Crypto Morning Brief: Inflation Data Positive, Uniswap Proposes Burning 100 Million UNI Tokens and Enabling Fee Switch

深潮Pubblicato 2025-12-19Pubblicato ultima volta 2025-12-19

Introduzione

Crypto Market Update: U.S. inflation data came in better than expected, with the November CPI at 2.7% year-on-year, fueling expectations for potential Fed rate cuts. The SEC issued new guidance on crypto assets and DLT, clarifying rules for broker-dealers, asset protection, and trading systems. In major industry moves, Uniswap's governance proposal to burn 100 million UNI tokens and activate a fee switch has entered final voting. Bitwise filed for a spot Sui ETF, Tether hinted at developing a new OS, and Standard Chartered Hong Kong launched tokenized deposit services. Other developments include a tokenized public stock on Solana, ICE's potential investment in MoonPay, and a $70M raise for Solana DePIN project Fuse Energy.

Author: Deep Tide TechFlow

Yesterday's Market Dynamics

US Releases Important Economic Data

According to Jinshi Data, US initial jobless claims for the week ending December 13 were 224,000, compared to an expectation of 225,000.

According to Jinshi Data, the US November unadjusted CPI year-on-year was 2.7%, compared to an expectation of 3.1%.

Hassett: Latest CPI Report Surprisingly Good, Fed Has Significant Room for Rate Cuts

According to Jinshi Data, on Thursday, White House National Economic Council Director Hassett welcomed the November CPI report, stating that the US economy is exhibiting high growth and falling inflation. He said: "I'm not saying we're declaring victory on prices, but this is a surprisingly good CPI report." Hassett stated that wage growth is outpacing price growth, US taxpayers will see large refunds next year, and the government will help lower mortgage rates. He said: "The Fed has significant room for rate cuts." Hassett is a leading candidate to replace Powell as the next Fed Chair. He also suggested that the Fed should be more transparent in the future. "I think the Fed has to double down on transparency. Whoever leads the Fed should lay all the cards on the table so we can figure out what's really happening at that institution."

US SEC Releases Regulatory FAQ Related to Crypto Assets and Distributed Ledger Technology

According to an official announcement, the US SEC's Division of Trading and Markets released Frequently Asked Questions (FAQs) on activities related to crypto assets and Distributed Ledger Technology (DLT), aiming to provide compliance guidance for market participants. The content covers the following core areas:

  1. Broker-Dealer Responsibilities: Non-security crypto assets are not subject to Securities Exchange Act Rule 15c3-3. However, if they are "crypto asset securities," brokers can establish "control" under this rule to meet compliance requirements. The SEC has no objection to assets in non-paper form.

  2. Customer Asset Protection: If a crypto asset is not a product registered under the Securities Act, SIPC (Securities Investor Protection Corporation) will not provide protection. The SEC suggests treating non-security crypto assets as "financial assets" and placing them in a "securities account" under UCC Article 8 to strengthen the independence of customer assets during clearing and bankruptcy.

  3. Dual Asset Trading Pairs: National Securities Exchanges (NSE) and Alternative Trading Systems (ATS) can offer paired trading of "crypto securities/non-security assets," provided they meet regulatory requirements and disclose relevant information in detail on Form ATS or ATS-N.

  4. Transfer Agents and DLT: If a transfer agent provides security transfer services for a crypto asset issuer, and the asset is a registered security under Section 12, it must register with the SEC. The SEC does not object to using blockchain as the primary ledger, provided it meets federal regulations for record-keeping and supervision.

  5. Clearing, Settlement, and ETPs: When a registered broker operates an ATS, it can clear customer trades within its own account ledger; the SEC does not mandate registration as a clearing agency. For ETPs referencing crypto assets, the SEC does not object to their operation referencing the 2006 no-action letter for commodity ETPs.

Bitwise Files S-1 with US SEC, Proposes Spot Sui ETF

According to an official filing, Bitwise has filed a Form S-1 with the US SEC, proposing a spot Bitwise Sui ETF aimed at tracking the value of Sui held by the Trust (net of fees). The Trust's Sui will be custodied by Coinbase Custody, with plans to stake a portion of the assets.

Tether CEO: Will Eventually Launch a Pear Operating System

Stablecoin company Tether yesterday announced the launch of PearPass, a peer-to-peer (P2P) password manager designed to eliminate the risk of users' encrypted information being leaked to the cloud. The company's CEO, Paolo Ardoino, shared a community analysis article on platform X and stated: "Will eventually launch a Pear Operating System (Pear OS)".

