Market data shows that the XPL contract price briefly surpassed $0.80, currently trading at $0.811, a 24-hour increase of nearly 15%, likely due to Plasma's launch of a stablecoin-native financial application. This follows news that Plasma announced the launch of Plasma One, a stablecoin-native financial application that supports direct payments from stablecoin balances while earning over 10% in returns, focusing on markets with the highest demand for US dollars.

UXLINK, a Web 3 social platform, has officially disclosed a security vulnerability in its multi-signature wallet, resulting in the illegal transfer of a large amount of crypto assets to centralized and decentralized exchanges. The team is currently collaborating with security experts to investigate the cause and has urgently contacted major exchanges to freeze the relevant funds. The team has also reported the case to the police and regulatory authorities and will continue to update on any progress.

Vitalik Buterin stated in a post on the X platform that Base, as an L2 platform built on Ethereum, enhances user experience through centralized features while relying on Ethereum's decentralized underlying infrastructure for security. Base lacks custody of funds and cannot steal user assets or block withdrawals, which meets the definition of L2 beat Stage 1. He noted that if L2 ceases to operate, users can still automatically retrieve their funds through Ethereum contract logic. Furthermore, there are existing cases demonstrating that L2 can prevent operators from censoring transactions. Vitalik emphasized that L2 is an extension of Ethereum, not a custodial server. User funds are ultimately controlled by Ethereum L1 and cannot be stolen or frozen by L2 operators.

OKX market data shows that ETH has broken through 4200 USDT and is currently trading at 4200.2 USDT, a 24-hour increase of 5.59%. (This newsletter is generated by AI)

Cleveland Fed President Hammack said on Monday that with inflation still above the Fed's 2% target and remaining stubbornly high, the Fed needs to be "very cautious" in lifting restrictive monetary policy. "I think we're a short distance away from the neutral interest rate, and if we remove that constraint on the economy, I'm worried about overheating again," said Hammack, one of the most hawkish officials who has no vote this year. She did not make it clear whether she supported last week's rate cut. She stressed that inflation remains a major concern for her, while the job market remains close to the Fed's maximum employment goal. Hammack expects the unemployment rate may rise slightly this year, but will fall again soon. "On the inflation side, we've deviated even further from our target, by a full percentage point. And we've failed to meet our target for four and a half years in a row, and we expect to continue to do so for the next few years."

The U.S. Supreme Court hinted Monday that it would consider expanding the president’s power to shape independent agencies by overturning nearly a century-old precedent. The court agreed to hear the case of Rebecca Slaughter, a Democratic commissioner of the Federal Trade Commission who was reinstated by a lower court under a 90-year-old decision known as the Humphrey Execution case. At that time, the court unanimously ruled that commissioners, as independent regulators, can only be removed for misconduct or malfeasance in office. Gwen Wilcox of the National Labor Relations Board and Kathy Harris of the Civil Service Protection Board also asked that their cases be heard if the Supreme Court hears Slaughter’s case. The Supreme Court has allowed the president to temporarily fire the three commissioners but has also suggested there may be limits to the power at the Federal Reserve, which is expected to be tested in the case of former Fed Governor Tim Cook.

Bakkt (BKKT), a crypto platform listed on the New York Stock Exchange, announced the appointment of tech entrepreneur Mike Alfred to its board of directors, sending the company's stock price soaring over 40% during trading on Monday. As of 2:23 PM ET, the stock price was trading at $14.95, a 43% increase in a single day. Mike Alfred is a prominent figure in the digital asset sector. He is the founder and managing partner of investment firm Alpine Fox and serves on the board of directors of Bitcoin mining company Iren. He co-founded Digital Assets Data, a digital asset data company acquired by New York Digital Investment Group in 2020. His appointment was viewed by the market as a significant signal of Bakkt's strengthening institutional strategy, driving a sharp rebound in its stock price. Notably, the recent surge partially reversed a 40% drop in Bakkt's stock price in July of this year following the announcement of a $75 million IPO (partially used to acquire Bitcoin). Mike Alfred said that Bakkt is expected to build an institutional-level fintech platform in the next decade around the four major trends of digital asset trading, stablecoin payments, AI agents and Bitcoin.

