Coinbase CEO Brian Armstrong recently stated on David Senra's podcast that the SocialFi feature experiment launched in the Base App last year "wasn't really a success." Armstrong said the feature was initially just an experiment, but the actual results fell short of expectations. Therefore, Coinbase has shifted its product direction, refocusing the Base App on trading functionality and the self-custodied wallet experience, making it more like a "self-custodied version of the Coinbase app." In July 2025, Coinbase relaunched its non-custodial wallet, Coinbase Wallet, as the Base App, positioning it as an on-chain "super app" integrating social, messaging, gaming, and trading. Base team leader Jesse Pollak previously heavily promoted the Creator Coin feature, allowing users to tokenize creator accounts or social content. Users could purchase related tokens by liking or interacting, generating revenue for creators. However, over time, these SocialFi features were gradually reduced. In early 2026, Pollak stated on social media that the app had previously been "too social" and would shift towards a product experience centered on financial functionality. Subsequently, Base also removed the social feed powered by Farcaster. While some creator tokens briefly gained attention, most failed to maintain their value. For example, journalist Nick Shirley's creator token, $thenickshirley, reached a market capitalization of $15 million after Armstrong's promotion, but subsequently plummeted. Armstrong stated that during the SocialFi experiment, some posts generated thousands of dollars in on-chain value, but the overall model has not yet developed into a sustainable product.

Some voters in Dallas County experienced issues at polling places on Tuesday, as reported by Bloomberg on X. The state’s Democratic and Republican parties are conducting closely watched primaries ahead of the November election. These incidents have raised concerns about voter access and the electoral process in the region. Authorities are investigating the reports to ensure that all eligible voters can participate in the primaries without hindrance.

Hong Kong's American Depositary Receipts (ADRs) generally fell compared to the local market close. According to RTHK, ADRs for HSBC, AIA, and Hong Kong Exchanges and Clearing dropped by over 1% compared to their closing prices in Hong Kong. ADRs for ATMXJ also saw declines, with Tencent and Alibaba experiencing nearly 2% decreases. Edited by Zhang Shimin.

Investment bank TD Cowen suggests that while the banking sector may ultimately be at a political disadvantage in the policy debate surrounding stablecoin yields, ongoing industry maneuvering could slow down or even threaten the progress of the U.S. crypto market structure bill. Jaret Seiberg, Managing Director of TD Cowen's Washington research division, noted in a report that the banking sector's opposition to stablecoins offering yields to users is essentially an opposition to consumers receiving additional returns, making it difficult to maintain a long-term political advantage. However, if this controversy continues to escalate, it could affect the passage of the Clarity Act (Digital Asset Markets Clarity Act). This analysis comes as the Office of the Comptroller of the Currency (OCC) is proposing specific rules for implementing the GENIUS Act (Stablecoin Act). According to the proposal, stablecoin issuers are explicitly prohibited from directly paying interest or yields to holders. Furthermore, if issuers coordinate with affiliated entities to have third-party platforms pay stablecoin yields to users, this could also be presumed illegal. The OCC stated that it will conduct case-by-case assessments and open a 60-day public comment period for the relevant rules.

In a day marked by significant market fluctuations, oil has emerged as a new safe haven for investors. Wall Street Journal (Markets) posted on X, highlighting the shift in investor sentiment as traditional safe havens like gold and government bonds experience volatility. The recent market turbulence has been driven by a combination of geopolitical tensions and economic uncertainties, prompting investors to seek alternative assets. Oil, traditionally seen as a volatile commodity, is now being viewed as a more stable investment option. Analysts suggest that the current geopolitical climate, coupled with supply chain disruptions, has contributed to the rising appeal of oil. As investors navigate these uncertain times, the demand for oil is expected to remain strong, providing a buffer against market instability. This shift in investor behavior underscores the evolving dynamics of global markets, where traditional investment strategies are being reevaluated in light of new economic realities. As the situation continues to develop, market participants will be closely monitoring the performance of oil and other emerging safe havens.

