Author: Cobo

This week's core event is undoubtedly the bidding war within the Hyperliquid community surrounding the issuance of a native stablecoin. This is a game centered on the interest from a $5.5 billion reserve, attracting not only DeFi native forces like Frax and Ethena but also fintech giants like Stripe and PayPal, making the stablecoin competition extend far beyond the crypto circle.

This marks the first large-scale attempt by a decentralized protocol to challenge the profit models of fintech. Various project bidders have chosen to transfer the floating reserve income back to the community, all in pursuit of the most scarce "distribution entry." As a result, this contest is no longer limited to token issuance but signifies a critical turning point for stablecoins from "issuance to distribution."

With the barriers to stablecoin issuance continuously lowering, it is foreseeable that more communities and brands will issue their own stablecoins in the future, returning profits to users and the ecosystem. "Monetary sovereignty" is transitioning from concept to reality, gradually becoming a new consensus in the industry.

Market Overview and Growth Highlights

The total market capitalization of stablecoins has reached $287.876 billion, a week-on-week decrease of $353.58 million. In terms of market structure, USDT continues to dominate with a share of 58.88%; USDC ranks second with a market cap of $72.012 billion, accounting for 25.02%.

Blockchain Network Distribution

Top three networks by stablecoin market cap:

1. Ethereum: $154.314 billion
2. Tron: $79.239 billion
3. Solana: $12.465 billion

Top 3 fastest-growing networks this week:

1. M By M^0 (M): +20.77%
2. PayPal USD (PYUSD): +14.78%
3. Ethena USDtb (USDTB): +12.94%

Data from DefiLlama

Competing for $5.5 billion in reserve interest: The Battle for Hyperliquid's Stablecoin Issuance Rights

In the Hyperliquid community, a bidding war over the $5.5 billion stablecoin reserve has entered a critical phase. On the surface, this is merely the launch of a native stablecoin called USDH, but essentially, it is about redistributing reserve interest. In the past, this portion of floating reserve income, amounting to hundreds of millions of dollars annually, was concentrated among issuers and distributors like Circle and Coinbase (with Hyperliquid's platform holding $5.5 billion in USDC, accounting for 7.6% of the total USDC supply, Circle has accumulated over $120 million in interest income from this, still earning about $620,000 daily). The Hyperliquid community hopes to redirect this floating reserve income back to the community by issuing its own native stablecoin, USDH. Consequently, many bidders have thrown out generous conditions, with Frax, Ethena, Agora, Sky, and others even willing to return 95% or even 100% of the interest to the community. This means that the issuance of stablecoins itself is no longer a profit point but rather an entry ticket into the distribution layer. Hyperliquid's user network and liquidity position are sufficient to render the original "issuer-exclusive profit" model ineffective, which was the core logic behind USDT's previous profit monopoly, now completely overturned.

The proposals from various bidders differ significantly. The DeFi camp, including Frax and Ethena, tends to favor a "nested" model, relying on Hyperliquid's USDC reserves to mint an intermediate layer, then anchoring the issuance of USDH, thereby expanding their own demand pool and feeding back community profits; Native Markets has joined the bidding as a leader in the Hyperliquid community, collaborating with Stripe-Bridge to promote USDH as an API-level asset, capable of fiat deposits and withdrawals as well as multi-chain payments, with hopes of achieving expansion through embedding in the long tail of real-world merchants. In contrast, Paxos has partnered with PayPal, leveraging its vast user and merchant network to drive the rapid adoption of stablecoins from the top down. The former represents a progressive, developer-driven expansion logic, while the latter emphasizes immediate reach and efficiency coverage, reflecting two paths for stablecoin distribution.

Forecasting market Polymarket indicates that Native Markets has over a 90% chance of winning. Regardless of the final outcome, Circle's reliance on reserve interest models has been shaken. With the spread of "Issuance as a Service" (STaaS), the moat in the stablecoin sector will shift from reserve size to distribution channels. The bidding at Hyperliquid may be the first case of this transformation, but it will not be the last. This means we will see more communities and brands choosing to issue their own stablecoins, returning profits to the community, ecosystem, and users, with "monetary sovereignty" gradually becoming a new industry consensus.

