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An a16z crypto analysis found that about one in five people in Argentina use crypto, while downloads of the country’s 15 leading crypto apps surged 93% year over year in 2024. Stablecoins account for 94% of peso-denominated crypto trading volume, the highest share among major currencies tracked by Artemis. Adoption has remained resilient even as monthly inflation fell from 25.5% to 2.1%, with downloads of Lemon, one of Argentina’s largest crypto wallets, rising every quarter. Deel data also show that, as of July 2026, both the indexed share of Argentina-based contractors receiving pay in USDC and year-over-year inflation were at roughly one-fifth of their respective peaks.

ICE and tZERO have entered into agreements to develop infrastructure for ICE’s planned NYSE-affiliated tokenized securities platform. tZERO will help design digital transfer-agent and broker-dealer systems intended to support on-chain settlement, while ICE will invest in tZERO’s latest financing round and license its blockchain patent portfolio. The companies will also explore using tZERO tokenized assets for collateral management across ICE clearing houses and affiliates.

BitMine said it acquired 53,501 ETH over the past week, bringing total holdings to 5,901,112 ETH, or about 4.9% of Ethereum’s supply. The company has staked 5,067,309 ETH, roughly 86% of its holdings, with projected annualized staking revenue of about $335 million. BitMine also reported $541 million in cash and marketable securities, while total crypto, cash, securities and other investments reached $15.6 billion as of August 30.

Strategy said it purchased 4,603 BTC for $369.7 million between August 24 and August 30 at an average price of $80,318, bringing total holdings to 845,050 BTC acquired for $63.73 billion at an average price of $75,412. The purchases were funded through MSTR share sales, which generated $602.8 million in net proceeds during the week. Strategy also used $151.8 million to repurchase STRC preferred shares, while its USD Reserve and USD Cash stood at $5.10 billion and $1.61 billion, respectively.
Strive CEO Matt Cole said the company acquired an additional 1,800 BTC for approximately $143 million at an average price of $79,431 per BTC, bringing its total holdings to 23,156 BTC.

