PA Daily | Treasure to terminate game operations and Treasure Chain; U.S. House Committee passes stablecoin regulation bill
Reprinted from panewslab
04/03/2025·29DToday's news tips:
Bitcoin volatility indicator approaches its highest level in March
Coinbase adds Reserve Rights (RSR) to asset listing roadmap
Ripple unlocks 500 million XRPs from escrow accounts, worth approximately $1.02 billion
Binance Observation tags add ARDR, BSW, FLM, etc., and remove the seed tags of JUP, STRK and TON
Stake Stone announces STO token economics: airdrops and future incentives account for 7.85%
Standard Chartered Bank predicts: Avalanche native token AVAX may soar to $250 in 2029
Russia may allow seizure of BTC to national fiscal revenue
Regulatory/Macro
Kazakhstan and the UAE seek to strengthen cooperation in digital assets and blockchain technology
According to Bitcoin.com, a delegation from Kazakhstan's financial sector visited the United Arab Emirates (UAE) recently to strengthen cooperation between the two sides in digital assets and blockchain technology. The visit was held from 26 to 27 March and the delegation included representatives of the State Bank of Kazakhstan and the Agency for Regulation and Development of Financial Markets (ARDFM), who communicated with major financial institutions and regulators in the UAE. According to a statement from the State Bank of Kazakhstan, the focus of the discussions between the two sides is on the expanding field of digital assets, including regulatory frameworks and practical applications of blockchain technology. The State Bank of Kazakhstan signed a Memorandum of Understanding (MoU) with the UAE Central Bank to exchange best practices in fintech, cybersecurity and CBDC development. The delegation also met with the UAE Securities and Commodity Authority to explore the integration of Kazakhstan exchanges such as the Kazakhstan Stock Exchange and Astana International Financial Centre with the UAE’s Tabadul Digital Exchange. This collaboration aims to improve the stock market infrastructure and facilitate cross-border transactions through blockchain technology. The delegation of Kazakhstan also held discussions with Mubadala Investment Company and Abu Dhabi First Bank to expand investment cooperation with Kazakhstan.
Russia may allow seizure of BTC to national fiscal revenue
According to Cryptonews, the head of the Russian Federal Executive Office (FSSP) said that new mechanisms have been developed to support the conversion of Bitcoin seized in criminal cases into national fiscal revenue. The mechanism stems from the precedent of the bribery case of former investigator Marat Tambiev, in which approximately 1,032 BTC were successfully seized and transferred to the Ministry of Finance. Some of the assets are expected to be sold to supplement the treasury. FSSP calls on the legislature to clarify the legal status of crypto assets as soon as possible to promote a more systematic process for disposing of crypto assets.
House Financial Services Committee votes to pass stablecoin regulation bill
According to The Block, the U.S. House Financial Services Committee voted on Wednesday to pass a major bill to regulate stablecoins. The bill, called "Stablecoin Transparency and Accountability For a Better Ledger Economy" (STABLE), was passed on the committee on Wednesday, with a 32 votes in favor and 17 votes against. The bill would create a framework for stablecoins denominated in USD. The bill sets out reserve and capital requirements, including one-to-one reserve support and anti-money laundering standards. This is another attempt by the House committee to advance the stablecoin regulation bill. The committee passed the legislation in 2023, but the possibility of the bill becoming law was questioned as Republicans criticized the White House under the Biden administration for being held accountable. Several amendments were discussed on Wednesday, focusing on Trump's relationship with cryptocurrencies, bailout plans and foreign issuers. However, the Senate and the House must reach a consensus on their respective bills. There are differences in how the two sides regulate issuance at the state and federal levels. In addition, the two sides also have differences on how to supervise foreign issuers such as Tether. As for the next move, a Republican aide familiar with the bill's text said in a press conference last week that lawmakers may now decide to advance legislation that regulates the entire cryptocurrency industry. The House Financial Services Committee plans to hold a hearing next week on a market structure bill.
Analyst Geiger Capital said on X platform that Kalshi data on the forecast market shows that the possibility of the U.S. economy falling into recession this year has just exceeded 50%.