Stripe's Most Promising Profit Engine: Monetizing Distribution Rights

Last week, Stripe officially announced the launch of its self-developed Tempo payment chain, completing a full-stack closed loop for stablecoin payments: Privy provides a frictionless wallet, Bridge handles issuance and compliance clearing, and Tempo takes care of final settlement. Viewed individually, these three projects do not possess unique advantages, as there are many similar products on the market. However, when they are API-ified and unified within Stripe's network, stablecoins become more than just "another payment method"; they become a core component of the payment scheduling layer, allowing the advantages of stablecoins in cross-border, micropayments, and programmable payments to be optimally combined with traditional channels, unlocking new business models and capturing more diverse value. This means that for merchants, the front end remains almost unchanged; meanwhile, in the back end, Stripe can now route the optimal path in real-time between ACH, card organizations, and Tempo+Bridge, making stablecoins the invisible infrastructure of the payment network.

However, Stripe's biggest competitive advantage is not the chain itself but in thoroughly commodifying the infrastructure aspects such as compliance, issuance, and clearing, then shifting the competitive focus back to its core strengths—product and distribution. With a network of millions of merchants, Stripe can bind white-label issuance to the merchant ecosystem through Bridge, allowing stablecoins to enter mainstream commercial scenarios directly. The value of this "distribution channel" far exceeds that of floating reserve income, as it creates non-speculative real use cases for stablecoins. Furthermore, Stripe's API may even allow merchants to become issuers directly, embedding stablecoins into loyalty points or supply chain settlements. At that point, the penetration of stablecoins will no longer rely on speculative momentum but will naturally extend into the commercial network through the distribution layer. And as distribution becomes the most scarce resource, Stripe may even charge "toll fees" to stablecoin giants like Circle. It can be said that the true strategic killer of stablecoins lies not in issuance but in controlling the entry points for distribution.

If distribution capability is merely a bonus in the Hyperliquid proposal bidding, then in Stripe's business blueprint, the monetization of distribution capability may become the profit engine of the future. Beyond clearing fees, API usage fees, and reserve interest differentials, the real moat lies in controlling merchant entry points. Once network effects begin to manifest, controlling distribution equates to controlling the most valuable cash flow of stablecoins, and the distribution rights themselves will become a new layer of monetization.

New Product Dispatch

Minnesota Credit Union Launches First U.S. Credit Union Stablecoin

Key Highlights

• St. Cloud Financial Credit Union plans to launch Cloud Dollar (CLDUSD) by the end of 2025, claiming it to be the first stablecoin issued by a credit union in the U.S.;
• The stablecoin is co-developed by blockchain company Metallicus and fintech provider DaLandCUSO, and will be directly integrated with the credit union banking system to provide instant low-cost transactions;
• CLDUSD will be issued on the Metal blockchain and connected to existing credit union infrastructure through Coin2Core software, aiming to retain deposits while providing a regulated means of fund movement.

Why It Matters

• Driven by the GENIUS Act, small financial institutions are leveraging blockchain technology to compete with fintech companies, bringing traditional financial institution participants into the $270 billion stablecoin market.

Coinbase Launches AI Agent-Specific Crypto Micropayment Ecosystem "x402 Bazaar"

Key Highlights

• Coinbase engineers have launched "x402 Bazaar," a discovery layer for AI agents, dubbed the "Google for AI agents"; the platform is built on the x402 open-source payment protocol released earlier this year, which supports instant stablecoin payments on any website;
• The first projects launched include Prixe (which allows AI agents to create stock price APIs for the latest financial reports) and various image and video generation endpoints; Coinbase developer platform engineering lead Erik Reppel describes it as a "pay-per-scrape" model that addresses payment issues when AI agents access data or content;
• Coinbase believes the market size for content that AI agents may purchase will significantly exceed that of content purchased directly by humans; as more services join, the possibilities for autonomous workflows will continue to expand, with "any digital goods or digital media being payable through x402."

