<div id="readability-page-1"><div><div><h2>Headline</h2><p><strong>▌Coinbase-incubated Ethereum L2 network Base launches Solana asset bridge</strong></p><p>Base, an Ethereum Layer 2 network incubated by Coinbase, announced the official launch of its cross-chain bridge service, supporting native Solana ecosystem assets and allowing assets on Base to be bridged to Solana. This cross-chain infrastructure is powered by the Chainlink Cross-Chain Interoperability Protocol (CCIP), designed to achieve secure interoperability between the two ecosystems.</p><p><strong>▌Polymarket is recruiting new employees to build an internal market-making team</strong></p><p>Polymarket is recruiting new team members to build an internal market-making team, which may trade with customers on the company's trading platform. This is despite similar functionality drawing criticism from its main competitors.</p><p> ... Sources revealed that the company has recently spoken with several traders, including sports betting traders, to invite them to join the new division. Polymarket declined to comment. However, Kalshi already operates a division called Kalshi Trading, which quotes prices on the trading platform, effectively acting as a counterparty to some of its clients' trades. While Kalshi executives claim the division is intended to increase liquidity and improve the client experience, critics argue that its market-making efforts create a conflict of interest with clients, making it resemble a traditional sports betting company. A proposed class-action lawsuit filed last month alleges that Kalshi Trading sets odds that are unfavorable to clients. As of press time, according to CoinGecko data: BTC price is $92,303.51, a 24-hour change of -1.3%; ETH price is $3,139.76, a 24-hour change of -1.3%; BNB price is $902.33, a 24-hour change of -1.7%. The price of SOL is $139.09, a 24-hour change of -3.9%; the price of DOGE is $0.1477, a 24-hour change of -2.9%; the price of XRP is $2.10, a 24-hour change of -4.6%; and the price of TRX is $0.2858, a 24-hour change of +1.9%. WLFI price is $0.1533, 24-hour change -4.7%; HYPE price is $33.58, 24-hour change -3.5%. Policy: Acting Chair of the Commodity Futures Trading Commission (CFTC): Spot Cryptocurrencies Can Now Be Traded on CFTC-Registered Exchanges. Acting Chair of the CFTC, Caroline D. Pham, announced today that listed spot cryptocurrency products will be launched for the first time on the U.S. federally regulated market of futures exchanges registered with the CFTC. Today's announcement follows the recommendations of the President's Working Group on Digital Asset Markets and incorporates stakeholder insights from the CFTC's &#34;Crypto Sprint&#34; initiative, as well as the results of collaboration with the U.S. Securities and Exchange Commission. The &#34;Crypto Sprint&#34; initiative also launched a public consultation on all other recommendations related to the CFTC in the President's Working Group on Digital Asset Markets report. Other aspects of the initiative include: enabling tokenized collateral (including stablecoins) in derivatives markets, and rulemaking for technical revisions to CFTC regulations on collateral, margin, clearing, settlement, reporting, and record keeping to leverage blockchain technology and market infrastructure, including tokenization, in our markets. </p><p><strong>▌Citadel writes to the U.S. SEC, calling for stricter regulations on RWA and DeFi</strong></p><p>According to market news: Citadel has written to the U.S. Securities and Exchange Commission (SEC), calling for stricter regulations on tokenized assets and decentralized finance (DeFi). The crypto community opposes this, expressing concerns that excessive regulation could have negative consequences.</p><hr/><h2>Blockchain Applications</h2><p><strong>▌SoFi Plans to Raise $1.5 Billion Through Share Placement to Expand Product Line</strong></p><p>Fintech company SoFi Technologies is seeking to raise $1.5 billion through a new share offering to expand its product line beyond lending. A statement indicates that the company is working with Goldman Sachs to advance the share placement. Sources familiar with the matter revealed that the offering price range is $27.50 to $28.50 per share, representing a maximum discount of approximately 7.1% to Thursday's closing price of $29.60.</p><hr/><h2>Blockchain Applications</h2><p><strong>▌SoFi Plans to Raise $1.5 Billion Through Share Placement to Expand Product Line</strong></p><p><strong>▌Digital Asset Holdings, a blockchain company focused on the financial sector, has raised another $50 million in funding. This round of funding comes amid Wall Street giants betting on cryptocurrency underlying technology to manage traditional assets. Investors include institutions such as Bank of New York Mellon and Nasdaq. According to sources, the round raised $50 million, with S&amp;P Global and iCapital participating. This is the company's second round of funding this year, following a $135 million round earlier this year. Bloomberg reported in June that the previous round was led by DRW Venture Capital and Tradeweb Markets, with market makers Citadel Securities, IMC, and Optiver also participating.