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Wu said that, according to Token Terminal data, Morpho borrowers have paid approximately $170 million in interest over the past year. Based on a 10% fee share, Morpho DAO’s annualized revenue is about $17 million, corresponding to an implied valuation of about $1.7 billion. Meanwhile, it is reported that Aave’s current annualized revenue is about $140 million, corresponding to an implied valuation of about $1.5 billion.

According to the Chainalysis report, the adjusted real economic transaction volume of stablecoins is expected to grow from $28 trillion in 2025 to $71.9 trillion in 2035. If macro catalytic factors are added, it could approach $1.5 quadrillion. The report points out that starting from 2028, approximately $100 trillion will be transferred globally from the older generation to the younger generation, and because Millennials and Generation Z have a very high acceptance of cryptocurrencies, this will become the primary driver of stablecoin explosion. Additionally, as stablecoins become more widesp

Wu said that, according to Lookonchain monitoring, trader 0x082e opened a 5x long position on 1.38 million HYPE tokens at $38.68 four months ago, with a position size of approximately $58.4 million, becoming one of the largest on-chain HYPE longs. The latest data shows that this position's unrealized profit has exceeded $5 million, but during this period, over $2 million in funding fees have also been paid.

Lawyer: Family Members Detained for "Virtual Currency Pyramid Scheme" — What Does It Really Mean? (Author: Lawyer Shao Shiwei)
This article analyzes a programmer's job search case to reveal that the so-called Web3 "wallet + marketplace + self-issued tokens" is actually a pyramid scheme in disguise: inflated product prices, locked-in rebates, recruitment-based commissions, manual withdrawals, and inability to circulate outside the platform form a pyramid trap;
Lawyers warn technical personnel to be cautious about participating in invitation rebates, unlocking, and review logic, as code itse

"Advances in Quantum Technology: An Opportunity for the Encryption Industry?" (Written by Sean Stein Smith, translated by Saoirse, Foresight News)
Risks are no longer just about "whether quantum computers will appear," but whether existing systems can be migrated quickly enough to post-quantum encryption systems;
Estimates suggest that "quantum nodes" may arrive as early as 2029, leaving the industry with a shorter time window to respond than most financial infrastructure upgrade cycles;
Investors often price in these structural risks before they fully materialize, which means capital wi

Crypto market maker Wintermute policy chief Ron Hammond stated that although legislative momentum in Washington is increasing, the probability of the Clarity Act passing in 2026 is only 30%. The bill aims to regulate the structure of the U.S. crypto market and clarify the regulatory responsibilities of the SEC and CFTC. Hammond pointed out that opposition from banks is the biggest obstacle, especially regarding whether stablecoins should generate yields. A compromise "yield agreement" proposal put forward about two weeks ago has already failed. (CoinDesk)

In response to rumors that Iran may seek to collect shipping tolls using cryptocurrencies, Kaitlin Martin, a senior intelligence analyst at Chainalysis, stated that under the current sanctions framework, any payments made to the Iranian government (including key waterway transit fees) could be considered "material support," posing serious sanctions risks for shipping companies that violate U.S. and international restrictions. Martin pointed out that while cryptocurrencies enable cross-border transfers outside the traditional financial system, their ledgers are transparent and permanently recor

《Stablecoin Issuance Market: Four Business Models Reshaping the Market》（Written by Tiger Research, compiled by AididiaoJP, Foresight News）Stablecoins are not a single-track category. The core principle for newcomers is to avoid competing with Tether and Circle on the same dimension. Tether has secured its leading position through first-mover advantage, reserves, and diversified investments; StraitsX builds a moat with payment fees and compliant licenses; M0 provides shared issuance infrastructure to address fragmentation and amplify network effects; KRWQ initially captures offshore Korean won

The open interest (OI) of Bitcoin futures on the Chicago Mercantile Exchange (CME) has fallen to $8.41 billion, the lowest level in 14 months. Glassnode analysts noted that this trend is mainly driven by the unwinding of basis trades: previously, the strategy built long positions via spot ETFs and hedged the resulting futures short exposure to profit from the spread, but in recent times the annualized return has dropped from 15%-20% to around 5%, prompting institutions to take profits. In addition, the daily trading volume of CME Bitcoin futures has also shrunk to below $3 billion. Analysts be

"The true goal of Hong Kong's 'sunny scheme' has never been stablecoins" (Author: Will A Wang)
If you assume that the purpose of this licensing is to "expand the Hong Kong dollar stablecoin industry," then every detail might not make complete sense. But if you consider an alternative hypothesis—that this licensing was originally meant to support not the "commercial stablecoin industry" itself—then it makes more sense.
HSBC and Standard Chartered may not have come with strategic intent.
For HSBC, applying for a Hong Kong dollar stablecoin is more of a defensive move rather than an active

