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Morgan Stanley: US Treasury Doubles Long-Term Treasury Buyback Volume; Signaling Value Outweighs Substantive Impact
According to TechFlow research, Morgan Stanley's August 20 report noted that the U.S. Treasury will increase the size of its liquidity-supporting repo operations for the 10-to-20-year and 20-to-30-year tenors from $2 billion per transaction to at least $4 billion, effective September 9. This marks the first adjustment to the repurchase volume outside of the quarterly refinancing window since the repo program launched in May 2024. The two tenors combined add $1.6 billion in notional amount, corresponding to approximately $19.3 million in DV01 (price change per one-basis-point move in rates), with a risk impact roughly double that of the November 2023 "supply surprise." Morgan Stanley stated that the Treasury's decision to expand repurchases ahead of schedule outside the quarterly refinancing window aims to signal close monitoring of long-end interest rate dynamics to the market, thereby buying time for the November refinancing window. The recent rise in the 10-year Treasury yield and curve steepening primarily reflect the market's repricing of energy prices and central bank policy trajectories, rather than concerns over deficits or supply. Morgan Stanley maintains its recommendation for a 7-year versus 30-year Treasury curve steepening trade, targeting a spread of 100 basis points (currently around 71 basis points). On the FX front, coordinated volatility in gold and the Swiss franc hit an annual peak on August 19; should the U.S. dollar policy narrative reassert itself, EUR/USD is likely to approach 1.2150.
QCP: US-Japan Joint Intervention in FX Market to Support Yen May Impact Crypto Asset Liquidity
According to QCP Group, the US Treasury, via the New York Fed, jointly purchased yen with the Japanese Ministry of Finance last Friday, marking the first US-Japan joint foreign exchange intervention action specifically to support the yen since 1998. Meanwhile, the US 30-year Treasury yield briefly rose to about 5.27%, hitting a new high since 2007, before falling back to 5.24%. QCP pointed out that the transmission path of this intervention to the crypto market mainly unfolds through yen carry trades—rapid yen appreciation may force investors holding yen funding positions to deleverage and buy back yen, subsequently affecting risk assets including BTC and ETH, reenacting the market volatility triggered by carry trade unwinding in August 2024. QCP reminded that current macro monitoring indicators should take the USD/JPY exchange rate, Japan funding costs, and US long-end Treasury yields into consideration; fiscal policy operations are increasingly becoming an important variable affecting the direction of global liquidity.
Analysis: OpenAI IPO Delay Rumors Impact Market Sentiment, US Stock Futures Fall, Tech and Chip Sectors Lead Declines
US stock futures fell across the board on Friday, with the tech sector leading the decline, as market concerns over rising AI infrastructure costs and a slowdown in fundraising pace intensified. Nasdaq 100 futures fell 1.2%, S&P 500 futures dropped 0.5%, and Dow Jones futures lost 67 points (-0.1%). Chip stocks broadly weakened following reports that OpenAI is considering postponing its IPO until next year, citing increased volatility in AI-related stocks, unstable market sentiment, and even the impact of SpaceX’s weak post-IPO performance.JPMorgan's trading desk noted that this news has reinforced market concerns about the sustainability of AI infrastructure investments and could affect the pace of future capital market fundraising. Vital Knowledge analyst Adam Crisafulli also stated that the IPO delay could slow down the overall expansion rate of AI infrastructure spending.In the chip sector, Philadelphia Semiconductor-related stocks came under pressure, with ON Semiconductor falling over 13% after acquiring Synaptics. Micron Technology and SanDisk both declined by more than 5%. The XLK ETF tracking the tech sector fell 1.6%, extending the previous session's losses. (CNBC)
Lido Discloses Impact of Kelp Security Incident; ~9% Exposure of EarnETH Affected
Lido has released an update regarding the Kelp security incident, stating that its Earn-series vaults are working with the management team to address the issue, focusing on two key risk areas: rsETH exposure and tightening liquidity in lending markets. Lido emphasizes that its core staking protocol remains unaffected, and both stETH and wstETH remain secure and stable. Currently, only the EarnETH vault holds approximately 9% of its TVL in rsETH exposure; related deposits and withdrawals have been suspended by the management team pending resolution. Of the ~$70 million in ETH stolen in the earlier attack, roughly $70 million has already been recovered; asset recovery and loss allocation efforts are ongoing. To mitigate liquidity pressure, the management team has reduced leverage and optimized position structures, significantly decreasing wETH debt exposure. Should losses ultimately materialize, EarnETH will activate its $3 million “first-loss protection mechanism,” funded by the DAO. Other vaults remain unaffected: DVV and EarnUSD are operating normally. The GGV sub-vault is currently experiencing negative yields due to a combination of recursive staking strategies and rising borrowing rates, but active adjustments are underway. Users’ previously submitted withdrawal requests will be processed at pre-incident valuations.
