Comparative news, according to DeFilLama's data, the current total market value of stablecoins across the network reached US$303.079 billion, up 0.74% on the 7th, and the USDT market share rose to 60.43%. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)
Comparing news, Factblock CEO and Korea Blockchain Week organizer Andrew Park said that the Korean crypto market is shifting from being driven by retail transactions to institutional digital finance. The focus of global financial institutions and enterprises has moved from tokens, exchanges, and prices to escrow, tokenization, stablecoins, payment and settlement infrastructure, and regulatory compliance. The Korea Financial Services Commission has proposed a framework to open corporate virtual asset accounts to approximately 3,500 listed companies and registered professional investors. The National Assembly of Korea has officially passed amendments to the Electronic Securities Act and the Capital Markets Act to incorporate tokenized real-world assets and security tokens into a unified legal framework. The Bank of Korea has completed initial testing of the Project Hangang real-world deposit token project and plans to conduct the second phase of institutional testing in late 2026. Related technical experiments have used wholesale deposit tokens to allow AI agents to execute automated conditional transactions. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)
Comparative news: In the second quarter, the trading revenue of the three listed crypto exchanges Coinbase, Bullish, and Gemini declined sequentially. The gap between transactional and non-transactional revenue of all three platforms narrowed, and Coinbase reduced the difference from around $132 million to $44 million in one year. Coinbase expanded the layout of products such as stablecoins and prediction markets, and the average USDC holdings increased 44% year over year to $20 billion in the third quarter. Gemini tripled the number of market makers in the forecast market at the beginning of the year. Bullish launched a new rewards program to support the trading business, and adjusted transaction revenue fell 21% month-on-month to $29.9 million in the second quarter, but increased 24% year-over-year. Gemini's trading volume fell 66% year over year to $3.8 billion, and transaction revenue fell 38%.
Comparing news, Pantera Capital published an article stating that Bitcoin has been in a narrow fluctuation range for the past six months, and the market is often intense and large after consolidation is over. Currently, market positions are being reversed, and investors are shifting from wait-and-see or even net shorts to a growing desire to go long. Bitcoin broke through the 200-day EMA at $69,000 and has attracted momentum and trend tracking funds to enter the market. From a long-term perspective, digital asset prices are still about 50% higher than before, but fundamentals continue to strengthen, including stablecoin adoption, predictive markets, perpetual contracts, and agency commerce. When fundamentals improve and prices are still discounted, the logic for continuing to maintain constructive positions is more clear.
Comparing news, Summer Mersinger, CEO of the US Blockchain Association (Blockchain Association), wrote that there are less than four weeks left until the US Senate votes to advance the “Clarity Act” debate on September 15. Reopening the provisions that have been under negotiation for several months at this time will not improve the bill; on the contrary, it will restart the unfinished negotiation process, which may eventually lead to the failure of the legislation. Mersinger said that the two proposed revisions proposed by the American Bankers Association (ABA) — replacing the existing standard with substantially similar interest and removing the word “simply” were not simple text adjustments, but major policy changes. She pointed out that similar interest is essentially a flexible legal standard, which may allow regulators to expand the scope of interpretation; and removing Solely will change the scope of application of stablecoin income restrictions in the GENIUS Act and affect the policy boundaries previously set by Congress. Mersinger stated that ABA's concerns that stablecoins may cause bank deposits to be lost have no real basis. The data shows that since the GENIUS Act was passed, bank of America deposits have grown for three consecutive quarters, with a cumulative increase of more than 800 billion US dollars. She stressed that what is really needed to protect consumers is to establish a digital asset regulatory framework. The Clarity Act will clarify the regulatory boundaries between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), require registration of platforms serving US users, and implement customer asset isolation, information disclosure, and conflict of interest management rules. Mersinger finally called on the US Senate not to restart negotiations. The bill has been completed, the relevant work has been completed, and the Senate has an opportunity to push it forward on September 15, and it should be passed directly.
