Odaily reports that the UK House of Lords on Wednesday passed an amendment by a vote of 194 in favor to 138 against, requiring the government to formulate a digital asset strategy, despite opposition to the measure from the ruling Labour Party.

The amendment, proposed by Conservative peer Baroness Neville-Rolfe, requires the UK Treasury to formulate, publish, and seek consultation on the strategy within 12 months after the Financial Services and Markets Act takes effect.

The strategy will cover crypto assets, stablecoins, and tokenized securities, and address issues including innovation, consumer protection, and enterprises' access to banking, payment, and settlement services. The related bill still needs to be submitted to the House of Commons, where lawmakers may accept, amend, or reject the Lords' amendments.

The UK Cryptoasset Business Council expressed support for the vote result. Previously, Lord Stockwood, the UK Treasury's Minister for Investment, had stated that the government already has a digital asset strategy and is implementing it. (Cointelegraph)

Odaily reports that trade.xyz posted on X that it has launched Events, aiming to develop Hyperliquid into a unified trading system for trading financial assets and real-world outcomes. Users can deposit spot BTC into their unified trade.xyz account, borrow USDC through portfolio margin, open pre-IPO perpetual contract positions on SpaceX, use event markets to hedge against the upcoming SK Hynix earnings event, and pick the US Open champion. Events will cover sports, politics, economics, and financial markets; the initial Up/Down markets cover stocks, commodities, and pre-IPO assets, with liquidity provided by trade.xyz perpetual contracts on HIP-3, whose continuous price discovery mechanism serves as the source for contract settlement.

Odaily News: Matt Cole, CEO of Bitcoin treasury company Strive, stated that as Bitcoin prices rise, distressed Bitcoin treasury companies will recover in unexpected ways. Companies with clear plans will become stronger, and a few of them may experience an unpopular rally. (BitcoinTreasuries)

Odaily News: After Bitcoin Depot filed for bankruptcy protection in May, some of its assets have been sold. Publicly traded digital asset infrastructure company Bitcoin Bancorp acquired 2,547 ATMs for $620,750, accounting for approximately one-quarter of Bitcoin Depot's more than 9,200 devices. Bitcoin Depot's first-quarter revenue fell 49% year-over-year, swinging from a profit of $12.2 million in the same period last year to a loss of $9.5 million. The company attributed its unsustainable business model to increasingly stringent regulatory requirements, transaction limits, and restrictions or bans in certain regions.

Odaily News: A large options trade appeared in the U.S. Treasury market today, betting that the selloff momentum in U.S. government bonds will push the 10-year yield above 5%. Rising oil prices could further stoke already elevated inflation, and this options trade is the latest sign that investors are stepping up hedging against bond market risk.

The selloff has pushed the 10-year yield once again close to its 2023 peak of slightly above 5%. The 30-year U.S. Treasury yield rose to 5.35% on Thursday, the highest level since 2007. The options trade paid a premium of about $14 million, a sizable amount in the derivatives market.

Earlier, traders said a wave of behind-the-scenes hedging activity had already emerged in the market, adding fuel to the selloff. If the decline continues, investors may further buy bearish options to protect their portfolios from losses, while also potentially increasing so-called convexity hedging. If the 10-year U.S. Treasury yield rises to about 5.1%, the trade will reach its breakeven point; if the yield rises to 5.2%, the gain will increase to about $15 million. The last time the 10-year yield reached this level was in 2007.

Odaily News: StablePair Hook is a Uniswap v4 Hook designed specifically for stablecoin trading pairs such as USDC/USDT and USDC/USDG. The Hook employs dynamic fees, adjusting fees based on how far the pool price deviates from the reference price; when the price approaches the reference price, it adjusts the fee for each transaction to maintain a fixed spread between the buy price and the sell price. Uniswap Labs stated that this Hook can provide traders with consistent and predictable quotes on every swap, and allow liquidity providers to capture a larger share of the value they create.

Odaily News: White House crypto advisor Patrick Witt stated that progress has been made on the various concerns raised by the Clarity Act. He said, "I feel pretty good about the progress." (Bitcoin Magazine)

Odaily reports that OpenAI has announced the official launch of "Data Agent" in ChatGPT Work.

Odaily News: Stani Kulechov posted on X that he has submitted comments to HM Revenue & Customs, recommending improvements to the tax treatment of crypto-collateralized loans and stablecoins, and allowing stablecoins to be included in the Individual Savings Account (ISA) system, so that stablecoin lending users can have the opportunity to enjoy related tax benefits.

Odaily reports: According to on-chain analyst Yu Jin's monitoring, Hyperliquid's largest long position worth $233 million has turned from profit to loss, currently showing an unrealized loss of $3.39 million. After closing $537 million in long positions on 8/25 with a profit of $61.72 million, he began reopening longs on 8/28, and has opened so far:

◎1,400 BTC ($110 million), average long entry price $78,672, currently showing an unrealized loss of $1.94 million.

◎50,000 ETH ($123 million), average long entry price $2,469, currently showing an unrealized loss of $1.45 million.

Odaily News  Data shows that the concentration of top-tier assets in the crypto market has returned to 2021 levels. Excluding stablecoins, among the top 100 crypto assets by market cap, the "Crypto Magnificent Seven" (MAG7) has seen its market cap share rise to 92.1%, with Bitcoin alone accounting for 66.6%, significantly higher than five years ago. This means that the overall growth of the current market is increasingly reliant on a small number of top-tier assets, while the broader altcoin market is receiving a noticeably smaller share of capital.

Odaily News — Global payments company MoneyGram has launched its first stablecoin Visa card in Colombia, developed with assistance from stablecoin payment infrastructure company Rain. The card is currently available in digital form, allowing users to hold U.S. dollar stablecoin balances within the MoneyGram app and make online and offline payments through the Visa network. Users can also convert their balances into local cash and withdraw at MoneyGram locations. The card initially supports USDC, and MoneyGram plans to add its own stablecoin MGUSD in the near future. The company also plans to launch a physical card by the end of 2026 and expand its business to other Latin American markets first. (The Block)

Odaily reports that according to Lookonchain monitoring, today U.S. Bitcoin ETFs saw a net outflow of 2,148 BTC, with a 7-day net inflow of 8,587 BTC; Ethereum ETFs saw a net outflow of 9,540 ETH, with a 7-day net inflow of 39,046 ETH.

Odaily News: An industry coalition comprising Nasdaq, the Stuttgart Stock Exchange, and other institutions has called on the EU to remove or raise the cap on tokenized securities pilot programs, stating that the current cap is too low and that some existing European tokenization projects have already exceeded this limit. The coalition recommends that the EU expand the pilot scope so that market participants can further test blockchain-based securities issuance, trading, and settlement models.

Odaily News: Crypto trader Bonk Guy stated that unless tomorrow's U.S. CPI data significantly changes the market's trajectory, the short-term market may become more difficult and volatile, with on-chain market fluctuations particularly worth watching. This condition could even persist until the fourth quarter. Currently, frequently chasing new trading pairs and liquidity rotation is the operation most likely to cause capital losses. Rather than constantly switching positions, it is better to concentrate on holding your most favored assets and use pullbacks as opportunities to add positions, with particular attention to assets that have recently shown strong performance. Bonk Guy emphasized that the current market cycle is far from over, and the market may simply need to undergo a period of adjustment and digestion. Investors should not exit prematurely due to short-term fluctuations, lest they miss a potentially larger rally in the fourth quarter.