BlockBeats will summarize the key industry news of the week (9.8-9.14) in this article, and recommend in-depth articles to help readers better understand the market and industry trends.

Key News Recap

Competition for Rights to Issue Hyperliquid's USDH Stablecoin Intensifies with Bids from Paxos, Frax, and Others

On September 5, Hyperliquid announced the upcoming auction for the "USDH" Ticker. This is a native stablecoin designed for the Hyperliquid ecosystem. Currently, several institutions such as Paxos, Ethena, Frax, Agora, and Native Markets have submitted proposals, competing for the issuance rights of USDH. The winner will be selected through validator voting, receive the token code for purchase, and the right to issue the token.

On September 12, according to usdhtracker data, in the Hyperliquid stablecoin USDH bid, Native Markets currently has 70.59% of the staked share support, with 10 out of 19 node validators indicating support for Native Markets. Paxos Labs ranks second with 16.49% of stake share support, and 5 node validators indicating support for Paxos Labs. On the same day, due to the current situation, Ethena Labs announced its withdrawal from the USDH stablecoin issuance bid. Related article: "Timeline | Various Parties Compete for USDH Issuance Rights, Native Market's Winning Probability Soars to 93%".

Nasdaq Submits Application to SEC to List Tokenized Stocks; BlackRock Plans to Tokenize Stock Funds

On September 8, according to market reports, Nasdaq submitted a proposal to the U.S. Securities and Exchange Commission, suggesting rule adjustments to allow listed stocks and Exchange-Traded Products (ETP) to trade on the Nasdaq main market in "traditional digital or tokenized form." The answers to these issues will determine whether tokenization technology will remain on the periphery of cryptocurrency or truly integrate into Wall Street's financial infrastructure. If approved, regulated U.S. exchanges can incorporate tokenized stocks into the system, enabling cryptocurrency technology to directly interface with the world's most actively traded stock varieties.

Then on September 12, BlackRock announced plans to tokenize its funds holding real-world assets and stocks and put them on the blockchain.

Related Articles: "Joining If You Can't Beat Them? Nasdaq Executive Shares Insights on Why to Proactively 'Embrace' Tokenization", "BlackRock's Crypto Map Expands Further: Planning to Move Traditional ETFs Onto the Blockchain"

Korea's Largest Exchange Platform Upbit to Launch 'GIWA' Blockchain

On September 8, according to market sources, Korea's largest exchange platform, Upbit, will launch the 'GIWA' blockchain. The GIWA chain is built on the OP Stack and positioned as an Ethereum Layer 2, aiming to lower the barrier to entry for Web3. On September 9, GIWA has already launched its testnet and plans to soon introduce the 'GIWA Wallet'. Related Read: "What are the advantages of Upbit's own blockchain Giwa in Korea?"

OKX Boost's First X Launch Goes Live with Linea (LINEA) as the Initial Project

This week, OKX Wallet officially launched the first phase of the X Launch event on OKX Boost, where OKX Boost serves as a channel for high-quality projects to enter the OKX DEX, rewarding real DEX users. Based on real DEX data, OKX will select eligible Boost projects to be listed on the CEX spot and derivative markets. On September 8, OKX Wallet officially launched the first phase of the X Launch event on OKX Boost, with Linea (LINEA) as the featured project for this period. Eligible users can participate in sharing a prize pool of 162,022,478 LINEA tokens. Linea, developed and operated by ConsenSys, is an Ethereum Layer 2 scaling solution based on zkEVM, compatible with Ethereum development tools and smart contracts, featuring low transaction costs and Ethereum-level security.

Gemini Raises $425 Million in IPO, Reportedly Receives Over 20x Oversubscription

On September 12, according to Bloomberg's sources, the cryptocurrency company Gemini Space Station Inc. (Gemini) raised $425 million through an initial public offering (IPO), with a valuation of approximately $3.3 billion. The offering price was above the targeted range, and the issuance size was reduced. The company's stock reportedly received over 20 times the oversubscription.

