ChainCatcher news, according to Bitcoin.com News, Eric Trump, the second son of Trump and executive vice president of the Trump Organization, expressed optimism about the future development of Bitcoin, believing that Bitcoin will disrupt the traditional financial system. He likened Bitcoin to "a speeding freight train," pointing out that when Bitcoin breaks through $100,000, it has already attracted widespread attention, and he expects that when the price reaches $1,000,000, it will draw even more eyes, believing that Bitcoin will ultimately break through $2,000,000.Eric Trump emphasized that the entire cryptocurrency industry is on the rise, and the traditional banking sector is outdated and problematic.

ChainCatcher news, according to China News Service, the President of the Hong Kong Monetary Authority, Eddie Yue, stated in Beijing that over the past year, the Hong Kong financial system has been very stable, and in the future, stability will remain a priority. He also mentioned that there will be an enhancement of connectivity with the mainland financial market, as well as the development of financial technology and green finance.Eddie Yue further stated that in the future, financial technology and green finance will be the key focus areas for the Hong Kong Monetary Authority. The HKMA will continue to explore cooperation with central banks that have similar developments and goals internationally, promote financial technology innovation, and will also continue to respond to market demands in the development of green finance. He revealed that Hong Kong has now become the preferred green financing platform for international issuers in Asia, with the total amount of green and sustainable bonds arranged by Hong Kong accounting for more than one-third of the Asian market.

ChainCatcher news, stablecoin issuer Circle's CEO Jeremy Allaire recently participated in a 40-minute interview, where he disclosed that the dominance of the US dollar stablecoin in the market is a continuation of the global financial system. Most international trade, transactions, and financial products are priced in US dollars, so the demand for stablecoins naturally centers around the US dollar. Additionally, regional stablecoins like the euro and yen will gradually grow in adoption in their local markets, with Euro Coin becoming the largest euro stablecoin in the market.Jeremy Allaire also stated that Hong Kong has become a core area for Circle's business development. As an important hub for global trade and capital flow, Hong Kong will assist Circle in expanding its business in the Asian market. Currently, Circle is establishing currency exchange services in Hong Kong to facilitate local users in creating and exchanging USDC at any time.

ChainCatcher news, renowned Silicon Valley angel investor Naval Ravikant posted on X, "The transition to a decentralized financial system takes time. In terms of market capitalization, we are currently less than 5% of the target."Naval is a well-known angel investor in Silicon Valley, having invested in famous tech companies like Twitter and Uber. He is also a successful entrepreneur, having founded the equity crowdfunding platform AngelList, and is the author of the famous book "The Almanack of Naval Ravikant."

ChainCatcher message, led by Coinbase, states that the crypto advocacy organization Stand With Crypto claims there are currently 276 members of the House of Representatives supporting cryptocurrency in the United States.It is reported that the House of Representatives and the Senate together form the United States Congress, with the House having 435 members, and the number of representatives from each state determined by its population.The advocacy organization indicates that the crypto industry hopes to see the regulatory agencies of the Trump administration adopt more lenient regulatory measures. They also plan to push Congress to establish a new framework to help cryptocurrency become a more significant component of the financial system.

ChainCatcher news, according to Fortune, Binance CEO Richard Teng stated at the Singapore Insights Forum that although Asia has driven much of the growth in the financial system, Western companies will still be the main beneficiaries. Teng pointed out that Western companies, with their scale and influence over regulatory frameworks, will dominate in seizing growth opportunities. He called on policymakers to ensure that local competitors have a fair chance and to allow for broader experimentation.According to a Deloitte report, digital wallet spending in the Asia-Pacific region reached $9.8 trillion in 2023, accounting for two-thirds of global total spending. Vincent Iswara, CEO of Indonesian mobile wallet company Dana, described the Asian payment sector as the "Wild West," lacking unified standards. The cautious attitude of regulators has driven the robust growth of e-wallets and digital banking in the Asia-Pacific region.Jessie Toh, Global CFO of Coda Payments, emphasized that mobile phones are key to financial inclusion and accessibility. She also noted that stablecoins are becoming increasingly popular in economies with currency volatility, providing users with tools to combat inflation and currency depreciation. Teng added that the growth of stablecoins outside the United States is driven by the demand from residents of low-income countries, with young consumers using them as a way to protect funds and for low-cost transfers. Stablecoins also enable countries to gradually move away from the U.S.-dominated financial system.

