Important information from last night and this morning (April 9-April 10)

M^0 stablecoin platform is launched on Solana, KAST will issue the first digital dollar based on M^0

According to the official X account of M^0, its stablecoin platform is now online on the Solana network. The first partner, KAST, will issue KAST Dollar based on the M^0 architecture, focusing on payment and savings scenarios. Other integrated parties include Spree Finance, Squads Protocol, Jito and Perena. M^0 supports developers to build branded and feature-rich digital dollar solutions through its $M extension framework.

Tether Treasury issues 1 billion USDT on Tron chain, and has issued 8 billion USDT so far this year

According to Lookonchain monitoring, Tether Treasury issued an additional $1 billion USDT on the Tron network 4 hours ago. Since 2025, Tether has issued a total of $8 billion USDT on the Tron chain and destroyed $1 billion USDT on the Ethereum chain.

Synthetix ecological stablecoin sUSD has expanded its decoupling degree to more than 10%, and is now trading at $0.8946

The stablecoin sUSD of the Synthetix ecosystem has been depegging recently, and the degree of depegging has now expanded to over 10%. sUSD is now trading at $0.8946. The market value of the sUSD stablecoin is currently about $27 million. Kain Warwick, the founder of Synthetix, tweeted on April 2 to respond to users' concerns about the depegging of the sUSD stablecoin, saying that "Synthetix is not dying," and explained the background of sUSD's volatility by reviewing the history of stablecoins. He pointed out that sUSD is indeed more volatile than USDT and DAI, but its design mechanism is different, which is normal. He also reviewed the evolution of stablecoins since the birth of USDT, bitUSD, and Nubits in 2014, emphasizing that even centralized stablecoins such as USDC have been significantly depegged.

Magic Eden acquires decentralized exchange Slingshot

NFT platform Magic Eden has completed the acquisition of decentralized trading platform Slingshot. Magic Eden said that this move will promote its vision of building a cross-chain asset trading platform, supporting 8M+ tokens, covering all chains (including Bitcoin, which will be launched soon) and without the need for cross-bridges or centralized exchanges.

CFTC Acting Chairman Praises DOJ for Ending Digital Asset Policy of “Substituting Enforcement for Regulation”

Caroline Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), praised the Department of Justice's recent announcement to end its policy of regulating the digital asset industry through prosecution, and instructed CFTC staff to follow the President's executive order and the Department of Justice's new guidance on digital asset enforcement. Pham said that this move will end years of "legal battles" against innovators, focus resources on combating fraud and market manipulation, and enhance regulatory clarity and industry trust.

US stocks closed: Trump postponed trade policy, Nasdaq surged 12%

Trump eased the implementation of reciprocal trade measures, and the three major U.S. stock indexes soared. The Dow Jones Industrial Average initially closed up 7.87%, the S&P 500 rose 9.51%, and the Nasdaq Composite Index rose 12.16%. Tesla (TSLA.O) rose 22%, Apple (AAPL.O) rose 15%, and Nvidia (NVDA.O) rose 18%. Among blockchain concept stocks, MARA Holdings (MARA) rose 17.02%, Strategy (MSTR.O) rose 24.76%, and Coinbase (COIN.O) rose 16.91%. U.S. President Trump said: The record performance of the stock market should continue.

Paul Atkins confirmed as SEC Chairman

The U.S. Senate voted 52 to 44 to confirm Paul Atkins, nominated by President Donald Trump, as Chairman of the Securities and Exchange Commission (SEC), with a term of office until June 5, 2026. The next step is to send the confirmation result to the White House, and after President Trump signs it, Atkins will be officially sworn in, and the specific time has not yet been determined. Atkins said that he would make the establishment of a digital asset regulatory framework a "top priority." The consulting company he founded has provided services to clients including crypto exchanges and DeFi platforms.

White House: Tariff levels will be reduced to a general 10% during negotiations

Trump posted on social media that in view of the fact that more than 75 countries have called the United States representative agencies to negotiate solutions to issues related to trade, trade barriers, tariffs, currency manipulation and non-monetary tariffs, I have approved a 90-day suspension of these countries. The suspension applies to reciprocal tariffs. During this period, the general tariff will be reduced to 10%, and the suspension will take effect immediately. The 90-day tariff suspension does not apply to US tariffs on Mexico and Canada. A White House spokesman said that tailored negotiations will continue, and the tariff level will be reduced to a general 10% during the negotiations. The White House posted on x that it would suspend for 90 days and reduce the reciprocal tariffs on most countries to 10%, effective immediately.

