Crypto Morning Report: Backpack plans to offer equity to stakers, WLFI reports USD1 was attacked

Author: Deep Tide TechFlow

Yesterday’s Market Trends

US Media: Trump Administration Considers Imposing New National Security Tariffs on Six Major Industries, Including Batteries, Pig Iron, and Iron Accessories

According to The Wall Street Journal, the Trump administration is considering imposing new “national security tariffs” on six industries. Sources familiar with the matter reveal that the scope of these tariffs may include large batteries, pig iron and iron accessories, plastic pipes, industrial chemicals, and power grid and telecommunications equipment. These tariffs will be levied under Section 232 of the Trade Expansion Act of 1962. The new tariffs for the six industries will be implemented separately from the new global 15% tariff. It is currently unclear when the tariffs investigation managed by the Department of Commerce will be announced or when the tariffs will be finally imposed. Section 232 requires a lengthy investigation before tariffs are levied, but once implemented, the president can unilaterally modify them.

US Trade Representative: After the Supreme Court Ruling on Tariffs, US Bilateral Trade Agreements Remain Valid

According to Jin10, U.S. Trade Representative Robert Lighthizer stated on CBS’s “Face the Nation” on Sunday that the agreements the US has reached with the EU, South Korea, and other countries are still valid. He attempted to distinguish these agreements from the 15% global tariff zone announced by Trump on Saturday. Lighthizer said, “We want them to understand that these deals will be successful deals. We will fully support these deals. We also expect our partners to fully support these deals.” He also mentioned that other US trade measures, including investigations into trade behaviors of other countries, will give the US an advantage. He has spoken with officials from the EU this weekend and will also communicate with officials from other major US trade partners to reassure them.

WLFI Response: Attackers Infiltrated WLFI Co-founder Accounts to Spread FUD and Short Massive Positions, but Attack Failed

World Liberty Financial announced on social media:

"Earlier this morning, a coordinated attack targeted USD1. Attackers infiltrated multiple WLFI co-founders’ accounts, hired KOLs to spread panic, and massively opened WLFI short positions, attempting to profit from this artificially created chaos.

But the attack was unsuccessful.

Thanks to USD1’s robust minting and redemption mechanism and full 1:1 asset backing, the USD1 trading price has remained stable at face value. No fraudster can shake the long-term commitment of the entire WLFI team and co-founders to USD1.

Reminder to users: Please only obtain accurate information through verified official channels."

Meme Coin TRUMP Team Plans to Allocate Up to 5% of Tokens for Ecosystem Growth

According to official sources, the Meme Coin TRUMP team announced entering the next development phase, focusing on deepening market liquidity, expanding application scenarios, and promoting long-term value growth through disciplined capital operations. Based on community feedback, the project will simultaneously advance profit and liquidity plans, institutional-grade market structure optimization, and strategic inventory management to improve trading quality and strengthen the ecosystem.

In terms of liquidity, holders will soon be able to participate in yield programs via Kamino Vault, earning TRUMP and stablecoin rewards, with incentives exceeding $10 million to support on-chain liquidity and DEX capital efficiency. Additionally, new professional market makers will enhance liquidity support in centralized and decentralized markets, improving price discovery and trading execution stability.

Furthermore, TRUMP will strategically use up to 5% of the total supply of unlocked tokens over the coming months, based on a public token unlock schedule, for ecosystem investments, collaborations, and growth initiatives. This includes up to $3.5 million in ecosystem funds, potential acquisitions and partnerships, and entertainment and gaming layouts driven by The TRUMP Game Studio, with the first project being the Web3 game TRUMP Billionaires Club.

Bitdeer Responds to Bitcoin Sale Decision: Preparing Liquidity for Land Acquisition, Hashrate Growth Plan Unchanged

Wu Jihan’s Bitcoin mining company Bitdeer (BTDR) issued a statement: “The decision to sell Bitcoin should not cause market concern. It aims to prepare liquidity in advance for multiple non-binding land acquisition opportunities currently under evaluation. The company emphasizes that hashrate will continue to grow and will keep mining in the interest of shareholders.”

Ethereum Foundation Establishes DeFi Team to Support New Protocol Development, Reaffirms Belief in “DeFipunk” Concept

According to The Block, the Ethereum Foundation is establishing a dedicated decentralized finance (DeFi) department within its application relations team to support new protocol development. The foundation appointed Charles St. Louis, former CEO of DELV and architect of MakerDAO governance, as DeFi protocol expert, and Ivan (ivangbi), co-founder of Gearbox Protocol, as DeFi coordinator.

