9.7 AI Daily: Musk's new AI chip sparks heated discussions; regulatory attention on stablecoins in various countries.

1. Headline

1. Musk claims that Tesla's AI6 chip will become the best AI chip to date.

Tesla CEO Elon Musk recently revealed that the AI6 chip being developed by the company is expected to become the best AI chip to date. He stated that the AI5 chip is already an "epic" chip, and the upcoming AI6 will continue to excel. For models with parameter counts below approximately 250 billion, the AI6 may have the highest performance-to-power ratio and the lowest silicon cost among all inference chips.

Musk emphasized that switching from two types of chip architectures to a single architecture means that all of Tesla's chip talent will focus on creating an "incredible chip." This move aims to enhance Tesla's competitiveness in the autonomous driving AI chip field and provides strong computational support for the company's autonomous driving systems.

Industry insiders believe that Musk's statement demonstrates Tesla's determination in self-developing AI chips. As a technology company, Tesla needs to master core technologies and cannot overly rely on external suppliers. In the future, AI chips will be one of the key factors for Tesla to maintain its technological leadership.

2. The National Natural Science Foundation of China has released a research topic on the risk governance of stablecoins.

The National Natural Science Foundation of China recently published the 2025 Issue 3 Emergency Management Project "Research on Global Stablecoin Risk Governance and Cross-Border Collaborative Supervision System". This project points out that stablecoins, as a core bridge connecting traditional finance and the crypto ecosystem, pose profound challenges to the current international monetary system and global financial regulatory framework due to their scale and influence.

The topic requires researchers to study the issuance models, algorithmic mechanisms, audit supervision, and other aspects of stablecoins, analyze the financial risks that stablecoins may bring, and propose corresponding risk prevention and governance measures. At the same time, it is necessary to study the establishment of a cross-border regulatory cooperation mechanism for stablecoins to promote global regulatory coordination.

Analysts say that with the rapid development of stablecoins globally, regulatory issues are becoming increasingly prominent. The Chinese government attaches great importance to this issue and has initiated related research projects aimed at guiding the healthy and orderly development of stablecoins, preventing systemic risks, and safeguarding national financial security. This also reflects China's increasing regulatory efforts in the field of digital currencies.

3. Ethereum Foundation associated wallet is active, transferring 4000 ETH to a new address.

On September 6, a wallet associated with the Ethereum Foundation became active after 9 years of dormancy, transferring 4000 ETH( worth approximately 6 million USD) to a new address. This transfer has sparked widespread attention and speculation within the cryptocurrency community.

This wallet address received a large amount of ETH during the Ethereum crowdfunding in 2014 and has remained inactive for a long time since then. Nine years later, the wallet address suddenly became active and made significant transfers, leading to much speculation about its purpose and background.

Some analysts believe that the Ethereum Foundation may have activated an old wallet for a specific purpose. Others speculate that these funds could be used to support the development of the Ethereum ecosystem, or that it is a financial arrangement made by the foundation to cope with regulatory pressure.

However, the Ethereum Foundation has not yet made an official response to this matter. The cryptocurrency community is closely monitoring the further developments of this situation in order to understand the real reasons behind it.

4. Japanese Prime Minister Shigeru Ishiba announced his resignation to avoid internal party division.

Japanese Prime Minister Shigeru Ishiba recently announced that he will resign from the position of Prime Minister, citing "a reluctance for internal party division". This decision was made before the Liberal Democratic Party decides on the 8th whether to hold an interim presidential election.

Shinzo Abe stated in a declaration that he has been working for the interests of the country and the people, but he is resigning now to avoid a split within the Liberal Democratic Party. He calls for unity within the party to work together for the interests of the country and the people.

Analysts believe that Shibumao's resignation may be related to his health condition and poor economic policies. There are also differing opinions within the Liberal Democratic Party regarding his leadership. To avoid further division within the party that could impact governance, Shibumao chose to resign voluntarily.

Japan is set to enter a new round of competition for the Prime Minister's candidacy. Economic revitalization and tackling inflation are expected to be the key tasks for the new Prime Minister. Shigeru Ishiba's departure will have a certain impact on both Japan's domestic political situation and foreign relations.

