BlockBeats will summarize key industry news from the week of September 8 to September 14 in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
Hyperliquid's USDH Stablecoin Issuance Rights Attract Competition from Multiple Institutions, Paxos, Frax, and Others Have Submitted Bidding Proposals
On September 5, Hyperliquid officially announced the upcoming auction of the "USDH" ticker. This is a native stablecoin designed specifically for the Hyperliquid ecosystem, and several institutions, including Paxos, Ethena, Frax, Agora, and Native Markets, have submitted proposals to compete for the issuance rights of USDH. The winner will be selected through validator voting and will gain the rights to purchase the token code and issue the token.
On September 12, according to usdhtracker data, Native Markets currently holds 70.59% of the staked share support in the bidding for Hyperliquid's USDH stablecoin, with 10 out of 19 node validators indicating they will support Native Markets. Paxos Labs ranks second, currently receiving 16.49% of the staked share support, with 5 node validators indicating they will support Paxos Labs. On the same day, in light of the current situation, Ethena Labs announced its withdrawal from the USDH stablecoin issuance bidding. Related reading: "Timeline | Various Parties Compete for USDH Issuance Rights, Native Market's Winning Probability Soars to 93%"
Nasdaq Submits Application to SEC for Tokenized Stock Listing; BlackRock Plans to Tokenize Stock Funds
On September 8, according to market news, Nasdaq submitted a proposal to the U.S. Securities and Exchange Commission (SEC) suggesting rule adjustments to allow listed stocks and exchange-traded products (ETPs) to be traded in "traditional digital or tokenized form" on Nasdaq's main market. The answers to these questions will determine whether tokenization technology remains on the fringes of cryptocurrency or truly integrates into Wall Street's financial infrastructure. If approved, U.S. regulated exchanges could incorporate tokenized stocks into their systems, allowing cryptocurrency technology to directly connect with the most actively traded stock varieties globally.
Subsequently, on September 12, BlackRock announced plans to tokenize its funds that hold real-world assets and stocks and place them on the blockchain.
Related reading: "If You Can't Beat Them, Join Them? Nasdaq Executives Explain Why They Actively 'Embrace' Tokenization", "BlackRock's Crypto Landscape Expands Again: Plans to Move Traditional ETFs on Chain"
South Korea's Largest Exchange Upbit to Launch "GIWA" Blockchain
On September 8, according to market news, South Korea's largest exchange, Upbit, will launch the "GIWA" blockchain. The GIWA chain is built on the OP Stack and is positioned as an Ethereum Layer 2, aiming to lower the barriers to using Web3. On September 9, GIWA has already launched its testnet and plans to soon release the "GIWA Wallet." Related reading: "Upbit's Own Blockchain Giwa, What Are Its Local Advantages in South Korea?"
OKX Boost's First Phase X Launch Goes Live, First Project is Linea (LINEA)
This week, OKX Wallet officially launched the first phase of the X Launch event on OKX Boost. OKX Boost serves as a channel for quality projects to enter OKX DEX while rewarding real DEX users. Based on real DEX data, OKX will select qualified Boost projects to launch in the CEX spot and derivatives markets. On September 8, OKX Wallet officially launched the first phase of the X Launch event, with the project being Linea (LINEA). Eligible users can participate in sharing a prize pool of 162,022,478 LINEA tokens. It is reported that Linea is developed and operated by ConsenSys and is an Ethereum Layer 2 scaling solution based on zkEVM, compatible with Ethereum development tools and smart contracts, offering low transaction costs and Ethereum-level security.
Gemini Raises $425 Million in IPO, Reportedly Secures Over 20 Times Oversubscription
On September 12, Bloomberg reported, citing informed sources, that cryptocurrency company Gemini Space Station Inc. (referred to as Gemini) raised $425 million through its initial public offering (IPO), with an estimated valuation of about $3.3 billion. The offering price was above the proposed range, and the issuance scale was reduced. Reports indicate that the company's stock has received over 20 times oversubscription.
Informed sources who requested anonymity due to the confidential nature of the information stated that Gemini, led by billionaire twins Winklevoss, sold approximately 15.2 million shares at $28 per share on Thursday, while the proposed price was between $24 and $26 per share. Bloomberg previously reported that the company informed investors on Thursday that it planned to set the IPO base scale limit at $425 million, anticipating a double-digit oversubscription. The prospectus shows that Nasdaq has agreed to privately subscribe to $50 million worth of stock at the IPO price. Gemini will reserve up to 10% of the IPO shares for long-term users, management, employees, and family and friends, and allocate up to 30% of the shares to retail investors participating in the subscription through self-directed investment platforms such as Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp.
