Morning Report | Federal Reserve cuts interest rates by 25 basis points; YZi Labs report: approximately 67% of BNB is held by the public, Zhao Changpeng's holdings are below 1%
Overview of Important Market Events on October 29整理：Zhou，ChainCatcher
Important News:
- Consensys plans to go public in the U.S., hiring JPMorgan and Goldman Sachs as lead underwriters
- Fed spokesperson: FOMC does not fully endorse the market's pricing for a December rate cut
- Powell: A December rate cut is not a done deal, the committee has very different views
- Fed: Will end the reduction of $6.6 trillion balance sheet
- Fed cuts rates by 25 basis points as expected, lowering the benchmark rate to 3.75%-4.00%
- YZi Labs report: About 67% of BNB is held by the public, Zhao Changpeng's holdings are below 1%
- SPAC financing reaches a new high since 2021, with cryptocurrency as one of the main trading areas
What important events happened in the past 24 hours?
Consensys plans to go public in the U.S., hiring JPMorgan and Goldman Sachs as lead underwriters
According to ChainCatcher, Consensys, the developer of the MetaMask wallet and an Ethereum infrastructure company, plans to go public in the U.S. and has hired JPMorgan and Goldman Sachs as lead underwriters for its IPO.
Mastercard plans to spend up to $2 billion to acquire crypto infrastructure startup Zerohash
According to ChainCatcher, Mastercard is planning to acquire Chicago-based crypto and stablecoin infrastructure startup Zerohash for up to $2 billion.
This acquisition will further extend Mastercard's crypto business into the stablecoin and tokenization infrastructure space.
Powell: More officials want to delay rate cuts, overall economic situation is very good
According to ChainCatcher, Federal Reserve Chairman Powell stated that more Federal Reserve officials are prepared to delay the upcoming rate cuts. He noted, "After the rate cuts in the last two policy meetings, it seems that some officials want to take a wait-and-see approach. Now, more people believe that maybe we should at least wait for a cycle."
Additionally, Powell added, "Overall, the economic situation is very good." (Jin Shi)
Fed spokesperson: FOMC does not fully endorse the market's pricing for a December rate cut
According to ChainCatcher, "Fed spokesperson" Nick Timiraos commented on Chairman Powell's speech, stating, "Powell's press conference indicates that the FOMC does not generally agree with the market's high pricing for a December rate cut."
Powell stated, "There is a significant divergence in views on how to act in December." He emphasized that a rate cut in December "should not be viewed as a foregone conclusion. In fact, far from it." This has gone beyond their usual disclaimer that "policy does not proceed along a preset path," which is clearly an effort to regain some policy flexibility to avoid being forced into a specific action. What if there is no government data to help clarify the economic situation? Powell pointed out that this means there is a "very high degree of uncertainty, which could be a reason for cautious action." (Jin Shi)
Powell: A December rate cut is not a done deal, the committee has very different views
According to ChainCatcher, Federal Reserve Chairman Powell stated at a press conference that the rate cuts in September and today are risk management-style cuts, but future situations will not be the same. He stated the most important sentence in his opening remarks: "There are very different views within the committee regarding how to act in December. A further reduction in the policy rate at the December meeting is not a foregone conclusion."
Subsequently, the market's pricing probability for a December rate cut by the Fed quickly dropped from 92% to 70%, with risk assets declining across the board, and U.S. Treasury yields and the DXY dollar index rising. (Jin Shi)
Fed: Will end the reduction of $6.6 trillion balance sheet
According to ChainCatcher, the Federal Reserve announced on Wednesday that it will end the reduction of its $6.6 trillion balance sheet, as there is evidence that liquidity conditions in the money market have begun to tighten and bank reserves are declining.