Why It Matters

• This ecosystem combines crypto micropayments with AI technology, creating a new paradigm of "agent commerce." AI agents need access to various data, content, and services to make better decisions, and micropayment mechanisms make such access economically viable. By establishing standardized payment protocols and discovery layers, Coinbase is building a bridge between AI agents and content/service providers, creating infrastructure for AI autonomous workflows. This not only expands the use cases of cryptocurrency in practical applications but also creates new profit models for content creators and API providers, potentially becoming an important step in the integration of the AI economy and the crypto economy.

MegaETH Launches USDm Stablecoin in Collaboration with Ethena, Subsidizing Sorter Fees with Reserve Income

Key Highlights

• MegaETH, an Ethereum scaling solution, has partnered with the DeFi protocol Ethena to launch the USDm stablecoin, using the stablecoin reserve income to cover network operating costs, rather than charging a markup on sorter fees like most layer two networks;
• USDm will be issued through Ethena's USDtb framework, with reserves primarily holding BlackRock's tokenized U.S. Treasury fund (BUIDL) and liquidity stablecoins. Initially, it will support swaps with USDtb rather than direct fiat redemptions, aiming to reduce transaction costs and maintain stability;
• This model aims to unify chain and ecosystem incentive mechanisms, addressing the unpredictability of fee markups after EIP-4844 reduces data costs. The MegaETH testnet is now live, achieving a 10-millisecond block time and processing over 20,000 transactions per second.

Why It Matters

• The USDm model from MegaETH represents a new attempt at revenue models for layer two networks, potentially creating a lower and more stable transaction fee environment for users and developers by distributing stablecoin reserve income to network operations rather than as chain profit. The collaboration with Ethena also brings scale and compliance foundations, as Ethena, the issuer of the third-largest stablecoin USDe, has approximately $13 billion in total value locked (TVL), with about $1.5 billion in circulation for USDtb, compliant with the U.S. GENIUS Act framework.

Market Adoption

LitFinancial Issues Ethereum Stablecoin, Reshaping Mortgage Processes

Key Highlights

• Michigan-based mortgage institution LitFinancial has launched the dollar stablecoin litUSD on the Ethereum blockchain, supported by a 1:1 cash reserve;
• The company plans to use the stablecoin to lower funding costs, improve financial management, and explore on-chain settlement for mortgages, making loan performance publicly traceable;
• Brale is responsible for issuance and redemption services, while advisory firm Stably supports token economics and DeFi integration, allowing users to mint and redeem litUSD via bank transfers or USDC.

Why It Matters

• With the passage of the GENIUS Act, institutional stablecoins are accelerating in development, with transaction volumes expected to reach $1 trillion by 2030. LitFinancial's move demonstrates how blockchain can reshape liquidity in the traditional mortgage market.

BBVA Partners with Ripple to Offer Retail Cryptocurrency Services, Expanding Presence in Spain

Key Highlights

• Cryptocurrency infrastructure company Ripple is expanding its partnership with Spanish banking giant BBVA to provide digital asset custody technology, supporting BBVA's newly launched Bitcoin and Ethereum trading and custody services for retail customers in Spain;
• Cassie Craddock, Ripple's Managing Director for Europe, stated that with the establishment of the EU's Markets in Crypto-Assets (MiCA) regulation, banks in the region are confident in launching the digital asset services their customers need. Ripple's custody technology helps banks provide crypto and digital asset services while maintaining security, compliance, and efficiency;
• Ripple has already provided custody technology for BBVA's operations in Switzerland and Turkey, and the two have collaborated on a pilot project for real-time international remittances. Last month, BBVA was also reported to be one of the independent custodians for Binance, the world's largest cryptocurrency exchange.

Why It Matters

• The establishment of the MiCA regulatory framework in Europe provides regulatory certainty for traditional banks entering the crypto space. BBVA's proactive expansion into crypto services indicates an increasing acceptance of digital assets by financial institutions. By partnering with Ripple, BBVA can directly offer end-to-end custody services to meet consumer demand for cryptocurrencies while ensuring compliance with regulatory requirements.