ICBC Asia and HSBC Express Intent to Apply for Stablecoin Licenses to Hong Kong Monetary Authority
On September 8, according to the Hong Kong Economic Journal, the Hong Kong subsidiary of the Industrial and Commercial Bank of China (ICBC Asia) has expressed its intention to apply for a stablecoin license to the Hong Kong Monetary Authority, becoming another major Chinese-funded bank to make a similar statement after Bank of China Hong Kong. HSBC has also expressed its intention to apply for a stablecoin license to the Hong Kong Monetary Authority, although it is still unclear whether HSBC will formally submit its application by the end of this month. The Monetary Authority has repeatedly stated that it will only issue a few stablecoin licenses in the first phase, but as of the end of last month, there were as many as 77 institutions expressing their intention to apply for licenses to the authority.
Yunfeng Financial: Approved by Hong Kong Securities and Futures Commission to Provide Virtual Asset Trading Services
On September 9, according to official news, Yunfeng Financial Group Limited (stock code: 376.HK) announced that its wholly-owned securities subsidiary, Yunfeng Securities Limited, has officially received approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade its existing securities trading license (Type 1 license) to provide virtual asset trading services. After this upgrade, Yunfeng Financial will be able to offer virtual asset trading services to retail and professional investors, allowing customers to trade digital assets (such as Bitcoin, Ethereum, etc.) directly on Yunfeng Financial's trading platform.
Ant Group CEO: Firmly Not Issuing Virtual Currencies, Not Participating in Any Form of Speculation
On September 11, during the 2025 Inclusion Conference, Ant Group CEO Han Xin Yi stated that in exploring the path of tokenization, the exploration of the value of token economics and the prevention of risks should be placed on an equal footing. He emphasized, "Compliance is the lifeline of innovation." From the beginning of the exploration, Ant Group has clearly defined its boundaries: "We firmly do not issue virtual currencies and do not participate in any form of speculation; we focus on technological infrastructure, serving the industry rather than disrupting it; we strive to create new value rather than compete for the old cake."
SOL Strategies Listed on Nasdaq, Stock Code STKE
On September 10, according to an official announcement, Canadian blockchain company SOL Strategies has received approval for listing and has been listed on the Nasdaq Global Select Market with the stock code STKE. According to Strategic SOL Reserve data, SOL Strategies currently holds 432,000 SOL, valued at approximately $94.9 million.
Meteora Announces TGE in October
On September 10, Solana ecosystem liquidity protocol Meteora announced that it will conduct its Token Generation Event (TGE) in October and has entered "TGE preparation mode," aiming to complete TGE preparations as soon as possible, with the token being MET. Meteora has previously opened the first season points query, with the first season snapshot taken on June 30, and the second season activities are currently ongoing.
Trump's Son Removed from WLFI Treasury Company ALT5 Sigma Board
On September 10, according to Forbes, WLFI Treasury Company Alt5 Sigma disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that after discussions with Nasdaq, Eric Trump, the son of former President Trump, will transition to the role of board observer to comply with its listing rules, while Folkman will assume the role of director upon receiving shareholder approval. On the same day, Eric Trump responded to his removal from the WLFI Treasury Company ALT 5 Sigma board, stating that it was not an exit from ALT 5 Sigma but a necessary step to comply with listing rules as required by Nasdaq. Eric Trump stated, "I will be 1000% committed to WLFI, driving the future of redefining finance and giving my all."
Trump's Political Ally Charlie Kirk Shot Dead, U.S. National Flag at Half-Mast in Mourning
On September 11, prominent conservative activist and political ally of President Trump, Charlie Kirk, was shot dead during a speech at Utah Valley University in Orem, Utah, at the age of 31. About three hours after the incident, Trump posted on social media that Kirk had died and extended condolences to his wife and family. Trump also ordered flags 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 reading: "Charlie Kirk, a Close Ally of Trump Who Engaged Millions of Young People in Bitcoin, Shot Dead"
Caixin Reports "Internet Giants Withdraw from Cryptocurrency" and Then Deletes the Report the Same Evening
On September 11, Caixin reported that major domestic internet companies might gradually withdraw from cryptocurrency-related businesses, and several state-owned enterprises and Chinese banks in Hong Kong might also be absent from the ongoing Hong Kong stablecoin license applications. Additionally, restrictions will be placed on internet platforms participating in overseas investments in cryptocurrencies and cryptocurrency trading platforms, requiring a focus on developing the real economy. That evening, Caixin deleted the article for unknown reasons.