Complied by | WuBlockchain
Original Link：
https://www.wublock123.com/articles/microstrategy-death-spiral-risk-macro-outlook-h2-2026-59118
In this episode of the WuBlockchain Podcast, we are joined by frontier technology investor Didier Zheng to discuss the recent Bitcoin downturn, changes to the financial strategy of Strategy (formerly MicroStrategy), the AI-driven rally in U.S. equities, crypto exchanges expanding into U.S. stock trading, and the macroeconomic outlook.
Didier argues that Bitcoin’s recent decline cannot be attributed solely to macroeconomic conditions or ETF redemptions. A key factor is that the market has begun pricing in the possibility that Strategy may continue making small, recurring Bitcoin sales to fund preferred stock dividends while adhering to its principle of maintaining a neutral amount of Bitcoin per share. Meanwhile, AI is reshaping the structure of the labor market, with tokens emerging as a new factor of production and supporting continued gains across the AI value chain in U.S. equities. The crypto industry, in turn, may gradually move beyond speculation in crypto-native altcoins toward real-world assets onchain, an onchain machine economy, and a more mature, industrialized stage of development.
Strategy’s Bitcoin-Selling Experiment: Expectations of Sustained Selling Pressure Versus Market Absorption
Maodi: Bitcoin has fallen sharply recently, and the market has offered many explanations. Some attribute it to Strategy selling Bitcoin, others to ETF redemptions, and still others to macroeconomic changes or leveraged liquidations. Which factor do you think has been the most important?
didier: I think Strategy remains the key factor. However, what is really weighing on the market is not the sale itself, but the growing expectation that Strategy will continue selling Bitcoin.
At its earnings call in May, Strategy said it intended to keep its Bitcoin holdings per share neutral. As preferred shares and debt instruments such as STRC, STRZ, STRD, and STRF continue to accumulate, Bitcoin is no longer an asset solely attributable to common shareholders. It must first cover the claims of creditors and preferred shareholders. As a result, maintaining BPS neutrality has become more costly.
The market previously believed that Strategy would primarily fund its preferred stock dividends by issuing common shares, which placed little pressure on Bitcoin. However, the threshold for raising capital through new share issuance has now risen, shifting some of that pressure onto Bitcoin. As long as MMV remains below the neutral threshold, Strategy is more likely to cover its cash flow needs through small, recurring Bitcoin sales. If the frequency of dividend payments increases further, the market will naturally expect Strategy not to sell only occasionally, but to sell a small amount at regular intervals.
The key issue behind this downturn, therefore, is not “how much has been sold,” but “whether the selling will continue.” Under this logic, ETF selling is more of a consequence than a cause. Once the market concludes that Strategy is likely to keep selling Bitcoin, related capital will begin withdrawing in advance.
Maodi: You just described Michael Saylor as conducting a financial experiment. What is the purpose of this experiment?
didier: Essentially, he is testing the market’s capacity to absorb small, recurring Bitcoin sales.
From a financial perspective, when the MMV premium is not particularly high, selling a small amount of Bitcoin does less damage to Bitcoin holdings per share than issuing additional stock. That makes it the first-order optimal solution. The problem is that, following the large-scale issuance of STRC since March, interest and dividend expenses associated with preferred shares and perpetual instruments have increased significantly. Cash flow management has therefore become unavoidable. The key question is no longer whether to manage cash flow, but how to manage it.
If the market can absorb the impact of these small, recurring Bitcoin sales, the system can continue operating. However, if this approach instead depresses the share price, pushes down MMV, widens the divergence, and further reinforces expectations of continued Bitcoin sales, Strategy may have to make a gradual pivot. It could once again rely more heavily on issuing stock, or adopt a combination of stock issuance and Bitcoin sales. Although this would sacrifice some Bitcoin holdings per share, it would reduce the pressure on both Bitcoin and Strategy’s share price, making it the second-order optimal solution.
What we are seeing, therefore, is essentially a contest between Michael Saylor and the market. He is watching to see at what level sufficiently strong buying demand will emerge, while the market is waiting for a lower and more certain price before stepping in.
Maodi: Could this eventually cause Strategy and Bitcoin to enter a “death spiral” together?
didier: I do not think this alone would be enough to cause that. For the situation to reach that point, it would usually require an additional macroeconomic shock or a larger systemic disruption.
As long as Strategy eventually makes a gradual pivot and stops selling Bitcoin rigidly, dip buyers will most likely return. The question is not whether buying demand exists, but at what price it will emerge. It could be $62,000, or it could be lower. The market is now waiting for that level.
My view therefore remains cautiously optimistic. This downturn is driven more by structural pressure arising from changes in Strategy’s financial structure than by a simple tightening of macro liquidity. Unless another major negative catalyst emerges, the situation will most likely be reversible and is unlikely to develop directly into a genuine “death spiral.”
Tokens as the Labor Force of a New Era
Maodi: Although the crypto industry is currently struggling, AI is booming. U.S. stocks related to optical modules, semiconductors, and data centers have performed particularly well. What do you think is the main force driving this trend?
didier: The core logic is actually quite simple. Tokens are essentially becoming the labor force of a new era.
In the past, people were the primary factor of production for companies. Whether the work involved physical or intellectual labor, it was performed by humans. Now, however, AI and tokens are replacing many of the execution tasks previously handled by people. In the future, the truly scarce talent may be limited to a small number of people capable of completing the entire loop: setting objectives, designing solutions, driving execution, and ultimately solving problems. These people, combined with large volumes of tokens, will form a new labor system.
This will directly transform corporate structures. Companies traditionally had multiple layers because information had to be passed from one person to another. In the AI era, however, many middle-management, assistant, IT, and execution roles will be reduced. What matters will no longer be execution ability alone, but influence, decision-making ability, and imagination.