Web3 social media platform Wunder.Social completes $50 million in financing

According to CoinDesk, Web3 social media platform Wunder.Social announced the completion of a $50 million financing round led by Rollman Management. Wunder.Social said in the announcement that the project uses blockchain technology to verify user identities, thereby eliminating robots, and shares advertising revenue with users, allowing users to fund the causes they care about. The company plans to issue tokens later this month, and potential users who are interested can register on the company's website. The project also announced that Ryan Martin, former marketing director of TikTok, has joined Wunder.Social as chief marketing officer.

According to CoinDesk, World Liberty Financial (WLFI), a DeFi project supported by the Trump family, began selling its Ethereum holdings at $1,465 per coin, even though the asset was purchased at $3,259 per coin at the beginning of this year. Arkham's on-chain data showed that a wallet closely related to World Liberty Financial sold 5,471 ETH for about $8 million on Wednesday after a cumulative loss of $125 million. World Liberty Financial's main wallet still holds $98 million worth of cryptocurrencies, of which $11.7 million is Ethereum.

Fed's Musallem: Economic growth will be below trend and inflation risks will rise

According to Jinshi, Fed's Musallem said that U.S. economic growth may "substantially" fall below trend levels, and unemployment will rise this year as businesses and households adjust to prices pushed up by new import tariffs. "I don't have a baseline for a recession, but I think economic growth may be significantly below trend," Musallem said, estimating growth at around 2%. He said that "risks in both directions will become a reality," and higher-than-expected tariffs put pressure on prices, falling confidence and the recent sharp drop in stock markets may curb spending, hit household wealth, and rising prices will have an impact. These factors combined to slow economic growth. Musallem, who has a vote on interest rate policy this year, said the response of monetary policy will depend on how inflation and unemployment evolve in the coming months, whether price shocks persist, and whether inflation expectations are consistent with the Fed's 2% inflation target.

General Administration of Customs: Implementation of additional tariffs on imported goods originating from the United States

According to Jinshi, the General Administration of Customs issued an announcement that from 12:01 on April 10, 2025, an additional tariff of 84% will be imposed on all imported goods originating in the United States on the basis of the current applicable tariff rate; if the goods have been shipped from the place of departure before 12:01 on April 10, 2025, and are imported between 12:01 on April 10, 2025 and 24:00 on May 13, 2025, the additional tariffs will not be levied.

Nevada court halts state effort to block prediction market Kalshi

A federal court in Nevada has granted a preliminary injunction filed by cryptocurrency-based prediction market Kalshi, temporarily blocking the state government's move to stop its cryptocurrency-based prediction market operations. Kalshi co-founder Tarek Mansour thanked the court through X Platform for recognizing the platform's status as an exchange regulated by the U.S. Commodity Futures Trading Commission (CFTC).

Andrew Kang’s associated address deposited 2.27 million USDC to Hyperliquid, increasing BTC long positions with 40x leverage

According to OnchainLens monitoring, an address associated with Andrew Kang (@Rewkang) deposited 2.27 million USDC to Hyperliquid to increase BTC long positions with 40x leverage. Currently, the value of this Bitcoin long position has exceeded $100 million.

Fed's Kashkari: Tariffs will raise threshold for rate cuts

According to Jinshi, the Fed's Kashkari said that given the impact of tariffs on inflation, the Fed is unlikely to cut interest rates in the face of tariffs even if the economy begins to deteriorate. Kashkari said that Trump's tariffs are "much higher and more extensive than expected," and he expects that these tariffs will reduce investment and economic growth and push up inflation "at least in the short term." "Because of tariffs, the obstacles to changing interest rates in some way have increased," Kashkari wrote. "Given the importance of keeping long-term inflation expectations stable and the possibility that tariffs will boost near-term inflation, the threshold for cutting interest rates is higher even in a weak economy and a possible rise in unemployment." He pointed out that recent inflation expectation indicators have begun to rise, as well as the United States' experience of high inflation for many years, are reasons why the Fed may not be able to ignore any tariff-driven price shocks. "Given the high inflation we have experienced in recent years, and the risk that long-term inflation expectations will get out of control, I believe our first priority must be to keep long-term inflation expectations stable," he said.

