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Binance founder Zhao Changpeng (CZ) recalled in his new book that after the "9·4" regulatory policy was introduced in 2017, venture capital firms as a whole became more cautious, and Sequoia Capital, which had originally expressed investment intentions, also paused related cooperation. He stated, "Seeing the venture capitalists collectively silent during our most difficult September, I was actually quite disappointed."CZ revealed that prior to this, Sequoia had expressed investment interest at the beginning of He Yi's joining, but chose to wait and see in light of the policy impact. Subsequently, Binance achieved rapid growth from September to October, with the number of users increasing from about 20,000 in August to about 120,000 by late October, ranking among the top ten exchanges globally and becoming profitable.CZ stated that by the end of October, after the risk phase had basically passed, Sequoia re-expressed its investment intentions, but they had proposed to raise the valuation requirement. Ultimately, the two sides could not reach an agreement due to valuation differences. The other party then proposed to pursue legal proceedings, and a week later, four large boxes of legal documents were delivered. CZ said this was the "first time in his life becoming a defendant." CZ mentioned that he later learned that the lawsuit was led by Sequoia's legal team in the U.S., who are skilled at using the media to create public opinion, "the media reporters knew before I, the party involved."

In the DeFi protocol Drift theft incident, the loss of JLP positions is approximately $155.6 million. In response, Jupiter officials stated that the platform was not affected by this incident, its lending product Jupiter Lend was not involved in the Drift market, and that JLP assets are "fully backed by underlying assets."Jupiter also stated that this incident is a "difficult day" for the Solana DeFi ecosystem and expressed concern for the Drift team and affected users.According to previous news from ChainCatcher, the Solana ecosystem Drift Protocol was attacked, resulting in losses of at least $200 million.

According to Bloomberg, the New Hampshire Department of Business and Economic Affairs plans to issue municipal bonds backed by Bitcoin, with a total scale of approximately $100 million. This product has received a Ba2 rating from Moody's Investors Service (two notches below investment grade).The principal and interest of the bonds will be repaid using funds generated from the Bitcoin collateral, providing additional returns when Bitcoin prices rise, and there are price-triggered liquidation clauses to ensure repayment; the related debt is not supported by state government credit or taxes.

Coinbase and mortgage platform Better Home & Finance announced a partnership to launch a home loan product secured by Bitcoin or USDC, guaranteed by Fannie Mae. Borrowers do not need to sell their crypto assets; they can use them as collateral to apply for an independent loan to pay the down payment while also being approved for a standard mortgage, ultimately holding two loans with the same interest rate and repayment period, with monthly payments combined.The product complies with Fannie Mae guidelines, with interest rates significantly lower than traditional crypto-backed loans. If the price of Bitcoin drops, the collateral will not face forced liquidation due to market fluctuations, only facing liquidation risk after 60 days of overdue payments. Borrowers using USDC as collateral can offset part of the loan interest with the earnings generated from the collateral.Coinbase One members can complete transactions through Better and receive a rebate on transaction fees equivalent to 1% of the mortgage amount, capped at $10,000. The two companies stated that they plan to expand the range of eligible collateral to include tokenized stocks and fixed-income assets in the future.

The tokenization platform Theo announced it has raised $100 million to launch the gold-backed stablecoin thUSD. thUSD is pegged to the US dollar, and its reserves consist of the gold token thGOLD, which Theo launched in January this year. thGOLD is backed by a secured lending agreement between Theo and gold retailers (such as Singapore's Mustafa Gold) and can also generate returns.In terms of revenue sources, thUSD will simultaneously obtain two types of returns: one from the underlying assets of thGOLD; the other from the spread profits obtained by shorting gold futures contracts. Theo's Chief Investment Officer Iggy Ioppe stated that under favorable market conditions, this mechanism is expected to achieve an annualized return of about 10%.

According to market news, the Central Bank of Georgia has enacted new regulations allowing companies registered and licensed in Georgia to issue stablecoins pegged to the national currency, provided they are fully backed by reserve assets.Users can redeem stablecoins at face value at any time, and the issuer must meet capital requirements and undergo strict audits. According to the regulations, issuing institutions must register with the central bank and obtain written permission, with a regulatory capital of at least 500,000 lari (approximately $183,000), and a quarterly audit by one of the "Big Four" accounting firms is required when reserve assets exceed 15 million lari (approximately $5.5 million).Redemption requests up to 300,000 lari must be completed within three working days, while larger amounts must be completed within five working days. The new regulations cover stablecoins pegged to the Georgian lari, foreign currencies, or other assets, with a reserve coverage ratio of 100%, and the assets must be clearly separated from the issuer's own assets.

According to Jinshi reports, Fed's Schmid stated that the Federal Reserve needs several years to gradually reduce the scale of its mortgage-backed securities holdings.

According to Cointelegraph, cryptocurrency ETP provider 21Shares launched the Strategy Yield ETP (code: STRC NA) on Thursday at Euronext Amsterdam, providing European investors with a convenient channel to invest in preferred shares of Strategy, a company owned by Michael Saylor.The product is backed by 717,000 bitcoins (worth approximately $4.7 billion) held by Strategy, offering an annual variable dividend yield of 11.25%.

Digital asset management company CoinShares International Limited has announced the launch of the physically-backed HYPE exchange-traded product CoinShares Physical Hyperliquid Staking ETP, aimed at providing investors with an opportunity to invest in the native HYPE token. It is reported that the management fee for this ETP is 0%, with the stock code LIQD, and it will be listed first on the Xetra exchange.