Morgan Stanley: US Treasury Doubles Long-Term Treasury Buyback Volume; Signaling Value Outweighs Substantive Impact
According to TechFlow research, Morgan Stanley's August 20 report noted that the U.S. Treasury will increase the size of its liquidity-supporting repo operations for the 10-to-20-year and 20-to-30-year tenors from $2 billion per transaction to at least $4 billion, effective September 9. This marks the first adjustment to the repurchase volume outside of the quarterly refinancing window since the repo program launched in May 2024. The two tenors combined add $1.6 billion in notional amount, corresponding to approximately $19.3 million in DV01 (price change per one-basis-point move in rates), with a risk impact roughly double that of the November 2023 "supply surprise." Morgan Stanley stated that the Treasury's decision to expand repurchases ahead of schedule outside the quarterly refinancing window aims to signal close monitoring of long-end interest rate dynamics to the market, thereby buying time for the November refinancing window. The recent rise in the 10-year Treasury yield and curve steepening primarily reflect the market's repricing of energy prices and central bank policy trajectories, rather than concerns over deficits or supply. Morgan Stanley maintains its recommendation for a 7-year versus 30-year Treasury curve steepening trade, targeting a spread of 100 basis points (currently around 71 basis points). On the FX front, coordinated volatility in gold and the Swiss franc hit an annual peak on August 19; should the U.S. dollar policy narrative reassert itself, EUR/USD is likely to approach 1.2150.
CME CEO: trade.xyz and Hyperliquid Are Having a Real Impact on the U.S. Market
Odaily News: CME Group Chairman and CEO Terry Duffy said this morning at a CFTC Innovation Advisory Committee meeting that trade.xyz and Hyperliquid are having a tangible impact on the U.S. market. trade.xyz, a leading market builder on the Hyperliquid chain, focuses on perpetual contracts for equities, commodities, and pre-IPO assets, and its trading volume already accounts for a significant share of Hyperliquid's activity. Terry Duffy has previously voiced concerns on multiple occasions regarding leverage and regulatory issues associated with such offshore platforms. Additionally, Terry Duffy clashed with CFTC Chairman Michael Selig and Kalshi Chief Operating Officer Luana Lopes Lara over prediction market regulation. Duffy noted that certain prediction market contracts carry manipulation risks, particularly those listed via self-certification. He pointed out that contracts tied to the content of the President's State of the Union address and the timing of Venezuelan President Nicolás Maduro's departure from office may be susceptible to manipulation, adding that this is detrimental to the entire industry.
QCP: US-Japan Joint Intervention in FX Market to Support Yen May Impact Crypto Asset Liquidity
According to QCP Group, the US Treasury, via the New York Fed, jointly purchased yen with the Japanese Ministry of Finance last Friday, marking the first US-Japan joint foreign exchange intervention action specifically to support the yen since 1998. Meanwhile, the US 30-year Treasury yield briefly rose to about 5.27%, hitting a new high since 2007, before falling back to 5.24%. QCP pointed out that the transmission path of this intervention to the crypto market mainly unfolds through yen carry trades—rapid yen appreciation may force investors holding yen funding positions to deleverage and buy back yen, subsequently affecting risk assets including BTC and ETH, reenacting the market volatility triggered by carry trade unwinding in August 2024. QCP reminded that current macro monitoring indicators should take the USD/JPY exchange rate, Japan funding costs, and US long-end Treasury yields into consideration; fiscal policy operations are increasingly becoming an important variable affecting the direction of global liquidity.