According to The Block, the U.S. Custody Trust and Settlement Corporation (DTCC) announced the launch of a real-time monetized collateral management platform on Wednesday, an innovative platform called "AppChain" will be demonstrated at the DTCC's "Major Collateral Experiment" event on April 23. The platform aims to improve the efficiency and liquidity of global collateral circulation, optimize capital utilization, and "build an open digital liquidity ecosystem for market participants to deploy digital applications." According to the technical architecture, AppChain is developed based on the Besu platform of LF Decentralized Trust, a subsidiary of the Linux Foundation. DTCC pointed out that the increasingly complex market environment and cost pressures have made the demand for efficient and high-quality mortgage solutions increasingly urgent. Through collateral tokenization, the platform is committed to breaking the barriers of traditional "island" system and significantly improving the speed of cross-system collateral circulation.
Trump announces "reciprocal tariffs" measures, and several trading partners say they will counter
According to Cailianshe, on Wednesday (April 2), US President Trump signed two executive orders on so-called "reciprocal tariffs" at the White House, announcing that the United States has set up a 10% "minimum benchmark tariff" on all trading partners and impose higher tariffs on multiple trading partners. Trump said the United States will impose reciprocal tariffs on dozens of trading partners, but the tariffs will not be completely reciprocal, and the United States will charge these countries and regions about half of the comprehensive tax rate. Trump showed a poster listing the peer tariffs. The chart shows that the United States implements a 34% reciprocal tariff on China, a 20% reciprocal tariff on the EU, a 10% reciprocal tariff on Brazil and the United Kingdom, a 31% reciprocal tariff on Switzerland, a 26% reciprocal tariff on India, a 25% reciprocal tariff on South Korea, a 24% reciprocal tariff on Japan, a 32% reciprocal tariff on Indonesia, a 36% reciprocal tariff on Thailand, a 46% reciprocal tariff on Vietnam, and a 49% reciprocal tariff on Cambodia. Senior White House officials said that the benchmark tariff rate (10%) will take effect in the early morning of April 5, and the reciprocal tariff will take effect in the early morning of April 9, and the exemption of goods under the US-Mexico-Canada Agreement will continue. For goods that do not comply with the US-Mexico-Canada Agreement, the tariff will remain at 25%. Previously, several trading partners have stated that they will take countermeasures to respond. European Commission President von der Leyen said that in the face of the new tariffs to be issued by the Trump administration in the United States, the EU "has many cards" and has formulated a strong countermeasure plan that will be implemented if necessary. Canadian Prime Minister Carney said that if Trump fulfills his "reciprocal tariffs" commitment, Canada plans to impose counter-tariffs on U.S. goods this week. Carney warned that Canada’s relations with the United States have undergone fundamental changes and that Canada has “a number of measures to deal with”.
Viewpoint
"The important reason we chose to deposit in First Digital Trust (FDT) is because FDT is a Hong Kong licensed trust company, and FDT failed to pay investment interest in early 2023, which aroused Techteryx's alertness and began to entrust a professional investigation team to conduct a thorough investigation for a year. Under the endorsement of Truecoin's financial director Alexander Lauren, FDT was appointed as the custodian of TUSD fiat currency reserves. US$500 million of funds were transferred to a private company account in Dubai without authorization."
Hong Kong MP Wu Jiezhuang issued a statement on the media's report on the "suspected US$500 million fraud case". Wu Jiezhuang said: "A Web3 company suspected that it was suspected of being a transnational fraud by a local trust company in Hong Kong. The incident has attracted international and social attention. Many media and financial technology industry personnel asked me for their opinions and situations. I have a few responses below: 1. The incident has attracted widespread attention. I am very confident in Hong Kong's rule of law system and law enforcement agencies. If the incident is true, law enforcement agencies will definitely take action to protect the rights and interests of citizens and international investors. 2. Hong Kong is protecting international investors and the Web. 3 The industry has legal basis and a healthy environment. It calls on international investors and technology practitioners to continue investing and developing in Hong Kong without worrying about a single incident. 3. My office and the anti-fraud alliance have indeed received more than one case of suspected fraud using the characteristics of trust companies this year. I believe that in the future society, there is a need to discuss how to improve the system of relevant trust companies and not allow criminals to use relevant loopholes to commit fraud. 4. I also believe that relevant departments can strengthen citizens and practitioners' awareness and education of trust companies to prevent fraud from the source."
