【Macroeconomic Overview】This week, the crypto market shows a complex game of chess. The UK FCA will open crypto license applications in September 2026, and South Korea also plans to approve a spot BTC ETF in the same year, signaling a positive policy stance. However, on-chain funding faces pressure—BTC/ETH options expirations tend to be bearish, with key pain points around 90K and 3.1K respectively. Meanwhile, ETF net outflows continue, with BTC outflows reaching $399 million and ETH outflows of $159 million.

In contrast, the stablecoin market remains hot. The total trading volume for 2025 has reached $33 trillion, a 72% year-over-year increase, with USDC leading the market at $18.3 trillion. Better-than-expected US employment data has boosted Federal Reserve policy expectations, increasing global liquidity, but overall market risk appetite is weakening—this is a clear signal of market adjustment.

【Progress in Ecosystem Projects】Plume Network completed a $20 million credit card receivables tokenization project in Brazil, exploring the integration of RWA with emerging markets. The Optimism community proposed to allocate 50% of Superchain revenue for OP buybacks, which have accumulated 5,868 ETH over the past 12 months. Meanwhile, the Zcash ECC team resigned collectively due to governance disagreements (25 members), forming a new company to continue focusing on privacy technology development. The market reacted strongly, with ZEC dropping 16% in the short term to $408.

Notably, ADI Chain partnered with M-PESA to expand L2 infrastructure to 8 African countries, covering over 60 million users—potentially a breakthrough for crypto payments in emerging markets. Wyoming issued its first state-supported stablecoin, FRNT, via Kraken, on Solana; at the same time, Tempo’s TIP-20 stablecoin standard supports notes, strategy registration, and arbitrary stablecoin gas fee payments, further enhancing the stablecoin ecosystem.