A new block, a new brief: signal over noise, builders over bluster.

Prices (USD, inline): BTC $113,542 • ETH $4,288 • SOL $184.83 • BNB $852.65 • XRP $2.90 • ADA $0.877 • AVAX $23.19 • DOGE $0.219 • DOT $3.84

Quick Index ⚡️

🐉 China weighs yuan-backed stablecoins to challenge dollar rails
📉 Bitcoin stalls near $113K ahead of Powell; SOL & DOGE perk up
🧮 69 treasuries now hold 4M+ ETH, >$17B
🏦 Asia’s family offices dial up crypto exposure
🏛️ UK sanctions rouble-stablecoin network; Kyrgyzstan pushes back
🔧 Wormhole counters LayerZero with higher bid for Stargate
🧱 DBS to tokenize structured notes on Ethereum

Markets

Caution into Jackson Hole; majors range. Bitcoin hovered around $113K as traders positioned for Chair Powell’s remarks at Jackson Hole, with Solana and Dogecoin leading pockets of alt outperformance. The tone mirrors broader macro caution across equities and FX. A hawkish surprise could lean risk-off; a dovish tilt may release some upside pressure. (According to CoinDesk’s morning market update and Reuters’ global markets wrap.) CoinDeskReuters+1

On-chain treasuries keep stacking ETH. The Block tallied 69 entities with a combined treasury above 4 million ETH (>$17B). That concentration underscores how protocols, DAOs and corporates increasingly hold native assets as strategic reserves — a dynamic that can tighten float and amplify reflexivity in uptrends and downtrends alike. (As reported by The Block.) The Block

Regulation

China considers yuan-backed stablecoins. Beijing is weighing a roadmap to green-light yuan-pegged stablecoins as part of a broader push to internationalize the currency, a notable shift from its 2021 crypto clampdown. Early implementations would likely run through Hong Kong and Shanghai, aiming to counter the dominance of dollar-stablecoins in cross-border settlement. For markets, credible RMB stables would be a structural competitor in payments and trade finance. (According to Reuters.) Reuters

UK sanctions hit rouble-stablecoin web; Kyrgyzstan protests. After Britain sanctioned entities tied to a rouble-pegged stablecoin network alleged to aid Russian evasion, Kyrgyzstan’s president publicly appealed to US/UK leaders, denying domestic banking involvement. This highlights how stablecoin rails are now squarely in geopolitics — and why compliance risk premia remain real for issuers, exchanges and OTC desks. (As outlined by Reuters.) Reuters

Adoption

Asia’s wealthy lean in. Family offices across Asia are boosting digital-asset allocations, with some targeting ~5% exposure amid improving regulatory frameworks and strong recent returns. Rising interest filters into higher platform volumes and more sophisticated strategies, from basis trades to market-neutral funds — supportive for liquidity quality in Asia sessions. (According to Reuters.) Reuters

A corporate BTC buy from Hong Kong. A Hong Kong construction firm inked an agreement to acquire 4,250 BTC (~$483M), with shares spiking on the announcement. While settlement and treasury policy details matter, it’s another sign that corporates outside the US are exploring BTC as a balance-sheet macro hedge and IR narrative. (Reported by The Block.) The Block

Tech & Innovation

DeFi M&A heats up: Wormhole vs. LayerZero for Stargate. Bridge protocol Stargate drew a second suitor as Wormhole pushed to delay a governance vote to top LayerZero’s $110M token-swap proposal. Beyond deal drama, the outcome could reshape liquidity and messaging standards across cross-chain infrastructure — with direct implications for MEV, bridging fees and user experience. (According to CoinDesk.) CoinDesk

Tokenization playbook: DBS brings structured notes to Ethereum. Singapore’s DBS said it will tokenize structured notes on Ethereum after clients executed over $1B in crypto-linked note trades in H1. Expect tighter settlement cycles, fractional access and programmatic coupons — and more banks to pilot similar wrappers as tokenized RWAs move from proof-of-concept to product shelf. (As reported by The Block.) The Block

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Make it your edge: The Blockchain In Daily is your quick, clean read on what moved — prices, policy, adoption and the tech actually shipping. See you on the next block tomorrow.