Headlines: Citigroup Considers Providing Custody and Payment Services for Stablecoins and Crypto ETFs. Citigroup is exploring the provision of custody, payment, and USD conversion services for stablecoins and crypto-related ETFs. The group plans to custody the US Treasury bonds and cash backing the stablecoins and may issue its own stablecoin. This move is driven by the passage of stablecoin legislation by the US Congress and the Trump administration's deregulation efforts. Citigroup is also considering using stablecoins for instant cross-border payments and is discussing application scenarios with clients. Coinbase currently dominates the custody business in this area. US Treasury Secretary: The US is Building a Bitcoin Reserve. US Treasury Secretary Benson stated that the US is building a Bitcoin reserve "as a store of value for its people."
Market
As of press time, according to Coingecko data:
BTC price is $118,542, up or down -4.0% in the past 24 hours;
ETH price is $4,567.88, up or down -4.2% in the past 24 hours;
BNB price is $842.13, up or down -0.8% in the past 24 hours;
-4.7%; the price of DOGE is $0.224, with a 24-hour increase or decrease of -8.8%; the price of XRP is $3.09, with a 24-hour increase or decrease of -6.0%. The price of TRX is $0.3583, with a 24-hour increase or decrease of -1.0%. The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have issued a joint statement on market volatility related to stablecoins. The SFC and the HKMA have noted the recent market volatility associated with the concept of stablecoins. The HKMA reiterated that it will adopt a robust and prudent approach and set a high threshold when considering applications for stablecoin issuer licenses. The HKMA emphasized that expressions of interest or submissions of stablecoin license applications, as well as its communication with relevant institutions, are merely part of the licensing process; ultimately, the issuance of a license will depend on whether the application meets the licensing requirements. Given the significant uncertainty surrounding the outcomes of these plans or applications, these fluctuations, driven by market sentiment or speculation, highlight the need to remain vigilant during market frenzy. Sharp stock price fluctuations can lead to irrational decisions and expose investors to unnecessary risks. In light of this, the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) urge the public to exercise caution, thoroughly analyze relevant information, and avoid making irrational investment decisions based solely on market hype or price momentum. The public should remember that making thoughtful and informed decisions in a volatile environment is crucial to mitigating risk. Fintech and cryptocurrency industry executives urge Trump to ban banks from charging data access fees. Fintech and cryptocurrency industry executives are urging the Trump administration to ban US banks from charging fees for accessing customer data, a charge that strikes at the heart of their business models. Klarna Group Plc, Robinhood Markets Inc., and cryptocurrency exchange Gemini are among a host of companies, investors, and advocacy groups that signed a letter to President Donald Trump, stating that the proposed fees would "undermine" innovation and "potentially lead to the complete collapse of small businesses and financial instruments." U.S. Treasury Secretary Benson said he was not asking the Fed to cut interest rates, but was citing model results. U.S. Treasury Secretary Benson said he was not asking the Fed to cut interest rates in a series of rate cuts, but was pointing out that the model showed that the "neutral" interest rate would be about 1.5 percentage points lower than it is now. "I'm not telling the Fed what to do," Benson said, referring to his statement the day before that the Fed "could start a series of rate cuts." "What I'm saying is that it would take about 150 basis points of rate cuts to get to the neutral rate," Bessant said on Thursday. "If you believe in the existence of a neutral rate, I think there's room for a series of rate cuts, but I'm not calling for a rate cut, and I didn't call for that. I'm just saying that the model-calculated neutral rate is about 150 basis points lower than the current level." ▌The US will temporarily waive some sanctions on Russia
According to Ukraine's Kyiv Independent newspaper on the 14th, the US Treasury Department announced that the US will temporarily waive some sanctions against Russia and allow related transactions necessary to prepare for the US-Russia summit in Alaska in order to advance preparations for the summit. (Global Times) Coinbase Completes Acquisition of Deribit: Blockchain Applications. Coinbase announced the completion of its acquisition of Deribit, officially becoming the world's most comprehensive cryptocurrency derivatives platform. The acquisition comes on the heels of Deribit's recent record-breaking monthly trading volume and revenue, exceeding $185 billion in July 2025 and boasting approximately $59 billion in open interest. This acquisition also comes amidst growing global interest in cryptocurrency options. Google Acquires 8% Stake in Bitcoin Mining Company TeraWulf for $3.7 Billion. According to @BTC_Archive, Google has acquired an 8% stake in Bitcoin mining company TeraWulf for $3.7 billion.