An informant who requested anonymity due to the information not being public revealed that Gemini, led by billionaire Winklevoss twins, sold approximately 15.2 million shares of stock on Thursday at a price of $28 per share, up from the previously indicated price range of $24 to $26 per share. Bloomberg News had earlier reported that the company informed investors on Thursday that it planned to set the upper limit of the IPO base size for the double-digit oversubscription at $425 million. The prospectus indicated that Nasdaq had agreed to purchase $50 million worth of shares at the IPO price through a private placement. Gemini will reserve up to 10% of the IPO shares for long-term users, management and employees, friends and family, and allocate up to 30% of the shares to retail investors participating in the subscription through self-directed investment platforms like Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp.

ICBC Asia and HSBC Express Intent to Apply for Stablecoin License to HKMA

On September 8, according to the Sing Tao Daily, Industrial and Commercial Bank of China (Asia), a subsidiary of Industrial and Commercial Bank of China under the ICBC Group, has expressed its intention to apply for a stablecoin license to the Hong Kong Monetary Authority, making it another major Chinese-funded bank to take the same action following Bank of China (Hong Kong). HSBC has also expressed its intention to apply for a stablecoin license to the HKMA, but it is currently unclear whether HSBC will formally submit the application before the end of this month. The Financial Services Department has repeatedly stated that in the initial phase, only a few stablecoin licenses will be issued, but as of the end of last month, 77 institutions have expressed their intention to apply for the license to the department.

FinTech Group AMTD: Approved by SFC to Provide Virtual Asset Trading Services

On September 9, according to official sources, AMTD Group Limited (Stock Code: 376.HK) announced that its wholly-owned securities subsidiary, AMTD Securities Limited, has officially received approval from the Securities and Futures Commission of Hong Kong (SFC). The existing securities trading license (Type 1 license) will be upgraded to provide virtual asset trading services. After this upgrade, AMTD will be able to provide virtual asset trading services to retail and professional investors, allowing clients to trade digital assets (such as Bitcoin, Ethereum, etc.) directly on AMTD's trading platform.

Ant Group CEO: Firmly Against Issuing Virtual Currency, Will Not Participate in Any Form of Hype

During the 2025 Inclusion Summit on September 11, Ant Group CEO Eric Jing, when discussing tokenomics, stated that in exploring the path of tokenization, the exploration of tokenomic value and risk prevention should be treated equally. He emphasized that "compliance is the lifeline of innovation" and from the initial exploration, Ant Group has clearly defined boundaries: "firmly against issuing virtual currency, will not participate in any form of hype; focus on technological infrastructure, serve the industry rather than disrupt it; strive to create new value rather than fight for the old pie."

SOL Strategies Listed on Nasdaq with Stock Code STKE

On September 10, according to an official announcement, Canadian blockchain company SOL Strategies received listing approval and has been listed on the Nasdaq Global Select Market with common stock under the ticker symbol STKE. According to Strategic SOL Reserve data, SOL Strategies currently holds 432,000 SOL tokens, valued at approximately $94.9 million.

Meteora Announces TGE in October

On September 10, the Solana ecosystem liquidity protocol Meteora announced that it will conduct a Token Generation Event (TGE) in October. It has now entered "TGE preparation mode" and aims to complete TGE preparation as soon as possible, with the token being MET. Meteora had previously opened the first season points query, with the first season snapshot taken on June 30. The second season activities of Meteora are currently ongoing.

Trump's Son Removed from WLFI Treasury Company ALT5 Sigma Board of Directors

On September 10, according to Forbes, WLFI Treasury Company Alt5 Sigma disclosed in a filing to the U.S. Securities and Exchange Commission (SEC) that, following discussions with Nasdaq, to comply with its listing rules, Trump's son Eric Trump will now serve as a Board observer, while Folkman will join as a Director upon shareholder approval. On the same day, Trump's son Eric Trump responded to being removed from the WLFI Treasury Company ALT 5 Sigma Board, clarifying that he is not exiting ALT 5 Sigma but has been reassigned as a Board observer in response to Nasdaq's requirement, a necessary step to comply with listing rules. Eric Trump stated, "I am 1000% committed to WLFI, driving the future of redefined finance, and will give it my all."