Mizuho: Clarity Act Could Intensify Long-Term Competition in Stablecoins, Negative Impact on Circle
Mizuho analysts stated that if the U.S. crypto market structure bill, the "Clarity Act," is passed, while it may generally benefit the digital asset industry, the long-term impact on Circle could be negative. The reason is that regulatory clarity will attract more large institutions into the stablecoin market, further accelerating stablecoin commodification and eroding the revenue potential of Circle's USDC.Mizuho believes that the primary pressure Circle faces in the near term comes from Open USD. This stablecoin project is backed by a coalition of over 140 financial, technology, and crypto companies, with members including Visa, Mastercard, Stripe, BlackRock, and Coinbase. Unlike Circle's model, which retains approximately 38% of USDC reserve yields, Open USD employs a "pass-through" model, distributing nearly all reserve yields to distribution partners while retaining only a small management fee.Analysts also noted that Coinbase, as the largest distributor of USDC, also supports Open USD. This could give Coinbase stronger bargaining power when renegotiating its revenue-sharing agreement with Circle in the future. The distribution agreement between the two parties could be up for renegotiation as early as next month.
Macro Shocks Impact Crypto Market, Huobi HTX to Live Stream Analysis of BTC Future Trends
According to the official announcement, Huobi HTX will host a themed live stream today at 20:00 titled "Ceasefire Ends, Oil Price Surges Past 75, STRATEGY Sells Coins at Loss for First Time: Can BTC's Macro Narrative Still Hold?" During the event, crypto KOLs such as HuaBai Blockchain, Sincere Little Taoist, Crypto.0824, and OxPink will gather in the live stream room to conduct in-depth discussions on recent market hotspots such as the fluctuating situation in the Middle East and the strong upward trend in international oil prices, and combine Federal Reserve policy expectations to analyze BTC's future trend as well as crypto asset allocation opportunities and risk management strategies, providing investors with multi-dimensional market observations and trading ideas.
Analysis: US Treasury Yields Impact Risk Assets, Bitcoin Drops Below $79,000
Bitcoin slumped shortly after the US stock market opened, briefly breaking below the $79,000 mark, with a daily decline of approximately 3%, trading near its lowest level since May. Market consensus suggests this pullback is closely linked to the sell-off in risk assets triggered by a surge in US Treasury yields.Data shows that the yield on the 10-year US Treasury note rose above 4.55%, reaching its highest level in nearly a year, fueling concerns over tightening liquidity and a reassessment of risk assets. Analysts point out that this level previously triggered adjustments in US stocks and policy expectations last year, and is now once again serving as a key pressure signal.Trading firm The Kobeissi Letter stated that the "panic-driven rally" in the bond market is intensifying, with expectations for prolonged high interest rates growing. The market has begun pricing in the possibility of further rate hikes in the future, quickly cooling the previous "euphoria" in risk assets.From a technical perspective, analysts believe that after encountering multiple rejections from resistance above $82,000, Bitcoin's support structure is weakening. In the short term, it may retest the $75,000–$77,000 range, as the market enters a phase of range-bound trading and directional selection. (Cointelegraph)
Mizuho: Clarity Act Could Intensify Long-Term Competition in Stablecoins, Negative Impact on Circle
Mizuho analysts stated that if the U.S. crypto market structure bill, the "Clarity Act," is passed, while it may generally benefit the digital asset industry, the long-term impact on Circle could be negative. The reason is that regulatory clarity will attract more large institutions into the stablecoin market, further accelerating stablecoin commodification and eroding the revenue potential of Circle's USDC.Mizuho believes that the primary pressure Circle faces in the near term comes from Open USD. This stablecoin project is backed by a coalition of over 140 financial, technology, and crypto companies, with members including Visa, Mastercard, Stripe, BlackRock, and Coinbase. Unlike Circle's model, which retains approximately 38% of USDC reserve yields, Open USD employs a "pass-through" model, distributing nearly all reserve yields to distribution partners while retaining only a small management fee.Analysts also noted that Coinbase, as the largest distributor of USDC, also supports Open USD. This could give Coinbase stronger bargaining power when renegotiating its revenue-sharing agreement with Circle in the future. The distribution agreement between the two parties could be up for renegotiation as early as next month.