Essentially, companies used to pay employees, but in the future, they will increasingly pay for tokens, models, and computing power. Model companies will then invest that money upstream to purchase chips, energy, optical modules, and data center capacity. Expansion in these upstream sectors is limited, and supply cannot keep pace with demand. They will therefore be among the most consistent beneficiaries across the AI value chain. This is the main reason related U.S. stocks have continued to rise.
The service sector will be affected first because knowledge-based services such as accounting, law, consulting, and data analysis are among the easiest for AI to replace. Companies will become increasingly automated internally, while an onchain machine economy may also emerge between them. At that point, many transactions, collaborative processes, and even payments will be handled by machines.
Maodi: Are you saying that this rally is not merely short-term speculation, but has the potential to continue over the medium to long term, and that we may still be at a very early stage?
didier: Yes. I think the machine economy era has only just begun.
Many people also misunderstand the concept of a “one-person company.” It does not mean one person working entirely alone. It means one person operating with a dozen or even dozens of intelligent agents, which together may achieve the same level of productivity that once required hundreds of employees. A one-person company therefore depends on a large number of intelligent agents providing labor behind the scenes.
This is why I have consistently argued that tokens are the new labor force. Companies used to spend money hiring people, but they are now allocating an increasing share of their budgets to tokens. As long as tokens can continue to amplify revenue, corporate profit margins will rise significantly. This is the central logic behind the market’s bullish outlook on the AI value chain.
The expectation currently reflected in the U.S. stock market is that more companies will become AI-native businesses, replacing human labor with tokens and increasing automation to significantly improve profit margins. This is also the most fundamental and rational driver of the current rally.
Exchanges Pivot to U.S. Stocks, but Users Do Not Need to Rewrite Their Trading Playbooks
Maodi: As U.S. stocks continue to rise, many crypto exchanges have also begun offering access to them. How do you view this development? Is it because the crypto industry itself lacks compelling narratives, forcing exchanges to actively create demand, or are there deeper reasons? Could this also accelerate capital outflows from the crypto industry?
didier: I have actually said for some time that offshore CEXs ultimately have only two paths.
The first is to become prediction markets, but that path is extremely difficult. The leading players have largely established their positions, and most existing CEXs will struggle to transform themselves into the next generation of “everything exchanges.”
The second path is to become distribution channels for real-world assets. At present, the most important real-world assets are U.S. stocks and U.S. Treasuries, while gold is another major opportunity.
The more fundamental reason is that, after all these years, there are actually very few genuinely valuable crypto-native assets. Bitcoin is one of them, as are a small number of DeFi infrastructure projects and public blockchains. Beyond those, however, most native assets lack sustainable intrinsic value and cash flow support. Given this reality, the trading infrastructure built around these assets will inevitably begin searching for new and more valuable instruments.
It is therefore entirely natural for CEXs to pivot toward U.S. stocks. I do not really see this as crowding out crypto assets. It is more a case of the industry returning to reality: there have never been that many genuinely valuable assets, and exchanges are simply moving toward instruments capable of supporting greater liquidity.
In the long run, however, this may not be a bad thing. The fundamental value of blockchain has never been limited to issuing native assets. It also lies in providing a decentralized alternative and enabling more efficient, lower-cost settlement and trading. Bringing real-world assets onchain is itself a meaningful direction.
From an even longer-term perspective, blockchain is actually a technology better suited to machines. Over the next five to ten years, a more likely scenario is that humans interact with agents, while agents complete payments, transactions, and collaborative tasks with one another onchain. The onchain infrastructure being built today can then be used directly by machines.
From a long-term perspective, I therefore see this as positive for Bitcoin. Whether it is more people or more machines entering the system, they will ultimately gain exposure to onchain assets.
Maodi: Ordinary users may previously have focused on trading altcoins, Bitcoin, or public blockchain assets in the crypto market. Moving into U.S. stocks involves a rather different framework, with major differences in earnings cycles, valuation systems, and regulatory rules. If you could offer one key piece of advice to users or traders who have spent years in the crypto world, what would it be?
didier: I do not think they need to deliberately change that much.
U.S. stocks and onchain assets are fundamentally quite similar. The U.S. stock market includes value stocks and growth stocks, as well as many assets with meme-like characteristics. One of the main reasons the latest onchain meme rally has weakened is that the most compelling meme assets have effectively moved into the U.S. stock market.
At their core, these assets are still telling stories about “changing the world.” That narrative once belonged to blockchain, but stronger versions of it can now be found in U.S. equities, including quantum computing, nuclear fusion, and small modular reactors, or SMRs. In many cases, these themes are also difficult to explain through earnings reports, cash flows, or discounted cash flow models alone. They are similarly driven by strong meme-like characteristics.
People who previously enjoyed chasing altcoins and meme coins can therefore pursue these long-term speculative themes in the U.S. stock market using essentially the same logic. They may not find the transition particularly difficult. Those who already focus on cash flow, fundamentals, and underlying value can likewise find corresponding value and growth stocks in the U.S. market.
What I mean is that nearly every trading style found in crypto has a corresponding place in the U.S. stock market. Most people can find familiar types of assets without forcing themselves to change their trading approach.
