Tether is ready to operate in the United States OpenAI will launch GPT-5

Headlines

▌Tether CEO: Tether is ready to operate in the U.S. market and will target the institutional market

Tether CEO Paolo Ardoino stated that Tether is ready to operate in the U.S. market. A week ago, President Donald Trump signed the GENIUS Act, regulating stablecoins in the U.S., and publicly thanked Ardoino for his work in the legislation. Ardoino mentioned that they are developing an internal strategy for the U.S. and plan to announce this strategy in the next two months. The new U.S. stablecoin will target the institutional market. Ardoino finally reiterated that Tether has no intention of going public like its U.S. competitor Circle.

▌OpenAI is set to launch GPT-5 in August

Microsoft engineers are preparing server capacity for OpenAI's next-generation GPT-5 model, which is expected to launch as early as the end of May. Following some additional testing and delays, sources familiar with OpenAI's plans say GPT-5 is now expected to be released as early as next month. OpenAI founder Sam Altman recently revealed on X that "we will be releasing GPT-5 soon," even showcasing some features on Theo Von's podcast earlier this week. Earlier this year, Altman referred to GPT-5 as "a system that integrates many of our technologies," as it will include o3 reasoning capabilities rather than being presented as a separate model. This is part of OpenAI's effort to simplify and integrate its large language models, aiming to create a more powerful system that ultimately achieves artificial general intelligence (AGI).

Market

As of the time of writing, according to data from CoinGecko:

The price of BTC is $118,332, with a 24-hour change of -0.3%;

The price of ETH is $3,705.52, with a 24-hour change of +2.1%;

The price of BNB is $772.60, with a 24-hour change of -0.4%;

The price of SOL is $183.30, with a 24-hour change of -3.5%;

The price of DOGE is $0.2323, with a 24-hour change of -3.8%;

The price of XRP is $3.14, with a 24-hour change of -1.6%.

The TRX price is $0.3141, with a 24-hour change of +1.4%.

Policy

▌Trump visits the Federal Reserve, directly asking Powell to cut interest rates

During a visit to the Federal Reserve headquarters, U.S. President Trump was interviewed by the media alongside Fed Chairman Powell. In response to how he would retract his criticisms of Powell, Trump stated that he hopes Powell will lower interest rates and will focus on the committee's rate decisions. Trump also remarked that generally speaking, he would fire a project manager who exceeds the budget. While Trump cited data on the budget for the renovation of the Federal Reserve headquarters, Powell continuously shook his head beside him, and Trump mocked that the building renovation is a daunting task.

▌The House Committee investigates the Federal Reserve's renovation project

According to Punchbowl, the U.S. House Committee is investigating the Federal Reserve renovation project.

Blockchain Applications

▌Christie's International Real Estate Establishes Cryptocurrency Division to Support Cryptocurrency Property Transactions

According to The New York Times, the American luxury real estate brokerage Christie’s International Real Estate has established a dedicated department specifically for handling real estate transactions conducted in Bitcoin and other cryptocurrencies, becoming the first large brokerage firm to set up such a crypto division.

▌Cryptocurrency custody institution Anchorage Digital launches stablecoin issuance platform

The American cryptocurrency custody institution Anchorage Digital announced the launch of a stablecoin issuance platform to assist clients in seizing the anticipated growth surge in asset-backed tokens following the passage of U.S. stablecoin legislation.

▌Ruihe Shuzhi approved HKD 80 million to develop Web3.0 business and invest in cryptocurrency assets

Ruihe Smart (03680.HK) announced that the board of directors has resolved to officially lay out its plans in the Web3.0 and cryptocurrency asset sectors while solidifying the existing artificial intelligence and big data business of the group. A budget of HKD 80 million has been approved for the development of the Web3.0 business and investment in cryptocurrency assets over the next two years.

Cryptocurrency

▌IMF: El Salvador's Strategic Bitcoin Reserve Fund Accumulation of Bitcoin Meets Planned Conditions

The International Monetary Fund (IMF) stated that El Salvador's strategic Bitcoin reserve fund accumulation of Bitcoin meets the planned conditions. El Salvador's Bitcoin holdings align with the country's planned commitments. The total amount of Bitcoin held in the El Salvador government wallet remains unchanged.

▌Strategy plans to increase its financing scale from $500 million to $2 billion for the purchase of Bitcoin

According to market news, Strategy (formerly MicroStrategy) plans to increase its financing scale from $500 million to $2 billion for the purchase of Bitcoin.

▌BlackRock has increased its holdings of over 1 million ETH in July

According to official data, BlackRock has accumulated an additional 1,035,653 ETH (worth approximately $3.76 billion) since July 1, and as of July 23, BlackRock has held over 2.8 million ETH (worth approximately $10.22 billion).

▌ETHA asset scale surpasses 10 billion USD

Bloomberg ETF analyst Eric Balchunas stated that ETHA has just surpassed $10 billion in asset size within a year, becoming the third fastest ETF in history to reach this milestone, following two Bitcoin ETFs: IBIT and FBTC. It soared from $5 billion to $10 billion in just 10 days, and currently, the fund ranks among the top five in terms of inflows over the past month and week.

