Mars Weekly | China’s tariff war eases; Trump again calls for Powell to cut interest rates

The Central Bank of Korea seeks to intervene early in the approval process for stablecoins supported by the Korean won.

The Bank of Korea emphasized that if a stablecoin supported by the won is launched, the Central Bank should intervene from the initial approval stage. Ko Kyeong-cheol, head of the Bank of Korea’s electronic finance team, stressed at a recent financial law conference that stablecoins could significantly impact the Central Bank’s ability to implement policies related to monetary policy, financial stability, and payment settlement. He highlighted that the Bank of Korea should play a role in the approval process to minimize the potential negative effects of digital assets on the Central Bank’s policy objectives.

Messari Report: As Rootstock’s hash rate share increases, the security of Bitcoin DeFi improves.

The latest report from data analysis agency Messari points out that the Bitcoin DeFi ecosystem (BTCFi) is experiencing a dual enhancement in security and cost advantages. As core infrastructure, the Bitcoin Layer2 network Rootstock is currently protected by 81% of Bitcoin’s total hash rate (an increase of 25 percentage points since February), with transaction fees reduced by 95% compared to the Bitcoin mainnet and 55% lower than the Ethereum network. This network supports smart contracts through the improved BitVMX programming language and is integrated with the cross-chain protocol LayerZero to achieve multi-chain interoperability.

The report emphasizes that with the joining of leading mining pools such as Foundry and Spiderpool, the security of Rootstock transaction verification has significantly improved. In 2025, the network will continue to attract developers through upgrades, including a 60% reduction in transaction fees. Similar Bitcoin Layer 2 projects like Stacks and BOB are also accelerating the implementation of DeFi applications. Data shows that the total locked value in Bitcoin DeFi has now exceeded $1.5 billion, an increase of over 300% compared to the beginning of the year.

Coinbase CEO: The plan to allocate 80% of the balance sheet to BTC has been discussed multiple times but has been rejected.

Over the past 12 years, Coinbase considered adopting a Bitcoin-centric financial strategy similar to Saylor’s, but ultimately abandoned it.

Brian Armstrong ( stated that the plan to allocate 80% of the balance sheet to BTC has been discussed multiple times but has been rejected to avoid jeopardizing liquidity and core operations.

Canadian tech company Matador plans to raise 3 million Canadian dollars, with part of the net proceeds intended for increasing its holdings in Bitcoin.

According to an official announcement, Canadian technology company Matador Technologies Inc. (TSXV: MATA, OTCQB: MATAF) recently announced a non-brokered private placement, with a maximum issuance of 5,454,546 units at a price of CAD 0.55 per share. Matador expects to raise a total of up to CAD 3 million. The net proceeds from this issuance are expected to be allocated approximately one-third for the following purposes: purchasing Bitcoin; advancing the company’s gold acquisition and Grammy business plans; general corporate purposes.

Analysis: The selling pressure from Bitcoin miners has dropped to its lowest level since 2024.

The cryptocurrency analysis platform Alphractal revealed in an article on May 10th on X that Bitcoin miners are becoming less active in the market, as they tend to accumulate mining rewards rather than selling them for profit. The lower value means that miners are holding onto their coins - which is a positive signal for prices.

With the price fluctuations in the coming weeks, whether up or down, we may see new selling interest.

U.S. SEC Chairman Paul Atkins: Possible comprehensive reform of cryptocurrency broker regulations

Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), stated on Monday local time that the current framework allowing brokers to act as custodians of digital assets may need to be abolished and replaced, and revealed that he is considering granting hedge funds the authority to self-custody crypto assets. Currently, only two institutions nationwide have obtained the “special purpose broker-dealer” license. Atkins pointed out at the digital asset roundtable that this sluggish response stems from the “significant restrictions” set by the previous administration. He emphasized, “Brokers have never been prohibited from custodian non-securities crypto assets or crypto securities.” However, he also noted that the SEC may need to clarify how customer protection and capital requirements apply to such institutions. Atkins has asked SEC staff to explore new pathways for cryptocurrency regulation, including examining whether to revise custody rules to allow hedge funds, trading firms, and investment advisors to self-custody digital assets.

