Gate Research: GENIUS Act, the First U.S. Stablecoin Regulatory Framework, Officially Signed | Ethereum’s 10th Anniversary Commemorative NFT Set to Launch

Crypto Market Overview

• BTC (-0.53% | Current Price: 117,289 USDT): After a week of strong gains, BTC is currently undergoing a high-level pullback and consolidation. In the short term, the market shows a tug-of-war between bulls and bears, with sentiment leaning cautious. Investors should closely watch the key support level at 116,500 USDT and monitor whether BTC can break through the resistance zone between 118,500 and 119,000 USDT. It’s also important to observe whether trading volume increases to support a clear directional move. On July 18, BTC ETFs recorded a single-day net inflow of $363 million, with BlackRock’s IBIT accounting for $496 million—indicating continued institutional accumulation and stronger portfolio allocation to BTC.
• ETH(+3.24% | Current Price: 3,725 USDT): ETH has shown a strong uptrend in recent days, rising steadily from the $3,400 range and reaching a high of around $3,780 on the morning of July 21 before a slight correction. ETH remains in a strong upward channel but faces short-term resistance near $3,780. A breakout with increased volume could trigger the next wave of gains. On July 18, ETH ETFs saw $402 million in net inflows, including $394 million into BlackRock’s ETHA, while Fidelity’s FETH recorded a $45.4 million outflow.
• Altcoins: Most major altcoins have posted gains and may continue a short-term upward trend. The Fear & Greed Index stands at 71, still within the “greed” zone—signaling positive sentiment, though overheating risks should be monitored.
• Macro: On July 18, the S&P 500 fell by 0.01% to 6,296.79 points; the Dow Jones dropped 0.32% to 44,342.19; and the Nasdaq rose 0.05% to 20,895.66. As of 2:30 AM (UTC) on July 21, spot gold is trading at $3,356 per ounce, up 0.17% over the past 24 hours.

Trending Tokens

CFX (Conflux) (+88.52%, Market Cap: $1.117B)

According to Gate data, CFX is currently priced at $0.217, up 88.52% in the past 24 hours. Conflux is a permissionless Layer 1 blockchain that aims to solve scalability, security, and decentralization challenges through a unique Tree-Graph architecture and hybrid consensus mechanism, enhancing transaction throughput and network efficiency.

The token’s surge was driven by bullish news that Conflux Chain 3.0 is about to launch and will participate in an offshore RMB stablecoin pilot under China’s Belt and Road Initiative. Following this announcement, CFX spiked from around $0.12 to a high of $0.25, more than doubling in value. The rally was accompanied by a sharp increase in trading volume, indicating strong buying pressure and capital inflow behind the explosive price movement.

C (Chainbase) (+15.18%, Market Cap: $48.83M)

According to Gate data, C is currently trading at $0.30357, up 15.18% in the last 24 hours. Chainbase is a blockchain infrastructure provider offering full-chain data services. It leverages an innovative dual-chain architecture (data chain + consensus chain) to improve data processing and interoperability in Web3.

C has recently been listed on several centralized exchanges (CEXs), attracting significant market attention. Between the evening of July 18 and the early hours of July 19, C rallied to a peak of $0.5. The surge came with increased trading volume, reflecting aggressive buying. Although the market is now consolidating at higher levels, if C can hold above the $0.25 support and volume continues to pick up, the token may regain bullish momentum and initiate a fresh upward move.

M (MemeCore) (+27.16%, Market Cap: $741M)

According to Gate data, M is currently priced at $0.44314, up 27.16% over 24 hours. MemeCore is an EVM-compatible Layer 1 blockchain utilizing a novel Proof-of-Meme (PoM) consensus mechanism. Users can stake their meme tokens with validators across multiple chains, contributing to network stability and earning dual block rewards.

The recent rally in M is fueled by trading competitions, community incentive programs, and the rapid expansion of its MemeX ecosystem. Multiple dApps have been launched, and the platform offers attractive staking yields, drawing in fresh capital. M previously traded in the $0.31–$0.42 range, but recently broke out from around $0.33 to a high of $0.47. The breakout, backed by significantly higher trading volume, shows strong buying interest and reflects how MemeCore’s ecosystem growth and tokenomics have sparked a wave of bullish momentum.