Global Asset Management Giant BlackRock Plans to Tokenize ETFs

Key Highlights

• According to Bloomberg, the world's largest asset management company, BlackRock, is considering moving its ETF funds on-chain, including tokenizing funds related to "real assets," such as equity funds;
• BlackRock's iShares Bitcoin and Ethereum ETF products have attracted $55 billion and $12.7 billion in inflows, respectively, with both funds reaching $10 billion in size in less than a year;
• The company has experience with on-chain products, as its BlackRock USD Institutional Digital Liquidity Fund (BUIDL) became the first tokenized fund to surpass $1 billion in size, currently managing over $2 billion in assets.

Why It Matters

• BlackRock's move signifies Wall Street's accelerated embrace of the asset tokenization trend, echoing recent actions by Fidelity and Nasdaq, potentially providing institutional investors with new avenues for on-chain investments in real assets.

Fintech Unicorn Ramp is Hiring Senior Engineers to Build Stablecoin Payment Infrastructure

Key Highlights

• Ramp is hiring senior/lead software engineers to build stablecoin payment and liquidity infrastructure, including wallet systems, payment channels, and fiat settlement integrations;
• This role requires integrating stablecoin capabilities into Ramp's core financial products under compliance, leading technical architecture internally, and interfacing with financial partners externally;
• Ramp has shifted from a pure exchange fee revenue model to software revenue and value-added services through AI-driven innovation. After completing a $16 billion valuation financing round in June, Ramp is currently negotiating a new $350 million financing round, with a valuation expected to rise to $21 billion, reflecting strong investor confidence in its business model.

Why It Matters

• This strategic move will integrate Ramp's AI-driven financial platform with blockchain payments, providing enterprise clients with more comprehensive financial solutions and potentially creating innovative intersections in corporate payments, stablecoin applications, and financial automation.

Capital Layout

Figure IPO Soars: Blockchain Company’s Stock Price Surges 24% on First Day

Key Highlights

• Blockchain financial company Figure successfully IPO'd, raising $787.5 million, with stock priced at $25, exceeding expectations, closing at $31.11 on the first day, a 24.44% increase, valuing the company at $5.3 billion;
• Figure co-founder Mike Cagney (former SoFi founder) stated that blockchain technology can reduce the number of intermediaries in stock market trading from seven to two, enabling direct connections between buyers and sellers;
• The company's core business is a blockchain platform supporting consumer credit and digital assets, with technology that can reduce the processing time for home equity loans from the industry average of 42 days to 10 days, facilitating approximately $6 billion in home equity loan transactions within the 12 months ending June 2025.

Why It Matters

• Figure's successful IPO marks mainstream recognition of blockchain technology in traditional finance, with the company transitioning from losses to profitability (net profit of $29.4 million in the first half of the year), validating the commercial value of blockchain in simplifying financial intermediary processes and improving transaction efficiency.

Private Equity Startup Inversion Labs Acquires Traditional Companies to Integrate Blockchain

Key Highlights

• New York startup Inversion Labs plans to acquire low-margin companies and enhance operational efficiency through the integration of blockchain technology, thereby creating profit growth;
• The company has completed a $26.5 million seed round financing, with a valuation of $100 million, led by crypto venture capital firm Dragonfly Capital, with participation from VanEck, ParaFi Capital, and others;
• Inversion will establish an Inversion Capital fund of over $500 million for acquisitions and has submitted multiple acquisition offers targeting South American telecom companies, aiming to complete its first deal within a year.

Why It Matters

• This innovative business model combining private equity and blockchain provides institutional investors with low-risk crypto exposure while avoiding price volatility, potentially driving large-scale adoption of blockchain technology in traditional industries through real business cases.

Kraken Acquires Trading Platform Breakout Founded by "Crypto Twitter" Personalities Mayne and Cred

Key Highlights

• Kraken has announced the acquisition of the crypto proprietary trading platform Breakout, which allows traders to access up to $100,000 in nominal capital per account (or up to $200,000 across multiple accounts) without personal funds, retaining up to 90% of generated profits after successfully passing an evaluation;
• Breakout was founded in 2023 by crypto industry veterans TraderMayne, CryptoCred, Alex Miningham, and Abetrade, supporting over 50 cryptocurrency trading pairs, with BTC and ETH contracts offering up to 5x leverage; Breakout will gradually integrate into the Kraken Pro platform;
• Kraken co-CEO Arjun Sethi stated, "Breakout allows us to allocate capital based on skill proof rather than capital… This is how modern capital platforms should operate. Transparent, programmable, and open to anyone with an advantage."