Cryptocurrency
▌U.S. Treasury Secretary: The United States is exploring a "budget-neutral" approach to acquiring more Bitcoin
U.S. Treasury Secretary Bessant: The confiscated Bitcoin will be used as a U.S. strategic reserve, and the United States is exploring a "budget-neutral" approach to acquiring more Bitcoin.
▌The U.S. government is estimated to hold up to 165,000 Bitcoins
According to market news released by @pete_rizzo_: The U.S. government is estimated to hold up to 165,000 Bitcoins. The United States has been confirmed to be one of the world's top ten Bitcoin holders, which will have a far-reaching impact on the world. US Treasury Secretary: Will Stop Selling Bitcoin Holdings. US Treasury Secretary Bensonte: Bitcoin reserves are valued at approximately $15 billion to $20 billion, and will stop selling Bitcoin holdings. Abu Dhabi Sovereign Wealth Fund Holds $530 Million BlackRock Bitcoin ETF. According to a filing disclosed by the US SEC today, Abu Dhabi sovereign wealth fund Mubadala held 8,726,972 shares of IBIT as of June 30, with a market value of approximately $534 million. This holding has remained unchanged since the previous filing in May. Separately, in a new filing, Al Warda Investments disclosed holding 2,411,034 shares of IBIT as of June 30th, with a market value of approximately $147.5 million. The manager of this holding is listed in the filing as the Abu Dhabi Investment Council, Mubadala's sovereign wealth fund. The US Securities and Exchange Commission (SEC) has extended its review of the Bitwise Solana ETF and the 21Shares Core Solana ETF until October 16th. The SEC stated in the announcement that this was to allow sufficient time to review the proposals and raise questions. Similar delays have previously occurred for Solana ETF applications from Grayscale and Fidelity, and this has become a common practice for the SEC in handling crypto ETF proposals. According to the latest data from Strategythreserve, the total holdings of Ethereum treasury companies and ETFs have exceeded 10 million ETH, currently reaching 10.01 million ETH, valued at approximately $46.22 billion. Of this, the Ethereum Treasury holds 3.57 million ETH in reserves (worth $16.49 billion), while the Ethereum ETF holds 6.44 million ETH (worth $29.73 billion). The total size of Ethereum ETFs has surpassed the $30 billion mark, reaching a new all-time high. According to a chart released by @SERdotxyz, the total size of Ethereum ETFs has surpassed the $30 billion mark, reaching a new all-time high. Sequans (NYSE: SQNS), a US-listed company, has announced a strategic plan to purchase 100,000 Bitcoins by the end of 2030. The company launched its Bitcoin reserve strategy in July 2025 and currently holds 3,171 Bitcoins, ranking 22nd among publicly listed companies globally. Sequans will continue to optimize its asset structure and achieve long-term financial stability through phased capital operations, including equity issuance, Bitcoin-backed credit, and intellectual property monetization.
▌BNB Network Company Announces Increase of 88,888 BNB
Nasdaq-listed BNB Network Company (BNC) announced that it has increased its holdings of 88,888 BNB tokens, following the increase of 200,000 BNB tokens earlier this week. This increase marks another step towards BNB Network Company's publicly stated goal of holding 1% of the total BNB supply by the end of 2025.
▌US-listed Jeffs' Brands Announces Launch of $75 Million Cryptocurrency Fund Management Program
E-commerce company Jeffs' Brands (NASDAQ: JFBR) announced the launch of an AI-driven cryptocurrency fund management strategy program. The program will invest up to $75 million to manage five major cryptocurrencies, including Bitcoin, to optimize returns. The program will be managed by Quantum Crypto, an affiliate of Tectona Ltd., a major Israeli cryptocurrency company. According to the agreement signed by the two parties, Quantum Crypto will provide cryptocurrency fund management services, including infrastructure development, trading, and staking services. USDC Treasury minted 940 million new USDC in the past nine hours. According to Whale Alert, USDC Treasury minted a total of 940 million new USDC in 10 transactions over the past nine hours.