ChainCatcher news, Reserve Bank of India Governor Shaktikanta Das reiterated a cautious stance on cryptocurrencies, stating that they have the potential to undermine the stability of the financial system.Das recently spoke at the Peterson Institute for International Economics' 2024 Macro Week, where he mentioned that the creation of cryptocurrencies is intended to bypass the traditional financial system. The fundamental issue is whether authorities or governments are willing to accept privately issued cryptocurrencies that possess all the characteristics of money.He believes that issuing currency is traditionally a sovereign function. Allowing cryptocurrencies to flourish could detach parts of the economy from central bank control, a shift that could lead to monetary instability.He further elaborated on the risks, particularly how cryptocurrencies could weaken the central bank's ability to manage the money supply, which is crucial for controlling inflation and managing economic cycles. "If the central bank loses control over the money supply in the economy... how can banks check the available liquidity in the system?" Das emphasized that if cryptocurrencies become prevalent, the financial and monetary systems could face chaos.

ChainCatcher news, according to The Block, Federal Reserve Governor Christopher Waller stated at the 19th Vienna Macroeconomic Workshop held in Vienna, Austria, that technological advancements can "drive improvements in financial efficiency." DeFi will not replace centralized finance, partly because intermediaries are still needed. "While some services emerging through DeFi are not provided by centralized finance, the technological innovations brought by DeFi largely complement centralized finance." "They have the potential to improve centralized finance, thereby enhancing the significant value provided by financial intermediaries and centralized financial markets."Christopher Waller is one of the seven members of the Federal Reserve Board, nominated to the position by former President Donald Trump in 2020.Previously, Christopher Waller compared cryptocurrencies to baseball cards, showing a preference for innovations in stablecoins rather than central bank digital currencies. Christopher Waller also believes that privately issued stablecoins will strengthen the dollar rather than weaken it.

ChainCatcher message, brokerage firm Bernstein released a report indicating that the importance of stablecoins in the global financial system is increasing. Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged to the US dollar, although there are also stablecoins pegged to other currencies and assets, such as gold.The report noted that after a decline in supply in 2023, the circulation of stablecoins has now rebounded to a record $170 billion, and the monthly on-chain payment volume has tripled over the past 12 months, reaching $1.4 trillion in July. The team led by analyst Gautam Chhugani wrote, "Stablecoins provide international users with access to dollar savings, promoting the digital dollar beyond the United States."The report also highlighted that these cryptocurrencies are achieving deeper integration with payment and fintech companies such as PayPal (PYPL), MercadoLibre (MELI), and Grab (GRAB).

ChainCatcher news, brokerage firm Bernstein stated in a research report on Thursday that the importance of stablecoins to the global financial system is growing, and they have become the 18th largest holder of U.S. Treasury securities.The report noted that after a decline in supply in 2023, the issuance of stablecoins has now returned to a historical high of $170 billion, with on-chain monthly payment volumes doubling over the past 12 months, reaching $1.4 trillion in July.The report pointed out that these cryptocurrencies are increasingly being integrated with payment and fintech companies such as PayPal (PYPL), MercadoLibre (MELI), and Grab (GRAB). Stablecoins are also being used more frequently for cross-border payments. Bernstein stated, "Dollar stablecoins on the crypto rails are now the cheapest cross-border payment rails."

ChainCatcher news, ByBit's institutional head Chris Aruliah has a different view on the impact of interest rate cuts on the crypto market. Aruliah wrote in an email statement: "The softening economic indicators and the geopolitical complexities leading to a general slowdown in the global economy are weakening investor sentiment. Therefore, while the Federal Reserve's decision to cut the policy rate by 0.5% may provide a short-term boost to the cryptocurrency market, it is crucial to remain vigilant about the potential challenges posed by economic uncertainty and market volatility."BitMEX co-founder Arthur Hayes pointed out in an interview that he believes an overall rate cut is unnecessary, and a 50 basis point cut would trigger a brief market rebound but ultimately expose deeper issues within the global financial system, leading to further price declines.He stated: "At a high level, I think they shouldn't raise rates. I believe the U.S. economy is quite strong. If you look at the GDP data from the past eight or nine quarters, you'll see it has been consistently growing. If they decide to continue cutting rates, inflation will accelerate into the fourth quarter."

