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BlockBeats News, May 20 — The market focus is no longer limited to stagflation itself, but rather whether risk assets can maintain high valuation structures now that global long-term yields are surging in tandem. The US 10-year Treasury yield is approaching 4.7%, the 30-year has broken above 5.1%, and the market is beginning to reprice the risk of the "Federal Reserve possibly resuming rate hikes." Both Morgan Stanley and HSBC have simultaneously warned that US Treasury yields have entered a danger zone that could suppress stock market valuations. Meanwhile, long-term yields in Japan, the UK, and Europe are also rising, indicating that global funding costs are being fully repriced. On the other hand, although there was a brief negotiation window in the Middle East, the market has not truly dropped its guard. Trump stated he is willing to give Iran another 2 to 3 days for negotiations, but also emphasized that if the deal fails, the US may again launch military strikes against Iran. The Strait of Hormuz has not yet resumed normal operations, NATO has even started discussions on an escort plan for after early July, and India is planning to redeploy tankers to the Persian Gulf, suggesting that the global energy supply chain is gradually entering a "semi-wartime state." In terms of liquidity, signs of pressure have begun to appear in the US stock market. The S&P 500 has continued to retreat, and long-term real yields are steadily rising, indicating that the market is starting to recalculate the valuation rationality for AI and tech stocks. However, Deutsche Bank believes that oil prices are not yet out of control, economic data has not weakened, and the Federal Reserve has not officially entered a rate hike cycle, so the market is still in a "high volatility but not full-scale collapse" phase for now. As for the crypto market, BTC remains in a consolidation range, but the liquidity structure has started to weaken. According to liquidation heatmap data, there is a clear short liquidation zone above $78,000, while substantial long liquidity has accumulated in the $75,500 to $76,000 area below. As the core of the market is currently centered on yields and global risk appetite, BTC in the short term is acting more as a global liquidity barometer rather than trading on its own fundamentals. Should US Treasury yields continue to spiral out of control, risk assets may face synchronized deleveraging pressure.

According to ChainCatcher, Aleo has announced its integration with Dynamic, enabling developers to build payment applications on Aleo that support privacy transactions and enterprise-level security. Dynamic stated that in real-world payment scenarios, privacy is not an optional feature, but a fundamental requirement. Most people would not disclose their salary income to the world, so stablecoin transactions should also not be fully exposed on a public ledger. In addition, for enterprises, if sensitive data such as payroll or the scale of B2B transactions is completely public, it poses potential business risks. Through this integration with Dynamic, developers can leverage Aleo's privacy computing capabilities to provide a higher level of data protection and security for scenarios such as stablecoin payments and enterprise transfers.

According to on-chain data, at 17:57:39 (UTC+8), stablecoin issuer Circle newly minted 250 million USDC on Solana.