Analysis: OpenAI IPO Delay Rumors Impact Market Sentiment, US Stock Futures Fall, Tech and Chip Sectors Lead Declines
US stock futures fell across the board on Friday, with the tech sector leading the decline, as market concerns over rising AI infrastructure costs and a slowdown in fundraising pace intensified. Nasdaq 100 futures fell 1.2%, S&P 500 futures dropped 0.5%, and Dow Jones futures lost 67 points (-0.1%). Chip stocks broadly weakened following reports that OpenAI is considering postponing its IPO until next year, citing increased volatility in AI-related stocks, unstable market sentiment, and even the impact of SpaceX’s weak post-IPO performance.JPMorgan's trading desk noted that this news has reinforced market concerns about the sustainability of AI infrastructure investments and could affect the pace of future capital market fundraising. Vital Knowledge analyst Adam Crisafulli also stated that the IPO delay could slow down the overall expansion rate of AI infrastructure spending.In the chip sector, Philadelphia Semiconductor-related stocks came under pressure, with ON Semiconductor falling over 13% after acquiring Synaptics. Micron Technology and SanDisk both declined by more than 5%. The XLK ETF tracking the tech sector fell 1.6%, extending the previous session's losses. (CNBC)
Analysis: US Treasury Yields Impact Risk Assets, Bitcoin Drops Below $79,000
Bitcoin slumped shortly after the US stock market opened, briefly breaking below the $79,000 mark, with a daily decline of approximately 3%, trading near its lowest level since May. Market consensus suggests this pullback is closely linked to the sell-off in risk assets triggered by a surge in US Treasury yields.Data shows that the yield on the 10-year US Treasury note rose above 4.55%, reaching its highest level in nearly a year, fueling concerns over tightening liquidity and a reassessment of risk assets. Analysts point out that this level previously triggered adjustments in US stocks and policy expectations last year, and is now once again serving as a key pressure signal.Trading firm The Kobeissi Letter stated that the "panic-driven rally" in the bond market is intensifying, with expectations for prolonged high interest rates growing. The market has begun pricing in the possibility of further rate hikes in the future, quickly cooling the previous "euphoria" in risk assets.From a technical perspective, analysts believe that after encountering multiple rejections from resistance above $82,000, Bitcoin's support structure is weakening. In the short term, it may retest the $75,000–$77,000 range, as the market enters a phase of range-bound trading and directional selection. (Cointelegraph)
Lido Discloses Impact of Kelp Security Incident; ~9% Exposure of EarnETH Affected
Lido has released an update regarding the Kelp security incident, stating that its Earn-series vaults are working with the management team to address the issue, focusing on two key risk areas: rsETH exposure and tightening liquidity in lending markets. Lido emphasizes that its core staking protocol remains unaffected, and both stETH and wstETH remain secure and stable. Currently, only the EarnETH vault holds approximately 9% of its TVL in rsETH exposure; related deposits and withdrawals have been suspended by the management team pending resolution. Of the ~$70 million in ETH stolen in the earlier attack, roughly $70 million has already been recovered; asset recovery and loss allocation efforts are ongoing. To mitigate liquidity pressure, the management team has reduced leverage and optimized position structures, significantly decreasing wETH debt exposure. Should losses ultimately materialize, EarnETH will activate its $3 million “first-loss protection mechanism,” funded by the DAO. Other vaults remain unaffected: DVV and EarnUSD are operating normally. The GGV sub-vault is currently experiencing negative yields due to a combination of recursive staking strategies and rising borrowing rates, but active adjustments are underway. Users’ previously submitted withdrawal requests will be processed at pre-incident valuations.
