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Stablecoins have recently emerged as a key focus for central banks and financial institutions, with the potential to reshape global payment systems and financial infrastructure. According to data from Chainalysis, stablecoins have surged to a monthly trading volume of trillions of dollars, accounting for 60% to 80% of total cryptocurrency trading volume. This explosive growth has attracted significant attention from traditional financial players, who are accelerating their integration into the digital economy by issuing stablecoins, contributing to blockchain network development, and offering related financial services. In the U.S., financial giants such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are exploring the potential of jointly issuing stablecoins. At the same time, regulatory discussions surrounding stablecoins and the proposed GENIUS Act are gaining significant momentum in mainstream media. In the Web2 world, traditional companies like Stripe have entered the space by acquiring Bridge to build out stablecoin payment capabilities. Meanwhile, Circle has emerged as one of the most influential crypto firms in the U.S. stock market, second only to Coinbase, driven by the success of its USDC stablecoin. In the DeFi space, Yield-Bearing Stablecoins (YBS) are drawing substantial capital inflows with their innovative interest-generating mechanisms.

As markets begin pricing in expectations of rate cuts, on-chain trading volume continues to grow. Pump.fun is preparing to launch its token, while Letsbonk.fun is gaining momentum. For the first time last week, its number of daily token launches and "graduated" projects surpassed Pump.fun, ending Pump.fun's dominance in the memecoin launchpad space since early 2024. The wealth effect generated by Letsbonk.fun's ecosystem has also been significant. Meanwhile, the growing maturity of hybrid "spot + on-chain" products on major centralized exchanges (CEXs) is helping build strong momentum for on-chain market activity. Since the memecoin craze driven by celebrities and political figures earlier this year, market liquidity has gradually recovered from near-dry conditions. The upcoming token launch on Pump.fun may spark renewed ecosystem-level competition among launchpad platforms, generating sustained speculative momentum that continues to benefit the broader Solana ecosystem.

Real World Assets (RWAs) bring real-world financial instruments such as bonds, real estate, and credit onto the blockchain, enabling tokenization, programmability, and global accessibility of traditional financial assets. With U.S. interest rates peaking, monetary policy turning dovish, and ETFs paving the way for institutional capital to enter the crypto space, RWAs have emerged as a leading theme capturing growing institutional attention.

The Base chain has recently seen several major strategic developments: Coinbase has integrated DEX routing for Base on its main app, bridging the gap between CeFi and DeFi liquidity; Shopify has partnered with Base to expand real-world applications and user access points. At the same time, Circle and Coinbase stocks have surged by over 700% and 50% respectively, creating a wealth effect that may spill over into the Base ecosystem—boosting both its TVL and token prices. Recommended projects include: 1) AERO (Aerodrome)—The leading DEX on Base, showing strength despite market downturns; well-positioned to benefit from Coinbase integration. 2) BRETT—A flagship memecoin on Base with over 840,000 holders; likely to lead the next Base memecoin rally. 3) New tokens on Bitget Onchain—Offer early access to emerging Base memecoins while helping users avoid high-risk tokens.

Recent bullish news surrounding a potential Solana ETF has reignited market optimism. The SEC has asked issuers to update their S-1 filings, signaling that ETF approval could be near. This development has boosted confidence in the Solana ecosystem. As a high-performance Layer-1 blockchain, Solana (SOL) offers fast transactions and low fees, making it a hub for DeFi and NFT activity, while also drawing increasing institutional interest. Jito (JTO), the leading liquid staking protocol on Solana, saw its token surge 17% after JitoSOL was included in a Solana ETF prospectus. Its MEV optimization further enhances network value. Jupiter (JUP), Solana's top DEX aggregator with a 95% market share, recently launched a lending protocol, highlighting strong growth potential. These tokens offer investors early exposure ahead of a possible ETF approval and a chance to benefit from Solana's expanding ecosystem.

The crypto market has recently been affected by multiple uncertainties, posing significant challenges for investors. Since the Trump administration took office, its foreign policy has shifted rapidly and unpredictably. For example, in early 2025, the U.S. Unexpectedly tightened restrictions on tech exports to China, leading to diverging views on the future of blockchain-related technologies. Although Trump has repeatedly voiced support for cryptocurrencies on social media, no concrete policies have followed. This ambiguity has made market sentiment swing between optimism and caution, leaving it highly reactive to both breakthroughs and black swan events. Meanwhile, the altcoin market continues to languish, lacking a clear investment narrative. Previously common sector rotations, such as DeFi, AI, or GameFi, have largely faded. Hype is scattered and short-lived. Memecoins on various public chains have surged in number, but most have short lifespans and quickly go to zero. This makes it harder for investors to identify high-quality projects. In this environment, allocating part of your capital to stablecoin-based yield products may be a prudent move. Beyond conventional DeFi protocols such as Aave, Compound, and Kamino for staking USDT and USDC, Bitget provides users with a broader selection of stablecoin investments offering higher APRs.

