Author：TechFlow
Author: Deep Tide TechFlow
yesterdayMarket Dynamics
US President Trump: Iran has requested a ceasefire from the United States.
According to Jinshi Data, US President Trump stated: "The president of Iran's new regime is less radical and more intelligent than his predecessors, and he has just asked the United States for a ceasefire! We will consider this request when the Strait of Hormuz is open, free, and clear. Until then, we will bomb Iran into an endless abyss, or, as they say, send it back to the Stone Age."
Iranian Foreign Minister: We do not accept a ceasefire; we seek an end to the war.
According to Jinshi Data, Iranian Foreign Minister Araqchi stated: "We do not accept a ceasefire; we seek an end to the war and a guarantee that similar aggression will not be repeated. Trump's remarks about Iran's request for a ceasefire are false and baseless."
US ADP employment figures for March showed 62,000 new jobs, below the expected 40,000 and the previous month's 63,000.
According to Jinshi Data, the US ADP employment figure for March was 62,000, below the expected 40,000 and the previous month's figure of 63,000.
The U.S. Treasury Department has released proposed rules regarding the "substantial similarity" criteria for state-level stablecoin regulations under the GENIUS Act.
According to the Proposed Rulemaking Notice (NPRM) issued by the U.S. Treasury Department, the Treasury intends to establish broad principles to clarify when state-level stablecoin regulatory regimes can be deemed "materially similar" to the federal regulatory framework, in order to implement Section 4(c) of the National Stablecoin Instruction and Establishment Act (GENIUS Act).
The core content is as follows:
I. State-level regulatory systems must meet or exceed the federal standards set forth in Section 4(a) of the GENIUS Act, and must not fall below the federal regulatory baseline in core prudential requirements such as reserve assets, redemption, capital requirements, liquidity management, and risk management.
2. The definition of "Federal Regulatory Framework" covers the text of the bill and the interpretations and regulations published by the Office of the Comptroller of the Currency (OCC) in the Federal Register. The BSA/sanctions compliance section is subject to the Treasury Department's regulations, and the anti-tying provisions are subject to the Federal Reserve's regulations.
Third, regulatory requirements are divided into two categories: "uniform requirements" and "state-defined requirements." The former requires that state-level regulations be completely consistent with the federal framework in substance, while the latter allows states to formulate their own regulations, but the regulatory results must be at least equally stringent.
Fourth, state-level systems must include supporting frameworks for transitioning to federal regulation, application for licenses, oversight and enforcement, trusteeship, and bankruptcy, and may add additional requirements provided they do not conflict with federal law.
Fortune: Paradigm is developing a prediction market trading terminal.
According to Fortune, crypto venture capital firm Paradigm is developing a prediction market trading terminal for professional traders and market makers, led by partner Arjun Balaji. The project was launched in late 2025.
Paradigm is reportedly evaluating the possibility of establishing an internal prediction market making business and collaborating with researchers to explore the feasibility of creating a prediction market index—that is, packaging multiple prediction markets into a tradable product, similar to the structure of the S&P 500 index. The organization has already begun aggregating prediction market data onto a publicly available data dashboard.
On the investment front, Paradigm is a key backer of the prediction market platform Kalshi, having participated in its three funding rounds in 2025 and leading the December round that pushed Kalshi's valuation to $11 billion. Kalshi's latest funding round has raised at least $1 billion, bringing its valuation to $22 billion.
Uniswap disclosed its 2025 financial data, showing that the foundation's total assets reached $85.8 million, sufficient to support operations until January 2027.
According to The Block, the Uniswap Foundation released an unaudited financial summary, stating that as of December 31, 2025, the foundation's total assets reached $85.8 million, including $49.9 million in cash and stablecoins, 15.1 million UNI tokens, and 240 ETH. The current reserves are expected to support operations until January 2027.
Regarding the use of funds, the foundation has allocated approximately $106.2 million for ecosystem grants and incentive programs, and another $26.3 million for operating costs and employee token rewards. Operating expenses for the full year 2025 are $9.7 million (excluding token compensation), with interest income of $1.7 million during the same period.
The foundation noted that the aforementioned funding plans may be adjusted due to governance changes resulting from the recently approved "UNIFication" proposal.
In 2025, the Uniswap ecosystem continued to expand, with significant developments including the launch of Uniswap v4, the deployment of the Unichain mainnet, and the activation of the UNIFication fee switch. Furthermore, Uniswap proposed enabling protocol fees in v3 liquidity pools and expanding this to more on-chain deployments. At the institutional level, BlackRock and Securitize recently integrated with Uniswap for direct on-chain trading of their BUIDL tokenized funds.
