Stablecoin & USD Dominance - The market anticipates the US dollar eventually replacing everything in crypto trading pairs [1] - Stablecoins are expected to continue to proliferate the use of USD in the crypto space indefinitely [1] - There is an expectation of SOL<>EURC swaps being quoted in USD on both sides, suggesting a trend towards USD dominance in crypto trading [1] Market Outlook - The industry acknowledges the current "debasement meta," but believes USD will not be eradicated [1]

Beijing moves to stop Chinese tech giants from issuing stablecoins in Hong Kong: FT https://t.co/Auy5JAABag ...

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According to FT, Alibaba’s Ant Group and JD com have paused their plans to issue stablecoins in Hong Kong after receiving instructions from Chinese regulators, including the PBOC and CAC, to halt the projects. Hong Kong passed a Stablecoin Bill in May establishing a licensing regime for fiat-backed issuers, with both Ant and JD previously saying they would join the pilot.https://t.co/7wmiZWqWcY ...

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Partnership & Innovation - S&P Global Ratings 与 Chainlink 合作，首次通过 DataLink 将其稳定币稳定性评估 (SSA) 发布在链上 [1] - 超过 2400 家机构、协议和开发者现在可以通过 Chainlink 生态系统直接访问 40 多个公共和私有区块链上的评估 [1] - 稳定币市场规模超过 3000 亿美元，比上一年几乎翻了一番 [2] S&P Global's Role & Impact - S&P Global 正在越来越多地转向链上，为资本市场带来重大飞跃 [2] - S&P Global Ratings 的 SSA 评估稳定币与法定货币保持平价的能力，评分从 1（非常强）到 5（弱），基于资产质量、治理、流动性、赎回机制和跟踪记录 [3] - S&P Global 拥有超过 100 万个未偿信用评级，1500 多名信用分析师遍布 150 多个国家/地区，评级覆盖约 100 万种证券，为全球 4600 多家公司提供评级 [5] Chainlink's Infrastructure - Chainlink 基础设施积极保护着近 1000 亿美元的 DeFi TVL，并实现了超过 25 万亿美元的链上交易价值 [4] - Chainlink 确保以行业标准的可靠性、安全性和数据完整性交付评估 [4] Market & Regulatory Landscape - 随着 GENIUS Act 的通过，美国首个稳定币联邦监管框架，这些数字资产现在被定位为全球支付、贸易和结算的核心金融基础设施 [2] - 机构需要透明、标准化和可验证的链上风险洞察，以负责任地整合稳定币 [3]

ETH added ~$2 billion in stablecoins between Thu & Fri.Related, asked ChatGPT for a 1st principles take on a good product:✅ High Frequency of Use✅ Utility > Entertainment✅ Two-Sided or Multi-Sided Network Effects✅ Zero Marginal Cost of Distribution✅ Embedded Financial Flows✅ User-Generated Supply✅ Data Feedback Loops✅ Trust Through Transparency or Verification✅ Platform Leverage (Many Products, One Infrastructure)✅ Regulatory or Infrastructure CaptureInteresting.Token Terminal 📊 (@tokenterminal):🚨🆙 BREAKING ...

Market Overview - The stock market rebounded this week with the S&P 500 and Nasdaq increasing by 1.7% and 2.1% respectively after previous losses of over 2% [1] - Concerns about U.S.-China trade, the federal government shutdown, and regional bank credit quality influenced market fluctuations [1] Financial Sector Performance - Zion and Western Alliance disclosed bad loans, leading to a selloff in financial stocks, with Zion and Western Alliance shares dropping 13% and nearly 11% respectively [1] - Capital One, a credit card issuer, fell 5.5% on Thursday but rebounded 4% the following session, reflecting market volatility [1] - Wells Fargo reported a strong third quarter, beating both top and bottom-line estimates, and raised its ROTCE target from 15% to 17%-18% [1] - Goldman Sachs achieved record third-quarter revenue with a 42% increase in investment banking fees compared to last year, although shares fell 1.8% for the week [1] - BlackRock reported better-than-expected results, with shares rising 2.5% for the week, and announced a new money market fund compliant with the GENIUS Act [1] Company-Specific Developments - Abbott Laboratories had another disappointing quarter, leading to a price target reduction from $145 to $140 and a downgrade to a 3 rating [1] - DuPont announced a spinoff of its electronics business Qnity, with shares jumping 8% for the week, and is trading at a 38% discount to its estimated sum of parts [2] - Honeywell will spin off its Solstice Advanced Materials unit, with a 1% weekly advance in its stock [2] - Salesforce shares gained during Dreamforce week, with a forecast of $60 billion in annual revenue for fiscal year 2030, exceeding market expectations [2]

Solana Ecosystem Overview - Solana 生态系统上的应用程序托管约 400 亿美元的用户资产 [1] - SOL 的交易价格约为其生态系统 TVL 的 3.2 倍 [2] Top Categories by TVL - TVL 最高的类别包括：稳定币、流动性质押、借贷、DEX 和 RWA (Real World Assets 现实世界资产) [3]

Core Insights - Stablecoins are increasingly subject to a unified regulatory framework globally, requiring backing by high-quality assets, regular audits, and prohibiting interest payments on stablecoin balances [1][2][4] Regulatory Environment - The prohibition on interest payments is part of legislation such as the GENIUS Act in the U.S. and the Markets in Crypto-Assets regulation (MiCA) in the EU, as well as similar laws in Hong Kong and Singapore [1] - Regulators aim to maintain liquidity within traditional banking systems, although the effectiveness of this argument is debated [2] Market Dynamics - Some crypto exchanges are offering 'rewards' that resemble interest rates for holding stablecoins, which may circumvent the prohibition [3][5] - Users can still utilize decentralized finance (DeFi) protocols that pay interest, despite regulations preventing issuers from offering such incentives [5] Economic Considerations - Current interest rates in the U.S. and Europe are around 3-4%, making it financially beneficial for users to convert assets into yield-bearing DeFi protocols [6] - The potential earnings from these protocols can outweigh transaction costs, especially on efficient blockchain networks, although this value proposition may diminish if interest rates return to zero [6]