The U.S. prosecutor recommends a two-year prison sentence for the SEC hacker Council.

U.S. prosecutors recommended to the District Court for the District of Columbia on May 12 that Eric Council Jr. be sentenced to two years in prison for taking control of the SEC’s X account through a SIM swap attack in 2024 and publishing false news that the SEC has approved a spot bitcoin ETF. “This case should be punishable by a custodial sentence within the guidance sentencing,” the prosecution said, noting that the defendants engaged in sophisticated fraud by forging identity documents, misleading communication shops and transmitting password reset codes to accomplices. The Council has pleaded guilty and will appear in court on May 16 to hear the verdict.

New York City Mayor Eric Adams announced a cryptocurrency collaboration plan, stating that New York is “open to crypto businesses.”

New York City Mayor Eric Adams announced at a press conference on May 12 that the city will form partnerships with financial companies as part of its cryptocurrency initiative. He stated that Figure founder June Ou and Traction and Scale CEO Richie Hecker will assist the city in promoting “economic development opportunities that use digital assets to serve the public.” Adams emphasized, “What we are focused on is the long-term value of these technologies for the city and its residents, rather than chasing meme coins or trends.” He reiterated, “If you are involved in crypto, blockchain, Web3, or fintech, New York City is open to you.”

The Ethereum Fusaka upgrade aims to introduce PeerDAS to reduce costs between L2 and validators.

After the successful deployment of the Pectra upgrade, Ethereum core developers have shifted their focus to the next major upgrade, “Fusaka,” which is scheduled to go live by the end of 2025. It has been confirmed that a proposal involving PeerDAS will be included, aimed at reducing the operating costs for Layer 2 scaling solutions and validators. PeerDAS (Peer-to-Peer Data Availability Sampling) is a data availability sampling mechanism that allows nodes to verify availability without needing to download the complete data, thereby improving network efficiency and reducing resource consumption. This mechanism is expected to further optimize Ethereum’s scaling capabilities, enhancing the network’s scalability and decentralization features. It is reported that the specific details of the Fusaka upgrade are still under discussion, but developers have reached a consensus on the introduction of PeerDAS.

Trump calls on Powell to cut interest rates again

Former President Trump stated on “Truth Social” that there is no inflation and that the prices of gas, energy, groceries, and almost all other goods are falling! The Federal Reserve must lower interest rates like Europe and China. "Too late, Mr. Powell, why are you still hesitating? This is unfair to America, which is ready to prosper. Let everything take its course; it will be a wonderful thing!

The US SEC is seeking opinions on BlackRock’s Bitcoin ETF physical redemption and has postponed proposals for Solana and Dogecoin.

The U.S. Securities and Exchange Commission (SEC) on Tuesday postponed its decision on whether to allow BlackRock’s Bitcoin ETF to conduct physical redemptions and began soliciting public comments. The SEC stated: “The Commission has initiated a review process under Section 19)b()2()B( to determine whether to approve or disapprove the proposed rule change.” Previously, the SEC leaned towards a cash model, which would involve immediately selling Bitcoin after moving it out of storage and returning cash to investors. If physical redemptions are approved, “the trading efficiency of the ETF could be higher,” said Bloomberg analyst James Seyffart. Additionally, the SEC also postponed its review of Grayscale’s Litecoin Trust, Solana Trust, and 21Shares’ Dogecoin ETF, and similarly sought public comments.

FTX’s main repayments will begin on May 30, with a total distributed fund of over $5 billion.

FTX’s main repayment will begin on May 30, marking the second distribution to creditors, with a total distribution amount exceeding $5 billion. FTX had previously made the first repayment distribution to small creditors in the Convenience Classes of its Chapter 11 reorganization plan.

According to previous reports, FTX creditor representative Sunil stated that Kraken has begun sending emails to FTX users, confirming that the next round of FTX compensation distribution will be on May 30, 2025. This distribution covers claims both below and above $50,000.

