Morning Report | Bitwise acquires Chorus One; Circle announces Q4 2025 and full-year performance; Stripe initiates share buyback at a valuation of $159 billion

整理：ChainCatcher

Important News:

• Chen Maobo: Submit digital asset policy draft within the year, first batch of stablecoin licenses to be issued in March
• Bitwise acquires Chorus One to expand staking business
• Stripe initiates share buyback at a valuation of $159 billion, stablecoin business becomes a growth engine
• Anchorage Digital discloses holding of Strategy preferred stock STRC, establishes strategic cooperation with the latter
• Circle announces Q4 2025 and full-year performance: annual revenue of $2.7 billion, up 64%, USDC circulation up 72%
• Tether announces investment in the world's largest internet marketplace, Whop
• USDT market cap shrinks for two consecutive months, stagnation in stablecoin growth may cast a shadow over crypto market recovery

What important events happened in the past 24 hours?

Aave internally questions Labs' past performance: raised $86 million, holds 23% of tokens, all six products have failed or lost money

According to ChainCatcher, Marc Zeller, founder of the Aave ecosystem contribution organization ACI, released a public report revealing that Aave Labs has raised approximately $86 million in capital support since 2017, including ICOs, VC financing, and direct DAO grants, while the founding team retained 23% of the LEND tokens during the 2017 ICO (later migrated to AAVE at a 100:1 ratio).

The report pointed out that Labs had a capital base of about $48.7 million before receiving DAO funding, and later received approximately $37.4 million in grants from the DAO. They are currently applying for an additional $51 million through the "Aave Will Win" proposal.

The report critically questioned Labs' past product performance, stating that all six independent products launched, aside from the core protocol, have failed or failed to achieve profitability. Although the RWA project Horizon once claimed to have surpassed $1 billion in scale, the actual RWA collateral scale is about $135 million, highly concentrated in a single asset. Since its launch in 2025, Horizon has generated approximately $216,000 in cumulative revenue for the DAO, but incentives and related costs amount to about $5.25 million, resulting in a cost-to-revenue ratio of about 24:1.

The report also noted that early core developers of Aave V1, V2, and V3 left Labs between 2021 and 2022, with V3 being seen as the last major protocol version led by Labs. Subsequent versions have been primarily advanced by DAO service providers. In related governance votes, a single large delegated address played a key role in passing the Horizon proposal, sparking community discussions about governance power concentration and funding efficiency.

This controversy comes at a time when a new $17.5 million product growth grant proposal is under review, further intensifying discussions within the Aave community regarding fund allocation, performance disclosure, and governance transparency.

Tether announces investment in the world's largest internet marketplace, Whop

According to ChainCatcher, Tether has announced an investment in Whop, the world's largest internet marketplace, to provide stablecoin payment support for the next-generation internet economy.

Whop will integrate Tether's wallet infrastructure WDK, allowing millions of creators and users to settle in USD faster and more efficiently through access to Whop's global network.

South Korea plans to implement mandatory asset disclosure for influencers in the crypto space

According to ChainCatcher, The Block reports that South Korean ruling party lawmaker Kim Seung-won has proposed amendments to the Capital Markets Act and the Virtual Asset User Protection Act, requiring influencers (Finfluencers) who provide cryptocurrency investment advice on social media to disclose their personal asset holdings and compensation received.

The proposal aims to enhance market transparency and combat misleading information and self-dealing behavior. According to the proposed legislation, individuals who regularly provide investment advice on social media, public publications, or broadcasts must publicly disclose the types and quantities of crypto assets they hold, as well as any compensation related to promotions. Violations will be penalized based on standards referencing capital market crimes such as price manipulation.

Kim Seung-won pointed out that this move is a necessary measure to address conflicts of interest and investor harm caused by unregulated social media commentary.

Michael Saylor: Digital credit ecosystem will use Bitcoin as the underlying asset, leading to the emergence of true "digital currency"

According to ChainCatcher, Strategy Executive Chairman Michael Saylor delivered a speech on digital credit at Strategy World 2026. In his speech, Saylor outlined a digital financial system based on Bitcoin as the underlying asset.

