Technology Headlines

1. OKX: OKB will undergo a one-time destruction to optimize the token economic model; X Layer completes PP upgrade.

OKX announced that it will optimize the economic model of the OKB Gas token, with OKB continuing to serve as the exclusive Gas and native token of the X Layer. OKX will conduct a one-time destruction of 65,256,712.097 historical repurchased and reserved OKB, after which it will upgrade the OKB smart contract to remove inflationary and manual destruction features, fixing the total supply at 21 million. Users holding the Ethereum L1 version of OKB need to recharge their assets to OKX and complete the chain swap through "Withdraw to X Layer."

https://foresightnews.pro/news/detail/80983

2. Circle Announces the Launch of ARC, a Layer 1 Blockchain Focused on Stablecoins

Circle will launch ARC, a Layer 1 blockchain specifically serving stablecoins.

https://x.com/zoomerfied/status/1955214998029898147

3. Monad BFT Consensus Mechanism to Launch Public Testnet on August 13

Monad Devs tweeted that the Monad BFT consensus mechanism will go live on the public testnet on August 13, making it the first tail-fork-resistant consensus mechanism on EVM. The public testnet will be paused at 21:30 Beijing time for updates.

https://x.com/monad_dev/status/1954984719659175985

4. Gemini Launches Self-Custody Smart Wallet, Gemini Wallet, Offering Gas-Free Transactions and Free ENS Subdomains

Foresight News reports that the crypto exchange Gemini has announced the launch of the self-custody smart wallet, Gemini Wallet. This wallet requires no seed phrases or app downloads, offering gas-free transactions and free ENS subdomains, thus eliminating common user barriers. Exchange integration is in the works, which will support users to trade directly from their Gemini accounts without manually transferring funds.

Gemini utilizes ENS for wallet naming and simplifying wallet recovery. Users of Gemini Wallet can receive a gemini.eth subdomain for free. If users forget or lose their wallet address but remember the gemini.eth subdomain, they can enter it into the recovery process. The Gemini wallet will resolve the ENS domain name and display the associated wallet address to help users identify the correct account.

https://foresightnews.pro/foresightnews/news/detail/81159

5. OSL Group Partners with Zhongshouyou for Stablecoin Ecosystem Strategic Cooperation

OSL Group and Zhongshouyou today announced a strategic cooperation agreement to integrate OSL's compliant virtual asset financial infrastructure with Zhongshouyou's global IP game ecosystem, promoting the implementation of stablecoins in game payments and the real economy. The two parties will connect OSL's stablecoin service network for financial institutions with Zhongshouyou's payment scenarios, accelerating the promotion of compliant stablecoins in digital entertainment and industry sectors.

https://www.panewslab.com/zh/articles/431e2084-0964-45f5-b861-ebe94459e5f0

Industry Dynamics

1. Hong Kong SFC Clarifies Robust Custody Standards for Virtual Asset Trading Platforms

The Hong Kong Securities and Futures Commission today issued a circular to all licensed virtual asset trading platforms, clarifying its requirements for robust custody of clients' virtual assets. This lays a solid foundation for the gradual adoption of more advanced custody technology under the ASPIRe roadmap. In the latest circular, the SFC outlined several good operating practices and minimum standards that virtual asset trading platform operators should meet, covering responsibilities of senior management, infrastructure and operations of customer cold wallets, application of third-party wallets, and real-time threat monitoring. In the future, these standards will also become core regulatory requirements for virtual asset custodians and will help promote the establishment of an effective virtual asset custody framework in the industry.

https://www.panewslab.com/zh/articles/ab1b76f8-5cc0-429c-b8aa-7ee73d221989

2. Federal Reserve Cancels Special Regulatory Program for Cryptocurrency Businesses, U.S. Media Claims Easing of Regulations on Cryptocurrency Industry

The Federal Reserve announced that it has halted its "New Activity Supervision Program," established in 2023, which aimed to strengthen the regulation of banks' cryptocurrency businesses. Analysts believe this move continues the recent trend of U.S. regulators easing regulations on the cryptocurrency industry. U.S. media pointed out that in April, the Federal Reserve withdrew guidelines requiring banks to obtain regulatory approval before engaging in new cryptocurrency business, and other two federal banking regulators—the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation—have also taken similar actions, allowing banks to decide whether to engage in cryptocurrency businesses under existing risk management requirements.

https://www.panewslab.com/zh/articles/c20643bb-0878-4294-a916-1092d10f66bb

3. GENIUS Act Sparks Regulatory Controversy, Stablecoin Interest Rate Loophole Under Scrutiny

The U.S. GENIUS Act has recently faced criticism from banks, state regulators, and consumer organizations. The core controversy lies in Section 16(d), which allows certain uninsured, state-chartered banks to operate nationally under OCC supervision, bypassing state approval. Concerned parties have written to the Senate Banking Committee requesting the removal of this provision, fearing it undermines state regulation and financial system security. Meanwhile, banking groups warn that the act's restrictions on stablecoin interest payments contain loopholes that could lead to as much as $6.6 trillion in bank deposits flowing out. Coinbase executives have also questioned the authenticity of relevant data, stating that the growth of stablecoins has not caused community banks to experience deposit outflows.

https://www.cryptoinamerica.com/p/genius-gripes-state-preemption-and

4. Joint Statement by the Hong Kong SFC and Hong Kong Monetary Authority on Market Volatility Related to Stablecoins

The Hong Kong SFC and the Hong Kong Monetary Authority have noted recent market volatility related to stablecoin concepts. The Monetary Authority reiterated that a prudent and cautious approach will be taken when considering stablecoin issuer license applications, establishing higher entry requirements. The Monetary Authority emphasized that expressing intent or submitting stablecoin license applications, and communications with relevant agencies, are merely parts of the licensing process; whether a license is ultimately granted will depend on whether the application meets the licensing conditions. Given the significant uncertainty surrounding these plans or application results, the aforementioned market-driven or speculative volatility highlights the necessity of maintaining vigilance during market enthusiasm. Sharp fluctuations in stock prices can lead to irrational decision-making, exposing investors to unnecessary risks. In light of this, the Hong Kong SFC and the Monetary Authority urge the public to remain cautious, thoroughly analyze relevant information, and avoid making irrational investment decisions based solely on market hype or price momentum. The public should remember that making informed and thoughtful decisions in a volatile environment is crucial for reducing risks.

https://www.jinse.cn/lives/471870.html

In-Depth Analysis

1. Central Bank: Implementing a Moderately Loose Monetary Policy in Detail

The central bank released the 2025 second quarter report on the implementation of China's monetary policy. In the next stage, a moderately loose monetary policy will be implemented in detail. Based on domestic and international economic and financial situations and the operation of financial markets, the central bank will grasp the intensity and pace of policy implementation, maintaining ample liquidity to ensure that the growth of social financing and money supply aligns with economic growth and the expected targets of the general price level, continuously creating a favorable financial environment. Promoting a reasonable recovery of prices will be an important consideration for guiding monetary policy, ensuring that prices remain at reasonable levels. The central bank will continue to base its adjustments on market supply and demand, reference a basket of currencies, and maintain a managed floating exchange rate system, ensuring that the market plays a decisive role in exchange rate formation, enhancing the resilience of the foreign exchange market, stabilizing market expectations, firmly correcting market pro-cyclical behavior, addressing disruptive market behavior, and preventing the risk of excessive exchange rate fluctuations, while keeping the RMB exchange rate basically stable at a reasonable and balanced level.

http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5811138/index.html