BlockBeats will curate industry key news content for the week (8.18-8.24) in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.

Important News Review

Powell's Speech "Dovish," Crypto Market Soars Across the Board, Ethereum Hits $4,887 to Achieve New All-Time High

On August 23, Federal Reserve Chair Powell stated that the continually "changing" economic risks have given the Fed more justification for rate cuts. This statement indicates that Powell has joined the "dovish" camp within the Federal Open Market Committee responsible for setting rates, and it signals that he may support a 25 basis point rate cut at the Fed's next meeting in September. Subsequently, the crypto market soared across the board, with Ethereum hitting $4,887, setting a new all-time high after a 44-month hiatus from the previous high; BNB surpassed $900, continuing to set new all-time highs; the crypto market cap returned to $4.1 trillion, recording a 6.1% increase in 24 hours. Related Readings: "One Step Closer to Rate Cuts, Will the Post-September Market Start a Bull Run?", "After 1,384 Days, Ethereum Finally Hits New All-Time High, Where Is the Next Milestone?", "Full Text of the Fed's Most Important Speech of the Year, High Probability of a September Rate Cut"

Kanye West Launches YZY MONEY and YZY Token, with the Latter Surging to a $30 Billion Market Value and Then Plummeting to $6 Billion in a Short Time

On August 21, renowned rapper and internet celebrity Kanye West announced the launch of YZY MONEY and the YZY token on social media. Within less than 1 hour, its market value once exceeded $30 billion, only to plummet thereafter. According to information on the YZY MONEY official website released by Kanye West, the economics of the YZY token are as follows: 20% for public issuance; 10% for liquidity pools; 30% for Yeezy Investments LLC (the issuer); 20% for the team; and 20% for the ecological development fund. Additionally, according to the YZY Money official documentation, the terms include a "waiver of collective litigation." On the 22nd, according to on-chain analysis, the first buyer of YZY may be Naseem, a trader who spent $1.1 million this year to invest in TRUMP and ultimately made over $100 million in profits. Related Readings: "Some Information and Questions about Kanye Coin YZY", "Catch Trump, Choose the Right YZY, Anonymous Trader Naseem Rises to Fame through Two Battles"

Zhaojin International Securities Officially Starts Offering Virtual Asset Trading Services

On August 18, according to official sources, Zhaojin International Securities announced the official start of its virtual asset trading services. The Zhaojin International Securities mobile app has launched the virtual asset trading feature, providing 24/7 virtual asset trading services to eligible investors. Eligible investors can directly participate in Bitcoin (BTC), Ethereum (ETH), and USDT trading through a virtual asset account. Zhaojin International Securities is the first Hong Kong-based Chinese bank-affiliated securities firm to obtain a license for virtual asset trading services.

SEC Chairman: Only a Few Tokens Meet the Securities Definition, a New Era for the Crypto Industry Has Arrived

On August 20, SEC Chairman Paul Atkins reiterated his friendly stance towards cryptocurrency, emphasizing that only a "few" tokens fall under the securities category. This statement marks a significant shift from the regulatory approach of the previous administration. While attending a blockchain seminar in Wyoming, Paul Atkins explicitly stated, "The SEC will actively promote a new idea - that tokens themselves may not necessarily, and quite possibly do not, constitute securities. In my view, very few tokens truly meet the definition of a security, depending crucially on their accompanying arrangements and sales methods." This statement follows the SEC's launch of "Project Crypto" last month, signaling the latest policy direction. The project, described by the chairman as a key part of the securities law "modernization" reform, aims to drive the transformation of the U.S. financial markets to the blockchain.