Why It Matters

• This acquisition reflects the sharp increase in M&A activity in the crypto industry, driven by a more proactive regulatory environment under the Trump administration, market consolidation, and infrastructure expansion needs. Breakout's business model represents innovation in the trading space, identifying talented traders through an evaluation process and providing funding support, creating opportunities for those lacking personal capital but possessing trading skills. This "evaluate first, fund later" model may become an important development direction for future trading platforms.

Tetra Digital Secures $10 Million in Funding to Develop Regulated Canadian Dollar Stablecoin

Key Highlights

• Tetra Digital Group, a digital asset custody institution in Alberta, Canada, announced it has raised approximately $10 million to develop and issue a regulated stablecoin pegged to the Canadian dollar. Investors in the project include Shopify, Wealthsimple, Purpose Unlimited, Shakepay, ATB Financial, National Bank, and Urbana Corporation, which has held a majority stake in Tetra since April;
• The stablecoin is planned to launch in early 2026, pending regulatory approval. The tokens will be issued through Tetra Trust, a regulated digital asset custody subsidiary, and will be backed 1:1 by Canadian dollar reserves held domestically;
• Tetra Digital CEO Didier Lavallée stated, "By bringing together Canada's most trusted financial institutions and companies, we are not just launching a stablecoin; we are supporting a local solution built by Canadians for Canadians, ensuring we maintain economic sovereignty."

Why It Matters

• Tetra Digital's Canadian dollar stablecoin project represents an important trend—the rise of non-U.S. dollar stablecoins, which helps reduce reliance on U.S. dollar stablecoins, promotes diversification in the financial system, and indicates that Canada is actively building its own digital payment infrastructure to maintain economic sovereignty and secure a place in the global stablecoin market.

Coinbase Acquires Founders of Sensible to Accelerate "Everything Exchange" Strategy

Key Highlights

• Coinbase has acquired Jacob Frantz and Zachary Salmon, the two founders of the crypto yield platform Sensible, marking the company's seventh acquisition or talent acquisition in 2025. Sensible will cease operations in October;
• The two founders will lead a key team in Coinbase's on-chain consumer strategy, focusing on simplifying DeFi access, enhancing use cases, and making cryptocurrencies more user-friendly, continuing their commitment to making cryptocurrencies assets that people can use rather than just hold;
• Coinbase is fully advancing its vision of an "Everything Exchange," planning to add tokenized stocks, prediction markets, and early token sales. Last month, it announced the integration of decentralized exchanges to provide traders with "millions" of digital assets previously unavailable on the platform.

Why It Matters

• Despite a 26% year-over-year decline in Coinbase's Q2 revenue, a more than 30% drop in spot trading volume, and a $307 million data breach incident, the company is actively expanding its business scope through acquisitions. This indicates that Coinbase is shifting towards a comprehensive financial services platform, integrating traditional finance with crypto assets to create a one-stop platform for users to trade, lend, stake, spend, and earn.

Ant Group Plans to Tokenize Over $8.4 Billion in Energy Assets

Key Highlights

• According to Bloomberg, Ant Group's blockchain division, Ant Digital Technology, is advancing plans to put energy assets worth over $8.4 billion (approximately 60 billion RMB) on-chain. It is currently tracking the power output of about 15 million new energy devices (including wind turbines and solar panels) in China and monitoring potential failures;
• The plan has moved beyond the planning stage, with Ant having completed financing for three clean energy projects through tokenization, raising approximately 300 million RMB (about $42 million) for operating companies;
• Sources indicate that Ant is exploring ways to enhance the liquidity of physical assets by issuing tokens on overseas decentralized exchanges as part of its future expansion, but these plans still depend on regulatory approval.

