Headlines
▌Coinbase Launches USDC On-chain Lending Feature
Coinbase has announced a new feature that allows users to lend their held USDC stablecoins on-chain. This service is supported by the decentralized lending protocol Morpho, with allocations managed through an on-chain vault orchestrated by Steakhouse Financial on Coinbase's Ethereum Layer 2 network, Base. When users deposit USDC, Coinbase creates a smart contract wallet that routes the funds across different lending pools to optimize returns. Coinbase stated that users can start earning yields immediately and can withdraw at any time, depending on liquidity.
▌Plasma will have its TGE on September 25
Plasma has released a video preview, announcing that the Beta version of the Layer 1 stablecoin payment project supported by Bitfinex will launch on September 25. The native token XPL of this network will also be launched alongside the Layer 1 blockchain. At that time, the total value locked in Plasma will exceed $2 billion and will integrate over 100 DeFi protocols, including Aave, Ethena, Fluid, and Euler. From the release date, users will be able to transfer USDT at zero cost on the Plasma BFT consensus of the network through authorized transfers. Previously, Plasma secured $373 million in oversubscription commitments during a 10-day token sale in July.
Market
As of the time of writing, according to data from CoinGecko:
The price of BTC is $116,989, with a 24-hour change of +0.3%;
The price of ETH is $4,583.72, with a 24-hour change of -0.1%;
The price of BNB is $982.71, with a 24-hour change of -0.6%;
The price of SOL is $246.89, with a 24-hour change of +0.8%;
The price of DOGE is $0.2781, with a 24-hour change of -1.3%;
The price of XRP is $3.08, with a 24-hour change of -0.1%;
The price of TRX is $0.3501, with a 24-hour change of +1.8%;
The price of WLFI is $0.22, with a 24-hour change of -0.2%.
Policy
▌Insider: Nomination Stalled, White House Considering More CFTC Chair Candidates
According to informed sources, the White House is considering other candidates due to the confirmation process for Brian Quintenz as chairman of the Commodity Futures Trading Commission (CFTC) being stalled. In recent weeks, discussions about the candidates for the CFTC chairmanship have intensified. Sources indicate that possible competitors include government officials focused on cryptocurrency policy. The CFTC oversees trillions of dollars in swap trading, and with legislation currently under consideration in Congress, the agency may gain greater influence in the digital asset space. Originally a bipartisan committee of five, the agency is now left with only acting chair Caroline Pham after a series of resignations. The Trump administration has not yet announced the replacement of Quintenz.
▌EU Commissioner pledges to advance pension and cryptocurrency reforms within the year
The EU has set a year-end target, requiring further measures to be taken by the end of the year to promote pension investments and simplify trading processes, striving to inject momentum into the revival of European capital markets. EU Financial Services Commissioner Mairead McGuinness announced the relevant plans on Thursday. She also stated that the European Commission is considering granting direct regulatory powers to its top market regulator based in Paris - the European Securities and Markets Authority (ESMA). She indicated that with the transfer of regulatory powers to ESMA, the European Commission will consider the feasibility of implementing centralized regulation for certain market infrastructures, such as central counterparties, central securities depositories, and trading venues. She added that emerging areas like crypto asset service providers will also benefit from more centralized regulation and emphasized that this move will not undermine the role of national regulatory authorities.
▌Three US senators question the Department of Justice about Binance's compliance
U.S. Senator Elizabeth Warren, along with Hawaii Senator Mazie Hirono and Connecticut Senator Richard Blumenthal, sent an inquiry letter to Attorney General Merrick Garland, requesting confirmation of whether Binance has effectively complied with the requirements of the 2023 settlement agreement. This agreement previously required Binance to pay a $4.3 billion fine due to issues involving money laundering and sanctions violations. Although Binance has paid the fine, its compliance oversight remains a point of concern. The senators also expressed concern over Binance's dealings with World Liberty Financial, a company associated with the Trump family.
▌SEC Chairman: Investor Advisory Committee is exploring ways to promote individual investor participation in private markets
Paul Atkins, the Chairman of the SEC, delivered a speech at the Investor Advisory Committee meeting. Paul Atkins stated that he has requested the SEC to approve the issuance of a concept release to gather public feedback on whether the standards should be updated to reflect the evolution of financial markets and corporate legal structures. The SEC welcomes foreign companies seeking to enter the U.S. capital markets. The goal of the SEC is to better understand the significant changes in the number of foreign companies listed in the U.S. over the past two decades and their impact on U.S. investors and the U.S. market. Significant changes include the composition of foreign companies reporting to the SEC, as well as a trend of being incorporated in jurisdictions different from the location of their headquarters and operations, such as the Cayman Islands, which are governed by frameworks that involve shareholder interests. Given these changes, it is necessary to reconsider whether the basis for the SEC's initial special accommodations for foreign companies and the existing standards remain reasonable. Meanwhile, the second panel discussion will explore the regulatory framework for managing retail investors' access to private market assets. Specifically, from 2002 to the present, closed-end funds that invest 15% or more of their assets in private equity funds have been limited to investors who meet the accredited investor standards. Therefore, for over twenty years, retail investors without accredited investor status have lacked opportunities to access private assets. The committee is exploring how to facilitate individual investor participation in private markets while protecting these investors from bad actors and fraud. There is demand from investors for these products. However, the SEC must also set appropriate guardrails to guide pension funds and other capital to invest reasonably in these private investment tools.
