【Macro Market Overview】The crypto market this week presents a complex game of forces. The UK FCA will open crypto license applications in September 2026, and South Korea also plans to approve spot BTC ETF the same year, sending positive policy signals. However, on-chain funding faces some pressure — BTC/ETH options expiration leans bearish, with maximum pain points stuck around 90K and 3.1K respectively, while ETFs continue net outflows, with BTC outflows reaching $399 million and ETH $159 million.

By contrast, the stablecoin market remains hot. Total 2025 annual trading volume reached $33 trillion cumulatively, up 72% year-over-year, with USDC leading the market at $18.3 trillion. US employment data exceeded expectations, pushing up Fed policy expectations and global liquidity, yet overall market risk appetite weakens — a clear signal of market adjustment.

【Ecosystem Project Updates】Plume Network completed a $20 million credit card receivables tokenization project in Brazil, exploring the combination of RWA with emerging markets. The Optimism community proposed allocating 50% of Superchain revenue for OP buybacks, accumulating 5868 ETH buybacks over the past 12 months. Meanwhile, Zcash ECC team collectively resigned (25 people) due to governance disagreements and formed a new company to continue focusing on privacy technology R&D. The market reacted sharply, with ZEC dropping 16% to $408 short-term.

Worth noting is the partnership between ADI Chain and M-PESA, extending L2 infrastructure to 8 African countries covering 6000万+ users — this may signal a breakthrough for crypto payments in emerging markets. Wyoming issued the first state-government-backed stablecoin FRNT through Kraken, launching on Solana; meanwhile, Tempo launched the TIP-20 stablecoin standard supporting remarks, strategy registration, and arbitrary stablecoin gas fee payments, further perfecting the stablecoin ecosystem.