China Considers Yuan Stablecoin to Challenge U.S. Dollar Dominance

China is weighing the launch of a yuan-backed stablecoin, with Shanghai and Hong Kong as pilot hubs, to expand its digital currency’s global influence.

China Weighs Yuan-based Stablecoin Amid Global Market Shift

China is considering launching a yuan-backed stablecoin, a move that could reshape digital finance and challenge U.S. dominance in global payments.

The People’s Republic of China is reviewing the launch of a yuan-based stablecoin as part of its long-term strategy to strengthen the global role of its currency. The State Council is expected to review and approve a roadmap later in August, marking a major shift from China’s earlier hardline stance against cryptocurrencies.

From Ban to Potential Launch

In 2021, China banned cryptocurrencies and mining, citing financial risks. However, recent developments indicate a change of direction. According to Reuters, citing anonymous sources, Shanghai and Hong Kong are expected to be the first cities for pilot rollouts if the plan is approved.

This aligns with Hong Kong’s new stablecoin ordinance, which came into effect on August 1, 2025, and Shanghai’s growing infrastructure for the digital yuan.

Yuan’s Global Position

Despite China’s ambitions, the yuan’s share in global payments fell to 2.88% in June, its lowest in two years, according to SWIFT data. By contrast, the U.S. dollar dominates with 47.19%.

U.S. President Donald Trump has strongly supported dollar-pegged stablecoins since his January inauguration. Initiatives like the GENIUS Act are also establishing clearer rules to boost the legitimacy of U.S.-backed digital assets.

Next Steps and Global Implications

Details of China’s stablecoin plan will be unveiled in the coming weeks, with the People’s Bank of China (PBOC) expected to oversee implementation. The issue is also scheduled for discussion at the Shanghai Cooperation Organization (SCO) Summit in Tianjin (Aug 31–Sep 1, 2025), attended by leaders from India, Pakistan, and other member nations.

If launched, a yuan stablecoin could deepen China’s influence in cross-border trade and digital finance, directly challenging U.S. dominance in the space.

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Huge ! Ethereum Treasuries Surpass 4.1M ETH Worth $17.5B Across 69 Firms

Ethereum Treasuries Cross 4.1 Million ETH Across 69 Firms

Ethereum treasuries have reached 4.1M ETH, worth $17.5B, as 69 companies accumulate holdings, signaling growing institutional adoption of the second-largest cryptocurrency.

The total value of treasury-held Ethereum (ETH) has crossed 4.1 million ETH, according to data from StrategicETHReserve. At current prices, this represents roughly $17.5 billion, or about 3.39% of ETH’s circulating supply. The trend highlights rising institutional interest in Ethereum as a core digital asset.

Who Holds the Most ETH?

Among the 69 entities holding over 100 ETH, BitMine Immersion Technologies is the largest, with 1.5M ETH valued at $6.6B. The company also owns 192 BTC, making it the world’s second-largest crypto treasury after Strategy Inc. BitMine’s ETH-focused treasury strategy, announced in late June, has already added more than 373,100 ETH in just six weeks.

The second-largest holder, SharpLink Gaming, owns 740,800 ETH worth about $3.1B. The firm recently acquired an additional 143,593 ETH and revealed plans to raise $400M by selling shares to five global institutional investors.

Other major ETH treasuries include:

The Ether Machine – 345,400 ETH
PulseChain Sac – 166,300 ETH
Coinbase – 136,800 ETH

Institutional Shift Towards ETH

Public companies collectively hold 2.6M ETH (about $10.9B), while U.S. spot Ethereum ETFs own 6.7M ETH (around 5.5% of ETH supply).

This consolidation of ETH in corporate treasuries and ETFs signals growing institutional acceptance of Ethereum as a long-term store of value and a critical digital asset alongside Bitcoin.

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Hyperliquid Launches Multi-Quote Spot Trading, Whale Invests $40M in HYPE

Hyperliquid has rolled out a major upgrade to its decentralized exchange, officially enabling multi-quote spot trading on mainnet. The deployment, led by the USDT0 team, automatically launched the HYPE/USDT pair as the first example of the new system.

⚡ Multi-Quote Expansion
The update allows HIP-1 base asset deployments to select any quote asset for their initial spot pair, significantly improving flexibility. In line with HIP-1’s cadence, new permissionless pairs between base and quote assets will continue to launch through independent Dutch auctions.

