Gate Daily (August 21): China considers allowing the first RMB stablecoin; US crypto market structural bill timeline released.

Bitcoin (BTC) price has slightly rebounded, currently reported around $114,260 on August 21. British media exclusively disclosed that China is considering allowing the use of a stablecoin backed by the renminbi for the first time, marking a significant shift in China's stance on digital assets. Wyoming Senator Cynthia Lummis stated that the long-awaited U.S. market structure bill could be "on President Trump’s desk by the end of this year." The Federal Reserve (FED) warned that if banks ignore the adoption of blockchain now, they may become irrelevant.

Today's Outlook

1. The preliminary value of the manufacturing Purchasing Managers' Index (PMI) for France in August is 48.2.

2. The preliminary Manufacturing Purchasing Managers' Index (PMI) for Germany in August is 49.1, down from the previous value.

3. UK Manufacturing Purchasing Managers' Index (PMI) for August (preliminary), previous value was 48.0

4. The UK's August CBI Industrial Orders Expectation Balance, with a previous value of -30.

5. The number of initial jobless claims in the United States last week (in thousands) (as of 0816), was revised to 224.

6. U.S. July NAR seasonally adjusted existing home sales (annualized month-over-month), previous value was -2.7%.

7. Jackson Hole Global Central Bank Annual Meeting, until August 23.

8. The Federal Reserve (FED) released the minutes of the monetary policy meeting.

9. Atlanta Federal Reserve President Bostic spoke on the economic outlook.

Macroeconomic Events & Coin Circle Hotspots

1. Reuters reported on August 20 that, according to informed sources, China is considering allowing the use of a yuan-backed stablecoin for the first time to promote broader adoption of the yuan globally, marking a significant shift in China's stance on digital assets. Sources said that the State Council of China will review and may approve a roadmap later this month to promote the use of the yuan globally, including catching up with the United States in the stablecoin sector. They indicated that the plan is expected to set targets for the yuan's use in global markets and clarify the responsibilities of domestic regulatory bodies, adding that the roadmap will also include risk prevention guidelines.

2. Wyoming Senator Cynthia Lummis stated that the long-awaited U.S. market structure bill could be "on President Trump’s desk by the end of this year," laying the groundwork for implementation in 2026. Lummis said at a blockchain seminar in Wyoming on Wednesday that Thanksgiving is a potential turning point. The House approved the Clarifying Lawful Overseas Use of Data (CLOUD) Act in July, and Republicans are currently pushing for the bill to pass in the Senate. Lummis and other lawmakers indicated that their own proposal—the Responsible Financial Innovation Act—will be based on the framework of the CLOUD Act.

3. The Vice Chair of the Federal Reserve, Michelle Bowman, urged banks to adopt blockchain technology or risk losing relevance. At the blockchain seminar held in Wyoming on August 19, Bowman emphasized that regulators and banks must take a more proactive approach to the cryptocurrency industry. She pointed out that integrating these new innovative technologies is crucial for maintaining relevance in a rapidly evolving financial environment. She stated, "It is vital that banks and regulators have an open attitude towards new technologies and avoid an overly cautious mindset. Regulators must understand new products and services and recognize the practicality and necessity of embracing technology in the traditional financial sector."

Market Trend

1、$BTC price slightly rebounded, currently reported at around 114,260 USD, with liquidations of 84.37 million USD in the past 24 hours, primarily from short positions;

2. The US stock market saw a slight pullback on August 20, with the S&P 500 index declining for the fourth consecutive trading day. After the Federal Reserve's meeting minutes indicated that officials were more concerned about inflation than employment risks, traders rotated from tech giants to lower-risk sectors. At the close, the S&P 500 index fell 0.2% to 6,395.78 points; the Dow Jones Industrial Average was roughly flat at 44,938.31 points; the Nasdaq Composite Index dropped 0.7% to 21,172.86 points; the Nasdaq 100 Index decreased 0.6% to 23,249.57 points; and the Russell 2000 Index fell 0.3% to 2,269.351 points.

