yield

According to the Chosun Ilbo, China's largest DRAM manufacturer Changxin Memory Technologies (CXMT) has launched trial production of the fourth-generation high bandwidth memory HBM3, with initial yield stagnating at 25%, about one-third of the golden mass production yield of 80%. SK Hynix has been mass producing similar products since 2022, with a yield exceeding 90%.The front-end yield of Changxin Memory's HBM3 8-layer stacked products is about 30%, while the back-end yield is approximately 70%, resulting in final good products. The company supplies a small number of samples to Chinese companies such as Alibaba's Pingtouge and Cambricon, and continues to improve yields. Its G4 (17-nanometer) process ordinary DRAM has no major issues, but the DRAM chips used for HBM have larger areas and stricter electrical specifications.The industry attributes the reasons to the insufficient maturity of Through-Silicon Via (TSV) technology. Nomad Semi's analysis shows that Samsung's HBM2 has over 5,000 TSVs per chip, SK Hynix's HBM3 has over 8,000, while Changxin Memory has about 3,000. There is a gap of 4 to 5 years compared to Samsung and SK Hynix.

According to monitoring by Lookonchain, Unipcs initially invested $67,700 to purchase 10.9 million $PONS, and now has an unrealized profit of $10.15 million, with a return rate as high as 150 times.

According to official news, the permissionless on-chain yield protocol Polaris has completed a $1 million angel round of financing, with participation from institutions such as the Ethereum Foundation, Fusion (under IPOR), Altitude, Liquity, LI.FI, and more than 30 founders and contributors including Daily Gwei founder Anthony Sassano.Polaris's core product is the yield-bearing reserve asset pETH, and it also includes USDp and GOLDp, aiming to provide native yield for any on-chain asset.

The yield on the U.S. 2-year Treasury note rose to 4.416%, the highest level since January 2025.

Alea Research published that Sky, BlackRock, and Circle together account for half of the yield-bearing stablecoin market. There are a total of 26 products in the market, with a total scale of $21.43 billion.The top three are sUSDS (23.8%), BUIDL (16.7%), and USYC (12.7%), which together account for 53.1%, while the remaining 23 products share the rest of the market.

Bitwise announced the launch of the Bitwise Premium RWA Vault (PAPY) on Morpho, in collaboration with the Agora stablecoin AUSD.Users can deposit AUSD into PAPY, and the vault will programmatically lend out the funds, secured by over-collateralized tokenized RWAs to generate on-chain lending yields.The collateral assets of PAPY include PST launched by Huma Finance, used for providing short-term cross-border payment financing to institutions; sUSDai launched by USDai, supported by AI computing GPU-related loans; and PRIME launched in collaboration with HastraFi and Figure, consisting of tokenized debt backed by high-quality residential equity.AUSD is fully backed by liquid assets such as short-term U.S. Treasury bonds, overnight and reverse repurchase agreements. Bitwise is responsible for screening the collateral acceptable for PAPY and setting programmatic risk parameters. The vault is now officially launched on Morpho.

According to CoinDesk, after the U.S. military intensified airstrikes on Iranian targets, Brent crude oil surpassed $93 per barrel, and WTI approached $90 per barrel, pushing the 10-year U.S. Treasury yield up to nearly 4.8%. Risk assets are under pressure, with Bitcoin briefly dropping below $76,500, down more than 1% from midnight, and a nearly 3% correction over the past week.In terms of derivatives, Coinglass data shows that the long-short taker transaction ratio shifted to favor short positions, accounting for about 51.5%, while the overall open interest remained at around 700,000 BTC, indicating that leverage has not significantly increased. The open interest in ETH futures slightly rose alongside a price drop, interpreted as a buildup of short positions. UNI continued to rise, while TRX short positions remained crowded, and the implied volatility of BTC and ETH fell back to previous levels.

According to Cointelegraph, the global bond bear market continues to ferment, with Japan's 10-year government bond yield rising to 3% on Tuesday, the first time since 1996; the 30-year government bond yield also broke through the historical high of 4.18%. The U.S. 10-year government bond yield simultaneously rose to a multi-year high of 4.78%, and global long-term sovereign bond yields are at their highest level since the 2008 financial crisis.In this context, Bitcoin remains in a sideways consolidation, maintaining around $78,000, slightly retreating from an earlier high of nearly $79,000. There is a dense resistance area between the current spot price and $86,000, which limits Bitcoin's upward momentum. Market sentiment remains cautiously optimistic in the short term, with the $76,000 to $82,000 range seen as a key battleground in the coming weeks.This round of selling occurred after U.S. Treasury Secretary Yellen announced an increase in the upper limit of government bond repurchase transactions to $4 billion starting in September, with some commentators likening it to a form of yield curve control. Arthur Hayes has long argued that the Federal Reserve will eventually activate the FIMA repo facility, a mechanism that will create new dollar liquidity, which is also why he recommends allocating Bitcoin, gold, and cryptocurrencies; Yellen hinted at the future use of this tool as early as August.

