Crypto Morning Brief: SEC announces launch of "Project Crypto," Pump.fun registers fee.pump.fun subdomain
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Crypto Morning Brief: SEC announces launch of "Project Crypto," Pump.fun registers fee.pump.fun subdomain
Ethereum Foundation releases "lean Ethereum" decade vision: 10,000 transactions per second, 100% uptime.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
U.S. Initial Jobless Claims for the Week Ending July 26: 218,000; Core PCE Price Index YoY at 2.8% in June
According to Jinshi Data, initial jobless claims in the U.S. for the week ending July 26 were 218,000, compared to an expected 224,000 and a previous value of 217,000.
The year-over-year rate of the U.S. core PCE price index in June was 2.8%, versus an expected 2.7% and a prior reading of 2.7%.
Trump Sets "Reciprocal Tariff" Rates Ranging from 10% to 41% for Multiple Trade Partners
According to Jinshi Data, U.S. President Trump signed an executive order setting "reciprocal tariff" rates on multiple countries and regions, with specific rates ranging from 10% to 41%.
U.S. Treasury Secretary Bessent: Will Interview Candidates for Fed Positions
According to Jinshi Data, U.S. Treasury Secretary Bessent said he doesn't see a rationale for not cutting rates. He emphasized the need to compile a strong list of candidates for the Federal Reserve chair position. With two vacancies on the Federal Reserve Board, interviews with potential candidates will be conducted, and nominations are expected to be announced before year-end.
U.S. SEC Announces Launch of "Project Crypto," Covering Tokenization Support, Coexistence of Securities and Non-Securities Trading, and More
According to the official website of the U.S. Securities and Exchange Commission (SEC), Chairman Paul S. Atkins announced the launch of the SEC’s comprehensive reform initiative “Project Crypto” in a speech delivered in Washington on July 31, 2025. The initiative covers multiple areas including classification and issuance of digital assets, tokenization support, revisions to custody and trading rules, coexistence of securities and non-securities trading, super-app platform access, DeFi compliance pathways, and innovation exemption mechanisms, aiming to establish a regulatory foundation for positioning the U.S. as a global hub for crypto capital.
Ethereum Foundation Unveils "Lean Ethereum" 10-Year Vision: 10,000 TPS and 100% Uptime
According to The Block, Justin Drake, senior researcher at the Ethereum Foundation (EF), has unveiled a 10-year development vision for a “lean Ethereum.” Key goals include scaling base-layer transactions per second (TPS) to 10,000 and layer-2 network TPS to one million, while maintaining decentralization and achieving 100% uptime.
Drake stated that Ethereum will undergo major upgrades at the consensus, data, and execution layers, including upgrading the Beacon Chain to version 2.0, introducing post-quantum block 2.0, and potentially building EVM 2.0 based on the open-source RISC-V instruction set. In terms of cryptography, the system will rely entirely on hash-based signatures, hash-rooted data commitments, and native hash-based zero-knowledge virtual machines to achieve quantum resistance.
Pump.fun Registers fee.pump.fun Subdomain, Hinting at Fee Dashboard or Volume-Based Incentive Program
According to Bwenews, Pump.fun recently registered the subdomain fee.pump.fun, which may indicate plans to launch a fee dashboard or a volume-based incentive program.
Visa Adds Support for Stellar and Avalanche, Integrates Euro Stablecoin EURC
According to Businesswire, payments giant Visa’s settlement platform is expanding support to include two dollar-pegged stablecoins, two blockchains, and the euro-pegged stablecoin EURC:
1. Through a partnership with Paxos, Visa will now support Global Dollar (USDG) and PayPal USD (PYUSD);
2. In addition to already supported Ethereum and Solana blockchains, Visa announces new support for Stellar and Avalanche;
3. Visa has integrated Circle’s euro stablecoin EURC.
Tether Q2 Financial Report: U.S. Treasury Holdings Exceed $127 Billion, Quarterly Net Profit Reaches $4.9 Billion
Tether has released its financial report for Q2 2025. The report shows that as of June 30, 2025, the circulating supply of USDT exceeded $157 billion, an increase of $20 billion year-to-date.
The financial report indicates that Tether’s total holdings in U.S. Treasuries reached $127 billion, with $105.5 billion held directly and $21.3 billion indirectly, representing an increase of approximately $8 billion from Q1. The company recorded a net profit of $4.9 billion in Q2, bringing total profits for the first half of 2025 to $5.7 billion, including $3.1 billion in recurring profits.
Mill City, a U.S.-Listed Company, Completes $450 Million Private Placement, Acquires 76.3 Million SUI Tokens
According to The Block, Mill City Ventures, a publicly traded U.S. company, has formally established its SUI token reserve following the completion of a $450 million private placement. The company currently holds a total of 76,271,187 SUI tokens, acquired at an average price of $3.6389 per token through over-the-counter agreements with the Sui Foundation.
Mill City stated it will continue purchasing SUI tokens in the open market and plans to allocate approximately 98% of the net proceeds from the private placement toward SUI token acquisition and reserve management.
Guotai Junan International Issues First Publicly Offered Digital Native Bond by a Chinese Brokerage
According to an official announcement, Guotai Junan International (1788.HK) recently successfully issued the first publicly offered digital native bond by a Chinese brokerage firm. The bond is denominated in U.S. dollars, with an issuance size of up to $300 million and a maturity of three years. The issuance采用了 a direct issuance structure and was completed via HSBC’s “Orion” digital asset platform. Guotai Junan International served as both the lead global coordinator and settlement agent for this issuance.
This digital bond, issued using blockchain technology, features characteristics such as digitization, programmability, and automated execution.
Bright Smart Holdings Proposes Name Change to Z Fin Limited, Focusing on Web3 Sector
According to an official announcement, Bright Smart Holdings Limited (SINOLINK WORLDWIDE HOLDINGS LIMITED) has proposed changing its company name to “Z Fin Limited,” reflecting its strategic expansion into the fintech sector. The company has already entered the fintech space through investments in ZhongAn Online P&C Insurance (06060.HK) and its joint venture, ZhongAn Technology (International) Group (ZA Global). The company stated it will continue exploring growth opportunities in fintech, with a focus on digital assets, real-world asset tokenization (RWA), Web3, and stablecoins. This move aligns with Hong Kong’s policy direction of becoming an Asian hub for cryptocurrencies and digital assets.
Market Trends
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