Regarding a proposal for asset tokenization model issued by a user to Zhao Changpeng, Zhao Changpeng responded: "I am not interested in fancy models. And I never buy ideas. Ideas are worthless. Execution is the key. This is a passage I wrote before: My investment philosophy includes three key principles: 1. Focus on fundamentals: focus on the essence, namely product, user growth, revenue/profit, and the strength of the team. 2. Bet for a long time, enter and hold as early as possible: Early adopters often get disproportionate returns, and the best way is to hold investments for a long time, because major successes like Amazon or Google have developed over time. 3. Invest in founders with a sense of mission: Invest in founders and teams with a vision of exceeding profits. Great companies are derived from a sense of mission, because founders who only focus on money tend to shake after moderate success."
According to King Shi, U.S. Treasury Secretary Becent said on Wednesday night local time that the stock market sell-off was more due to a sharp pullback in large tech stocks than the Trump administration's protectionist policies. "I'm trying to be the Secretary of the Treasury, not the market commentator," Besent said in a TV interview. "I want to point out that the Nasdaq index, in particular, peaked on DeepSeek Day, so it's a Mag7 (Big7) issue, not a MAGA issue."
BitMEX co-founder Arthur Hayes posted on X platform: "The market reacted negatively to 'liberation day' - if Bitcoin can hold the key $76,500 before the US tax filing date on April 15, the risk is expected to be lifted. Beware of violent fluctuations!"
Standard Chartered Bank predicts: Avalanche native token AVAX may soar to $250 in 2029
According to The Block, Standard Chartered Bank has begun covering research on the Layer1 blockchain Avalanche and said it expects the network's native token AVAX to rise more than 10 times from its current approximately $20 to $250 by the end of 2029. Geoffrey Kendrick, head of global digital assets research at the bank, said in his latest report: "One positive aspect of the tariff storm is that it gives us an opportunity to readjust and select winners for the next round of digital asset price increases. I think Avalanche will be another winner, perhaps the winner in the Ethereum Virtual Machine (EVM) chain." Kendrick specifically pointed out Avalanche's expansion solutions advantages, especially the Etna upgrade completed in December 2024 (codenamed Avalanche9000). The upgrade allows developers to create a subnet or Layer 1 blockchain on Avalanche at nearly zero cost - originally required to pledge AVAX tokens worth $450,000, but now the technical threshold and funding requirements are greatly reduced. Data shows that Etna-compatible subnets after the upgrade account for 25% of the total number of active subnets, and the number of developers surged by 40%. Based on the growth trend after Etna's upgrade, Standard Chartered Bank has given a phased target price: US$55 by the end of 2025, US$100 in 2026, US$150 in 2027 (breaking through the historical peak), US$200 in 2028, and US$250 in 2029. Kendrick stressed: "AVAX's relative gains may exceed Bitcoin and Ethereum in the next few years, but it should be noted that its three-month historical volatility is close to 100%, twice that of Bitcoin."
Project News
Ripple unlocks 500 million XRPs from escrow accounts, worth approximately $1.02 billion
According to Whale Alert monitoring, Ripple unlocked 500 million XRPs from the escrow account at 15:04, worth about $1.02 billion.
Binance Observation tags add ARDR, BSW, FLM, etc., and remove the seed tags of JUP, STRK and TON
Binance announced that it will adjust the label classification of some tokens on April 3. The Observation Tag will add the following tokens: Ardor (ARDR), Biswap (BSW), Flamingo (FLM), LTO Network (LTO), NKN (NKN), PlayDapp (PDA), Perpetual Protocol (PERP), Viberate (VIB), Voxies (VOXEL), and Wing Finance (WING). Meanwhile, the following tokens will be removed from the seed tags: Jupiter (JUP), Starknet (STRK) and Toncoin (TON).
Stake Stone announces STO token economics: airdrops and future incentives account for 7.85%
StakeStone announced the economics of STO tokens, with a total of 1 billion pieces, and the distribution accounts for the following: community accounts for 17.87%, ecology accounts for 4%, team accounts for 15%, foundation accounts for 18.65%, airdrops and future incentives account for 7.85%, marketing accounts for 9.13%, liquidity accounts for 6% and investors account for 21.5%.
