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In a country isolated by the Western financial system, "stablecoin"—a term that once appeared only in Silicon Valley whitepapers—has quietly become a foundational infrastructure that ordinary people and businesses truly rely on.
The article reveals how, under Western financial sanctions, the crypto economy has become an important financial tool for businesses and individuals in Russia, with stablecoins such as USDT playing a key role in both the black market and legitimate trade. Summary generated by Mars AI. This summary was generated by the Mars AI model, and the accuracy and completeness of the content are still being iteratively updated.
Before Moore Threads was listed on the STAR Market, Li Feng had another secret history in the crypto space.
IoTeX Head of Research Dr. Xinxin Fan co-authored a paper titled "Enabling a Smooth and Secure Post-Quantum Transition for Ethereum," which was awarded Best Paper at the 2024 International Conference on Blockchain (ICBC 2024).
A summary of major market events on December 7th.
UAE-based Mashreq Capital has included bitcoin ETFs in its new multi-asset fund.
This week's top news highlights from December 8 to December 14.
China is accelerating the development of the digital yuan, and its policy stance to resolutely curb virtual currencies, including stablecoins, has become fully clear. This approach is based on a comprehensive consideration of factors such as China’s global leadership in mobile payments and the digital yuan, the sovereignty and security of the renminbi, and the stability of the monetary and financial system.
As the December FOMC meeting approaches, the market's focus has shifted from interest rate cuts to the possibility of the Federal Reserve restarting large-scale asset purchases.
- 06:03BRICS countries launch gold-backed digital currency "Unit"BlockBeats News, December 8, according to Intellinews citing the Russian Academy of Sciences Institute for Economic Strategies (IRIAS), the BRICS group has launched a working prototype of a gold-backed trade currency called "Unit." This is a digital trading instrument supported by a reserve basket consisting of 40% physical gold and 60% BRICS national currencies, with equal weighting among the Brazilian real, Chinese yuan, Indian rupee, Russian ruble, and South African rand. The pilot project was initiated by IRIAS, which issued 100 Units on October 31, each initially pegged to 1 gram of gold. Although this initiative has not yet become official policy, its existence is a direct step toward de-dollarization. The value of "Unit" is designed to fluctuate daily according to the performance of the component currencies against gold. As of December 4, market fluctuations had adjusted the value of the reserve basket to the equivalent of 98.23 grams of gold, effectively making each Unit worth 0.9823 grams of gold.
- 06:03Metaplanet has not increased its bitcoin holdings since September 30, with its stock price dropping more than 77% from its peak.BlockBeats News, on December 8, Japanese Bitcoin treasury company Metaplanet has not increased its Bitcoin holdings since September 30. It is worth noting that Metaplanet's stock price has been declining since reaching a high of 1,781 yen on June 15 this year, and is now reported at 398 yen.
- 06:02Wall Street expects Powell to deliver a "hawkish rate cut" this week, as the Federal Reserve faces its biggest internal division in years.BlockBeats News, December 8, although another rate cut by the Federal Reserve is almost a foregone conclusion, the main issue lies in how Powell will articulate the prospect of further easing next month. As divisions among Fed policymakers between increasingly hawkish and increasingly dovish stances intensify, Powell will have to undertake a difficult balancing act at this week’s central bank meeting. Wall Street expects this to be a "hawkish rate cut," meaning that after joining the dovish camp to cut rates this month, Powell may avoid signaling a rate cut in January next year in order to appease the hawks within the Fed. Bank of America analysts stated in a report last Friday: "Powell is facing the most divided committee in recent years. Therefore, we believe he will, as in October, try to balance the expected rate cut with a hawkish stance at the press conference." At the same time, the Fed Chair has also consistently insisted that policymakers have no preset path and that interest rate changes will depend on subsequent data releases. Therefore, Bank of America is skeptical about whether Powell can so easily achieve a 'hawkish rate cut', considering that a large amount of market-moving data will be released between the two meetings, some of which has been delayed due to the government shutdown. Similarly, JPMorgan Chief US Economist Michael Feroli said he expects Powell to emphasize that after this week’s rate cut, rates will be close to neutral levels. Therefore, any additional easing will depend on a substantial deterioration in the labor market, rather than being based on risk management. (Golden Ten Data)