Headlines
▌Stablecoin Total Market Cap Breaks $230 Billion for the First Time
According to The Block, on Thursday, the total market cap of stablecoins broke through $230 billion against the backdrop of U.S. regulatory efforts to promote stablecoin adoption. Based on defillama data, the current total market cap is $230.45 billion, increasing by $2.3 billion over the past seven days. Compared to the same period last year, the stablecoin market cap has grown by 56%. In the overall market cap, Tether's USDT stablecoin dominates with a market cap of nearly $144 billion, accounting for 62.6%, followed by Circle's USDC with a market cap of $59 billion.
▌Central Bank: Opportune Timing for Reducing Reserve Ratio and Interest Rates
The Monetary Policy Committee of the People's Bank of China held its first quarterly meeting of 2025. The meeting discussed the main monetary policy approach for the next phase, suggesting increasing monetary policy regulation intensity, improving the forward-looking, targeted, and effective nature of monetary policy, and reducing reserve ratio and interest rates at an opportune time based on domestic and international economic and financial conditions and financial market operations. Maintain ample liquidity, guide financial institutions to increase monetary credit lending, and ensure that social financing scale and money supply growth match economic growth and price level expectations. Strengthen central bank policy rate guidance, improve market-based interest rate formation transmission mechanisms, play the role of market interest rate pricing self-discipline mechanisms, and enhance interest rate policy implementation and supervision. Promote a reduction in comprehensive social financing costs.
Market
As of press time, according to Coingecko data:
BTC recent trading price is $84,279.62, daily change -0.2%;
ETH recent trading price is $1,984.10, daily change -0.5%;
BNB recent trading price is $635.08, daily change +1.2%;
SOL recent trading price is $128.98, daily change +0.3%;
DOGE recent trading price is $0.1689, daily change -0.1%;
XPR recent trading price is $2.40, daily change -1.7%.
Policy
▌Trump: Will Achieve Comprehensive Ceasefire in Russia-Ukraine Conflict Soon
U.S. President Trump stated that a comprehensive ceasefire in the Russia-Ukraine conflict will be achieved soon.
Blockchain Applications
▌Farcaster Launches Snapchain Mainnet
On March 22, according to Theblock, decentralized social media protocol Farcaster launched the "blockchain-like" data layer Snapchain mainnet and simultaneously introduced an "Airdrop Offers" incentive program to reward active users of the decentralized social media platform. As co-founder Varun Srinivasan announced when launching the Snapchain testnet in December, the new system can process over 10,000 transactions per second. Reports indicate that the system took only six months from conception to formal implementation. Previously, Farcaster planned to launch the new data layer Snapchain in Q1 of next year.
▌BNB Chain Completes Pascal Hard Fork
BNB Chain has successfully completed the Pascal hard fork, which introduced EIP-7702 smart contract wallet, aimed at enhancing EVM compatibility and developer support, as well as optimizing functions involving fuel fee abstraction, smart payment interfaces, and batch transactions. The official roadmap for future improvements was announced: the Lorentz upgrade scheduled for April 2025 aims to reduce block time to 1.5 seconds, improving transaction speed and network efficiency. Subsequently, the Maxwell upgrade in June 2025 plans to further accelerate block time to 0.75 seconds.
Cryptocurrency
▌Hester Peirce: Crypto Startups Should Be Allowed to Raise Funds via NFTs
At the SEC's first crypto roundtable, Hester Peirce stated that crypto projects should be allowed to raise funds through tradable Non-Fungible Tokens and revealed that NFTs might become the next area for SEC exemption statements after PoW mining. Peirce suggested that projects like Stoner Cats and Flyfish Club, which raise funds through NFTs and provide specific rights to holders (such as access rights and memberships), should not be considered securities. She noted that providing a reference framework for NFT issuers would be very helpful for industry development. Previously, the SEC under Gary Gensler had sued multiple NFT projects under securities law, but Peirce emphasized that not all NFT-related projects are automatically exempt from regulation, and NFTs with securities characteristics will still be subject to regulatory constraints.
▌Fidelity Solana Fund Registered in Delaware
According to market information, the Fidelity Solana Fund has been registered in Delaware, United States.
▌MEME Coins Won't Disappear, But Only a Few Will Persist
Nick Tomaino, founder of 1confirmation, posted on X, "MEME coins are neither good nor bad, they just exist, and they obviously won't disappear. Those who think we'll enter an era of 'real value' tokens will be disappointed. Real value is in the eye of the observer. After more than 15 years, billions of people still believe Bitcoin has no actual value. But hundreds of millions believe in it, and its market cap is $1.6 trillion. Most MEME coins will disappear, but a few MEME coins will persist."
▌Swiss National Bank: Will Not Purchase Bitcoin or Other Cryptocurrencies
According to Swiss National Bank Governor Martin Schlegel, despite U.S. President Trump's push to establish a U.S. strategic reserve, the Swiss National Bank will not purchase Bitcoin and other cryptocurrencies, citing their high volatility, lack of security, and absence of a sound legal framework.
Important Economic Developments
▌U.S. Stock Indexes Rise Slightly
U.S. stock indexes rose slightly, with the Dow up 0.07%, Nasdaq up 0.52%, and S&P 500 up 0.08%. Most popular tech stocks rose, with Tesla up over 5% and Apple and Meta up over 1%.
▌Fed's Williams: Fed Not Rushing Next Monetary Policy Decision
Federal Reserve's Williams stated that the September forecast midpoint seems reasonable. Risks to inflation and employment targets have increased, with long-term inflation expectations remaining stable. The Fed is not rushing to make the next monetary policy decision. Trump's policy adjustments indicate economic growth slowdown and rising unemployment.
Jinse Finance Encyclopedia
A cold wallet is a cryptocurrency storage method that remains offline and disconnected from the internet. This setup makes it more difficult for hackers to remotely access funds. Examples include hardware wallets (such as Ledger, Trezor), paper wallets, and isolated computers (devices never connected to the internet).
Disclaimer: Jinse Finance, as a blockchain information platform, provides article content for informational purposes only and does not constitute actual investment advice. Please establish a correct investment concept and be sure to improve risk awareness.