</strong></p><p><strong>▌Digital Asset Holdings, a blockchain company focused on the financial sector, has raised another $50 million in funding. Investors include institutions such as Bank of New York Mellon and Nasdaq.</strong></p><p><strong>▌Major Contraction of Meta Universe Strategy: Zuckerberg Plans 30% Budget Cut, Industry Frenzy Not Yet a Key Factor</strong></p><p>Meta Platforms (META.US) CEO Mark Zuckerberg is expected to significantly reduce resource investment in building the metaverse, a strategy he once defined as the company's future and which led to Facebook's renaming. According to sources familiar with the matter, management has discussed cutting the budget for the metaverse division, which encompasses the virtual world product Meta Horizon Worlds and its Quest virtual reality business, by up to 30% next year. If such a significant reduction is implemented, layoffs could begin as early as January next year, but a final decision has not yet been made. The sources indicated that the proposed metaverse reduction plan is part of the company's 2026 budget plan. They added that Zuckerberg has asked Meta executives to seek a 10% overall budget cut, a standard requirement in similar budget cycles over the past few years.</p><p> Sources familiar with the matter indicated that Metaverse's Metaverse division was asked to undergo deeper cuts this year because it did not see the competitive fervor it had anticipated across the industry for metaverse technologies. BlackRock CEO: Sovereign Funds Are Buying Bitcoin at Low Prices. BlackRock CEO Larry Fink revealed that some unnamed sovereign funds are buying Bitcoin, and they bought more as the price fell from its peak of $126,000. Fink stated that these funds are buying gradually, increasing their holdings as the price fell to the $80,000 range, aiming to build long-term positions. Speaking alongside Coinbase CEO Brian Armstrong at a DealBook event, he said that the US risks falling behind other countries if it doesn't accelerate its investment in digitalization and tokenization. Furthermore, Fink predicts that cryptocurrency-driven tokenization will see significant growth in the coming years. BlackRock: Its Bitcoin ETF Has Become the Company's Main Revenue Source BlackRock, which manages $13.5 trillion in assets, revealed that its Bitcoin ETF has become the company's main revenue source. Glassnode: Over 25% of Bitcoin Supply is Currently Unprofitable, Market Structure Similar to Early 2022 According to Unchainedcrypto, data from on-chain analytics firm Glassnode shows that over 25% of the Bitcoin supply is currently unprofitable, and the market structure bears an unusual resemblance to the setup in the first quarter of 2022, which was the early stages of a cryptocurrency winter. Glassnode points out that demand in the ETF, spot, and futures markets is weakening. Over the past two weeks, Bitcoin has fallen to and found support near a key valuation anchor known as the &#34;true market mean,&#34; a level that forms the cost basis for all non-dormant tokens (excluding miners). &#34;This level typically marks the dividing line between a mild bearish phase and a deep bear market,&#34; Glassnode stated. Glassnode believes that Bitcoin maintaining its price within the $96,000 to $106,000 range is crucial for stabilizing the market structure and reducing downside risk by the end of the year. </p><p><strong>▌Mizuho Financial Group Reiterates Buy Rating on Strategy, Target Price $484</strong></p><p>According to market news, Mizuho Financial Group, a Japanese investment bank with $2 trillion in assets, reiterated its buy rating on Bitcoin Treasury bond company Strategy (MSTR), with a target price of $484.</p><p> **1. **Decentralized Perpetual Contract Exchange Trading Volume Surpasses $1 Trillion in November** According to DefiLlama data, the trading volume of decentralized perpetual contract exchanges (Perp DEX) surpassed $1 trillion in November, marking the second consecutive month exceeding the trillion-dollar mark. **2. ** US Spot XRP ETF Sees Net Inflows for 13 Consecutive Days, Totaling $874 Million** On December 3rd, the US spot XRP ETF recorded a net inflow of $50.27 million, bringing the total inflow to $874.28 million. CryptoQuant reports that XRP on-chain activity has surged to a record high. CryptoQuant, in an article on the X platform, stated that XRP on-chain activity has surged to a record high. This surge typically indicates high liquidity and significant participation from traders or large-scale activity from whales. Meanwhile, data from various exchanges shows that the USDT C2C OTC price has fallen below 7.0. Furthermore, the OTC price of stablecoins like USDT has recently shown an inversion, falling below the RMB exchange rate. According to the State Administration of Foreign Exchange, the recent RMB exchange rate midpoint is around 7.07. Vanguard Group Holds 27.2 Million Shares of MetaPlanet According to market news, Vanguard Group, which manages $11 trillion in assets, holds 27.2 million shares (approximately $69 million) of MetaPlanet (ticker symbol: $MTPLF). Binance Co-CEO He Yi: Changpeng Zhao Has Retired from Exchange Binance Co-CEO He Yi stated that Changpeng Zhao has retired from the Binance exchange and is currently focusing on serving as a global ambassador for the crypto industry. Robinhood Launches AERO