Franklin Templeton will launch its crypto division, "Franklin Crypto," primarily targeting pension funds and sovereign wealth funds.
According to CoinDesk, Franklin Templeton will launch a dedicated crypto division for pension funds and sovereign wealth funds, which it will name "Franklin Crypto".
Previously, Franklin Templeton announced today that it will acquire 250 Capital, a spin-off of CoinFund, to accelerate its expansion in the digital asset field. 250 Capital is a company that was spun off from CoinFund.
SBI's B2C2 has designated Solana as the primary settlement network for its institutional clients' stablecoins.
According to The Block, SBI's market maker B2C2 announced that it has designated Solana as the core network for routing and settling large-scale stablecoin transactions for its institutional clients.
B2C2, controlled by Japan's SBI Holdings, is a major market maker for institutions such as Robinhood, Standard Chartered, Anchorage Digital, and Bitget. Thomas Restout, CEO of the B2C2 Group, stated that Solana, with its speed, stability, and scalability, has become a core financial infrastructure required by its clients.
B2C2 will support various stablecoins issued on Solana, including USDC, USDT, PYUSD, USDG, USD1, EURC, and FDUSD.
Cango announced the completion of a $65 million strategic financing round and a $10 million convertible bond financing and strategic partnership with DL Holdings.
According to PR Newswire, NYSE-listed Bitcoin mining company Cango Inc. (NYSE: CANG) announced the completion of two major financing transactions.
Firstly, the company completed a strategic investment of US$65 million, issuing a total of 49,242,424 Class A ordinary shares to two entities wholly owned by Chairman Xin Jin and Director Chang-Wei Chiu. The transaction was completed on March 31, and the proceeds were settled in USDT.
Secondly, the company entered into a securities purchase agreement with DL Holdings Group Limited (HKEX: 1709), a Hong Kong Stock Exchange-listed financial services group, to issue convertible notes with a principal amount of US$10 million and warrants for up to 370,370 Class A ordinary shares, with an exercise price of US$2.70 per share. The company intends to use the proceeds for upstream acquisitions and expansion of AI and computing infrastructure. In addition, the two parties simultaneously signed a memorandum of understanding, under which DL Holdings expressed its intention to jointly conduct a strategic investment of up to US$10 million with Cango, covering cryptocurrency mining facilities and artificial intelligence. This investment is subject to due diligence and the signing of a formal agreement.
Bithumb's IPO plans have been delayed again, with the earliest possible listing date now in 2028.
According to The Block, South Korean cryptocurrency exchange Bithumb confirmed at its annual shareholders' meeting that its IPO plans have been postponed until after 2028, a significant delay from the previously expected second half of 2025.
Bithumb CFO Jeong Sang-gyun stated that the company is still in the preparatory stage, with key tasks including strengthening accounting policies, improving internal controls, and conducting a comprehensive internal audit. The company has also signed an IPO advisory agreement with Samjong KPMG, with the validity period extended to the end of 2027.
Behind the delayed IPO lie multiple internal issues that cannot be ignored. Earlier this year, Bithumb mistakenly distributed approximately 620,000 BTC (worth about $43 billion at the time) as promotional rewards to users due to an operational error. Although most of the funds have been recovered and a special task force has been established, this incident has triggered a special investigation by the Financial Supervisory Service (FSS) of Korea into its internal controls and risk management. At the same time, the Financial Intelligence Service (FIU) fined the company approximately 36 billion won (about $27 million) and imposed a partial suspension of business operations. The company is currently evaluating whether to appeal.
Market news: SpaceX has secretly filed for an IPO, with a potential valuation exceeding $1.75 trillion.
According to foreign media reports, sources familiar with the matter revealed that SpaceX has secretly filed for an IPO, bringing it one step closer to becoming the largest IPO in history. The sources said the company has submitted a draft IPO registration statement to the U.S. Securities and Exchange Commission (SEC) and is expected to list in June, becoming the first of three potential mega-IPOs, ahead of OpenAI and Anthropic. The sources indicated that SpaceX may seek a valuation exceeding $1.75 trillion in its IPO. The company previously acquired Musk's artificial intelligence startup xAI, bringing the combined entity's valuation to $1.25 trillion. Details of the listing, including the number of shares to be sold and the price range, are expected to be disclosed in subsequent filings. The report stated that SpaceX's IPO could raise as much as $75 billion, far exceeding the current record holder Saudi Aramco's $29 billion in 2019. The sources said that banks including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley will serve as the lead underwriters for the IPO.
Market Dynamics
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