Trump's Political Ally Charlie Kirk Fatally Shot, U.S. National Flag at Half-Mast

On September 11, Charlie Kirk, a well-known conservative activist and political ally of President Trump, was fatally shot at the University of Utah Valley in Orem, Utah, at the age of 31. Approximately 3 hours after the incident, Trump posted on social media confirming Kirk's death and offering condolences to his wife and family. Trump also ordered the national flag to be flown at half-mast in mourning. Charlie Kirk is best known as the co-founder and executive director of "Turning Point USA." Related read: "Once Drew Millions of Young People's Attention to Bitcoin, Close Trump Ally Charlie Kirk Assassinated"

Caixin Report: "Internet Giants Collective Exit from Cryptocurrency" Followed by Deletion of Report

On September 11, according to Caixin, major domestic internet companies in China may gradually withdraw from cryptocurrency-related businesses. Several central enterprises and Chinese banks’ Hong Kong institutions may also be absent from the ongoing Hong Kong stablecoin license application. In addition, restrictions will be imposed on internet platforms engaging in overseas cryptocurrency investment and cryptocurrency exchange activities, with a focus on developing the real economy. That night, Caixin deleted the article for reasons unknown.

Reuters Survey: The Fed to Cut Rates by 25 Basis Points in September, Three Rate Cuts Expected by Year-End

On September 12, a Reuters survey showed that almost all of the 107 economists polled predicted that the Fed would implement a 25-basis-point key rate cut on September 17, with most experts expecting further rate cuts in the first quarter of next year. The market has fully digested the rate cut expectations for September, with three rate cuts expected by the end of the year, compared to just two a few weeks ago. The median in the survey suggests that the Fed will cut rates by another 75 basis points next year, bringing the federal funds rate to 3.00%-3.25%.

Circle Executive: About 90% of USDC's Asset Reserve is Custodied by BlackRock

On September 13, according to Caixin, at the "Asia Vision Forum 2025" held in Singapore, Circle's Vice President of Asia-Pacific Strategy and Public Policy, David A. Katz, stated that cross-border transactions are an important application scenario for stablecoins. Therefore, issuing a RMB stablecoin will help promote the internationalization of the RMB. Katz emphasized that the issuance of digital assets must meet two core requirements: first, ensuring network security to prevent hacking attacks; second, digital assets must be pegged one-to-one to real, high-quality, highly liquid assets and custodied by appropriate institutions. He revealed that about 90% of USDC's asset reserve is custodied by BlackRock.

Major Supply Chain Attack This Week, On-Chain Users Advised to Exercise Caution

On September 9, Ledger's Chief Technology Officer, Charles Guillemet, wrote, "A large-scale supply chain attack is currently occurring: a prominent developer's NPM account has been compromised. The affected package has been downloaded over 1 billion times, meaning the entire JavaScript ecosystem may be at risk.

The malicious code works by silently altering cryptocurrency addresses in the background to steal funds.

If you use a hardware wallet, carefully verify each signed transaction; you are secure.

If you don't use a hardware wallet, please refrain from making any on-chain transactions temporarily.

It is currently unclear if the attacker has already stolen software wallet recovery phrases.

Detailed report. If you are using a Ledger or another hardware wallet that supports transparent signatures, you are not affected. My previous tweet was a reminder: Users who do not use hardware wallets supporting transparent signatures are at risk. Please be sure to carefully review each transaction before signing.

This Week's Large Financings: Inversion Capital, Eightco Holdings, BiFinance

On the 8th, blockchain-focused private equity firm Inversion Capital announced the completion of a $26.5 million seed round, led by Dragonfly Capital, with participation from VanEck, Lightspeed Faction, ParaFi Capital, Portal Ventures, Mirana Ventures, Metalayer Ventures, Volt Capital, HashKey Capital, Race Capital, and other individuals and institutions.

