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THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

CHINA RETURNS AS BITCOIN MINING HUB WITH 14% MARKET SHARE

China reclaimed the third-largest Bitcoin mining position with approximately 14% of global hashrate by October despite the 2021 ban, driven by cheap electricity and excess data center capacity in Xinjiang and Sichuan provinces. 15-20% of global mining capacity now operates underground in China, which has softer policy signals, including Hong Kong's stablecoin legislation and yuan-backed stablecoin discussions indicating a more flexible stance. Bitcoin hashprice hit an all-time low of $34.2 per petahash per second on Friday, driven by Bitcoin's 30%+ decline from October peaks, subdued transaction fees, and network hashrate above one zettahash (10% below recent highs). The next difficulty adjustment is expected on Wednesday.

CROSS RIVER LAUNCHES STABLECOIN PAYMENTS

Cross River Bank launched a stablecoin payments infrastructure, unifying fiat and stablecoin flows in a single interoperable system that eliminates pre-funding requirements and ledger rebuilding for network settlement, merchant payouts, and treasury management. The platform targets $20 trillion in annual stablecoin volumes by providing bank-grade compliance and programmability for fintechs, enterprises, and crypto-native companies without operational sprawl across fragmented rails. The infrastructure is available today for approved partners, with broader availability planned.

UNDERSTANDING SIMD-0411

Solana's SIMD-0411 proposal doubles the disinflation rate from -15% to -30% annually, accelerating terminal inflation arrival from 6.2 years to 3.1 years while reducing emissions by 22.3 million SOL over six years, worth $2.9 billion at current prices. The single-parameter change delivers similar emissions reduction as the failed SIMD-0228 without introducing dynamic, stake-responsive formulas that raised implementation complexity and governance friction. Nominal staking yields decline from the current 4.18% to 5.04% in year one, 3.48% in year two, and 2.42% in year three, pushing approximately 10 validators into unprofitability initially while strengthening long-term SOL value through reduced dilution. The deterministic, easily modeled approach contrasts with SIMD-0228's exponential function, tying inflation to staking participation percentages, offering validators and institutions predictable outcomes without changing the 1.5% terminal rate the ecosystem already aligns around.

STABLECOIN ISSUANCE IS GETTING COMMODITIZED

Stablecoin issuance is shifting from a bespoke, high-margin business to a cheap, white-label commodity offered by platforms like Circle, Brale, M0, Bridge, Paxos, and Agora. As costs fall and issuers share more of the T-bill yield with partners, launching your own branded stablecoin becomes easy and primarily about owning the customer relationship, payment rail, and interest income. Commoditization of issuance pushes competition up the stack as products will increasingly differentiate on UX, distribution, regulation, and niche use cases.

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