Frax · 396

Crypto Market Outlook for the Week: Federal Reserve Meeting Minutes to be Released, SpaceX to Be Included in the Nasdaq 100 Index

Comparatively, the crypto market will focus on the minutes of the Federal Reserve meeting, US economic data, and various crypto industry events this week. The macro environment and on-chain dynamics may influence digital asset trends together. On the macro side, the Federal Reserve will announce the minutes of the June FOMC meeting in the early morning of July 9, Beijing time. The market hopes to use this to determine the future interest rate path. In addition, the US ISM service sector PMI, consumer inflation expectations, initial jobless claims, and China's June CPI data will be released one after another. On the industry side, SpaceX will be officially included in the Nasdaq 100 Index on July 7, becoming the fourth index component to hold Bitcoin after Tesla, Strategy, and Mercado Libre. According to the data, SpaceX currently holds about 18,712 BTC, and it is expected to benefit from the passive allocation requirements of index funds after being included in the index. Additionally, US mining company American Bitcoin (ABTC) will resume trading after completing a 1:15 reverse stock split to avoid being delisted by NASDAQ; Berachain will complete the PoL Next upgrade on July 7. In terms of on-chain governance, ENS DAO, Frax DAO, Nexus Mutual DAO, and Arbitrum DAO will all end voting on multiple governance proposals this week. In terms of token unlocking, Hyperliquid (HYPE) will unlock 0.2% of the tokens in circulation on July 6, worth about $30.39 million; RAIN will unlock about 7.64% of circulation, worth about $787 million; and PUMP will unlock about 29.12% of circulation on July 12, worth about $130 million. In addition to macroeconomic data, developments in the Russian-Ukrainian situation and the continued weakening of the yen are also worth watching. Recently, the exchange rate between Bitcoin and the US dollar showed a strong negative correlation with the depreciation of the yen often accompanied the strengthening of the price of Bitcoin.

47d ago

Frax Finance: Tangent will open pre-deposits in a week, and frxUSD becomes one of the default stablecoins

In comparison, Frax Finance posted an article on the X platform announcing that the DeFi project Tangent will open pre-deposit (pre-deposit) a week later. Among them, frxUSD will be one of the default stablecoins to jointly support the initial liquidity deployment of the agreement with USDC. Frax said that Tangent will build based on the frxUSD PegKeeper pool on Curve Finance to further enhance the application scenarios and financial depth of frxUSD as the core DeFi stablecoin in the on-chain liquidity system.

103d ago

From 0 to 2.6 billion US dollars, the one that bought BlackRock BUIDL is not Wall Street