Comparative news, according to HTX market data, ENA rose more than 19% in 24 hours. The current price is $0.1409, and the market value has risen to US$1,387 million. According to the news, on August 11, Arthur Hayes wrote an article publicly optimistic about ENA, believing that if the increase in US dollar liquidity drives the rise of BTC, the recovery in Bitcoin's base earnings may re-attract capital into USDE, adding that ENA is likely to achieve a fivefold increase in the next few months. On August 13, USDE issuer Ethena announced that it had reached a cooperation with FalconX, a tier-1 digital asset broker, to become its institutional loan partner. Ethena will be overcollateralized to invest in FalconX Global stablecoin loan arrangements as part of its institutional loan allocations.
In comparison, Coinbase CEO Brian Armstrong said that the US “Clarity Act” (CLARITY Act) is expected to receive more than 60 votes in the US Senate on September 15, and is confident that it will pass the first key procedural vote after returning to Congress. Brian Armstrong previously said that the CLARITY Act is in the final stages of progress, and the Senate procedural vote requires 60 votes to push the bill forward. The bill aims to establish a US digital asset regulatory framework and clarify the division of responsibilities between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in crypto asset regulation. Armstrong believes that regulatory clarification of the US crypto industry is approaching. Whether the CLARITY Act is finally passed or regulators advance through administrative rules, the market will usher in a more clear regulatory environment. Earlier, US President Trump also called on Congress to push for the passage of the CLARITY Act, believing that the bill is of great significance in establishing a digital asset regulation system and enhancing the competitiveness of the US crypto industry. reuters.com However, the bill still faces disputes from some lawmakers over issues such as conflicts of interest and stablecoin regulation, and whether it can be successfully implemented in the end still depends on subsequent negotiations in the Senate. (CoinDesk)
According to Lookonchain monitoring, Circle and Tether have minted $3 billion worth of stablecoins in the past 2 days, and liquidity is being injected into the crypto market.
In comparison, the US Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) on August 18, 2026 to clarify how the current definition of “cash equivalent” applies to specific digital assets such as stablecoins, and improve the transparency of disclosure of important components of cash equivalents. Stakeholders are encouraged to submit comments by November 19, 2026. In the 2025 FASB Agenda Consultation Project and other feedback, stakeholders indicated that there is uncertainty about whether certain digital assets, including stablecoins, meet the current GAAP definition of cash equivalents, leading to differences in practice. The proposed ASU will provide example instructions to facilitate more consistent application of this definition and improve comparability among entities that choose to list eligible digital assets as cash equivalents, without changing the current definition of “cash equivalent.” At the same time, the proposed rules require all entities that report assets as cash equivalents, regardless of whether digital assets are included, to enhance disclosure of important components of cash equivalents and related amounts so that investors and other users of financial statements can obtain more transparent information. The relevant ASU proposals and how to submit comments can be found on the FASB website. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)
Comparing news, Starbridge Capital (SBCFX) experienced an abnormal liquidation of positions in the London Gold Exchange. After the incident, the platform's Hong Kong office was empty, and some investors faced huge losses. According to several investors, they participated in automatic trading of London Gold (XAUUSD) derivatives through the Starbridge Capital platform on the evening of August 19: the system automatically generated huge reverse short orders in just 1 to 3 seconds, then international gold prices rose rapidly, causing accounts to collectively close their positions, and some account funds returned to zero, and some even had negative arrears. The so-called London gold liquidation refers to a transaction risk where the direction of the transaction is opposite to that of the price of gold, and the loss is too large due to leverage, etc., the investor account runs out of margin, is lower than the maintenance margin ratio, and the platform is forced to close the position and the full principal amount is lost. Affected investors estimate that the incident involved about 2000 to 3,000 people, including a large number of mainland investors. Currently, some investors have alerted the Hong Kong police and requested the platform to refund 70% of the principal amount in accordance with the “maximum loss of 30%” rule previously promised. According to some investors, Starbridge Capital provides up to 500x leverage, and some funds are deposited through USDT stablecoins, making it more difficult to track funds. According to public information, Starbridge Capital's business scope covers foreign exchange, commodities, indices, cryptocurrencies, etc., and claims to the outside world that it is a licensed and compliant international trading platform. (Caixin) This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)