The Ethereum Foundation stated: “We want to see DeFi thrive, but we hold a clear view of what it should look like: permissionless, censorship-resistant, privacy-first, self-custodied, and open source.” St. Louis added on X: “The Ethereum Foundation believes in DeFipunk: not just slightly better than traditional finance, but a finance that cannot exist without Ethereum.”

The team will support existing DeFi projects and focus on the development of “Tomorrow’s DeFi,” including user-controlled AI and high-throughput on-chain futures markets and other innovations.

Backpack Plans to Offer Equity to Token Stakers, Has Reserved 20% of Company Equity

According to Decrypt, cryptocurrency exchange Backpack plans to allow its upcoming token holders to obtain company equity through staking. CEO Armani Ferrante stated on social media that users who stake the token for at least one year can exchange it for company equity at a fixed ratio. The company has already reserved 20% of its equity for this plan.

Ferrante explained that this move aims to improve the current model, as many projects have failed to fulfill promises supporting utility-only tokens. The token issuance date has not yet been announced, but users are required to verify their identity to qualify for participation.

Tether Announces Suspension of Support for Offshore Renminbi Stablecoin CNH₮

On February 21, Tether announced that it would gradually cease support for its CNH₮ stablecoin starting February 20, 2026. Effective immediately, Tether has stopped issuing new CNH₮ tokens and will fully terminate redemptions after one year.

This decision is based on market condition changes, low product interest, and limited community demand relative to other assets. Holders of CNH₮ are advised to redeem their assets as soon as possible, completing operations before the redemption deadline.

Shanghai Financial and Development Laboratory Director: Regulatory First Differentiates RWA Tokens from Virtual Currencies and Does Not Mandate Absolute Decentralization

Caixin published an article titled “Strict Regulation of Offshore RWA,” where Director and Chief Expert Zeng Gang of the Shanghai Financial and Development Laboratory stated that the joint issuance of No. 42 document by eight departments adopts a “domestic ban, offshore strict regulation” framework, first differentiating RWA tokens from virtual currencies. The China Securities Regulatory Commission (CSRC) regards “asset-backed securities tokens” as the first operational RWA type, opening a specific path for compliant offshore issuance by domestic enterprises. The regulators neither deny the potential value of RWA tokens as a new financing tool nor relax risk prevention. The No. 42 document emphasizes the use of “cryptographic technology and distributed ledger or similar technology” and does not require absolute decentralization. The core principle is: offshore issuance must ensure that domestic entities do not engage in token trading, funds must enter through compliant cross-border investment and foreign exchange channels, and a post-issuance event reporting mechanism must be established to report major issues to the China Securities Regulatory Commission.

US Private Credit Giant Blue Owl Capital Announces Sale of Approximately $1.4 Billion in Loan Assets

According to CoinDesk, US private credit giant Blue Owl Capital announced the sale of about $1.4 billion in loan assets to meet redemption demands from investors in its retail-oriented private credit fund. The fund (Blue Owl Capital Corp II) will return approximately 30% of net asset value (NAV) to qualified investors, with the sale price at 99.7% of face value. As a result, Blue Owl’s stock (OWL) fell nearly 15% this week, with a year-to-date decline exceeding 50%; other private equity firms like Blackstone, Apollo Global, and Ares Management also saw significant drops.

Experts compare this to the “canary in the coal mine” signals before the 2007 financial crisis (such as the collapse of Bear Stearns hedge funds), warning that excessive expansion in the private credit market (especially AI-related investments) could trigger systemic risks, credit tightening, and banking contagion. If pressures force central banks to cut interest rates and inject liquidity, it could replicate the post-pandemic scenario of 2020, injecting momentum into Bitcoin and the crypto markets and fueling the next bull run.

SBI Holdings Launches 10 Billion Yen On-Chain Bonds Rewarded with XRP for Investors

According to CoinDesk, Japanese financial giant SBI Holdings announced the issuance of “SBI START Bonds” worth 10 billion yen (approximately $64.5 million), targeting retail investors. The bonds are issued, managed, and settled entirely on the blockchain platform “ibet for Fin.” Qualified investors (holding SBI VC Trade accounts and investing over 100,000 yen) can receive XRP rewards equivalent to their investment at issuance and during subsequent interest payment dates (until 2029), with 200 yen worth of XRP per 100,000 yen invested. The bonds have a three-year term, offer a fixed interest rate, and secondary trading will commence on March 25, 2026, on the Osaka Digital Exchange.

Market Trends

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