#创作者冲榜 Today's Overview

• Trump's advisory team revealed, Coinbase co-founders enter the scene.
• Visa becomes a super validator for the institutional chain Canton.
• Coinbase refuses to accept a legislative compromise on stablecoin yield profits.
• Templeton and Ondo collaborate to launch a tokenized ETF.
• A key breakthrough is achieved in the US crypto market structure bill.
• Sony and SBI lead the Series A funding round for Startale.
• 15 billion USD worth of BTC options resonate with Iran tensions.
• Solana plans an upgrade to enforce transaction fairness.
• Circle is accused of abusing authority to freeze exchange wallets.
• A former Aave executive joins the design of the X payment system.

Today’s Analysis
The current situation is that cryptocurrencies are forcibly pushing their way from “lawless territory” onto the global power’s red carpet.

The roster of Trump’s advisory committee is quite intriguing—Zuckerberg, Ellison, and Coinbase’s co-founders sitting together. The message behind this is unmistakable: AI and cryptocurrencies are no longer fringe experiments but are being integrated as core national policies for America’s next phase. This isn’t just about offering policy incentives; it’s about embedding digital assets directly into the armor of the dollar-based system at the highest levels of design.

Interestingly, Coinbase’s firm stance against the Senate’s proposed legislation on stablecoin yields is essentially defending the profit foundation of the entire DeFi industry. If legislation restricts yield distribution for stablecoin holders, then compliant stablecoins risk becoming a poor substitute for bank deposits. Coinbase prefers to stand firm rather than compromise because they have identified the current political climate—Washington now needs crypto capital support more than ever.

The underlying logic here is: whoever controls the definition of stablecoin yields will control the future seigniorage of on-chain finance.

The real major development is the “reverse infiltration” by traditional financial giants. For example, Visa has become a super validator, Franklin Templeton has tokenized its ETF and is trading it on-chain 24/7—this indicates that RWA (Real World Assets) has moved beyond storytelling and entered the infrastructure encirclement phase.

When you can buy and sell US Treasuries or gold via a crypto wallet at 3 a.m. on Sunday, traditional banking hours become a joke. This “liquidity migration” is irreversible. Traditional asset management firms are rushing to move their existing capital onto the blockchain because the friction costs are lower and efficiency is higher there. However, the other side of the coin is also quite stark.

ZachXBT exposed Circle’s casual freezing of exchange wallets, which dealt a cold shock to all those idealists pursuing “decentralization.” Under the guise of compliance, stablecoin issuers are gradually transforming into “on-chain police” with no licenses but immense power. This blurred boundary of authority is precisely the most dangerous gray area in current regulatory battles.

Finally, consider Musk’s recent moves—he has poached top Aave product talent to develop X Money, which is clearly more than just a simple transfer service. Coupled with Solana’s ongoing Constellation upgrade to address MEV (Maximum Extractable Value), a clear technological evolution path emerges: future payments and financial interactions will become extremely seamless and fair.

As social platforms, top DeFi protocols, and high-performance blockchains form a complete loop, the moat protecting traditional payment gateways will be largely dismantled. The 15 billion USD options expiration on Friday, layered with geopolitical risks, is just short-term noise. The true trend is that the walls of old finance are collapsing, and the new power hierarchy has already been set.