PANews

Authors: Peggy, Lin Wanwan, BlockBeats
The most stable asset in the crypto market is a dollar without an ID card.
Over the past decade, USDT has become the "de facto dollar" in the crypto world with $170 billion in assets and ubiquitous liquidity. But the more successful it is, the sharper its identity anxiety becomes: a dollar without U.S. backing is always a vulnerability.
In recent years, Circle has applied for a trust bank license, Paxos has built a global clearing network, and Visa and Mastercard are also increasing their focus on stablecoin settlements. In comparison, Tether has remained within the narrative of an "offshore shadow empire."
Under regulatory pressure and competition, in September 2025, Tether, the parent company of USDT

The article discusses the investment logic of Bitcoin and silver, citing Saifedean Ammous's book "The Bitcoin Standard," emphasizing that Bitcoin's advantage as a "hard currency" lies in its scarcity and difficulty to increase supply. Silver, on the other hand, has higher supply elasticity and is less likely to become a hard currency. Currently, silver prices are closely related to industrial demand, especially in fields like photovoltaics and electric vehicles. However, Bitcoin's performance in investments has been lackluster, and market confidence in Bitcoin has been challenged.

作者：danny
Who would have thought that the modern international tax information system was actually triggered by a "toothpaste" incident? A UBS banker smuggled diamonds through a toothpaste tube, a Hollywood-like scene that unexpectedly sounded the death knell for Swiss banking secrecy laws. Today, the wheels of history are relentlessly turning toward the crypto world—the once-secret "tax haven" is about to face its reckoning.
This article will unveil the mystery of CARF: a global tax crackdown operation. From Binance's strategic move to "relocate" its headquarters to the UAE to buy time, to the harsh reality that "crypto-to-crypto" transactions are no longer tax-exempt; from Hong Kong's compliance countdown to mainland investors' shattered illusions.
This is not only a reshaping of the industry landscape but also a survival guide that every crypto asset holder must face—after all, in this algorithm-woven prison, no one can continue to be an ostrich with their head in the sand.

Author: Castle Labs & Vincent
Compilation: LlamaC
(Portfolio: Burning Man 2017, About Tomo: ETH Foundation Illustrator)
"Recommended Message: This article mainly explores the positioning of Bitcoin as 'Digital Gold,' comparing its reserve value and liquidity with traditional gold, and discusses Bitcoin's role in the financial system and its future prospects.
From the legend of searching for the Golden Fleece to the mines in South Africa, humans have been endlessly pursuing this noble and mysterious treasure.
It seems to be captured sunlight, perhaps truly originating from the depths of the universe, because scientists believe that gold was born from the collision of dying stars, known as supernova explosions. Although the vast majority of gold on Earth is sealed within the Earth's core, the remaining part was brought to the surface by meteorites.
Throughout the entire process

MegaETH is a newly launched ultra-high-performance EVM L2 project, with a public sale oversubscribed by 27.8 times and $20 million raised. Users can participate in game interactions to earn potential airdrops. The project has strong backing, including well-known investors such as Ethereum founder Vitalik and others.

CARF is an international automatic exchange framework for tax information on crypto assets, currently adopted by 76 countries. Hong Kong, China, has explicitly committed to participate, with data collection starting in 2027 and information exchange in 2028; meanwhile, mainland China has not yet committed to participate and does not have the relevant conditions in the short term. In the future, if regulatory policies change, mainland China may have the capacity to connect with CARF.

The article discusses the future transformation of currency, emphasizing the coexistence and collaboration between Central Bank Digital Currencies (CBDC) and market stablecoins. Stablecoins are driven by the market and are suitable for fast payments and decentralized finance, while CBDCs are issued by governments to maintain monetary sovereignty and regulation. While countries around the world are piloting CBDCs, they are also promoting the compliant development of stablecoins, indicating the potential formation of a two-tier monetary system. This collaboration will drive innovation and transformation in future finance and payments.

Author: Max.s
Just yesterday, the Secretary for Financial Services and the Treasury Bureau of Hong Kong, Christopher Hui, announced high-profile plans to make Hong Kong a trusted global gold storage hub within three years, with a target capacity exceeding 2,000 tons. Meanwhile, across the ocean, stablecoin giant Tether revealed in their Q4 2025 financial report that they have added approximately 27 tons of gold.
On the surface, this appears to be an era of "gold revival." From sovereign central banks to the crypto world's "central bank" Tether, everyone seems to be rushing to acquire precious metals.
However, beneath this superficial prosperity, a more profound and brutal intergenerational asset transfer is taking place. As OKX Star said: "Gold addresses trust issues of the past, while Bitcoin solves trust issues of the future. Betting on gold in 2026 is similar to relying on the Nationalist government in 1949."
This statement sounds sharp, but it is precisely

Author: 137Labs
Recently, OpenMind has once again been brought into the crypto market spotlight due to the public sale of ROBO.
But if you really treat it as a “Web3 project,” you’re probably off to the wrong start.
What OpenMind is doing is actually very “old school”—it’s addressing a problem that has existed in the robotics industry for over a decade:
Robots almost cannot cooperate well with each other.
The problem in the robotics industry is not “lack of intelligence.”
Today’s robots are already very smart.
They have vision, speech, navigation, and large models, with capabilities visibly improving.
The real issue is:
These robots operate independently.
Different manufacturers, different systems, different protocols—
Almost no robot can collaborate with another “outsider” to complete a task.
Even in the same space, they

Written by: imToken
If a year ago, someone told you that gold would rapidly rise to $5000 per ounce, most people's first reaction would probably be that it's wishful thinking.
But the fact is just that. In just half a month, the gold market has been like a runaway horse, repeatedly breaking through multiple historical levels at $4700, $4800, and $4900 per ounce. With almost no turning back, it is heading towards the $5000 mark that the market is collectively watching.
Source: companiesmarketcap.com
It can be said that after repeated verification of global macro uncertainties, gold has returned to its most familiar position — as a consensus asset that does not rely on any single sovereign commitment.
But at the same time, a more realistic question is emerging: when the consensus on gold returns, has the traditional holding method already become unable to bear the digital age?

Gold bull Peter Schiff once again dismisses the idea that Bitcoin is "digital gold," arguing that true digital gold should be tokenized gold. He emphasizes that tokenized gold also has real-time verification capabilities and mentions Binance launching gold and silver contracts, highlighting the importance of "hard assets" in the crypto market. The debate continues.

Author: Alan Chen
An Overlooked Number
If your investment portfolio includes US stocks, gold, Bitcoin, or altcoins, this number might change your perspective on these assets.
The S&P 500 divided by the gold price (SPX:GOLD)), currently at a ratio of 1.45.
Most people don't pay attention to this number. After all, the stock market is still hitting new highs, account balances are rising, and Bitcoin is hovering at high levels. Who would care about calculating it with gold?
But Benjamin Cowen does. He recently released two videos analyzing this ratio and its impact on the entire cycle of stocks, gold, and cryptocurrencies. His conclusion is straightforward: we are at an extremely dangerous historical juncture, and this point will determine what assets you hold in the next 2-3 years.
Why? Because the number 1.45 has appeared three times in financial history,

On-chain lending is transforming into a capital allocation infrastructure and has become an important part of the DeFi ecosystem, with a TVL of approximately $64.3 billion. Aave holds a dominant position but faces challenges such as liquidity and credit risk. With the introduction of compliant assets like RWA, on-chain lending is expected to accelerate its integration into the global capital markets.