▌Bank of Canada: Canada should weigh the pros and cons of stablecoin regulation
Bank of Canada: Canada should weigh the pros and cons of stablecoin regulation.
Blockchain Applications
▌PayPal stablecoin PYUSD expands to 9 new blockchains
Payment giant PayPal announced that its USD stablecoin PYUSD has expanded to 9 new blockchains through the LayerZero cross-chain protocol, namely Abstract, Aptos, Avalanche, Ink, Sei, Stable, Tron, and the automatically integrated Berachain and Flow. Previously, PYUSD has been natively issued on Ethereum, Solana, Arbitrum, and Stellar. Since its launch in 2023, the total supply of PYUSD has increased to $1.3 billion, aiming to accelerate entry into new markets and further consolidate its position in the crypto economy.
▌Aave V4 is scheduled to launch in Q4, introducing the ERC-4626 standard for asset accounting
According to the official announcement, Aave has released an updated roadmap, indicating that V4 will be launched in the fourth quarter of this year. V4 will introduce the ERC-4626 standard for asset accounting and will launch a modular HubandSpoke framework to maximize utilization while controlling complexity. It is reported that ERC-4626 is a token standard that improves the technical parameters of yield-bearing vaults. It provides a standard API for yield vaults representing shares of a single underlying ERC-20 token.
Cryptocurrency
▌Poland's first Bitcoin ETF listed on the Warsaw Stock Exchange
The Warsaw Stock Exchange has launched Poland's first Bitcoin ETF, marking an important step for Eastern Europe in adopting cryptocurrencies. This ETF allows Polish investors to gain exposure to Bitcoin through standard brokerage accounts. With a population of about 38 million, Poland has increasingly embraced financial technology and digital assets in recent years. The Warsaw Stock Exchange stated in a press release on its official website, “This ETF provides investors with the opportunity to enter the cryptocurrency market through regulated securities trading.”
▌Financial Times: Eric Trump downplays the economic benefits brought by the family's cryptocurrency-related business
In an interview with the Financial Times (FT) in the UK, Eric Trump downplayed the economic benefits brought by the family's cryptocurrency-related business and defended the launch of the two memecoins, MELANIA and TRUMP, earlier this year, stating that they were just “for fun.”
▌French Foreign Trade Bank: Obtained a $240 million Bitcoin exposure through MicroStrategy (MSTR)
According to market news, the investment banking giant Natixis, which manages assets worth $1.4 trillion, has just disclosed that it has gained a Bitcoin exposure worth $240 million through MicroStrategy (MSTR).
▌Boyaa Interactive: Completed the purchase of 370 million HKD worth of Bitcoin, acquiring approximately 411 Bitcoins
Boyaa Interactive ( 00434.HK ) announced that the Group has completed its plan to purchase Bitcoin using approximately HKD 370 million raised from the placement, acquiring about 411 Bitcoins at an average purchase price of approximately USD 115,400 per coin. This purchase aims to deepen the Web3 business layout and achieve long-term sustainable development in the gaming ecosystem. As of the announcement date, the Group holds approximately 4,091 Bitcoins, with a total cost of approximately USD 279 million and an average cost of about USD 68,100 per coin. The company reminds shareholders and investors to pay attention to the volatility of the cryptocurrency market.
▌Listing of DOGE ETF and XRP ETF providing spot exposure issued by REX-Osprey
According to American ETF provider REX Shares, the first batch of crypto ETFs providing spot exposure to XRP and DOGE, in collaboration with Osprey Funds, was listed on the CBOE on September 18, offering investors a way to invest in these digital assets through an ETF structure. It is worth noting that the REX-Osprey DOGE ETF and XRP ETF are not typical spot ETFs; they do not directly hold all DOGE and XRP tokens but will also hold other assets, such as cash, U.S. Treasury bonds, and even other ETFs. The approval process for such products is entirely different, as they do not require explicit approval from the U.S. SEC and automatically take effect 75 days after application. According to REX-Osprey's filings with the SEC, these two ETFs will invest at least 80% of their net assets in reference assets and other assets that provide exposure to reference assets, with at least 40% of the assets directly investing in shares of other ETFs and ETPs, including non-U.S. ETPs.
