The total market value of stablecoins exceeds US$230 billion Central Bank: Lower reserve requirement ratio and interest rate

Reprinted from jinse

03/22/2025·2M

Headlines

▌The total market value of stablecoins exceeded US$230 billion for the first time

The total market value of stablecoins exceeded $230 billion for the first time on Thursday, amid U.S. regulators’ efforts to push adoption of stablecoins. According to DefiLlama, the current total market capitalization is $230.45 billion, an increase of $2.3 billion in the past seven days. Compared with the same period last year, the market value of stablecoins increased by 56%. In the overall market value, Tether's USDT stablecoin dominates with a market value of nearly US$144 billion, accounting for 62.6%, followed by Circle's USDC with a market value of US$59 billion.

▌Central Bank: Take the opportunity to lower the reserve requirement ratio and interest rates

The Monetary Policy Committee of the People's Bank of China held a regular meeting for the first quarter of 2025. The meeting studied the main ideas of monetary policy in the next stage, and suggested increasing the intensity of monetary policy regulation, improving the forward-looking, targeted and effective monetary policy regulation, and reducing the reserve requirement ratio and interest rate at the right time based on the domestic and international economic and financial situation and the operation of the financial market. Maintain abundant liquidity and guide financial institutions to increase monetary and credit supply to match the expected targets of economic growth and total price level. Strengthen the guidance of central bank policy interest rates, improve the market-oriented interest rate formation transmission mechanism, give full play to the role of market interest rate pricing self-discipline mechanism, and strengthen the implementation and supervision of interest rate policies. Promote the decline in the cost of comprehensive social financing.

Quotes

As of press time, according to Coingecko data,

BTC's recent transaction price is US$84,279.62, with an increase of -0.2% intraday;

ETH's latest transaction price is US$1,984.10, with an intraday increase and decrease of -0.5% ;

BNB's recent transaction price is US$635.08, with an intraday increase of +1.2% ;

SOL's latest transaction price is US$128.98, with an intraday increase of +0.3% ;

DOGE's recent transaction price is US$0.1689, with an intraday increase and decrease of -0.1% ;

XPR's recent transaction price is US$2.40, with an intraday increase and decrease of -1.7 % .

policy

▌Trump : A full ceasefire in the Russian-Ukrainian conflict will soon be achieved

US President Trump said that a full ceasefire in the Russian-Ukrainian conflict will soon be achieved.

Blockchain application

▌ Farcaster launches the Snapchain main network

On March 22, according to Theblock, the decentralized social media protocol Farcaster launched the main network of Snapchain's "blockchain-like" data layer, and simultaneously launched the "Airdrop Offers" incentive plan to reward users who actively use the decentralized social media platform. According to co-founder Varun Srinivasan when he announced the launch of the Snapchain testnet in December, the new system can handle more than 10,000 transactions per second. It was reported that the system took only six months from conception to formal use. Previous news, Farcaster plans to launch a new data layer Snapchain next Q1.

▌ BNB Chain has completed Pascal hard fork

BNB Chain has successfully completed the Pascal hard fork. This upgrade introduces the EIP-7702 smart contract wallet, aiming to improve EVM compatibility and developer support, as well as optimization of functions involving fuel fee abstraction, smart payment interface and batch transactions. The official releases a roadmap for future improvements: the Lorentz upgrade, scheduled for April 2025, aims to reduce block production time to 1.5 seconds, and improve transaction speed and network efficiency. After that, the Maxwell Maxwell upgrade plan in June 2025 will further accelerate the block time to 0.75 seconds.

Cryptocurrency

▌ Hester Peirce: Cryptocurrency startups should be allowed to use NFT to raise funds

At the SEC's first crypto roundtable, Hester Peirce said crypto projects should be allowed to finance through tradable NFTs and revealed that NFTs may be the next area for the SEC to issue exemptions after PoW mining. Peirce said projects like Stoner Cats and Flyfish Club that raise funds through NFTs and provide holders with specific interests (such as access, membership) may not be considered securities. She noted that if the SEC can provide a frame of reference for NFT issuers, it would be very helpful for the industry to grow. Previously, the SEC sued multiple NFT projects under the Securities Act during his tenure at Gary Gensler, but Peirce emphasized that not all NFT-containing projects are automatically exempt from supervision, and NFTs with structural securities attributes will still be subject to regulatory constraints.

▌Fidelity Solana Fund is registered in Delaware, USA

According to market news, FidelitY SOLANA FUND is registered in Delaware, USA.

▌ Meme coins will not disappear, but only a few Meme coins will continue to exist

Nick Tomaino, founder of 1confirmation, posted on X, "There is no good or bad for Meme coins, they just exist and obviously will not disappear. Those who think we will enter an era full of 'real value' tokens will be disappointed. The real value lies in the eyes of observers. After more than 15 years, billions of people still believe in Bitcoin without any real value. But hundreds of millions of people believe in it, and its market capitalization is $1.6 trillion. Most Meme coins will disappear, but a few Meme coins will continue to exist."

▌Swiss National Bank: Will not buy cryptocurrencies such as Bitcoin

According to Martin Schlegel, President of the Swiss National Bank, despite U.S. President Trump’s push to establish a strategic U.S. reserve, Swiss National Bank will not buy bitcoin and other cryptocurrencies, citing high volatility, lack of security and lack of sound legal frameworks.

Important economic trends

▌The three major U.S. stock indexes closed slightly higher

The three major U.S. stock indexes closed slightly higher, with the Dow Jones Industrial Average rising 0.07%, the Nasdaq rose 0.52%, the S&P 500 rose 0.08%, most popular technology stocks rose, Tesla rose more than 5%, and Apple and Meta rose more than 1%.

▌Feder Williams: The Fed is not in a hurry to make the next monetary policy decision

Fed Williams said the median forecast for September seemed reasonable. The risks of inflation and employment targets have increased, while long-term inflation expectations remain stable. The Fed is not in a hurry to make the next monetary policy decision. Trump's policy adjustments indicate slowing economic growth and rising unemployment.

Golden Encyclopedia

▌What is a cold wallet?

Cold wallet is a cryptocurrency storage method that stays offline and is disconnected from the internet. This setup makes it more difficult for hackers to access funds remotely. Examples include: hardware wallets (such as Ledger, Trezor), paper wallets, isolated computers (devices that have never been connected to the internet).

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