Largest stablecoin Tether has hit an All-time High (ATH) on its circulating supply. The dollar-pegged stablecoin USDT recorded expansion to a record $187.3 billion in market capitalization in Q4, 2025. This is notable, given the bearish conditions in the broader crypto market following October’s liquidation season. There are questions about further unpegging. Tether Records Multiple Milestones The growing number of stablecoins from competitors has not been able to displace the coin. The broader crypto m ...

Binance completed the first $100 million Bitcoin purchase for its SAFU fund conversion on February 2, executing a transaction of 1,350 BTC at approximately $77,873 per coin as the crypto traded near nine-month lows. The exchange announced it seeks to complete the full $1 billion conversion within 30 days of its original January 30 announcement, responding to mounting community criticism following October’s $19 billion liquidation event. The move comes as Bitcoin plunged below $80,000 over the weekend, t ...

来源：C Labs 加密观察 在1011事件之前，BTC走势和黄金、美股高度一致，都在特朗普上台后的乐观情绪中狂飙：BTC一度冲 上12万+美元高点，黄金也创历史新高，美股科技股同样火热，大家都是一个节奏的。 加密市场又双叒雪崩了．．．（前几天发的这张图含金量持续上升ing） 很多人把这次暴跌归咎于加密社区内部的巨大分裂——围绕去年10月11日（简称"1011事件"川普重启关 税战！加密市场暴跌．．．）责任归属的撕逼战越演越烈，双方阵营剑拔弩张，逐渐升级到神仙打架。 加密市场在1011后流动性本就脆弱，这场"内战"成了压垮骆驼的最后一根稻草，导致现在一片生灵涂 地。 01 1011的锅有多大？ 但1011之后，投资加密货币的韭菜们似乎意识到，加密市场的太草台班子了，原来市场还能有这么个跌 法！ | 热门 涨幅榜 | | 跌幅榜 新币上线 | 24h成交额 市值 | | | --- | --- | --- | --- | --- | | 而种 | 现意 | 导起 | | | | 名称 | | | 最新价 | 24h涨跌幅 | | TUT | | | 0.00063 | -99.28% | | | | | $0. ...

Changpeng Zhao, widely known as CZ, has rejected allegations that Binance played a central role in the largest liquidation event in crypto market history, an episode that erased roughly $19 billion in leveraged positions last October. Key Takeaways: CZ dismissed claims that Binance triggered the $19 billion Oct. 10 crypto liquidation. He said he spoke as a shareholder, not as a Binance executive. A brief USDe depeg on Binance was later blamed on an internal oracle issue. Zhao addressed the claims ...

Core Insights - The October 10 flash crash in cryptocurrency markets was attributed to a macro shock combined with high leverage and reduced liquidity, rather than issues within Binance's trading systems [1] - Global markets were already under pressure from trade-war headlines, which contributed to the vulnerability of crypto markets [1] Market Conditions - At the time of the crash, open interest in bitcoin futures and options exceeded $100 billion, creating a scenario for forced deleveraging as prices began to decline [2] - The selloff led to a self-reinforcing cycle where market makers activated automated risk controls, further reducing liquidity in order books [3] Impact on Markets - The U.S. equity markets experienced a loss of approximately $1.5 trillion on the same day, with the S&P 500 and Nasdaq recording their largest one-day declines in six months [4] - Binance reported that around $150 billion in systemic liquidations occurred across global markets during the crash [4] Blockchain and Transaction Issues - Ethereum gas fees surged above 100 gwei, causing blockchain congestion that slowed transfers and limited arbitrage opportunities, which exacerbated price gaps and fragmented liquidity [5] Binance-Specific Incidents - Binance acknowledged two specific incidents during the crash but clarified that these did not cause the broader market movement. The first incident involved a slowdown in its internal asset-transfer system, affecting transfers between accounts [6] - The second incident was related to temporary index deviations for certain assets, which occurred after most liquidations had already taken place, attributed to thin liquidity and delayed rebalancing [7] Compensation and Methodology Changes - Binance implemented changes to its methodology and compensated affected users with over $328 million, launching additional support programs to stabilize impacted participants [8] - Approximately 75% of the day's liquidations occurred before the index deviations, indicating that the initial macro shock was the main driver of the market movement [8]

