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In response to Circle's significant stock price pullback, investment bank Bernstein stated that the market has misinterpreted the US stablecoin regulatory draft, and the current sell-off may have exceeded fundamental risks. Previously, Circle's stock price fell by approximately 20% in a single day, approaching the $100 mark, primarily due to provisions in the draft "Clarity for Payment Stablecoins Act" that proposed to limit the yield on stablecoin balances. However, Bernstein pointed out that this rule targets distributors, not issuers. Analysts emphasized the need to distinguish between stablecoin issuers and distribution platforms: Circle generates yield by investing approximately $80 billion in USDC reserves in short-term US Treasuries, earning an estimated $2.64 billion in related income in 2025, but it does not directly pay interest to coin holders.

[Bernstein: Market Misinterprets Stablecoin Regulation Impact, Circle's Stock Correction May Be Overdone]In response to Circle's significant stock price pullback, investment bank Bernstein stated that the market has misinterpreted the US stablecoin regulatory draft, and the current sell-off may have exceeded fundamental risks. Previously, Circle's stock price fell by approximately 20% in a single day, approaching the $100 mark, primarily due to provisions in the draft "Clarity for Payment Stablecoins Act" that proposed to limit the yield on stablecoin balances. However, Bernstein pointed out that this rule targets distributors, not issuers. Analysts emphasized the need to distinguish between stablecoin issuers and distribution platforms: Circle generates yield by investing approximately $80 billion in USDC reserves in short-term US Treasuries, earning an estimated $2.64 billion in related income in 2025, but it does not directly pay interest to coin holders.

Bernstein: Market Misinterprets Stablecoin Regulation Impact, Circle's Stock Correction May Be Overdone

UK digital bank Monument Bank has announced plans to tokenize up to £250 million (approximately $335 million) in retail deposits on the Midnight Network, calling it the first initiative of its kind to be advanced by a regulated bank on a public blockchain in the UK. The bank stated that the deposits will continue to accrue interest, be fully backed by the bank, and can be exchanged at a 1:1 ratio for pounds. Unlike previous efforts that have primarily focused on the institutional sector or closed networks, Monument is targeting retail customers, specifically the 'wealthy mass' segment with investable assets ranging from £50,000 to £5 million.

[Monument Bank to Pioneer £250 Million Deposit Tokenization for Retail Customers in the UK]UK digital bank Monument Bank has announced plans to tokenize up to £250 million (approximately $335 million) in retail deposits on the Midnight Network, calling it the first initiative of its kind to be advanced by a regulated bank on a public blockchain in the UK. The bank stated that the deposits will continue to accrue interest, be fully backed by the bank, and can be exchanged at a 1:1 ratio for pounds. Unlike previous efforts that have primarily focused on the institutional sector or closed networks, Monument is targeting retail customers, specifically the 'wealthy mass' segment with investable assets ranging from £50,000 to £5 million.

Monument Bank to Pioneer £250 Million Deposit Tokenization for Retail Customers in the UK

On March 25th, impacted by the Middle East situation, Turkey's foreign exchange reserves rapidly declined, raising market concerns about its ability to stabilize its currency. Data shows that in the past three weeks, the Central Bank of Turkey has used approximately $30 billion to intervene in the market to support the lira. Analysts point out that under the dual pressure of capital outflows and soaring energy costs, Turkey may be forced to sell or utilize its gold reserves through swaps to supplement foreign exchange liquidity. Currently, its gold reserves exceed $100 billion. The conflict has led to a significant increase in international oil prices, further exacerbating Turkey's current account deficit and inflationary pressures. The market generally expects that if the situation persists, Turkey may face currency depreciation and interest rate hike pressures.

[Turkey May Tap Gold Reserves to Stabilize Currency Amidst Foreign Exchange Depletion]On March 25th, impacted by the Middle East situation, Turkey's foreign exchange reserves rapidly declined, raising market concerns about its ability to stabilize its currency. Data shows that in the past three weeks, the Central Bank of Turkey has used approximately $30 billion to intervene in the market to support the lira. Analysts point out that under the dual pressure of capital outflows and soaring energy costs, Turkey may be forced to sell or utilize its gold reserves through swaps to supplement foreign exchange liquidity. Currently, its gold reserves exceed $100 billion. The conflict has led to a significant increase in international oil prices, further exacerbating Turkey's current account deficit and inflationary pressures. The market generally expects that if the situation persists, Turkey may face currency depreciation and interest rate hike pressures.