Cakepie DAO blasts PancakeSwap Token Economy 3.0 proposal, warns of the consequences of removing veCAKE

According to Cryptonews, tensions are escalating in the PancakeSwap ecosystem. As the largest veCAKE holder and a contributor to PancakeSwap's long-term growth, Cakepie DAO has expressed strong opposition to the DEX's newly announced token economics proposal 3.0. The proposal includes plans to remove veCAKE, pledge, vote measurement, and revenue sharing, raising many questions, especially in protocols that have built entire ecosystems around these mechanisms. Cakepie DAO published a fierce post on the X platform, expressing deep dissatisfaction with the proposal's veCAKE removal plan. veCAKE is a governance mechanism designed to reward long-term commitments and align incentives across the ecosystem. What particularly displeased Cakepie was the way the proposal was announced. Although Cakepie has locked millions of CAKE tokens in good faith for four years and has continued to contribute to liquidity growth, it claims that it learned about these changes with the public without knowing it. Cakepie, which has locked up 13 million CAKE, stressed that the sudden change undermines not only its own efforts but also the trust of the wider BNB chain builder community. Critics say that by removing veCAKE, PancakeSwap will transfer influence from long-term supporters to whales and short-term holders. Adding fuel to the fire, Cakepie raised serious concerns about the governance process that preceded the proposal. The DAO claimed that multiple wallets locked up about 25 million CAKE tokens shortly before the announcement of the Token Economics Proposal 3.0 table, possibly orchestrating a governance attack. If true, this would allow participants to vote for the proposal and unlock their tokens immediately after the change is passed, undermining the spirit of fair participation. The DAO warned that a compromised governance process would undermine trust and must not be ignored. In response to this situation with PancakeSwap, Cakepie proposed a series of constructive alternatives instead of abolishing veCAKE altogether. These include directly rewarding pools that create real value, allowing voting veCAKE holders to receive part of the transaction fees, and allowing users to exit veCAKE locks early at the cost of paying a penalty, thereby increasing flexibility while maintaining commitment incentives. Cakepie said these options will solve efficiency issues while maintaining the integrity of long-term token economics and governance.

Traders now pricing in Fed rate cuts likely to start in June, not May

According to Jinshi.com, traders are now pricing in that the Federal Reserve's rate cuts may begin in June, rather than May.

BlackRock deposits 3,296 BTC worth $254 million with Coinbase Prime

According to Lookonchain, BlackRock deposited 3,296 bitcoins (worth $254 million) into Coinbase Prime two hours ago.

EU: Counter-tariffs can be suspended if US reaches fair deal

According to Cailian News, the EU said that if the United States reaches a fair agreement, the counter-tariffs can be suspended. Earlier news was that the EU imposed a 25% tariff on the United States.

EU imposes 25% tariff on US

According to Cailianshe, the 27 EU member states voted to pass countermeasures to impose a 25% tariff on US imports in retaliation for the Trump administration's announcement on March 12 to impose tariffs on steel and aluminum on the EU.

Traders see more than a 60% chance the Fed will start cutting rates in May

According to Jinshi.com, traders believe there is more than a 60% chance that the Federal Reserve will start cutting interest rates in May.

Babylon will launch the second phase on April 10, namely the release of the L1 blockchain Babylon Genesis

Bitcoin staking protocol Babylon announced that the Babylon Genesis chain is scheduled to be publicly released at 18:00 Beijing time on April 10, 2025, after a short setup period (used to activate key components such as validator nodes, finality providers, supervisors, bridges, etc.). This arrangement is the second phase of Babylon's launch of the Bitcoin staking protocol. At the launch of the second phase, eligible airdrop recipients will receive BABY tokens in their registered BABY wallets without the need to claim them. BABY token transfers and staking will be enabled on the first day. It is reported that Babylon Bitcoin staking is launched in three phases. The first phase is to lock Bitcoin staking to expand supply, the second phase is to launch the Layer1 blockchain Babylon Genesis based on Cosmos-SDK, and the third phase is to launch other BSNs (which will allow other networks to access Bitcoin staking security and liquidity through Babylon Genesis).

GoPlus Security warns: WebKey DAO and NVB Bank’s token contracts are high risk

Web3 security company GoPlus Security published a post on the X platform saying that it conducted a security analysis of 11 tokens in the second round of the BNB Chain $4.4 million liquidity support plan and found that some of the tokens had potential risks. Among the 11 tokens listed, WebKey DAO and NVB Bank were marked as high-risk warnings, BabyMove was marked as medium-risk warnings, and the rest were marked as low-risk ratings (no obvious security risks were found). GoPlus Security said that WebKey DAO's token contract can be issued in a limited amount, and there are still a large number of tokens available for minting, which means that developers can create a large number of new tokens at any time, thereby significantly diluting the value of the tokens held by users; NVB Bank's tokens also have unlimited issuance functions, and there is no upper limit on token creation. BabyMove's contract made an external call to the upgradeable proxy contract, which may cause potential problems.

