Regulatory Developments - CFTC (商品期货交易委员会) 启动了一项关于在衍生品市场中使用代币化抵押品（包括稳定币）的倡议 [1] - CFTC 正在寻求公众反馈，截止日期为 10 月 20 日 [1]

Imagine if the Bitcoin and Crypto community actually got together and ADVOCATED for the removal of the predatory accredited investor law?!Yeah, babe I know.Wendy O (@CryptoWendyO):ATTENTION!IF YOU WANT STABLECOINS TO BE USED AS COLLATERAL IN US MARKETS MAKE YOUR VOICES HEARD RESPECTFULLYALSO, CONSIDER RESPECTFULLY DEMANDING THE REVAMPING OF THE ACCREDITED INVESTOR LAW!(This is bullish) ...

CFTC launches tokenized initiative allowing derivatives traders to post stablecoins as collateral https://t.co/3v1njEVcX3 ...

.@CFTCpham Launches Tokenized Collateral and Stablecoins Initiative: https://t.co/6juQp6PhdI ...

Regulatory Developments - CFTC (商品期货交易委员会) 代理主席 Caroline D Pham 宣布一项倡议，允许稳定币首次在美国衍生品市场用作代币化抵押品 [1] - 此举是在 2 月份的加密货币 CEO 论坛上讨论了这一想法之后采取的 [2] Market Sentiment - 市场情绪看涨，认为稳定币作为抵押品具有积极意义 [1] - 呼吁对认可投资者法进行改革 [1]

Core Insights - Fold Holdings has partnered with Visa and Stripe to launch the Fold Bitcoin Rewards Credit Card, aimed at making Bitcoin rewards accessible to mainstream consumers [1] - The credit card offers up to 3.5% back on purchases, with an unlimited 2% paid instantly in Bitcoin, and additional rewards at partner merchants [2][3] - The rewards system is entirely Bitcoin-based, avoiding complexities like token lock-ins or staking requirements, enhancing user accessibility [3][4] Company Developments - Fold has processed over $3.1 billion in transaction volume and distributed more than $83 million in Bitcoin rewards [5] - The company previously launched a Bitcoin Gift Card to facilitate Bitcoin purchases and gifting [5] - Fold's existing ecosystem includes a Bitcoin debit card, exchange, and gift card program, enhancing its product offerings [4] Industry Trends - Visa and Stripe are increasing their focus on crypto payments, particularly with the rise of stablecoins, which they view as complementary to their business [7] - The collaboration between Fold, Visa, and Stripe is positioned to leverage Visa's global reach and Stripe's infrastructure to deliver Bitcoin rewards at scale [3][4]

Core Insights - Y Combinator is collaborating with Base and Coinbase Ventures to foster the development of "Fintech 3.0" companies [1] - The initiative aims to expand the use of stablecoins, tokenize assets, and create consumer-facing applications [2] - This effort aligns with ongoing regulatory developments in the U.S. regarding cryptocurrency and stablecoin legislation [4] Group 1 - Y Combinator, Base, and Coinbase Ventures are seeking applications for "Fintech 3.0" companies [1][2] - Themes of interest include expanding stablecoins into local currencies and tokenizing various assets [2] - The collaboration aims to enhance on-chain business models and promote global economic participation [3] Group 2 - The GENIUS Act is a new U.S. law aimed at providing clarity for stablecoin regulations [4] - U.S. lawmakers are also working on broader legislation to structure the cryptocurrency market [4]

🚨🆙 Active loans of @ethena_labs' USDe stablecoin on @aave are up ~$1.4B since the start of the year.Aave 🤝 Stablecoins https://t.co/gEYCn3MZPb ...

Stablecoins move faster on Sei.LayerZero (@LayerZero_Core):@phillip_xyz Stablecoins move faster on Sei. ...

Crypto Industry Overview - The crypto industry has entered a golden age of building, with infrastructure and tools like stablecoins and chains in place, enabling entrepreneurs to create impactful businesses and consumer experiences [1][4] - Fintech is evolving from 1.0 (online payments) to 2.0 (friendlier consumer experiences) to 3.0, which aims to rewrite the financial system using crypto as a programmable software platform [1] - The industry is exploring different paths in layer 1 and layer 2 blockchains, converging learnings to build infrastructure for the next wave of adoption [2] Regulatory Environment - Regulatory uncertainty has hindered crypto innovation, with startups spending more on legal fees than engineering [3] - Increased regulatory clarity, such as with stablecoins and the Genius Act, is lowering the barrier to entry for entrepreneurs and fostering innovation [4] Stablecoins and Tokenization - Stablecoins enable programmable money to enter the existing financial system, providing access to dollars for individuals and businesses worldwide [4] - There are almost $200 billion of stablecoins in the market [4] - Tokenization involves moving asset classes from legacy systems to programmable environments, creating new opportunities for value creation [9] - New asset classes, such as content and creators, are emerging in the on-chain world, enabling creators to monetize their work [10][11][12] Building and Investment Opportunities - Opportunities exist in building interfaces for interacting with AMMs (Automated Market Makers) or exchanges, enabling seamless asset swaps [2] - US-centric builders can focus on rewriting legacy financial systems into programmable smart contracts, as demonstrated by the Shopify commerce payments protocol [6][7][8] - Founders should identify scaled network effects around intermediaries and use the open crypto platform to mediate transactions more efficiently [9] - Y Combinator is actively seeking to fund crypto startups with strong technical teams focused on solving real-world problems [35][36] AI and Crypto Intersection - Crypto can address AI's challenges by providing verification and authentication for AI-generated content [24] - Crypto serves as a native platform for AI agents to transact, enabling them to send and receive money through smart contracts [25][26]