If I had to offer one piece of advice, it would be this: do not change your methods simply because you are moving into a different market. People who have survived this long usually have a proven way of operating. Continuing to follow the parts of that approach that have worked is more important.
The 10/11 Event Devastated Crypto Liquidity, Leaving Little Chance of an Altcoin Market Recovery
Maodi: Listening to your analysis, a rather dramatic picture came to mind. It feels as though the period of altcoin speculation has effectively come to an end, because nearly all the assets people used to speculate on can now be found in the U.S. stock market, often with greater real-world relevance. Is that a fair interpretation?
didier: Yes, that is a fair way to understand it.
The main reason the altcoin market has largely ended is that liquidity in the crypto market has been severely damaged. The 10/11 event dealt an enormous blow to the industry. Reports cited $19 billion in liquidations, but the actual figure was probably much higher. Market rumors put the losses at $40 billion to $50 billion, which I think may be closer to the truth.
It is also important to recognize that these losses were not merely a decline in market capitalization. They represented real cash. The crypto industry’s total market capitalization was not particularly large to begin with, and a significant portion of it consisted of locked or inflated valuations. The amount of genuinely liquid capital was far smaller than it appeared. Under these circumstances, the disappearance of tens of billions of dollars in cash within a single day dealt a devastating blow to both market confidence and industry liquidity.
I therefore believe that the 10/11 event was the final straw that brought the altcoin market down.
As for why “meme assets” in the U.S. stock market can continue attracting speculation, the reason is simple: the U.S. stock market currently has the deepest liquidity in the world. When liquidity in your own market dries up, capital naturally migrates to a more liquid market.
From the U.S. perspective, there are also strategic considerations behind its support for Bitcoin and blockchain. The U.S. strategy is to turn blockchain, onchain markets, and CEXs into channels through which American assets can attract global capital and speculative money. Its effort to bring the U.S. financial system onchain is therefore essentially an expansion of the global financing and distribution capabilities of American assets.
Of course, this is only how the U.S. government understands and uses the technology. Whether blockchain and the crypto world will ultimately be shaped entirely by this form of state power is another question. A more realistic outcome may be that the onchain world and sovereign states remain locked in a complex, long-term relationship involving cooperation, mutual exploitation, and competition.
At least for now, however, the U.S. vision is indeed becoming a reality step by step.
More Cautious on the Macro Outlook for the Second Half, but Still Bullish on AI and Web3 Over the Long Term
Maodi: What is your macro outlook for the next six months through the end of this year? What policies might the newly appointed Federal Reserve Chair, Kevin Warsh, pursue, and how could they affect the broader market?
didier: I think market uncertainty is increasing.
On the one hand, the market has already risen considerably. On the other, several enormous companies, including SpaceX, OpenAI, and Anthropic, may go public later. The real pressure would not come only from these listings absorbing liquidity. If trillion-dollar companies are rapidly added to major indexes while overall liquidity remains limited, institutions may be forced to sell other heavily weighted stocks to rebalance their portfolios. That would place pressure on the broader market. I will therefore become more cautious after June.
Another key variable is the midterm elections. If the Democrats ultimately take control of both chambers of Congress, it could be negative for both Web3 and AI because they place greater emphasis on labor rights, regulation, and oversight than on allowing frontier technologies to continue expanding rapidly.
From a fundamental perspective, however, I believe the market may be underestimating AI’s actual contribution to the economy. AI has already penetrated many parts of the economy, but existing statistical methods may not fully capture its impact. Over the long term, its ability to improve productivity remains extremely powerful.
The real issue is not only growth, but also distribution. If the distribution mechanism is not properly adjusted, the future could become extremely polarized. A small number of people capable of mastering AI could capture most of the gains, while large parts of the middle class are squeezed or even displaced from their jobs. In that scenario, productivity would increase, but society’s overall capacity for consumption would decline. This is also why I am more inclined to expect long-term deflation rather than long-term inflation.
Distribution mechanisms will therefore be critical over the next several years. I think measures such as an AI tax will most likely be introduced within three to five years because, without new sources of tax revenue, many future social programs will lack a financial foundation.
Looking only at the second half of this year and next year, I do not want to make an overly definitive prediction. Short-term pressure for a correction is clearly increasing and may become particularly pronounced around SpaceX’s potential listing. However, I see this more as a correction than a definitive market top. As long as major technology companies can sustain their capital expenditure, the broader rally is not over.
Over the longer term, I remain bullish on AI and on the convergence of AI and blockchain. Companies will become increasingly automated internally, while an onchain machine economy may emerge between them. That broader direction has not changed.
I therefore continue to believe that blockchain and Web3 have considerable potential, although the way people participate will become more mature. The period of rushing in and making easy money without much thought may already be over. The future will look more like an era of industrialization and institutionalization.
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According to Business Insider, the U.S. government seized Anthropic shares held by former FTX executives Caroline Ellison and Nishad Singh and sold them to existing investors in 2025 through the U.S. Marshals Service. The pair had invested a combined $50 million in Anthropic in 2022. The sale price and buyers were not disclosed, while the same shares could now be worth roughly $2.6 billion to $5.0 billion based on Anthropic’s current valuation.

