Huobi Observation: OCC’s release of stablecoin guidelines is an important milestone in the history of blockchain development

On September 22, the U.S. Office of the Comptroller of the Currency (OCC) released a guide to stablecoins, which mainly focuses on the regulation and related regulations of stablecoins. In the guidelines, the OCC made it clear for the first time that federal banks can provide services for US stablecoin issuers, that is, allowing local banks and Federal Savings Associations to hold reserves for stablecoin issuers.

The OCC is an independent agency of the U.S. Department of the Treasury. After the guidelines were issued, they received widespread attention from the currency circle.

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According to this statement, the SEC responded immediately, suggesting that stablecoin issuers conduct a second cooperation and confirmation with SEC authorities and legal counsel, and said they were willing to issue a "no action" letter to assure the recipient , regulators will not take enforcement action against the company.

Huobi Research Institute believes that just as Circle CEO Jeremy Allaire called this progress "very encouraging", under the current situation, the local stablecoin business in the United States has temporarily dismantled the hidden bomb that was suddenly closed by the bank's fund reserve account . Although the issuance of stablecoins is nothing new in the United States, the New York Department of Financial Services (NYDFS) also approved the issuance of two stablecoins, Gemini Dollar and Paxos Standard, on the same day.

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However, it is worth noting that the New York Department of Financial Services, which previously approved the issuance of stablecoins, is only a local financial institution in the United States, and its practices do not represent the federal government. Therefore, today’s news is the first public support for stablecoin issuers by the US federal regulators, and it can be regarded as an important milestone in the development history of the blockchain industry.

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Market analysis: BTC shrinks sideways within the day, and the volatile market continues

According to data from the Huobi trading platform, Bitcoin has shrunk and traded sideways within the day. The market continues to trade sideways at 10450. The internal and external markets are still digesting yesterday's decline. From a technical point of view, the current market continues to shrink sideways after heavy volume falls, which is the strongest form of the short side going down. The resistance of many parties is very weak, and the market is still unable to confirm the bottoming. Recently, the Bitcoin market is not the focus of the industry, so some external factors are always needed to trigger market fluctuations. In the short term, the undelivered volume of the month-end option market has reached a new high, and the current price has returned to the biggest pain point. The market may therefore cause some volatility. In the evening, we need to continue to pay attention to the support of 10350 below.

According to data from the Huobi trading platform, ETH continued to trade sideways during the day, and tried a small dip to the 340 integer mark, which was weakly supported. ETH is affected by the Defi lock-up, the ETH holdings in mainstream exchanges have decreased, and the cost of greater fluctuations has been relatively reduced. Moreover, the on-chain handling fees continue to remain high, and the selling pressure on the miners will increase accordingly. The market is currently unable to confirm stabilization, and the market may continue to fall. At night, pay attention to the support of the 330 line. If it falls below the market, it may fall further.

In terms of contracts, the big data of Huobi Futures showed that the BTC contract positions decreased slightly, and the contract trading volume increased sharply, with an increase of 118.7%. The contract market is active. The basis of the delivery contract rose slightly, and the funding rate of the perpetual contract dropped slightly.

The open interest of ETH contracts increased slightly, and the contract trading volume increased sharply, with an increase of 107.1%. The contract market is active. The basis of the delivery contract decreased slightly, and the funding rate of the perpetual contract decreased slightly.

The price of USDT in the OTC market of Huobi Global is 6.75 yuan.

According to data monitoring from Huobi Research Institute, the total locked-up volume (TVL) of DeFi rose slightly today to $110.2. Among them, the rise and fall of the top projects are not obvious. The total trading volume of DeFi dropped slightly today, reaching 850 million US dollars. Among them, the curve dropped significantly, with a drop of 28.2%.

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