Crypto Morning Brief: ETH Surpasses $4,600, Fosun International Plans to Apply for Hong Kong Stablecoin License
TechFlow Selected TechFlow Selected
Crypto Morning Brief: ETH Surpasses $4,600, Fosun International Plans to Apply for Hong Kong Stablecoin License
Grayscale has established Cardano and Hedera Trust ETFs registered in Delaware.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
ETH breaks above $4,600 this morning as BTC returns above $120,000
HTX market data shows ETH broke above $4,600 this morning, with BTC returning above $120,000.
US July unadjusted CPI year-on-year rate at 2.7%, expected 2.80%, previous 2.70%
According to Jin10 News, the US July unadjusted CPI year-on-year rate was 2.7%, compared to an expected 2.80% and a prior reading of 2.70%.
Politico: Trump officials considering Fed Vice Chair Jefferson for Fed Chair role
According to US political news website Politico, officials from former President Trump’s administration are considering appointing Federal Reserve Vice Chair Jefferson as the next Fed Chair.
Grayscale registers Cardano and Hedera Trust ETFs in Delaware
According to official documents, GRAYSCALE CARDANO TRUST ETF and GRAYSCALE HEDERA TRUST ETF were both registered on August 12, 2025, in Delaware, USA, as general statutory trusts. Both have CSC Delaware Trust Company in Wilmington, Delaware as their registered agent.
Stripe appoints Paradigm co-founder Matt Huang as CEO of Tempo project
According to Fortune, payments technology company Stripe has appointed Matt Huang, co-founder and managing partner of crypto investment firm Paradigm, as CEO of its blockchain project Tempo. Huang will retain his position at Paradigm.
Earlier, financial technology company Stripe announced a collaboration with Paradigm to develop the payment blockchain Tempo.
pump.fun sells 86,000 SOL for first time after token launch, receives $16.28 million in USDC
Analyst Yujin reported that pump.fun sold 86,000 SOL five hours ago—the first sale since its token launch—receiving $16.28 million in USDC. Transaction records show the SOL was transferred from fee and buyback wallets to Kraken before being withdrawn and sold on-chain at an average price of $189, with the resulting USDC transferred back to Kraken.
In addition, when selling SOL, pump also posted a tweet summarizing their current PUMP buyback data: over the past week, they bought $8.42 million worth of PUMP, with total buybacks amounting to 7.29 billion PUMP (0.729% of total supply).
Qubic responds to Monero 51% attack: Monero experiment progressing as planned, details to be revealed in due course
Qubic responded on social media to the Monero 51% attack incident, stating, “The Monero (XMR) experiment is progressing as planned. Everything will be revealed in due time.”
Earlier, Yu Xian of SlowMist reported that the suspected 51% attack on Monero appears to have succeeded, giving Qubic pool theoretically the ability to rewrite the blockchain, enable double spending, and censor transactions.
Circle to launch stablecoin-focused L1 blockchain ARC
According to Solid Intel, Circle will launch ARC, a Layer 1 blockchain focused on stablecoins.
Circle releases Q2 2025 earnings: USDC circulation up 90% YoY, net loss of $482 million
As disclosed by Businesswire, Circle released its fiscal second-quarter 2025 earnings report. The report shows that as of the end of Q2, USDC circulation grew 90% year-on-year to $61.3 billion, while total revenue and reserve income rose 53% year-on-year to $658 million. Net loss for the quarter was $482 million, primarily due to two non-cash expenses related to its initial public offering (IPO).
Peter Thiel’s investment group acquires 7.5% stake in Ethereum treasury company ETHZilla
According to CryptoBriefing, Peter Thiel’s investment group, co-founder of PayPal and Palantir, has acquired a 7.5% stake in biotech firm 180 Life Sciences, soon to be renamed ETHZilla. The company recently announced a pivot to become an Ethereum treasury entity and completed a $156 million sale of senior secured convertible notes. Previously, it also completed a $425 million private placement.
This marks Thiel’s investment group’s second investment in the Ethereum treasury space. Earlier, the group acquired over 9% of BitMine Immersion, currently the largest corporate holder of Ethereum, which manages approximately $5 billion in Ethereum assets.
The Wall Street Journal: AI startup Perplexity makes $34.5B bid for Google's Chrome
According to The Wall Street Journal, AI startup Perplexity has made a $34.5 billion acquisition offer for Google’s (GOOG.O) Chrome browser.
The report noted that Perplexity’s bid significantly exceeds its own valuation (estimated at $18 billion). Perplexity stated that several investors, including major venture capital funds, have agreed to fully support the deal.
Fosun International plans to apply for Hong Kong stablecoin license; Guo Guangchang leads delegation to meet top government officials
According to Tencent News, Fosun International has officially confirmed its application for a Hong Kong stablecoin license. It was reported that Fosun founder Guo Guangchang personally led a stablecoin team on August 6 to meet with Hong Kong SAR Chief Executive John Lee and Financial Secretary Paul Chan.
Fosun has assembled a dedicated team for the license application. Its subsidiary Fosun Wealth, through the StarPath Technology platform, has already made moves in digital assets, including distributing tokenized money market fund products launched by China Asset Management, and developing a real-world asset (RWA) tokenization platform.
According to the Hong Kong Monetary Authority’s timeline, institutions planning to apply may begin engaging with regulators after August 1 and must formally submit application materials by September 30. As of publication, Fosun has not commented further.
Market Data
Suggested Reading
Token2049 Again: Cultural Shifts Behind the Crypto Craze
This article explores cultural shifts within the crypto industry, regulatory challenges, and future development trends. Using the Token2049 conference held in Singapore as a starting point, it analyzes the industry’s transformation from early anti-establishment culture to gradual institutionalization, covering historical volatility, regulatory impacts, technological applications, and talent mobility.
PUMP rebounds over 60%, Group Coins may be the deciding factor in this Meme coin race
This article analyzes the meme coin competition between Pumpfun and LetsBonk.fun in the Solana ecosystem. Pumpfun aims to regain market share by launching its "Group Coins" feature, addressing issues such as rug pulls and inactive tokens, while differentiating itself from competitors. The article examines both platforms’ strategic strengths and weaknesses, community responses, and future competitive dynamics.
Can DeSci solve the 'broken window' effect in scientific funding?
This article discusses the development of decentralized science (DeSci) and its potential in scientific research funding. It analyzes flaws in traditional funding systems and how DeSci leverages blockchain technology and cryptocurrencies to improve allocation of research funds and sharing of results. It also addresses challenges facing DeSci, including quality control, funding stability, and regulatory hurdles.
IOSG | Defection and Independence: Re-examining the Appchain Thesis
This article explores the trend of appchains and their impact on the blockchain ecosystem. By analyzing cases like Unichain and HyperEVM, it explains how appchains can capture long-term value through branding, user mindshare, and customization, challenging the dominance of traditional L1/L2 blockchains. It also discusses appchain advantages in economic sovereignty, protocol upgrades, and transaction ordering.
600x in 7 days—Will AI Season 2.0 begin with this dog?
This article mainly discusses recent developments in the AI sector, particularly narratives and impacts surrounding the AI animation company "Illusion of Life" and its virtual AI character "Spark".
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
深潮TechFlow