The team also hinted at upcoming enhancements to broaden quote asset strategies, making the platform even more versatile for traders.

📊 Whale Activity & Market Performance
At the time of writing, HYPE trades at $44.21, with a 24-hour volume of $228 million, despite a 5.28% daily dip (CoinMarketCap). Notably, whale wallet 0xa523 injected more than $40 million USDC into the platform, scooping up 466,000 HYPE tokens worth $21.5M between $46–$47.

📈 Strong Growth Metrics
Hyperliquid’s momentum is visible across on-chain metrics. According to DeFiLlama, total value locked (TVL) reached $2.81B this week. On August 15, the protocol processed $29B in 24-hour volume, generating $7.7M in fees. With 97% of trading fees allocated to HYPE buybacks, trading surges directly support token price growth.

In July alone, Hyperliquid handled $320B in trades, capturing 6.1% of global crypto trading activity, rivaling some centralized exchanges.

🗣️ Founder’s Vision
Co-founder Jeff Yan, a Harvard-trained mathematician, said Hyperliquid’s success comes from self-funding and user-first design rather than heavy VC backing.

“Progress comes when users derive value from what you’ve built,” Yan emphasized on the WuBlockchain Podcast.

With its Layer-1 securing $2.21B in TVL, Hyperliquid’s mainnet upgrade underscores its push to compete directly with centralized exchanges while empowering traders.

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Kanye West’s YZY Token Rockets to $3B, Crashes as Insiders Cash Out Millions

Kanye West’s YZY token exploded onto the crypto scene this week, delivering a rollercoaster launch that minted instant millionaires while wiping out latecomers.

🚀 $3B Peak Before Collapse
According to Nansen, YZY soared to a staggering $3 billion market capitalization within 40 minutes of launch. By Thursday afternoon, the market cap had fallen to $1.05 billion as insiders began offloading their holdings.

Blockchain tracker Lookonchain flagged issues immediately: YZY’s liquidity pool contained only YZY tokens—no USDC—allowing developers to move liquidity freely, a tactic often seen in celebrity-backed token launches.

💰 Insiders Win Big
One insider wallet (6MNWV8) bought 1.29 million YZY at $0.35 using 450,611 USDC. Within hours, it sold most holdings for $1.39 million, securing more than $1.5 million in profit. Another trader split buys across two wallets, turning 450,000 USDC into $3.4 million, even spending 129 SOL ($24,000) in priority fees to front-run the crowd.

Coinbase’s Conor Grogan noted that 94% of YZY’s supply was initially in insider hands, with one multisig wallet controlling 87% before dispersal.

📉 Whales Take Heavy Losses
Not all players walked away winners. One whale spent 1.55M USDC on YZY at $1.56, selling two hours later for 1.05M USDC, losing nearly $500,000. A leverage trader has already burned $160,000 across failed longs in just one hour.

🌟 Celebrity Hype Drives Demand
Despite risks, hype continues. BitMEX co-founder Arthur Hayes disclosed he bought YZY, while trader James Wynn compared the frenzy to Donald Trump’s memecoin, which quadrupled in under 28 hours.

West, worth $400 million per Forbes, had previously rejected a $2M offer to promote a fake token. His official YZY site warns of the “potential for complete loss.”

The chaotic launch underscores how celebrity-backed tokens can deliver lightning-fast riches—or devastating losses—within hours.

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MetaMask Launches First-Ever Wallet-Native Stablecoin, MetaMask USD ($mUSD)

MetaMask, the widely used self-custodial crypto wallet developed by Consensys, has launched its own stablecoin, MetaMask USD ($mUSD). The rollout marks the first time in crypto history that a self-custodial wallet has issued a stablecoin, giving users the ability to hold, send, and spend digital dollars while maintaining full control of their funds.

According to MetaMask’s official announcement, shared on X, the new stablecoin will be issued by Bridge, a compliance and issuance platform owned by Stripe, and minted via M0, a decentralized infrastructure built for cross-chain interoperability and liquidity.

💵 Stability & Transparency
MetaMask USD will be fully backed 1:1 by U.S. cash and short-term Treasuries, ensuring both stability and transparency. It will integrate directly into the wallet, allowing users to on-ramp, swap, transfer, and bridge mUSD within the app.