Turkey May Tap Gold Reserves to Stabilize Currency Amidst Foreign Exchange Depletion

AllianceBernstein, which manages $880 billion in assets, reiterated its 'Buy' rating on Bitcoin investment company Strategy $MSTR, setting a price target of $450.

[AllianceBernstein Initiates Strategy $MSTR with 'Buy' Rating, $450 Price Target]AllianceBernstein, which manages $880 billion in assets, reiterated its 'Buy' rating on Bitcoin investment company Strategy $MSTR, setting a price target of $450.

AllianceBernstein Initiates Strategy $MSTR with 'Buy' Rating, $450 Price Target

According to PolyBeats monitoring, on the prediction market Polymarket, a new address has invested $48,000 in betting 'No' on the event 'Will Trump visit China before May'. The current probability for 'No' is 62%. Trump's originally scheduled trip to Beijing from March 31st to April 2nd has been postponed. Trump himself stated that his new Asia trip would be in about five to six weeks. If calculated strictly based on this statement, it would fall around April 21st to April 28th, which highly overlaps with the unbookable period at the China World Hotel in Beijing from April 22nd to April 26th. However, as of now, the White House has stated that both sides are still negotiating a new date; the Chinese Embassy in the US maintains that they 'will continue to communicate regarding Trump's visit to China'. Account: 0x126091a58494557662a8285c35f3f4b5e4f107ce Total Investment: $48k --------------------------------- See the future earlier, follow @PolyBeats_Bot

[New Address Bets $48K Trump Won't Visit China Before May]According to PolyBeats monitoring, on the prediction market Polymarket, a new address has invested $48,000 in betting 'No' on the event 'Will Trump visit China before May'. The current probability for 'No' is 62%. Trump's originally scheduled trip to Beijing from March 31st to April 2nd has been postponed. Trump himself stated that his new Asia trip would be in about five to six weeks. If calculated strictly based on this statement, it would fall around April 21st to April 28th, which highly overlaps with the unbookable period at the China World Hotel in Beijing from April 22nd to April 26th. However, as of now, the White House has stated that both sides are still negotiating a new date; the Chinese Embassy in the US maintains that they 'will continue to communicate regarding Trump's visit to China'. Account: 0x126091a58494557662a8285c35f3f4b5e4f107ce Total Investment: $48k --------------------------------- See the future earlier, follow @PolyBeats_Bot

New Address Bets $48K Trump Won't Visit China Before May

According to 1M AI News monitoring, Chen Cheng, an engineer at Ant Group and author of the front-end framework Umi.js, has reverse-engineered the source code of Claude Code 2.1.81, fully reconstructing the events that occur after the 'auto mode' is activated. Key findings reveal a four-layer decision pipeline for every tool invocation. Only when the first three layers cannot make a determination is an independent AI classifier invoked for a safety review. The four layers are as follows: The first layer checks existing permission rules; if a match is found, it's directly approved. The second layer simulates the 'acceptEdits' mode (permission level allowing file edits); if it passes under this mode, indicating low risk, it bypasses the classifier. The third layer checks a whitelist of read-only tools (Read, Grep, Glob, LSP, WebSearch, etc.) which do not modify any state and are unconditionally approved. If none of the above conditions are met, the process enters the fourth layer, making an independent API request to Claude Sonnet for safety classification. Key design details of the classifier include: always using Sonnet instead of Opus as a trade-off between cost and latency; setting the temperature to 0 to ensure deterministic output; defining the classifier as a 'safety monitor for autonomous AI programming agents' to protect against three types of risks (prompt injection, scope creep, and unintended damage); and injecting the user's CLAUDE.md configuration file into the classifier's context as a basis for judging user intent. Interception rules cover over 22 categories, including force push, direct push to the main branch, downloading and executing external code, production deployment, data exfiltration, self-modification of permissions, creation of remote code execution surfaces, and credential leakage. Exceptions for approval include 7 categories: hardcoded test keys, local file operations within the working directory, read-only GET requests, installation of declared dependencies, official toolchain installation, reading configuration credentials to send to the target provider, and pushing to the current working branch. There is also a circuit breaker mechanism: after 3 consecutive rejections or a cumulative 20 rejections, the system degrades to manual confirmation; in headless mode, the agent is directly aborted. When the classifier is unavailable, a feature flag controls whether it 'fails closed' (rejects directly) or 'fails open' (degrades to manual confirmation). Prompt injection in 'auto mode' also has fine-grained frequency control: injected once every 5 conversation rounds. The first injection in every 5-injection cycle is the full version (approximately 800 words, including six instructions such as 'execute immediately, minimize interruptions, action over planning'), while the other 4 are single-line condensed versions, balancing context window usage with behavioral stability.