Source: Tiger Research Authors: Henry Kim and Ryan Yoon Compiled and organized by BitPushNewsBlackRock (BlackRock)'s BUIDL has become an indispensable asset in the digital asset field. However, its biggest buyers are not traditional institutions, but DeFi (decentralized finance). Core Summary The on-chain significance of BUIDL is not that BlackRock issued a token, but rather that Ethena, Ondo, Frax, and Spark used BUIDL as a building block (building block) for their dollar products, turning an institutional fund into an underlying asset in the DeFi supply chain. The agreement chose BUIDL not for yield, but because it simultaneously satisfies three conditions: clear legal claims, on-chain composability, and existing compliance. No other asset can provide all three at the same time. The supply chain doesn't stop at the first tier. As BUIDL is processed into USDTB and further transformed into dollar products for specific ecosystems, demand for underlying assets grows with each new ecosystem. BUIDL has revealed a new tokenized asset distribution channel. Its customers aren't found through traditional sales channels, but through DeFi protocols — a customer group that doesn't exist in traditional finance. If this channel is not recognized, the next BUIDL will not appear. From institutional products to protocol infrastructure, BUIDL was initially designed for institutions: providing cash and US Treasury exposure, eligible investors only, and a minimum subscription amount of $5 million. However, the first actors were DeFi protocols rather than traditional institutions. They didn't buy just for profit, but for the following three reasons: Legal Clarity: Issued under Rule 506 (c), investors' rights are protected by US securities laws. Agreements can clearly explain asset attributes and redemption processes in legal terms. Lower compliance costs: After the GENIUS Act, reserve design became very complicated. BUIDL already complies with institutional-level collateral standards. The burden of compliance is transferred, and there is no need to build from scratch. As regulations are tightened, this advantage is becoming more obvious. On-chain composability: Can be used as protocol reserves, exchange collateral, or the bottom layer for ecosystem dollar products. Since no other asset at the time could satisfy these three points at the same time, BUIDL became the default base asset. The key to how DeFi protocols use BUIDL is not the fact that the protocol holds BUIDL, but rather the specific role that BUIDL plays in each protocol's architecture. 2.1. Ethena (USdTB): Funding rate buffer Ethena's flagship product is synthetic dollar USDE and its pledged version, susDE. USdE's revenue sources include: Funding rates for collateral assets to reward perpetual contracts (through the Delta-neutral strategy). The second source of revenue - funding rates, comes from the Delta-neutral strategy. USdE holds short futures positions equal in size to collateral to offset price risk. When demand from the bulls dominates, the bulls pay capital fees to the bears. Ethena, as the bear side, directly collects this portion of revenue. Risk occurs when funding rates turn negative. In a bear market, demand from bears may exceed that of bulls, causing bears to pay capital fees. For Ethena, revenue became cost. If this continues, insurance funds will dry up, and USDe's dollar pegs will come under pressure. Ethena needed an asset that could absorb that pressure. USdTB filled this role, with core reserves of BUIDL and USDC. The purpose is not to increase earnings, but rather as a defensive buffer to ensure Ethena's overall structural stability during periods of negative funding rates. 2.2. Ondo (OUSG): As an intermediate input, BUIDLOUSG (Ondo US Treasury Bond Fund) is a tokenized fund that brings institutional-grade US debt exposure to the chain. Direct access to institutional money market funds like BlackRock BUIDL or Franklin Templeton FOBXX usually requires a multi-million dollar threshold and qualified investor status. OUSG lowered this threshold and acted as an on-chain intermediary to make these assets available for DeFi...

108d agoWendy#BUIDL #Ethena #Frax #Ondo #RWA #tokenize #Tokenization topics #depths #compiling #viewpoints #BlackRock

L1 Public Chain Somnia Announces Launch of Ecological Stablecoin USDso

Comparatively, L1 public chain Somnia announced the launch of the ecological stablecoin USDSO, which is issued and operated by the decentralized stablecoin protocol Frax Finance based on the frxUSD architecture. USDso uses an overcollateral model and uses assets such as US Treasury bonds as reserve support, and can be minted on a 1:1 basis with assets such as USDC. Its revenue distribution mechanism flows back to the ecosystem, 90% of which is distributed to DeFi protocols and 10% to insurance funds. This stablecoin is designed to serve high-frequency transactions, DeFi, and on-chain protocol scenarios.

109d ago

Sonic Labs launches native stablecoin USSD

Comparatively, according to market news, Sonic Labs officially launched the native stablecoin USSD. The stablecoin is backed by US Treasury bonds and is positioned as the core stable source of liquidity for the Sonic network. USSD is built on Frax's frxUSD stablecoin infrastructure, and reserve assets consist of tokenized treasury bonds provided by BlackRock, WisdomTree, and Superstate. Users can mint USSD at a 1:1 ratio with USDC and redeem it for USDC via a CCTP-enabled chain. Compliant users who meet KYC/AML requirements can also directly exchange stablecoins into US dollars to bank accounts. Samuel Harcourt, a core contributor at Sonic Labs, said that USSD is a foundational step in its vertical integration program to introduce institutional-grade benefits and establish external revenue streams other than S tokens.