Reuters Survey: Fed to Cut Rates by 25 Basis Points in September, Expected to Have Three Rate Cuts This Year
On September 12, a Reuters survey showed that nearly all of the 107 economists predicted the Federal Reserve would implement a 25 basis point cut to the key interest rate on September 17, with most experts expecting further cuts in the first quarter of next year. The market has fully priced in the expectation of a rate cut in September, with three cuts anticipated for the year, up from two expected a few weeks ago. The median of the survey indicates that the Fed will cut rates by another 75 basis points next year, bringing the federal funds rate down to 3.00%-3.25%.
Circle Executive: Approximately 90% of USDC-Backed Asset Reserves are Custodied by BlackRock
On September 13, during the "Asia Vision Forum 2025" held in Singapore, David A. Katz, Vice President of Strategy and Public Policy for Circle Asia Pacific, stated that cross-border business is an important application scenario for stablecoins, and therefore, issuing a renminbi stablecoin would help promote the internationalization of the renminbi. Katz emphasized that the issuance of digital assets must meet two core requirements: first, ensuring network security to prevent hacking; second, digital assets must be backed one-to-one by real, high-quality, and liquid assets, and be custodied by appropriate institutions. He revealed that approximately 90% of the asset reserves backing USDC are custodied by BlackRock.
This Week's Major Supply Chain Attack, On-Chain Users Trade Cautiously
On September 9, Ledger's Chief Technology Officer Charles Guillemet stated, "A large-scale supply chain attack is currently underway: the NPM account of a well-known developer has been compromised. The affected package has been downloaded over 1 billion times, which means 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 are using a hardware wallet, please carefully verify each signed transaction; you are safe.
If you are not using a hardware wallet, please temporarily avoid any on-chain transactions.
It is currently unclear whether the attackers have directly stolen the mnemonic phrases of software wallets.
For a detailed report. If you are using Ledger or other hardware wallets that support clear signatures, you will not be affected. My previous tweet was a reminder: users who do not use hardware wallets that support clear signatures are at risk. Please be sure to carefully check each transaction before signing."
This Week's Major Financing: Inversion Capital, Eightco Holdings, BiFinance
On September 8, blockchain-focused private equity firm Inversion Capital announced the completion of a $26.5 million seed round financing, 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 September 10, the new WLD treasury company Eightco Holdings (OCTO) announced that its recently disclosed $270 million private placement financing has been successfully completed, and the funds will be used to implement the Worldcoin treasury strategy.
On September 10, BiFinance completed a $10 million Series B financing at a valuation of $200 million. This round of financing was led by the Libera National Sovereign Fund and Sunfund Fortuna Global Opportunities, with follow-on investment from Victus Global.
This Week's Popular Articles
"Dialogue with HYPE Whales: After a Historic High, What Miracles Can Hyperliquid Create?"
As HYPE reaches a historic high again, Hyperliquid has achieved near CEX speed and depth for on-chain perpetuals with CLOB+HLP, with protocol revenue exceeding $100 million in August and an annualized rate of over $1 billion, with a market cap of approximately $12 billion. Focusing on the USDH issuance bidding and HIP-3 (white-label perpetual) as the two main lines, the platform attracts funds and discussions with "low fees + on-chain transparency + whale-following." Its advantages lie in rapid iteration and a strong community, while its shortcomings include mobile access and fiat deposit/withdrawal issues, as well as trust erosion from pre-market events. The next phase will depend on whether the team can convert USDH and HIP-3 into sustainable liquidity and ecological expansion, navigating through the next cycle.
"The USDH Battle Begins, Everyone in the Stablecoin + Hyperliquid Concept is Salivating"
Hyperliquid will determine the issuer of the native stablecoin USDH through on-chain voting on September 14, 2025, from 10:00 to 11:00 UTC. Paxos, Frax, Agora, and Native are competing: Paxos promises to use 95% of reserve interest for secondary buybacks of HYPE; Frax focuses on returning 100% of underlying yield to the community on-chain; Agora emphasizes "neutral alliance" and full profit sharing; Native breaks through with its local ecosystem and fiat channels. The winning party will recover stablecoin interest and minting taxes from external sources to the chain, alleviating dependence on USDC and strengthening the value loop of HYPE; however, execution transparency, compliance, and asset migration efficiency will determine the final outcome.