The Fed stated that starting December 1, it will seek to stabilize its Treasury holdings by rolling over maturing Treasury bonds, rather than allowing a monthly reduction of up to $50 billion in Treasury bonds. The Fed also stated that it will maintain its current plan to allow up to $35 billion in mortgage-backed securities to mature each month, a target that has not been reached in over three years, but starting December 1, it will reinvest all principal from maturing mortgage-backed securities into U.S. Treasuries. (Jin Shi)
Fed cuts rates by 25 basis points as expected, lowering the benchmark rate to 3.75%-4.00%
According to ChainCatcher, the Federal Reserve has lowered the benchmark rate by 25 basis points to 3.75%-4.00%, marking the second consecutive meeting of rate cuts, in line with market expectations. (Jin Shi)
YZi Labs report: About 67% of BNB is held by the public, Zhao Changpeng's holdings are below 1%
According to ChainCatcher, YZi Labs released a lengthy article titled "BNB: The Core Engine of the Global Web3 Economy," which mentioned that about two-thirds of the supply of BNB is held by non-associated public holders (on exchanges and self-custody), while Zhao Changpeng's personal BNB holdings are less than 1% of the total. Binance's BNB treasury holds about 4 to 5% of the circulating total. About 27% of the circulating total is held by the BNB Foundation and is isolated for programmatic burn (not for sale) — a transparent on-chain mechanism that has strengthened BNB's deflationary design over time.
BNB employs a programmatic self-balancing mechanism. Its supply cap is 100 million coins, managed by two complementary mechanisms — automatic burn and BEP-95 — which have permanently destroyed over 64 million BNB, accounting for more than 31.8% of the historical supply. Based on the price of BNB at approximately $1,115 on October 26, 2025, this means that BNB worth about $72 billion has been destroyed.
According to ChainCatcher, Jack Yi, founder of LD Capital, stated on X that the current market is in a deep adjustment trend, with continued interest in AI and gold, making it difficult for large funds to flow into crypto in the short term, leading to most DAT being below 1, and the ability to continue financing disappearing. "So for now, we choose to rest. Of course, the market is changing at any time, and everyone makes judgments based on their own understanding and trends, but we choose to wait for a certain bottom before reinvesting."
SPAC financing reaches a new high since 2021, with cryptocurrency as one of the main trading areas
According to ChainCatcher, The Kobeissi Letter stated on the X platform that since 2024, SPAC (Special Purpose Acquisition Company) founders have raised over $24 billion, exceeding the total of the previous two years. 2025 is expected to be the strongest year for SPAC performance since 2021. Recently, most SPAC transactions have focused on the nuclear energy, quantum computing, and cryptocurrency industries.
However, among the 589 companies that went public via SPAC since 2019, only 11% currently have stock prices above their original issue price. During this period, 31% of companies have gone bankrupt or been acquired, and 48% of companies have seen their market value decline by 50% to 99%.
Hong Kong Monetary Authority: Seven banks hope to launch tokenized deposits within the year
According to ChainCatcher, Hong Kong Monetary Authority Assistant Chief Executive (Financial Infrastructure) Zhou Wenzheng stated that based on the intentions received by the HKMA, seven banks hope to launch tokenized deposits this year.
Additionally, in response to market rumors that the HKMA is not advancing the retail application of the digital Hong Kong dollar, HKMA Vice President Li Dazhi responded, "We do not rule out the retail application of stablecoins, as we believe there are significant opportunities for stablecoins in retail, but the actual usage will depend on commercial institutions."
Li Dazhi added that the digital Hong Kong dollar, stablecoins, and tokenized deposits have similar technical properties, differing only in the issuer; the digital Hong Kong dollar is a "public currency," while tokenized deposits and stablecoins are both "private currencies," with the digital Hong Kong dollar and tokenized deposits leaning towards private chains, while stablecoins are mostly issued on public chains.
Western Union: Its stablecoin is named USDPT, and it will launch a digital asset network
According to ChainCatcher, payment giant Western Union, listed on the NYSE, announced that its stablecoin is named U.S. Dollar Payment Token (USDPT).
Additionally, the company announced that it will launch a digital asset network aimed at connecting the digital world with the fiat currency world, enabling the practicality of digital assets in the real world.
