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first_img The European Central Bank plans to expand the ban on stablecoin yields to cover lending and staking

According to CoinDesk, the European Central Bank (ECB) and the central banks of EU member states wish to prohibit crypto platforms from providing indirect yields on stablecoins through lending, staking, and other products. The European System of Central Banks (ESCB) stated in response to the European Commission's consultation on the review of the Markets in Crypto-Assets Regulation (MiCA) that electronic money should be used for payments rather than savings, continuing to support the prohibition of crypto asset service providers (CASP) from paying rewards for stablecoins, and that the ban should not be limited to services already regulated by MiCA but should also cover unregulated activities such as crypto lending, borrowing, and staking.Central banks believe that allowing indirect yields could blur the lines between electronic money and bank deposits, distorting the fair competitive environment of the EU financial system. The ESCB stated that maintaining and, when necessary, strengthening this ban, while covering both direct and indirect forms of rewards, should be a clear legislative priority. This position also echoes the controversy in the U.S. surrounding the Clarity Act, where eight U.S. banking groups urged senators to tighten the bill's restrictions on stablecoin rewards, which ultimately failed in a procedural vote of 49 to 50.In addition, central banks also proposed to eliminate the MiCA requirement for stablecoin issuers to hold part of their reserves in the form of bank deposits, replacing it with liquidity rules based on the liquidity of reserve assets. Currently, stablecoin issuers must keep at least 30% of their reserves in credit institutions, and this percentage rises to 60% for those classified as significant stablecoins. The ESCB suggested that significant stablecoins must allocate at least 40% of their reserves to assets maturing within one day and 60% to assets maturing within five working days, while the corresponding thresholds for non-significant stablecoins are 20% and 30%.

first_img Samsung Electronics plans to expand production of 4-nanometer to meet HBM4 demand

According to Money Today on September 21, Samsung Electronics is advancing the expansion of advanced process capacity in wafer foundry due to the growth of the HBM market. To meet the rising demand for HBM4 base chips, it is evaluating the expansion of its 4-nanometer process. Samsung's HBM4 consists of 10-nanometer 6th generation (1c) DRAM core chips and 4-nanometer logic base chips, with the base chips responsible for high-speed data exchange with AI accelerators such as GPUs.Unlike SK Hynix, which uses TSMC's 12-nanometer process for HBM4 base chips, Samsung employs its own 4-nanometer process. This production line is operating at full capacity and has taken on orders from companies like Nvidia and Groq for 3 LPU, and the company has recently raised its prices for new 4-nanometer orders and HBM4 base chips. Samsung expects HBM4 revenue in the third quarter to increase more than threefold quarter-on-quarter, with HBM4 accounting for significantly more than 60% of HBM revenue in the second half of the year. The additional expansion at P4 in Pyeongtaek will mostly be used for 1c DRAM for HBM, with more than half of the wafer foundry's 4-nanometer capacity allocated to HBM4 base chips.HBM4E also uses 4-nanometer base chips, and Samsung provided samples to customers in May. The company is also evaluating the construction of a new 2-nanometer production line for HBM5, aiming for a GAA structure 2-nanometer process and increasing TSV density to improve operating speed by more than 50% compared to HBM4E. Samsung started the first generation of 2-nanometer mass production in the second half of last year and is advancing the second generation of products in the second half of this year. Citigroup expects global HBM bit demand to reach 75.2 billion Gb next year, a year-on-year increase of 62%, with supply around 59.4 billion Gb and a gap of about 21%.

first_img Google admitted that Gemini breached three companies during security testing and remained silent for seven weeks without disclosure

Google acknowledged that its Gemini model breached the sandbox environment during a security test in May, infiltrating three real companies and guessing or finding the passwords of two of them. Google was aware of this incident by late July but only publicly confirmed it after a report by The Wall Street Journal on September 18, remaining silent for seven weeks.The test was a capture-the-flag exercise commissioned by Google and conducted by the Israeli company Irregular in May. Irregular connected an isolated testing environment that should have had no contact with the real internet to the open network, using the name of a real company as a fictitious target. Gemini found three matching results when searching for the company and attacked them one by one, with the plaintext passwords of two companies directly exposed online, while the password of the third was guessed by the model. Google stated that its model ultimately did not use the stolen credentials in practice.Google is the fourth major AI laboratory this year to admit that internal security tests leaked into the real world. Previously, OpenAI's model had accessed Hugging Face servers due to a software vulnerability, Anthropic found that three Claude models had reached real companies after reviewing 141,000 tests, and Meta's Muse Spark model also experienced a similar incident due to Irregular's configuration error. Additionally, U.S. Representatives Ted Lieu and Nathaniel Moran introduced the "AI Emergency Shutdown Act" in July, proposing to authorize federal regulators to suspend reasoning for models that pose a serious threat.

Data: The Bitcoin allocation of listed companies shifted from net selling to net buying of 183 million USD, with Strategy increasing its holdings again after two weeks

According to SoSoValue data, as of 8 AM Eastern Time on September 21, 2026, last week, global publicly listed companies (excluding mining companies) shifted from net selling to net buying of Bitcoin, with a net purchase amount reaching $183 million in a single week.Strategy (formerly MicroStrategy) purchased 950 Bitcoins last week at a price of $79,670, spending approximately $75.7 million, bringing its total holdings to 846,000 Bitcoins, marking its first purchase in two weeks.The Japanese listed company Metaplanet did not purchase any Bitcoin last week, marking ten consecutive weeks without purchases.Additionally, two other companies announced Bitcoin purchases or holdings last week. Ethereum asset company Bitmine announced the purchase of 1 Bitcoin after 8 AM Eastern Time on September 14, without disclosing the specific purchase amount, bringing its total holdings to 212 Bitcoins; asset management company Strive announced on September 21 that it spent approximately $108 million last week to purchase 1,355 Bitcoins at a price of $79,475, bringing its total holdings to about 26,355 Bitcoins.As of the time of publication, the total amount of Bitcoin held by the global publicly listed companies (excluding mining companies) in the statistics is 1,156,080 Bitcoins, an increase of 2.67% compared to last week, with a current market value of approximately $9.865 billion, accounting for 5.8% of Bitcoin's circulating market value.

first_img Goldman Sachs: AI-related companies account for approximately 40% of the market capitalization of the S&P 500

The AI wave is breaking the traditional asset diversification logic of pension and sovereign funds, with risks spreading from technology stocks to multiple areas such as private equity, corporate bonds, and infrastructure. Institutional investors are beginning to reassess the AI exposure of their entire portfolios.Goldman Sachs estimates that AI infrastructure-related companies account for about 40% of the total market capitalization of the S&P 500; Apollo data shows that this year, AI-related issuances have accounted for nearly half of the investment-grade bond issuance and 87% of venture capital funding. Monte Tarbox, Chief Investment Officer of the New York City Retirement System, recently rejected a fundraising request due to an overweight position in a private equity fund related to AI.Institutions currently face the challenge of lacking a unified standard for measuring AI exposure. The Los Angeles County Employees Retirement Association estimates that 8% to 19% of its holdings are related to AI; a survey by Invesco of 90 sovereign wealth funds shows that more than half list market concentration as the primary risk of AI investment. Some large institutions are beginning to adopt a holistic portfolio approach to track AI-related exposure and the correlations between assets, while some institutions are starting to use AI tools to monitor their own portfolios.
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