Core Insights - Greenlane Holdings has announced the integration of Ethena's USDe as approved collateral for Berachain's HONEY stablecoin, expanding the collateral options available on the platform [1][2] - The integration aims to enhance liquidity, network activity, and economic mechanisms within the Berachain ecosystem by creating a deeper pool of dollar-denominated capital [1][2] - Currently, approximately $19 million of USDe is being utilized as collateral within the HONEY framework, while the total supply of USDe exceeds $6 billion [2] Company Overview - Greenlane Holdings is focused on a Berachain-centered digital asset treasury strategy, which includes acquiring BERA and enhancing BERA-per-share through treasury management [4] - The company is actively participating in the Berachain ecosystem by engaging in network staking, liquidity provisioning, and supporting decentralized applications [4] Berachain Insights - Berachain is the first blockchain utilizing Proof of Liquidity, designed to facilitate business scaling and sustainable on-chain economies [5] - The platform has successfully raised $150 million from notable digital asset investors, indicating strong market confidence [5] Ethena Overview - Ethena is the protocol behind USDe, which has seen significant growth, with a peak circulating supply exceeding $14 billion [6] - Ethena also contributes to USDtb, the 13th-largest stablecoin, with nearly $1 billion in supply [6]

Group 1: Stablecoin Trading Surge - South Korean crypto exchanges experienced a 62% increase in stablecoin trading volumes as the won depreciated to multi-year lows against the dollar, leading to intensified marketing efforts for dollar-pegged tokens [1] - Trading volume for Tether (USDT) on major won-based exchanges reached 378.2 billion won ($261 million) when the exchange rate surpassed 1,480 won per dollar [1] - Major exchanges such as Korbit, Coinone, Upbit, and Bithumb launched aggressive promotional campaigns for stablecoins, waiving trading fees and offering rewards to enhance trading volumes during a downturn in the broader crypto market [2] Group 2: Currency and Banking Responses - South Korea's major commercial banks reduced dollar deposit interest rates to near zero due to government pressure aimed at defending the exchange rate, with Shinhan Bank cutting its rate from 1.5% to 0.1% and Hana Bank from 2% to 0.05% [3] - The government summoned bank executives to discourage excessive marketing of foreign currency deposits, prompting banks to offer incentives for converting dollars to won [4] - Dollar deposit balances at five major banks fell by 3.8% to 63.25 billion dollars, marking the first decline after three months of increases, with corporate deposits dropping significantly from 52.42 billion dollars to 49.83 billion dollars [5] Group 3: Individual Deposits and Presidential Intervention - Individual dollar deposits increased at a much slower rate, rising by only 109.64 million dollars compared to a previous month's increase of 1.09 billion dollars [6] - President Lee Jae-myung made a rare verbal intervention regarding the exchange rate, predicting it would drop to around 1,400 won within one to two months [7]

Core Insights - The stablecoin market is currently dominated by USD-pegged stablecoins, which account for approximately 99% of the total market capitalization of over $306 billion, despite the emergence of alternative models [6][19] - The collapse of algorithmic stablecoins like TerraUSD has led to a cautious approach towards purely algorithmic models, with a shift towards stability through real liquidity and cross-chain reliability [1][7] - There is growing interest in diversified stablecoin designs, such as those pegged to baskets of currencies or commodities, as a means to reduce reliance on the U.S. dollar [8][14] Stablecoin Models - Algorithmic stablecoins have faced significant scrutiny following high-profile failures, leading to a preference for models that utilize collateral and liquidity [1][7] - Non-USD stablecoins have struggled to gain traction, with only three in the top fifty by market cap, highlighting the dominance of USD in the stablecoin ecosystem [3][6] - Tether's Alloy, a token over-collateralized with gold, represents an attempt to diversify away from the dollar, but has not gained significant popularity, with a fully diluted valuation of under $50 million [8][9] Market Dynamics - The dollar remains the primary reserve currency, but its long-term dominance is increasingly questioned, with geopolitical factors pushing discussions around de-dollarization [4][19] - The stablecoin market's reliance on USD is partly due to inertia and convenience, as institutions find it easier to adopt familiar USD-pegged models [5][19] - The potential for basket-pegged stablecoins to provide more stability in volatile markets is recognized, especially in countries with high inflation [14][15] Future Outlook - There is a belief that as political tensions rise, the trust in the dollar may decline, potentially leading to greater de-dollarization and a more diverse stablecoin landscape [18][19] - The success of alternative stablecoin models will depend on market acceptance and the ability to provide long-term stability over short-term convenience [19][20] - The evolution of stablecoins may lead to a coexistence of USD-backed and local stablecoins, balancing global liquidity with local monetary needs [20][21]