On the 10th, the new WLD treasury company Eightco Holdings (OCTO) announced that its recently disclosed $270 million private financing has been successfully completed, with the proceeds to be used to implement the Worldcoin Treasury strategy.

On the 10th, BiFinance completed a $10 million Series B financing at a $200 million valuation. This round was led by the Libertarian National Sovereign Fund, Sunfund Fortuna Global Opportunities, with institutional participation from Victus Global.

This Week's Top Articles

"HYPE Whale Conversation: After the Historic High, What Miracles Can Hyperliquid Still Create?"

As HYPE hits another all-time high, Hyperliquid has brought on-chain perpetuals close to CEX speed and depth through CLOB+HLP, with August protocol revenue surpassing $1 billion, annualizing over $10 billion, and a market cap of around $12 billion. Focused on USDH issuance bidding and HIP-3 (white label perpetuals) narratives, the platform attracts funds and discussion with "low fees + on-chain transparency + whale copy-trading" as its selling points. Its strengths lie in rapid iteration and a strong community, while weaknesses include mobile end and fiat on-off ramps, as well as trust issues from pre-launch events. The next phase will see if the team can translate USDH and HIP-3 into sustainable liquidity and ecosystem expansion, navigating through the next market cycle.

"USDH Battle Begins, Stablecoin + Hyperliquid Concept Draws Everyone's Attention"

Hyperliquid will use on-chain voting on 2025-09-14 10:00–11:00 UTC to determine the issuer of the native stablecoin USDH. Competitors such as Paxos, Frax, Agora, Native, etc., are racing: Paxos promises to use 95% of the reserve interest for secondary HYPE buybacks; Frax focuses on 100% underlying revenue on-chain return to the community; Agora emphasizes a "neutral alliance" and full profit sharing; Native relies on its local ecosystem and fiat channels to break through. The winning party will internally recycle stablecoin interest and minting tax from external sources, alleviating reliance on USDC and strengthening the HYPE value loop; however, execution transparency, compliance, and asset migration efficiency will determine the final outcome.

"Hyperliquid Stablecoin About to Launch: Why Did the New Team Native Markets Secure USDH?"

The bidding for the Hyperliquid native stablecoin USDH has reached its climax: starting from 2025-09-05 with a Ticker auction, Paxos, Ethena, Frax, Agora, and Native joined the battle; Native is leading by about 97%. Its proposal is co-managed by BlackRock (off-chain) + Superstate (on-chain) reserves, with interest split in half: half goes to the support fund for HYPE, and the other half is invested in HIP-3 and the HyperEVM ecosystem. CoreRouter has been audited and open-sourced, with minting and redemption relying on the Bridge, and a commitment to meet the U.S. GENIUS standard. Despite some process bias disputes, validators and ecosystem leaders are largely shifting their support. If the "community return of revenue" loop runs smoothly, USDH may reshape the stablecoin landscape of trading platforms and become a model for "Stablecoin 2.0."

"Overview of Hyperliquid Airdrop Projects, Which Ones Are Worth Participating In?"

The Hyperliquid ecosystem's airdrop opportunities are categorized as follows: S-tier: Unit, Kinetiq (low threshold, clear roadmap); A-tier: Liminal, Hyperbeat (robust returns and multi-protocol points aggregation); B-tier: Hyperlend, Felix, Project X, Ventuals (more complex/uncertain strategies). Operational advice: concentrate limited funds on 3–4 collaborative projects, prioritize S+A tiers, with B as an options portfolio.

"Justin Sun Lecture from 9 Years Ago Goes Viral on the Internet: Why Not Buy a House, Not Buy a Car, Not Get Married?"

