Cryptocurrency & Digital Economy - Marshall Islands has launched a universal basic income (UBI) program [1] - The UBI program utilizes a new digital wallet called Lomalo [1] - Lomalo is powered by USDM, a stablecoin pegged to the US dollar [1]

Core Insights - Cardano's co-founder Charles Hoskinson announced on Oct. 28 that a significant development is forthcoming, potentially linking the blockchain to AI-to-AI commerce [1] - The upgrade aims to facilitate micro-transactions for AI agents, which could transform web economics and introduce new business models [2] Upgrade Details - The x402 protocol revives the "402 Payment Required" HTTP status, allowing websites to request payments from users, which was previously underutilized [3][4] - Cardano's recent upgrade enables the settlement of these payment requests in its native coin and stablecoins, creating a framework for AI agents to transact with websites [4] - Initial proofs of concept demonstrate the functionality of the 402 code, involving a crypto wallet and on-chain settlement, although these are still in early stages [5] Future Implications - This upgrade positions Cardano to potentially capture value from AI-to-AI payments on the internet, although its practical utility remains to be seen [6][7] - Adoption of the new standard by third parties will be crucial for realizing the upgrade's benefits [7]

Core Insights - The U.S. GENIUS Act has prohibited interest-bearing stablecoins, creating a legal gray area for these products in the U.S. market [1][4] - New decentralized finance (DeFi) products are emerging that leverage tokenized money market funds (MMFs) to generate on-chain yields [2][7] Group 1: Regulatory Impact - The GENIUS Act has entrenched the prohibition of yield-bearing stablecoins, which is perceived as a concession to traditional financial institutions [4] - Banks are concerned about potential deposit flight and are lobbying to close loopholes that allow platforms to pay interest on stablecoin balances [4] Group 2: Alternatives to Stablecoins - Tokenized MMFs are being developed as an alternative to yield-bearing stablecoins, allowing for the generation of on-chain Treasury yields [7] - Unlike stablecoins, which maintain a dollar peg without accruing interest, tokenized MMFs can accrue interest over time by holding U.S. Treasuries or other government bonds [3] Group 3: Market Dynamics - Major stablecoin issuers like Tether and Circle offer limited savings opportunities, leading to the development of various yield-bearing alternatives that distribute reserve income to holders [5][6] - Examples of these alternatives include Mountain's USDM, Ondo's USDY, and Lift's USDL, although they are not available in the U.S. market [6] Group 4: Utility of Tokenized MMFs - Tokenized MMFs, such as Franklin Templeton's OnChain U.S. Government Money Fund, provide an attractive alternative for generating yields despite lacking the payment functionality of stablecoins [8]

Partnerships - 0xResearch 询问了 0xBreadguy 关于 megaeth_labs 和 ethena_labs 在 USDM 上的合作 [1] Market Analysis - 批评的声音认为 USDM 只是由 T-bill 收益支持，但实际情况并非如此简单 [1] - Bread 详细解释了 USDM 的运作机制 [1]