Uniswap Founder: Final Governance Vote Submitted for Unification Proposal, Proposes Burning 100 Million UNI Tokens and Enabling Fee Switch

According to Uniswap founder Hayden Adams, the Unification proposal has been submitted for a final governance vote. Voting will begin on December 19 at 10:30 PM ET and end on December 25.

If the proposal passes, after a 2-day timelock, the following measures will be executed: Burn 100 million UNI tokens; Activate the fee switch for versions v2 and v3 on the mainnet, beginning the burning of UNI tokens, including Unichain fees; Uniswap Labs will align with Uniswap governance through a contractual agreement, which is legally binding under Wyoming DUNA law.

Hong Kong Economic Times: Standard Chartered Hong Kong Launches Tokenized Deposit Service

According to the Hong Kong Economic Times, Standard Chartered Bank (Hong Kong) and Ant International, under the framework of the Hong Kong Monetary Authority's DLT regulatory sandbox and Ensemble project, have tokenized Ant International's HKD, RMB, and USD accounts through Ant International's blockchain treasury management platform "Whale Platform".

The report stated that this tokenized solution was co-developed, allowing Ant International business entities to adopt a new treasury management model, accelerating the shift to this new model and enabling 24/7 real-time transfers of HKD, RMB, and USD funds.

Mahesh Kini, Global Head of Cash Management Business at Standard Chartered, said that as companies' reliance on instant liquidity increases, the market demand for real-time and 24/7 treasury management is growing rapidly.

Forward Industries Announces Its Tokenized Stock is Live on Solana Blockchain

According to Businesswire, Nasdaq-listed Solana treasury company Forward Industries announced that its SEC-registered stock is now live on the Solana blockchain via the Superstate platform. It is reported that eligible investors can also use the company's tokenized stock as collateral to borrow stablecoins, thereby gaining on-chain liquidity while maintaining investment exposure to the underlying equity.

NYSE Parent Intercontinental Exchange in Talks to Invest in Crypto Payments Company MoonPay

According to Bloomberg, Intercontinental Exchange Inc., the parent company of the New York Stock Exchange, is in talks to invest in crypto payments company MoonPay Inc. Sources revealed that MoonPay is close to completing a new funding round targeting a valuation of approximately $5 billion. This investment would be part of that funding round.

Listed Company VivoPower Partners with Korea's Lean Ventures to Acquire Ripple Equity

According to CoinDesk, Nasdaq-listed company VivoPower (VVPR), through its digital assets division Vivo Federation, has partnered with Korean asset management company Lean Ventures to plan raising $300 million to acquire equity in Ripple Labs, serving Korean institutional and qualified retail investors.

At the current XRP price, this investment would indirectly provide exposure to approximately 450 million XRP tokens, worth about $900 million. VivoPower has received approval from Ripple to purchase the first tranche of preferred shares and is negotiating additional acquisitions with existing institutional holders.

Solana-based DePIN Project Fuse Energy Completes $70 Million Series B Funding Round Led by Lowercarbon and Balderton

According to SolanaFloor, the Solana-based DePIN project Fuse Energy announced the completion of a $70 million Series B funding round. This round was led by Lowercarbon Capital and Balderton Capital, valuing the company at $5 billion.

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Domande pertinenti

QWhat was the US unadjusted CPI annual rate for November and how did it compare to expectations?

AThe US unadjusted CPI annual rate for November was 2.7%, which was lower than the expected 3.1%.

QWhat specific actions does the Uniswap Unification proposal include if it passes?

AIf the Uniswap Unification proposal passes, it will execute the following measures: burn 100 million UNI tokens, activate the fee switch for v2 and v3 on the mainnet to begin burning UNI (including Unichain fees), and Uniswap Labs will align with Uniswap governance through a legally binding contract agreement under Wyoming DUNA law.

QWhich two firms co-led the $70 million Series B funding round for the Solana-based DePIN project Fuse Energy?

AThe $70 million Series B funding round for Fuse Energy was co-led by Lowercarbon Capital and Balderton Capital.

QWhat new type of ETF did Bitwise file an S-1 form with the US SEC to launch?