Huaxing Capital Partners with YZi Labs to Invest Around $100 Million in Specialized BNB Asset Allocation

On August 22, according to a Hong Kong Stock Exchange announcement, Huaxing Capital announced a strategic cooperation memorandum with YZi Labs to support BNB and the BNB Chain ecosystem's applications, establishing a mutually empowering partnership. The collaboration includes: Huaxing Capital-led strategic BNB specialized allocation: the company will invest approximately $100 million in specialized BNB asset allocation, aiming to become the first Hong Kong-listed company to include BNB in its specialized digital asset allocation; promotion of Web3 ecosystem-related initiatives and driving BNB's compliance exchange listing arrangements; Real World Assets (RWA) Fund and BNB Chain ecosystem project promotion.

User Loses 783 Bitcoins in Theft Due to Social Engineering Attack, Suffering Over $90 Million in Losses

On August 22, blockchain sleuth ZachXBT revealed on his personal channel that on August 19, 2025, a victim fell victim to a social engineering attack, losing 783 Bitcoins (approximately $91.4 million) in a scenario where the platform and hardware wallet customer support were impersonated. The stolen funds began to be gradually dispersed and transferred, with the attacker making multiple deposits to Wasabi. Coincidentally, this theft occurred on the first anniversary of the Genesis creditor's $243 million theft.

Wormhole Foundation Engages in Competition with LayerZero over Acquisition of Stargate Cross-Chain Bridge and Prepares to Offer Over $110 Million

On August 21, the Wormhole Foundation announced that the LayerZero Foundation had proposed to acquire the Stargate cross-chain bridge and its STG token for $110 million. Wormhole believed that this offer was too low and underestimated Stargate's strong growth. The Wormhole Foundation is preparing to submit a higher bid and has requested a pause in the ongoing snapshot vote for 5 working days. Previously, the LayerZero Foundation had proposed to acquire the Stargate cross-chain bridge and its STG token for $110 million. Read more: "LayerZero's Acquisition of Stargate Disrupted: Wormhole Raises Bid Requesting Voting Suspension"

MetaMask Launches Its Native Stablecoin mUSD Issued by Bridge, a Subsidiary of Stripe

On August 21, it was reported that MetaMask officially launched its native stablecoin, MetaMask USD (mUSD). MetaMask USD is set to go live later this year on the Ethereum and Linea networks. MetaMask stated that mUSD would be issued by Bridge, a stablecoin issuance platform under Stripe, and minted through M0's decentralized infrastructure. Additionally, mUSD will be fully backed 1:1 by "high-quality, highly liquid dollar-equivalent assets" and will achieve real-time transparency and cross-chain composability through M0's liquidity network. Read more: "A Snapshot of 8 Stablecoin Projects Worth Watching Recently"

US Stock BNB Treasury Company WINT Faces Delisting from Nasdaq due to Violations, Stock Price Plunges Further by 77% with Market Cap at Only $3 Million

On August 21, market data showed that the US stock BNB treasury company Windtree Therapeutics (WINT) received a notice from Nasdaq on August 19, 2025, indicating that due to its stock price staying below $1 for an extended period, undergoing multiple reverse splits, and not meeting the usual grace periods, its common stock would be delisted from the Nasdaq Capital Market on August 21 and transition to trading on the OTC market. This news led to a 77.21% plunge in its stock price, with a market cap of only $3.152 million remaining. Read more: "First BNB Reserve Company WINT Delisted, Is the 'Coin Hoarding Strategy' Ineffective?"

Cryptocurrency Exchange LBank May Launch Plan to Go Public in the US

On August 19, according to cryptocurrency KOL @_FORAB, LBank may launch a plan to go public in the US. The platform "distributed 250 shares of common stock to invited employees and requested passport and identity information for registration, but due to regulatory reasons, employees with a Chinese mainland passport are unable to participate in the stock incentive."

LINK Surges Over 50% in the Past Two Weeks, Potentially Driven by LINK Reserve Plan and On-Chain Whale Accumulation

On August 18, according to market data, LINK has surged over 50% in the past two weeks. Chainlink launched the "LINK Reserve Plan" in early August, converting on-chain oracle network revenue and off-chain enterprise service earnings into LINK tokens in proportion. The current reserve size has exceeded one million US dollars and will form a supply shock through a continuous buyback mechanism in the long term, strengthening the token's value capture capability. In addition, on-chain data shows that whales are continuously accumulating LINK, with the number of large transactions of LINK hitting a new high in seven months, indicating increased confidence from large investors in LINK. Related reading: "Why is LINK considered the 'Invisible Engine' of Institutional Bull Market?"

