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Project Overview
Overnight is the protocol behind USD+ yield-generating stablecoin. It is fully backed by DeFi yield-generating stablecoin assets and is best used for stablecoin liquidity management by individuals and treasuries, capital efficiency in liquidity pools, and as collateral for leveraged yield farming.
OpenAI Releases GPT-6 Astra Model; Gold Breaks $4,500
OpenAI officially released the GPT-6 Astra model and claimed it is nearing AGI. Overnight, markets reassessed the probability of a Federal Reserve rate hike in September at 50%, spot gold briefly surged past $4,500, and the IPO review status of Yangtze Memory Technologies Corp. changed to awaiting regulatory inquiry.
U.S. Treasury yields breach 4.8%, crude oil rises over 4% as Middle East conflict escalates
Overnight, the US Treasury 10-year yield breached 4.8%, WTI and Brent crude oil both rallied over 4%, and European natural gas futures hit a fresh two-year high. Amid sustained tensions in the Middle East, marked by US military strikes on multiple targets in Iran and attacks on oil tankers in the Strait of Hormuz, risk-off sentiment in the markets has intensified.
Global AI "Dark Horse Myth" Overturned Overnight: Accused of Being a Shell for Alibaba's Qwen
the "official" open-source model Rio-3.5-Open-397B, launched by IplanRIO, an IT company under the Rio de Janeiro City Government, has gained global popularity and been hailed as a rising force in Latin American open-source large models. Within less than 24 hours, this so-called AI "dark horse myth" was reversed, as the model was accused of being a "shell" version that is a weight-mixed variant of Alibaba's Qwen3.5 and NexN2Pro.Currently, IplanRIO has publicly apologized on the open-source community Hugging Face, admitting that an "operational error" led to the upload of a merged baseline version used for comparison. The open-source model team Nex-AGI has publicly alleged that this Rio model shows no traces of training by Rio itself, and that the so-called self-developed model is essentially a weight-mixed version of NexN2Pro and Qwen3.5-397B-A17B. (HuggingFace)
Zama founder: cUSDC freeze incident triggered by Overnight hack funds, cUSDC and other contracts suspended
Odaily Odaily founder Rand posted on platform X, stating that with the assistance of on-chain detective ZachXBT, the team has identified the root cause of the recent cUSDC freeze incident, which is unrelated to the Zama protocol itself or privacy technology. The incident originated when a wallet address associated with the Overnight Finance hack deposited over $12.5 million USDC into Zama's cUSDC wrapper contract. Since the address was not on any sanctions list at the time of deposit and was not flagged by KYT (Know Your Transaction) tools, the funds were able to enter the protocol.Rand stated that law enforcement agencies recently issued asset restriction orders against several wallets linked to the hacker. At that time, the cUSDC wrapper contract held relatively small funds, with over 99% coming from the aforementioned hacker address. Consequently, the court ordered the freezing of the entire wrapper contract to restrict the movement of the related funds. Rand emphasized that this measure is not a sanction against Zama or privacy protocols, but a common judicial freezing measure in the DeFi space.To cooperate with the investigation, Zama has suspended the operation of the cUSDC, cUSDT, and cWETH contracts until the investigation is complete, all involved addresses are identified, and corresponding measures are taken. Rand reiterated that Zama adheres to the principle of "compliant confidentiality" and will not tolerate any illegal activities. He also indicated that a more detailed post-mortem of the incident and a plan for handling similar requests in the future will be released subsequently.
Related news
OpenAI Releases GPT-6 Astra Model; Gold Breaks $4,500
OpenAI officially released the GPT-6 Astra model and claimed it is nearing AGI. Overnight, markets reassessed the probability of a Federal Reserve rate hike in September at 50%, spot gold briefly surged past $4,500, and the IPO review status of Yangtze Memory Technologies Corp. changed to awaiting regulatory inquiry.
U.S. Treasury yields breach 4.8%, crude oil rises over 4% as Middle East conflict escalates
Overnight, the US Treasury 10-year yield breached 4.8%, WTI and Brent crude oil both rallied over 4%, and European natural gas futures hit a fresh two-year high. Amid sustained tensions in the Middle East, marked by US military strikes on multiple targets in Iran and attacks on oil tankers in the Strait of Hormuz, risk-off sentiment in the markets has intensified.
SoftBank Plans $10 Billion Loan Refinancing to Boost OpenAI Investment
Odaily News: SoftBank Group is seeking an additional $10 billion loan to refinance debt related to its investment in OpenAI and raise further capital. According to sources familiar with the matter, the two-year loan carries an interest rate approximately 275 basis points above the Secured Overnight Financing Rate (SOFR), with Mizuho Bank serving as the lead arranger and bookrunner. The sources requested anonymity as the matter has not yet been made public. (Bloomberg)
Trump Says Strait of Hormuz Remains Open, 24 Vessels Pass Through Overnight
US President Trump stated that the Strait of Hormuz is currently open, and revealed that a total of 24 ships successfully passed through the strait last night.
Federal Reserve Overnight Reverse Repo Usage Rises to $5.772 Billion
the usage of the Federal Reserve's overnight reverse repurchase agreement (RRP) facility stood at $5.772 billion on Thursday, compared to $3.347 billion in the previous trading session.
“White-Haired Stock God” Serenity: Reddit Retail Investors Launch a Campaign to Save Wendy's, Stock Price Surges 20% Overnight
“White-Haired Stock God” Serenity posted on platform X, stating that he has taken note of a viral campaign recently launched by the Reddit community of retail investors (degens) targeting the American fast-food chain Wendy's (WEN). The company's stock price has surged approximately 20% overnight.Serenity explained that Wendy's has long been a classic meme within the U.S. stock retail investor community, originating from the internet joke that “investors have to go work at Wendy's after their 0DTE options expire worthless.” This has given it high recognition within speculative culture.Serenity stated that it remains uncertain whether this community-driven “Save Wendy's” campaign will ultimately succeed. He emphasized that he does not hold any related positions and simply finds the phenomenon “very interesting.”