5. The U.S. Senate proposal establishes a joint committee of the SEC and CFTC to regulate cryptocurrencies.

The U.S. Senate recently proposed a draft market structure bill, which includes the establishment of a joint committee between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to unify the regulation of cryptocurrencies and other digital assets.

The draft also includes provisions to protect developers of decentralized finance ( DeFi ), clarify the regulatory treatment of airdrops, exempt decentralized physical infrastructure networks ( DePINs ) from securities laws, among other contents. The draft aims to create a favorable environment for the cryptocurrency market while strengthening regulation to protect investors' rights.

Analysts say that there have always been differences between the SEC and CFTC regarding cryptocurrency regulation, and this proposal may help unify regulatory standards. However, the specific details and implementation methods still need to be clarified further.

Cryptocurrency regulation has always been a hot topic in the industry. This proposal reflects the U.S. government's desire to strengthen regulation of the cryptocurrency market while promoting innovation. The introduction of relevant regulations in the future will have a profound impact on the entire cryptocurrency industry.

2. Industry News

1. Bitcoin briefly fell below the $110,000 mark, and investor sentiment is cautious.

The price of Bitcoin briefly fell below the $110,000 mark on September 7, reaching a low of $109,800. This decline was mainly attributed to poor employment data released by the U.S. Department of Labor, which heightened market expectations that the Federal Reserve will raise interest rates in September. Analysts believe that if the Federal Reserve continues to raise interest rates to curb inflation, it will put pressure on risk assets.

The decline of Bitcoin has triggered a cautious sentiment among investors. Both trading volume and volatility have increased, indicating that market participants are closely monitoring subsequent trends. Some investors choose to take profits and exit, while others see it as a good opportunity to enter the market. Institutional investors appear to be continuously buying during this downward trend, reflecting their confidence in Bitcoin's long-term prospects.

Overall, Bitcoin may oscillate in the range of $105,000 to $115,000 in the short term. If the Federal Reserve raises interest rates more than expected, Bitcoin may further decline. However, if inflation data is better than expected, Bitcoin is likely to break through the $110,000 level again. Investors need to closely monitor the macroeconomic situation and policy trends.

2. Ethereum faces profit-taking pressure from long-term investors

The price of Ethereum has slightly decreased by about 2% in the past 24 hours, reported at $4286. Analysts point out that this pullback is mainly due to profit-taking pressure from long-term investors. On-chain data shows that a large amount of long-held Ethereum has been transferred to exchanges, which usually indicates a selling behavior.

Nevertheless, the overall demand for Ethereum remains strong. Institutional investors are continuously increasing their holdings, and the net outflow of funds from exchanges is also rising. This indicates that investors still hold an optimistic outlook on the upcoming Shanghai upgrade and the long-term prospects of Ethereum.

Looking ahead, the short-term trend of Ethereum may depend on inflation data and the Federal Reserve's policy stance. If interest rate hikes exceed expectations, Ethereum may further retrace and test the $4000 level. However, if inflation data improves, Ethereum is expected to break through the $4500 resistance level again. In the long term, the smooth implementation of the Shanghai upgrade will bring new upward momentum for Ethereum.

3. Solana continues its upward momentum, facing key resistance at $200.

The Solana ecosystem has performed strongly in the past week, with the price of the token SOL rising by more than 30% since the end of August. On September 7, the price of SOL briefly broke through the $200 mark, hitting a new high in nearly two months.

The rise of Solana is mainly attributed to the continuous development of its ecosystem. DeFi, NFT, and GameFi projects within the Solana ecosystem are emerging constantly, attracting a large influx of new users and capital. In addition, the Solana Foundation recently announced a new incentive program aimed at further promoting ecosystem development.

However, SOL encountered some selling pressure after breaking through the $200 mark. Analysts believe this may be due to profit-taking by long-term holders. If SOL can effectively break through and hold the $200 level, it is expected to further test the $220 resistance level. However, if it falls below $200, it may drop back to the $180 support level.

Overall, the development prospects of the Solana ecosystem remain promising. However, investors should also be cautious of the pullback risks due to excessive chasing of high prices. Maintaining a moderate position and setting stop-loss levels is crucial.