🌐 Integration & Expansion
At launch, mUSD will be live on Ethereum and Linea, Consensys’ Layer 2 network. Over time, it expects mUSD adoption across lending markets, decentralized exchanges, and custodial services, boosting liquidity and usage within the ecosystem.

🛒 Real-World Spending
By the end of 2025, its users will be able to spend mUSD directly through the MetaMask Card, enabling payments at millions of Mastercard merchants worldwide.

With more than 100 million global users, it aims to make mUSD a cornerstone of Ethereum and Linea’s liquidity, bridging the gap between decentralized finance and everyday payments.

Bitcoin Price Falls Below $113K Amid SEC Probe, AI Disappointment, and Tariff Worries

Bitcoin price dropped under $113,000 for the first time in two weeks, with SEC scrutiny, AI revenue fears, and new tariffs driving investor panic.

Bitcoin Price Dips Below $113,000 Amid SEC, AI, and Tariff Fears

Bitcoin (BTC) slipped below $113,000 on Tuesday, triggering over $100M in liquidations as regulatory pressure, AI doubts, and new U.S. tariffs spooked investors.

The dip came just days after Bitcoin touched an all-time high of $124,196 on August 14, raising questions about whether momentum in the bull cycle is slowing. At the time of writing, BTC traded at $113,632, down 1.12% in 24 hours, with daily trading volume of $72.7 billion, per CoinMarketCap data.

Why Bitcoin Price Dropped

The sell-off gained speed after the SEC reportedly began investigating alleged fraud and stock manipulation at Alt5 Sigma, a firm tied to a $1.5B deal with World Liberty Financial (WLFi), co-founded by U.S. President Donald Trump.

Market sentiment worsened as:

AI disappointment: MIT NANDA research showed 95% of AI pilots failed to deliver quick revenue, dragging the Nasdaq 100 down 1.5%.
Tariff fears: Washington’s new 50% import tariffs on 407 products increased inflation worries.
Overleveraged bets: Futures markets saw record open interest, leading to forced selling when BTC pulled back.
Options fear: Glassnode reported the 30-day delta skew spiking to 12%, its highest in four months, signaling traders rushing for downside protection.

Safe Havens & Outlook

With risk sentiment fading, UBS raised its gold forecast to $3,700 by 2026 as investors looked for safer assets. Still, analysts argue that Bitcoin’s long-term bull market remains intact and that short-term fear often overshoots fundamentals.

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Breaking ! Mark Cuban Warns Crypto IPOs (6% fall), Could End Up Like Memecoins After Bullish Stock Crash

Mark Cuban questions the future of crypto IPOs after Bullish shares plunge 6% post-listing, raising doubts about token-forward IPOs gaining wider trust.

Mark Cuban Questions Future of Crypto IPOs As Bullish Stock Drop

Billionaire investor Mark Cuban is casting doubt on the future of crypto IPOs after shares of Bullish (BLSH) slid more than 6% just a week after going public.

Cuban, who made his fortune during the dot-com boom and owns the Dallas Mavericks, has been a longtime supporter of blockchain projects like Polygon, Aave, and OpenSea. But after watching Bullish stumble during its highly anticipated debut, he took to X with a sharp post: “Will crypto IPOs be treated like a meme coin now?”

Bullish’s public listing was touted as a landmark for token-forward IPOs, which combine traditional stock offerings with digital asset exposure. The idea was to give investors access to web3 without directly holding tokens. But with prices already tumbling, Cuban’s concern highlights a bigger problem: investor sentiment still dominates this market segment.

Future of Crypto IPOs

For many analysts, Bullish’s performance is a warning shot. If volatility continues, future token-linked IPOs could struggle to gain traction with institutional players. Retail-driven swings have already shaken confidence, and Cuban’s cautious tone signals that even strong backers are rethinking the playbook.

For now, the fate of crypto IPOs may hinge on whether companies can prove they offer more than just hype.

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SEC Chair Paul Atkins Says Most Crypto Tokens Are Not Securities

U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins said on Tuesday, August 19, 2025, that only a small percentage of crypto tokens should be considered securities, marking a sharp departure from the agency’s previous position.

Speaking at the Wyoming Blockchain Symposium, Atkins explained:

“From the SEC’s perspective, we will plow forward on this idea that just the token itself is not necessarily a security. Very few, in my mind, tokens are securities — but it depends on the package around it and how it’s being sold.”

