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arb

JPMorgan warns: Stablecoins may become tools for regulatory arbitrage and need to be included in a bank-level regulatory framework

JPMorgan CFO Jeremy Barnum stated during the earnings call that if regulatory rules are not aligned with traditional bank deposits, stablecoins may evolve into a "regulatory arbitrage" tool. He pointed out that some stablecoin models already exhibit deposit-like characteristics, such as providing incentives similar to yields, but are not subject to banking regulatory requirements like capital, liquidity, and consumer protection, which could create an unfair competitive environment. "If the same products are not regulated equally, it will open up arbitrage opportunities," Barnum said.Currently, U.S. legislation is pushing for a cryptocurrency regulatory framework, including the Clarity Act, to clarify the regulatory division of labor between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, and to regulate the development of the stablecoin market. Additionally, whether to allow stablecoins to distribute reserve earnings to users has become a point of contention. Cryptocurrency companies, including Coinbase, support "interest-bearing stablecoins," while banks believe this would bring them closer to deposit products but lack corresponding regulatory constraints. JPMorgan expressed support for regulatory clarity but emphasized that "regulatory consistency" takes precedence over speed. At the same time, the bank is advancing product layouts, including JPM Coin and tokenized deposits, through its blockchain division Kinexys to modernize the payment system.

Gate will collaborate with the F1 Red Bull Racing team to hold a cross-border exhibition at Victoria Harbour in Hong Kong

The digital asset platform Gate announced that it will collaborate with the F1 Red Bull Racing team to jointly launch the "Racing the Future" outdoor cross-border exhibition in Victoria Harbour, Hong Kong, from April 18 to 24. As a key highlight of Gate's 13th anniversary global celebration, the event will be held at the iconic cultural and commercial space K11 MUSEA (Seaside Promenade), covering an area of 238 square meters and open to the public. Through racing engineering displays and immersive interactive experiences, it will showcase the fusion of speed culture and technological elements.As the official sponsor of the F1 Red Bull Racing team, Gate's exhibition will for the first time focus on showcasing the Red Bull team's brand new 2026 racing car and core equipment, and will introduce an immersive interactive experience area that recreates the fusion of top racing engineering and speed aesthetics. Championship driver Max Verstappen and driver Isack Hadjar's racing suits, equipment, and gloves will also be on display, along with a giant helmet installation of Max Verstappen, enhancing the connection between fans and the racing culture.Leveraging F1 as a top global sports IP, Gate is continuously strengthening its international brand influence and promoting the extension of the digital asset platform into offline scenarios.

Arbitrum releases the 2025 transparency report: cumulative transaction volume exceeds 2.1 billion, total locked value approximately 20 billion USD

The Arbitrum Foundation released the 2025 Transparency Report, indicating that traditional finance will accelerate on-chain adoption in 2025, pushing the ecosystem into the institutional adoption phase. The report shows that 189 ecosystem collaborations were approved throughout the year, covering areas such as DeFi, infrastructure, and consumer applications.The report points out that Arbitrum is evolving from an L2 solution into a comprehensive blockchain platform with a sustainable economic model: in terms of institutional adoption, Robinhood has launched tokenized stocks and ETFs on Arbitrum, expanding to nearly 2,000 assets within six months; institutions including Franklin Templeton and WisdomTree are also increasing their investments, driving the on-chain RWA scale to grow sevenfold year-on-year, surpassing $800 million.In terms of network data, Arbitrum has accumulated over 2.1 billion transactions, with a total locked value of approximately $20 billion, stablecoin supply growing by 80% year-on-year, peaking close to $10 billion, and the number of ecosystem projects exceeding 1,000. Additionally, the Arbitrum chain ecosystem continues to expand, with over 100 chains launched or in development.In terms of infrastructure and governance, Arbitrum is advancing the ArbOS upgrade, BoLD verification mechanism, and Stylus development environment, and is expanding DAO revenue sources through mechanisms like Timeboost, which generated over $6 million in revenue for the DAO in its first year.
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