"36 to 2! Hong Kong's First Stablecoin Licenses Announced, HSBC and Standard Chartered Joint Venture Successfully Approved" (Author: angelilu | Foresight News)
On April 10, the Hong Kong Monetary Authority announced the first batch of stablecoin licenses, with only 2 out of 36 applications approved, an approval rate of about 5%.
HSBC and Standard Chartered's joint venture (Anchorpoint) both made the cut, while major tech companies and new Web3 players were all rejected.
Hong Kong's stablecoin regulation demonstrates a high threshold for fund security, 100% fiat reserve, and independent c

According to Hong Kong Wen Wei Po, Hong Kong Monetary Authority Deputy Chief Executive Chen Weimin stated that the choice of which currency to issue for stablecoins mainly depends on the issuer’s business considerations. Currently, the first two licensed institutions will initially launch Hong Kong dollar stablecoins. In the future, if other currencies including the Renminbi are issued, it is permitted under Hong Kong’s system, but applicants need approval from mainland authorities. Regarding when the second batch of licenses will be issued, Chen Weimin said there is no specific timetable at t

According to Caixin, reliable sources have revealed that the second batch of Hong Kong compliant stablecoin issuer licenses is currently in the application stage. Futu Securities and OSL Group are both strong contenders for this batch of licenses. Additionally, the report added that in November last year, 13 ministries including the People's Bank of China jointly stated their stance, reaffirming their crackdown on virtual currency trading within China and explicitly classifying stablecoins as virtual currencies. This means that stablecoin trading will not be open in the mainland Chinese market

Opinion: Hong Kong's First Stablecoin Licenses Are Issued, The Winners Are Not Those Who Issue Coins, But Others Who Make Real Money
(Author: Shao Jiadian Lawyer | Mankun Blockchain Legal Services)
Hong Kong's first stablecoin licenses are issued, and the regulator's choice is not "who understands Web3 better," but "who is most controllable."
Issuing stablecoins has become a profit-squeezed "heavy asset, heavy compliance" infrastructure business.
The true winners are not the coin issuers, but those who control the flow of funds in scenarios such as transaction settlement, cross-border

According to the latest weekly operational data released by Bitdeer official, as of April 10, 2026, its weekly Bitcoin production was 165 coins, and all 165 BTC were sold during the same period, with a net increase of 0. Currently, Bitdeer's pure Bitcoin holdings amount to 0 (excluding customer deposits).

According to CoinDesk, Bhutan has sold 70% of its Bitcoin holdings over the past 18 months. Arkham data shows that Bhutan's Bitcoin holdings have decreased from approximately 13,000 coins in October 2024 to the current 3,954 coins (about $280.6 million), with $215.7 million worth of Bitcoin transferred out just this year. Additionally, Bhutan's mining fund inflows exceeding $100k have been recorded over a year ago, indicating that the country may have suspended its hydroelectric-powered Bitcoin mining operations.

Wu Shuo learns that Ethereum's third-largest treasury company, The Ether Machine, and special purpose acquisition company Dynamix Corporation announced that due to unfavorable market conditions, both parties agree to terminate the previously signed business merger agreement and related support agreement in July 2025.
According to the termination agreement, the payer must pay $50 million to Dynamix within 15 days of the effective date.
The company still needs to complete the initial business merger by November 22, 2026; otherwise, liquidation and public share redemption procedures will be i

According to an official announcement from Standard Chartered Bank, Anchorpoint Financial Limited, a joint venture between Standard Chartered Bank, Hong Kong Telecom, and Animoca Brands, has obtained a license for stablecoin issuance issued by the Hong Kong Monetary Authority (HKMA). Anchorpoint has become one of the first two institutions in Hong Kong to receive this license, planning to launch the regulated Hong Kong dollar stablecoin HKDAP (i.e., HKD At Par) in phases starting from the second quarter of this year. The institution will adopt a B2B2C model, opening HKDAP to the public through

According to an official announcement from Standard Chartered Bank, Anchorpoint Financial Limited, a joint venture between Standard Chartered Bank, Hong Kong Telecom, and Animoca Brands, has obtained a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA). Anchorpoint has become one of the first two institutions in Hong Kong to be granted this license, and plans to launch the regulated Hong Kong dollar stablecoin HKDAP (i.e., HKD At Par) in phases starting from the second quarter of this year. The institution will adopt a B2B2C model, opening HKDAP to the public through author