Important updates in the crypto market: DeFi TVL returns to pre-UST crash highs; IMF officially incorporates crypto assets into national accounts; Visa expands the stablecoin landscape across multiple chains.

Overnight crypto market dynamics focus on three core developments: the total value locked (TVL) in DeFi surged back to $138 billion, reaching levels before the Terra collapse, led by AAVE and Lido; the IMF historically revised the national account system, classifying Bitcoin and other crypto assets as "non-productive non-financial assets," with El Salvador being a direct beneficiary; Visa accelerates its layout of the stablecoin ecosystem, adding multi-chain support for PYUSD, EURC, and other stablecoins, as traditional financial giants compete for opportunities in the $256 billion stablecoin market.

【Is DeFi Summer Returning? TVL Strongly Recovers Lost Ground Before UST Collapse】

The total value of DeFi Lock-up Position ( TVL ) has strongly rebounded, reaching 138 billion USD, returning to the peak before the Terra (UST-LUNA) collapse. During the trading period from July 28 to 30, this metric briefly surpassed the 140 billion USD mark, setting a new record for DeFi TVL since the Terra crisis in May 2022.

(Source: DeFiLlama)

This recovery is mainly driven by lending protocols and liquid staking services. Key data highlights:

• AAVE lending protocol leads with $34.405 billion in locked assets.
• Lido Liquid Staking Platform follows closely behind, with a TVL of $33.619 billion.
• EigenLayer Re-staking Protocol ranks third with $18.029 billion.

Despite a significant recovery in confidence within the DeFi market, market observers remain cautious about whether this signals a sustained revival similar to the "DeFi Summer" of 2020, with the key being whether the momentum of this growth can surpass the peak of the previous cycle.

[IMF's Historic Move: Crypto Assets Officially Included in National Wealth Accounts]

The International Monetary Fund (IMF) significantly softened its stance on digital assets this week. Global regulators updated national wealth measurement standards, officially including Bitcoin and other cryptocurrencies. The revised System of National Accounts classifies crypto assets as "non-productive non-financial assets."

Key Policy Points:

• Countries will report their holdings of encryption assets on their national balance sheets starting from the 2029-30 fiscal year.
• Although it is still not included in GDP accounting, this move marks the official recognition of cryptocurrency assets in the statistical system.
• The policy shift reflects the increasing adoption of encryption assets and their potential impact on financial stability.

El Salvador, which is currently negotiating with the IMF, becomes a direct beneficiary as its holdings of over 6,000 Bitcoins will officially be reflected in national wealth statistics. This move marks a more pragmatic stage in institutional acceptance of digital assets.

This framework aims to achieve the modernization of economic data collection in the digital economy era. The new guidelines also cover artificial intelligence, cloud services, and digital platforms, demonstrating that regulators strive to balance financial innovation with systemic stability.

【Visa Multi-Chain Expansion Stablecoin Landscape, TradFi Accelerates Entry】

Payment giant Visa announces major ecosystem expansion:

1. New Supported Coins: Integration of PayPal's PYUSD, Circle's Euro stablecoin EURC, and Global Dollar.
2. Expand Blockchain Network: New support for Stellar and Avalanche chains, building a multi-chain stablecoin payment infrastructure.
3. Core Functions: Users can send stablecoin payments through the Visa network or exchange them for fiat currency.

Market Background and Impact:

• This expansion is built on Visa's existing support for USDC on the Ethereum and Solana chains. Since 2023, Visa has processed over $2.25 billion in stablecoin transaction volume.
• Institutional-level stablecoin demand surges, driven directly by the advancement of the US GENIUS stablecoin bill.
• Intensifying competition: Mastercard reports that 30% of its transactions have been tokenized through crypto partnerships; JPMorgan and Bank of America are developing similar enterprise-level stablecoin solutions; Amazon and Walmart are exploring the issuance of proprietary stablecoins for cost reduction and efficiency in cross-border payments.
• In the face of the $256 billion stablecoin market's appeal, TradFi and tech giants are accelerating their布局. Visa's investment in the payment platform BVNK in May this year highlights its determination to deepen its encryption payment infrastructure, directly targeting the high-cost pain points of traditional cross-border payment networks.

Conclusion: The three major events outline a clear path for the evolution of the crypto ecosystem: the strong recovery of DeFi TVL reinforces the rebuilding of market confidence, and liquidity mining yield tools regain popularity; the inclusion of national accounts by the IMF marks a milestone recognition of crypto assets in macroeconomic statistics, providing policy endorsement for pioneering countries like El Salvador; the multi-chain expansion led by Visa and other traditional payment giants reveals the immense potential of stablecoins in cross-border payments and enterprise-level applications. The improvement of regulatory frameworks, deepening institutional adoption, and maturation of infrastructure are forming a synergy that accelerates the integration of crypto assets into the mainstream financial system.