BIS and BoE plan to regulate stablecoin balance sheets
According to CoinDesk, a new project report released on Wednesday stated that the Bank for International Settlements (BIS) and the Bank of England (BoE) have been able to prove that the balance sheets of asset-referenced stablecoins are regulated. The organizations said on Wednesday that the Pyxtrial project has developed a prototype data analysis pipeline that can provide regulators with near real-time data on stablecoin liabilities and their supporting assets. The report stated: "This technology is the first step towards tools that support regulators to proactively discover stablecoin support issues and help develop policy frameworks based on comprehensive data."
“If a mismatch emerges between the liabilities of a stablecoin issuer (currency in circulation) and the assets backing the stablecoin, this could undermine confidence in the issuer’s ability to provide redemptions at par and trigger a ‘run’, a sudden loss of confidence in the value of the stablecoin,” the report said. The BIS said the Pyxtrial project also has the potential to monitor tokenized products backed by real-world assets.
The U.S. Federal Reserve ended its two-day monetary policy meeting on July 31 and announced that it would maintain the target range of the federal funds rate at 5.25% to 5.5%. This is the eighth consecutive meeting since September last year that the Fed has kept interest rates unchanged, in line with market expectations. The Federal Open Market Committee, the decision-making body of the Federal Reserve, said in a statement issued after the meeting that day that inflation has eased over the past year, but it is still at a relatively high level. In recent months, "more progress" has been made in achieving the 2% inflation target. In the statement of the June meeting, the Fed's wording was "modest progress" in fighting inflation.
Fed Chairman Jerome Powell said at a press conference after the meeting that the risk of unexpected increases in inflation has declined as the labor market cools, while the downside risks to the labor market "are now real." He said that although Fed officials have not yet decided on future actions, if data show that inflation continues to ease, a rate cut could take place as early as September. "We are getting closer to the right time to cut interest rates, but we are not there yet," Powell said. "If the criteria are met, we may discuss lowering the policy rate as early as our next meeting in September."
The Chicago Mercantile Exchange's FedWatch tool shows that the probability of a 25 basis point rate cut in September is 90.5%, and the probability of a 50 basis point rate cut is 9.5%. In addition, the Fed may further cut interest rates at its November and December meetings, each time by 25 basis points.
Musk: xAI is not considering acquiring Character AI
According to Jinshi.com, Musk said: xAI has not considered acquiring Character AI. Earlier this morning, it was reported that Musk's xAI was in talks with the artificial intelligence startup Character.AI about an acquisition .
Elixir launches ‘fully decentralized’ synthetic dollar, aims to challenge Ethena’s USDe
According to The Block, Elixir is a modular blockchain project that focuses on providing liquidity for decentralized order book exchanges. It has launched a synthetic dollar asset deUSD, which aims to challenge Ethena's USDe. Elixir's deUSD is also fully collateralized, using stETH as collateral to create short positions on Ethereum in a delta neutral position. The project said that deUSD pledgers can get additional income in the form of exchange incentives obtained by providing liquidity on top of the base rate of return.
Elixir claims to offer a “truly decentralized,” non-custodial, on-chain USDe alternative with verifiable proof of execution, open source code, and liquidity without reliance on centralized parties. Elixir claims deUSD has several other advantages over USDe, including stability in times of extreme funding shortages. Elixir claims to have $1 billion in liquidity to back new yield tokens, and has also received support from DeFi platforms such as Pendle. Elixir expects to launch mainnet in September.
In March, Elixir announced the completion of an $8 million Series B financing round. This round of new capital brought the project's valuation to $800 million, an eight-fold increase from Elixir's valuation after its $7.5 million Series A financing in October last year. In addition to the $2.1 million seed round in January 2022, Elixir has raised more than $17 million in total funding.
According to CoinDesk, Floki's chief developer B said in an interview that the animated cat brand Simon's Cat is working with Floki, BNB Chain and DWF Labs to launch Meme coins, and is expected to issue tokens using Floki's TokenFi Launchpad on August 8. Part of it will be airdropped to FLOKI token holders, and the other part will be distributed to users who trade Simon's Cat using the Floki trading robot. Meme coin Simon's Cat is officially linked to the mainstream Simon's Cat brand and is the first major cat Meme coin on the BNB chain, supported by the company's IP, which had revenue of $5.8 billion last year.
Simon's Cat is an animated series about a hungry house cat and his adventures. It has more than 20 million followers on YouTube, Facebook and Instagram, according to data. The series mainly consists of videos and memes about the cat.
Taiko clarification: No Taiko entity has ever sent any tokens to the Ethereum Foundation
Taiko, the zkRollup-based Ethereum Layer2 network, said on the X platform: "In the recent series of media articles, there are articles claiming that the Ethereum Foundation abandoned Taiko by selling tokens. We are dissatisfied with the way such articles were published because they did not try to contact Taiko for verification before publishing. No Taiko entity has ever sent any tokens to the Ethereum Foundation. We want to emphasize that Taiko has a close working relationship with the Ethereum Foundation because we are the first Base Rollup. We have always adhered to this philosophy since the beginning and it will not change. In fact, at the recent EthCC event, during a keynote speech by Vitalik, we were labeled as 'EVM purists', which further confirmed the connection between Taiko and the Ethereum Foundation."
Fidelity Lists Physical Bitcoin ETP on London Stock Exchange
Fidelity International has listed a physical Bitcoin ETP on the London Stock Exchange, Bitcoin Magazine reported.