Cambridge Study: US Hosts ~31% of Ethereum Nodes; Over One-Third Nodes Offline Could Impact Finalization
Odaily Odaily A new study by the Cambridge Centre for Alternative Finance reveals that approximately 31% of Ethereum node activity is located in the United States, with another 39% distributed across EU countries excluding the UK, indicating that the geographic distribution of Ethereum nodes remains relatively concentrated in Western nations.Lead researcher Alexander Neumuller stated that while node distribution is not currently concentrated in any single country, it is heavily reliant on a few major cloud service providers, including Hetzner, Amazon AWS, and OVH. Notably, the Ethereum network does not require half of its validators to fail for problems to arise. If more than one-third of validators go offline simultaneously, the network may be unable to finalize block checkpoints (finalization). Neumuller pointed out that nodes and validators do not have a one-to-one correspondence; a single node may run multiple validators. Therefore, it is currently impossible to precisely assess the actual impact on the validator network from the failure of a specific node or service provider.Furthermore, the study reassessed the energy consumption of Ethereum following The Merge. Data shows that Ethereum's current annual energy consumption is approximately 7.9 GWh, equivalent to a continuous power draw of about 1 MW. This represents only about 0.02% of pre-merge levels, a reduction of approximately 99.98%. Currently, over 56% of the energy used by the Ethereum network comes from sustainable sources, exceeding the global average.The study also noted that client software diversity is another potential risk. If a dominant client software has a vulnerability, it could affect a large number of network participants. The report was published by the Cambridge Centre for Alternative Finance and supported by the Ethereum Foundation. (The)
Wasabi Protocol: Solana Contract Security—Vulnerability Impact Limited to EVM Deployments
Wasabi Protocol stated that the Wasabi smart contracts on Solana are secure and unaffected by this vulnerability. The vulnerability is limited to Wasabi’s EVM deployments. The team is collaborating with leading security firms and has contacted law enforcement and the FBI. Further updates will be shared as they become available.
Lido Discloses Impact of Kelp Security Incident; ~9% Exposure of EarnETH Affected
Lido has released an update regarding the Kelp security incident, stating that its Earn-series vaults are working with the management team to address the issue, focusing on two key risk areas: rsETH exposure and tightening liquidity in lending markets. Lido emphasizes that its core staking protocol remains unaffected, and both stETH and wstETH remain secure and stable. Currently, only the EarnETH vault holds approximately 9% of its TVL in rsETH exposure; related deposits and withdrawals have been suspended by the management team pending resolution. Of the ~$70 million in ETH stolen in the earlier attack, roughly $70 million has already been recovered; asset recovery and loss allocation efforts are ongoing. To mitigate liquidity pressure, the management team has reduced leverage and optimized position structures, significantly decreasing wETH debt exposure. Should losses ultimately materialize, EarnETH will activate its $3 million “first-loss protection mechanism,” funded by the DAO. Other vaults remain unaffected: DVV and EarnUSD are operating normally. The GGV sub-vault is currently experiencing negative yields due to a combination of recursive staking strategies and rising borrowing rates, but active adjustments are underway. Users’ previously submitted withdrawal requests will be processed at pre-incident valuations.
Vercel CEO: Attackers Stole API Keys via Malware, Impact Broader Than Initially Assessed
Vercel CEO Guillermo Rauch (@rauchg) announced that Vercel is conducting an in-depth investigation into the April 2026 security incident. The investigation revealed that the attackers initially breached Vercel’s systems via Context.ai’s account—a startup—but their activities extended far beyond this initial intrusion. Threat intelligence indicates that the attackers distributed malware to steal Vercel account credentials and API keys from other service providers, then used those keys to rapidly and extensively enumerate non-sensitive environment variables. To trace the root cause, Vercel has processed nearly 1 petabyte of network and API logs. Vercel is collaborating with industry partners—including Microsoft, AWS, and Wiz—to respond jointly and has proactively notified other potentially affected parties, urging them to rotate credentials and adopt security best practices.