Why It Matters

• Ant Group's initiative marks a significant move by a large fintech company into the realm of real-world asset (RWA) tokenization. By putting clean energy assets on-chain, it not only enhances asset liquidity and transparency but also creates new financing channels for green energy projects. Last December, green energy service provider GCL-Poly Energy completed an RWA project based on photovoltaic assets with the technical support of Ant Digital Technology, involving over 200 million RMB. Ant Digital Technology has also joined the sandbox program led by the Hong Kong Monetary Authority to explore RWA tokenization, demonstrating that Asian financial giants are actively embracing blockchain technology in traditional finance.

A16z-Backed Lead Bank Completes $70 Million Financing, Valuation Reaches $1.47 Billion

Key Highlights

• Lead Bank, a crypto-friendly bank based in Missouri, has completed a $70 million Series B financing round, reaching a valuation of $1.47 billion. This round introduced new investors ICONIQ and Greycroft, alongside existing investors Andreessen Horowitz (a16z), Ribbit Capital, Coatue, Khosla Ventures, and Zeev Ventures;
• Lead Bank is a community bank in Kansas City, Missouri, with a 97-year history, acquired in 2022 by a team of tech executives for $56 million. After the acquisition, the bank expanded its banking-as-a-service (BaaS) platform, attracting several high-profile partners in the fintech and crypto sectors;
• In April of this year, Lead Bank partnered with Stripe and Visa to provide banking services for its payment card platform Bridge, associated with stablecoins.

Why It Matters

• As the crypto and fintech sectors rapidly evolve, there is an increasing number of cases of traditional banking institutions transitioning to digital asset-friendly services. The significant growth in Lead Bank's valuation (from a $56 million acquisition price to a $1.47 billion valuation) reflects the market's high recognition of banking institutions that can understand and serve the unique needs of cryptocurrency and fintech companies.

Tether Plans Major Entry into Gold Supply Chain, Denies Bitcoin Sell-off

Key Highlights

• According to the Financial Times, Tether, the world's largest stablecoin issuer, is considering significantly increasing its exposure to gold, potentially investing "in the entire gold supply chain from mining and refining to trading and royalty companies." CEO Paolo Ardoino hinted that the report is accurate;
• Tether has acquired nearly 33% of Canadian precious metals royalty company Elemental Altus Royalties. Currently, nearly 250,000 Tether Gold tokens are backed by 7.66 tons of physical gold stored in Swiss vaults;
• Ardoino denied that the company sold Bitcoin, clarifying that the reduction of BTC reserves from 92,650 to 83,274 was not due to sales but rather the transfer of about 20,000 BTC to Twenty One Capital, a Bitcoin treasury company controlled by Tether.

Why It Matters

• With gold prices reaching historic highs, Tether is leveraging the substantial profits gained from its stablecoin business to diversify its asset allocation. Its strategy to enter the traditional gold supply chain not only showcases the integration of crypto and traditional finance but also reflects the growing strategic importance that crypto giants place on physical assets.

Why Crypto VCs Are Betting on Prediction Markets: The Rise of Two Giants and an Industry Turning Point

Key Highlights

• Investment in prediction markets is experiencing an explosion: In 2025, 11 transactions have already secured over $216 million in financing, far exceeding the $80 million in 2024 and nearly $60 million in 2021. The newly established The Clearing Company raised $15 million in seed funding, Kalshi completed a $185 million financing round in June, reaching a valuation of $2 billion, and Polymarket is reportedly raising over $200 million at a $1 billion valuation;
• Regulatory breakthroughs are key catalysts: In May 2025, the CFTC dropped its appeal in the Kalshi case, effectively confirming a federal court ruling allowing election contracts. Last week, the CFTC also greenlit Polymarket's return to the U.S. market, indicating a willingness to constructively engage with the industry through its acquisition of QCEX and a no-action letter regarding event contract record-keeping;
• The success of Polymarket and Kalshi can be attributed to several key advantages: liquidity (investing significant funds to solve the "chicken or egg" problem), market influence (Polymarket has become synonymous with prediction markets, while Kalshi has built a reputation as a regulated financial platform), and persistence in the face of regulatory pressure and thin trading volumes, giving them brand power, liquidity, and distribution channels.

