News

Jinse Finance reported that Bridge, the stablecoin infrastructure company under fintech giant Stripe, is applying to the US Office of the Comptroller of the Currency (OCC) for a national bank trust license. If approved, Bridge will provide regulated stablecoin issuance, management, and custody services under the framework of the "GENIUS Act" to be signed this summer. Bridge co-founder Zach Abrams stated that this regulatory framework will enable the company to drive the tokenization of "trillions of dollars in assets" within a compliant system. Since Stripe acquired Bridge for $1.1 billions last year, stablecoins have rapidly become a core business, including supporting USDC payments in cooperation with an exchange and Shopify, as well as launching the Open Issuance platform for custom stablecoin issuance and the payment-optimized blockchain Tempo.

Jinse Finance reported that Michael Feroli, Chief U.S. Economist at JPMorgan, stated that Federal Reserve Chairman Jerome Powell's latest speech "solidified expectations for further rate cuts, which will begin at the next meeting from October 28 to 29." Feroli pointed out that the market was already quite convinced that the Federal Reserve was inclined to ease policy, but Powell's wording left almost no room for ambiguity. He said, "While hardly anyone doubts that the Fed will cut rates at the next meeting, today's speech is a strong confirmation of that expectation." Powell's remarks further strengthened investors' belief that, following a series of weaker inflation and labor market data, the Fed is preparing to lower interest rates again, thereby reinforcing market bets on a rate cut at the end of October.

Jinse Finance reported that New York City Mayor Eric Adams has signed an executive order to establish the nation’s first “Office of Digital Assets and Blockchain,” aimed at coordinating cooperation between the crypto industry and the government and promoting compliant blockchain and crypto projects in New York. The office will be led by Moises Rendon, who has long been involved in the city government’s digital asset affairs. Its goals include promoting the responsible application of blockchain, attracting fintech talent, expanding financial inclusion, and driving New York to become a center for crypto innovation. Adams stated: “The era of digital assets has arrived, bringing us opportunities for economic growth, talent attraction, and service innovation.” Adams previously received his first three paychecks after taking office in bitcoin and led New York’s first crypto summit. His mayoral term will end at the end of the year, and he has withdrawn from the re-election race due to campaign funding issues.

Jinse Finance reported that Nasdaq-listed company Prestige Wealth (soon to be renamed Aurelion) announced the purchase of Tether Gold (XAUT) worth $134 million. This acquisition was made after completing a $150 million financing round led by Antalpha. Aurelion purchased the tokens at an average price of $4,021.81 per XAUT. Each XAUT represents one ounce of physical gold and can be redeemed for LBMA-standard gold bars stored in Switzerland. Since its launch in 2020, Tether Gold has accumulated approximately 7 tons of physical gold reserves.

Jinse Finance reported that U.S. Republican Congressman Troy Downing will introduce a new bill called "The Retirement Investment Choice Act" on Tuesday, aiming to legislate the executive order previously signed by President Trump, allowing cryptocurrencies and private equity to be included in 401(k) retirement plan investment options. The bill is co-sponsored by four Republican lawmakers, including Byron Donalds, Buddy Carter, Warren Davidson, and Barry Moore. Downing stated that this move will enable more American savers to access high-potential alternative assets. Previously, the Biden administration had taken a cautious stance on including crypto assets in retirement plans.

Jinse Finance reported that the US Dollar Index fell by 0.23% on the 14th, closing at 99.046 in the late trading session of the foreign exchange market.

BlockBeats News, on October 14, according to MLM monitoring, the "insider whale" who profited from shorting before the plunge has now begun to gradually reduce its bitcoin short positions, with the scale dropping to $488 million and current unrealized profits reaching $11.8 million.

BlockBeats News, on October 15, Federal Reserve Chairman Powell stated that the future direction of monetary policy will be driven by data and risk assessments. Data before the U.S. government shutdown indicates that economic growth may be better than expected. Downside risks in the U.S. job market have increased.

The rising risks in the job market justify the rate cut in September. (Golden Ten Data)