Morgan Stanley: US Treasury Doubles Long-Term Treasury Buyback Volume; Signaling Value Outweighs Substantive Impact
According to TechFlow research, Morgan Stanley's August 20 report noted that the U.S. Treasury will increase the size of its liquidity-supporting repo operations for the 10-to-20-year and 20-to-30-year tenors from $2 billion per transaction to at least $4 billion, effective September 9. This marks the first adjustment to the repurchase volume outside of the quarterly refinancing window since the repo program launched in May 2024. The two tenors combined add $1.6 billion in notional amount, corresponding to approximately $19.3 million in DV01 (price change per one-basis-point move in rates), with a risk impact roughly double that of the November 2023 "supply surprise." Morgan Stanley stated that the Treasury's decision to expand repurchases ahead of schedule outside the quarterly refinancing window aims to signal close monitoring of long-end interest rate dynamics to the market, thereby buying time for the November refinancing window. The recent rise in the 10-year Treasury yield and curve steepening primarily reflect the market's repricing of energy prices and central bank policy trajectories, rather than concerns over deficits or supply. Morgan Stanley maintains its recommendation for a 7-year versus 30-year Treasury curve steepening trade, targeting a spread of 100 basis points (currently around 71 basis points). On the FX front, coordinated volatility in gold and the Swiss franc hit an annual peak on August 19; should the U.S. dollar policy narrative reassert itself, EUR/USD is likely to approach 1.2150.
Harmony Announces Rollback Plan: Will Revert to August 11 Block State to Remove Impact of Forged Inflation
Harmony has released a rollback plan, planning to retain Shard 0 Block 92,730,034 and Shard 1 Block 94,978,278, both corresponding to 23:25:37 UTC on August 11, 2026. Validators will use a replacement database, and the new client version will reject the relevant anomalous block hashes, subsequently continuing block production from the new block height.
Nomura: AI Creates More Jobs Than Layoffs, India Becomes Global AI Employment Impact "Ground Zero"
According to Bloomberg, Nomura Holdings economists Sonal Varma and Si Ying Toh released a research report noting that India, serving as a back-office service center for many global enterprises, is currently becoming a key sample for evaluating the impact of AI on the employment market. The report analyzed 69 cases in Asia (mainly covering the period from 2022 to August 2026), with conclusions showing that the growth rate of hiring for AI-related roles in India has currently exceeded the scale of layoffs and hiring freezes caused by AI. Nomura believes that, by virtue of its massive labor force, India is bearing the "largest absolute impact" under the AI wave and is the most representative "frontline" for observing the impact of AI technology on employment.
Mizuho: Clarity Act Could Intensify Long-Term Competition in Stablecoins, Negative Impact on Circle
Mizuho analysts stated that if the U.S. crypto market structure bill, the "Clarity Act," is passed, while it may generally benefit the digital asset industry, the long-term impact on Circle could be negative. The reason is that regulatory clarity will attract more large institutions into the stablecoin market, further accelerating stablecoin commodification and eroding the revenue potential of Circle's USDC.Mizuho believes that the primary pressure Circle faces in the near term comes from Open USD. This stablecoin project is backed by a coalition of over 140 financial, technology, and crypto companies, with members including Visa, Mastercard, Stripe, BlackRock, and Coinbase. Unlike Circle's model, which retains approximately 38% of USDC reserve yields, Open USD employs a "pass-through" model, distributing nearly all reserve yields to distribution partners while retaining only a small management fee.Analysts also noted that Coinbase, as the largest distributor of USDC, also supports Open USD. This could give Coinbase stronger bargaining power when renegotiating its revenue-sharing agreement with Circle in the future. The distribution agreement between the two parties could be up for renegotiation as early as next month.