[Ant Engineer Reverse-Engineers Claude Code's Auto Mode: Four-Layer Decision Pipeline and Safety Classifier Revealed]According to 1M AI News monitoring, Chen Cheng, an engineer at Ant Group and author of the front-end framework Umi.js, has reverse-engineered the source code of Claude Code 2.1.81, fully reconstructing the events that occur after the 'auto mode' is activated. Key findings reveal a four-layer decision pipeline for every tool invocation. Only when the first three layers cannot make a determination is an independent AI classifier invoked for a safety review. The four layers are as follows: The first layer checks existing permission rules; if a match is found, it's directly approved. The second layer simulates the 'acceptEdits' mode (permission level allowing file edits); if it passes under this mode, indicating low risk, it bypasses the classifier. The third layer checks a whitelist of read-only tools (Read, Grep, Glob, LSP, WebSearch, etc.) which do not modify any state and are unconditionally approved. If none of the above conditions are met, the process enters the fourth layer, making an independent API request to Claude Sonnet for safety classification. Key design details of the classifier include: always using Sonnet instead of Opus as a trade-off between cost and latency; setting the temperature to 0 to ensure deterministic output; defining the classifier as a 'safety monitor for autonomous AI programming agents' to protect against three types of risks (prompt injection, scope creep, and unintended damage); and injecting the user's CLAUDE.md configuration file into the classifier's context as a basis for judging user intent. Interception rules cover over 22 categories, including force push, direct push to the main branch, downloading and executing external code, production deployment, data exfiltration, self-modification of permissions, creation of remote code execution surfaces, and credential leakage. Exceptions for approval include 7 categories: hardcoded test keys, local file operations within the working directory, read-only GET requests, installation of declared dependencies, official toolchain installation, reading configuration credentials to send to the target provider, and pushing to the current working branch. There is also a circuit breaker mechanism: after 3 consecutive rejections or a cumulative 20 rejections, the system degrades to manual confirmation; in headless mode, the agent is directly aborted. When the classifier is unavailable, a feature flag controls whether it 'fails closed' (rejects directly) or 'fails open' (degrades to manual confirmation). Prompt injection in 'auto mode' also has fine-grained frequency control: injected once every 5 conversation rounds. The first injection in every 5-injection cycle is the full version (approximately 800 words, including six instructions such as 'execute immediately, minimize interruptions, action over planning'), while the other 4 are single-line condensed versions, balancing context window usage with behavioral stability.

Ant Engineer Reverse-Engineers Claude Code's Auto Mode: Four-Layer Decision Pipeline and Safety Classifier Revealed

Market data shows that BTC has broken through $72,000, currently trading at $72,007.52. It has seen a 24-hour increase of 1.24%. The market is experiencing significant volatility, so please implement risk control measures.

[BTC Surpasses $72,000]Market data shows that BTC has broken through $72,000, currently trading at $72,007.52. It has seen a 24-hour increase of 1.24%. The market is experiencing significant volatility, so please implement risk control measures.

BTC Surpasses $72,000

On March 25th, veteran investor Simon Dixon publicly criticized Michael Saylor's strategy of aggressively accumulating Bitcoin, stating that it could exacerbate the centralization risks of the cryptocurrency. Currently, Strategy holds approximately 762,000 BTC, representing over 3% of the total supply. The company recently launched a $42 billion ATM financing plan, intending to further increase its Bitcoin holdings. Dixon pointed out that this model deeply intertwines Bitcoin with the traditional financial system, making it more susceptible to short-term trading and price manipulation, thus deviating from its original decentralized ethos. He advocates for a return to self-custody and long-term holding strategies, rather than centralized allocation through publicly traded companies.