Tornado Cash co-founder Roman Storm will be tried on July 14, and the U.S. Department of Justice has withdrawn some charges.

Tornado Cash co-founder Roman Storm will be tried on July 14, the U.S. Attorney’s Office for the Southern District of New York stated on Thursday that it will not pursue some charges related to “unlicensed money transmission business,” but will still file lawsuits for “money laundering,” “some unlicensed transmission,” and “conspiracy to violate the International Emergency Economic Powers Act.” The DeFi Education Fund stated: “While this is consistent with the Department of Justice memo from April 2025, which calls for ending ‘prosecution as regulation’ and stopping the prosecution of registration violations, it does not fully correct the mistakes made by the Department of Justice in this case.” Coin Center Executive Director Peter Van Valkenburgh also expressed disappointment: “The criminal law provision is ambiguous in relation to the Bank Secrecy Act and should invoke the principle of lenient interpretation to rule in favor of the defendants.”

The US SEC is investigating whether Coinbase has inflated its user numbers.

According to the New York Times, shortly after U.S. President Trump took office, Coinbase)COIN.O( ushered in good news: the U.S. Securities and Exchange Commission (SEC) dropped a lawsuit accusing him of illegally selling digital currencies to the public. But this is far from the end of the company’s legal troubles. According to four people familiar with the matter, the SEC is investigating whether Coinbase overstated the number of users in past disclosures — an investigation that began with the Biden administration and has continued under Trump. The previously undisclosed investigation focused on Coinbase’s claims to have more than 100 million “verified users” in its securities filings and promotional materials. The data had appeared in the 2021 listing document, but the company stopped citing it two years later. According to two people familiar with the matter, Coinbase has continued to communicate with the SEC this year and hired Davis Polk & Polk to assist in the response.

BlackRock BUIDL Fund completes its first DeFi protocol integration, connecting to the Avalanche chain’s lending platform Euler.

BlackRock’s nearly $3 billion tokenized government bond fund BUIDL has completed its “first direct DeFi protocol integration,” connecting to the Euler protocol on Avalanche. This integration is based on the sToken framework developed by Securitize, allowing BUIDL-like token products to further expand on-chain. sBUIDL is a composable ERC-20 token that can be fully redeemed for BUIDL fund. This integration was developed by Re7 Labs, allowing users to use sBUIDL as collateral to borrow USDC or AUSD, and earn AVAX rewards and the underlying yields of the BUIDL fund. Euler stated: “It transforms BUIDL into a composable ERC-20, achieving on-chain utility without affecting its convertibility.”

Trump’s “Crypto Council” faced setbacks in its first congressional vote, raising questions about its influence.

According to Mars Finance, the “Crypto Council” established by Trump failed to exert the expected influence during its first key vote in Congress, leading to questions about the capabilities of White House crypto and AI czar David Sacks and Bo Hines, the Executive Director of the Digital Asset Advisory Committee. The committee aims to promote cryptocurrency-related legislation but did not achieve breakthroughs in the recent votes on stablecoin regulation. Analysts point out that the committee’s low-profile operation and lack of clear policy direction make it difficult to gain sufficient support within Congress. Additionally, Trump’s own involvement in crypto projects, such as Trump tokens and World Liberty Financial, has raised concerns about ethical and conflict of interest issues, further undermining the committee’s credibility. Democratic lawmakers have expressed concern about these potential conflicts of interest, believing they may affect the fairness of related legislation. Currently, Trump’s “Crypto Council” faces a dual challenge of reshaping its image and enhancing its influence.

KEKIUS surged over 35% in a short time, with a market value rising to 59.35 million USD.

According to Mars Finance, on May 17, influenced by the news that “Musk has changed the nickname of X to ‘Kekius Maximus’”, KEKIUS briefly rose over 35%, with a market value increasing to 59.35 million USD.

