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Author: TechFlow Yesterday's market dynamics The number of initial jobless claims in the United States in the week ending July 26 was 218,000, and the core PCE price index was 2.8% year-on-year in June According to Golden Ten data, the number of initial jobless claims in the United States for the week ending July 26 was 218,000, with an expected 224,000 and a previous value of 217,000. The core PCE price index in the United States was 2.8% year-on-year in June. expected 2.7%, previous value 2.7%. Trump has set tariff rates ranging from 10% to 41% for multiple trading partners According to Golden Ten Data, U.S. President Trump signed an executive order determining the "reciprocal tariff" rate imposed on many countries and regions, ranging from 10% to 41%. U.S. Treasury Secretary Bescent: Fed personnel will be interviewed According to Golden Ten Data, U.S. Treasury Secretary Besant said he was not sure what the reasons for not cutting interest rates were. Make a good list of candidates for Fed chairmanship. There will be two vacancies on the Fed committee. Fed personnel will be interviewed, and Fed nominations are expected to be announced by the end of the year. The US SEC announced the launch of the "Project Crypto" program, covering tokenization support, securities and non-securities coexistence transactions, etc According to the official website of the U.S. Securities and Exchange Commission (SEC), Chairman Paul S. Atkins delivered a speech in Washington on July 31, 2025, announcing the launch of the SEC's comprehensive reform plan "Project Crypto". The program covers multiple directions such as crypto asset classification and issuance, tokenization support, custody and trading rule revisions, securities and non-securities coexistence transactions, super-app platform access, DeFi compliance paths, and innovative exemption mechanisms, aiming to lay an institutional foundation for promoting the United States to become a global crypto capital. The Ethereum Foundation released a 10-year vision for "lean Ethereum": 10,000 transactions per second, 100% uptime According to The Block, Justin Drake, a senior researcher at the Ethereum Foundation (EF), has released a vision for the development of "lean Ethereum" over the next decade. The main goals of the plan include: scaling transactions per second (TPS) to 10,000 on the base layer and 1 million TPS on the layer-2 network while maintaining decentralization and 100% uptime. Drake said Ethereum will make significant upgrades to the consensus, data, and execution layers, including upgrading the Beacon Chain to version 2.0, introducing Block 2.0 in the post-quantum era, and potentially building on the open-source RISC-V instruction set. In terms of cryptography, the system will rely entirely on hash-based signatures, hash root data commitments, and native hashed zero-knowledge virtual machines to achieve quantum-resistant computing power. Pump.fun registered fee.pump.fun subdomains or hinted at the launch of a fee dashboard or volume-based incentive program According to Bwenews, Pump.fun recently registered fee.pump.fun subdomains, which may hint at the upcoming launch of a fee dashboard or volume-based incentive program. Visa adds support for Stellar and Avalanche and integrates the euro stablecoin EURC According to Businesswire, payments giant Visa Settlement Platform is adding support for two USD stablecoins, two blockchains and the euro stablecoin EURC, including: 1. Through the partnership with Paxos, Visa will be able to support Global Dollar (USDG) and PayPal USD (PYUSD); 2. In addition to the already supported Ethereum and Solana blockchains, Visa announced new support for Stellar and Avalanche; 3. Visa has integrated Circle's euro stablecoin EURC. Tether's second-quarter earnings report: U.S. Treasury holdings exceeded $127 billion, and quarterly net profit was $4.9 billion Tether released its financial report for the second quarter of 2025. According to the report, as of June 30, 2025, Tether (USD₮) had more than ₮157 billion in circulation, an increase of ₮20 billion year-to-date. According to the financial report, Tether holds a total of $127 billion in U.S. Treasury bonds, of which $105.5 billion is directly held and $21.3 billion is indirectly held, an increase of about $8 billion from the first quarter. The company achieved net profit of $4.9 billion in the second quarter and a total profit of $5.7 billion in the first half of 2025, including $3.1 billion in recurring profit. Mill City, a U.S.-listed company, has completed a $450 million private placement and has acquired 76.3 million SUI tokens According to The Block, U.S.