Telegram founder: Telegram launches browser, mini app store and other innovative features
Telegram founder Pavel Durov announced on his personal Telegram channel that Telegram has launched a number of innovative features, including the Telegram browser and mini app store. The Telegram browser allows users to switch between browsing websites and messages, and can access the decentralized website TON Sites. Users can also give Stars and view apps that accept Stars through the mini app store. In addition, mini apps can be spread in the Telegram ecosystem through the upgraded Stories feature.
Trump's official stores all accept Bitcoin payments, including more than a dozen shoes and perfumes
According to the official website of Trump's sneakers, the high-top sneakers with the word Bitcoin are available in orange and black styles, with pre-sale prices of $499 and $299 respectively, limited to 1,000 pairs and 4,000 pairs respectively. Each pair is individually numbered, and some will be randomly signed. Both can be paid with Bitcoin and credit cards. In addition, the website lists more than a dozen other styles of footwear, including golf shoes, low-top sneakers, slippers, as well as two perfumes and a cooler, all of which support Bitcoin and credit card payments. Earlier news, Trump launched a limited edition sneaker that supports payment of cryptocurrencies such as Bitcoin .
DePIN project Daylight completes $9 million Series A financing, led by A16z Crypto
According to The Block, the DePIN project Daylight completed a $9 million Series A financing, led by A16z Crypto, with participation from Framework Ventures, Lattice Fund, Escape Velocity and Lerer Hippeau. Co-founder and CEO Jason Badeaux said the company started in April and completed the financing process within 10 days. He declined to comment on the structure, valuation or whether any investor occupied a board seat (either as an advisor or director) in this round of financing. The Series A financing brings Daylight's total financing to $13 million, after the company raised $4 million in seed funding in the summer of 2022. According to reports, Daylight is a decentralized physical infrastructure network (DePIN) project focusing on energy distribution.
According to the official blog, Tether Holdings Limited released the second quarter 2024 attestation opinion conducted by the independent accounting firm BDO, which provided the main comprehensive financial data of the group as of June 30, 2024, such as the group's equity, in addition to the traditional detailed classification of assets held as token reserves. Net operating profit in the second quarter of 2024 reached US$1.3 billion, which is Tether's best performance ever, and net profit in the first half of the year set a record of US$5.2 billion.
In addition, in the second quarter of 2024, its direct and indirect holdings of U.S. Treasuries in token reserves exceeded $97.6 billion, a record high, making Tether's exposure to U.S. Treasuries exceed Germany, the United Arab Emirates and Australia, and Tether ranks 18th in the ranking of countries holding U.S. debt. In the second quarter of 2024, the group's equity increased by $520 million, taking into account the decline in BTC prices (accounting for -$653 million of unrealized profit and loss), but the positive performance of gold (accounting for $165 million of unrealized profit and loss) partially offset this increase. In addition, the group announced its consolidated net assets, which reached $11.9 billion as of June 30, 2024. In the second quarter, USDt issuance exceeded $8.3 billion.
As of June 30, 2024, the total reserves of Tether tokens in circulation amounted to $118,436,336,293. The total liabilities of the companies that issued Tether tokens amounted to $113,101,998,938, of which $112,395,445,973 were related to the issued digital tokens. As of June 30, 2024, the value of the assets constituting the reserves exceeded the value of the liabilities of the companies that issued Tether tokens by $5,334,337,355. The Group does not consider using part of its reserves to support the issuance of tokens for sustainable energy, Bitcoin mining, data, AI infrastructure, P2P telecommunications technology, neurotechnology, education and other long-term proprietary investments.
Meta's metaverse division Reality Labs lost $4.48 billion in the second quarter of this year
According to CNBC, Meta's second-quarter 2024 financial report released on Wednesday showed that its revenue in the second quarter of this year was US$39.07 billion, the market expected US$38.3 billion, and US$31.999 billion in the same period last year. At the same time, the company's metaverse business Reality Labs department had an operating loss of US$4.48 billion, and analysts expected a loss of US$4.55 billion, compared with US$276 million in the same period last year. Since the end of 2020, the Reality Labs department has accumulated losses of approximately US$50 billion. Reality Labs' revenue mainly comes from the Quest series of VR headsets and Ray-Ban Meta smart glasses, with revenue of US$353 million, an increase of 28% from US$276 million in the same period last year. Meta's revenue in the second quarter of this year was US$39.07 billion, the market expected US$38.3 billion, and US$31.999 billion in the same period last year. Meta said that for the Reality Labs department, it still expects a loss in 2024.
In July, the total loss of Web3 ecosystem due to hacker attacks reached 286 million US dollars
According to Beosin Alert, a blockchain security audit company, in July 2024, the amount of losses from various security incidents increased significantly compared to June. In July 2024, more than 20 typical security incidents occurred, and the total loss amount caused by hacker attacks, phishing scams and Rug Pulls reached 286 million US dollars, an increase of about 56.3% from June. Among them, the attack incidents were about 271 million US dollars, an increase of about 92.2%; the phishing scam incidents were about 12.1 million US dollars, a decrease of about 67.6%; the Rug Pull incidents were about 3.58 million US dollars, a decrease of about 13.1%.
The largest hacker attack in July was on the Indian exchange WazirX, which lost about $230 million, accounting for 85% of the total amount of attacks that month. The second largest attack was on LI.FI, which lost about $11.6 million due to a contract vulnerability.
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