"Hyperliquid Stablecoin Set to Launch: Why Did the New Team Native Markets Secure USDH?"
The bidding for Hyperliquid's native stablecoin USDH is nearing its conclusion: since the Ticker auction started on September 5, 2025, Paxos, Ethena, Frax, Agora, and Native have participated; Native leads with approximately 97%. Its proposal involves reserves co-managed by BlackRock (off-chain) and Superstate (on-chain), with interest split evenly: half used for buybacks of HYPE through a support fund, and the other half directed towards HIP-3 and the HyperEVM ecosystem. CoreRouter has been audited and is open-source, with minting and fiat deposits relying on Bridge, and it promises to comply with U.S. GENIUS standards. Despite disputes over procedural biases, many validators and ecosystem leaders have shifted to support. If the "yield returned to the community" loop is successfully established, USDH may redefine the stablecoin landscape for trading platforms, becoming a model for "Stablecoin 2.0."
"Overview of Hyperliquid Airdrop Projects: Which Ones Are Worth Participating In?"
Hyperliquid ecosystem airdrop opportunities are tiered—S tier: Unit, Kinetiq (low threshold, clear links); A tier: Liminal, Hyperbeat (stable yields and multi-protocol point aggregation); B tier: Hyperlend, Felix, Project X, Ventuals (more complex/uncertain strategies). Practical advice: concentrate limited funds on 3-4 synergistic projects, prioritizing S+A, with B as an options warehouse.
"Sun Yuchen's 9-Year-Old Lecture Shakes the Internet: Why Not Buy a House, a Car, or Get Married?"
Nine years ago, Sun Yuchen proposed in "The Path to Financial Freedom Revolution" not to buy a house, a car, or get married before the age of 30. This is not a denial of value but a personal strategy: to invest funds and time in compounding abilities, networks, and entrepreneurial opportunities, avoiding being locked into liquidity by high-leverage real estate and family obligations. Looking back now, the differentiation in housing prices and cities, the maturity of shared mobility and home services, and the rise of women's economic independence partially validate his judgment. Key points for blockchain practitioners: prioritize holding "optional rights" (learning, coding, networking), allocate capital to high-volatility, upward-trending sectors rather than superficial assets; follow the order of "strategy first, tactics second" in personal asset allocation, using data and cash flow to replace emotional decision-making.
From the old order of "family—sex—power" to the new paradigm of "individual—ability—network/capital (including crypto assets)." Sun Yuchen centers on "money is about freedom," emphasizing the sanctity of property rights, asset sovereignty, and long-termism, explaining why "wealth does not accumulate, and cannot last beyond three generations," and providing root cause judgments related to systems and culture. Reflecting on his nine-year-old "The Path to Financial Freedom Revolution," his judgments on the transformation of the era, industrial migration, and individual rise have been validated in practice; thus, understanding his logic of not buying houses or cars, not marrying, and early support for Trump.
“RWA's Next Milestone: Is Nasdaq Really Considering Tokenized Stocks?”
Nasdaq has submitted a rule proposal to the SEC to introduce "tokenized settlement" within the existing NMS: matching will still use the same order book, while settlement will be conducted by DTC through on-chain minting and distribution, aiming for implementation as early as Q3 2026. In two years, RWA securities have exploded, with on-chain stocks amounting to approximately $440 million (RWA.xyz). This move pushes tokenization from a fringe experiment to the core of Wall Street: maintaining NBBO and compliance monitoring, equal shareholder rights, in exchange for faster settlement, potential 24/7 trading, and programmable governance. For on-chain users: compliant entry + equal rights assets + lower counterparty risk; for institutions: achieving "on-chain" upgrades without rewriting the rules.