163d ago

Sonic Labs launches USSD, a native stablecoin to reverse ecological decline

Comparatively, Sonic Labs released the native stablecoin US Sonic Dollar (USSD), which is positioned as the core stable liquidity layer of the Sonic DeFi ecosystem. USSD is built on Frax's frxUSD infrastructure and has received institutional endorsements from BlackRock, Superstate, and WisdomTree, and is anchored 1:1 with the US dollar. It supports zero-fee minting on more than 10 chains through USDC, USDT and other assets. Currently, a total of 12 chains including Sonic, Ethereum, Base, and Arbitrum have been launched. Background of this launch: Sonic TVL has plummeted 97% to $34 million from its May 2025 high of $1.1 billion, and the native token S also dropped about 96% from its all-time high of $1.03 in January 2025, leaving a market capitalization of only $150 million. Sonic said that the USSD revenue stream ecosystem is used for repurchases and incentives, with the aim of building a self-reinforcing liquidity cycle and getting rid of dependence on external market makers.

165d ago

Tiger Research: Overview of the Asian stablecoin market in 2026

Source: Tiger Research Author: Ryan Yoon, Ekko An Compiled and edited by: BitPushNews Asian countries are preparing for the stablecoin era. But the reality is that 99% of the market is still dominated by the US dollar. How will countries respond to this challenge? 1. The dollar dominates the stablecoin market in the stablecoin market and the stablecoin market has experienced rapid growth. As of February 2026, the total market capitalization was approximately $300 billion (rwa.xyz), reflecting an average annual growth rate of about 750% of the market since 2018. However, about 99% of this market is pegged to the US dollar. Although the market is expanding, the dollar actually has a monopoly on it. To understand this dominance, we need to observe the dynamics of US Treasury bonds. Stablecoin issuers don't simply lock the deposited dollars into a deposit bank. They invest their reserves in safe assets, such as short-term treasury bonds, and earn interest income. As the stablecoin market grew, so did the size of treasury bonds purchased by these issuers. Today, stablecoin issuers as a group are the 17th largest US government debt holder in the world. The United States has every reason to welcome this. Geopolitical tension has prompted major holders such as China to reduce their holdings of treasury bonds, and the federal fiscal situation is getting tighter. The US government is more than $38 trillion in debt and will need to sell about $11 trillion in new treasury bonds in 2025 alone. If demand is insufficient, interest rates will inevitably rise, and rising interest rates will push debt repayment costs to a level comparable to defense spending. In this context, the US enacted the GENIUS Act in July 2025, which requires stablecoin reserves to be held in the form of US Treasury bonds. Washington is actively shaping the stablecoin narrative. For the US government, stablecoins anchored to the US dollar are not only a new type of digital payment channel, but also a treasury bond distribution mechanism and a policy tool to maintain the hegemony of the US dollar. 2. Why should Asia still issue local currency stablecoins For Asia, a stablecoin structure dominated by the US dollar has the opposite meaning. The more USD-anchored stablecoins are used by local residents and businesses, the smaller the scale of domestic capital flows to the local financial system and the larger the scale of the US dollar's hegemonic infrastructure. The core issue is not technology. It is the fear of losing monetary sovereignty. This anxiety is the most fundamental driving force behind the issuance of local stablecoins. That being said, stablecoins do offer some clear technical advantages. They eliminate intermediaries, reduce transaction costs, and operate around the clock regardless of bank business hours. This benefit is particularly evident in cross-border payments, where transfers that would have taken several days can now be settled within minutes. For Asian economies that depend on trade, this means real cost savings and increased speed. However, these advantages are a double-edged sword. Once the local stablecoin is placed on the blockchain, the exchange path to the US dollar stablecoin is simultaneously opened. Even if there are stablecoins denominated in won, users can exchange them for USDT with just a few clicks on a decentralized exchange (DEX). Instead, capital outflows are likely to accelerate. A tool designed to protect the local currency may counterintuitively strengthen the dollar. That's why every jurisdiction, while allowing stablecoins, invests heavily in regulatory design. The strategy is to open doors to technology without relinquishing control over capital flows. In this context, major Asian markets initially preferred central bank digital currencies (CBDCs) rather than private stablecoins. Central bank control over issuance and distribution can block exchange routes and capital flight at the source. But reality is running faster than regulation. The adoption of US dollar stablecoins has begun, and there is a consensus that legislation alone cannot reverse this trend. Then there was a fundamental shift in thinking: instead of fearing the expansion of US dollar stablecoins, the real solution was to make the local currency more attractive within its own rights. At this point, Asia's strategy has taken a turn. Instead of blocking US dollar stablecoins, jurisdictions have chosen to selectively adopt stablecoin technology while enhancing the competitiveness of their own currencies. Fears about capital outflows have not gone away. Every jurisdiction is establishing institutional guarantees, including issuance requirements and reserve regulation, to find a balance between openness and control. That's why regulators in the region are speeding up efforts to strengthen local currency stablecoins. The problem isn't just a technology competition. It's about financial security. What strategies are each jurisdiction actually pursuing? The following sections examine Japan, Singapore, Hong Kong, Korea, and China...