This stance contrasts with former SEC Chair Gary Gensler, who repeatedly argued that the “vast majority” of crypto assets fell under securities law via the Howey test. Gensler resigned in January 2025, with Mark Uyeda serving as Acting Chair before Atkins’ appointment.

📜 Legislative Backdrop
Atkins’ comments come as Congress works to set clearer digital asset rules. In July, the House passed the Digital Asset Market Clarity (CLARITY) Act, which establishes a regulatory framework for U.S. crypto markets.

Senate Banking Committee Chair Tim Scott recently noted that as many as 18 Democrats could join Republicans in supporting the bill when the Senate reconvenes on September 2, 2025, suggesting broad bipartisan momentum.

⚖️ Project Crypto Initiative
Atkins also referenced the SEC’s Project Crypto, which aims to craft guidelines for blockchain-based trading platforms while balancing investor protection with innovation.

The new approach indicates a friendlier regulatory climate for crypto, giving businesses and investors greater clarity as the U.S. market continues to evolve.

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ARK Invest Doubles Down on Crypto Stocks With $37M Bet Despite Market Slump

ARK Invest Buys $21M Bullish (BLSH) and $16M Robinhood (HOOD) Stocks

Cathie Wood’s ARK Invest has doubled down on crypto-linked stocks, snapping up Bullish and Robinhood shares even as the sector faces steep declines.

According to Tuesday’s trade disclosures, ARK Innovation ETF (ARKK) picked up 356,346 shares of Bullish worth $21.2 million and 150,908 shares of Robinhood valued at $16.2 million. The move follows ARK’s massive $172 million Bullish buy last week, signaling unwavering confidence in the company after its high-profile NYSE debut.

ARK Invest Keeps Buying Despite the Dip

ARK has been aggressively adding Robinhood stock for three straight sessions, grabbing $14 million worth on Monday and another $9 million last Friday. This marks a sharp reversal from 2024, when ARK was forced to sell Robinhood holdings due to SEC exposure limits.

But the timing is bold. On Tuesday, Bullish fell 6.09% to $59.51 (down another 3.24% after hours) while Robinhood slipped 6.54% to $107.50 with further post-market losses.

Crypto Equities Face Sector-Wide Pressure

The buys come during a broad crypto-equity sell-off. Major players like Coinbase, Galaxy Digital, MicroStrategy, and Circle also posted heavy losses. The Nasdaq Composite slid 1.46%, reflecting fading optimism after last week’s rate-cut hype.

For Cathie Wood, however, the pullback looks like a buying opportunity. ARK’s latest moves suggest the firm is betting big on a long-term rebound in crypto and fintech stocks.

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Breaking ! MicroStrategy Equity Policy Change Sparks Investor Fury Trust in Saylor at Risk

MicroStrategy equity policy change removing the 2.5x mNAV safeguard has angered investors, raising concerns about dilution and leadership credibility.

MicroStrategy Faces Backlash From Investors Over New Equity Policy

Michael Saylor’s MicroStrategy (NASDAQ: MSTR) is under fire after scrapping its long-standing 2.5x mNAV issuance rule, sparking outrage from shareholders who feel betrayed.

The controversial decision removes a safeguard that prevented the company from issuing stock below 2.5 times its net asset value, a rule designed to protect investors from excessive dilution. Saylor defended the move as necessary to give MicroStrategy greater flexibility amid a shrinking Bitcoin premium, but many argue it represents a broken promise.

Investor Outrage Over MicroStrategy Equity Policy

The harshest criticism came from WhaleWire CEO Jacob King, who accused Saylor of “pulling the rug” and lying to investors. He noted that MicroStrategy’s premium collapsed from 3.4x to 1.6x since late 2024, making the new rule convenient for Saylor’s strategy. Other investors echoed similar frustrations, recalling that Saylor had recently reaffirmed the safeguard during an earnings call just weeks ago.

Industry voices like Adam Simecka and Daan Crypto Trades highlighted the dilution risks and warned that the so-called “Saylor bid” to fund Bitcoin buys via stock issuance could now resume unchecked.

Bigger Risks Ahead

Critics also raised alarms about wider risks: further dilution, falling investor trust, and overexposure to Bitcoin’s volatility. One analyst wrote that the change could “erode long-term shareholder value and put downward pressure on the stock price.”

The backlash ultimately reflects a growing divide: Saylor’s uncompromising Bitcoin-first vision versus shareholder demand for transparency and protection.

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