Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole Symposium today sparked a surge across crypto markets. His comments suggested a growing readiness for interest-rate cuts, driving a wave of optimism among investors. The result was dramatic: Ether leapt 12% toward $4,749, Bitcoin surged 3.5% to roughly $116,493, and altcoins followed suit - XRP rose 6.1%, Solana 8.4%, and Dogecoin jumped 9.4%. The dovish tone lifted risk appetite broadly, sending the crypto market into a pronounced green zone.

Japan Set to Approve First Yen-Pegged Stablecoin (JPYC)

Japan’s Financial Services Agency is preparing to approve JPYC as the country’s first yen-backed stablecoin under its updated rules. The token will be fully collateralized by deposits and JGBs, ensuring 1:1 convertibility. The launch, expected later this year, signals Japan’s intent to accelerate digital payments adoption while giving its financial sector a foothold in the growing global stablecoin market.

U.S. DOJ Signals “Code Isn’t a Crime”

The U.S. Department of Justice announced it will not prosecute open-source crypto developers unless there is clear intent or control over illegal activity. The move addresses fears raised after cases like Tornado Cash, where developers faced action despite not running the service. By separating code authors from bad actors, the DOJ aims to encourage innovation in DeFi and privacy tools without creating a chilling effect.

Metallicus Joins Velera’s Digital Asset Lab as First Platform Partner

Velera, the largest CUSO for U.S. credit unions, named Metallicus the first partner in its new Digital Asset Lab. The initiative will explore compliant integration of stablecoins, tokenization, and blockchain services into credit union offerings. Metallicus will provide infrastructure and expertise, reinforcing its role as a bridge between traditional finance and digital assets.

Bitcoin ETFs: Choppy Week with Heavy Outflows

Bitcoin ETFs faced sharp outflows this week as investors pulled back ahead of Powell’s Jackson Hole remarks. On 19 August, total outflows hit $523.3M, the largest single-day drawdown, with Fidelity’s FBTC (-$246.9M) and Grayscale’s GBTC (-$115.5M) leading the exits. Outflows continued through the week, including -$315.9M on Aug. 20 and -$194.4M on Aug. 21, bringing the 4-day total to well over $1.1B. The selling underscored cautious positioning as BTC consolidated near highs, with flows heavily concentrated around the largest issuers.

Ethereum ETFs: Big Reversal After Days of Pain

Ethereum ETFs staged a dramatic turnaround after four consecutive days of redemptions. Between Aug. 18-20, products shed more than $866M, including a massive -$429.6M on 19 August, with Fidelity’s FETH (-$156.3M) and Grayscale’s ETHE (-$122.0M) among the hardest hit. But on 21 August, ETH funds flipped strongly positive, booking $287.6M in inflows, led by BlackRock’s ETHA (+$233.6M). The reversal suggests institutional appetite remains strong, with ETH positioning itself as the key beneficiary of tokenized finance momentum despite recent volatility.

Top Gainers on Metal Pay (Last 7 Days)

LOAN Protocol (LOAN) led the week with a 16.5% gain, driven by ongoing rewards distribution and strong lending activity. XPR Network (XPR) followed with an 11.7% rise as adoption and staking demand increased across its ecosystem. Ethereum (ETH) advanced 8.5%, supported by the sharp reversal in ETF flows, while Dogecoin (DOGE) added 6.6% amid renewed retail interest. Rounding out the list, Solana (SOL) climbed 6.3% on continued developer momentum and rising institutional traction.

These coins and more are available on Metal Pay.