MetaMask, a prominent Ethereum-based crypto wallet, plans to announce details of its USD-pegged stablecoin, mUSD, as early as this week, with an expected official launch at the end of the month, according to sources familiar with the matter. mUSD will be issued by Bridge, a payment stablecoin provider acquired by fintech giant Stripe this year, and M^0, a stablecoin issuance protocol. Blackstone, an alternative asset manager, will also provide custody and fund management services. MetaMask, which has over 30 million monthly active users, is issuing the stablecoin to share in the returns of highly liquid assets such as short-term US Treasury bonds. BTC breaks through $123,500, hitting a new all-time high. Market data shows that BTC has broken through $123,500, hitting a new all-time high. It briefly touched $123,536.47, with a 24-hour increase of 3.01%.
Market
As of press time, according to Coingecko data:
BTC price is $123,255, up or down 24 hours by 2.6%;
ETH price is $4,750.40, up or down 24 hours by 3.3%;
BNB price is $847.90, up or down 24 hours by 1.5%;
Policy
▌Trump reiterates interest rates should be lowered to 1%
US President Trump: The Federal Reserve should lower interest rates. Our interest rate should be lowered to 1%.
▌Trump: Will Seek Long-Term Takeover of Washington, D.C. Police
▌Trump: Will Seek Long-Term Takeover of Washington, D.C. Police
On August 13th, local time, US President Trump stated in a speech at the Kennedy Center that he would seek long-term federal control of the Washington, D.C. police force. According to Section 740 of the Washington, D.C. Home Rule Act, Trump's control of the city's law enforcement department is limited to 30 days unless extended by Congress. According to ABC, when asked whether he would work with Congress to extend the emergency authority that allows for temporary control of local law enforcement, Trump stated that Congress needs to pass a bill to address crime, which should include extending the 30-day period for federal police control of Washington, D.C.
▌Trump: If the "Trump-Putin meeting" goes smoothly, a trilateral meeting between the US, Russia and Ukraine will be held
According to CCTV News, on August 13 local time, US President Trump said that if the meeting with Russian President Putin on the 15th goes smoothly, a second meeting will be held soon. Trump said that Ukrainian President Zelensky will participate in the second meeting. Trump also said that if the conflict is not stopped, Russia will face consequences. On the same day, Trump held a video conference with European leaders and Zelensky. People familiar with the matter said that Trump discussed with the participants the possible meeting place with Zelensky and Putin after the "Trump-Putin meeting". Google Clarifies It Won't Restrict Non-custodial Crypto Wallets Google previously sparked criticism after its Google Play "Cryptocurrency Exchange and Software Wallet Policy" announcement hinted at a plan to ban unregistered, non-custodial crypto wallets in several countries, including the US and the UK, starting in October. However, the company subsequently clarified on the X platform that non-custodial wallets are not subject to its restrictions and will update its Help Center to clarify this. Google's new policy, which takes effect on October 29th, primarily targets custodial exchanges and software wallets subject to regulatory compliance. The California Public Employees' Retirement System (CalPERS), the largest US public pension fund, adjusted its portfolio in the second quarter of 2025, increasing its holdings in Coinbase, Palantir, Nvidia, and Robinhood. Coinbase increased its stake to 332,791 shares, while Palantir and Nvidia each increased their holdings by approximately 10%, and Robinhood increased its holdings to 1,261,185 shares. This move reflects its strategic investment in emerging sectors such as cryptocurrency, artificial intelligence, and digital brokerage. Coinbase Receives New York State License to Conduct Virtual Currency Business Coinbase has received a license from the New York State Department of Financial Services to conduct virtual currency business activities. New York residents can now send and receive USDC on the Base network through the Coinbase website and the Coinbase iOS and Android apps. Block plans to issue $1.5 billion in senior notes. Payment services provider Block announced plans to issue $1.5 billion in senior notes through a private placement. The proceeds will be used for business operations, including debt repayment, potential acquisitions, and strategic transactions. Bullish raises $1.1 billion in IPO. According to a statement on Bullish's website, the company priced its expanded initial public offering (IPO) at $37 per share, offering 30 million shares of common stock. Trading on the New York Stock Exchange is expected to begin on August 13. JPMorgan Chase and Jefferies served as joint lead underwriters for the offering. Note: Bullish Group's IPO was reportedly oversubscribed by more than 20 times.
Cryptocurrency
▌The top five Bitcoin reserve entities by Bitcoin holdings hold a total of 772,359 BTC
According to a graphic released by @BTCTN, the top five Bitcoin reserve entities by Bitcoin holdings hold a total of 772,359 BTC. The top 100 entities hold a total of 951,323 BTC.
▌The value of Bitcoin held by Strategy has risen to US$77.2 billion, a record high
The value of Bitcoin held by Strategy has risen to US$77.2 billion, a record high. According to market news, the Canary TRUMP COIN ETF has been registered in Delaware. ProCap BTC LLC holds 4,950 Bitcoins. According to @APompliano, ProCap BTC LLC holds 4,950 Bitcoins, which we purchased for approximately $516 million. At current prices, the Bitcoin holdings are now worth slightly over $600 million. We will continue to work hard for our shareholders while advancing the proposed business transaction. Total cryptocurrency market capitalization surpasses $4.2 trillion. Data shows that the total cryptocurrency market capitalization has surpassed $4.2 trillion, currently at $4.221 trillion, with a 24-hour increase of 4.0%. The 24-hour trading volume reached $213.0918 billion. BTC currently holds a 57.5% market share, while ETH holds a 13.5% market share. $1.66 billion in short positions will be liquidated if Ethereum hits a new all-time high. According to a graphic posted by @TheCryptoLark, $1.66 billion in short positions will be liquidated if Ethereum (ETH) hits a new all-time high. Ethereum is currently just 3% away from reaching a new all-time high.