ChainCatcher message, analysts at the research and brokerage firm Bernstein believe that cryptocurrency micropayments are key to avoiding bottlenecks in the AI financial economy. The analysts stated that the real bottleneck in the AI financial economy is the current financial system's inability to effectively handle micropayments. AI agents may need to make very small, frictionless payments, such as for consuming data or content. However, due to the complexity of the technology and human involvement, transaction costs in traditional systems are very high, making this approach uneconomical. To meet the demands of the AI economy, the financial system needs to continuously evolve to enable seamless, low-cost micropayments that align with the consumption patterns of AI agents. This is where cryptocurrencies come into play.

ChainCatcher news, according to Decrypt, the application chain infrastructure protocol Tanssi has reached a strategic cooperation agreement with Agrotoken, the world's first agricultural commodity tokenization platform. Under the agreement, both parties will leverage Polkadot technology to develop an agricultural financial solution for the South American market, initially focusing on Brazil and Argentina.Agrotoken will utilize Tanssi's dedicated application chain technology to develop a blockchain-based solution that uses tokenized grains as collateral for loans. This requires complex processes to track grain value, loan terms, ownership transfers, and repayment plans, which are difficult for general-purpose blockchains to handle.Agrotoken operates in major agricultural markets where the agricultural sector constitutes a significant portion of GDP, including Brazil (22%), Argentina (6.6%), and the United States (5.5%). Due to the scale and complexity of the market, Agrotoken needs a robust, reliable, and scalable infrastructure, characteristics that are inherent to application chains.

ChainCatcher message, the high-performance modular financial system edgeX incubated by Amber Group is about to launch a perpetual contract DEX as an MVP (Minimum Viable Product). The edgeX exchange is a high-performance, order book-based decentralized perpetual contract exchange, planning to launch its testnet in July. A tester event will be announced soon.edgeX Labs was founded by trading, technology, and user growth leaders from Barclays, Morgan Stanley, Bybit, and Huobi, and is developing an on-chain financial system aimed at integrating the capabilities and performance of centralized finance (CeFi) with the security and transparency of decentralized finance (DeFi).

ChainCatcher news, according to on-site reporter @nikhileshde, Judge Richard Jones in the Zhao Changpeng case basically agreed with the probation office's viewpoint. The sentencing is 10-16 months of imprisonment and a 1-3 year term. Before the final ruling, opinions from the Department of Justice, the defense, and Zhao Changpeng will now be heard. DOJ lawyers emphasized that Zhao Changpeng deliberately attempted to exploit the U.S. financial system.

ChainCatcher news, according to Reuters, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) plans to establish a new platform in the next one to two years that will connect the central bank digital currencies (CBDCs) currently under development with the existing financial system. This initiative may be fine-tuned when the first major CBDCs are launched.SWIFT's Chief Innovation Officer Nick Kerigan stated that its latest pilot lasted 6 months and involved 38 central banks, commercial banks, and settlement platforms, making it one of the largest global collaborations in CBDCs and "tokenized" assets to date.The focus of the plan is to ensure that CBDCs from different countries can work together, even if built on different underlying technologies or "protocols," thereby reducing the risk of fragmentation in payment systems. It also indicates that CBDCs can be used for highly complex trade or foreign exchange payments and have the potential for automation, thereby speeding up processes and reducing costs.

ChainCatcher news, according to Bloomberg, Swedish central bank governor Erik Thedeen stated: "I hope to see as little Bitcoin as possible in the Swedish financial system, as it is an unvalued tool that is essentially based on pure speculation. While Bitcoin does not pose a threat to financial stability, it remains a risk for consumers."

ChainCatcher news, Solana Labs co-founder toly (Anatoly Yakovenko) posted on the X platform, stating that cryptocurrency is not competing with a low-margin financial system established before the advent of the internet, but rather competing with the Web2 monopolistic companies that have emerged in the past 20 years.

ChainCatcher news, according to Cointelegraph, Chainlink founder Sergey Nazarov stated that the current crypto market cycle is unique due to a large influx of new buyers, which may lead to a faster adoption of RWA tokenization than the industry initially expected. Recent participants in the crypto market are not limited to retail investors reacting to mainstream media reports on cryptocurrency price fluctuations; new buyers are coming from various sectors of the global financial system, representing a very large group of buyers. The recently approved Bitcoin ETF is just the beginning of facilitating easier access to the market.Meanwhile, Sergey Nazarov predicts that RWA tokenization will become the next major trend in the crypto market.