StakeStone has opened airdrop inspection
According to official news, StakeStone has opened airdrop inspections. Previous news, Binance Wallet will launch StakeStone TGE. The investment time is from 16:00 to 16:30 Beijing time on April 3.
Binance Wallet will launch StakeStone TGE
According to the official announcement, Binance Wallet will launch StakeStone TGE. The investment time is from 16:00 to 16:30 Beijing time on April 3.
Mask Network founder Suji Yan said on the X platform: "The team has noticed the sudden drop in MASK's recent price and is working hard to obtain more information/details. The solution will be announced within 1-2 days." The market shows that MASK tokens are now at US$1.25, with a 24-hour decline of 9.2%, and a 43.8% decline in the past 7 days.
John, chief contributor to the chain game ecosystem Treasure DAO, announced that he will terminate game operations and Treasure Chain due to deteriorating financial conditions. The documents show that its annual operating expenses are as high as $8.3 million, while the current treasury is only $2.4 million, which was originally expected to last until July 2025. Faced with the pressure of survival, DAO has laid off 15 employees and decided to terminate game release support and Treasure Chain to assist partners in moving to other chains. In order to extend the funding track, John proposed to withdraw the idle $785,000 from market maker Flowdesk. If approved, the balance of the stablecoin will increase to $3.2 million, and the operation will be optimistically extended to February 2026. In addition, the Eco Fund holds 22.3 million MAGICs (worth $2.3 million), but if the MAGIC price plummets, DAO may be unsustainable from December this year to February next year.
Ethereum surpasses Solana in DEX trading volume for the first time in six months
According to Solid Intel data, Ethereum surpassed Solana in DEX spot trading volume in March, returning to the No. 1 position for the first time since September 2024.
Coinbase adds Reserve Rights (RSR) to asset listing roadmap
According to official news, Coinbase announced that it would add Reserve Rights (RSR) to its asset listing roadmap. Coinbase stressed that the listing and trading of these assets depends on the support of market makers and sufficient technical infrastructure, and will be announced separately once these conditions are met.
CoinList announces return to the U.S. market and holds token sale for DoubleZero
According to The Block, token issuing platform CoinList announced that it will return to the U.S. market for the first time since 2019 and host a token sale event for the DoubleZero Foundation, the team behind the DoubleZero protocol. The token, called 2Z, will be open to qualified U.S. investors — marking the first time in five years that CoinList has allowed U.S. investors to participate in its token sale. CoinList president Scott Keto revealed that the last token sale to US investors was the Kadena project in 2019.
Galaxy Digital's derivatives trading license applied to the UK FCA has been officially approved
According to CoinDesk, a UK subsidiary of digital asset financial services company Galaxy Digital announced that its derivatives trading license applied to the UK Financial Conduct Authority (FCA) has been officially approved. Galaxy Digital's investment banking business unit will use the FCA authorization obtained this time to carry out capital raising and investment banking services in the UK. The UK subsidiary will also provide fund distribution support for its asset management business. Galaxy Digital UK has been listed on the FCA's two major regulatory lists: as an authorized institution that can provide investment services for the EU Financial Instruments Market Directive (MiFID), Galaxy also joined the FCA's cryptocurrency roster in 2021.
Important data
Deribit officially issued a reminder that approximately US$2.5 billion of crypto options will expire tomorrow (16:00 Beijing time on April 4). Among them, the nominal value of Bitcoin (BTC) options is approximately US$2.16 billion, the Put/Call ratio is 1.27, and the maximum pain point price is US$85,000; the nominal value of Ethereum (ETH) options is approximately US$371 million, the Put/Call ratio is 1.31, and the maximum pain point price is US$1,850. Although market volatility this week is relatively calm compared to when it expired last week's quarter, position adjustments remain crucial.
According to Binance market data, multiple tokens fell by more than 20% in a short period of time, including: VIB fell by 45.2% in a short period of time, and is now quoted at US$0.021; LTO fell by 37.5% in a short period of time, and is now quoted at US$0.0318; WING fell by 45.53% in a short period of time, and is now quoted at US$1.62; BSW fell by 30.36% in a short period of time, and is now quoted at US$0.0212; VOXEL fell by 22.88% in a short period of time, and is now quoted at US$0.05; NKN fell by 21.78% in a short period of time, and is now quoted at US$0.0317; PDA fell by 27.26% in a short period of time, and is now quoted at US$0.117; Previous news, Binance Observation Tag added ARDR, BSW, FLM, etc., and removed the seed tags of JUP, STRK and TON.