Why It Matters

• The shift of prediction markets from the margins to the mainstream represents a significant transformation in the crypto space, with trading volumes not declining after the U.S. elections but instead shifting to sports, economic, and cultural events. The head of Coinbase Ventures referred to it as a "killer on-chain use case." Many investors believe this sector could potentially match the scale of the stock market in the future, attracting institutional investors, including hedge funds, and expanding into the sports market accessed by platforms like FanDuel and DraftKings. However, liquidity remains fragile, event resolution has structural weaknesses, and there are potential risks related to harmful market behavior and trading integrity.

Regulatory Compliance

Nasdaq Seeks SEC Approval for Stock Tokenization Plan

Key Highlights

• Nasdaq, a major U.S. securities exchange, has submitted an application to the SEC seeking permission to put stocks on-chain. This plan will allow customers to choose between traditional stock trading paths or on-chain trading through tokenized stocks, with both methods enjoying equal priority;
• Nasdaq stated that tokenized stock trading will be cleared and settled through a Depository Trust Company (DTC) just like regular stock trading. Token buyers will receive full rights to the related stocks, including voting rights and liquidation rights. The new system will launch after the DTC establishes the necessary infrastructure and post-trade settlement services;
• This initiative follows digital broker Robinhood's issuance of stock tokens for European customers in July, providing access to about 200 U.S. stocks and ETFs. SEC Chairman Paul Atkins has explicitly stated that asset tokenization is a major priority for the agency, which convened an expert panel earlier this year to explore this area.

Why It Matters

• As the preferred U.S. exchange for tech giants, Nasdaq's move signifies a significant shift from traditional finance to blockchain technology. Nasdaq's inclusion of tech giants like Apple, Alphabet (Google's parent company), Amazon, and Microsoft makes its entry into the tokenization space particularly meaningful. SEC Chairman Atkins likened the transition of securities from off-chain to on-chain systems to the "transition from analog vinyl records to cassette tapes to digital software," believing that the migration of on-chain securities has the potential to reshape the securities market through entirely new methods of issuance, trading, ownership, and usage. In the context of fierce competition between traditional financial institutions and crypto-native enterprises, Nasdaq's move will provide important institutional support and market depth for the tokenization of physical assets, promoting the development of what is seen as the hottest innovation area in the digital asset world.

SEC Chairman Atkins: On-Chain Financing Should "Not Face Endless Legal Uncertainty"

Key Highlights

• U.S. SEC Chairman Paul Atkins reiterated in a speech at the OECD that "most crypto tokens are not securities" and stated that entrepreneurs and investors should be able to engage in on-chain financing "without facing endless legal uncertainty";
• The SEC is implementing "Project Crypto," aimed at modernizing securities rules to support market on-chain activities, allowing trading platforms to offer trading, lending, and staking services "under a single regulatory framework";
• Atkins criticized the previous government's "weaponization" of the SEC's investigative and enforcement powers against the crypto industry, stating that such practices are "not only ineffective but harmful," leading to job losses, innovation decline, and capital flowing overseas.

Why It Matters

• The U.S. regulatory attitude is undergoing a fundamental shift, with the SEC and CFTC set to hold a roundtable on September 29 to discuss bringing "innovative products" like perpetual contracts and DeFi back to the U.S., promoting a "golden age" of financial innovation domestically.

Senate Bill Draft Proposes SEC-CFTC Joint Committee to End Crypto Regulatory Power Struggle

Key Highlights

• The draft of the "Responsible Financial Innovation Act" proposes the establishment of a Joint Advisory Committee on Digital Assets by the SEC and CFTC to coordinate crypto regulatory matters, requiring both agencies to publicly respond to the committee's recommendations, explaining their acceptance or rejection;
• The bill adds explicit protections for DeFi developers, stipulating that developers operating decentralized exchanges or automated protocols are not automatically subject to broker-dealer or anti-money laundering regulations, with protections covering node operators, liquidity providers, and wallet developers;
• The draft clarifies that staking rewards, liquid staking yields, and airdrops classified as "gratuitous distributions" do not constitute "offers or sales" under securities law, and provides partial exemptions from securities law for DePIN projects that meet decentralization standards and have no single entity holding more than 20% of the tokens.