Wyoming Issues the First State-Level Stablecoin in the US: FRNT

On August 19, FOX Business reporter Eleanor Terrett stated that Wyoming has officially launched the Frontier Stable Token (FRNT), becoming the first state in the US to issue its own stablecoin. FRNT is backed by the US dollar and short-term government bonds and has already been deployed on seven blockchains: Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base. However, due to ongoing regulatory hurdles, the token has not been made available to the public yet.

Thailand Introduces Tourist Wallet for Foreign Visitors, Cryptocurrency Functionality Remains in Sandbox Stage

On August 18, it was reported that Thailand has introduced a Tourist Wallet for foreign visitors, which is used for QR code payments converting foreign currencies into Thai baht. However, the cryptocurrency exchange function has been suspended due to regulatory review. Cross-border QR code payments are currently available in countries including Singapore, Malaysia, and upcoming partner countries. Foreign visitors from other countries still face inconvenience when making payments in Thailand, and this new wallet aims to address this pain point. Tourists can top up their wallets through cash at service provider counters, linking international debit or credit cards, or via overseas bank transfers. Merchants using card terminals have a monthly limit of up to 500,000 baht (approximately $13,800), while small merchants have a monthly limit of up to 50,000 baht. Cash withdrawals are prohibited, and the account can only be closed via redemption.

This Week's Large Financings: LM Funding America, DigiFT, Irys, EliseAI

On August 20, LM Funding America, Inc. (Nasdaq: LMFA), focused on Bitcoin asset management and mining, announced the completion of a $12.6 million registered offering and a $10.4 million private placement, raising a total of approximately $23 million. The net proceeds from this issuance will primarily be used to acquire more Bitcoin for the company's asset management division.

On the 21st, on-chain RWA trading platform DigiFT announced the completion of a new strategic financing round in August 2025, led by Japan's largest financial group, SBI Holdings, with participation from Mirana Ventures, Offchain Labs (Arbitrum), Cloud Start Capital, and senior executives in the global fintech sector. Following this round of financing, DigiFT has raised a total of $25 million.

On the 21st, programmable data chain Irys completed a $10 million Series A financing, with CoinFund leading the round and participation from Hypersphere, Tykhe Ventures, Varrock Ventures, Breed VC, Echo Group, Amber Group, and WAGMI Ventures. This financing round brings Irys' total funding to $20 million.

On the 21st, vertical AI startup EliseAI completed a $250 million Series E financing, with A16z leading the round and participation from Bessemer Venture Partners, Sapphire Ventures, and Navitas Capital. The company's valuation doubled to over $2.2 billion.

This Week's Top Articles

"After 1194 Days of Collapse, Originator of $40 Billion Stablecoin Serves Time"

Do Kwon's life went from a Seoul prodigy to a Stanford-educated entrepreneurial star, to the "Algorithmic Stablecoin King" in the crypto world, only to become the central figure in the largest financial fraud in history due to the Terra/Luna collapse, causing a global loss of $40 billion. His arrogance and ambition propelled the empire's rise, but also hastened its demise, leaving hundreds of thousands of investors penniless, families broken, and some even resorting to suicide. Fleeing, forging passports, being arrested, extradited, step by step towards prison, he pled guilty in a New York courtroom, awaiting a long prison term and massive fines, with the losses of those victims irreparable.