▌Sharplink Gaming's LSETH holdings have unrealized profits of $323 million
According to the latest graphic update released by Cointelegraph: Sharplink Gaming's LSETH holdings have unrealized profits of $323 million.
▌USDC Treasury has minted 917 million USDC in the past 6 hours
According to Whale Alert monitoring, in the past 6 hours, USDC Treasury has minted a total of 1,425,757,773 USDC in 7 transactions and destroyed a total of 508,334,394 USDC in 4 transactions, with a net new minting of 917,423,379 USDC. Coinbase will add support for the WalletConnect token (WCT) on the Optimism network. Trading will begin on or after 9:00 AM Pacific Time on August 14, 2025, subject to liquidity conditions. Trading of the WCT-USD trading pair will launch in phases. Support for WCT may be limited in some jurisdictions. Coinbase has added Useless Coin (USELESS) to its listing roadmap. Coinbase has added the Useless Coin (USELESS) on the Solana network (SPL token) to its listing roadmap.
▌Sign Foundation Announces Completion of First $12 Million USD $SIGN Token Buyback
Sign Foundation officially announced that it has completed its first $12 million $SIGN token buyback, of which $8 million was spent through public buybacks on the secondary market, bringing the total repurchased to 117 million $SIGN tokens; an additional $4 million was spent through OTC transactions.
Important Economic Dynamics
▌Federal Reserve Bank's Goolsbee: The independence of the Federal Reserve is very important
Federal Reserve Bank's Goolsbee: The independence of the Federal Reserve is very important because we do not want inflation to return.
▌Federal Reserve Bank's Goolsbee: If inflation is heading towards 2%, it is entirely possible to cut interest rates earlier
Federal Reserve Bank's Goolsbee: The Fed's interest rate cut meetings will change in real time. If it is believed that inflation is heading towards the 2% target, it is entirely possible to cut interest rates earlier. If the information is contradictory, then stop or raise interest rates.
▌Federal Reserve Bank's Bostic: One interest rate cut in 2025 is still appropriate
Federal Reserve Bank's Bostic: One interest rate cut in 2025 is still appropriate. The single interest rate cut depends on whether the labor market remains sound.
▌The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 94.3%.
According to CME's "Fed Watch": The probability of the Federal Reserve keeping interest rates unchanged in September is 0%, the probability of a 25 basis point rate cut is 94.3%, and the probability of a 50 basis point rate cut is 5.7%. The probability of the Federal Reserve keeping interest rates unchanged in October is 0%, the probability of a cumulative 25 basis point rate cut is 31.8%, the probability of a cumulative 50 basis point rate cut is 64.4%, and the probability of a cumulative 75 basis point rate cut is 3.8%.
Golden Encyclopedia
▌How did MicroStrategy use BTC to make its stock price soar over 1,000 times? Corporate treasuries are the financial nerve center of a business, tasked with ensuring liquidity, managing risk, and optimizing returns. They have traditionally been conservative, relying on fiat currencies, bonds, and other stable investments. However, MicroStrategy's adoption of Bitcoin as its primary treasury reserve has broken this mold. Treasury managers aim to strike a delicate balance between risk and return. Their primary objective is to protect the company's assets from market downturns or liquidity crises, while also ensuring the best returns for the company's remaining funds. They should also manage risk during periods of market volatility and stressed conditions. This is the focus of MicroStrategy's inclusion of Bitcoin in its treasury, challenging traditional norms and adopting a high-risk, high-reward strategy. As a result, this bold strategy has transformed not only its balance sheet but also its stock performance, solidifying the company's position as a pioneer in cryptocurrency adoption. MicroStrategy co-founder and Executive Chairman Michael Saylor sees Bitcoin as an antidote to fiat inflation. He believes the purchasing power of the US dollar is rapidly eroding, while Bitcoin, due to its limited supply, offers excellent value preservation. This strategy transformed MicroStrategy into a hybrid of a software company and a cryptocurrency investment vehicle. MicroStrategy co-founder and Executive Chairman Michael Saylor viewed Bitcoin as an antidote to fiat inflation. He believed the purchasing power of the US dollar was rapidly eroding, while Bitcoin, due to its limited supply, offered excellent value preservation. This strategy transformed MicroStrategy into a hybrid of a software company and a cryptocurrency investment vehicle. MicroStrategy utilized financing strategies such as equity issuance, debt financing, free cash flow, and Bitcoin-backed loans to fuel its Bitcoin purchases. Its strategy needed to comply with mainstream financial services regulations while ensuring it could handle volatile assets like Bitcoin. MicroStrategy's bold Bitcoin acquisition strategy, utilizing convertible notes and dollar-cost averaging, transformed it from a struggling software company into a Bitcoin proxy, driving its stock price up more than 1,000-fold and redefining its market image.
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