Chainalysis Government Solutions has filed seven claims against the U.S. government, alleging that ICE improperly steered a $94.66 million sole-source blockchain analytics contract to rival TRM Labs. Chainalysis says ICE evaluated its bid using requirements that were not fully disclosed in the final Statement of Need and that several criteria closely matched TRM’s existing products and partnerships. Chainalysis is asking the court to block the award and require a full and open competition. Oral arguments are scheduled for September 2.

CZ: The UAE Probably Has the Most Progressive Crypto Regulation Today
On August 27, 2026, CZ said at Bitcoin Asia 2026 that countries are advancing the crypto industry in different areas, with the UAE probably having the most progressive crypto regulation today. He said Abu Dhabi Global Market (ADGM) had granted Binance com a global license covering almost all of its products, although the UAE has yet to issue major stablecoins.
The U.S. is focusing more heavily on stablecoins, while the CFTC is moving quickly on federal futures and derivatives licenses. Japan is relatively advanced, while Singapore remains more conservative. Pakistan's regulations are progressing quickly, but implementation has yet to catch up. In Kazakhstan, Binance has strong banking support.

Editor: Wu Blockchain
Verified as of August 30, 2026 | Coverage period: August 31–September 6, 2026, ET
The key events to watch this week:
Tuesday, September 1, 10:00 a.m. ET | July JOLTS and August ISM Manufacturing PMI
The two releases will test U.S. labor demand and manufacturing momentum at the same time. Job openings, hiring activity, and the ISM employment and prices components could shift expectations for the Fed’s September rate path.
Tuesday, September 1, 4:30 p.m. ET | Dell Technologies Q2 FY2027 Earnings Call
Dell will release its results before the call. The key variables are AI server orders, backlog conversion, Infrastructure Solutions Group margins, and whether rising memory and supply-chain costs are beginning to pressure profitability.
Wednesday, September 2, 2:00 p.m. ET | Federal Reserve Beige Book
The report will provide fresh regional evidence on employment, wages, prices and business demand. Markets will use it to assess whether the slowdown is broadening and how much room the Fed has to tighten policy again in September.
Wednesday, September 2, 5:00 p.m. ET | Broadcom Q3 FY2026 Earnings Call
Investors will focus on growth in custom AI accelerators, AI networking and related semiconductor revenue, as well as new orders, customer concentration, supply capacity and the outlook for AI-related demand.
Thursday, September 3, 10:00 a.m. ET | August ISM Services PMI
Services remain a major source of U.S. employment and inflation pressure. The employment, new orders and prices paid components will show whether economic resilience can continue to support a restrictive rate environment.
Friday, September 4, 8:30 a.m. ET | August U.S. Employment Report
This is the week’s most important macro release. Payroll growth, unemployment, average hourly earnings and revisions to prior months will shape the market’s assessment of labor-market strength and the Fed’s September decision.
Also on the calendar are the G20 Finance Ministers and Central Bank Governors Meeting on August 31 and September 1, euro-area August flash CPI and July unemployment at 5:00 a.m. ET on September 1, and Fed Governor Christopher Waller’s economic outlook interview at 8:30 a.m. ET on September 3. The G20 meeting could provide new signals on currencies, global imbalances and digital-asset policy. Euro-area inflation and Waller’s remarks may separately shift expectations for the ECB and Fed policy decisions later in September.
Bottom line:
The week comes down to two questions—will U.S. labor data, euro-area inflation and central-bank signals push global rate expectations higher, and can Dell and Broadcom show that elevated AI CapEx is still converting into revenue and profit?