"The 'Disappeared' Founders of Top Crypto Projects"

The "rockstar founders" of the crypto industry are one by one fading from the stage: Jason Zhao of Story Protocol resigned as CEO to move to the AI track; Ethereum co-founder Gavin Wood withdrew twice only to return to lead Polkadot; EOS co-founder BM left early and immersed himself in theological research; Rushi Manche of Movement Labs was expelled due to a scandal; Ahmad Shadid of io.net stepped down before the token launch and transitioned to a new AI project; Polygon co-founder Mihailo Bjelic gently exited due to ideological disagreements; Cecilia of Morph abdicated amidst power struggles and controversies. These stories represent both idealistic farewells and messy endings, reflecting the constant intertwining and shifting of narratives and realities in the crypto industry.

"These 6 People Are Becoming Solana's Tom Lee"

While Ethereum experienced a new wave effect due to Tom Lee's frenzy buying, the Solana community is also looking for its "evangelist." Among many candidates, the most recognized one is Wall Street veteran fund manager Anthony Scaramucci, who not only has a long-term position in Solana but also, leveraging SkyBridge and his extensive network and media influence, publicly bullish, even publishing "Solana Rising" to endorse it. In comparison, Novogratz, Kyle Samani, Joe McCann, and others, although influential, are slightly lacking in resources and public appeal. Therefore, Scaramucci is gradually becoming Solana's bridge between the traditional financial and crypto markets, being seen as the most likely "Solana version of Tom Lee."

"The Unluckiest Winklevoss Twins from 'The Social Network' Are Now Riding the Coin and Listing Wave"

After filing an IPO application with the SEC, Gemini plans to debut on the Nasdaq with the symbol GEMI, aiming to become the third U.S. publicly listed crypto exchange after Coinbase and Bullish. Despite the company generating $68.6 million in revenue in the first half of the year but losing $280 million, the market's expectation of raising around $400 million in funding is still gaining momentum against the backdrop of the U.S. IPO boom and recognition of compliant platforms. The Winklevoss twins behind it bet early on Bitcoin with part of their settlement money from the Facebook debacle, now worth over $10 billion, leading Gemini in a "compliance-oriented" manner toward the capital market, completing a transformation from the regret of the social network to the resurgence of the crypto wave.

"BMNR Can Still Rise? Cathie Wood Talks Ethereum Treasury Investment Logic"

In an interview, Cathie Wood looked back on her investment journey, emphasizing the unexpectedly rapid adoption of stablecoins. She expressed a strong belief that in the next five years, Bitcoin will surpass a million dollars and Ethereum will become the core foundational layer for Agentic AI and smart contracts. She believes the U.S. economy is transitioning from a "rotational recession" to recovery, with frontier technologies such as AI, robotics, and blockchain bringing benign deflation and productivity enhancements. In the realm of crypto assets, BTC, ETH, and SOL are core holdings for ARK, while Coinbase, Circle, and Robinhood are key related stocks. She advises young people to keep an open mind, be willing to experiment, and believe that the current bull market is expanding into more areas, with blockchain becoming a significant force.

"ETH Faces Short-Term Resistance, Which 'Ether Series' Projects Can Break Through First?"

As the price of ETH approaches a new high and institutional funds accelerate into the ecosystem, various Ethereum-based tokens are showing strength: BMNR, ENA, PENDLE, among others, are gaining traction with their token burns and buyback plans. UNI and Fluid introduce new trading models, LDO and AAVE solidify their staking and lending advantages, CRV, SKY, SPK expand stablecoin systems, LINK reinforces value capture, and PENGU skyrockets due to ETF concepts, demonstrating an overall prosperous trend of resonating funds and narratives.

"After OKB's Record-Breaking Burn, How to Capture the X Layer Meme Market Trend?"

Following an upgrade to its economic model and a one-time burn of 65.25 million reserved tokens, OKB has surged, driving activity in its L2 public chain X Layer ecosystem. The on-chain Meme trend has resurged, with tokens like XDOG and OKAY quickly gaining popularity. Platforms such as DYORSWAP, Okay.fun, X MINT, OK MEME, and liquidity providers like PotatoSwap have emerged on X Layer. Tools like Ave.ai and OKX Web3 are also enhancing trading and data support. However, the ecosystem is still in its early stages, with a raw trading experience and very high risk. Users should carefully navigate the market to avoid getting stuck with the final bill.