In this system, the first layer of digital capital is Bitcoin itself; the second layer of digital credit consists of financial products issued with Bitcoin as the underlying asset, such as the perpetual preferred stocks STRC, STRK, STRF, STRD issued by Strategy. These assets reduce the risks and volatility of directly holding Bitcoin, providing stable annual returns of around 10%; the third layer of digital money includes stablecoins and payment tools derived from the second layer financial products, such as USDat, a stablecoin based on STRC and U.S. Treasury bonds.

Digital credit is a new concept that Michael Saylor has publicly expressed multiple times since the end of 2025. He believes that digital credit and digital currency are entirely financial products and new currencies derived from Bitcoin, distinct from traditional fiat currencies issued based on national credit. The returns on financial products and the "interest" of currencies will all come from the appreciation of Bitcoin's price.

USDT market cap shrinks for two consecutive months, stagnation in stablecoin growth may cast a shadow over crypto market recovery

According to ChainCatcher, the global largest stablecoin Tether (USDT) saw its market cap decline by 0.8% this month to $183.61 billion, continuing a trend of approximately 1% drop from its historical high of $186.84 billion, potentially recording a second consecutive month of contraction. This marks the first occurrence of consecutive monthly shrinkage since the collapse of TerraForm Labs in 2022, seen as a signal of tightening market liquidity.

Analysts point out that stablecoins are the "liquidity fuel" of the crypto market, and a contraction in supply typically indicates net capital outflows. In this context, the ongoing low demand for U.S. spot Bitcoin ETFs has also led to cautious judgments about the sustainability of market rebounds. In terms of price, Bitcoin has failed to gain sustained momentum since it stopped falling around $60,000 on February 6, although it briefly rebounded above $70,000, it has now retreated to around $65,000.

Meanwhile, another mainstream stablecoin, USD Coin (USDC), has seen its market cap rise from a low of $70 billion in January to about $75 billion, but overall growth this year has stagnated, indicating a simultaneous slowdown in the expansion momentum of major stablecoins. Market participants believe that if stablecoin supply does not expand again, the overall recovery of the crypto market will still face liquidity constraints.

Circle announces Q4 2025 and full-year performance: annual revenue of $2.7 billion, up 64%, USDC circulation up 72%

According to ChainCatcher, Circle, the issuer of the stablecoin USDC, announced its Q4 2025 and full-year performance, including:

• The amount of USDC in circulation is $75.3 billion (as of the end of the period), up 72% year-on-year;
• On-chain transaction volume of USDC reached $11.9 trillion, up 247% year-on-year;
• Total revenue and reserve income reached $770 million, up 77% year-on-year;
• Total revenue and reserve income for the fiscal year 2025 is $2.7 billion, up 64%;
• Net loss from continuing operations for the fiscal year 2025 is $70 million, mainly affected by $424 million in equity incentive expenses related to the IPO, while the net profit from continuing operations for the fiscal year 2024 was $157 million;
• Adjusted EBITDA for the fiscal year 2025 is $582 million, up 104%.

Circle stated that it is building an economic operating system for the internet, enabling everything from frictionless cross-border payments to various emerging possibilities brought by intelligent AI.

ZachXBT: Information on crypto projects related to insider trading may have been leaked

According to ChainCatcher, on the X platform, on-chain detective ZachXBT stated that due to the need to ask many people during the investigation process, the information regarding crypto projects related to insider trading that he plans to release on February 26 may have "inevitably" been leaked.

ZachXBT also mentioned in response to community users that he did not expect the prediction market to be so popular, nor did he anticipate that after he released the announcement, the prediction market would immediately launch related event contracts. He had never experienced a single announcement tweet receiving 8 million views and 27,000 likes.

Data from the Polymarket website shows that the event trading volume for "Which company will ZachXBT expose for insider trading" has exceeded $10 million, with Meteora currently reporting a 30% probability, ranking first; Axiom currently reports an 18% probability, rising to second place; MEXC currently reports a 15% probability, ranking third.

Anchorage Digital discloses holding of Strategy preferred stock STRC, establishes strategic cooperation with the latter

According to ChainCatcher, Nathan McCauley, co-founder and CEO of Anchorage Digital, stated on the X platform that the company holds Strategy's perpetual preferred stock STRC on its balance sheet.

He also disclosed that Anchorage Digital has established a strategic partnership with Strategy, and the two parties will collaborate on related business.

