Web3 development platform QuickNode and digital asset data platform Artemis jointly released the "Third Quarter On-Chain Report". The report found that the activity related to stablecoins on the blockchain network has significantly increased. Stablecoins have become the most popular category, with an average daily active address (DAA) of over 400,000 at the end of the third quarter, as measured by DAA. The report pointed out that driven by the friend.tech trend, DeSocial has begun to emerge with the release of viral products, and the potential of Web2-scale social applications will overturn the current adoption level. Development activity only remains strong on Optimism's OP Mainnet, indicating that developers believe that EVM extension solutions are the key issue to be solved in the near future. According to investment data, the future trend shows that games and artificial intelligence products will be the areas with the largest development in the blockchain ecosystem in the coming years. 

According to official data from the LSD stablecoin protocol Prisma Finance, the total lock-up amount of mkUSD in its stable pool has exceeded $100 million, reaching about $132 million at the time of writing. mkUSD is a token minted by Prisma users by pledging various liquidity tokens (such as wstETH, cbETH, rETH, sfrxETH, and WBETH). Currently, it can be incentivized on Curve and Convex Finance. In addition, the total lock-up amount of the Prisma Finance protocol has exceeded $300 million.

PayPal has confirmed that the SEC has requested documents related to its PYUSD stablecoin, which is co-managed by Paxos. This move marks the latest regulatory action taken by the SEC against the crypto industry, following its lawsuit against the Binance-brand BUSD stablecoin. The PYUSD stablecoin was launched by PayPal during the "crypto winter" and is used for on- and off-platform transactions. Some observers have criticized the SEC for "picking winners" in the crypto industry, as the Howey Test's vagueness could potentially classify anything that leads to profit as a securities offering.

According to the official website, the LSD stablecoin protocol Prisma Finance has now integrated with the OKX Web3 wallet. Users can use the OKX Web3 wallet plugin to stake wstETH, cbETH, rETH, sfrxETH, and other LSTs to mint stablecoins and earn interest.

According to official sources, on November 2nd, the LSD stablecoin protocol Prisma Finance launched its governance token PRISMA on the Ethereum mainnet and announced the token contract address. On-chain information shows that the total supply of PRISMA is 300 million. 

Stablecoin issuer Circle will be closing individual accounts on November 30, according to emails received by customers. The company confirmed that business and institutional "Mint" accounts will remain available. The reason for the closure is part of Circle's strategic review and may be due to a drain on reserves caused by a network of individual accounts operating as KYC mules or money-laundering intermediaries. Some speculate that the closure may also be part of a cost-cutting or restructuring exercise.

Tether's Q3 attestation, verified by BDO Italy, revealed that the stablecoin has $3.2 billion in excess reserves supporting its value, including $72.6 billion in exposure to U.S. Treasuries. The attestation also disclosed $86.4 billion in assets in reserves as of September 30, with $83.2 billion in liabilities. Tether's CEO, Paolo Ardoino, has promised to introduce real-time data about reserves in the future, as the company aims to reduce its secured loans to zero by 2023. The company's USDT stablecoin remains the most popular, with an $84 billion market capitalization.

The UK government released its final rules on cryptocurrency assets and stablecoins on Monday. The report is the next step in the drafting of a bill that will compete with the EU's MiCA in regulating cryptocurrency assets. Oliver Linch, CEO of Bittrex Global Exchange, said the new framework could end the "chaos" of the country's policy initiatives, setting up guardrails for companies and lending platforms in terms of consumer protection, prudential requirements, information disclosure, and market abuse.

According to a report by Chainalysis, stablecoin activity is also shifting away from the United States. The report suggests that the usage of North American stablecoins relative to other digital assets has been declining since around February 2023. Confidence in stablecoins such as Circle's USDC has been shaken following the collapse of Silicon Valley Bank, which had a significant risk exposure. The report states that most of the stablecoins flowing into the top 50 cryptocurrency services have shifted from US-licensed services to non-US licensed services. Despite US entities initially helping to legalize and nurture the stablecoin market, more and more cryptocurrency users are engaging in stablecoin-related activities through exchanges and issuers based abroad. Furthermore, this shift reduces US oversight of stablecoins pegged to the US dollar. Despite many bills proposed by cryptocurrency-friendly politicians, Congress has been slow to make progress in regulating and legalizing stablecoins. In summary, regulation of cryptocurrencies and stablecoins will play an important role in reversing the declining trend in North America.

According to data from Brazil's revenue service agency, stablecoin Tether (USDT) has become increasingly popular in Brazil, accounting for 80% of all cryptocurrency transactions in the country. USDT transactions in Brazil amounted to $271 billion Brazilian reais (~$55 billion) as of mid-October, almost double the volume of Bitcoin (BTC) transactions in the country. The Brazilian tax agency tracks crypto-related activities of citizens using a sophisticated system that relies on artificial intelligence and network analysis, and is also targeting crypto investments held by the country's citizens overseas. The local Congress passed legislation that recognizes cryptocurrencies as "financial assets" for tax purposes in foreign investments, with taxes applied at a rate of 15% to 22.5%.