Circle Chief Economist Interview: USDC's Entry into Hyperliquid is a Win-Win for Circle and HYPE

This week saw a landmark reversal on the macro front: April PPI skyrocketed to 6.0%, far exceeding expectations, the probability of a December rate hike jumped from 2% to 28%, the 30-year US Treasury yield returned to 5%, Bitcoin ETFs saw a net outflow of $1 billion in a single week, and prices fell below $77,000; on the regulatory front, the Senate Banking Committee historically passed the CLARITY Act, while geopolitical factors pushed Brent crude oil to $112. MEXC's zero-fee event saved 40 million users $232 million, with new tokens being listed intensively.

段永平的投资哲学一向秉持「看不懂的不投」。

Polymarket partners with Nasdaq to launch a prediction market focused on private companies.

DeFi is shifting from a market that produces yield to a market that imports and distributes yield from traditional finance. The more stable the foundation, the stronger the upper structure can be.

เวลา 09:30 น. ตามเวลาตะวันออก บริษัท Cerebras Systems ได้เข้าจดทะเบียนในตลาด Nasdaq อย่างเป็นทางการ ภายใต้รหัสหุ้น $CBRS

บทความนี้ใช้ข้อมูลการตรวจสอบจาก Beosin Stablecoin Monitor เพื่อวิเคราะห์ในมิติต่างๆ เช่น ขนาดการอายัด ความเชื่อมโยงของเงินทุนบนเชน และข่าวกรองนอกเชน โดยมีวัตถุประสงค์เพื่อนำเสนอสถานการณ์การอายัด stablecoin อย่างแม่นยำ วิเคราะห์ความเสี่ยงของเส้นทางเงินทุนที่อาจเกิดขึ้น และให้กลยุทธ์การต่อต้านการฟอกเงินบนบล็อกเชนที่เหมาะสม

The "hundred-war" of stablecoins, loudly championing decentralization, has barely begun, only to be nearing its end.

These protocols proactively implemented KYC compliance and business scenario-oriented architectures before regulatory pressure mounted.Core Viewpoint: The CLARITY Act is not simply about legalizing DeFi. Its true value lies in: clarifying regulatory division of powers (digital commodities under CFTC jurisdiction) and prohibiting stablecoins from passively paying interest. This will drive institutional capital into compliant DeFi protocols while forcing idle stablecoin capital to actively seek structured yield products.Key Elements:Core of the Act: Clarifies the regulatory division between the SEC and CFTC, establishes a safe harbor rule for DeFi, and prohibits stablecoin issuers from directly paying interest to users.Key Impact: Institutional capital (e.g., BlackRock) clears entry barriers due to regulatory clarity; the model of idle stablecoins passively generating yield (approx. 5% APY) ends, forcing capital to find new outlets.Pendle (Yield Infrastructure): Splits yield assets into Principal Tokens (PT) and Yield Tokens (YT). Post-Act, PT/YT trading falls under CFTC commodity derivatives, becoming a core infrastructure for institutional capital entry.Morpho (On-Chain Prime Broker): Supports lending markets with customizable risk parameters. Post-Act, compliant capital pools can integrate KYC. Institutions can use stablecoins as collateral for borrowing, with stablecoin funds continuously flowing into active lending activities.Sky/USDS (Tokenized Money Market Fund): Allows depositing USDS to earn protocol yield. If regulators adopt a lenient interpretation of the "active business exemption," it could become the largest compliant on-chain yield-generation instrument.Maple Finance (On-Chain Credit): Institutional lending pools. Post-Act, it transitions into a compliant on-chain credit asset issuance platform, allowing banks and insurance institutions to participate without barriers.Centrifuge (RWA Issuance Layer): Source of real-world asset tokenization. Post-Act, the classification of tokenized assets becomes clear, enabling banks and asset management institutions to compliantly participate in real-economy activities like SME financing.

短期看，这只是一笔交易。中期看，这是Circle商业模式被结构性切割的开始。

Crypto Legislation Enters Sprint Phase: Four More Hurdles Remain Before Final Signing.

The US stock crypto sector in 2026 is at a critical stage of transitioning from a "product innovation period" to an "ecosystem maturity period."

The U.S. Senate confirmed Kevin Warsh as Federal Reserve Chair, with Powell expected to remain as a Governor.

以合规之名，传统资管巨头正试图将规模超千亿的稳定币储备，装进自己打造的代币化容器中。

Whether Switzerland can maintain its global lead in 2027 depends on the final implementation of this round of regulatory reform.

We delve into the front lines to seek out and filter current hot events, providing value interpretation, commentary, and principle analysis.