Important Economic Dynamics
▌The number of initial jobless claims in the U.S. for the week ending August 9 was 224,000.
The number of initial jobless claims in the U.S. for the week ending August 9 was 224,000, in line with expectations of 228,000. The previous value was revised from 226,000 to 227,000.
▌Trump: Inflation has fallen to a perfect level
U.S. President Trump: Inflation has fallen to a perfect level; there is almost no inflation. Powell's Jackson Hole speech time announced, market focus on rate cut expectations and successor selection. According to the Federal Reserve's schedule, Federal Reserve Chairman Powell will deliver a speech on the economic outlook and an assessment of the Fed's policy framework at the Kansas City Fed's annual central bank conference in Jackson Hole, Wyoming, at 10:00 AM ET on August 22 (10:00 PM BJT). This speech comes at a critical time: recent data suggests tariffs have had some impact on inflation, while the job market is slowing. This complex situation has reinforced market expectations that the Fed may announce a 25 basis point rate cut at its meeting next month. Meanwhile, US President Trump continues to pressure Powell to cut interest rates and is searching for a successor. Powell's term as Fed Chair expires in May of next year.
▌Federal Reserve's Musallem: It's too early to decide on the September interest rate decision
Federal Reserve's Musallem said it is too early to decide whether to cut interest rates at next month's meeting. When asked whether there was reason to cut interest rates by 50 basis points next month, Musallem said that from his point of view, this would be "not supported by current economic conditions and economic outlook." Musallem said that on the one hand, "the data is beginning to give us some signs of whether there is a possibility of persistent inflation." At the same time, he mentioned "downside risks to the labor market." Musallem said that slowing U.S. economic growth, coupled with tariffs putting pressure on corporate profit margins, could threaten the labor market that has performed well so far. He said: "I am weighing these two factors, and when we see tension between the two objectives, we need to adopt a balanced strategy."
Federal Reserve Reverse Repo Scale Falls to 2021 Low
The Federal Reserve accepted a total of $28.818 billion from 14 counterparties in fixed-rate reverse repo operations, a new low since 2021.
Golden Encyclopedia
How Did MicroStrategy Use BTC to Soar More Than 1,000 Times?
Corporate treasuries are the financial nerve center of a company, tasked with ensuring liquidity, managing risk, and optimizing returns. They are traditionally conservative, relying on fiat currencies, bonds, and other stable investments. However, MicroStrategy has broken this mold by adopting Bitcoin as its primary funding reserve. Fund managers aim to strike a delicate balance between risk and reward. Their primary objective is to protect the company's assets from market downturns or liquidity crises, while also ensuring the best returns on the remaining funds they manage. They should also manage risk for periods of market volatility and stressed conditions. This is the focus of MicroStrategy's inclusion of Bitcoin in its treasury, challenging traditional norms and adopting a high-risk, high-reward strategy. As a result, this bold strategy has transformed not only its balance sheet but also its stock performance, solidifying the company's position as a pioneer in cryptocurrency adoption. MicroStrategy co-founder and executive chairman Michael Saylor sees Bitcoin as an antidote to fiat inflation. He believes the purchasing power of the US dollar is rapidly eroding, while Bitcoin, due to its limited supply, offers an excellent store of value. This strategy has transformed MicroStrategy into a hybrid between a software company and a cryptocurrency investment vehicle. MicroStrategy co-founder and executive chairman Michael Saylor sees Bitcoin as an antidote to fiat inflation. He believes the purchasing power of the US dollar is rapidly eroding, while Bitcoin, due to its limited supply, offers an excellent store of value. This strategy has transformed MicroStrategy into a hybrid between a software company and a cryptocurrency investment vehicle. MicroStrategy leveraged financing strategies including equity issuance, debt financing, free cash flow, and Bitcoin-backed loans to fuel its Bitcoin purchases. Its strategy needed to comply with mainstream financial services regulations while ensuring its ability to handle volatile assets like Bitcoin. MicroStrategy's bold Bitcoin acquisition strategy, utilizing convertible notes and dollar-cost averaging, transformed it from a struggling software company into a Bitcoin broker, driving its stock price up more than 1,000-fold and redefining its market image.
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