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Coinbase's Chief Policy Officer Responds to "White House Agreement Goals May Fall Through": Has Committed to Multiple Potential Compromise Solutions on Stablecoin Yield Issues

Coinbase Chief Policy Officer Faryar Shirzad posted on the X platform in response to "the White House's agreement goals may fall short." He stated that Coinbase and the company's CEO Brian Armstrong have been involved in negotiations for months and have committed to several potential compromise solutions. Coinbase's core goal has always been to protect the interests of the GENIUS Act and the general American public. He also thanked Patrick Witt, Executive Director of the President's Digital Asset Advisory Council, for his efforts in pushing for problem resolution and looks forward to the smooth implementation of the President's crypto agenda.According to senior journalist Sander Lutz from crypto media Decrypt, the White House originally hoped to reach an agreement on stablecoin yield issues before the weekend, but a banking industry insider directly involved in the negotiations stated that this goal would not be achieved. The current divide between the crypto industry and banking lobbyists regarding whether stablecoins should generate yield remains significant. This controversy has become a major obstacle to advancing the crypto market structure bill and directly points to Coinbase CEO's insistence that stablecoins should be able to generate yield for users.According to previous reports from ChainCatcher, David Sacks, the White House's crypto and AI director, stated that the crypto industry has made significant concessions regarding stablecoin yields, and banks should respond accordingly.

Anchorage Digital launches stablecoin solution, providing on-chain USD settlement channels for international banks

According to FinanceFeeds, crypto bank Anchorage Digital has announced the launch of "Stablecoin Solutions" aimed at international banks, designed to provide non-U.S. financial institutions with a U.S.-regulated digital dollar infrastructure as an alternative to traditional correspondent banking systems.The solution integrates stablecoin issuance, compliant custody, fiat fund management, and blockchain-native settlement functions, allowing banks to achieve cross-border circulation of dollar assets without relying on traditional correspondent banking networks.Anchorage stated that institutions can hold and settle tokenized dollar assets under its federal banking license framework. Anchorage is the first crypto-native institution to obtain a U.S. federal banking license, regulated by the Office of the Comptroller of the Currency (OCC).Company CEO Nathan McCauley stated that stablecoins are gradually becoming core financial infrastructure, and this solution provides banks with a pathway to achieve global dollar flows through blockchain rails while ensuring custody, compliance, and operational control. Anchorage's move is seen as an attempt to replace the traditional correspondent banking cross-border clearing system with a regulated stablecoin framework.If adopted by international banks, dollar stablecoins may further embed themselves into mainstream cross-border payment and fund management processes. However, the ultimate implementation still depends on the clarity of regulatory details and the global banking sector's acceptance of tokenized liability structures.

Next week's macro outlook: Fed minutes and PCE are coming, tariff case may see a resolution

According to Jinshi News, the global market will welcome a "data bomb" week next week. The Federal Reserve will release the minutes of the January monetary policy meeting on Thursday at 03:00, from which the market will seek more clues about the interest rate cut path in 2026; the focus will be on the initial value of the U.S. fourth-quarter GDP and core PCE price index to be released on Friday at 21:30. As the Fed's preferred inflation indicator, if the PCE reading is higher than expected, it may affect the pace of policy easing this year.On the central bank front, several Federal Reserve officials will speak intensively, the Reserve Bank of Australia will release the meeting minutes, and the Reserve Bank of New Zealand will announce its interest rate decision. The market generally expects the Reserve Bank of New Zealand to remain unchanged, while the Reserve Bank of Australia may emphasize the risks of rising inflation. In terms of asset performance, spot gold maintains a high-level fluctuation, rebounding to close higher after a significant drop during the week; oil prices rose and then fell, with market rumors that OPEC+ may resume production increases in April; the dollar's movement has become a key variable, and if it does not hit a new low, it may maintain relative strength against the backdrop of the approaching tariff decision.Meanwhile, demand for U.S. Treasuries is heating up, which may trigger a new round of asset reallocation. In terms of major events, the Supreme Court of the United States will issue opinions on February 20, including rulings on Trump's "Day of Liberation" tariff policy. If the ruling is unfavorable, it may have a significant impact on related tariff measures and affect global trade and market sentiment.On the company level, the earnings season is coming to an end. Walmart will announce its fourth-quarter fiscal year performance.

a16z Crypto: The security focus of public chains like BTC and ETH should be on protocols and governance, without blindly switching to quantum-resistant solutions

a16z Crypto published a long article on platform X stating that the timeline for the emergence of quantum computers capable of breaking cryptocurrencies (CRQC) is often exaggerated, and the likelihood of their appearance before 2030 is extremely low. The risk status of different cryptographic primitives varies.Post-quantum encryption needs to be deployed immediately due to the "harvest now, decrypt later" (HNDL) attack. In contrast, post-quantum signatures and zkSNARKs are less susceptible to HNDL attacks; migrating too early could bring risks such as performance overhead, immature implementation, and code vulnerabilities. Therefore, a cautious rather than hasty migration strategy should be adopted.For blockchains, most non-privacy public chains like Bitcoin and Ethereum primarily use digital signatures for transaction authorization, so there is no HNDL risk. The pressure to migrate mainly comes from non-technical challenges such as slow governance, social coordination, and technical logistics.Bitcoin faces unique issues, including its slow governance speed and the existence of millions of quantum-vulnerable tokens worth hundreds of billions of dollars that may be abandoned. In contrast, privacy chains, due to their encryption or concealment of transaction details, do face HNDL attack risks and should transition as soon as possible.a16z Crypto emphasizes that in the coming years, implementation security issues such as code vulnerabilities, side-channel attacks, and fault injection attacks are more urgent and significant security risks compared to the distant threat of quantum computers. Developers should prioritize investment in code audits, fuzz testing, and formal verification.

The anti-quantum cryptography organization BTQ has announced the Bitcoin Quantum solution for quantum-resistant Bitcoin algorithms

According to CoinDesk, the quantum-resistant cryptography specialist BTQ Technologies (BTQ) recently announced a solution to protect the Bitcoin blockchain, called "Bitcoin Quantum," an open-source fork testnet that is said to be capable of addressing quantum challenges.Chris Tam, head of partnerships at BTQ, stated that Bitcoin Quantum is a publicly operable network where miners, developers, researchers, and users can stress-test against quantum transactions and reveal the trade-offs in actual operation before discussions about mainnet upgrades become urgent.The system includes a block explorer and mining pool, providing instant accessibility. Tam explained that in August 2024, the quantum-resistant algorithm known as "Dilithium" (officially named the Module-Lattice-based Digital Signature Algorithm ML-DSA) will be standardized in the United States, and this algorithm is the technology adopted by the Bitcoin Quantum network. This algorithm has not yet been widely applied in rapidly innovating fields like cryptocurrency, primarily due to its high operational costs.Compared to the digital signatures used every time information is sent to the blockchain or even when sending a WhatsApp message, the data size of quantum-resistant algorithms increases by at least 200 times. Therefore, while there are methods to address quantum risks, they also pose problems, mainly reflected in performance and cost overhead during large-scale deployment.
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