Veteran in the crypto space Zhao Dong has reportedly resurfaced in Crypto Valley, with rumors of his release from prison being debunked; however, his trajectory and asset structure still provide reference for stablecoins and the OTC market. Once a co-founder of Moji, he entered the space through Garage Cafe, initially accumulating coins at low prices before going bankrupt and switching to OTC to repay debts; after the Bitfinex hack in 2016, he held BFX shares and maintained a close relationship with Tether, once seen as the "USDT window" in the Chinese-speaking region. It is rumored that he held about 10,000 BTC at his peak (now approximately $1.2 billion). He went missing in June 2020 due to legal issues and was sentenced. Guo Hongcai's photo post has sparked discussions, with its authenticity still unclear. If he still holds Tether equity and BTC, his passive income and influence may not have diminished, potentially affecting trust in USDT and liquidity in the Chinese-speaking OTC market.
“Loss-Making Memecoin Players Are Flocking to Prediction Markets”
As the memecoin tide recedes, loss-making degens are shifting their chips to prediction markets: Kalshi gained traction after winning a court case last September and having regulators withdraw their lawsuit this May, while Polymarket has been approved to return to the U.S.; trading activity has returned to levels seen during elections. In contrast, Solana DEX traders have significantly retreated from their peak levels this year, with the wealth effect of memes diminishing. Prediction contracts offer the thrill of "jokes and odds" with objective settlements and broader underlying assets (politics/macroeconomics/sports), combined with leverage, hedging, and cross-platform arbitrage, creating a more engaging information game. For on-chain players, this represents a migration from PVP surfing to "pricing probabilities with money."
SEC Chair Paul S. Atkins stated at a roundtable on September 10 that "the crypto era has arrived," announcing the launch of Project Crypto to promote on-chain U.S. markets: regulation will shift from enforcement to clear rules, providing a predictable path for token attributes and on-chain financing; encouraging platforms to merge trading/lending/staking under a single regulatory framework and support diverse custody, unleashing competition for "super applications"; and collaborating with international partners while drawing lessons from MiCA. Additionally, the SEC will reassess conveniences for foreign issuers, emphasizing the importance of high-quality accounting and finance, while warning against deviations from core missions. Coupled with AI-driven financial agents, the U.S. aims to lead a golden age of financial innovation in crypto and AI.
“PUMP Hits New High, Anonymous Co-Founder Discusses the Reasons Behind It”
On September 11, PUMP launched on Upbit, attracting attention. Anonymous co-founder Noah expressed for the first time that the platform uses nearly 100% of its daily revenue for secondary buybacks, combined with changes to creator fees and live streaming, upgrading Pump from a "meme launcher" to a "social + trading" super application. The team is enhancing retention with a mobile-first approach and built-in private messaging, prioritizing support for long-tail streamers; they also plan to launch new products like stablecoins in broader scenarios. On the data side: the fee reform allocated about $2 million on its first day; the buyback strategy references Hyperliquid's "near-full revenue buyback." Highlights and risks include the sustainability of Korean traffic, creator monetization efficiency, and the sustainability of the buyback and revenue loop.
“Has the September Rate Cut Been Priced In? How Will the Market Move Forward? | Trader Observations”
The expectation of a rate cut in September has been highly priced in, with "easing" failing to mask "recession trades." August's non-farm payrolls showed only +22,000, with an unemployment rate of 4.3%, leading the market to bet on a 25bp cut as the main scenario. On the market side, as long as BTC holds the 110,000 structure, it could rise to 113,400 / 115,400 / 117,100; ETH's momentum is weakening, and funds may rotate to lighter positions in new narratives. Scenario: if the FOMC cuts rates moderately and subsequent data does not worsen, risk appetite in Q4 is expected to recover; if it breaks below 110,000, watch for a retracement to below 100,000 (93–98K). This week, focus on three things: ETF net flows, turnover rates, and dot plot guidance—if any one distorts, do not chase highs.
“Over 2 Million ETH Queued to Exit Staking: What Happened?”
The Ethereum exit queue briefly surged to 2.04 million ETH, waiting for about 35 days; the main reason is not due to whale sell-offs, but rather staking service provider Kiln's orderly exit of all ETH validators following the theft of SwissBorg SOL as a safety measure. Kiln stated that client assets are secure, and the exit period still accrues interest, with withdrawals completed about 9 days after exiting; approximately 1.6 million ETH may restart staking after key changes. The entry queue still has 808,000 ETH, waiting about 14 days. Withdrawals are automatically processed by the protocol, with data sourced from the Validator Queue. Conclusion: This is an on-chain queuing effect triggered by risk control, which may disturb liquidity, but the probability of systemic sell pressure is low; focus on the review and re-staking rhythm.