According to Wu Blockchain Data Center, Robinhood Chain’s DEX volume reached a record high of $875 million on August 30, with Uniswap v4 contributing $432 million and Uniswap v3 $357 million. Meanwhile, the network recorded 5.52 million daily transactions, also an all-time high. Pons, the largest token launchpad on Robinhood Chain, also set new records on the same day, with 22.6k tokens created and volume reaching $187 million.

According to the Financial Times, digital asset projects have bought back approximately $638 million worth of their own tokens so far this year, up from $545 million during the same period last year. Hyperliquid and Pumpfun accounted for nearly 90% of the total. Hyperliquid allocates 99% of its trading fee revenue to buy back HYPE and has repurchased and burned $1.3 billion worth of tokens since its launch in December 2024. Sky Protocol has repurchased $26 million worth of tokens, while Lido plans to conduct regular buybacks once conditions including $40 million in annualized revenue are met.

According to Bitcoin News, Sberbank Deputy Chairman Anatoly Popov said regulated Russian exchanges are expected to record at least $46.43 billion in crypto trading volume during the first year, potentially rising to $87.06 billion by 2029. Russia’s central bank plans to allow investors to legally purchase crypto assets through brokers starting September 1. Non-qualified investors will be limited to purchasing up to $3,800 worth of crypto assets annually through a single licensed intermediary. Official exchanges are currently authorized to trade only Bitcoin, Ethereum, and Tether.

According to DeFiLlama data, Robinhood Chain generated $2.66 million in app revenue over the past 24 hours, surpassing Hyperliquid L1’s $1.7 million and Ethereum’s $1.27 million, and nearly six times Base’s $438,436. GMGN, Pons, and Uniswap ranked among the top protocols by revenue, generating $1.11 million, $930,587, and $306,877, respectively, together accounting for approximately 88% of Robinhood Chain’s total app revenue.

Arthur Hayes: How the 2008 Bailout Gave Birth to Bitcoin
In an August 23, 2026 video interview with Altcoin Daily, BitMEX co-founder Arthur Hayes recalled that in the 2008 crisis, Washington didn't bail out Bear Stearns directly — it had JP Morgan buy the bank for $2 backed by massive loans, a sweetheart deal for JP Morgan.
Lehman then failed, and regulators found they didn't really like free markets after all. Major bank CEOs trekked to Washington and walked away with roughly $700 billion in taxpayer money, while Goldman bankers kept their bonuses and ordinary people lost their homes. He argues the U.S. broke its promise of sound money in the bailout — and Bitcoin was born as a response to that broken trust.

Token Terminal data shows that BUIDL, a tokenized U.S. Treasury fund issued by Securitize, has a market capitalization of approximately $2.8 billion, accounting for 18.5% of the $15.1 billion market. It has regained its position as the largest tokenized U.S. Treasury fund, narrowly surpassing Circle’s USYC.

The CryptoCom-linked Cronos network halted after an exploit hit lending protocol Tectonic. Onchain researcher Weilin Li estimated that the attacker pumped the price of the illiquid TONIC token roughly 100-fold, then used the inflated collateral to borrow about $75 million in other assets. Only around $6 million was bridged to Ethereum before Cronos halted, preventing most of the assets from leaving the network. Tectonic has not confirmed the amount involved or the root cause. CryptoCom said its app and exchange were not compromised.

