US Aims to Turn Stablecoins Into a Weapon for Dollar Dominance
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US weighs overseas push for dollar-backed stablecoins: Bloomberg
The reported initiative could involve private-sector companies and several US agencies as Washington looks to expand the international use of dollar-backed stablecoins.
Stablecoin growth could boost dollar dominance, US Treasury demand: BoE official
A Bank of England policy maker said digital dollars could expand access to the US currency while turning stablecoin issuers into bigger buyers of government debt.
BitMart account demands founder explain funds status, Xia calls claims ‘fabricated’
BitMart’s Chinese-language X account demanded an Aug. 19 repayment plan, while Sheldon Xia called its claims of blocked withdrawals and non-payment of salaries “fabricated rumors.”
Xinjinggang: Plans to invest 10 million yuan in a fund with a scale of 33.01 million yuan.
Mars Finance reported on July 6th that Xinjinggang announced it has recently signed a partnership agreement with its general partner and other limited partners to participate in the investment of Lianxin Xinghang, a company with a total fundraising scale of 33.01 million yuan. As a limited partner, Xinjinggang plans to subscribe for a 30.2939% stake with 10 million yuan of its own funds, without exercising control or joint control, and without generating significant influence. This investment does not involve competition with related parties or related-party transactions, and does not constitute a major asset restructuring. The investment aims to expand its strategic emerging industry layout and may face the risk of lower-than-expected returns or losses. (Company Announcement)
Analysis: Weak US employment data eased concerns about interest rate hikes, and the return of buying interest in Bitcoin spot ETFs, among other positive factors, drove a Bitcoin rebound.
According to BlockBeats, on July 3rd, weaker-than-expected US employment data eased market concerns about further tightening by the Federal Reserve and boosted demand for risk assets. Kyle Rodda, senior financial market analyst, stated that the data undermined claims of a renewed acceleration in the US labor market. The interest rate market is still pricing in a rate hike this year, but the implied probability has fallen from approximately 85% before the data release to 77%, and the probability of a rate hike this month has also decreased from approximately 30% to approximately 18%. Regarding fund flows, the US Bitcoin spot ETF recorded a net inflow of $224 million on Thursday, ending a 10-day streak of outflows, indicating that bargain hunting has returned after approximately $2.4 billion in redemptions. Analysts at QCP Capital stated that pressure in the options market also eased with the spot market rebound, with one-week at-the-money implied volatility falling from the mid-40% range to the high-30% range, and the term structure returning to a positive spread after inverting during the sell-off. However, the QCP believes the employment data is not entirely dovish. While job growth fell short of expectations, faster wage growth, a declining unemployment rate, and strong consumer spending suggest a contraction in labor supply rather than a cooling demand, leaving room for the Fed to maintain a hawkish stance. The QCP stated that the market has postponed rate hike expectations from September to December, but cross-asset performance does not yet support a genuine policy shift. Further attention should be paid to the CPI on July 14th, the PPI on July 15th, and the FOMC meeting at the end of the month.
Blockstream Refuses Ransom for Return of $47M in Bitcoin from Liquid Hack: 'It Is Theft'
With 598.5 BTC still outstanding, the company says it will go to law enforcement should the funds not be returned.