▌Tether mints an additional 1 billion USDT

According to Whale Alert monitoring, Tether has minted 1 billion USDT on the Ethereum network. Tether CEO Paolo Ardoino stated that this is an authorized but unissued transaction, meaning it will be used as inventory for the next issuance request and on-chain swaps.

▌Tether: Tether Gold tokens have reached nearly 250,000, supported by 7.66 tons of physical gold

Tether announced that in the second quarter of 2025, it has issued nearly 250,000 Tether Gold tokens, totaling 7.66 tons of physical gold backing, with each Tether Gold token backed by 1 ounce of physical gold stored in Swiss vaults. Currently, the market value of this token is approximately $830 million.

▌USDC Treasury has added the minting of 100 million USDC on the Ethereum chain

According to Whale Alert monitoring, USDC Treasury minted 100 million USDC on the Ethereum chain.

▌Injective will tokenize SharpLink stock SBET

Injective announced the tokenization of SharpLink's stock SBET (backed by Ethereum co-founder Joe Lubin) on-chain. SharpLink currently holds 360,000 ETH, making it the second largest Ethereum treasury company after BitMine. The SBET token is based on Injective's iAssets framework and can be used for on-chain financial operations such as lending, collateral, and derivatives, promoting the deep integration of traditional equity and crypto assets. SBET currently has a market capitalization of approximately $2.6 billion. Injective is supported by Binance, Jump, Pantera, and others.

▌Satsuma Technology raises $135 million to establish a Bitcoin treasury

According to Cointelegraph, London-based artificial intelligence company Satsuma Technology has raised £100 million (approximately $135 million) to establish a Bitcoin treasury, setting a record for Bitcoin treasury fundraising in the UK. The company stated that it has successfully completed fundraising in excess of its target amount, with all committed funds expected to be in place within the next two weeks. If all funds are converted to Bitcoin, this acquisition would make Satsuma the second largest corporate Bitcoin holder in the UK, only behind The Smarter Web Company, which holds 1,600 BTC (worth approximately $190 million).

▌The TON Foundation plans to raise 400 million USD for the Toncoin treasury

The TON Foundation and Kingsway Capital plan to raise $400 million for the Toncoin treasury.

Important Economic Dynamics

▌Trump: There is no need to fire Powell, this action would make too much noise

During his visit to the Federal Reserve building on Thursday, President Trump stated that he had a "good conversation" with Fed Chairman Powell, and the atmosphere was not tense. Powell's relationship with Senator Scott is more strained. They discussed interest rate issues. Dismissing Powell would create too much noise, and I see no need for that at all. I already have candidates in mind to succeed Powell, possibly three people, and I have not put pressure on Powell.

▌U.S. Treasury Secretary: The Federal Reserve has an improper influence on the economy

U.S. Treasury Secretary Becerra: The Federal Reserve should return to basics. The Federal Reserve has an inappropriate influence on the economy. Other actions by the Federal Reserve may affect monetary independence, and the Federal Reserve's footprint has become too large.

▌"The Fed's Mouthpiece": Trump's Visit to the Federal Reserve is Equivalent to a Political Show

Nick Timiraos, the "Fed's Mouthpiece," published an article stating that Trump visited the renovation site of the Federal Reserve building on Thursday afternoon, which was akin to a political performance aimed at increasing pressure on the Fed. This is part of an unconventional campaign to tarnish the public image of Fed Chair Powell and push for interest rate cuts. Trump's rare visit to the Fed represents a display of his governing skills. For a president who built his brand on real estate projects and reality TV shows, this visit provided a timely opportunity for television, casting Powell—whom Trump himself appointed as Fed Chair eight years ago—as an incompetent bureaucrat overseeing a $2.5 billion renovation project that is over budget. Stifel strategist Brian Gardner noted that the focus on the renovation of the Fed building could also divert people's attention from the Epstein case.

▌Former Fed Governor Warsh: We need leadership change at the Fed

Golden Finance reported that former Federal Reserve Governor Kevin Warsh stated: No new laws are needed, we need a change in the leadership of the Federal Reserve. Being ready to serve the public depends on Trump. We must prove to the market that we take spending cuts seriously.

Golden Encyclopedia

▌What role do gold, oil, and BTC play in the U.S. reserves?

The U.S. government has long relied on gold and oil as reserve assets, but with the increasing popularity of Bitcoin among institutions, its potential role as a strategic reserve has significantly enhanced. While gold has historically been the backbone of the monetary system, oil remains an important economic and security asset, but Bitcoin represents a new digital reserve that challenges traditional financial paradigms. The U.S. holds a substantial amount of gold and oil reserves, but its Bitcoin holdings are relatively small, primarily acquired through asset seizures. Gold, oil, and Bitcoin each exhibit unique liquidity and market dynamics, with gold being the most stable, oil driven by geopolitical factors, and Bitcoin characterized by high volatility and round-the-clock accessibility. Gold, oil, and Bitcoin all play strategic roles in the global economy, with gold serving as a hedge tool and oil influencing geopolitical stability. Over time, all these assets carry strategic and macroeconomic significance. Their narratives related to broader capital markets may be exactly what is needed to attract investor interest. With the growth of institutional adoption, Bitcoin's strategic value as a hedge against inflation and government debt is increasingly recognized. Policy initiatives suggest that establishing a strategic Bitcoin reserve could position it alongside traditional assets like gold and oil in the future.