Nine years ago, Justin Sun proposed in his book "The Road to Financial Freedom" that one should "not buy a house, not buy a car, not get married" before the age of 30. This was not a denial of values but a personal strategy: to invest funds and time in the ability to compound, networks, and entrepreneurial opportunities to avoid being locked into illiquid assets by high-leverage real estate and familial obligations. Looking back, aspects such as the divergence of housing prices in cities, the maturation of shared mobility and home services, and the rise of female economic independence have partially corroborated his assessment. Key points for blockchain practitioners: prioritize holding "options" (learning, coding, networking), allocate capital to high-volatility, upward-trending tracks rather than status-oriented assets; prioritize life asset allocation in the order of "strategy first, tactics later," using data and cash flow to replace emotional decision-making.

"Why Can't Chinese People Stay Wealthy for More Than Three Generations? 9 Years Ago, Justin Sun Offered a Harsh Answer"

Transitioning from the old order of "family-sex-power" to the new paradigm of "individual-capability-network/capital (including encrypted assets)." Justin Sun's core belief that "money is about freedom" emphasizes the sanctity of property rights, asset sovereignty, and long-termism, explaining why the wealthy struggle to endure and why wealth does not last beyond three generations, and offers institutional and cultural root cause assessments. Reflecting on his book "The Road to Financial Freedom" from nine years ago, his predictions about transitional periods, industrial shifts, and individual empowerment have been validated in practice; this helps understand the logic behind his choices of not owning property or a car, remaining unmarried, and his early support for Trump.

"RWA's Next Milestone: Nasdaq Is Seriously Considering Tokenized Stocks"

Nasdaq has submitted a rule proposal to the SEC to introduce "tokenized settlement" within the existing NMS: matching still occurs on the same order book, settlement is minted and distributed on-chain by the DTC, aiming for implementation as early as Q3 2026. Within two years, RWA securities have surged, with on-chain stocks totaling around $4.4 billion (RWA.xyz). This move shifts tokenization from the edge of experimentation to the core of Wall Street: maintaining NBBO and compliance monitoring, equal shareholder rights, in exchange for faster settlements, potential 24/7 trading, and programmable governance. For on-chain users: compliant access + equal rights assets + lower counterparty risk; for institutions: achieving an "on-chain" upgrade without rewriting the rules.

"First Person Holding Stablecoin in China, 5 Years in Prison with Passive Tether Equity and Bitcoin Holdings"

Cryptocurrency veteran Zhao Dong, who was rumored to have been spotted in Crypto Valley after his release from prison, has had his release debunked. However, his trajectory and asset structure still provide references for stablecoins and the OTC market. Once a co-founder of Moji, he entered the industry through Garage Café, accumulated coins at a low price in the early days, went bankrupt, switched to OTC trading to repay his debts, became a shareholder of BFX after the Bitfinex hack in 2016, had a close relationship with Tether, and was once seen as the "USDT gateway" in the Chinese-speaking region. It is rumored that he held around 10,000 BTC at the peak (approximately $1.2 billion today). In June 2020, he went missing due to legal issues and was sentenced to prison. Guo Hongcai's photo sparked discussions, but its authenticity remains unclear. If he still holds Tether equity and BTC, the passive income and influence may remain unchanged, potentially affecting USDT trust and Chinese-speaking OTC market liquidity.

"Losing Money Meme Coin Players Are Flocking into Prediction Markets"

As the Memecoin trend wanes, losing degens are shifting their focus to prediction markets: Kalshi, which saw a surge after winning a lawsuit in September last year and having the regulatory case against them dropped in May this year, and Polymarket, which has been approved to re-enter the U.S., are experiencing increased trading volumes, reaching levels comparable to those during the election. In contrast, Solana DEX traders have seen a significant decline from the peak earlier this year, indicating a diminishing meme wealth effect. Prediction contracts offer the thrill of "memes and odds" with objective settlement and a broader range of assets (political/macro/sports). Leveraging, hedging, and cross-platform arbitrage have made it a more interactive information game. For on-chain players, this marks a shift from PVP surfing to "pricing probability with money."