According to Cointelegraph, the stablecoin payment company Kast has launched the KAST Business platform, integrating features such as corporate accounts, payment cards, cross-border transfers, and stablecoin yield balances. The platform provides services through stablecoin infrastructure.Kast stated that businesses can receive payments through fiat virtual accounts provided by regulated partners, deposit supported stablecoins and crypto assets, issue virtual cards, and make local payments in over 20 currencies.The platform's services cover more than 170 countries and regions, but specific availability varies by jurisdiction. Idle balances earn an annual yield of up to 8%, and there is also a cashback of up to 3% on spending.Kast is a fintech company rather than a bank, and regulated services are provided by licensed partner institutions. Kast completed a $80 million financing in March at a valuation of $600 million, which will be used for product development, licensing acquisition, and expanding into North America, Latin America, and the Middle East markets. The company claims to currently have over 1 million users and plans to attract 1,000 to 5,000 active businesses by the end of 2026.

Bitget CFD Chief Analyst Lewis Huang stated that the hawkish remarks made by Powell at the Jackson Hole global central bank conference have shifted the market's focus from whether there will be a rate hike in September to the possibility that the Federal Reserve may maintain high interest rates for a longer period before inflation clearly falls back to the 2% target, and even retain the option for further tightening of policies.Lewis Huang pointed out that if subsequent CPI, PCE, and employment data continue to be strong, the U.S. 2-year Treasury yield and the dollar index may remain strong, putting continued pressure on gold from the dual forces of rising real interest rates and a strengthening dollar, which may also amplify the volatility of high-valuation tech stocks like the Nasdaq 100.Conversely, if inflation significantly cools and the labor market weakens, the market may lower its rate hike expectations, leading to a decline in the dollar and U.S. Treasury yields, providing support for gold and growth stocks.He added that besides the Federal Reserve's policy statements, traders should also pay attention to whether the U.S. 10-year Treasury yield is influenced by factors such as fiscal deficits, Treasury supply, and rising term premiums.Before and after the release of major data, it is recommended to moderately control leverage and assess market direction based on the interrelationship between the dollar, U.S. Treasury yields, gold, and stock indices.

According to The Block, Ethena Labs announced the launch of the beta version of its self-custody payment application Ethena Pay on Avalanche, covering 48 countries.The application integrates Ethena's synthetic dollar USDe, allowing users to earn rewards on their account balance, including up to 6% annual yield and up to 10% cash back when using designated merchants.The founder of Ethena stated that this is the first bank-like application to integrate the issuer's own stablecoin products with banking applications. Users can hold USDe, receive fiat currency through international bank accounts or directly deposit in cryptocurrency, and can also send funds to others and settle in the recipient's local currency.The application supports "instant" global transfers, with free transfers for USD, EUR, and other currencies, while other bank transfers incur certain fees. The application offers three membership tiers: standard users can enjoy a 5% annual yield, and by depositing 2000 USD in USDe or inviting 10 users, they can upgrade to VIP status, enjoying a 6% yield; depositing 10,000 USD or inviting 50 people allows for further upgrades. Cash back is paid in AVAX.The beta version of Ethena Pay is now available on iOS and Android, initially covering countries such as Brazil, Mexico, South Africa, the Philippines, Singapore, the UAE, and Australia, with the US, EU, Canada, and South Korea to follow. Currently, the circulating supply of USDe is approximately 4 billion USD.

The yield on the 10-year U.S. Treasury rose to 4.75%, the highest level since January 2025.

