Real Vision Founder: Liquidity Operation Authority is Shifting from the Fed to the Treasury, Central Bank Independence Will Disappear

December 6th. Per CoinGecko data, the total market cap of euro stablecoins has doubled since the European Union’s Markets in Crypto-Assets Regulation (MiCA) went into effect one year ago, currently sitting at roughly $683 million. That said, there’s still a massive gap compared to USD stablecoins, which hold a combined market cap of over $300 billion. The 2025 Euro Stablecoin Trend Report from London-based payments firm Decta notes recent growth has been concentrated in a handful of top tokens. For example: - EURS’s market cap is up 6.44%; - Circle’s EURC and Societe Generale’s EURCV have seen notable gains, with trading volumes jumping 1139% and 343% respectively. Search interest in euro stablecoins has surged across the EU: Finland’s is up 400%, Italy’s 313.3%, while Cyprus and Slovakia have seen smaller but steady growth.

December 6 — According to official sources, OKX’s FlashEarn program will launch support for Midnight (NIGHT) in its upcoming round. This round features five pools, each holding 80,000,000 NIGHT. The subscription window runs from 4:00 PM UTC+8 on December 9, 2025, to 4:00 PM UTC+8 on December 11, 2025. Users can subscribe using OKB, USDT, BTC, ETH, or ADA, with a minimum participation of 100 USDT. Subscription limits increase with user tier, ranging from Regular users up to VIP7+. A total of 400,000,000 NIGHT in rewards will be distributed, consisting of new coin airdrops and EarnCoin interest. Additionally, a special “Christmas Surprise Pool” has been added to reward long-term FlashEarn participants who lock funds. This pool is active from 4:00 PM UTC+8 on December 9, 2025, to 11:59 PM UTC+8 on December 24, 2025. Eligible users are those whose net deposit of the corresponding staked token equals at least 500 USDT (valued in USDT based on the market price on the final day of Ev

**Alpha Arena Season 1.5 Update (As of December 6th)** Launched November 20th, Alpha Arena’s latest season has only one profitable AI model among its eight major participants: Grok 4.20. The rest are in the red, with Grok 4 at the bottom posting a -53.39% return. Today, Elon Musk retweeted a post hailing Grok 4.20 as “the best quant trader,” adding, “Looks like we finally found a way to cover the cost of all those GPUs, haha.” Current returns for the eight models: - Grok 4.20: +22.38% - GPT-5.1: -2.29% - GEMINI-3-PRO: -25.74% - DeepSeek-3.1: -29.16% - Kimi 2: -29.93% - Thousand Questions 3-MAX: -31.9% - Claude-sonnet-4-5: -35.08% - Grok 4: -53.39% **Season 1.5 Format**: Models compete in multiple themed matches, live-trading U.S. stock tokens on trade.xyz. All models in the same match receive identical inputs.

On December 6, Caixin published an article titled "Building a Strong Firewall for Virtual Currency to Protect the Public's 'Wallet'" stating that in 2024, Chinese authorities charged 3,032 individuals in money laundering and related crimes involving the use of virtual currency to launder criminal proceeds. Some of those charged lacked legal knowledge and were unwittingly drawn into the offenses. A review of 283 court rulings in virtual currency-related money laundering cases found that criminal groups widely exploited marginalized young people with low socioeconomic status as criminal tools. The cases exhibited notable regional concentration, and most of the individuals involved had only middle or high school education.

On December 6, Ethereum co-founder Vitalik Buterin noted that the ecosystem needs a reliable, trustless on-chain gas futures market—akin to a prediction market tied to the BASEFEE. While gas fees are currently low, many are wary of future trends, questioning whether raising the gas limit, BAL, ePBS, and follow-on upgrades like ZK-EVM can keep fees manageable. Vitalik argues such a futures market would help: users could gain clear insight into others’ expectations for gas fees, and even hedge against future price swings by prepaying for a set amount of gas over a specific time window.

December 6: Next week’s final FOMC meeting of the year is drawing intense focus, with the hawk-dove debate front and center. The Fed will announce its interest rate decision at 3:00 AM UTC+8 Thursday (14:00 ET Wednesday), followed by Chair Jerome Powell’s monetary policy press conference at 3:30 AM UTC+8 Thursday (14:30 ET Wednesday). Per CME FedWatch, markets price an 84% probability of a 25-basis-point rate cut next week. The meeting is expected to be one of the most contentious in recent years, with investors watching for policymakers’ divergent views on rate cut outlooks and Powell’s signals on future policy direction. Of the 12 FOMC voting members: - 5 oppose or are skeptical of further monetary easing - 3 support a rate cut No FOMC meeting since 2019 has seen three or more dissenting votes, making dissenters a key watchpoint. ### Key Macro Data & Events - **Tuesday**: Reserve Bank of Australia (RBA) rate decision; RBA Governor Philip Lowe press conference.