"What Is Tether's True Purpose in Being a Stablecoin?"

Stable is attempting to become the "Trojan Horse" of the stablecoin market by creating dedicated infrastructure for USDT, offering gas-free transfers, sub-second settlements, and a simplified user experience. It aims to address pain points of existing stablecoins such as high fees, slow settlements, and complexity by initially attracting users through free and seamless transfers, then gradually expanding into payments, DeFi, and institutional partnerships. Ultimately, it seeks to position itself as a core hub of the global payment network, driving USDT beyond the crypto community and into mainstream finance and daily payment systems.

"Quick Look at the Top 10 Winning Projects at ETHGlobal NYC Hackathon"

The ETHGlobal New York 2025 hackathon has concluded successfully, with the top ten projects showcasing diverse innovative directions of Web3 applications. From the AR and blockchain incentive-based shooting game Rivals to projects like Primer supporting encrypted shopping payments, Swap Pay for multi-token composite payments, Pumpkin Spice Latte savings lottery app, Hardhat 3-Ledger hardware wallet integration tool, Noah digital inheritance solution, Kyma Pay merchant stablecoin payment system, TX Delay Insurance for transaction latency insurance, x 402-flash for optimizing micro-payment experiences, and Pika Vault for cross-chain asset management treasury. These projects cover various domains, including gaming, payments, DeFi, security, and cross-chain, highlighting developers' exploration and breakthroughs in blockchain technology's real-world applications.

"Would the Market Enter a 'Death Spiral' If BTC Treasury Companies Choose to Sell?"

Companies holding Bitcoin treasuries, once seen as a "price moat" for Bitcoin in recent months, could potentially become market drivers for a sell-off under price volatility and shareholder pressure. If lower-quality companies start selling Bitcoin to buy back their stocks, triggering a price drop, other companies may follow suit to maintain their valuation, creating a reflexive cycle of selling pressure. The cascade effect could lead even high-quality companies to capitulate. While low-quality companies may exit early to cut losses but lose their "diamond hands" image, middle-ground players are most vulnerable and likely to be forced out at lower prices. Only a few steadfast believers may endure this chain reaction, which could also impact other asset treasuries, with ETH potentially having some resilience due to its higher concentration.

"WLFI Makes Its Debut on the Stock Market: Can Trump's $10 Billion Boost the Bull Market?"

ALT5 Sigma secures a $1.5 billion financing to collaborate with WLFI Stablecoin, swiftly transforming from a fintech company with an annual revenue of only $20 million to the "Nasdaq Treasury" of the Trump family. Amid the interweaving of offshore capital, Wall Street funds, and political tokenism, ALT5 appears to be a compliant payment platform but has actually become the "legal backdoor" for WLFI and the USD1 stablecoin, laying the groundwork for its global payment network. Through ALT5, Truth Social, meme coins, and Bitcoin mining, the Trump family is building a shadow dollar system that combines political identity, media influence, and financial instruments, aiming to bypass Wall Street and the Fed to create its parallel financial empire.

"Is the 'Trade-to-Earn' Era Coming? CEX Initiates Interest Subsidy Battle"

Coinbase introduces a new rule offering a maximum APY of 12% for USDC collateral on contracts, sparking industry discussions and seen as a direct competitive move against Binance's BFUSD, while OKX also launches the "Trade Account Auto Earn" feature, further breaking down the barriers between trading and financial management. As major exchanges continue to introduce new mechanisms, users no longer need to choose between "maintaining liquidity" and "earning returns." The efficiency of fund utilization has significantly improved, blurring the boundaries between trading and financial management. "Trade-to-Earn" may become the new standard for cryptocurrency exchanges.