Swedish MPs suggest including Bitcoin in country’s foreign exchange reserves

According to Bitcoinist, Swedish MP Rickard Nordin has asked the Minister of Finance to diversify foreign exchange reserves to include Bitcoin. The Swedish Parliament recently received a written inquiry that once again sparked a debate about how the country manages its foreign exchange reserves. The inquiry was raised by Swedish MP Rickard Nordin and focused on whether Sweden should consider including Bitcoin in its official foreign exchange reserves. He emphasized that some countries, especially El Salvador, have already established Bitcoin as legal tender. He further pointed out that central banks around the world are increasingly discussing Bitcoin and its impact on monetary policy, suggesting that the concept of holding BTC may become an integral part of a broader financial prevention strategy. Nordin's written inquiry also mentioned developments in the United States, noting that Bitcoin has appeared in more formal settings, including ETFs and corporate purchases of Bitcoin.

FDT responds to Sun Yuchen’s accusation: $500 million TUSD transfer was requested by Techteryx to invest in commodities

According to Bitcoin.com, the controversial stablecoin issuer First Digital Trust (FDT) recently responded to the accusations of TRON founder Justin Sun, saying that its transfer of more than $500 million in TUSD reserve funds to the Dubai ARIA Fund was carried out in response to the investment instructions of its partner Techteryx. FDT said that these fund transfers, which were characterized as "commodity investments", were completed in multiple transactions, and disclosed the authorization letter signed by Techteryx on March 14, 2022 as evidence. The letter shows that Techteryx executive Alex de Lorraine explicitly asked FDT CEO Vincent Chok to invest up to $200 million in ARIA commodities, and emphasized that "if you have any questions, please contact immediately." This move adds new clues to the ongoing dispute-Sun Yuchen, who previously served as a consultant to Techteryx, accused FDT of misappropriating $456 million in escrow funds without authorization, and even offered a reward of $50 million for the global recovery of stolen assets. Hong Kong legislators also warned that if the allegations are true, there will be serious consequences. In the early morning of April 8, FDT issued a statement through the social platform X, which not only refuted Sun Yuchen's "false accusations", but also disclosed screenshots of the cooperation agreement with Techteryx since 2021. It emphasized that according to the custody terms, "we have no right to question the rationality of the customer's investment decision" and the transfer operation fully complies with the contractual obligations.

The State Council Tariff Commission: A 50% additional tariff will be imposed on all imported goods originating from the United States

According to Cailianshe, the State Council Tariff Commission issued an announcement today that from 12:01 on April 10, the additional tariff rate stipulated in the "Announcement of the State Council Tariff Commission on the Imposition of Additional Tariffs on Imported Goods Originating in the United States" (Tax Commission Announcement No. 4 of 2025) will be adjusted. The additional tariff rate on all imported goods originating in the United States will be increased from 34% to 84%.

Security company: New cryptocurrency fraud malware ClipBanker appears on SourceForge platform

According to Decrypt, cybersecurity company Kaspersky has discovered a new cryptocurrency fraud malware that tampers with wallet addresses in the clipboard. The attacker disguised the malware as a Microsoft Office plug-in and distributed it through the SourceForge platform, but actually induced downloads through secondary jump links. Analysis shows that the malicious code may be written by Russian developers, and 90% of the victims are located in Russia, but the attack range may be wider due to the use of English download pages. The malware (ClipBanker) monitors the clipboard and automatically replaces it with the attacker's address when the user copies the cryptocurrency address. Since most users are accustomed to copying and pasting, they often find that they have been cheated after the transfer is completed. Kaspersky warned that attackers may sell access to infected devices for more serious criminal activities. Although the installation package is disguised as a normal 700MB program, the actual malicious part is only 7MB. In the first three months of 2024, more than 4,600 users in Russia have been infected. Experts recommend downloading software only from official channels and avoiding untrusted sources to prevent similar attacks.

Goldman Sachs: US stocks may evolve into a cyclical bear market, which usually lasts about two years and takes five years to rebound to the starting point

According to Cailianshe, the latest U.S. stock research report released by Goldman Sachs shows that the U.S. stock bear market may last longer. It is currently in an event-driven bear market (triggered by tariffs). However, given the rising risk of recession, it could easily turn into a cyclical bear market. Goldman Sachs further analyzed that, judging from the trend, the average decline in cyclical bear markets and event-driven bear markets is usually around 30%, although their duration varies. Event-driven bear markets last shorter and recover faster. Cyclic bear markets last about two years on average, and it takes about five years to fully rebound to the starting point, while event-driven bear markets usually last about eight months and recover in about a year. The impact of structural bear markets is the most severe, with an average decline of about 60%, lasting more than three years, and usually taking ten years to fully recover.