ABitwise filed an S-1 form with the US SEC to launch a spot-type Bitwise Sui ETF.

QAccording to the SEC's guidance, under what condition would SIPC protection NOT be provided for a customer's crypto assets?

ASIPC protection will not be provided if the crypto asset is not a product registered under the Securities Act.

Letture associate

Dalio's Latest Warning: Don't Get Carried Away by AI, Real Returns on US Stocks in the Next 5-10 Years Could Be -5% to -10%

Ray Dalio, founder of Bridgewater Associates, warns investors against excessive concentration in AI stocks. He argues the current market, dominated by a few AI giants, mirrors historical patterns where revolutionary new technologies lead to high risk, volatility, and uncertainty. While acknowledging AI's transformative potential, Dalio emphasizes that most investors fail at this stage of the cycle by over-concentrating in a handful of leading companies. He cites inherent risks: companies cannot accurately forecast investment needs or external shocks (e.g., monetary policy, geopolitics, taxes), face potential disruption from future technologies and international competition (notably from China), and experience significant price swings. Dalio's core advice is diversification, calling it his "Holy Grail of Investing." He presents a mathematical case that a well-diversified portfolio of 15-20 uncorrelated, good bets offers a superior risk-adjusted return compared to a concentrated position. Dalio also offers a cautious outlook, suggesting U.S. stocks may deliver real returns of -5% to -10% over the next 5-10 years based on valuation and bubble indicators. He concludes that in the face of high uncertainty, the prudent strategy is not to avoid betting entirely, but to avoid large, concentrated bets where one lacks sufficient informational edge. Instead, investors should build a strategically balanced, diversified portfolio.

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Dalio's Latest Warning: Don't Get Carried Away by AI, Real Returns on US Stocks in the Next 5-10 Years Could Be -5% to -10%

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Rain Valuation Approaches $20 Billion: The Battle for U-Cards Extends to Rewards Systems

Rain, a stablecoin payments infrastructure company, is shifting the competitive focus for U Cards from simple issuance to user retention and repeated usage. On June 15, Rain launched "Rain Rewards," an embedded loyalty program capability within its card-issuing infrastructure. This allows partner businesses—like fintech platforms and neobanks—to configure branded loyalty points, earning rules, redemptions, and merchant promotions directly within their card products. The system, built from the 2025 acquisition of Uptop, ensures points are only issued upon final transaction settlement, preventing liabilities from refunds. Trials, such as with Avalanche Card, reportedly boosted spending by 25% among enrolled users. Founded by Farooq Malik and Charles Yoo-Naut, Rain evolved from a tool for managing Web3 company expenses into a full-stack enterprise platform. It is a Principal Member of Visa and Mastercard, enabling partners to issue stablecoin-backed cards and wallets while leveraging traditional payment networks. Notably, the popular U Card Plasma One is issued by Rain under Visa's authority. Rain also integrates with Visa's stablecoin settlement pilot, using USDC for network settlement. Rain's rapid funding reflects growing institutional interest in stablecoin payment infrastructure. It raised a $245 million Series A in March 2025, a $58 million Series B in August 2025, and a $250 million Series C in January of this year, reaching a $19.5 billion valuation. Annualized transaction volume exceeds $3 billion, serving over 200 partners including Western Union and Nuvei. Beyond cards, Rain is expanding into programmable payments. Its June 2026 "Agent Control Layer" allows businesses to set spending rules—like merchant categories, amounts, and frequency—for AI agents before transactions occur. This positions Rain not as a single product but as an operating system for stablecoin payments, handling everything from card issuance and wallet management to rewards, on/off-ramps, and automated compliance. The goal is to enable seamless, often invisible, real-world spending of on-chain assets.

Foresight News27 min fa

Rain Valuation Approaches $20 Billion: The Battle for U-Cards Extends to Rewards Systems

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Historical Bottom Signal Reappears? Messari Valued at $300 Million Sells for $10 Million