Brazilian fintech company Méliuz has invested $28 million to purchase Bitcoin, becoming the first publicly listed company in South America to establish a Bitcoin reserve.

According to Mars Finance, Brazilian listed company Méliuz recently announced an investment of 28.4 million USD to purchase 274.52 bitcoins, with an average purchase price of 101,703 USD per coin. This move makes it the first listed company in South America to establish a bitcoin reserve, and after the announcement, the company’s stock price rose by 26% in a single day.

The cash back platform listed on the Brazilian Stock Exchange stated that this investment aims to create higher returns for shareholders by increasing the Bitcoin holdings per share. Industry analysts pointed out that the company is emulating the Bitcoin investment strategy of the US Strategy ) formerly MicroStrategy( to cope with the operational pressures in Brazil’s high interest rate environment.

As the largest economy in Latin America, Brazil’s digital asset market is developing rapidly, currently boasting the highest number of cryptocurrency ETFs in the region. Market observers believe that the allocation of Bitcoin assets by listed companies is gradually becoming a global trend, but whether this strategic transformation can continue to create value still requires time to verify.

When the storage public chain turns into a digital coffin: Exposing how the Irys team harvested tens of millions of dollars with three PPTs.

The Irys project is initiated by former members of the Arweave team, aiming to create a “programmable data chain” through a fork of Arweave. However, its technology, economic model, and team operations are filled with controversy. The project markets itself with “permanent storage + on-chain computation” as its selling point, yet it has been criticized as a patchwork of technology and a pseudo-proposition in economics. Its financing and operational strategies have been accused of capital harvesting, and it may potentially become a failed case in the future due to internal conflicts and technical issues.

New hit game on the Solana chain: Is Noodle.gg, which allows players to eat snakes while grabbing SOL, a wealth code or a Ponzi trap?

Noodle.gg is a cryptocurrency-based game that mimics the popular browser game Slither.io. Players participate in the game by paying with Solana tokens, devouring other players’ snakes to win their tokens. As the game gained popularity, the associated meme coin NOODLE saw its value soar, with a market cap nearing $20 million at one point. Despite the game being restricted in some regions of the US due to regulatory reasons, it still attracted a large number of players and capital flow. The game’s innovation and withdrawal mechanism have sparked various public opinions.

Staking + Physical Redemption: Is Ethereum becoming the “Treasury Bonds” of the crypto market under the SEC’s easing?

Ethereum has experienced a price surge due to the recent Pectra upgrade and favorable market news, with an increase of 40% within 3 days. The upgrade significantly enhances performance, optimizes the staking mechanism, and improves Layer 2 interaction efficiency, attracting more users and developers. BlackRock has proposed supporting an Ethereum staking ETF, further promoting the integration of traditional finance and blockchain. The market is confident in Ethereum’s long-term value, but the community remains divided on future trends, necessitating attention to macroeconomic conditions and capital rotation.

South Korea’s Web3 Market Transformation: Can it Shake Off the “Liquidity Export” Label by Q1 2025?

In the first quarter of 2025, South Korea’s Web3 market is transforming from liquidity export to a structured industrial ecosystem. The Financial Services Commission has relaxed regulations on corporate accounts, allowing institutions to conduct cryptocurrency transactions through corporate accounts, promoting market stability and diversification of financial services. Global projects such as Avalanche, TON, Ripple, and Solana are actively building local ecosystems, supporting market development through developer communities and hackathon events. The South Korean Web3 market is at a critical turning point from investment-driven to industry-driven, expected to achieve long-term growth.

The Pepe family adds a new member — RATO skyrocketed 70 times in 3 days!

RATO is a newly emerging meme coin on the Ethereum network, inspired by the character “Rato the Rat” from Matt Furie’s comics, carrying the cultural genes of the Pepe family. With community enthusiasm and internet culture, its market value once surpassed 30 million USD. RATO symbolizes freedom and mockery, relying on the Ethereum ecosystem and the influence of Pepe to become a rising star in the meme coin market, but it still needs to find a unique position amidst fierce competition in the future.