Russia uses cryptocurrency in oil trade; WLFI ends public offering

Golden Weekly is a weekly blockchain industry summary column launched by Golden Finance, covering the week's key news, mining information, project dynamics, technological progress and other industry dynamics. This article is one of the news weekly, taking you to a glance at the major events in the blockchain industry this week.

Headlines

▌Russia is using cryptocurrencies in its oil trade with India to circumvent Western sanctions

Russia is using cryptocurrencies in its oil trade with India to circumvent Western sanctions, according to four sources familiar with the matter. Although Russia openly encourages the use of cryptocurrencies and passed a law last summer allowing the use of digital currencies for payments in international trade, there have been no reports of its use of cryptocurrencies in oil trade. Sources said some Russian oil companies are using stablecoins such as Bitcoin, Ethereum and Tether to facilitate the process of exchanging Indian rupees for Russian rubles. They added that this part of cryptocurrency transactions accounted for a small but growing proportion of Russia's total oil trade worth $192 billion last year (according to the International Energy Agency). Cryptocurrencies have previously helped countries under US sanctions such as Iran and Venezuela to maintain their economies without using the US dollar, the preferred currency for trading in the global oil market. (Jinshi)

▌Trump crypto project WLFI has completed public offering, with a total financing amount of $550 million

According to the official website, the Trump family crypto project World Liberty Financial has completed all community public offering financing (previously additional rounds), with a total financing amount of $550 million.

▌CZ: The Wall Street Journal report distorted the facts and did not discuss Binance US transactions

Binance Lianchuang CZ posted on the X platform that the Wall Street Journal report distorted the facts, they worked hard to make up a story to report, and have not discussed Binance US transactions with anyone. No felon would mind a pardon. It feels like the motivation of this article is to attack President Trump and cryptocurrency, and the remnants of the "cryptocurrency war" of the previous US government are still in effect. I'm glad to see that even the Wall Street Journal thinks I should be pardoned.

▌Wall Street Journal: Zhao Changpeng remains Binance’s largest shareholder

According to the Wall Street Journal, Zhao Changpeng remains Binance’s largest shareholder (Zhao, widely known as CZ, remains Binance’s largest shareholder), and Binance admitted in 2023 to violating U.S. anti-money laundering laws. Earlier, people familiar with the matter revealed that representatives of the Trump family had held talks on acquiring a stake in the U.S. branch of the cryptocurrency exchange Binance to explore business development.

▌Fox reporter: US SEC's lawsuit against Ripple has entered the final stage

According to Fox Business reporter Eleanor Terrett, the US SEC's lawsuit against Ripple may soon end in ongoing negotiations and is now in the final stage. It is reported that the delay in reaching an agreement between the two parties is due to Ripple's legal team negotiating more favorable terms for the district court's ruling in August, which fined the company $125 million and included a permanent injunction prohibiting the company from selling XRP to institutional investors.

Policy

▌U.S. SEC Commissioner Hester Peirce: I still believe that a "safe harbor" should be established to promote cryptocurrency innovation

Coindesk released an exclusive interview with U.S. Securities and Exchange Commission Commissioner Hester Peirce at the end of February. She said that she still believes that a "safe harbor" should be established to promote cryptocurrency innovation, and she is not obsessed with it. If people have better ideas to propose, the SEC's goal is to make people really willing to disclose information so that they don't worry that if they disclose information, they will become the target of enforcement actions by the U.S. Securities and Exchange Commission. In addition, Hester Peirce also revealed that she had worked for the current SEC Acting Chairman Paul Atkins for four years, calling him a person who likes to clarify the law and then enforce it.

▌Hong Kong Mandatory Provident Fund Schemes Authority: Will Study the Inclusion of Virtual Assets in Mandatory Provident Fund

Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) Chairman Ayesha Lau and Executive Director Cheng Yanci attended the Legislative Council and said that some members are concerned about whether Hong Kong will include virtual assets in the Mandatory Provident Fund in the future. The MPFA will conduct research, paying special attention to whether transparency is sufficient, as well as issues such as price volatility, platform risk, liquidity risk and security risk. At present, the regulation of virtual assets in many markets is still in its infancy and requires more time for supervision and observation.

▌Argentina Securities Regulator Finalizes Virtual Asset Service Provider Rules

The Argentine National Securities Commission (CNV) formally approved General Resolution No. 1058 to establish final regulatory guidelines for virtual asset service providers (VASPs). The new regulations cover registration obligations, cybersecurity, asset custody, anti-money laundering measures and risk disclosure, aiming to ensure transparency, stability and user protection in the crypto ecosystem. According to the new regulations, VASPs must ensure that the company is separated from customer funds, conduct regular annual audits, and submit monthly reports to CNV. In addition, unregistered companies or those who violate the regulations may face registration revocation or court blockade. In terms of compliance deadlines, registered individual service providers must complete adjustments before July 1, local registered companies must comply before August 1, and overseas companies must meet the new requirements before September 1. CNV President Roberto E. Silva said: "Those who fail to comply on time will not be allowed to operate in Argentina."

