Web3 Weekend Highlights: Progress on the US GENIUS stablecoin bill, Hong Kong stablecoin legislation passed, review of hot topics in the encryption industry.

Macroscopic Perspective

The U.S. GENIUS stablecoin bill has passed the Senate vote and now requires approval from the House of Representatives and the President to officially become law. Currently, the focal point of the debate among lawmakers includes controversial provisions such as the Trump family's stablecoin.

Hong Kong's stablecoin legislation has been passed, creating opportunities for technology companies to participate. Some lawmakers support the establishment of stablecoins pegged to the Hong Kong dollar and the Renminbi to strengthen Hong Kong's position as a digital bridge connecting the mainland and other countries.

Analysts predict that Bitcoin may enter a "stair-step" upward trend, with a price target of $160,000. Other experts forecast that Bitcoin's long-term compound annual growth rate will stabilize around 8%.

Ethereum has recently rebounded, and the market hopes to prove that it is still a value pit. However, through comprehensive data analysis, it has been found that Ethereum is undergoing a value reconstruction, and there are cold and hot stratification phenomena within the ecosystem.

AI and Meme Trends

The Labubu doll craze is spreading globally, gaining popularity not only in traditional collector circles but also attracting attention in the encryption market. Its success stems from accurately grasping young people's need for personal expression.

Reflecting on the five waves of AI development in the Web3 field over the past few years helps to identify the most promising investment targets.

Some influencers endorsing meme coins have encountered serious setbacks and even face legal risks, highlighting the uncertainties in this field.

Industry Trends

The new major player in Ethereum, Abraxas Capital, has attracted attention. This London asset management company has assets exceeding $3 billion and is one of Tether's important institutional clients.

The lawsuit by Bancor against Uniswap has sparked controversy, reflecting the conflict in the crypto world between technological ownership, the spirit of open source, and commercial interests.

The Sui ecosystem has encountered a major security incident, with a leading DEX losing $260 million due to an oracle vulnerability. The official response measures have sparked controversy over centralization.

Bitcoin has evolved from the initial transaction of two pizzas to its current status as a global asset, with contributions from numerous key drivers behind it.

Market Trends

Several large banks in the United States are discussing the possibility of jointly issuing a stablecoin.

Kraken exchange plans to offer over 50 tokenized stocks and ETF products, including popular stocks like Apple, Tesla, and Nvidia.

Solana Mobile announced that the second phone, Seeker, will start shipping on August 4 and plans to launch the SKR coin.

CME has launched XRP futures trading.

Société Générale intends to issue a US dollar stablecoin on the Ethereum network, which could become the world's first such product issued by a bank.