Western Union expects USDPT to be launched in the first half of 2026, and the company plans to allow users to access USDPT through partner exchanges to achieve broad accessibility and usability.
According to ChainCatcher, Tether CEO Paolo Ardoino stated that the stablecoin Tether holds $135 billion in U.S. Treasuries, and if considered as a country, it has surpassed South Korea to become the 17th largest holder of U.S. debt globally.
Tether's holdings are close to Brazil, ranking just behind Norway. Japan remains the largest foreign holder of U.S. Treasuries, holding over $1.1 trillion, followed by the UK and China.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of October 30, 09:00,
The top five popular ETH tokens in the past 24 hours are: sUSDe, PEPENODE, BFX, LINK, NVAI
The top five popular Solana tokens in the past 24 hours are: TRUMP, MetaMask, USCR, 4币安, X402
The top five popular Base tokens in the past 24 hours are: VIRTUAL, EURC, CLANKER, ZORA, AORA
What are some interesting articles worth reading in the past 24 hours?
On Thursday, October 30, the Federal Reserve lowered the benchmark rate by 25 basis points to 3.75%-4.00%, marking the second consecutive meeting of rate cuts, in line with market expectations. Two committee members voted against, indicating increasing divergence. Among them, Kansas City Fed President George opposed the rate cut and supported maintaining rates, while Governor Milani opposed the rate decision, believing a 50 basis point cut should be made.
Additionally, the Fed's FOMC statement announced that it will end the balance sheet reduction on December 1, currently reducing $50 billion in U.S. Treasuries and $35 billion in MBS each month. After that, the principal from maturing mortgage-backed securities will be reinvested in short-term U.S. Treasuries.
In recent years, decentralized artificial intelligence has emerged as a cutting-edge field at the intersection of blockchain and AI technology, attracting the attention of the global tech community. Bittensor (TAO), as an open-source protocol, applies a Bitcoin-like "mining incentive" mechanism to AI computing, organizing various subnets for reasoning, training, and other activities on the blockchain, allowing participants to compete and earn rewards based on their contributions.
According to CoinGecko data, the Bittensor token TAO was launched on exchanges in March 2023, and as of the time of writing, its price is $423, with a market cap of about $4 billion, ranking 42nd among cryptocurrencies. Recently, TAO Treasury Company TAO Synergies Inc. announced the completion of a $11 million private placement financing, with investors including TAO strategy advisor James Altucher and Grayscale's parent company DCG.
In this issue of ChainCatcher's exclusive interview, we had the privilege of speaking with Bittensor founder Jacob, delving into his technical vision, his journey from Google to entrepreneurship, and how Bittensor aims to break the barriers of traditional AI through "incentivized computing."
Why are crypto treasuries a better solution than spot ETFs?
From August to September 2025, crypto treasuries (Digital Asset Treasuries, DAT) became the core vehicle for the mainstreaming of crypto assets on Wall Street. This shift likely surprised many in the industry, who originally thought that exchange-traded funds (ETFs) would continue to dominate rather than be gradually replaced by DAT.
What exactly happened behind the scenes? A few years ago, Strategy was the first to launch the Bitcoin DAT model, but at that time, investors were still unaware of how to apply it to other crypto assets. This article will explore the market landscape and related controversies surrounding DAT.
Financial black hole: Stablecoins are devouring banks
In the process of the global financial system gradually digitizing, stablecoins are quietly becoming a force that cannot be ignored. They do not belong to banks, money market funds, or traditional payment systems, yet they are reshaping the flow of the dollar, challenging the transmission mechanism of monetary policy, and sparking a deep discussion about "financial order."
This article begins with the historical evolution of "narrow banking," analyzing how stablecoins replicate this model on-chain and influence the U.S. Treasury market and global financial liquidity through the "liquidity black hole effect." In a context where policy regulation has not yet been fully clarified, the non-cyclical expansion of stablecoins, systemic risks, and macro impacts are becoming new topics that the financial community cannot avoid.
Risk warning
Risk warning