“Former Binance CFO to Launch Stablecoin in the Philippines”
Former Binance CFO Zhou Wei (now CEO of Coins.ph) is betting on a stablecoin in the Philippines: after a central bank pilot, he is promoting the peso-pegged PHPC, targeting approximately $40 billion in remittances and foreign exchange settlements annually, positioning it as a "24×7 stablecoin hub." The strategy first involves compliant exchanges between USDT/USDC and PHP, prioritizing solutions for weekend and cross-border timeliness, spreads, and accessibility, rather than replacing mature domestic small payments. If more exchanges and corridors with HK/US fiat currencies are established and market-making funds increase, the spreads for PHPC-related transactions are expected to narrow and approach bank costs; otherwise, it will remain in weekend and small transaction scenarios. Readers should pay attention to: the progress of PHPC on-chain and new listings, the depth and rate curves of USDT/USDC to PHP, the demand for cross-border e-commerce return in ToB, and the constraints of KYC/anti-money laundering on liquidity pool expansion.
“Multicoin Co-Founder: Why SOL is the Best Asset for DAT?”
Multicoin co-founder Kyle Samani stated: Multicoin, Jump Crypto, and Galaxy led a $1.65 billion PIPE for Forward Industries (FORD), initiating the Solana treasury; all parties contributed over $100 million, with Samani personally adding $25 million and serving as chairman. The North Star goal is "growth per SOL share," iterating on Saylor's DAT framework. Arguments: SOL has real yields from staking + MEV; as of September 2025, the average staking yield is about 8.05% (inflation 6.19%, real 1.86%, settled approximately every 2.5 days); ETH is about 3.21% (real ~0.41%), and BTC's actual yield is zero. Strategic paths include: staking/DeFi, discounted and locked SOL acquisitions, arbitrage on bank and DeFi capital costs, and exchanging liquidity and yields with leading protocols.
“The Most Exciting Product Wars in the Crypto Space in 2025: Who Will Come Out on Top?”
The memecoin launchpad battle has entered an "issuance + trading" integration phase. At the beginning of September, pump.fun regained an advantage, but in July, Raydium's Letsbonk.fun had surpassed it in terms of fees and net income. New changes: pump.fun launched Project Ascend / Dynamic Fees V1 (the higher the market cap, the lower the fees), betting on CCM to retain creators and extend coin age; Letsbonk.fun leveraged the Raydium ecosystem to play a combination game, launching USD1 and the leading $USELESS on Coinbase. What this means for you: pump.fun leans towards "content-driven medium to long-term retention"; Letsbonk.fun + Raydium focuses on "liquidity and resource integration." The current landscape = pump.fun + PumpSwap vs Letsbonk.fun + Raydium, with the outcome depending on creator retention and order book depth.
“When Stablecoins Start Building Chains, Does Ethereum Still Have a Chance?”
Stablecoin issuers are now entering the "chain-building" phase, shifting the narrative from "on-chain" to "self-built clearing layers." Circle's Arc, Stripe-led Tempo, USDT-customized Stable, Bitcoin sidechain Plasma, and RWA-focused Converge share the common feature of "stablecoins as Gas," optimizing payment clearing and compliance, pursuing second-level confirmations and high throughput, and shortening the "money path" through vertical integration of issuance—clearing—application. This will first reshape stablecoin settlement and directly impact TRON, which heavily relies on USDT; meanwhile, open innovation and high security may still be supported by Ethereum/Solana, evolving into a dual-track pattern of "payment certainty + universal innovation." For retail investors, opportunities are concentrated in testnets/nodes/ecosystem incentives and long-term allocations; three core observations: settlement certainty, cross-currency liquidity, and real payment implementation.
“Popular Stablecoin Project Falcon Set to Launch: Is It Worth Participating?”
Falcon Finance's token FF is set to launch on the Launchpad platform Buidlpad. This is not just another ordinary token sale, but the first public appearance of a flagship stablecoin project under top market maker DWF Labs, marking the first instance of a market maker entering the stablecoin space. The founders and team of Falcon Finance come from DWF Labs, with co-founder Andrei Grachev also serving as the managing partner of Falcon. Falcon's stablecoin already has a circulating market cap of $1.5 billion, with its underlying yield strategy relying on a large number of hedging trades, similar to Ethena, distributing trading profits to users while masquerading as an interest-bearing stablecoin company. The market maker identity gives it a natural advantage in executing trading and yield strategies. The market is quite optimistic about the future development of this stablecoin project.
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