Putin signs new law allowing Russian courts to confiscate Bitcoin and other cryptocurrencies in criminal investigations

According to ChainCatcher, Kommersant reports that Russian President Vladimir Putin has signed a new law granting Russian courts new powers to confiscate cryptocurrencies in criminal investigations.

The law will amend Russian criminal law to classify cryptocurrencies as a form of intangible property. Elena Ardabyeva, Deputy Minister of Justice of Russia, stated that this law formally incorporates existing digital asset confiscation agreements into the legal framework and provides legal pathways for cooperation with foreign cryptocurrency exchanges.

The law stipulates that requests for confiscation of cryptocurrencies by police or prosecutors must include detailed information such as token types, quantities, and wallet addresses. Experts suggest that the Kremlin may begin to block citizens' access to overseas cryptocurrency exchanges this year.

Lantian Ge Rui case to hold legal applicability hearing in July, Chinese victims must supplement financial details by June 18

According to ChainCatcher, the Lantian Ge Rui case will hold a "legal applicability" hearing in July. Chinese victims seeking to pursue recovery through UK procedures must supplement detailed financial information by June 18, 2026, after completing preliminary registration, including total investment, loss amount, and any compensation received and evidence.

It is reported that this hearing will be crucial for the disposal of 60,000 Bitcoin assets. If Chinese law applies, the relationship between victims and Lantian Ge Rui is a creditor-debtor relationship, and victims can only recover their principal; if UK law applies, victims have proprietary rights to Bitcoin, and the appreciation portion of the loss amount may also be recoverable.

Meta spokesperson: No Meta stablecoin yet, stablecoin business focuses on supporting user payments

According to ChainCatcher, Meta Platforms spokesperson Andy Stone stated that "everything remains the same, and there is still no Meta stablecoin. The focus of Meta's plan to restart the stablecoin business in the second half of 2026 is to enable individuals and businesses to use their preferred payment methods on Meta's platform."

It is also noteworthy that Meta has supported over 50 currencies, digital wallets, instant inter-account payments, debit and credit cards, as well as local payment methods such as PIX and UPI in over 100 countries/regions.

ChainCatcher previously reported that Meta plans to re-enter the stablecoin space in the second half of this year.

Trump: "Insider Trading Prohibition Act" should be passed immediately to ensure that Congress members cannot profit from insider information
According to ChainCatcher, U.S. President Trump stated that the "Insider Trading Prohibition Act" should be passed immediately to ensure that Congress members cannot profit from insider information.
Strategy becomes the most shorted stock in the U.S., holding Bitcoin with an unrealized loss of about $7 billion
According to ChainCatcher, based on hedge fund position data from Goldman Sachs, Strategy has become the most shorted stock in the U.S., with its short ratio ranking first among large-cap stocks.

Last week, Strategy purchased 592 Bitcoins for $39.8 million and currently holds 717,722 Bitcoins. With Bitcoin prices around $66,000, its average holding price is $76,020, resulting in an unrealized loss of about $7 billion. Currently, 14 out of 16 brokerage firms have given Strategy a strong buy rating, accounting for about 94%.

Stripe initiates share buyback at a valuation of $159 billion, stablecoin business becomes a growth engine

According to ChainCatcher, payment giant Stripe announced the initiation of a tender offer, allowing current and former employees to sell their shares, with the company valued at $159 billion. In 2025, Stripe's platform business volume reached $19 trillion, up 34% year-on-year.

The stablecoin business has become a significant highlight. Its stablecoin orchestration platform Bridge saw trading volume increase more than fourfold last year, and Stripe also received an OCC national bank trust license last week to expand its stablecoin business. Co-founders John and Patrick Collison stated in their annual letter that, according to a McKinsey report, stablecoin payment volume doubled last year to about $390 billion, and they described the current situation as a "stablecoin summer" amid the crypto winter.

Additionally, the stablecoin-exclusive blockchain Tempo, co-developed by Stripe and Paradigm, is still in the testnet phase, with Visa, Nubank, and Shopify participating in testing, and the mainnet is expected to launch soon.

