[Bitpush Daily News Highlights] Fed Minutes: Stablecoins May Increase Demand for US Treasuries; Fed Spokesperson: A Few Officials Hint They May Join the Rate Cut Campaign in September; Coinbase CEO: Bitcoin Could Reach $1 Million by 2030; Reuters: China Considers Allowing RMB to Back Stablecoins for the First Time to Promote RMB Internationalization

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Bitpush Editor's Daily Selected Web3 News:

【Federal Reserve Meeting Minutes: Stablecoins May Increase US Treasury Demand】

The Federal Reserve released July meeting minutes, mentioning that many attendees discussed recent and future developments related to payment stablecoins and their potential impact on the financial system. These attendees noted that with the recent passage of the GENIUS Act (United States Stablecoin Guidance and National Innovation Act), the use of payment stablecoins may increase. They stated that payment stablecoins can help improve payment system efficiency and observed that such stablecoins might increase demand for their underlying supporting assets, including US Treasuries. Additionally, attendees expressing opinions were concerned that stablecoins could have broader implications for banks, the financial system, and monetary policy implementation, thus warranting close monitoring, including tracking the various assets used to support stablecoins.

【Federal Reserve Insider: Some Officials Hint at Joining Rate Cut Camp in September】

Federal Reserve insider Nick Timiraos recently wrote that today's published policy meeting minutes show that despite two officials opposing and advocating for rate cuts, the Federal Reserve's decision to maintain rates last month still received broad support. However, a few officials are now aligned with Waller and Bowman, suggesting they might support a rate cut at the next meeting on September 16-17. They indicated that the pass-through of tariff increases to consumer prices is slower than expected, which should alleviate concerns about new inflation shocks from import costs. However, inflation-focused "hawks" point out that price pressures have increased since the last meeting, including service prices. Kansas City Federal Reserve Bank President Schmidt stated in a speech last week that tariffs have limited inflation impact, partly because the Federal Reserve maintained stable rates. Unlike Bowman (who has been calculating inflation excluding tariffs), Schmidt promised never to perform such calculations, calling it "a meaningless and immeasurable concept".

【Coinbase CEO: Bitcoin Could Reach $1 Million by 2030】

Coinbase CEO Brian Armstrong stated: "I believe Bitcoin will reach $1 million per coin by 2030," a prediction worth noting as Armstrong rarely publicly releases target prices.

He is not the only one anticipating a Bitcoin price surge. Jack Dorsey, who led X (formerly Twitter) until 2021 and co-founded payment company Block (formerly Square), has also suggested that Bitcoin could reach $1 million by 2030 and likely continue rising beyond this milestone.

Meanwhile, Cathie Wood's Ark Invest modified its long-term outlook last month, raising its ten-year-end prediction to $3.8 million, noting increased institutional adoption as the primary driver.

【Reuters: China Considers First Renminbi-Backed Stablecoin to Promote RMB Internationalization】

According to Reuters, China is considering allowing stablecoins backed by the renminbi for the first time to promote RMB internationalization.

Multiple sources revealed that Chinese tech giants have proposed issuing a stablecoin pegged to offshore renminbi in Hong Kong. Shanghai regulators are actively studying policy responses to stablecoins, despite China's mainland ban on cryptocurrency trading since 2021.

This move aligns with recent statements by the People's Bank of China, whose governor publicly promised to expand digital renminbi international usage and called for developing a multipolar monetary system.

【US Senator Lummis Pushes to Complete Crypto Market Structure Bill by Year-End】

Wyoming Republican Senator Cynthia Lummis plans to submit the cryptocurrency market structure bill to the president for signing by year-end, using the House-passed Digital Asset Market Clarity Act as the Senate version's basis. Lummis stated she hopes to preserve as many House modifications to stablecoins and other provisions as possible, respecting the House's work (the bill previously received affirmative votes from 78 Democratic lawmakers). She emphasized the goal of completing legislation before Thanksgiving.

【Trump Purchased Over $100 Million in Bonds, Conducted Over 600 Financial Transactions During Term】

According to the latest documents from the US Government Ethics Office, President Trump has purchased over $100 million in corporate, state, and municipal bonds since taking office in January. Disclosed information shows that the Republican former real estate mogul has conducted over 600 financial transactions since the day after his inauguration on January 21.

【Myungsung Group Signs Bitcoin Purchase Agreement, Acquiring 4,250 Bitcoins】

According to Jin10 report, Myungsung Group announced it has signed a Bitcoin purchase agreement to acquire 4,250 Bitcoins.

【Winklevoss Brothers Donate Over 188 Bitcoins to Support US Crypto Policy, Worth Approximately $21 Million】

Gemini co-founder Tyler Winklevoss announced that he and Cameron Winklevoss jointly donated 188.4547 Bitcoins, valued at approximately $21 million, to the Digital Freedom PAC (Political Action Committee) to support former President Trump's vision of making the US a global cryptocurrency center.

The fund will focus on winning midterm elections, promoting market structure legislation, opposing central bank digital currencies (CBDCs), and protecting crypto industry freedom and development. Additionally, the fund supports the "Project Crypto" initiative aimed at further solidifying the US's leadership in the crypto realm through SEC and CFTC cooperation. The Winklevoss brothers call for more participation in pushing the US crypto industry's golden age.


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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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