Bitcoin volatility indicator approaches the highest level in one year in March
According to Forbes, a measure of Bitcoin’s price volatility reached its highest value in nearly a year in March, with Bitcoin’s value experiencing significant fluctuations that month. Data compiled by asset management company Blockforce Capital shows that on March 24, Bitcoin's 30-day annualized volatility climbed to 71.28%, when the indicator reached its highest value since April 14, 2024. The fluctuations in Bitcoin prices in March are in sharp contrast to the previous month. On February 23, Bitcoin's 30-day annualized volatility dropped to 30.98%.
BIGTIME is now at $0.07183, with a 24-hour increase of 56%.
Coingecko data shows that the BIGTIME token of the chain game project Big Time is now at $0.07183, with a 24-hour increase of 56%.
According to The Data Nerd monitoring, Symbolic Capital Partners transferred 603 ETHs to Coinbase (about $1.1 million) in the past two hours. The agency has transferred a total of 10,334 ETHs (approximately $19.36 million) to Binance and Coinbase in the past 24 hours. In the past month, its total Ethereum deposits to CEX reached 28,056 (approximately US$52.44 million).
According to SoSoValue data, the total net inflow of Bitcoin spot ETFs was US$221 million yesterday (April 2 Eastern Time). Yesterday, the Bitcoin spot ETFs with the largest single-day net inflows were Ark Invest and 21Shares ETF ARKB, with a single-day net inflow of US$130 million. Currently, the total historical net inflow of ARKB reached US$2.652 billion. The second is Fidelity Bitcoin ETF FBTC, with a single-day net inflow of US$119 million. Currently, the total historical net inflow of FBTC has reached US$11.503 billion. Yesterday, the Bitcoin spot ETF with the largest single-day net outflow was BlackRock Bitcoin ETF IBIT, with a single-day net outflow of US$116 million. Currently, the total net inflow of IBIT has reached US$39.845 billion. As of press time, the total net asset value of Bitcoin spot ETF was US$97.354 billion, the net asset ratio of ETF (market value compared to the total market value of Bitcoin) reached 5.73%, and the historical cumulative net inflow has reached US$36.237 billion.
First Digital Labs destroyed 87 million FDUSDs in the past 24 hours
According to Paidun Monitor, First Digital Labs destroyed a total of 87 million FDUSDs in the past 24 hours. These include approximately 49 million FDUSD transferred to First Digital Labs from addresses related to Wintermute, which were subsequently destroyed. In addition, First Digital Labs sent about 53 million FDUSDs to address 0xe79a...1d93, which then sent about 40 million USDTs to it and sent the remaining 13 million FDUSDs to Binance.
Financing
On-chain AI agent fund bAI Fund receives $1 million investment
According to official Morph news, on-chain AI agent fund bAI Fund has received $1 million in investment by Morph and Foresight Ventures. According to reports, bAI Fund is an on-chain proxy fund operating in a Trusted Execution Environment (TEE), which integrates quantitative transactions, investments and marketing to create a diversified AI proxy ecosystem. The fund helps creators independently issue AI proxy tokens and promote decentralized governance.
Collecto, a luxury fragmented investment platform, completed a seed round of 2.8 million euros (about US$3.05 million), with LinkedIn Italy CEO Marcello Albergoni, Accenture Interactive Managing Director Alessandro Zanotti, McKinsey senior partner Andrea Travasoni and Guido Frisiani, Wind Tre Italian co-CEO Gianluca Corti, BCG senior consultant and former CEO of ING Italy, Marco Bragadin, Jakala Civitas CEO Giacomo Lorusso, BizPal CEO Fabio Peloso and several seed round investors participated in the investment. The financing structure of this round includes 2.3 million euros equity financing and 500,000 euros from the "Smart & Start Italia" entrepreneurship support plan of the Italian Ministry of Economic Development.
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