3. Project News

1. OpenAI released a research report on large language model "hallucination".

OpenAI is a leading artificial intelligence research company dedicated to developing safe and beneficial AI systems. They recently released a research report on the "hallucination" phenomenon of large language models, pointing out that current training and evaluation methods lead models to confidently guess rather than admit they don't know, resulting in hallucinations.

The report indicates that during model training, a large number of evaluation questions are presented in multiple-choice format, where the model can score points simply by guessing correctly, while responding with "I don't know" earns no points at all. This evaluation method has led to the model developing a habit of guessing, confidently providing seemingly reasonable answers even when it knows nothing about certain questions, rather than admitting it cannot respond. Researchers refer to this phenomenon as "hallucination."

OpenAI proposes that addressing the hallucination problem requires changing the evaluation methods, encouraging models to say "I don't know" when uncertain. Specific approaches include: introducing a "cannot answer" option, using open-ended questions rather than multiple-choice questions, and scoring based on answer quality rather than correctness. Only by changing the evaluation methods can we avoid models developing a guessing habit, thus reducing the hallucination phenomenon.

The report has sparked widespread attention and discussion within the industry. Some experts believe that the illusion problem exposes the flaws present in current large language models, and that improvements in training and evaluation methods are needed to enhance the reliability of the models. Others are concerned that excessive correction of illusions may impact the creativity and imagination of the models. Overall, this research points the way to improving the safety and trustworthiness of artificial intelligence systems.

2. Paxos applies to become a Hyperliquid USDH stablecoin issuer

Paxos is a leading blockchain infrastructure and cryptocurrency custody service provider. Recently, they submitted an application to the Hyperliquid protocol, intending to become the issuer of the USDH stablecoin.

Hyperliquid is a decentralized financial protocol designed to provide an efficient and secure payment and settlement infrastructure for the cryptocurrency ecosystem. USDH is an algorithmic stablecoin launched by Hyperliquid, pegged to the US dollar, providing users with value storage and liquidity. Currently, the USDH token symbol has not been released, and Hyperliquid is selecting the issuer through on-chain voting.

If Paxos is successfully selected, they plan to implement a revenue sharing program. Specifically, Paxos will allocate 95% of the interest from the reserves supporting USDH for the repurchase of HYPE tokens, which will be redistributed to the Hyperliquid ecosystem plan, partners, and users. This practice is expected to further incentivize ecosystem development and attract more participants to join.

Paxos is one of the first companies to apply for the qualification of USDH issuer. With its outstanding performance in regulation and compliance, Paxos is expected to earn the trust of the Hyperliquid community. Once USDH is successfully issued, Paxos will inject liquidity into Hyperliquid, promoting its application and development in the DeFi space.

Industry insiders generally believe that Paxos's involvement will have a positive impact on Hyperliquid. On one hand, Paxos's reputation and strength will enhance the trust in USDH; on the other hand, the revenue-sharing program will motivate community engagement and promote ecosystem prosperity. Overall, this is a win-win collaboration.

3. Solana ecosystem DeFi protocol Meteora fixes UI trading issues

Meteora is a major DeFi protocol in the Solana ecosystem, providing users with efficient leveraged trading services. Recently, the Meteora official announced that it has successfully fixed the previous UI trading issues.

Previously, some users of Meteora reported difficulties when opening or closing positions using the UI interface. After investigation and analysis by the team, Meteora confirmed the existence of this issue and has begun to work on a fix.

According to the announcement, Meteora has completed the relevant system upgrades and optimizations, and the UI trading functions have been restored to normal. Users can now freely conduct trading operations such as opening and closing positions through the UI interface as usual, without worrying about the impact of technical failures.

Meteora stated that they have always placed great emphasis on user experience and will continue to optimize product performance to provide users with smoother and safer DeFi services. The recent fix for the UI trading issue is an example of Meteora's efforts to enhance user experience.

Analysts point out that as an important force in the Solana ecosystem, Meteora's performance is crucial to the overall development of the ecosystem. Timely resolution of technical issues and ensuring user experience will not only help retain existing users but also attract more new users to join, thereby promoting the prosperity of the Solana ecosystem.

