Treasury Proposes GENIUS Act Rules as Stablecoin Law Deadline Looms

US Treasury proposes GENIUS Act stablecoin rules, 60-day comment window opens The Treasury Department issued a notice of proposed rulemaking defining stablecoin issuance and jurisdiction, with Secretary Bessent citing the need for regulatory certainty. Agencies missed the July deadline to finalize rules, so the law could take effect January 2027 without complete guidance. 12

Jane Street discloses nearly $1B Bitcoin ETF position in SEC filing The Wall Street quant firm holds $990 million in spot Bitcoin ETFs, mostly BlackRock's IBIT at $828 million, representing 15,394 BTC. The disclosure comes despite Jane Street posting its first losing month in a decade with roughly $15 billion in July losses. 3

Ethereum launches Glamsterdam public testnet, warns tools will break The Ethereum Foundation opened Platåberget, a public testnet for the Glamsterdam upgrade forking Thursday, and warned wallets, indexers and gas estimators relying on hardcoded gas limits will break under EIP-8037's new state-gas model. The upgrade also includes enshrined proposer-builder separation and block-level access lists. 45

Ethereum developers weigh 66 Hegotá proposals, including privacy-focused Frame Transactions Core developers have roughly two weeks to narrow the list for the 2027 Hegotá upgrade, with EIP-8141 (Frame Transactions) and related proposals aiming to move private payment infrastructure into the protocol itself. Only FOCIL, a censorship-resistance measure, has been approved so far. 67

Bitcoin ETFs rebound with $137.3M inflow, ending three-day outflow run Fidelity's FBTC drove the August 17 reversal with $111.9 million in inflows, recovering about 55% of the $248.4 million withdrawn over the prior three sessions. ARKB added $14.2 million and Morgan Stanley's MSBT $11.2 million, while BlackRock's IBIT data was unavailable. 8

Bitmine nears 5% of Ethereum supply with 5.82M ETH despite $8.4B losses Tom Lee's Ethereum treasury company resumed weekly ETH purchases, adding 9,926 ETH to reach roughly 4.8% of circulating supply. The company sits on $8.4 billion in unrealized losses but projects $287 million in annual staking rewards from over 5 million staked ETH. 9

XRP sinks below $1 for first time since 2024 despite Korean bank adoption XRP fell to 98 cents even as Jeonbuk Bank became the first Korean regional bank to deploy Ripple Payments for cross-border transfers. Ripple's push of RLUSD as its settlement asset helps explain why institutional adoption hasn't lifted XRP. 10

Circle's euro stablecoin EURC tops €400 million in circulation EURC's supply more than doubled over the past year, driven by MiCA compliance and institutional adoption across five chains including Ethereum, Solana and Base. The token now commands an estimated 41-65% of the euro stablecoin market. 1112

Compound bets $52M on institutional pivot with new leadership team The pioneering DeFi lending protocol replaced its leadership and approved a record budget as TVL fell to $1.2 billion from a $12 billion 2021 peak. The pivot targets real-world assets and credit infrastructure for traditional finance. 13

Aave V4 launches on Ethereum with deposits surpassing $400M Aave's new Hub and Spoke architecture launched with three initial liquidity hubs, with EtherFi creating a dedicated lending market. The design lets specialized markets share liquidity from centralized hubs rather than fragmenting capital. 14

Bitcoin reclaims $64K as volatility trap hits 91, highest in 3.5 years BTC rose nearly 2% to an intraday high of $64,227, but Glassnode's volatility trap score hit 91, its highest level in more than 3.5 years. Analysts point to ETF flows and compressed volatility leaving the next major move uncertain. 15

Paul Tudor Jones' firm buys back into BlackRock Bitcoin ETF after year of selling The macro investor's firm reversed a year-long selling streak by re-entering IBIT, signaling renewed institutional appetite for Bitcoin exposure through regulated vehicles. 16