AgriFORCE, formerly a Nasdaq-listed company, announced it will rebrand to AVAX One and launch a $550 million fundraising program, aiming to become the first publicly listed company dedicated solely to investing in the Avalanche ecosystem. The company plans to hold over $700 million worth of AVAX tokens and is advised by SkyBridge founder Anthony Scaramucci and Coinbase's head of institutional business, Brett Tejpaul. The fundraising plan includes $300 million in private equity investment and up to $250 million in equity-related financing, with participation from over 50 institutions, including Galaxy Digital and Kraken. The company's long-term goal is to acquire fintech companies and migrate them to the Avalanche network.

Rainbow, a non-custodial crypto wallet, announced that it will launch its native token, RNBW, by the end of the year. This announcement comes shortly after Consensys founder Joe Lubin confirmed that MetaMask is developing the MASK token. The Rainbow team stated that RNBW is part of its "Phase 3" development, which will also include DeFi portfolio management, multi-chain support, real-time price and balance updates, and perpetual contract trading powered by Hyperliquid. Rainbow launched a points program in 2023 to attract users and completed an $18 million Series A funding round in 2022, led by Seven Seven Six, a fund founded by Reddit co-founder Alexis Ohanian.

Jon Charbonneau, founder of crypto investment firm DBA and crypto blog Uncommon Core 2.0, and Hasu, head of strategy at Flashbots, have launched a proposal to reduce the total supply of HYPE by 45%. The proposal proposes the following changes to Hyperliquid's economic model: All unminted HYPE currently allocated for future unlocks and community rewards (FECR) will be revoked; all HYPE currently held in the Assistance Fund (AF) will be destroyed, along with any HYPE acquired by the AF; and the maximum supply cap of 10 HYPE will be removed. Ongoing token issuance (e.g., for staking issuance or community rewards) will increase the total supply. The proposers stated that Hyperliquid's current large number of authorized, uncirculated tokens could be problematic, and that the proposal would not impact the relative ownership of the protocol's economics by existing HYPE token holders, Hyperliquid's ability to fund value-added initiatives, or how these decisions are made. The proposal's originator disclosed that one or more investment funds managed by DBA, as well as two co-authors, hold significant positions in HYPE tokens. If this proposal proceeds to a formal governance vote and DBA, its affiliates, and/or co-authors are able to participate, all co-authors currently intend to vote in favor, as applicable.

What does MetaMask's token launch mean? Why choose now? What uses and value propositions might its tokens possess, and how will it impact the competitive landscape of the entire crypto wallet market?

Futu Securities and Tiger Brokers have tightened rules, now only allowing mainland Chinese residents with permanent overseas residency to open new accounts. This change limits access to offshore trading after regulators cracked down on cross-border brokerage activity.

The global financial order is shifting fast—and the U.S. dollar may be losing its grip. China’s currency internationalization drive is accelerating, global payments in yuan are soaring, and the cracks in the dollar’s dominance are becoming too large to ignore.

Analyze current signals from miners, structural changes impacting the industry, and how these changes might impact Bitcoin and mining stocks.

This year's FOMC voting member Musallem said that further interest rate cuts are premised on the risk of persistently above-target inflation not increasing; Bostic expects the challenges of labor supply to be more severe; Hammack said the employment situation is still good and that easing should be cautious to avoid overheating of the economy.

The US economy stands on the brink of a potential recession. The combination of a widening fiscal deficit, soaring public debt, and the increasing financialization of the economy creates the ingredients for a perfect storm.

The public chain of stablecoins is the inevitable result of the industry's transformation from "wild growth" to "deepening value cultivation".

Golden Finance has launched the "Golden Web3.0 Daily" to provide you with the latest and fastest MEME, DeFi, DAO, NFT and metaverse industry news.

With the gradual implementation of the stablecoin regulatory framework, stablecoins have grown into the core infrastructure of the crypto-financial system and even cross-border payment networks over the past year.

The stablecoin craze continues, and recently many bigwigs outside the circle have been asking me about stablecoin-related information.