Bitwise acquires Chorus One to expand staking business

According to ChainCatcher, Bitwise announced the acquisition of institutional staking service provider Chorus One to expand its staking business across more than 30 proof-of-stake chains, with the specific acquisition amount not disclosed.

Chorus One manages approximately $2.2 billion in staking assets and will be integrated into Bitwise Onchain Solutions, serving institutional investors, family offices, and financial platforms. This acquisition will enhance Bitwise's staking capabilities and research coverage on chains such as Solana, Hyperliquid, Monad, Avalanche, Sui, NEAR, Aptos, Tezos, and TON.

The terms of the transaction were not disclosed, and about 50 core team members from Chorus One will join Bitwise, with co-founder Brian Crain appointed as an advisor to Bitwise.

Chen Maobo: Submit digital asset policy draft within the year, first batch of stablecoin licenses to be issued in March

According to ChainCatcher, Finance Secretary Chen Maobo stated in the "2026 Financial Budget" that the government will submit a draft of the digital asset policy regulations within the year, establishing a licensing system for providers of digital asset trading and custody services.

Hong Kong has implemented a licensing system for fiat stablecoin issuers and will issue the first batch of licenses in March. The government and financial regulators will continue to promote licensed issuers to explore more application scenarios under compliance and risk control.

"BTC OG insider whale" agent: A long winter is coming, not just in the crypto space

According to ChainCatcher, "BTC OG insider whale" agent Garrett Jin stated on the X platform that "this will be a long winter for everyone, not just in the cryptocurrency field."

Notably, this is Garrett Jin's first public statement since January 30. On February 1, the "BTC OG insider whale" long positions were completely liquidated, resulting in a loss of about $270 million over two weeks.

Meme Popularity Rankings

According to meme token tracking and analysis platform GMGN, as of February 26, 09:00,

The top five popular ETH tokens in the past 24 hours are: SHIB, LINK, PEPE, UNI, ONDO

The top five popular Solana tokens in the past 24 hours are: USELESS, PENGUIN, swarms, Punch, House

The top five popular Base tokens in the past 24 hours are: B3, TOSHI, KEYCAT, BRETT, CLANKER

What are some interesting articles worth reading in the past 24 hours?

The crash that evaporated $40 billion in the crypto world, someone knew the outcome 10 minutes in advance
In May 2022, $40 billion evaporated within 72 hours.

It was the most brutal crash in crypto history. Once hailed as the "crown of algorithmic stablecoins," UST plummeted from $1 to worthless in just a few days; Luna, which once had a market cap of nearly $40 billion, fell from a high of $116 to near zero.

Millions of ordinary investors lost their savings that early summer, refreshing their screens, staring at the continuously plummeting K-line, not knowing what was happening or what to do.

The official explanation came quickly: flawed algorithm design, Do Kwon lied, and the market naturally died. Most people accepted this answer, categorizing the catastrophe as "another lesson from the crypto world," and then moved on.

99% of tokens will go to zero?

Back in 2021, you just started investing in cryptocurrencies and became a fan of the industry, fascinated by how it works, and believing that anyone could make a fortune if done correctly. You witnessed many stories of wealth, saw the birth of many millionaires, and even thought that directly investing in Bitcoin was a good strategy. The data you saw showed that Bitcoin was one of the fastest-growing assets, with its market cap reaching the $1 trillion milestone faster than any company.

When everyone is selling software stocks, HSBC says you are wrong

In February 2026, the tech stock market is undergoing a systemic crash dubbed "SaaSpocalypse" by some media.

Salesforce's stock price has dropped nearly 40% from its 2025 peak; ServiceNow plummeted over 11% in a single day after its quarterly report, simply because management mentioned in a conference call that "AI agents are complicating the visibility of seat growth"; Workday fell over 22%; the entire S&P 500 software and services index evaporated nearly $1 trillion in market value within six weeks of the start of 2026.

The market logic is straightforward: AI agents can replace a large number of manual operations, and companies have completed work that previously required 100 people using AI, so they no longer need 100 software seats. The seat-based SaaS business model is considered to have reached its historical end.

How did the on-chain detective ZachXBT become a master at solving bizarre cases?
The crypto space has never lacked heroes and villains. Most heroes are founders of protocols or investors who timed their trades perfectly. ZachXBT is different. He is a hero because he chooses to protect people rather than profit from them.