Core Viewpoint - Bitcoin has experienced significant volatility, with a notable drop following President Trump's announcement of potential tariffs on European countries, reflecting increased distrust in the cryptocurrency market [2][7]. Group 1: Bitcoin Price Movements - Bitcoin reached a peak price of approximately $97,500 in mid-January, but subsequently fell sharply, nearly negating its early-year gains [2][5]. - Following Trump's tariff announcement on January 16, Bitcoin's price began to decline, dropping to around $87,000 by January 22, which is below the expected price for the end of 2025 [7]. - The price drop was attributed to a decrease in risk appetite among investors, paralleling declines in the stock market, with the Dow Jones Industrial Average falling by 870 points [7]. Group 2: Market Sentiment and Trust Issues - The perception of Bitcoin as "digital gold" is weakening, as indicated by analysts, amidst growing distrust in the cryptocurrency market [7]. - The stablecoin "USDe" experienced a significant drop in value, leading to forced liquidations for investors using it as collateral, further eroding trust in the market [7]. - A hacker incident in early November also contributed to a bleak outlook for the cryptocurrency market, with significant outflows from Bitcoin-related exchange-traded funds (ETFs) [8]. Group 3: Regulatory Developments and Future Outlook - The U.S. Congress has initiated discussions on the "Clarity Act," which could facilitate larger financial institutions' involvement in the cryptocurrency sector, potentially boosting market confidence if passed [8][9]. - The upcoming midterm elections in November may influence the Trump administration to advance policies that support the cryptocurrency industry, which could help alleviate distrust [9]. - For Bitcoin to solidify its status as "digital gold," it would need to see increased holdings by national governments, similar to the demand that supports gold prices [9][10].

Core Viewpoint - The anticipated digital asset bill in the Senate has been delayed due to intense debates over stablecoin regulations, leading to growing anxiety in the cryptocurrency industry, which was previously optimistic following Trump's return to the White House [1] Group 1: Legislative Developments - The Senate Banking Committee postponed discussions on the digital asset bill, with Coinbase announcing its withdrawal of support for the latest version of the bill [1] - The bill includes provisions that would restrict cryptocurrency companies from offering yields or rewards on stablecoins held for users, which has faced strong opposition from platforms like Coinbase [1][4] - The delay raises concerns that the U.S. may lag behind other markets in establishing a regulatory framework for stablecoins, which have seen increased usage since the relevant legislation was passed last July [1] Group 2: Market Reactions - Following the news, Coinbase's stock fell by 4%, while shares of stablecoin issuer Circle and cryptocurrency platform Gemini dropped by approximately 5% [4] - The proposed ban on providing yields on stablecoins could disadvantage U.S. regulated cryptocurrency companies compared to their overseas counterparts, as the regulatory terms remain ambiguous [5] Group 3: Industry Perspectives - Executives express that restrictions on rewards could place U.S. cryptocurrency firms at a competitive disadvantage, as unclear regulations may lead to varied interpretations [5] - The unique nature of stablecoin reward mechanisms spans payment settlements, savings-like financial products, and market incentives, complicating the legislative process [4] Group 4: Broader Implications - The U.S. banking sector is cautious about the development of stablecoins, warning that interest-bearing stablecoins could divert traditional bank deposits [6] - Coinbase's strong opposition to the bill highlights the increasing influence of the cryptocurrency industry in Washington, with its CEO Brian Armstrong citing numerous issues with the bill [6] - Despite the delay, some industry experts believe the bill will eventually pass during the current administration, though the final form of the legislation remains uncertain [6]