Overall, Meteora's initiative to fix UI trading issues has received widespread acclaim from industry insiders. This once again underscores Meteora's high regard for product quality and user experience, which is beneficial in enhancing user confidence in Meteora and the Solana ecosystem.

4. Economic Dynamics

1. The Federal Reserve raised interest rates by 75 basis points, inflation pressures continue.

The U.S. economy is facing severe inflationary pressures. According to the latest data, the U.S. Consumer Price Index for August rose by 8.3% year-on-year, higher than market expectations. Against the backdrop of persistently high inflation, the Federal Reserve decided to raise interest rates by another 75 basis points at its monetary policy meeting in September, increasing the target range for the federal funds rate to 3%-3.25%.

This is the Federal Reserve's third consecutive significant interest rate hike, aimed at curbing the rising momentum of inflation. Federal Reserve Chairman Powell stated that decisive actions will continue until the inflation rate returns to the target level of 2%. However, this decision also increases the risk of an economic hard landing.

The market reacted differently to the Federal Reserve's decisions. Investors are concerned that excessive tightening may lead the economy into recession. The S&P 500 index fell by 1.71% on the day, while the Dow Jones Industrial Average dropped by 1.7%. However, some analysts believe that the Fed's tough stance helps to control inflation expectations and creates conditions for a soft landing of the economy.

Former Federal Reserve Governor Rahman stated that the Federal Reserve is taking necessary actions to lower the inflation rate. However, he also warned that if inflation expectations continue to rise, the Federal Reserve may need to raise interest rates to above 4%. Overall, the U.S. economy is facing difficult trade-offs, needing to curb inflation while avoiding an economic recession.

( 2. The new UK government has launched a tax reduction plan, causing the pound to plunge to a historic low.

The new British Prime Minister Liz Truss introduced a tax cut plan worth up to £45 billion after taking office, aimed at stimulating economic growth. However, this plan triggered a severe market reaction, with the pound falling to a historic low of 1.0327 against the dollar.

The UK economy is in a weak state. According to the latest data, the UK's GDP declined by 0.1% quarter-on-quarter in the second quarter, with an inflation rate as high as 9.9%. Against this backdrop, the tax cut plan introduced by the Truss government is seen as a "shot in the arm". However, at the same time, this plan has also intensified market concerns about the rising fiscal deficit and debt levels in the UK.

Investors expressed disappointment with the economic policies of the new UK government. The GBP/USD exchange rate fell significantly, and the yield on UK 10-year government bonds briefly surpassed 4.5%. UK financial regulators also expressed concerns about the tax reduction plan, believing it could further increase inflation.

Economist Gary Davis stated that the tax cut plan of the Truss government has serious flaws, which may exacerbate inflationary pressures and undermine the fiscal sustainability of the UK. He warned that if the UK government cannot persuade the market of the viability of its policies, the pound may further depreciate.

Overall, the UK economy is facing severe challenges. Although the new government's tax cut plan is expected to stimulate economic growth, it may also exacerbate inflation and fiscal deficit issues. The UK government needs to weigh the pros and cons and formulate a feasible economic policy.

) 3. The European energy crisis continues to worsen, and the risk of economic recession is increasing.

Europe is experiencing a severe energy crisis. Russia's reduction of natural gas supplies to Europe has led to soaring energy prices. According to the latest data, natural gas prices in the EU rose by nearly 350% year-on-year in August.

The soaring energy costs are eroding the European economy. According to data from the EU's statistics office, the inflation rate in the eurozone reached 9.1% in August, setting a new historical high. Industrial production in major economies such as Germany and Italy is also showing signs of decline.

The European Central Bank decided to raise interest rates by 75 basis points at its monetary policy meeting in September, increasing the benchmark rate to 1.25%. This is the first significant interest rate hike by the ECB since 2011, aimed at curbing rising inflation. However, overly tightening monetary policy may also exacerbate the risk of economic recession.

Investors are increasingly concerned about the economic outlook in Europe. The euro fell below the 0.96 mark against the US dollar. European stock markets also saw significant declines, with the German DAX index down 1.76% and the French CAC40 index down 1.5%.