"Trump's Crypto Advisor's 'Whale Debut': $680 Million BTC Bottom Fishing, Now Facing Millions in Paper Losses"

After the merger with Nakamoto Holdings in August 2025, the U.S.-based healthcare company KindlyMD completed its full transformation into the Bitcoin treasury company NAKA and invested $679 million to acquire 5,744 Bitcoins. Behind this move is Bitcoin evangelist and Trump advisor David Bailey. Through PIPE and convertible bond financing, NAKA has assembled the capital power of the global Bitcoin industry, from Adam Back and Wu Jihan to Mexican billionaire Ricardo Salinas, creating an investor lineup that can be called the "Bitcoin Hall of Fame." Taking MicroStrategy as a reference point, NAKA aims to build a reserve of a million Bitcoins. Although facing short-term paper losses, its strategic goal is clear, marking the transition of the Bitcoin treasury model from a single company's bet to a new stage dominated by cross-industry consortia and institutional capital.

"BlackRock Indirectly Holds 3% of Bitcoin, Coin Reserve Approaching Satoshi"

BlackRock rapidly accumulated over 660,000 bitcoins through the iShares Bitcoin Trust (IBIT), representing over 3% of the total supply and becoming one of the world's largest holders, second only to Satoshi Nakamoto. This marks Bitcoin's entry into a new era of institutionalization. The rationale behind this move lies in Bitcoin's scarcity, its role as a hedge against the dominance of the US dollar, and the trend of digital transformation. As a result, it is recommended to allocate 1% to 2% to Bitcoin in a traditional 60/40 investment portfolio. The ETF model has not only increased Bitcoin's liquidity and legitimacy but has also brought about centralization paradoxes and financialization risks, potentially causing its volatility to be more correlated with traditional markets.

"Futu Goes All In on Crypto, Leading the Charge of Hong Kong Brokerage's 'Crypto-fication'"

Futu is rapidly expanding its cryptocurrency business in Hong Kong, Singapore, and the United States, becoming a pioneer in the Chinese brokerage industry's crypto-fication. Its Q2 financial report shows that the balance of crypto-related assets has reached 4 billion Hong Kong dollars, with a peak daily trading volume of 40 million US dollars. Futu is actively applying for a VATP license and aims to create a compliant crypto exchange. With 27 million registered users, strong profitability, and an internet-native DNA, Futu has a significant advantage in the competitive Hong Kong crypto market. Leveraging its global presence and a Robinhood-like development path, it is driving rapid business expansion.

"Paradigm Envisions a New Type of Prediction Market: Betting Without Counterparties?"

The Opportunity Market is a private prediction market mechanism that bridges the gap between information discoverers and resource providers: ordinary music fans, researchers, or frontline observers can identify potential opportunities ahead of time through bets, while record companies, funds, or institutions can capture clues from price signals and take action. Unlike traditional prediction markets, the Opportunity Market avoids information leakage and counterparty issues through designs such as only revealing prices to the initiator and setting an "opportunity window," allowing scout-like information to be aggregated under incentives while safeguarding institutional advantages. Although there are risks of blind trading, self-gaming, and initiator exploitation, if relying on reputation, transparency, and a trustworthy execution environment, this mechanism could become an essential tool for decentralized scout programs and early signal capture.

"DeFi and RWA's 'Identity Anxiety': Donning the L1 Cloak, Can It Bring a Tech Premium?"

Recently, DeFi and RWA protocols have been packaging themselves as Layer 1 to seek a higher valuation. However, most of them still remain at the level of a single product, lacking continuous economic benefits and ecosystem scalability, making it difficult to support the so-called "infrastructure" narrative. In contrast, a true Layer 1 can form a valuation premium through native token value accumulation, ecosystem synergy, and network effects, while most application chains and RWA protocols are caught in an identity crisis. They are neither like high-performance public chains nor have they achieved a clear product-market fit. The way forward lies in focusing on building products that truly solve problems, establishing sustainable fees and user retention, rather than relying on packaging concepts to gain a tech premium.

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