▌Brera Holdings has been renamed Solmate and raised $300 million to launch the SOL treasury
NASDAQ-listed company Brera Holdings announced its name change to Solmate and raised $300 million to launch the SOL treasury. Investors include UAE-based technology and blockchain consulting firm Pulsar Group, the Solana Foundation, RockawayX, and ARK Invest, among others. Former Kraken Chief Legal Officer Marco Santori will serve as the CEO of Solmate. Solmate is expected to finalize an agreement after signing a letter of intent with the Solana Foundation, which will lower the initial price for SOL issuance, thereby allowing Solmate to significantly increase the growth rate of each SOL share in the future.
▌Stablecoin Protocol STBL: 100 million USST stablecoins will be minted based on Franklin Templeton's BENJI token
The CEO of the stablecoin protocol STBL, Avtar Sehra, announced that the next goal of the protocol includes minting 100 million stablecoins USST using Franklin Templeton's BENJI token, and has announced partnerships with several companies, including a U.S. payment company. The protocol is expected to open to the public in the fourth quarter.
▌USDC Treasury mints 200 million USDC on the Ethereum chain
According to Whale Alert monitoring, at 21:01 and 21:08 Beijing time yesterday, USDC Treasury minted a total of 200 million USDC on the Ethereum network, with 100 million USDC minted at each time.
▌Coinbase will launch Lombard (BARD)
Coinbase will launch Lombard (BARD). The token will open the BARD-USD trading pair once liquidity conditions are met.
Important Economic Dynamics
▌White House Economic Advisor: The Federal Reserve's rate cut is in the right direction towards significant rate cuts
White House economic advisor Hassett stated that the Federal Reserve's interest rate cut is a step in the right direction towards a significant reduction, as the inflation situation in the past three months has been more severe than previously seen.
▌Former U.S. Treasury Secretary Summers: Fed's policy is “too loose” and inflation remains the top issue
Former U.S. Treasury Secretary Summers stated that the Federal Reserve's policy is leaning towards “too loose” and emphasized that the biggest risk facing the U.S. economy comes from inflation, rather than the labor market. Summers said, “If I were in Chairman Powell's position, the most concerning issue would definitely focus on inflation.” Regarding the Federal Reserve's interest rate cut measures, Summers stated, “I don't think they are doing this under political pressure, but I feel that at this moment, the Federal Reserve must 'go all out' (to maintain an anti-inflation stance). And I'm not sure they have achieved the 'level of effort' I expect.”
▌Trump: This year we will invest over 17 trillion dollars in our country
According to market news, President Trump stated, “This year we will invest over $17 trillion in our country.”
▌Federal Reserve rate cut ignites enthusiasm on Wall Street as US stocks reverse cautious sentiment
On Thursday, the Federal Reserve announced its first interest rate cut in 2025 and hinted at further cuts in the future, leading to a risk-on sentiment sweeping Wall Street, and a significant rise in the US stock market. The rise in US stocks on Thursday marked a reversal in traders' initial reaction to the Federal Reserve's decision from the previous trading day, where Wall Street had taken profits on overvalued tech stocks. Robert Schein, Chief Investment Officer of wealth management firm Blanke Schein, stated: “The Federal Reserve cutting rates at a time when the stock market is hitting all-time highs and the economy is still growing is a very unique backdrop, as rate cuts by the Fed are typically associated with economic issues. This dynamic is favorable for the stock market.”
▌Trump requests the Supreme Court to approve the removal of Federal Reserve Governor Cook
On Thursday, U.S. President Trump submitted his action to remove Federal Reserve Governor Cook to the Supreme Court, requesting the justices to remove Cook from this powerful governing body. This request came the day after the Federal Reserve's first interest rate cut in months. Trump's emergency appeal has brought the issue of Federal Reserve independence, which is of great significance to the U.S. economy, onto the Supreme Court's docket. On the other hand, Trump's attempt to remove Cook involves new legal theories that may gain support in the Supreme Court, which is composed of 6 conservatives and 3 liberals. If Trump succeeds in removing Cook, it would be the first time in the Federal Reserve's 111-year history that a governor has been dismissed by the president.
Golden Encyclopedia
▌Is SUI the future of decentralized networks?
Sui was launched by Mysten Labs in May 2023, founded by former Meta engineers involved in the Facebook Diem project (formerly known as Libra), aiming to provide a decentralized solution capable of processing a large number of transactions with minimal latency. One of the standout features of Sui is its parallel transaction processing. While other networks like Solana and Avalanche also employ similar technologies, Sui stands out by reducing the complexity of coordination among validators. This simplified approach makes the network more efficient and scalable, maintaining high throughput even during high traffic without the bottlenecks that typically affect other blockchains. As part of this, Sui introduces an object-centric model. This not only allows for more granular transaction processing; it also enables digital assets to evolve and change over time, rather than remaining static. This makes the platform particularly suitable for applications involving non-fungible tokens (NFT), GameFi, and decentralized finance (DeFi), where assets often need to be updated or modified. In contrast, blockchains like Solana and Avalanche are optimized for speed but lack this flexibility in handling dynamic data. From DeFi to gaming and supply chain management, Sui's architecture supports fast and efficient transactions, making it an attractive platform for developers looking to build on cutting-edge blockchains.