3. In the Gate BTC/USDT liquidation map, based on the current 114,239.90 USDT, if it drops to around 113,015 USD, the total liquidation amount of long positions will exceed 266 million USD; if it rises to around 114,707 USD, the total liquidation amount of short positions will exceed 238 million USD. The liquidation amount for shorts is lower than for longs, so it is recommended to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

4. In the past 24 hours, BTC spot inflow was 2.08 billion USD, outflow was 2.1 billion USD, resulting in a net outflow of 0.02 billion USD.

5. In the past 24 hours, contracts such as $BTC, $XRP, $ADA, $SUI, and $LTC have seen net outflows, indicating trading opportunities.

News Dynamics

1. Federal Reserve Meeting Minutes: Stablecoins may increase demand for U.S. Treasuries, will closely monitor related risks.

2. Federal Reserve's Bostic: The scale of cryptocurrencies is too small to affect financial stability.

3. The Winklevoss brothers donated over 188 Bitcoins to support U.S. crypto policy, worth approximately $21 million.

4. Users with a rolling position of 125,000 to 6.99 million dollars are using 25x leverage to go long on 3,694 ETH, with a liquidation price of 4,183 dollars.

5. CryptoQuant: Bitcoin may find support at $110,000, a price level that will reduce traders' selling motivation.

On August 20, 10 Bitcoin ETFs had a net outflow of approximately 412 million USD BTC, while 9 Ethereum ETFs had a net outflow of approximately 233 million USD ETH.

7. The first batch of Plasma USDT lock-up product with a quota of 250 million USDT has been filled.

8. USDC Treasury burned over 74.4 million USDC on the Solana network.

9. Kaito released the H1 update and future growth plans: Launching Kaito Venture, utilizing a strategic reserve of 6 million KAITO to incentivize ecological development, etc.

10. Blockchain startup Legion completes $5 million seed round financing, led by VanEck and Brevan Howard Digital.

11. MANTRA proposes to abolish ERC20 OM, aiming to adjust the token inflation rate to 8%.

12. Tether Treasury minted 1 billion USDT on Ethereum.

13. Arthur Hayes is suspected of accumulating 7.66 million BIO, with a total purchase of $14.37 million in Ethereum ecosystem tokens.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "There’s nothing particularly new on August 20, but the operations are still quite hard to write. The main reason is that the market's decline without obvious information often represents pessimistic expectations for the future. Moreover, it’s been two consecutive days of declines, not just for BTC but also for the US stock market, which is on a downward trend. Currently, the market's pessimistic expectations mainly revolve around a rate cut in September and whether the US economy is entering a downturn. In the early morning, the Federal Reserve released the minutes from the July meeting, which did not contain any particularly important data and was similar to what Powell had discussed. There were a total of nine voting members, of which seven agreed to maintain the status quo, while only Bowman and Waller supported a rate cut. So far, another member, Williams, has publicly expressed support for a rate cut. Many other voting members are still in a state of hesitation. After reading Nick's interpretation of the minutes, I believe the adjustment of the August non-farm payroll data marks a turning point for the Fed. The significant downward revision of labor data may lead more voting members to keep an open attitude toward a rate cut in September. Trump has also targeted another conservative voting member, Cook, today, which doesn’t surprise me at all. After all, Trump hopes to increase the support for a rate cut meeting in September as much as possible. This is also a way to 'kill the chicken to scare the monkey.'"

"Looking back at the data of Bitcoin, today's volatility has expanded, not just a drop; there are signs of a rebound in both the Asian and American time zones, but BTC's rebound is slightly weaker, while ETH's rebound is much stronger, directly making up for the gap and returning to the share that dropped yesterday. Investor sentiment is clearly more inclined towards ETH. This aligns with what we have been explaining all along: the stability of BTC's price is due to fewer sellers, not because of strong buying power, while the rise in ETH's price is a result of genuine user purchases."

"Currently, the support for BTC remains very strong, and there is no trend of breaking below this level. Today, it was also mentioned in the weekly report that the expected bottom support price for BTC should be around $112,000. In fact, today's lowest price reached $112,200, which initiated a rebound. Of course, this is all based on expectations before the Jackson Hole conference, and the content of Powell's speech will still be what Powell says at that time."