NBA star O'Neal will pay $11 million to reach final settlement on Astrals NFT lawsuit

According to Cryptonews, NBA star Shaquille O'Neal has agreed to pay $11 million to settle a class action lawsuit related to his participation in the Solana-based NFT project Astrals. On April 1, Florida federal judge Federico Moreno approved the final settlement agreement, and the order was made public on April 8. The settlement agreement established an $11 million fund for qualified investors who purchased Astrals NFTs or acquired the project's GLXY tokens between May 2022 and January 15, 2024. The lawsuit was originally filed in May 2023, accusing Shaquille O'Neal of promoting and helping to launch the Astrals NFT series, which the plaintiffs believed amounted to unregistered securities sales. They claimed to have suffered financial losses due to O'Neal's promotional activities.

Argentine lawmakers support investigation into President Milei’s involvement in Libra scandal

According to Cointelegraph, members of the Argentine House of Representatives support an investigation into the country's President Javier Milei's alleged involvement in the Libra (LIBRA) cryptocurrency scandal. Members of the House of Representatives passed the investigation proposal with 128 votes in favor, 93 votes against, and 7 abstentions. Previously, the proposal failed to advance in the Senate. Before the news came out, Milei promoted the Meme coin LIBRA on social media. With the credibility of government officials and 3.8 million followers, the price of the token quickly climbed to $5, and the market value briefly touched $4 billion. Since then, Milei has faced allegations of misconduct. Critics say LIBRA is a "rug-pull" scam and Milei lured investors into it. Lawyer Joe Jonatan Baldiviezo, along with Marcos Zelaya, engineer María Eva Koutsovitis and former Argentine Central Bank President and economist Claudio Lozano, filed a lawsuit against Milei, accusing him of fraud.

21Shares Partners with House of Doge to Launch Dogecoin ETP in Europe

According to Globenewswire, cryptocurrency ETP issuer 21Shares AG has reached an exclusive cooperation with House of Doge, the commercial organization of the Dogecoin Foundation, to launch the first ETP product officially certified by the Dogecoin Foundation (code: DOGE), which will be listed on the Swiss Stock Exchange SIX. 21Shares Dogecoin ETP is 100% backed by physical assets, and the management fee of the product is 2.5%.

QCP Capital: Bitcoin is consolidating around $75,000. If the stock market crashes again, it may fall.

QCP Capital, a crypto investment institution in Singapore, said in a statement that overnight market losses widened after the United States imposed a new round of tariffs on China, with a total tax on Chinese imports reaching 104%. Market volatility remains intense, with the volatility index (VIX) remaining above 40 for the third consecutive trading day. Even traditional safe-haven assets have failed to play their expected role. Safe-haven assets have failed to provide an effective hedge, and gold and U.S. Treasuries have been sold off as investors have reduced risk and responded to margin calls. The Trump administration's strategy to refinance U.S. debt at lower interest rates has shown signs of strain, with yields on bonds of all maturities soaring. The 10-year U.S. Treasury yield once reached 4.50%, while the 30-year Treasury yield briefly broke through 5%. Credit spreads continue to widen, reflecting the overall deterioration of risk sentiment. Trump does not seem to have adjusted his strategy, but has adopted a Martingale-like strategy to double down on each retaliatory action. With China holding most of the initiative, the question becomes: How much more chips can the United States put in? The market is currently pinning its hopes on two supporting forces, the "Trump Put" or the "Fed Put", to provide bottom support. But neither support seems to be imminent. With unemployment remaining stable and inflation showing signs of recovery, the Fed is likely to maintain current interest rate levels for the foreseeable future. This is in stark contrast to market pricing, which reflects expectations of four rate cuts by 2025, even including speculation of inter-meeting rate cuts. Bitcoin is consolidating around $75,000, but this level could collapse if the stock market falls sharply again. Ethereum continues to underperform and is falling towards $1,400, a level not seen since early 2023. Cryptocurrency income strategies are gaining renewed attention against the backdrop of increased market volatility. Elevated implied volatility provides attractive opportunities to earn carry through structured trades.

A "whale" opened a 40x long position in Bitcoin, with a liquidation price of $91,612.7.

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