金色财经_

In recent days, the Asian foreign exchange market has experienced significant fluctuations, with the onshore RMB rising by nearly 600 points, the offshore RMB briefly breaking 7.20, the Hong Kong dollar continuously hitting the strong-side convertibility guarantee, and the Taiwan dollar seeing a "historical level" big pump, with a cumulative rise of over 9% in two days, which is quite rare in the exchange rate market.
Behind the big pump, in addition to the most direct trigger being the positive signals from the US tariff negotiations, the market is buzzing with discussions that a behind-the-scenes version of the "Mar-a-Lago agreement" is brewing.
According to news from the Chasing Wind Trading Platform, despite various rumors in the market, JPMorgan believes in its latest foreign exchange strategy weekly report that the weakness of the dollar is not due to some coordinated agreement, but rather driven by numerous changes in fundamentals.
For example, the expectations for U.S. economic growth have been downgraded, and concerns about stagflation due to trade conflicts have intensified; the independence of the Federal Reserve has sparked controversy; the rise in U.S. term premium has coincided with a decrease in the Federal Reserve's terminal rate; Germany's fiscal policy has shifted towards easing, impacting the European capital market.

The global single population is increasing, leading to a demand for emotional companionship. Movies and documentaries showcase the significance of virtual beings for singles. The virtual digital human market is rapidly expanding and developing intelligently. Baidu has launched emotional companionship-type virtual beings to meet user needs. In the future Metaverse era, there will be a greater demand for virtual beings to provide emotional support, but their impact is worth contemplating.

Author: Bridget Harris Translated by: Shenchao TechFlow
In 2024, Tether generated a profit of 14 billion dollars with only 150 employees, which means each employee contributed 93 million dollars. This astonishing efficiency has led many to believe that Tether may be the most efficient company in the world.
So, how did this stablecoin company achieve this feat?
Tether recorded a profit of 14 billion dollars last year, surpassing Pfizer, Tesla, and BlackRock. This was achieved without relying on advertising or a large workforce, but solely on a product that many may not have paid much attention to - the stablecoin USDT.
Currently, the circulation of USDT has reached 147 billion dollars, far ahead of other stablecoins, making it the most widely used stablecoin globally.

The outlook for Crypto Assets is optimistic, with a large trading scale and low costs for stablecoins, but there are challenges in stablecoin regulation in the United States. The progress of Ethereum Rollup L2 phase 2 should be moderate, with 50% of Crypto Assets having perished. The altcoin craze has not yet emerged, Bitcoin still dominates the market, and the alt season is delayed.

Vitalik Buterin's latest proposal to simplify Ethereum has sparked controversy. Critics view it as a symbol of strategic failure, marking the loss of Ethereum's vision as a complex world computer. In contrast, supporters see Ethereum's modular innovation as providing stronger support for the Layer 2 ecosystem, revitalizing it. Whether learning from Bitcoin's simplification or catering to market demands, Ethereum's development direction will show real results in the future.

Author | Yiping @IOSG
Challenges Facing Crypto Infrastructure
Market fatigue and valuation decline
The cryptocurrency infrastructure sector is experiencing significant market fatigue. After years of explosive growth, the valuations of infrastructure projects are shrinking, and investors are becoming more selective. This trend reflects an increasingly mature market where relying solely on technological innovation is no longer sufficient to achieve high valuations.
innovation issues
Today’s infrastructure projects face a critical dilemma: most offer similar functionalities with minimal differentiation. Despite technological advancements, we have yet to see groundbreaking use cases that can support entirely new categories of applications. The ecosystem struggles to provide compelling value propositions for established Web2 platforms (like X or Instagram) to migrate to blockchain. Apart from decentralization, these platforms have little reason to fundamentally change their existing operations. This root

Author: yyy Source: X, @y\_cryptoanalyst
Compared to @SuccinctLabs, @boundless_xyz has not received the attention and importance it deserves in the market, but like Succinct, it has the potential to become a leader in the zk general infrastructure sector. This is also the intention behind writing this currently the most detailed introduction article in the Chinese community.
Currently, the protocol with the highest acclaim in the zk proof market segmentation is undoubtedly @SuccinctLabs, whose invitation-only star event for C-end players has rapidly made Succinct stand out. However, at the same time, the zk proof network @boundless\_xyz backed by @RiscZero is rising, which I believe is the biggest competitor for Succinct in its targeted segmentation.
This tweet comes from

Author: Insights4.vc Translation: Shan Ouba, Golden Finance
In 2025, global cryptocurrency regulation enters a critical moment, with major jurisdictions intensifying their regulatory efforts.
In Europe, the Markets in Crypto-Assets Regulation (MiCA) will come into full effect in December 2024, establishing comprehensive standards for crypto services and stablecoins. Meanwhile, the United States is actively formulating the future direction of crypto regulation. On April 3, 2025, the U.S. House Financial Services Committee passed the STABLE Act (H.R. 2392); and on March 13, 2025, the Senate Banking Committee supported the bipartisan GENIUS Act with a vote of 18 to 6.
At a global level, some key institutions are also influencing policy-making: The Bank for International Settlements (BIS) released a research report in April 2025 recommending strict reserves for stablecoins.