▌Kentucky Cryptocurrency Bill Has Been Sent to the Governor's Desk for Signing, No Opposition in Both Houses

Kentucky's cryptocurrency bill HB701 has passed the Senate and has been sent to the Governor's desk for signing. The bill protects custodianship, exempts nodes from money transmission rules, and prohibits new taxes on payments. The bill passed both houses without a single vote against it.

▌White House official says Trump administration wants to buy as much Bitcoin as possible

At a closed-door roundtable hosted by the Bitcoin Policy Institute on Tuesday, Bo Hines, executive director of the Presidential Digital Assets Task Force, told attendees that the White House intends to buy as much Bitcoin as possible, according to multiple attendees. When someone in the room asked how many Bitcoins the U.S. government might eventually acquire, Hines joked that the question was like asking someone how many dollars they wanted. A White House official confirmed that Hines did make a statement about buying as much Bitcoin as possible, but added that any such acquisitions would be "done in a budget-neutral manner and would not cost taxpayers a penny." A White House official stressed that Hines did not support any specific legislation during the event.

Blockchain Applications

▌Ethereum will launch Hooli testnet on March 17

Ethereum core developers announced that the new testnet Hooli will be launched on March 17 for the final test of Pectra upgrade, with the goal of deploying it to the mainnet in late April or early May. Previously, Pectra failed to test on Sepolia and Holesky testnets due to configuration errors, and Holesky was down for several weeks. Hooli will conduct a Pectra test upgrade on March 26. If successful, the developers plan to launch the mainnet upgrade 30 days later.

▌Telegram introduces trading and earnings features for its self-hosted crypto wallet

Telegram's self-hosted cryptocurrency wallet, developed by third-party company The Open Platform (TOP), has launched new features such as multi-asset trading and earnings for users. According to today's update, TOP said that users will be able to buy, sell or hold cryptocurrencies without any on-chain deposits. Later this year, TOP plans to add earnings for USDT holdings and launch a loyalty program that will benefit Toncoin holders. The Telegram wallet has also been revamped, with a new navigation bar at the bottom to easily switch between the wallet, trading, and earnings sections.

▌Movement Mainnet Beta is officially launched

Movement announced that its public mainnet beta is officially launched, marking an important step for the Facebook-developed Movement Virtual Machine (MoveVM) to be deployed on Ethereum. The mainnet has raised more than $233 million in BTC, ETH, and MOVE token liquidity through Movement's Cornucopia program, and will support smart contract deployment, enabling developers to build and use applications on the network for the first time. The Move language was originally developed by Facebook and used in Layer 1 networks such as Sui and Aptos. This time, Movement Labs expanded it to Ethereum Layer 2 to provide new scalability and security solutions for smart contract development.

▌People familiar with the matter: Trump's crypto project WLFI has discussed the possibility of cooperating with Binance to develop a stablecoin

Four people familiar with the matter revealed that Trump's crypto project WLFI had discussed cooperation with Binance Holdings Ltd., the world's largest digital asset trading platform. Binance's founder has previously admitted that he failed to take necessary measures to prevent terrorists and entities in sanctioned countries from using its services. It is not clear at what stage these discussions have progressed or whether they will eventually lead to a deal or cooperation project. These people familiar with the matter requested anonymity because the negotiations are private. Two of them said that the discussions included the possibility that Binance could work with WLFI to develop a stablecoin, a cryptocurrency pegged to the US dollar. Trump and his son began promoting the company in September last year, and according to its founding documents, the Trump family can obtain three-quarters of WLFI's net income.

▌CBOE applies to the US SEC to add a pledge function to the Fidelity Ethereum ETF

The Cboe BZX Exchange, a subsidiary of the Chicago Board Options Exchange Group, submitted a proposed rule change to the US Securities and Exchange Commission (SEC) to modify the relevant provisions of the Fidelity Ethereum Fund. The shares of the trust have been approved by the Commission to be listed and traded on the exchange under BZX Rule 14.11(e)(4). The amendment is intended to allow Ethereum held by the trust to be pledged.

Cryptocurrency

▌Goldman Sachs recognizes the importance of cryptocurrency in its shareholder letter for the first time

Goldman Sachs Group (Goldman Sachs) mentioned the popularity of cryptocurrency for the first time in its 2024 shareholder letter, calling it one of the important trends in the field of financial technology. The letter stated: "The growth of electronic trading and the introduction of new products and technologies, including cryptocurrencies and distributed ledger technology (DLT) and artificial intelligence technology, have intensified industry competition." Goldman Sachs acknowledged that competitors may offer financial products, including cryptocurrencies, that may be more popular with customers, although Goldman Sachs currently chooses not to provide related services. Since launching a cryptocurrency trading platform in 2021, Goldman Sachs has continued to explore the application of blockchain technology and launched a digital asset platform in 2022. In addition, Goldman Sachs is one of the few banks involved in testing the blockchain communication system Canton Network, showing the growing interest of traditional financial institutions in blockchain technology. However, Goldman Sachs also warned that distributed ledger technology and cryptocurrencies are still in their early stages and may have cybersecurity risks and other potential weaknesses. Goldman Sachs CEO David Solomon has repeatedly stated that Bitcoin is a "speculative asset", but he also acknowledged that blockchain technology has the potential to bring changes to the financial system. In the fourth quarter of 2024, Goldman Sachs significantly increased its holdings of two major Bitcoin spot ETFs, showing that its attention to the cryptocurrency market continues to increase.