According to the official page, Robinhood has launched AERO. **Important Economic Developments** A Reuters poll shows that 50 out of 100 economists expect the Federal Reserve to cut the federal funds rate to 3.25%-3.5% in the first quarter of 2026; another 89 economists said the Fed expects to cut the federal funds rate by 25 basis points to 3.5%-3.75% on December 10. **Hassett: The Fed may cut rates at its next meeting, with an expected cut of about 25 basis points** White House National Economic Council Director Hassett said the Fed may cut rates at its next meeting, with an expected cut of about 25 basis points. Regarding the selection of the next Federal Reserve Chairman, he stated that the Fed Chairman needs to be someone who responds to data. The total amount of sovereign debt issued by the U.S. Treasury has surpassed the $30 trillion mark, more than doubling since 2018. Data released on Thursday showed that as of November, the total outstanding U.S. government Treasury bills, notes, and bonds reached $30.2 trillion. This $30.2 trillion debt is the main component of the total U.S. federal debt. As of November, the total U.S. national debt reached $38.4 trillion, including debts to Social Security Trust Funds, savings bondholders, and others. According to data from the Securities Industry and Financial Markets Association, in 2020, the U.S. raised $4.3 trillion through the issuance of these three types of Treasury bonds, with a fiscal deficit exceeding $3 trillion that year. Although the deficit has since narrowed (to approximately $1.78 trillion in fiscal year 2025), interest payments on debt alone still amount to $1.2 trillion. Jason Williams, interest rate strategist at Citigroup, points out: “The biggest challenge is interest payments. Even if tariff revenue reaches $300-400 billion, it will still be far less than the interest we pay on our existing debt. We're like sinking into quicksand; tariffs might slow our sinking a little, but we're still sinking.” According to CME's FedWatch Tool, the probability of the Federal Reserve cutting rates by 25 basis points in December is 87%, while the probability of keeping rates unchanged is 13%. The probability of the Fed cumulatively cutting rates by 25 basis points by January next year is 64.1%, the probability of keeping rates unchanged is 9%, and the probability of cumulative rate cuts of 50 basis points is 27%. </p><hr/><h2>Golden Encyclopedia</h2><p><strong>▌How Euro Stablecoins Address EU Concerns about the Dollar</strong></p><p>Officials from central banks across the EU have pointed out that dollar-backed stablecoins could pose a threat to their monetary policy-making capabilities. The stablecoin market has experienced explosive growth over the past year, largely thanks to the legal certainty provided by the US. The total market capitalization of stablecoins has hit record highs every month, but European Central Bank policymakers are concerned that increased adoption of these dollar assets during crises could trigger a series of problems. Issuers of euro- and pound-sterling-backed stablecoins also acknowledge these risks, but they believe that proposed solutions such as a digital euro cannot quickly provide viable alternatives, and question whether central bank digital currencies (CBDCs) are the right choice. Instead, issuers believe that the key to solving the problem of Eurodollarization lies in building a thriving European stablecoin ecosystem.</p><p>Monetary policymakers are already pushing forward with digital currency projects in the Eurozone.</p><p>According to the European Central Bank, the project aims to reduce the Eurozone's reliance on non-European providers, help consolidate the fragmented payments sector, and support innovation and competition. Significant uncertainties remain: it is unclear whether the digital euro will operate on blockchain or other proprietary systems; the proposed holding limits will offset many of the inherent advantages of private stablecoins, such as scalability and decentralized access. Whether it's a private stablecoin or a digital euro closely overseen by the ECB, the sovereignty of European monetary policy depends on the development of digital currencies.</p></div></div></div>

SOFI

<p>Base launches Solana asset bridge, enhancing cross-chain interoperability with Chainlink CCIP. Polymarket forms internal market-making team despite criticism. CFTC allows spot cryptocurrencies on registered exchanges. Citadel urges SEC for stricter DeFi regulations. SoFi plans $1.5 billion share placement to expand products. Digital Asset Holdings raises $50 million from major investors. Meta cuts metaverse budget by 30%.</p>

- Coinbase's Ethereum Layer 2 network, Base, has launched a cross-chain bridge service for Solana assets, utilizing Chainlink's CCIP for secure interoperability.  
- Polymarket is building an internal market-making team despite criticism, while the CFTC announced that spot cryptocurrencies can now be traded on registered exchanges.  
- BlackRock's CEO revealed that sovereign funds are gradually buying Bitcoin, and the total U.S. national debt has surpassed $38.4 trillion, raising concerns about interest payments.

Base launches Solana asset bridge; Polymarket assembles internal market-making team.