-listed company Mill City Ventures has officially established its SUI token reserve vault after completing a $450 million private placement. The company currently holds a total of 76,271,187 SUI, with an average purchase price of $3.6389 each, all obtained through an over-the-counter agreement with the Sui Foundation. Mill City said it will continue to purchase SUI on the open market and plans to use approximately 98% of its net private placement proceeds for SUI token acquisitions and reserve management. Guotai Junan International issued the first digital native bond publicly offered by a Chinese brokerage According to the official announcement, Guotai Junan International (1788. HK) recently successfully issued the first public offering of digital native bonds by Chinese securities firms. The bond is denominated in US dollars, with an issuance size of no more than US$300 million and a maturity of 3 years. The offering adopts a direct offering structure and is completed through HSBC's "Orion" digital asset platform. Guotai Junan International also acted as the lead global coordinator and clearing and settlement bank in the offering. The digital bond is issued based on blockchain technology and has the characteristics of digitalization, programmability, and automatic execution. Baishida Holdings plans to change its name to Z Fin Limited to focus on the Web3 field According to the official announcement, SINOLINK WORLDWIDE HOLDINGS LIMITED announced its intention to change its name to "Z Fin Limited" to reflect the company's strategic focus on expanding into the fintech sector. The company has invested in ZhongAn Online Property Insurance (06060. HK) and the joint venture ZA Global (ZA Global) are deploying in the field of financial technology. The company said it will continue to explore development opportunities in the fintech field, focusing on areas such as crypto assets, physical asset tokenization (RWA), Web3 and stablecoins. This move aligns with Hong Kong's policy direction to become a hub for cryptocurrencies and digital assets in Asia. Market dynamics Recommended reading Decoding HKMA Documents: The "Strict" and "Live" Behind Stablecoin Regulation This article describes the release of a series of documents by the Hong Kong Monetary Authority, which provide a legal framework, implementation rules, and guidelines for the implementation of the stablecoin regulatory regime. These documents emphasize stringent regulatory requirements while retaining some flexibility to support innovation and maintain financial stability. Hong Kong's stablecoin regulatory system demonstrates a deep understanding of the characteristics of blockchain technology and provides an important reference for the global stablecoin industry. From a new technology stack to global government digital trade cooperation: the ecological evolution of IOTA, a ten-year veteran of public chains This article delves into the development history of the IOTA public chain over the past decade and its innovations and achievements in technology, ecology, and compliance. As an established project in the blockchain field, IOTA promotes blockchain from the laboratory to real-world scenarios through technological upgrades, ecological expansion, and cooperation with global governments, solving practical problems and creating sustainable value. Giant Support + Consumption Scenario Two-Wheel Drive: Korean Won Stablecoin Melee, Kaia Seizes the High Ground This article provides an in-depth analysis of the development trends and key players of the Korean won stablecoin, highlighting the unique advantages of Kaia, a representative project in South Korea's local crypto ecosystem, and its strategic layout in the stablecoin track. The article elaborates on the market demand, policy support, technical foundation, and potential of the Korean won stablecoin for implementation in consumer scenarios. Founder of Camp Network: Can blockchain be a lifesaver for creators as the AI copyright crisis breaks out? This article explores the conflict between generative AI and intellectual property, proposing blockchain technology as a solution to build a fair, transparent, and sustainable creator economy. Blockchain enables immutable ownership records, real-time royalty payments, source traceability, and privacy protection, helping creators collaborate with AI rather than confrontation it. a16z Partner: Don't let the company go astray, use the operation plan to lock in success This article mainly discusses the importance of business operations plans and how they are formulated, emphasizing that business plans are a key tool for translating strategic vision into concrete actions. The article also analyzes common mistakes, budget planning tips, and how to achieve business goals with an operational plan.