Ethena, Hyperliquid, and ONDO stand out in this cycle as high-conviction projects with exceptionally strong product-market fit (PMF). Ethena centers around its innovative stablecoin protocol, USDe. Through dynamic strategy adjustments and efficient capital utilization, it offers both high yield and stability. With over $1.3 billion in circulation, it reflects strong and growing market demand. Hyperliquid focuses on decentralized derivatives trading. Built on a high-performance L1 and powered by user-driven strategy optimization, it has seen a surge in trading volume. This showcases explosive ecosystem growth and has gained traction from both institutional and retail participants. ONDO bridges traditional finance and DeFi by tokenizing real-world assets (RWA), such as U.S. Treasuries. It meets the growing investor demand for low-risk, high-liquidity products, and its market recognition is rapidly accelerating. Each of these projects addresses a key pain point in its vertical: Ethena delivers yield stability, Hyperliquid boosts trading efficiency, and ONDO connects TradFi to DeFi through RWA. Together, they represent a combination of technological innovation and strong market traction. Looking ahead to 2025, macro conditions — from low volatility to policy tailwinds — further support their continued growth, positioning them as standout investment opportunities in this cycle.

Last week, Ethereum completed the Pectra upgrade—one of its most significant updates in the past three years. The upgrade improved the staking mechanism, expanded Layer 2 blob support, and introduced account abstraction. Around the same time, Ethereum co-founder Vitalik Buterin proposed simplifying the network's architecture to boost long-term resilience and competitiveness, aiming to reach Bitcoin-level simplicity within five years. Leadership changes at the Ethereum Foundation also signaled a renewed commitment to reform and sustainable growth. These developments reignited market confidence, especially among long-term ETH holders, and triggered a sharp price rally of nearly 40% in just over a day—pushing ETH to the top of trending searches on platforms like TikTok. The broader Ethereum ecosystem surged as well, with the liquid staking sector leading the way.

Real yield protocols are gaining traction as a resilient sector in the crypto market, enabling users to navigate both bull and bear cycles effectively. Unlike narrative-driven projects that rely on token sales, real yield projects generate actual protocol revenue and return value to the community through mechanisms like fee buybacks and token burns. These sustainable business models offer greater resilience across market cycles, making them well-suited for mid- to long-term allocations. Projects such as AAVE, JTO, JUP, and CAKE have established robust revenue frameworks, serving as leading examples across the EVM, Solana, and BSC ecosystems — and are well worth watching.

The Sui ecosystem has performed exceptionally well over the past six months, driven by a positive flywheel effect built on DeFi incentives, ecosystem partnerships, and support for high-quality projects. This cycle — subsidizing staking participation, boosting TVL and liquidity, empowering new projects with exposure and expanding its user base — has propelled Sui to the forefront. Currently, the market is speculating on a potential SUI ETF launch and anticipating another TVL milestone for the ecosystem. Recently launched Sui-based tokens, such as DEEP and WAL, have already been listed on Korea's leading exchange Upbit, demonstrating the strong backing and resources of the Sui Foundation. Additionally, an upcoming token unlock worth over $250 million has drawn further market attention. While large unlocks can trigger price concerns, as seen with Solana, SOL remains resilient, and many investors are optimistic about SUI's long-term price action. A post-unlock pullback could present an attractive entry point.
- 21:32"Fed Mouthpiece": Trump's Visit to the Federal Reserve Turns Into a Political ShowAccording to a report by Jinse Finance, "Fed mouthpiece" Nick Timiraos wrote that Trump visited the renovation site of the Federal Reserve building on Thursday afternoon, which amounted to a political performance aimed at increasing pressure on the Fed. This is part of an unconventional campaign designed to tarnish Fed Chair Jerome Powell's public image and push for interest rate cuts. Trump's rare visit to the Fed highlights his flair for showmanship in governance. For a president who built his brand on real estate projects and reality TV, the visit provided a made-for-television moment to portray Powell—whom Trump himself appointed as Fed Chair eight years ago—as an incompetent bureaucrat overseeing a $2.5 billion renovation project plagued by cost overruns. Stifel strategist Brian Gardner noted that the focus on the Fed building's renovation could also serve to divert attention from the Epstein case.
- 20:32Starlink Network Disruption: SpaceX Says It Is Seeking SolutionsAccording to a report by Jinse Finance, information from Ukraine indicates that the Ukrainian military’s “Starlink” system has ceased to function normally on the front lines of the conflict with Russia. Additionally, according to Russia’s RIA Novosti, data from the outage tracking website Downdetector shows that Starlink internet service disruptions have occurred globally. On the same day, Space Exploration Technologies Corp. (SpaceX) stated that Starlink is currently experiencing a network outage and that they are actively working on a solution. (CCTV News)
- 18:48Ahead of Trump’s Visit, the Federal Reserve Invites Journalists to Tour Headquarters RenovationAccording to a report by Jinse Finance, Federal Reserve staff led journalists on a tour of the $2.5 billion renovation project at the Fed’s headquarters, just hours before U.S. President Trump was set to visit the site—a project he and his allies have criticized as wasteful and extravagant. In recent weeks, Trump and other Republicans have ramped up pressure on Fed Chair Jerome Powell over the renovation, questioning the project’s ever-increasing budget and scrutinizing Powell’s Senate testimony last month regarding the refurbishment. Fed staff said Thursday’s tour gave reporters a look inside the construction site, where about 700 to 800 workers rotate shifts each day. Journalists also visited the roof of the Eccles Building. Republicans have raised concerns about a document from the National Capital Planning Commission related to the renovation, which mentioned a “rooftop garden terrace” intended to provide a break area for Fed employees.