[Veteran Investor Criticizes Michael Saylor's Bitcoin Accumulation Strategy Amid Centralization Concerns]On March 25th, veteran investor Simon Dixon publicly criticized Michael Saylor's strategy of aggressively accumulating Bitcoin, stating that it could exacerbate the centralization risks of the cryptocurrency. Currently, Strategy holds approximately 762,000 BTC, representing over 3% of the total supply. The company recently launched a $42 billion ATM financing plan, intending to further increase its Bitcoin holdings. Dixon pointed out that this model deeply intertwines Bitcoin with the traditional financial system, making it more susceptible to short-term trading and price manipulation, thus deviating from its original decentralized ethos. He advocates for a return to self-custody and long-term holding strategies, rather than centralized allocation through publicly traded companies.

Veteran Investor Criticizes Michael Saylor's Bitcoin Accumulation Strategy Amid Centralization Concerns

According to 1M AI News monitoring, Liu Chengcheng, founder of tech media 36Kr, currently heads ByteDance's AI hardware team, Ocean. He reports directly to Zhu Jun, head of the AI product team, Flow, and is in charge of the Doubao mobile assistant and ByteDance's entire AI hardware business. After leading 36Kr to list on Nasdaq at the age of 30 in 2019, Liu Chengcheng secretly founded Whale Dolphin Technology to develop a domestic operating system and tablet hardware, primarily selling overseas. The company was later acquired by ByteDance, and Liu Chengcheng and his founding team subsequently joined ByteDance. After joining, he drove ByteDance's full acquisition of open-ear headphone brand Oladance (approximately $50 million) and then led the launch of the first AI hardware product, Ola Friend. After the AI glasses project was internally halted in February this year due to hardware homogenization, the Ocean team's strategic focus has shifted to the Doubao mobile assistant. This product, capable of executing complex tasks across applications at the system level, is considered the true breakthrough for ByteDance's AI hardware line. The Flow team (including Ocean) holds a priority level within ByteDance equivalent to that of the Douyin team.

[ByteDance's Doubao Assistant Led by 36Kr Founder Liu Chengcheng; Team Operates at Same Level as Douyin Internally]According to 1M AI News monitoring, Liu Chengcheng, founder of tech media 36Kr, currently heads ByteDance's AI hardware team, Ocean. He reports directly to Zhu Jun, head of the AI product team, Flow, and is in charge of the Doubao mobile assistant and ByteDance's entire AI hardware business. After leading 36Kr to list on Nasdaq at the age of 30 in 2019, Liu Chengcheng secretly founded Whale Dolphin Technology to develop a domestic operating system and tablet hardware, primarily selling overseas. The company was later acquired by ByteDance, and Liu Chengcheng and his founding team subsequently joined ByteDance. After joining, he drove ByteDance's full acquisition of open-ear headphone brand Oladance (approximately $50 million) and then led the launch of the first AI hardware product, Ola Friend. After the AI glasses project was internally halted in February this year due to hardware homogenization, the Ocean team's strategic focus has shifted to the Doubao mobile assistant. This product, capable of executing complex tasks across applications at the system level, is considered the true breakthrough for ByteDance's AI hardware line. The Flow team (including Ocean) holds a priority level within ByteDance equivalent to that of the Douyin team.

ByteDance's Doubao Assistant Led by 36Kr Founder Liu Chengcheng; Team Operates at Same Level as Douyin Internally

Security company Beosin Alert has issued a reminder that transactions on Shibarium are in a pending state. Currently, $1.7 million is locked in ETH. Users are advised to temporarily stop using Shibarium.
According to previous reports, Shiba Inu developers have launched the Ethereum L2 expansion solution Shibarium main network.

[Beosin: Suspension of Shibarium Recommended]Security company Beosin Alert has issued a reminder that transactions on Shibarium are in a pending state. Currently, $1.7 million is locked in ETH. Users are advised to temporarily stop using Shibarium.
According to previous reports, Shiba Inu developers have launched the Ethereum L2 expansion solution Shibarium main network.

Beosin: Suspension of Shibarium Recommended

Article

Solana Foundation Launches Developer Platform for the AI Era

High Stakes Capital Sells Over 600,000 HYPE Tokens for Nearly $22.94 Million

Tencent Recruits Key Personnel from ByteDance's Seed Unit, Including Xiao Xuefeng and Zhang Chi, Who Will Report to Yao Shunyu

OpenAI Aims to Raise $10 Billion from Investors Including MGX, Coatue, and Thrive

U.S. Stock Indices Close Lower

SOL broke through 90  USDT

Beosin: Suspension of Shibarium Recommended

Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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