On May 6, 2025, at 16:00, the short drama "Black Amber of the Hidden Reefs in the Sea of Coins," jointly created by Golden Finance and Twinkle, will officially launch! This is a cross-border attempt between Web3 and film narrative, and it is also a suspenseful work that reveals the hidden rules of the encryption world.
Behind the rapid development of blockchain technology, how many capital conspiracies and struggles of human nature are hidden? Genius hacker Lin Xia steps into the murky "coin sea" after his father's mysterious death, becoming embroiled in a life-and-death game involving billions in interests. Digital phantoms, power games, dark groups, everything will gradually be revealed in this short drama.
"Black Amber of the Reef in the Sea of Coins" is directed by Jia Mingjun (PERFUME22) and produced by Tiger G, featuring powerful performances from actors such as He Huachao, Li Qingtian, and Gao Yiran. Unlike traditional industry promotional videos, this series blends technology, financial crime, and human conflict, attempting to use artistic language to open the narrative of blockchain.

"OKX DEX upgrade service suspension has triggered a collective push from users for updates, with over k voices on Twitter alone."
In an era where the wave of decentralization is surging, every product is closely related to its users. The return of OKX DEX is not only a restoration of functionality but also a practice of trust, co-creation, and long-termism. Since the short suspension on March 17, the platform has received countless voices and feedback from the global community. These voices are the greatest motivation for the platform to quickly recover, continuously optimize, and bravely move forward.
The voice of users is the greatest power.
During the downtime, a large number of real user feedback emerged on social media: "I hope to resume soon", "I’m not used to it without OKX DEX at all", "Come back soon"...
These words may be simple, but they are full of emotion. They not only reflect the users' reliance on OKX DEX, but also indirectly confirm this.

Source: Galaxy; Compiled by: Bai Shui, Golden Finance
This report was initially sent privately to Galaxy's clients and counterparties. By investing or trading with Galaxy, you can receive high-quality research reports directly after the report is published. — Alex Thorn
Preface
As of the time of writing this article, the total amount of stablecoins in circulation worldwide has exceeded $243 billion. Among them, $218 billion (90%) is fully collateralized and denominated in USD. It is expected that by 2025, these stablecoins will conduct over 120 million transactions per month, with transactions worth over $700 billion. Stablecoins are widely used for cross-border payments, with costs per transaction far lower than traditional remittances. However, currently, they are mainly in a legal gray area in the United States, with existing companies lacking adequate regulation to truly grow within the traditional system, while traditional participants face excessive.

Author: Route 2 FI Source: theblackswans Translation: Shan Ouba, Golden Finance
Whether it's in crypto or in life, true success comes from blending passion, skills, and relationships, rather than blindly distracting and pursuing security. Instead of going conservative, focus on what gets your blood pumping, play to your unique strengths, and achieve long-term growth through compounding and strategic risk-taking.
In the fast-paced world of cryptocurrency, building a personal brand, networking, and finding your unique advantages are the keys to success. Ultimately, financial freedom and life satisfaction do not come from following conventional paths, but from fully committing to doing what truly matters.
Let’s be realistic: pursuing the so-called "balance" in life is actually a myth, especially when your goal is to master cryptocurrency and achieve financial freedom. The idea that you can evenly distribute your time and energy...

Source: MiaoTou APP
U.S. Treasury yields fell, Treasury prices rebounded, is U.S. debt safe now?
After the implementation of the tariff policy, U.S. Treasury yields rose sharply, with the 30-year U.S. Treasury yield briefly exceeding 5%, while the 10-year yield also touched 4.50%.
The rise in U.S. Treasury yields means a decline in U.S. Treasury prices, and these two exhibit an inverse relationship, the logic behind it is very simple:
Suppose you purchase a 1-year U.S. Treasury bond with a coupon rate of 5% and a face value of 100 dollars, and at maturity, you can redeem it for 105 dollars. However, if the stock market experiences a bullish trend at that time, investors will sell their original 100-dollar U.S. Treasury bonds, increasing the supply in the market. If the demand remains unchanged, the price of the Treasury bonds you hold will decrease, for example, dropping to 98 dollars, which would correspond to a yield of 7.14% (7/98); and vice versa.
The key behind the rise and fall of bond prices is actually the change in supply and demand relationship. When the market's demand for government bonds...

More than 50% of Crypto Assets fail, with 1.8 million projects failing in the first quarter of 2025, accounting for nearly 49.7% of failures in the past 5 years. In 2024, nearly 1.4 million projects failed, accounting for 37.7%, making it the year with the most new projects. The failed projects from 2021 to 2023 accounted for only 12.6%. Overall, the number of Crypto Assets projects surged, with 428,383 projects in 2021 skyrocketing to nearly 7 million, mainly due to the launch of pump.fun.

The altcoin season in the crypto market has been delayed, mainly due to Bitcoin's dominance, institutional adoption, macroeconomic headwinds, an oversupply of alts, the absence of retail investors, and regulatory uncertainty. Historical patterns show that the altcoin season usually occurs at the end of Bitcoin's four-year cycle. Investors need to be patient, choose strong fundamental projects to invest in, follow Bitcoin's dominance, and wait for the right moment for alts to arrive.

Source: Blockchain Knight
On May 5th, leaders of the U.S. House Committee on Financial Services and the Agriculture Committee released a discussion draft outlining a federal framework for regulating the U.S. Crypto asset industry.
House Financial Services Committee Chairman French Hill (Republican, Arkansas), Agriculture Committee Chairman Glenn "G.T." Thompson (Republican, Pennsylvania), Financial Services Committee Digital Assets Subcommittee Chairman Bryan Steil (Republican, Wisconsin), and Agriculture Committee Commodity Markets Subcommittee Chairman Dusty