"Latest Speech by SEC Chairman: Crypto Era Is Fully Upon Us, the U.S. Will Lead Crypto and AI Innovation"

SEC Chairman Paul S. Atkins stated in a roundtable on September 10 that the "crypto era has arrived," announcing Project Crypto to advance the U.S. market on-chain: regulatory enforcement will shift to clear rules, providing an expected path for token attributes and on-chain financing. Platforms are encouraged to consolidate trading/lending/staking under a single regulatory framework to support multi-custody, fostering competition in "super apps." The SEC will collaborate with international partners, drawing insights from MiCA. Additionally, the SEC will reexamine facilitation for foreign issuers, emphasizing the importance of high-quality accounting and finance and vigilance against mission drift. With AI-driven financial agencies, the U.S. aims to lead the golden age of financial innovation in crypto and AI.

《PUMP Hits New High, Co-founder Talks About the Reasons Behind》

On September 11, PUMP was listed on Upbit, attracting attention. Co-founder Noah expressed for the first time that the platform will use nearly 100% of its daily revenue for a buyback on the secondary market, combined with a creator fee adjustment and live streaming, transforming Pump from a "meme launcher" to a "social + trading" super app. The team focuses on mobile-first and built-in private messaging to enhance user retention, prioritizing support for long-tail streamers. They also plan to launch stablecoins and other new products in broader use cases. Data-wise, approximately $2 million was allocated on the first day of the fee adjustment rollout, and the buyback strategy is inspired by Hyperliquid's "near full revenue buyback" approach. Key points and risks include the sustainability of Korean traffic, creator monetization efficiency, and the sustainability of the buyback and revenue loop.

《Was the September Rate Cut Priced In, and How Will the Market Move Next? | Traders' Observation》

The expectation of a September rate cut has been heavily priced in, with "easiness" failing to conceal "recession trading." With only a modest increase of 22,000 jobs in August and an unemployment rate of 4.3%, the market mainly bets on a 25bp cut. On the charts, as long as BTC holds above the 110,000 structure, it may rise to 113,400 / 115,400 / 117,100; ETH's momentum is weakening, and funds may rotate to narratives with lighter positions. Scenarios: If the FOMC moderately cuts rates and subsequent data does not deteriorate further, risk appetite may recover in Q4; if BTC fails to hold above 110,000, a retracement to below 100,000 (93–98K) is a concern. This week, focus only on three things: ETF net flows, turnover rates, and dot plot guidance—should one mislead, avoid chasing highs.

《Over 2 Million ETH Queued for Unbonding, What Exactly Happened?》

The Ethereum unbonding queue surged to over 2.04 million ETH for a waiting period of approximately 35 days. The main reason was not whale selling but rather the staking service provider Kiln initiating an "orderly exit" of all ETH validators as a security measure following the SwissBorg SOL incident. Kiln stated that client assets are secure, interest will continue to accrue during the exit period, and withdrawals will be completed in around 9 days after exiting; their roughly 1.6 million ETH may be restaked after a key change. There are still 808,000 ETH in the queue, with an average wait time of around 14 days. Withdrawals are automatically processed by the protocol, with data sourced from the Validator Queue. Conclusion: This is a queue effect triggered by risk control, which may disrupt liquidity, but the probability of systemic selling pressure is low. Pay attention to post-analysis and the pace of re-staking.

"Former Binance CFO to Launch Stablecoin in the Philippines"

Former Binance CFO Wei Zhou (now Coins.ph CEO) is betting on a stablecoin in the Philippines: advancing the peso-anchored PHPC after a central bank pilot, targeting around $40 billion in annual remittances and forex settlements, positioning it as a "24x7 stablecoin hub." The strategy initially focuses on compliant fiat-to-fiat exchanges and cross-border payments between USDT/USDC and PHP, prioritizing weekend and cross-border efficiency, spreads, and accessibility instead of displacing mature domestic small payments. If more exchanges and fiat corridors like HKD/USD land and bolster liquidity, the spread for PHPC-related transactions is expected to narrow, approaching bank costs; otherwise, it will remain in weekend and small-scale scenarios. Key areas of interest for readers: PHPC on-chain progress and listings, depth and fee curves of USDT/USDC to PHP, ToB cross-border e-commerce demand, and the constraints of KYC/AML on liquidity pool expansion.