Alpha Insights

Trump Signs GENIUS Act, Marking the First U.S. Federal Regulatory Framework for Stablecoins

U.S. President Donald Trump has officially signed the “Guarding Emerging National Interests in Uniform Stablecoins Act” (GENIUS Act), the first piece of federal legislation in the country specifically addressing crypto assets. This milestone marks the formal entry of stablecoins into a compliant regulatory framework. The act mandates that all stablecoins must be backed 100% by U.S. dollars or equivalent high-liquidity assets, and requires issuers with over $50 billion in market cap to undergo annual audits. It also provides regulatory guidance for offshore issuers, aiming to enhance the safety and transparency of cross-border stablecoin circulation. Industry leaders such as Circle, Tether, and Coinbase were invited to the signing ceremony, where Trump stated that this act will “cement the United States’ leadership in the global financial system and crypto innovation.”

The enactment of the GENIUS Act marks the first establishment of a unified federal standard for stablecoin oversight in the U.S. It offers a clear path for compliant domestic issuance and brings significant policy certainty to the global crypto market. Simultaneously, the legislation signals a proactive and open stance by the U.S. government toward crypto finance, potentially accelerating traditional financial institutions’ expansion into Web3 and RWA sectors. This development may serve as a major catalyst for initiating a “compliant bull market.” Currently, the total market cap of stablecoins has surpassed $260 billion and continues to grow, with favorable regulations likely to drive further expansion and deeper adoption.

Abstract Chain Surpasses 100 Million On-Chain Transactions

According to a post by Abstract core contributor cygaar on X (formerly Twitter), the total number of on-chain transactions on Abstract Chain has exceeded 100 million, reaching 100,001,152 at the time of the announcement. He noted that this milestone is not only a major achievement for the chain itself but also a reflection of growing community participation and ecosystem engagement.

Abstract Chain’s transaction growth is largely attributed to its modular architecture and high composability tailored for developers, which significantly lowers the barrier for DApp deployment and user interaction. In parallel, its on-chain ecosystem has been expanding rapidly, with high-frequency applications like blockchain gaming, micro-payment protocols, and lightweight smart contract tools driving daily transaction activity. Furthermore, Abstract’s community incentives and developer support mechanisms have created a virtuous cycle, serving as key drivers of transaction volume acceleration.

Ethereum to Launch 10th Anniversary “The Torch” NFT, Minting Opens July 30

To celebrate Ethereum’s 10th anniversary, the official team announced on X the launch of a special commemorative NFT—“The Torch.” This NFT honors the builders and values that have shaped Ethereum over the past decade. Symbolically, “The Torch” will be passed among community members and ultimately burned, representing the spirit of legacy and continuity. Starting July 30, any user can mint their own commemorative version, participating in this shared moment as Ethereum enters its second decade.

“The Torch” is more than a celebration of Ethereum’s history—it is a ceremonial expression of community ethos. Through its design of passing and eventual burning, the NFT emphasizes the themes of “builder responsibility” and “collective legacy.” The open minting format lowers participation barriers and strengthens community bonds, once again highlighting Ethereum’s unique cultural and technical identity. This initiative is likely to spark a new wave of NFT participation on-chain and may serve as a symbolic starting point for Ethereum’s new era.

Gate Launchpool

Token Sale Details

• Subscription Project: Taker
• Token Name: TAKER
• Subscription Deadline: Until July 28, 2025, 10:00 (UTC)
• Participation Method: Stake GT or TAKER to receive free rewards
• Airdrop Total: 2,400,000 TAKER

Project Introduction

Taker Protocol is a large-scale incentive system designed specifically for the BTCFi space. It aims to connect Bitcoin assets with DeFi applications by integrating BTC derivatives such as LSDs and LRTs, unlocking Bitcoin’s potential in the decentralized finance world. As an incentive layer for Bitcoin, Taker employs multiple reward frameworks to encourage millions of users to hold and utilize Bitcoin and its derivatives, thereby scaling yield opportunities and expanding the Bitcoin community by up to 100x.


References

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Farside Investors, https://farside.co.uk/eth/
• Gate, https://www.gate.com/crypto-market-data
• Investing, https://investing.com/indices/usa-indices
• Investing, https://investing.com/currencies/xau-usd
• CoinGecko, https://www.coingecko.com/categories
• The Block, https://www.theblock.co/post/363425/trump-signs-stablecoin-genius-act-cementing-first-major-crypto-framework-in-us-law
• X, https://x.com/0xCygaar/status/1946850655647281272
• X, https://x.com/ethereum/status/1947041455614332934
• Gate, https://www.gate.com/launchpool/TAKER?pid=340

Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.