According to The Block, cryptocurrency lending company Ledn has completed a $188 million issuance of Bitcoin-backed securitized bonds. The transaction includes two tranches of bonds, with the investment-grade portion priced 335 basis points above the benchmark rate.The bonds are backed by approximately 4,078.87 Bitcoins, valued at about $357 million at fair value. S&P Global has assigned a BBB- rating to most of the bonds. Ledn primarily offers lending services backed by Bitcoin, having issued billions of dollars in loans since its inception.Previously, stablecoin issuer Tether invested in Ledn last November. This bond issuance was structured by Jefferies Financial Group, which acted as the structuring agent and bookrunner.

MicroStrategy stated during a live interview on a Middle Eastern television program that if the company sells credit instruments equivalent to 1.4% of its capital assets, it can pay the MSTR dividend and permanently increase the amount of BTC it holds.

The China Securities Regulatory Commission (CSRC) has issued the "Regulatory Guidelines on the Offshore Issuance of Asset-Backed Securities Tokens for Domestic Assets." The guidelines refer to the offshore issuance of asset-backed securities tokens for domestic assets as activities that issue tokenized equity certificates abroad, supported by cash flows generated from domestic assets or related asset rights, utilizing cryptographic technology and distributed ledger or similar technologies. The offshore issuance of asset-backed securities tokens for domestic assets must strictly comply with laws, administrative regulations, and relevant policy provisions regarding cross-border investment, foreign exchange management, network and data security, and must fulfill the approval, filing, or security review procedures required by the aforementioned regulatory authorities, without harming national interests and public welfare.It is mentioned that the China Securities Regulatory Commission will conduct strict regulation of the offshore issuance of asset-backed securities tokens for domestic assets in accordance with the law and regulations. Before carrying out related business, the domestic entity that actually controls the underlying assets must file with the CSRC, submitting the filing report, complete set of offshore issuance materials, and other relevant documents as required, fully explaining the information of the domestic filing entity, underlying asset information, token issuance plan, and other circumstances. The domestic filing entity and its controlling shareholders, actual controllers, directors, supervisors, senior management personnel, as well as relevant intermediary institutions must ensure that the filing materials provided are true, accurate, and complete, and must not contain false records, misleading statements, or significant omissions.

According to Onchain Lens monitoring, as GOLD breaks through $5000 again, whales continue to buy gold-backed tokens.A certain whale (0xf562...c1d3) spent 8.09 million USDC to buy 1636.77 XAUT at a price of $4943. Another whale (0xa923...611e) spent $6 million worth of WBTC and stETH to buy 564.27 PAXG and 631.56 XAUT at a price of $5020.A certain whale (0x09e8...e96f) spent 4.85 million USDT to buy 977 XAUT at a price of $4961.

The decentralized custody startup Entropy, led by a16z, announced its shutdown and the return of remaining funds to investors.Tux Pacific, founder and CEO of Entropy, stated on the X platform that the decision was made after four years of product development, multiple business adjustments, and two rounds of layoffs. Entropy was positioned as an alternative to centralized crypto custody institutions, utilizing technologies such as multi-party computation, threshold cryptography, and trusted execution environments to provide users with cross-chain asset management and automated signing services.According to the crypto data platform RootData, the company completed a $25 million seed round financing led by a16z in 2022, with participation from Dragonfly, Variant, Coinbase Ventures, and others, raising a total of approximately $27 million. Pacific mentioned that after recent research, it was found that the business model could not support venture capital-level growth, leading to the decision to cease operations and return capital. This event also reflects the tightening survival environment for crypto startups since 2025.

Supported by Founders Fund and Galaxy Ventures, the Bitcoin application layer Citrea has launched its native USD stablecoin Citrea USD (ctUSD), issued by MoonPay and backed by M0 technology, fully backed by U.S. short-term Treasury bills and cash.Despite Bitcoin's market capitalization exceeding $1 trillion, most capital remains in a passive store of value due to the lack of native yield generation and trading settlement infrastructure. Existing Bitcoin financial activities rely on bridged or externally issued stablecoins, leading to fragmented liquidity and increased risk. ctUSD provides a unified USD settlement layer for the Bitcoin market, supporting BTC-collateralized lending, trading, and settlement directly on the Bitcoin network without the need for bridging tokens.This stablecoin complies with GENIUS Act regulatory guidelines and can be used in the U.S. (excluding New York) and over 160 other countries.

According to market news, Coinbase has launched a custom stablecoin that allows businesses to issue a 1:1 backed digital dollar.

According to Cointelegraph, the Argentine cryptocurrency exchange Lemon has launched a Bitcoin-backed Visa credit card, allowing users to lock Bitcoin as collateral to obtain credit in pesos without having to sell their crypto assets.Users only need to lock 0.01 Bitcoin (approximately $960) as collateral to receive an initial credit limit of 1 million pesos. Lemon plans to expand the product's features in the future, allowing users to adjust collateral and credit limits, and ultimately settle dollar-denominated purchases directly using stablecoins pegged to the dollar, such as USDC or USDT.

According to Nikkei News, Mitsui & Co. plans to launch Japan's first digital securities backed by aircraft and vessels through its digital securities subsidiary, Mitsui & Co. Digital Asset Management, with a rollout expected as early as the fiscal year 2026 (starting in April).The related products will be aimed at retail investors, supporting fractional investment in assets, with a minimum subscription amount of approximately 100,000 yen, allowing investors to share in the rental income from aircraft or vessels.

Fitch Ratings warns that due to price volatility, structural complexity, and counterparty risk exposure, Bitcoin-backed securities carry a high market value risk, as these instruments rely on Bitcoin as collateral, and their liquidation trigger mechanisms may amplify losses.The bankruptcies of previous cryptocurrency lending institutions and the extreme volatility of Bitcoin (such as the 49% crash in March 2020) highlight the importance of adopting conservative financing strategies and sound risk management.