▌David Sacks sold more than $200 million in crypto assets before taking office

According to a memo released by the White House, David Sacks, director of artificial intelligence and cryptocurrency affairs, sold more than $200 million in digital asset-related investments through his personal and company Craft Ventures before taking office. Among them, at least $85 million was directly attributed to Sacks, but Craft Ventures still holds some fund investments involving crypto assets. Sacks emphasized that the sale of assets was to "avoid any suspicion of conflict of interest." Sacks sold all his holdings of Bitcoin, Ethereum and Solana, and cleared his shares in the Bitwise 10 Crypto Index Fund, Coinbase and Robinhood. In addition, he has begun to withdraw from limited partnership interests in crypto investment funds such as Multicoin Capital and Blockchain Capital.

▌Abu Dhabi investment institution MGX invests $2 billion in Binance, setting a new record in the crypto industry

On March 12, Binance and Abu Dhabi's artificial intelligence and advanced technology investor MGX announced a landmark $2 billion investment. This investment is the first institutional investment received by Binance to date, marking an important step for Binance in promoting the adoption of digital assets and strengthening the role of blockchain in global finance. This is not only the largest single investment in a crypto company, but also the largest investment ever paid in cryptocurrency (stablecoin). Tech investment company MGX was announced by the Abu Dhabi Artificial Intelligence and Advanced Technology Committee (AIATC). This investment represents MGX's first entry into the cryptocurrency and blockchain space, through a minority stake in Binance, as part of its broader strategy to support blockchain's transformative impact on society. By working with industry leaders, MGX aims to promote innovation in the convergence of artificial intelligence, blockchain technology and finance.

▌Tether CEO: Tether is helping to secure US debt

Tether CEO Paolo Ardoino said on social media that Tether is "helping to secure US debt". Currently, most of Tether's (USDT) issuance reserves are backed by US Treasury bonds. The market generally believes that the scale of its holdings has reached tens of billions of dollars, making it one of the important buyers of US short-term Treasury bonds.

▌Matrixport: The slowdown in the inflow of stablecoins may indicate that Bitcoin's next move needs to be cautious

Matrixport said on the X platform, "The slowdown in the inflow of stablecoins has pushed the market into a consolidation phase. We are closely watching this data because any rise in Bitcoin will be difficult to sustain if the stablecoin minting index fails to recover. The slowdown may be due to the fact that the issuers of stablecoins have established sufficient inventory in advance, or the overall market demand has declined. Regardless of the specific reasons, the current crypto market has not ushered in a large-scale new capital inflow, which is also a key factor in Bitcoin's consolidation. In addition, this trend may be related to the hawkish tone of the Federal Reserve meeting in December 2024, which may make institutional investors more cautious."

Important Economic Dynamics

▌Dow Jones Industrial Average posts biggest weekly drop since March 2023

The Dow Jones Industrial Average posted its biggest weekly drop since March 2023, with the S&P 500 and Nasdaq falling for the fourth straight week.

▌Total market cap of tokens backed by U.S. Treasuries hits new high of $4.2 billion

The total market cap of tokens backed by U.S. Treasuries has grown by $800 million since the end of January, hitting a new all-time high of $4.2 billion on Wednesday, according to rwa.xyz data. The products of real-world asset platform Ondo Finance (ONDO), short-term bond-backed OUSG and USDY tokens, have climbed to nearly $1 billion in total value, with a 53% surge in market cap over the past month. BUIDL, a token jointly issued by asset manager BlackRock and tokenization company Securitize, rose 25% to over $800 million in the same period. Asset manager Franklin Templeton’s BENJI token expanded in value to $687 million, up 16%, while Superstate’s USTB reached $363 million, up more than 63%. Brian Choe, head of research at rwa.xyz, said tokenized Treasuries grew faster than stablecoins during the cryptocurrency downturn and were seen as a “leap of quality” as investors turned to safer, higher-yielding assets.

▌US short-term interest rate futures still point to a June Fed rate cut

US short-term interest rate futures still point to a June Fed rate cut after the release of US initial claims and PPI data.

▌US PPI grew 3.2% year-on-year in February, lower than expected

US PPI grew 3.2% year-on-year in February, with an estimated growth of 3.3% and a previous value of 3.5%; US PPI remained unchanged month-on-month in February, with an estimated growth of 0.3% and a previous value of 0.4%.

▌Canadian Finance Minister: From March 13, Canada will impose a 25% retaliatory tariff on US goods worth 29.8 billion Canadian dollars

Canadian Finance Minister: From March 13, Canada will impose a 25% retaliatory tariff on US goods worth 29.8 billion Canadian dollars. (Jinshi)