"Multicoin Founders: Why SOL is the Best Asset for the DAT"

Multicoin's Kyle Samani states: Multicoin, Jump Crypto, and Galaxy lead Forward Industries (FORD) in a $1.65 billion PIPE deal to initiate the Solana Treasury; each party contributed over $100 million, with Samani personally investing $25 million and becoming the chairman. The guiding star is "SOL per share growth," building upon Saylor's DAT framework. The rationale: SOL's staking + MEV real yield; as of 2025-09, the average staking yield is around 8.05% (6.19% inflation, 1.86% real, settled approximately every 2.5 days); ETH is about 3.21% (real ~0.41%), and BTC's actual yield is zero. The strategic path includes: staking/DeFi, discounted SOL buybacks and locking, capital cost arbitrage between banks and DeFi, and liquidity and yield swapping with top protocols.

"The Most Exciting Crypto Product Battles of 2025, Who Will Have the Last Laugh"

The memecoin launchpad battle enters an "issuance + trading" integration. In early September, pump.fun retook the lead, but in July, Raydium via Letsbonk.fun had surpassed it in fees and net income. New developments: pump.fun introduces Project Ascend / Dynamic Fees V1 (lower fees for higher market cap), betting on CCM to retain creators and extend coin age; Letsbonk.fun through the Raydium ecosystem plays a combination card, launching USD1 and flagship $USELESS on Coinbase. What this means for you: pump.fun leans towards "content-driven medium- to long-term retention"; Letsbonk.fun+Raydium leans towards "liquidity and resource integration." Current landscape = pump.fun+PumpSwap vs. Letsbonk.fun+Raydium, victory or defeat depends on creator retention and order book depth.

"When Stablecoins Start Building Chains, Does Ethereum Still Have a Chance?"

The issuers of stablecoins are now embarking on "chain-building," shifting the narrative from "on-chain" to "self-built settlement layers." Projects such as Circle's Arc, Tempo led by Stripe, Stable customizing USDT, Bitcoin sidechain Plasma, and RWA-focused Converge all share the common features of "Stablecoin as Gas," optimizing payment settlement and compliance, aiming for second-level confirmations and high throughput. They are achieving vertical integration through issuance-settlement-application to shorten the "money road." This will reshape stablecoin settlement processes, directly impacting TRON, which heavily relies on USDT, while open innovation and high security may still be taken over by Ethereum/Solana, evolving into a dual-track pattern of "payment determinacy + universal innovation." For retail investors, opportunities lie in testnets, nodes, ecosystem incentives, and long-term asset allocations; key observations revolve around settlement determinacy, cross-currency liquidity, and real-world payment applications.

"Hot Stablecoin Project Falcon's IDO Approaching: Is It Worth Participating?"

Falcon Finance's token FF is about to launch its initial offering on the Launchpad platform Buidlpad. This is not just another ordinary token sale but the flagship stablecoin project under the top-tier market maker DWF Labs making its first public appearance, marking the market maker's transition into the stablecoin space for the first time. Falcon Finance's founder and team come from DWF Labs, with its co-founder Andrei Grachev also serving as Falcon's Managing Partner. Falcon's stablecoin already boasts a circulating market cap of $1.5 billion, with its underlying revenue strategy relying on a large number of arbitrage trades, similar to Ethena, distributing trading profits to users in the guise of a interest-bearing stablecoin trading company. Its market maker identity naturally provides it with advantages in trade execution and revenue strategy. The market is highly anticipating the future development of this stablecoin project.

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