Cambridge Study: US Hosts ~31% of Ethereum Nodes; Over One-Third Nodes Offline Could Impact Finalization
Odaily Odaily A new study by the Cambridge Centre for Alternative Finance reveals that approximately 31% of Ethereum node activity is located in the United States, with another 39% distributed across EU countries excluding the UK, indicating that the geographic distribution of Ethereum nodes remains relatively concentrated in Western nations.Lead researcher Alexander Neumuller stated that while node distribution is not currently concentrated in any single country, it is heavily reliant on a few major cloud service providers, including Hetzner, Amazon AWS, and OVH. Notably, the Ethereum network does not require half of its validators to fail for problems to arise. If more than one-third of validators go offline simultaneously, the network may be unable to finalize block checkpoints (finalization). Neumuller pointed out that nodes and validators do not have a one-to-one correspondence; a single node may run multiple validators. Therefore, it is currently impossible to precisely assess the actual impact on the validator network from the failure of a specific node or service provider.Furthermore, the study reassessed the energy consumption of Ethereum following The Merge. Data shows that Ethereum's current annual energy consumption is approximately 7.9 GWh, equivalent to a continuous power draw of about 1 MW. This represents only about 0.02% of pre-merge levels, a reduction of approximately 99.98%. Currently, over 56% of the energy used by the Ethereum network comes from sustainable sources, exceeding the global average.The study also noted that client software diversity is another potential risk. If a dominant client software has a vulnerability, it could affect a large number of network participants. The report was published by the Cambridge Centre for Alternative Finance and supported by the Ethereum Foundation. (The)
IC3 Researcher: Crypto Technology Has Limited Impact on Solving AI Trust and Payment Issues
IC3, a research group composed of researchers from multiple top universities, has released a research report stating that claims about crypto technology being able to solve core AI problems are often exaggerated. These exaggerated claims include identifying AI-generated content, eliminating algorithmic bias, and enabling AI Agents to achieve full autonomy.The report points out that AI systems do not become smarter simply by having a crypto wallet, nor are they more resistant to human manipulation or shutdown. The primary function of the wallet is to enhance automation capabilities, allowing AI Agents to conduct on-chain transactions, payments, and call infrastructure without requiring manual approval for each step.The researchers believe that AI Agents will still rely on humans and underlying infrastructure. Traditional payment systems can also support partial automation. Therefore, while blockchain may have some application value in AI payment and trust mechanisms, it is not a universal solution.The report also responds to the recent industry热议 regarding on-chain payments by AI Agents. MetaMask recently launched a non-custodial wallet for AI Agents, and Robinhood also plans to allow users to conduct crypto transactions through AI Agents. (The Block)
Related news
Morgan Stanley: US Treasury Doubles Long-Term Treasury Buyback Volume; Signaling Value Outweighs Substantive Impact
According to TechFlow research, Morgan Stanley's August 20 report noted that the U.S. Treasury will increase the size of its liquidity-supporting repo operations for the 10-to-20-year and 20-to-30-year tenors from $2 billion per transaction to at least $4 billion, effective September 9. This marks the first adjustment to the repurchase volume outside of the quarterly refinancing window since the repo program launched in May 2024. The two tenors combined add $1.6 billion in notional amount, corresponding to approximately $19.3 million in DV01 (price change per one-basis-point move in rates), with a risk impact roughly double that of the November 2023 "supply surprise." Morgan Stanley stated that the Treasury's decision to expand repurchases ahead of schedule outside the quarterly refinancing window aims to signal close monitoring of long-end interest rate dynamics to the market, thereby buying time for the November refinancing window. The recent rise in the 10-year Treasury yield and curve steepening primarily reflect the market's repricing of energy prices and central bank policy trajectories, rather than concerns over deficits or supply. Morgan Stanley maintains its recommendation for a 7-year versus 30-year Treasury curve steepening trade, targeting a spread of 100 basis points (currently around 71 basis points). On the FX front, coordinated volatility in gold and the Swiss franc hit an annual peak on August 19; should the U.S. dollar policy narrative reassert itself, EUR/USD is likely to approach 1.2150.