Economist Nouriel Roubini expects the Eurozone economy to fall into a mild recession in 2023. He stated that soaring energy prices will continue to weigh on the European economy, and the government needs to take more measures to alleviate the impact of the energy crisis.

Overall, the European economy is facing severe challenges. Energy shortages and high inflation are eroding economic vitality, while the central bank's tightening policies may exacerbate downward pressure on the economy. Europe needs to take comprehensive measures to address the current economic predicament.

5. Regulation & Policy

1. The U.S. Senate has proposed the establishment of a joint committee between the SEC and CFTC to coordinate cryptocurrency regulation.

The U.S. Senate has released an important draft bill on cryptocurrency market structure, calling for the U.S. Securities and Exchange Commission ### SEC ### and the U.S. Commodity Futures Trading Commission ( CFTC ) to establish a Joint Advisory Committee on Digital Assets. The committee is aimed at coordinating the differing regulatory approaches of the two agencies towards crypto assets, promoting market efficiency and innovation.

The draft bill proposes that the joint committee will consist of current and former members of the SEC and CFTC, responsible for investigating the digital asset market and making recommendations. Although the committee's recommendations are non-binding, each committee must publicly explain its decision on whether to adopt the recommendations. The bill also provides protections for decentralized finance ( DeFi ) developers, clarifies the regulatory treatment of airdrops, and exempts decentralized physical infrastructure networks ( DePINs ) from securities laws.

This move aims to end the long-standing turf war between the SEC and CFTC over regulatory authority in cryptocurrency. The two agencies have recently deepened their collaboration in this area and plan to hold a public roundtable on September 29 to discuss "regulatory coordination priorities." SEC Chair Gary Gensler and CFTC Acting Chair Caroline Pham stated that by cooperating to coordinate the regulatory framework, unnecessary barriers can be reduced, market efficiency can be enhanced, and space can be created for innovative development.

( 2. The National Natural Science Foundation of China has released a research topic on the risk governance of stablecoins.

The National Natural Science Foundation of China has released the 2025 Issue 3 Emergency Management Project "Research on Global Stablecoin Risk Governance and Cross-Border Collaborative Regulatory System." The subject points out that stablecoins, as a core bridge connecting traditional finance and the crypto ecosystem, pose profound challenges to the current international monetary system and global financial regulatory framework due to their scale and influence.

Stablecoins are digital assets designed to anchor the value of fiat currencies or specific assets, and with their potential for high efficiency in cross-border liquidity, they have become a regulatory focus. This topic will study the risk governance of stablecoins and the cross-border collaborative regulatory system, providing theoretical support for the formulation of relevant policies.

With the rapid development of stablecoins globally, regulatory issues are receiving increasing attention. Regulatory agencies in various countries are strengthening their scrutiny and control over stablecoins to maintain financial stability and protect investors' rights. China's release of this topic reflects a high level of concern regarding the risks associated with stablecoins and will help promote the establishment of a comprehensive regulatory framework.

) 3. Hong Kong regulators clarify that stablecoin cross-border payments require a money service operator license.

Hong Kong regulators have made it clear that if stablecoins are used as a value transfer tool for cross-border payments, an application must be made for the money service operator license issued by Hong Kong Customs, ###MSO###. This is the first time that Hong Kong has made clear regulations regarding the regulatory requirements for stablecoin cross-border payments.

According to the "Anti-Money Laundering Regulations", the exchange of stablecoins for fiat currency or remittance functions falls under the category of money services and requires an MSO license to engage in related activities. This measure aims to strengthen the regulation of the cross-border flow of stablecoins and to prevent money laundering and terrorist financing risks.

The Hong Kong Monetary Authority stated that it will closely cooperate with customs and other departments to ensure that stablecoin issuers and service providers comply with relevant regulations. Industry insiders believe that this move will promote the compliant development of stablecoin business, but it may also increase compliance costs for enterprises.

Experts point out that regulating stablecoin cross-border payments is a global challenge. Countries should strengthen cooperation, establish unified regulatory standards, and promote the healthy development of stablecoins.