Messari, a major crypto data and research platform once valued at $300 million, was sold to rival Blockworks for just over $10 million in June 2026. This sale marks a broader, quiet contraction in the crypto industry. Data platforms like DappRadar and Parsec have shut down, media outlets like CoinDesk have been sold at steep discounts, and companies across the sector are laying off staff or pivoting to AI, which is disrupting traditional research and data business models. Venture capital investment in crypto has plummeted, with funding in Q1 2026 at its lowest since 2020, as capital and talent shift aggressively toward AI. Prominent crypto investors are leaving the space, and many funds are struggling. However, these extreme pessimism signals may historically indicate a market bottom. Bitcoin is down nearly 50% from its 2026 high, the Crypto Fear & Greed Index has been in "extreme fear" for months, and long-term Bitcoin holders control a near-record 80% of the supply. Similar combinations of deeply negative signals—including low VC activity and distressed asset sales—preceded major bull markets in 2018, 2020, and 2022. While Messari's downfall symbolizes a tough period, it also aligns with patterns seen at cycle lows.

marsbit1 h fa

Historical Bottom Signal Reappears? Messari Valued at $300 Million Sells for $10 Million

marsbit1 h fa

Google TPU Shipments Revised Up by 50%

Recent industry research indicates a significant upward revision in the shipments of Google's TPU (Tensor Processing Unit) chips. Previous expectations for 2027 were set at around 10 million units, but new estimates now point to 15 million units, a 50% increase. This substantial boost directly translates to higher demand across the entire supporting supply chain. Google's TPU clusters utilize a standardized all-optical interconnect architecture. Consequently, key hardware components are deeply integrated and scaled in fixed ratios with the chips. The 15 million TPU target will drive corresponding demand increases for NPO optical engines (roughly a 1:1 match), 1.6T optical modules, OCS optical switches, high-end server power supplies, fiber optics & MPO connectors, and liquid cooling solutions. Among these, liquid cooling is highlighted as the sector experiencing the most significant transformation and offering the most stable potential for excess returns. As next-generation TPU chips reach power levels where traditional air cooling is insufficient, liquid cooling becomes essential. 2026 is forecasted as the first year of substantial adoption for Google's liquid cooling solutions. This shift, coupled with delivery and capacity bottlenecks faced by incumbent overseas manufacturers, is creating a prime window for domestic Chinese suppliers to enter and secure Google's core supply chain. The market size for Google-specific liquid cooling is projected to potentially triple from a baseline of hundreds of billions to around 300 billion units by 2028. The logic for the fiber optic sector is also being rewritten. Once considered a cyclical commodity tied to telecom operator procurement, fiber is now a strategic and scarce resource for AI Data Centers (AIDC). A severe supply-demand imbalance, driven by the long lead time for preform production (18-24 months) and surging demand from cloud giants, is supporting strong performance. Chinese fiber manufacturers are well-positioned to capture a significant share of global AIDC demand, with exports potentially reaching 200-300 million core kilometers in 2026. Overall, the investment focus within the AI computing industry is shifting from pure "chip performance speculation" towards the more certain incremental growth in computing infrastructure and its supporting ecosystem. The upward revision in Google TPU shipments, along with the potential for further doubling by 2028, is seen as solidifying performance visibility for the entire supporting supply chain over the next two years.

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Google TPU Shipments Revised Up by 50%

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What Wall Street Really Wants After the Crypto Story Recedes

The tide of speculative crypto narratives has receded, revealing Wall Street's true objective: building a controlled, yield-generating, and compliant financial pipeline on distributed ledgers. They are migrating core functions onto blockchains, not for decentralization, but for efficiency and new revenue streams. Key developments include BlackRock's BUIDL fund, a tokenized treasury fund acting as a foundational reserve asset, and the rise of Securitize, which is going public and partnering with the NYSE to build a 24/7 digital securities trading and settlement system. This signals a major shift of securities clearing to blockchain technology. To make volatile assets like Bitcoin palatable for institutional investors, firms like BlackRock and Goldman Sachs are creating "covered call" ETFs (e.g., BITA). These products systematically sell options on Bitcoin holdings, transforming price volatility into stable monthly income, effectively repackaging crypto as a yield-bearing asset. Stablecoins are being positioned not as speculative tools but as efficient payment rails. Companies like Stripe and Mastercard are integrating them for instant, low-cost merchant settlements and cross-border card payments, respectively. Critically, new legislation like the GENIUS Act shapes them as non-interest-bearing, heavily regulated extensions of the US dollar system. In summary, Wall Street is quietly constructing a parallel, blockchain-based financial infrastructure featuring tokenized traditional assets, structured crypto yields, and programmable dollar pipelines—all under its control and fully integrated with existing regulatory and credit frameworks.

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What Wall Street Really Wants After the Crypto Story Recedes

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