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Share link:In this post: After Trump’s failed Alaska summit with Putin, Zelensky heads to Washington. Markets await July minutes and Powell’s Jackson Hole speech, with pressure mounting for rate cuts. Flash PMI figures from the US and globally will reveal how Trump’s new tariffs are rippling.
Share link:In this post: Japan will approve yen-backed stablecoins this fall, starting with fintech firm JPYC. JPYC tokens will be backed by bank deposits and Japanese government bonds. Profits from the bonds stay with the issuer; users won’t earn interest.
Share link:In this post: Trump canceled U.S.-India trade talks scheduled for August 25–29 after meeting with Putin. New tariffs of up to 50% on Indian goods will begin on August 27 due to India’s Russian oil imports. Modi responded with nationalist economic reforms, promising tax changes and domestic chip production.
Japan's Financial Services Agency will approve JPYC as the nation's first yen-denominated stablecoin. Circle invested in the Tokyo fintech firm, which plans to launch its regulated digital token later this year.
Investors directed nearly five times more into Ethereum than into Bitcoin.
Quick Take The SEC has pushed back decisions on several crypto ETF proposals, including five spot XRP ETFs. Strategy has purchased another 430 BTC for $51.4 million at an average price of $119,666. The firm now holds about 629,376 BTC. A wallet linked to an early Ethereum ICO participant sent 4,460 ETH — worth about $19 million — to Kraken.
- 23:53Publicly listed company Thumzup Media discloses purchase of 7.5 million DOGE, worth approximately $2 millionChainCatcher news, according to The Block, Thumzup Media Corporation (stock code TZUP) announced on Thursday that it has purchased Dogecoin (DOGE) on the open market for the first time, acquiring approximately 7.5 million tokens at a weighted average price of $0.2665, with a total value of about $2 million. In addition, the company stated earlier this month that it plans to deploy 3,500 Dogecoin mining machines by the end of the year through its upcoming acquisition of mining company Dogehash, and to strengthen its leadership team. This week, DogeOS CEO and MyDoge head Jordan Jefferson, as well as DogeOS ecosystem director Alex Hoffman, were appointed to its cryptocurrency advisory board.
- 23:48Powell Defines the Fed’s Third Mandate, Calling It a Derivative of the Other Two TasksJinse Finance reported that Federal Reserve Chairman Powell, during a press conference following Wednesday's interest rate decision, explained why the three mandates given to the Federal Reserve by Congress can, in practice, be summarized into two main tasks when responding to questions about the central bank's statutory requirement to achieve a "moderate long-term interest rate." For a long time, central bank officials have positioned their mission as a dual mandate, focusing monetary policy on maintaining low and stable inflation and ensuring a strong and sustained job market, with little emphasis on the third mandate. Powell told reporters that the third mandate does exist, but in the eyes of central bankers, it is a derivative of the two more widely recognized legal objectives. He said, "We believe that a moderate long-term interest rate is the result of achieving low and stable inflation and maximum employment." For some time, Federal Reserve officials have not considered the third mandate to require "independent action." (Golden Ten Data)
- 23:48Fed Rate Cuts May Trigger Stagflation Risk, Creating a Dilemma for PolicymakersAccording to ChainCatcher, citing a report from Golden Ten Data, Minsheng Macro Research states that a Federal Reserve rate cut is the beginning of the issue, not the end. An increase in the rate cut magnitude could trigger inflation risks, while insufficient rate cuts may bring political risks. The dot plot suggests a 75 basis point rate cut within the year, an increase of 25 basis points compared to June. In the future, factors such as a cooling labor market and sticky inflation will make the Federal Reserve's decision-making more complex, and the market may price in more rate cuts.