1. Japan’s FSA Warns Against Overseas Single‑Stock Leveraged ETF Sales, Deems Them Contrary to Public Interest link
Japan’s Financial Services Agency (FSA) revised its Q&A guidelines for financial‑instruments business on August 27. It explicitly states that selling overseas‑listed leveraged ETFs tracking Japanese individual stocks within Japan is “inappropriate from a public‑interest perspective”. The move aims to curb the de‑facto distribution of products not approved in Japan, and prevent excessive capital concentration that could distort pricing of specific stocks and trigger sharp market swings. Japan does not yet permit the listing of single‑stock leveraged ETFs. Previously, market participants were concerned that overseas issuances of such products might be sold back into Japan via the “foreign investment trust” channel.
2. Five Vietnamese Firms Pass Initial Crypto Exchange Assessment; No Licenses Yet Issued link
According to Vietnam News Agency, Vietnam has yet to issue its first crypto‑asset exchange license, though five firms have passed the first‑round evaluation. They must next meet Level‑4 information‑system security requirements and deploy minimum capital of 10 trillion Vietnamese dong (approximately $383 million). Meanwhile, new regulations imposing penalties for crypto‑asset‑market violations will take effect on September 1. Experts cited in the report note domestic investors will not face immediate penalties for using unlicensed platforms upon the effective date. Under the current pilot framework, domestic investors are required to trade solely via licensed platforms only six months after the Ministry of Finance grants the first service‑provider license.
3. Shanghai Police Dismantle Virtual‑Currency‑Facilitated Underground Banking Ring Involved in $28‑Billion‑Equivalent Cross‑Border Remittances link
According to a notice from the Shanghai Public Security Bureau, Shanghai police have recently cracked a major underground‑banking case involving illegal cross‑border foreign‑exchange transactions via virtual currencies, arresting 19 suspects with case‑related funds reaching nearly 20 billion yuan. Police stated that starting from August 2024, the gang conducted cross‑border currency exchange through the path of “Renminbi‑virtual currency‑foreign currency”. They first purchased virtual currencies with domestic funds, then sold them via overseas channels for foreign currencies which were transferred to accounts designated by clients, and collected service fees for the operations. Five key suspects have been approved for arrest on suspicion of illegal business operations and aiding information‑network criminal activities. The case remains under further investigation.
4. Security Flaw Exposes Users’ Crypto Assets on Dubai‑Based Chinese‑Focused Food‑Delivery App ComeCome link
Major security vulnerabilities have been exposed in ComeCome, a leading Chinese‑language food‑delivery app based in Dubai. Independent security analysis reveals that version 2.9.3 of the application available on the App Store embedded malicious statistical code dubbed “DKStatistics”. Upon user launch, it attempts to escape the iOS sandbox and read directories of commonly‑used crypto wallets, notes apps, WhatsApp and other applications in the background. On‑chain data shows more than 50,000 USDT was stolen from users starting August 22. The hacker’s aggregation address received approximately 1.3 million USDT in illicit funds within four days, all of which were converted into Ethereum and routed through Tornado Cash for money‑laundering purposes by August 25. Back in February 2025, Kaspersky named ComeCome when disclosing SparkCat, an espionage campaign targeting crypto users. Though the app was updated to version 2.9.5 on August 27, full removal of the malicious component remains pending further verification.
5. Pakistan Orders Crypto Platforms to Secure Licenses by Sep 5 or Cease Operations link
Pakistan Virtual Assets Regulatory Authority (PVARA) has opened licensing applications for crypto platforms. Exchanges, custodians and other service providers already operating locally prior to the March 5 effective date of the Virtual Assets Act must submit No‑Objection Certificate (NOC) applications by September 5, or cease relevant services. Platforms that submit complete applications on time may continue operations during review, yet PVARA may impose restrictions on new‑user registration, product offerings, trading volumes or custodial services. An NOC represents only preliminary regulatory clearance and is not equivalent to a formal license. Continued operations without submitting an application will constitute an offence. Binance and HTX obtained NOCs in December 2025 and may proceed directly to apply for full formal licenses.
6. South Korea’s 2027 Crypto‑Tax Implementation Faces Petition with Over 10,000 Signatures for Delay link
