News linked to both this project and an event.
Mizuho analysts stated that if the U.S. crypto market structure bill, the "Clarity Act," is passed, while it may generally benefit the digital asset industry, the long-term impact on Circle could be negative. The reason is that regulatory clarity will attract more large institutions into the stablecoin market, further accelerating stablecoin commodification and eroding the revenue potential of Circle's USDC.Mizuho believes that the primary pressure Circle faces in the near term comes from Open USD. This stablecoin project is backed by a coalition of over 140 financial, technology, and crypto companies, with members including Visa, Mastercard, Stripe, BlackRock, and Coinbase. Unlike Circle's model, which retains approximately 38% of USDC reserve yields, Open USD employs a "pass-through" model, distributing nearly all reserve yields to distribution partners while retaining only a small management fee.Analysts also noted that Coinbase, as the largest distributor of USDC, also supports Open USD. This could give Coinbase stronger bargaining power when renegotiating its revenue-sharing agreement with Circle in the future. The distribution agreement between the two parties could be up for renegotiation as early as next month.
US stock futures fell across the board on Friday, with the tech sector leading the decline, as market concerns over rising AI infrastructure costs and a slowdown in fundraising pace intensified. Nasdaq 100 futures fell 1.2%, S&P 500 futures dropped 0.5%, and Dow Jones futures lost 67 points (-0.1%). Chip stocks broadly weakened following reports that OpenAI is considering postponing its IPO until next year, citing increased volatility in AI-related stocks, unstable market sentiment, and even the impact of SpaceX’s weak post-IPO performance.JPMorgan's trading desk noted that this news has reinforced market concerns about the sustainability of AI infrastructure investments and could affect the pace of future capital market fundraising. Vital Knowledge analyst Adam Crisafulli also stated that the IPO delay could slow down the overall expansion rate of AI infrastructure spending.In the chip sector, Philadelphia Semiconductor-related stocks came under pressure, with ON Semiconductor falling over 13% after acquiring Synaptics. Micron Technology and SanDisk both declined by more than 5%. The XLK ETF tracking the tech sector fell 1.6%, extending the previous session's losses. (CNBC)
Bitcoin slumped shortly after the US stock market opened, briefly breaking below the $79,000 mark, with a daily decline of approximately 3%, trading near its lowest level since May. Market consensus suggests this pullback is closely linked to the sell-off in risk assets triggered by a surge in US Treasury yields.Data shows that the yield on the 10-year US Treasury note rose above 4.55%, reaching its highest level in nearly a year, fueling concerns over tightening liquidity and a reassessment of risk assets. Analysts point out that this level previously triggered adjustments in US stocks and policy expectations last year, and is now once again serving as a key pressure signal.Trading firm The Kobeissi Letter stated that the "panic-driven rally" in the bond market is intensifying, with expectations for prolonged high interest rates growing. The market has begun pricing in the possibility of further rate hikes in the future, quickly cooling the previous "euphoria" in risk assets.From a technical perspective, analysts believe that after encountering multiple rejections from resistance above $82,000, Bitcoin's support structure is weakening. In the short term, it may retest the $75,000–$77,000 range, as the market enters a phase of range-bound trading and directional selection. (Cointelegraph)
Lido has released an update regarding the Kelp security incident, stating that its Earn-series vaults are working with the management team to address the issue, focusing on two key risk areas: rsETH exposure and tightening liquidity in lending markets. Lido emphasizes that its core staking protocol remains unaffected, and both stETH and wstETH remain secure and stable. Currently, only the EarnETH vault holds approximately 9% of its TVL in rsETH exposure; related deposits and withdrawals have been suspended by the management team pending resolution. Of the ~$70 million in ETH stolen in the earlier attack, roughly $70 million has already been recovered; asset recovery and loss allocation efforts are ongoing. To mitigate liquidity pressure, the management team has reduced leverage and optimized position structures, significantly decreasing wETH debt exposure. Should losses ultimately materialize, EarnETH will activate its $3 million “first-loss protection mechanism,” funded by the DAO. Other vaults remain unaffected: DVV and EarnUSD are operating normally. The GGV sub-vault is currently experiencing negative yields due to a combination of recursive staking strategies and rising borrowing rates, but active adjustments are underway. Users’ previously submitted withdrawal requests will be processed at pre-incident valuations.