospectus filed with the SEC, BitMine (BMNR) plans to add a $20 billion "market-based" issuance authorization on top of previous $20 billion and $25 billion limits, raising the total scale to $245 billion. The document shows the company has sold about $4.5 billion in stock as per the original plan. BMNR is listed on NYSE American, with a closing price of $58.98 on August 11.
Starknet Mainnet Welcomes Derivatives DEX Extended
According to The Block, the decentralized perpetual contract exchange Extended, built by the former Revolut team, has launched on Ethereum Layer 2 network Starknet mainnet, supporting over 50 trading pairs and up to 100x leverage. Extended previously ran on StarkWare's StarkEx, with a daily average trading volume of $319 million and approximately 70% annualized returns in the past 30 days. The project has raised $6.5 million, with investors including Tioga Capital, Semantic Ventures, and StarkWare. Extended will migrate to Starknet in three phases, with the first two weeks running both old and new versions before gradually closing the old version. U.S. users cannot access the platform.
Binance to Launch 33rd Exclusive TGE: Cherry AI (AIBOT)
Binance Wallet will jointly launch the 33rd exclusive TGE with Cherry AI (AIBOT) on PancakeSwap on August 14, 8:00-10:00 (UTC). Users need to use Binance Alpha Points to participate. The official stated that 30 million AIBOT tokens will be used for related activities, with specific details to be announced.
Company Financial Reports:
eToro's Cryptocurrency Trading Revenue Exceeds 90% in Second Quarter
eToro's latest financial report shows that cryptocurrency trading revenue in the second quarter reached $1.91 billion, accounting for 91% of total revenue. The company's total revenue was $2.09 billion, with crypto asset trading remaining the primary source of income. During the same period, the company's crypto derivatives trading net loss was $8.4 million. Compared to the first quarter, the proportion of crypto income slightly decreased (93% in Q1), indicating an improved contribution from sectors like stocks. eToro recently announced plans to tokenize US stock assets on the Ethereum blockchain to expand its trading products. The company went public on Nasdaq in May at $52 per share, with the current stock price at $50.7, down 8.2% from its initial listing.
Circle's USDC Circulation Grows 90% Year-on-Year in Q2, Net Loss of $482 Million
According to BusinessWire, Circle (NYSE: CRCL) released its Q2 2025 financial report, with USDC circulation growing 90% year-on-year to $61.3 billion, and total revenue and reserve income increasing 53% year-on-year to $658 million. Affected by non-cash expenses related to the IPO, the net loss was $482 million. Circle completed a $1.2 billion IPO, launched the Circle Payments Network, announced partnerships with Binance, OKX, and plans to launch Arc, a Layer-1 blockchain designed specifically for stablecoin finance.
Financing & Acquisitions
Pantera Capital Discloses Investment of Over $300 Million in DAT Company
Coinbase Announces Restart of Stablecoin Seed Funding
Perplexity Proposes $34.5 Billion Acquisition of Chrome Browser
According to the Wall Street Journal, AI company Perplexity has made a $34.5 billion offer to Google to acquire its Chrome browser. Perplexity is currently valued at around $18 billion, and the company claims that multiple large venture capital funds have agreed to fully support the transaction.
Transak Completes $16 Million Strategic Financing, Led by IDG Capital and Tether
Web3 payment infrastructure company Transak announced the completion of a $16 million strategic financing round, led by IDG Capital and Tether, with participation from Primal Capital, 1kx, Protein Capital, and Fuel Ventures. Transak plans to use the funds to expand its stablecoin payment network and enter new markets. The company states that approximately 30% of its $2 billion transaction volume comes from stablecoin liquidity, and it has obtained compliance licenses in the US, UK, EU, Canada, Australia, and India. Tether currently holds over 60% market share in the stablecoin market.
1Kosmos Completes $57 Million Series B Funding to Advance Biometric Identity Security
According to Tech in Asia, US identity verification platform 1Kosmos announced the completion of a $57 million Series B funding round, led by Forgepoint Capital and Origami's Oquirrh Ventures, with Bridge Bank providing a $10 million credit line, bringing total funding to over $72 million. 1Kosmos plans to use the new funds to drive product innovation, accelerate market expansion in North America, Europe, Middle East, and Asia-Pacific, and deepen technical integration with mainstream Identity and Access Management (IAM), Customer Identity and Access Management (CIAM), Privileged Access Management (PAM), and Zero Trust platforms.
Diginex to Acquire Compliance Automation Company Findings for $305 Million
Nasdaq-listed digital asset financial services company Diginex announced the signing of a memorandum of understanding to acquire compliance automation company Findings for $305 million, including $270 million in Diginex company shares and up to $35 million in cash.
On-Chain & Important Data:
pump.fun First Sells 86,000 SOL After Token Launch, Exchanging for $16.28 Million USDC
Ethereum Foundation-Related Address Sells 2,794.87 ETH in Two Hours
Anonymous Whale Adds 35,000 ETH, Total Holdings Reach 328,000 ETH
USDC Treasury Mints 500 Million USDC on Solana Chain
According to Whale Alert, on August 12 at 18:55 and 18:56 Beijing time, the USDC Treasury minted 250 million USDC on the Solana chain twice, totaling $500 million.
Aave Ranks in Top 40 US Bank Deposits
The decentralized finance protocol Aave's deposit size has exceeded that of three US banks, rising to 38th place among US banks with total deposits of $67.921 billion.