CME CEO: trade.xyz and Hyperliquid Are Having a Real Impact on the U.S. Market
Odaily News: CME Group Chairman and CEO Terry Duffy said this morning at a CFTC Innovation Advisory Committee meeting that trade.xyz and Hyperliquid are having a tangible impact on the U.S. market. trade.xyz, a leading market builder on the Hyperliquid chain, focuses on perpetual contracts for equities, commodities, and pre-IPO assets, and its trading volume already accounts for a significant share of Hyperliquid's activity. Terry Duffy has previously voiced concerns on multiple occasions regarding leverage and regulatory issues associated with such offshore platforms. Additionally, Terry Duffy clashed with CFTC Chairman Michael Selig and Kalshi Chief Operating Officer Luana Lopes Lara over prediction market regulation. Duffy noted that certain prediction market contracts carry manipulation risks, particularly those listed via self-certification. He pointed out that contracts tied to the content of the President's State of the Union address and the timing of Venezuelan President Nicolás Maduro's departure from office may be susceptible to manipulation, adding that this is detrimental to the entire industry.
Harmony Announces Rollback Plan: Will Revert to August 11 Block State to Remove Impact of Forged Inflation
Harmony has released a rollback plan, planning to retain Shard 0 Block 92,730,034 and Shard 1 Block 94,978,278, both corresponding to 23:25:37 UTC on August 11, 2026. Validators will use a replacement database, and the new client version will reject the relevant anomalous block hashes, subsequently continuing block production from the new block height.
Nomura: AI Creates More Jobs Than Layoffs, India Becomes Global AI Employment Impact "Ground Zero"
According to Bloomberg, Nomura Holdings economists Sonal Varma and Si Ying Toh released a research report noting that India, serving as a back-office service center for many global enterprises, is currently becoming a key sample for evaluating the impact of AI on the employment market. The report analyzed 69 cases in Asia (mainly covering the period from 2022 to August 2026), with conclusions showing that the growth rate of hiring for AI-related roles in India has currently exceeded the scale of layoffs and hiring freezes caused by AI. Nomura believes that, by virtue of its massive labor force, India is bearing the "largest absolute impact" under the AI wave and is the most representative "frontline" for observing the impact of AI technology on employment.
QCP: US-Japan Joint Intervention in FX Market to Support Yen May Impact Crypto Asset Liquidity
According to QCP Group, the US Treasury, via the New York Fed, jointly purchased yen with the Japanese Ministry of Finance last Friday, marking the first US-Japan joint foreign exchange intervention action specifically to support the yen since 1998. Meanwhile, the US 30-year Treasury yield briefly rose to about 5.27%, hitting a new high since 2007, before falling back to 5.24%. QCP pointed out that the transmission path of this intervention to the crypto market mainly unfolds through yen carry trades—rapid yen appreciation may force investors holding yen funding positions to deleverage and buy back yen, subsequently affecting risk assets including BTC and ETH, reenacting the market volatility triggered by carry trade unwinding in August 2024. QCP reminded that current macro monitoring indicators should take the USD/JPY exchange rate, Japan funding costs, and US long-end Treasury yields into consideration; fiscal policy operations are increasingly becoming an important variable affecting the direction of global liquidity.
Reddit Q2 Earnings Beat Expectations, but AI Impact on Search Traffic Triggers Sharp Stock Price Decline
According to TechCrunch, Reddit announced its Q2 2026 financial results, with total revenue of $805 million, up 61% year-over-year; net income of $253 million, up 183% year-over-year, both exceeding Wall Street expectations, and Q3 revenue guidance was also higher than expected. However, CEO Steve Huffman warned in a letter to shareholders that referral traffic from search engines fluctuated significantly this quarter; coupled with market concerns regarding the substitution effect of AI search, Reddit's after-hours stock price plummeted by over 10%. Data shows that Reddit's U.S. daily active users declined slightly quarter-over-quarter, dropping from 53.5 million in Q1 to 53.2 million. Additionally, there is uncertainty regarding whether the AI training data licensing contract between Reddit and Google can be renewed; Huffman stated he would ensure "maximizing Reddit's value", but did not provide a clear answer.