Brazil's central bank has provided partial relief to lenders as they work to replenish the country's deposit insurance fund. Bloomberg posted on X that the fund is expected to absorb nearly $10 billion due to the repercussions from Banco Master. This move by the central bank aims to alleviate the financial burden on banks while ensuring the stability of the deposit insurance system. The decision comes in response to the significant financial impact caused by the fallout, highlighting the central bank's role in maintaining economic stability. The relief measures are designed to support the banking sector as it navigates the challenges posed by the recent developments.

Several institutions have raised their target prices for stablecoin issuer Circle Internet Group, influenced by rising oil prices and changes in interest rate expectations. On Tuesday, Circle's stock price rose nearly 8% to $103.71, a near four-month high. Mizuho analysts Dan Dolev and Alexander Jenkins raised their target price for Circle from $90 to $100, maintaining a "Neutral" rating. Analysts pointed out that the recent rise in oil prices—up about 6% in the past five days and about 24% year-to-date—may lower market expectations for interest rate cuts in 2026. The report believes that changes in interest rate expectations may have a greater impact on Circle's valuation multiples than on short-term revenue. Although analysts only slightly raised their revenue forecasts for the company, the interest income generated by stablecoin reserve assets will still support its business in a higher interest rate environment. However, analysts also warned that as the regulatory framework for stablecoins becomes clearer, market competition may intensify, potentially putting downward pressure on industry profit margins in the long run.

A16z Crypto, a venture capital firm under Andreessen Horowitz, recently published a blog post updating its open-source Jolt zkVM and pointing out a widespread misuse of the "ZK (zero-knowledge)" concept in the industry. A16z states that many so-called zkVMs do not actually possess true zero-knowledge properties unless an additional costly "wrapping" process is implemented. This process typically requires recursive proofs to verify the zkVM's proof again in another proof system that truly possesses zero-knowledge properties. This is not only computationally expensive but also often requires a "trusted setup," sacrificing system transparency. The article points out that in many developers' contexts, "zk" has gradually become synonymous with "succinctness," meaning small proof size and fast verification speed, rather than true zero-knowledge privacy protection. A16z believes that as the industry's demand for privacy protection increases, this conceptual misuse is becoming increasingly problematic. True zero-knowledge proofs should prioritize protecting the privacy of the prover's sensitive data, not just providing an efficient verification mechanism. At the same time, A16z also announced the introduction of the NovaBlindFold folding scheme for Jolt zkVM to enhance its privacy capabilities and make the virtual machine more suitable for privacy-related application scenarios.

South Korea's industrial production fell by 1.9% in January, according to Jin10, marking a significant deviation from the anticipated 0.50% increase. The previous month's figure was revised from 1.70% to 1.5%. This unexpected downturn raises concerns about the country's economic momentum and potential challenges in the manufacturing sector.

FactSet posted on X, providing a concise summary of the day's financial news. The recap covers significant market movements and economic indicators, offering insights into the current state of the financial markets. Investors are advised to stay informed about these developments to make strategic decisions. The report highlights fluctuations in stock prices, currency exchange rates, and commodity values, reflecting the dynamic nature of global markets. Stay tuned for more updates as the situation evolves.

Asset allocation repositories are gradually becoming the main distribution infrastructure for tokenized assets to acquire on-chain capital.

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Goldman Sachs recommends increasing holdings of the US dollar, Japanese yen, and gold to build a defensive portfolio, with gold offering the most certain defensive value, while the strengthening of the US dollar and Japanese yen relies more on short-term geopolitical safe-haven demand.

No matter how heated the governance debates or how ambitious the technological roadmap, if the price of the coin doesn't rise, it's all just empty talk.

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For a long time, the “on-chain dollar” in the crypto world has been almost the default currency standard.

Circle’s stock extended its breakout Monday, climbing another 15% and pushing gains to roughly 60% since last week’s fourth-quarter earnings report, as investors rotate into stablecoin-linked equities amid a broader crypto rebound.