5 Must-Read Evening Articles | Some Thoughts on Stablecoins

1. Bitwise: Four Crypto Catalysts Not Yet Priced in by the Market The reasons for optimism about cryptocurrencies are clear. But the market is still overlooking something. There's a lot to be excited about in the cryptocurrency space right now. Regulation and legislation are moving in a positive direction; stablecoins are booming; corporate cryptocurrency purchases are surging; institutions are slowly but steadily adding cryptocurrencies to their portfolios through ETFs; and Ethereum has seen a resurgence, injecting some much-needed altcoin energy into the broader cryptocurrency market. 2. Stablecoin Chain Market Heats Up: A Comprehensive Review of Giants' Strategies and Related Projects According to data from defillama.com and artemisanalytics.com, as of August 11, the total value of the stablecoin market exceeded $270 billion. In July of this year, Trump signed the GENIUS Act, formally establishing a regulatory framework for stablecoins in the United States. However, since the market began anticipating the GENIUS Act, stablecoins have become a battleground. 3. Analysis of ETH Treasury's Dark Horse ETHZilla: Deep Support from Thiel and EF, Its mNAV Reaches 6. Backed by the Ethereum Treasury, Ethereum has recently surged, surpassing $4,700, just $150-200 away from reaching its all-time high. BitMine and SharpLink, two prominent Ethereum treasuries, are particularly impressive. In just two or three months, BitMine already holds 1.2 million ETH, and SharpLink holds nearly 600,000 ETH. BitMine and SharpLink exemplify the two paths of Lubin, co-founder of Wall Street and Ethereum and founder of ConsenSys. Click to read. 4. OKB surged 180% in a single day due to token burns. Can it continue to rise after shedding its platform currency moniker? On August 13, 2025, the price of OKB skyrocketed by over 180%, soaring from approximately $47 to a high of $141, setting a new all-time high. This surge was triggered by OKX's announcement to destroy 65 million OKB and lock the total supply at 21 million. At the same time, OKX upgraded its X Layer blockchain, significantly improving transaction speeds and fees. It also retired the old OKTChain and exchanged OKT tokens for OKB. 5. Some Thoughts on Stablecoins: Issuing stablecoins is easy, but getting people to use them is challenging. USDT, the top-ranked cryptocurrency, has historically undergone numerous large-scale FUDs (further questioning and denial). At a 7 yuan exchange rate, USDT once plummeted to over 5 yuan. USDC, the second-ranked cryptocurrency, is currently used primarily for wealth management on Coinbase. Tether, which issues USDT, earns $14 billion annually, while Circle, which issues USDC, only earns $140 million—a 99% difference. If we only look at the issuance volume, the difference is far less significant, because USDT does not charge a channel fee for issuance, and all the proceeds from the treasury bonds are eaten by itself, while 90% of Circle's profits are used to purchase channels, that is, to buy slots on exchanges such as Binance and Coinbase.Click to read