178d agoWendy#PRC #Singapore #Japan #depths #stablecoins #Stablecoin topic #USD #viewpoints #Korea #hongkong

The crypto market fluctuates sideways, Ethereum recovers $2,100 for a short time, and Bitcoin remains above $69,000

Comparative news, according to HTX market information, the crypto market fluctuated sideways overnight, Bitcoin remained above $69,000, and Ethereum now reported $2,090 after recovering above $2,100. The total cryptocurrency market value is still down 1% in 24 hours and is now worth $2.449 trillion. The first counterfeit tokens to rebound were: LA now reports $0.273, a 24-hour increase of 34%; BANANAS31 now reports $0.00388, a 24-hour increase of 21.84%; F now reports $0.00658, a 24-hour increase of 15.4%; GPS now reports $0.0102, a 24-hour increase of 14.7%; and RESOLV now reports $0.086, a 24-hour increase of 11.6%. Among the altcoins leading the decline were: CHESS now reports $0.0084, a 24-hour decrease of 26.6%; SIGN now reports $0.029, a 24-hour decrease of 17.9%; API3 now reports $0.324, a 24-hour decrease of 16.2%; FRAX now reports $0.75, a 24-hour decrease of 10.2%; and Binance Life now reports $0.095, a 24-hour decrease of 9.7%.

195d ago

Brazil passes bill to push for banning algorithmic stablecoins, punishable by up to 8 years in prison

Comparatively, the Brazilian Congress's Science and Technology Committee passed a bill to push for the ban on algorithmic stablecoins and clearly prohibit the issuance and trading of stablecoins without sufficient reserves, including Ethena's USde and Frax. The new regulations require that stablecoins issued in Brazil must be 100% backed by segregated reserve assets and increase transparency; illegal issuance of unsecured stablecoins will be characterized as a criminal offense, punishable by up to 8 years in prison. For overseas stablecoins (such as USDT and USDC), only approved institutions are allowed to provide them. Transactions are required to check whether the issuer meets domestic standards; otherwise, they must bear their own risk; stablecoins currently account for about 90% of Brazil's crypto trading volume. (CoinDesk)

198d ago

Data: The crypto market generally declined, the GameFi sector fell more than 8%, and ETH fell below $3200

Comparative news, according to SosoValue data, the crypto market sector generally recovered, with a 24-hour decline of about 2% to 9%, and the GameFi sector led a 24-hour decline of 8.58%. Within the sector, ImmutableX (IMX) fell 10.76%, and The Sandbox (SAND) and GALA fell 11.18% and 12.76% respectively. Additionally, Bitcoin (BTC) fell 2.89% to below $93,000; Ethereum (ETH) fell 3.18% below $3200. In terms of other sectors, the CeFi sector fell 2.71% in 24 hours, with Aster (ASTER) falling 9.94%; PayFi falling 4.20%, but Dash (DASH) rebounding 10.32%; Layer 1 falling 4.80% and Sui (SUI) falling 11.04%; DeFi falling 5.97%, with Frax (FRAX) rising 31.97%; Layer2 falling 6.70%, previously River (RIVER), which continued to rise sharply, rose 26.40%; the Meme sector fell 7.30%, and MemeCore (M) rose 1.78%. The crypto sector index, which reflects the historical market of the sector, shows that SSINFT, SSIDepin, and SSIGameFi indices fell 9.11%, 8.97%, and 8.84%, respectively.

215d ago