South Korea’s government and the ruling Democratic Party of Korea still plan to enforce the virtual‑asset income tax starting January 1, 2027. A combined 22‑percent tax rate will apply to portions of annual gains from trading or lending virtual assets exceeding 2.5 million won. South Korea’s National Tax Service held an expert meeting this week to discuss concrete enforcement guidelines. Meanwhile, a parliamentary petition seeking a further two‑year delay of the crypto tax has garnered more than 10,000 signatures. Should it reach 50,000 signatures by September 20, it will go for formal review by a National Assembly committee. A lawmaker from the main opposition party has also tabled a bill pushing the enforcement date to 2030.
7. Karakalpakstan, Uzbekistan, Plans Six Mining and Data‑Center Projects Worth $5.11‑Billion Total Investment link
Amanbay Orynbayev, Chairman of the Parliament of Karakalpakstan, Uzbekistan, stated that three cryptocurrency‑mining hubs and three data centers are under local construction with a total project investment of 5.11 billion US dollars. In April this year, the entire territory of Karakalpakstan was designated as Besqala Mining Valley, a special mining zone. Under Uzbekistan’s regulations, cryptocurrency mining is permitted only for legal entities and should predominantly run on renewable‑energy sources. Power drawn from the national unified grid incurs double‑rate electricity tariffs. The country’s National Agency for Perspective Projects is in charge of issuing mining licenses.
8. Standard Chartered Becomes First Distributor of Hong Kong‑Regulated HKD‑Pegged Stablecoin HKDAP link
Standard Chartered has become the first bank to distribute HKDAP, Hong Kong’s regulated Hong Kong‑dollar stablecoin. Standard Chartered plans to roll out tokenised money‑market fund subscription and settlement services with international and local asset managers in the fourth quarter. It will test intra‑group settlement using HKDAP across its network in the near term, while exploring application scenarios including cross‑border payments and treasury management. HKDAP is issued by Anchorpoint Financial, in which Standard Chartered holds an equity stake.
9. Russia’s Sberbank to Expand Crypto‑Backed Mortgages Accepting BTC, ETH and USDT link
Anatoly Popov, Deputy Chairman of Sberbank, Russia’s largest bank, stated that the bank intends to further develop lending secured by digital‑asset collateral. Beyond Bitcoin, it plans to accept Ethereum and stablecoin USDT as collateral in the future. Popov noted Sberbank already has hands‑on experience with digital‑asset operations. Upon the full entry into force of the new regulatory framework, the bank will revise its existing offerings and gradually expand its product lineup. The plan remains subject to regulatory approval. Popov emphasised that assets such as ETH and USDT can only be adopted as collateral once the Central Bank of Russia permits their public circulation.
10. Abu Dhabi Royal Tahnoon and Co‑Investors Hold 49% Stake in World Liberty’s New Bank‑Holding Entity link
Tahnoon bin Zayed al Nahyan, member of Abu Dhabi’s royal family and UAE National Security Advisor, together with co‑investors holds a 49‑percent stake in WLTC Holdings, the holding entity for World Liberty Financial’s new banking business, making them its largest shareholder. Entities affiliated with the Trump family hold approximately 38‑percent equity. The US Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval this month for World Liberty to establish a national trust bank to issue, redeem and custody its stablecoin USD1. Last year, Tahnoon also invested 500 million US dollars into World Liberty via another entity to secure a 49‑percent stake, of which around 263 million US dollars flowed to Trump‑family‑related entities.
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According to the Vietnamplus, Vietnam’s new rules on penalties for violations involving crypto assets and markets will take effect on September 1. Vietnam has yet to issue its first crypto asset exchange license, but five companies have passed the first round of assessment and must next meet Level 4 information system security requirements and invest at least VND 10 trillion (about $383 million) in capital. Under the current pilot program, domestic investors will only be required to trade through licensed platforms six months after the Ministry of Finance issues the first license to a service provider.

Arthur Hayes: Why US Treasury Buybacks Are Pumping Bitcoin
In an August 23, 2026 video interview with Altcoin Daily, BitMEX co-founder Arthur Hayes said Treasury Secretary Bessent announced at least doubling long-end bond buybacks, sending the 10-year yield to 4.75% with 5% possibly in sight.
He argued that despite strong inflation, steady growth and the 2-year yield running 50–60 basis points above the effective fed funds rate — all pointing to hikes — the Fed won't actually raise rates, because the Treasury must keep issuing short-term bills to keep the market functioning. Buybacks mean more liquidity, with more money chasing scarce assets like Bitcoin. He added that once the market truly fears yield curve control, Bitcoin could quickly rise to hundreds of thousands of dollars.