Crypto Morning Brief: Fed meeting minutes mention "stablecoin" 8 times, Hyperliquid becomes the world's highest revenue-per-capita company
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Crypto Morning Brief: Fed meeting minutes mention "stablecoin" 8 times, Hyperliquid becomes the world's highest revenue-per-capita company
Mingcheng Group, a Hong Kong company listed on the U.S. stock market, will spend $483 million to purchase 4,250 bitcoins.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Fed Minutes Mention "Stablecoin" Eight Times
According to Jinshi Data, the Federal Reserve's meeting minutes released early yesterday mentioned "stablecoin" a total of eight times. Many participants discussed recent and future developments related to payment stablecoins and their potential impact on the financial system. These participants noted that with the recent passage of the GENIUS Act (Guidance and National Innovation for United States Stablecoins), the use of payment stablecoins may increase.
Payment stablecoins could enhance the efficiency of payment systems, and it was also observed that such stablecoins might increase demand for underlying supporting assets, including U.S. Treasury bonds.
Fed Whisperer: Fed Minutes Show Some Officials Hinting at Joining Rate Cut Camp in September
According to Jinshi Data, "Fed Whisperer" Nick Timiraos wrote in his latest article: Today's released policy meeting minutes show that although two officials opposed the decision and advocated rate cuts, the Fed's decision last month to hold interest rates steady still received broad support.
However, a few officials have aligned with Waller and Bowman, indicating they may support a rate cut at the Fed's next meeting on September 16–17. They stated that the pass-through of tariff hikes to consumer prices has been slower than expected, which should ease concerns about rising import costs triggering new inflationary shocks. Yet inflation-focused "hawks" pointed out that price pressures have intensified since the previous meeting, including in service prices.
Kansas City Federal Reserve President Schmid said in a speech last week that tariffs' impact on inflation has been limited, partly because the Fed maintained stable interest rates. Unlike Bowman, who has consistently calculated inflation excluding tariffs, Schmid pledged never to make such calculations, calling it "a concept both meaningless and immeasurable."
China May First Allow RMB-Supported Stablecoins to Promote Internationalization
According to Reuters, China is considering allowing RMB-supported stablecoins for the first time to promote the internationalization of the yuan. Multiple sources revealed that Chinese tech giants have proposed issuing stablecoins pegged to offshore RMB in Hong Kong to regulators. Shanghai regulators are actively studying policy responses to stablecoins, despite China banning cryptocurrency trading since 2021. This move aligns with recent statements from the central bank, whose governor publicly committed to expanding the international use of digital yuan and called for developing a multipolar monetary system.
MANTRA Chain Proposes Full Migration of OM to Native Chain, Setting 2.5 Billion Cap
According to official news, MANTRA Chain is voting on whether to fully migrate ERC20 OM to its native chain. The proposal, "OM Homecoming," plans to completely deprecate ERC20 OM on Ethereum by January 15, 2026, establishing MANTRA Chain as the sole native base for OM. The proposal also suggests adjusting the inflation rate to 8%, targeting an approximately 18% annual staking return, and setting a hard supply cap of 2.5 billion OM for the first time. Currently, about 250 million OM (28% of the ERC20 supply) have migrated to MANTRA Chain.
Mitosis: Airdrop Query Open, Claiming Expected Before September 10
According to an official announcement, modular liquidity protocol Mitosis announced the opening of its airdrop query website and stated that airdrop registration opened on August 20 at 12:00 AM UTC and will remain open until August 26. Airdrop claiming is expected to open before September 10, with a one-week claiming window once live.
Prior news: The Mitosis Foundation released MITO tokenomics, allocating 10% for genesis airdrops. Binance Wallet launched a Mitosis Token Booster event and TGE pre-order.
Hyperliquid Becomes World’s Highest Revenue-Per-Employee Company, $102.4 Million Per Employee Annually
According to HyperliquidFR, Hyperliquid has become the world's highest revenue-per-employee company, generating $102.4 million per employee annually.
The report claims Hyperliquid consists of 11 core team members, with estimated annual revenue reaching $1.127 billion, surpassing companies like Tether, OnlyFans, Nvidia, and Apple in per-capita revenue.
Goldman Sachs: It's Too Early to Say Stablecoins Will Disrupt Traditional Finance; Prefers Robinhood Over Circle
According to Investopedia, Goldman Sachs analysts Will Nance and James Yaro noted in their latest report that it remains to be seen whether fiat-backed stablecoins will grow into trillions of dollars and gradually erode traditional financial services. Stablecoins pose "limited threat" to payment services, including the consumer credit card ecosystem. The current underperformance actually creates a buying opportunity. Visa and Mastercard are not competitors but "likely to play a key role in scaling consumer-facing stablecoin payments." Therefore, despite Circle's soaring valuation following its high-profile IPO this year, Goldman prefers Robinhood for its continued innovation capabilities in crypto.
OpenAI CFO: Going Public Could Be Considered at Some Point in the Future
According to Jinshi Data, OpenAI CFO Sarah Friar said the company will consider going public at some point in the future.
Crypto Exchange Kraken Acquires No-Code Trading Firm Capitalise.ai
According to CoinDesk, crypto exchange Kraken announced the acquisition of assets and technology from Israeli firm Capitalise.ai. Capitalise.ai specializes in developing a no-code, natural language trading automation platform supporting trading strategies across multiple asset classes. This acquisition will enable Kraken Pro users to create, test, and automatically execute trading strategies using everyday text without coding. Kraken plans to launch these new features on its Pro platform later this year. Capitalise.ai's co-founders and core engineering team will join Kraken. Financial terms of the acquisition were not disclosed.
U.S.-Listed Hong Kong Firm Mingcheng Group to Spend $483 Million Buying 4,250 Bitcoins
According to Jinshi Data, Mingcheng Group, a Hong Kong-based U.S.-listed construction and engineering services provider, announced it has signed a Bitcoin purchase agreement to acquire 4,250 Bitcoins for $483 million.
Market Update
Suggested Reading
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The Race for Fed Chair: Which of the 11 Candidates Will Hold Monetary Power?
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Can Stablecoins Combine with AI? Explaining USD.AI's New Approach
This article introduces USD.AI, an emerging project combining stablecoins with AI infrastructure, generating yield through AI hardware collateral to solve financing gaps for computational resources unaddressed by traditional finance. The project has completed a $13.4 million Series A funding round and attracted market attention through innovative mechanisms. Its core goal is to support AI companies' hardware procurement while offering users diverse yield options.
Interview with BTC Inc Chief of Staff Brandon Green: Holding Bitcoin Is the Best Retirement Plan
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a16z: Six Misconceptions About Blockchain Privacy
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