China considers introducing yuan-backed stablecoins to boost the yuan's global position.
Kraken expands its tokenized stocks (xStocks) to the Tron blockchain for 24/7 trading.
Pump.fun regains its lead in the Solana memecoin market with record revenue and over 1.3 million traders.
The crypto market today made headlines with notable developments. China is exploring the introduction of yuan-backed stablecoins, as indicated by its new policy. Kraken has integrated tokenized equities, known as xStocks, into the Tron blockchain, enhancing access to traditional equities. Meanwhile, Pump.fun has regained its status as the leading Solana memecoin platform, with its revenues soaring after the market recovery.
The Chinese government is also rumored to be evaluating a plan that could see the introduction of yuan-based stablecoins, which would be a tremendous policy development in the nation.
Sources discovered that this plan is set to receive approval from the Chinese State Council to facilitate the internationalization of the yuan. There is increasing interest in stablecoins worldwide. The decision would be a shift compared to the Chinese position on cryptocurrencies, as they banned crypto trading and mining in 2021.
China's possible adoption of stablecoins follows the trend of international attention to digital currencies, particularly as the US dollar holds a 70% share in the stablecoin market.
https://x.com/WuBlockchain/status/1958140175806349450
The yuan is the sixth-largest payment instrument in the world, and this initiative aims to raise its position in global payments, specifically foreign trade. Regulators are also developing risk management guidelines to address the possible risks associated with the introduction of stablecoins backed by the yuan.
The proposal is likely to be further discussed during the Shanghai Cooperation Organization (SCO) Summit at the end of August. Still, Hong Kong and Shanghai are the major hubs of the project.
Kraken is also extending its tokenized equities product, xStocks, to the Tron blockchain, a major step in its collaboration with Backed, the company that produces xStocks. The migration comes after the original release of xStocks on Solana and BNB Chain, with Kraken now looking to utilize Tron's increasing ecosystem to trade tokenized assets.
xStocks enables users to trade representations of off-chain stocks, including Apple, NVIDIA, and Tesla. It has already found traction on liquidity platforms like Bybit and Kraken.
The growth will allow 24/7 trading of tokenized securities, fractional ownership, and access to decentralized finance (DeFi) applications. The integration will include Backed and Kraken, guaranteeing that every tokenized asset on the Tron blockchain is 1:1 backed so that users can deposit and withdraw xStocks in the Tron ecosystem.
https://x.com/krakenfx/status/1958182837556776970
Nonetheless, the tokenized stock market thrived despite the regulatory barrier, and investors in it can access the US markets smoothly without the traditional limitation of brokerage. The expansion indicates Kraken's aim to establish a stronger marketplace that is more accessible and available to investors in both crypto and traditional assets.
Pump.fun has reestablished its status as the leading memecoin launchpad on Solana, with an impressive comeback in August. The site earned a total of $3.48 million in revenue between 11 August 2025 and 17 August 2025, the highest weekly earnings of the year.
Revenue increased steeply this month after plummeting in July due to an overall downturn in the market. With the revival of the memecoin market, Pump.fun skyrocketed above rivals, capturing a market share of 73.6%.
https://x.com/PumpfunNewsfeed/status/1958223250749854113
Although the memecoin industry experienced a severe decline in July, the market has recovered in August with Pump.fun triumphing over Solana-based launchpads. Even in the face of legal troubles, such as a $5.5 billion lawsuit, the service is holding firm, having more than 1.3 million traders and over 162,000 minted tokens.
With the market upswing of Solana-based memecoins Pump.fun has started to take advantage of the boom with the potential to become an essential participant in memecoin markets. The platform's popularity is connected to the broader trend of memecoins regaining popularity in crypto markets.