Why It Matters

• The bill aims to end the regulatory power struggle between the SEC and CFTC while addressing legal risk concerns for developers following the conviction of the Tornado Cash founder. Senator Lummis expressed hope to submit the final version for President Trump’s signature by the end of the year.

Democratic Senators Introduce Crypto Regulatory Framework with Clear Divisions from Republican Version

Key Highlights

• Twelve Democratic senators released a seven-pillar crypto regulatory framework supporting CFTC regulation of non-security token spot markets and establishing a digital asset securities identification process, marking the party's most comprehensive crypto regulatory proposal to date;
• The Democratic framework requires crypto platforms to register as financial institutions with FinCEN, prohibits stablecoin issuers from paying interest directly or through affiliates, and designates DeFi as a key vehicle for illegal finance, but does not clarify whether protocol-level software teams need to register;
• The most controversial part of the proposal addresses ethical issues, prohibiting elected officials and their families from profiting from crypto projects and mandating asset disclosure, directly targeting Trump, and forming a significant point of divergence from the Republican-supported "Clarity Act."

Why It Matters

• Although the proposal lays the groundwork for bipartisan negotiations, there are clear divisions with Republicans regarding ethical provisions, the strictness of DeFi regulation, and the legislative process. The House has passed the "Clarity Act," and whether differences can be reconciled in Senate Banking Committee negotiations will determine if the U.S. can establish comprehensive crypto market rules and end regulatory uncertainty.

Macro Trends

Stablecoins Pose Fundamental Threat to U.S. Community Banks, Challenging Their Deposit Base

Key Highlights

• Unlike fintech companies that primarily challenge traditional banks through product innovation and user experience, stablecoins pose a fundamental threat to the deposit base of banks by mimicking deposit functions;
• The U.S. Office of the Comptroller of the Currency (OCC) has greenlit the integration of crypto and banking, allowing blockchain platforms to gain privileges of many regulated banks. Comptroller Jonathan Gould stated that banks' participation in crypto-related activities is legitimate and should not be stigmatized;
• Several banking associations have warned that the "GENIUS Act" includes provisions allowing certain crypto exchanges to indirectly pay interest to stablecoin holders, which could lead customers to move funds from banks to crypto exchanges for yield.

Why It Matters

• Stablecoins represent a reconstruction of the value transfer layer, challenging the foundations of the banking system. The traditional local service advantage of community banks is becoming increasingly difficult to maintain in the era of digital wallets and blockchain payments, with the focus of competition in the financial industry shifting from functional features to the infrastructure controlling the flow of funds and currency transfers.

Polymarket Sets New Record for Market Creation, Platform Prepares to Return to U.S. Market

Key Highlights

• The prediction market platform Polymarket created 13,800 new markets in August, approximately 2,000 more than the previous record in July. However, the platform's overall trading volume has slowed this year, with the number of active traders dropping to about 227,000, the lowest since October of last year;
• Polymarket CEO Shayne Coplan stated this week that the platform has received the "green light" to return to the U.S. market after the CFTC took a non-action stance on QCX's reporting and record-keeping requirements for event contracts. Polymarket plans to re-enter the U.S. for the first time since January 2022 through the acquisition of the derivatives exchange QCEX;
• The platform has high-profile supporters: Donald Trump Jr. invested in Polymarket last month and joined its advisory board, and in June, Elon Musk's X announced a partnership with the prediction platform.

Why It Matters

• Polymarket gained significant attention as a decentralized prediction market platform during the 2024 U.S. presidential election, but overall trading volume has declined from a peak of $2.6 billion to around $1 billion in recent months. The platform's imminent return to the U.S. market could bring new growth opportunities. The high level of new market creation indicates the platform's diversification of prediction events, and support from the Trump family and Musk provides important backing. As a rapidly growing segment in the crypto space, Polymarket's development trajectory will serve as a key indicator of the industry's growth.

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