U.S. short-term Treasury yields rose. Federal Reserve Chairman Waller emphasized in a highly anticipated speech that the Fed needs to curb rising consumer prices, alleviating some market concerns about its ability to combat inflation.During Waller's speech, short-term U.S. Treasuries were sold off, while long-term Treasuries rose. The yield on the two-year Treasury increased by 5 basis points to 4.28%, while the 30-year yield decreased by 1 basis point to 5.19%. These changes indicate that the market expects the Fed may need to raise short-term rates. Since Waller held his first press conference in June, bond traders have had doubts about his policy stance. At that time, Waller emphasized the need to lower inflation and showed a hawkish stance.Since the global economy reopened from the pandemic in 2021, U.S. inflation has remained above the Fed's 2% target. However, in July, the Fed again kept rates unchanged, and Waller did not indicate whether a rate hike might occur this year. Subsequently, long-term Treasury yields surged as traders demanded higher returns to compensate for the risks posed by rising inflation.Waller warned on Friday that inflation has not shown meaningful signs of slowing and stated that policymakers must be confident that inflation is improving; otherwise, the central bank "has work to do." He also reiterated that policymakers will bring the inflation rate back to the 2% target and emphasized that this goal is clear and fixed.

Eurozone government bond yields rose in the morning, with the yield on Germany's 10-year government bonds rising to 3.276%, a 15-year high. Deutsche Bank stated that rising oil prices, increasing inflation in the Eurozone, and the European Central Bank's hawkish stance are driving yields higher.

Bitget CFD Chief Analyst Lewis Huang stated in a live broadcast that this week’s U.S. PCE data and the Jackson Hole Global Central Bank Annual Meeting will become the market focus. The market is not only concerned about whether the Federal Reserve will adjust interest rates but will also pay close attention to how it responds to inflation remaining above the 2% target, high long-term Treasury yields, and fiscal pressures.Lewis Huang pointed out that if the core PCE is higher than expected and the Federal Reserve signals a continuation of tightening or emphasizes anti-inflation measures, U.S. Treasury yields and the dollar may receive support, while interest rate-sensitive assets like gold and the Nasdaq 100 may come under pressure. Conversely, if inflation data cools and officials express a tendency to retain policy flexibility, the market may re-evaluate future easing space, benefiting gold, non-U.S. currencies, and growth-oriented stock indices. This PCE data is generally in line with expectations, and the market focus has shifted to the Jackson Hole Global Central Bank Annual Meeting.In addition, the situation in the Middle East and risks in the Strait of Hormuz may still push up oil prices and inflation expectations. Traders should closely observe the U.S. dollar index, U.S. 2-year and 10-year Treasury yields, and the correlation between gold and oil; after major data releases, it is advisable to wait for further market confirmation of direction to avoid using high leverage to chase the initial wave of trends.

U.S. Treasury yields rose slightly after the data was released, with the 10-year U.S. Treasury yield currently flat at 4.635%.

According to Digital Asset, Hyperliquid has launched the AQAv2 (Aligned Quote Asset v2) mechanism, which uses a portion of the revenue generated from USDC reserves on the platform to accumulate funds, ultimately transferring them to an assistance fund for repurchasing and destroying HYPE in the secondary market to reduce its circulating supply.Under this mechanism, Circle is responsible for the technical deployment of USDC, while Coinbase manages the reserves; the stablecoin issuer is expected to share about 90% of the relevant reserve revenue after deducting operational costs with the protocol. Revenue is accumulated over a 30-day cycle, with the first funds expected to be transferred on October 3. The market estimates that, based on the current USDC stock and yield, the annualized revenue could reach between $135 million and $160 million, but the actual repurchase scale still depends on the platform's USDC supply and reserve yield.

According to official news, Mantle Vault has officially expanded from CeFi to DeFi, collaborating with Grove, CIAN, and Fluxion to launch a non-custodial yield vault aimed at stablecoin holders. Users can deposit USDC/USDT into Mantle to obtain institutional-level floating yields through the underlying strategy of sUSDS, along with incentives of Fluxion Points and 5.14 million GROVE tokens (with a target APY of up to 6.5%).The vault adopts a conservative non-leveraged structure, with strategies built by CIAN, capital base provided by Grove's Sky Savings Rate, and liquidity entry managed by Fluxion. Previously, Mantle Vault's AUM on Bybit had exceeded $200 million, and Mantle RWA TVL increased from $22 million to $257 million within the year, with DeFi TVL surpassing $755 million.Mantle stated that by expanding into the DeFi space through Mantle Vault, Mantle and its collaborators are committed to enabling all stablecoin holders to access institutional-level yields without borders, free from geographical restrictions and without the need for intermediary access, and all these components can be combined within Mantle's open financial network.

Due to the decline in crude oil prices easing inflation concerns, U.S. Treasury prices rose, and yields on U.S. Treasuries across all maturities fell by 2 to 4 basis points.Treasury Secretary Yellen announced plans to at least double the scale of Treasury buybacks, with the yield on 30-year U.S. Treasuries having decreased by about 9 basis points to 5.19%.