TechubNews

Tether suspends $20 billion financing plan, mainly due to awaiting financial audit results, responding to market transparency concerns. Tether will complete its first full audit by the end of 2026 to end its opaque operational model. Meanwhile, the advancement of the draft CLARITY Act impacts stablecoin market competition, and Tether's USAT may benefit from compliance, while Circle faces challenges. Future market competition will focus on transparency and compliance.

Writing by: Hu Feitong
Introduction: If you search for "Bitcoin (BTC)" online, you'll probably see a sparkling term — "Digital Gold." Many crypto industry leaders will tell you: Bitcoin has a limited supply, can resist inflation; no matter what wars or crises happen in the world, it remains the safest haven.
Sounds perfect, right?
But in the cold world of macro finance, "Don't listen to how others tell stories; look at how real money votes." Recently, global turmoil has intensified, inflation has soared, and conflicts have erupted in multiple regions. If Bitcoin truly is "Digital Gold," it should be shining brightly now. But in reality? We analyzed quantitative monitoring data from top global financial institutions, and the results are surprising.
Today, we will use several sets of straightforward data—so simple even high school students can understand—to peel off Bitcoin's "Digital Gold" veneer and see how it performs in the macro environment.

BlackRock CEO Larry Fink expects that digital asset-related businesses could contribute $5 billion in revenue within five years, but the growth of crypto ETFs has exceeded expectations. The iShares Bitcoin Trust has quickly surpassed $100 billion in assets, despite anticipated asset shrinkage, it still maintains a solid fee structure. BlackRock needs its crypto ETFs to reach a $200 billion scale to achieve its goal, with capital inflows being the key driver. Overall, Fink's target depends on the adoption of the crypto market and investor acceptance.

Recently, Tether has begun undergoing an audit, the price of Circle ($CRCL) has plummeted, and the CLARITY Act is advancing. These three developments indicate that stablecoins have compromised with traditional finance. Tether's audit is driven by compliance pressure, while Circle faces issues with its business model. After the CLARITY Act's compromise, restrictions on passive income for stablecoins may negatively impact centralized exchanges, but could be beneficial for DeFi in the short term.

The cryptocurrency market is volatile, with major coins such as Bitcoin and Ethereum both declining, trading at $70,061 and $2,121 respectively. The 24-hour trading volume is $51,880 million, and the total market capitalization has reached $2.4 trillion. The DeFi and stablecoin markets also experienced slight declines, reflecting overall market weakness.

The article discusses the impact of the U.S. Clarity Act on stablecoins and related markets, revealing the different responses of Coinbase, Robinhood, and Circle under regulation. Coinbase faces significant challenges, while Circle and Robinhood are relatively constrained. Regulation incorporates stablecoin's revenue mechanisms into traditional finance, marking a shift and re-pricing in the crypto industry. Stablecoins will gradually lose their deposit-raising function and may evolve into efficient global settlement tools.

The article discusses the potential threat of quantum computing to Bitcoin (BTC), introducing the concept of Q-DAY, which indicates the risk of quantum computers cracking the ECDSA signature algorithm between 2031 and 2038. Ethereum has already planned for quantum-safe upgrades, while BTC faces governance challenges and needs future community coordination to handle BTC from old addresses to ensure quantum security. Overall, the technical difficulty lies in governance dilemmas, and the community needs to reach a consensus as soon as possible.

U.S. Representative Adrian Smith and Nikki Budzinski introduced the "Prevent Real-Time Exploitation and Deceptive Insider Trading Act," aimed at banning senior officials from betting on prediction markets, including political events and government actions. Violators will face fines and profit confiscation. The bill responds to recent insider trading issues.

The Resolv protocol suffered from a private key leak, allowing attackers to mint uncollateralized USR, resulting in a price crash. The attackers exploited a design flaw in Morpho, inflating the treasury assets through a permissionless contribution mechanism, ultimately stealing 12,300 USDC. This incident exposed multiple flaws in the protocol's design, warning users to be cautious when selecting treasury administrators.