Headlines: ▌U.S. CFTC Launches Tokenized Collateral Program, Allowing the Use of Stablecoins in Derivatives Trading Caroline D. Pham, Acting Chair of the U.S. Commodity Futures Trading Commission (CFTC), announced the launch of a "tokenized collateral" program, allowing derivatives traders to use non-cash assets such as stablecoins as collateral to improve market efficiency and transparency. This initiative follows a pilot program launched in February with Circle, Coinbase, Crypto.com, Ripple, and Moonpay. The industry is invited to submit comments by October 20th. This move is seen as a significant step forward for the CFTC in modernizing capital markets and clarifying crypto regulation. Tether Holdings, the issuer of the world's largest stablecoin, is in talks with investors to raise up to $20 billion at a $500 billion valuation, according to two people familiar with the matter. Tether hopes to raise $15 billion to $20 billion in a private placement, representing approximately a 3% stake in the company. Negotiations are in the early stages. Depending on the proportion of shares offered, the deal could value Tether at approximately $500 billion, putting it on par with OpenAI and SpaceX. Its most direct competitor, Circle, had a market capitalization of approximately $30 billion on Tuesday afternoon. Tether is at the forefront of the stablecoin market. Its USDT token, pegged to the US dollar, is the largest stablecoin with a market capitalization of $172 billion, while Circle's second-largest stablecoin, USDC, has a market capitalization of approximately $74 billion.
Market
As of press time, according to Coingecko data:
BTC price is $111,965, up or down -0.6% in the past 24 hours;
ETH price is $4,163.57, up or down -1.0% in the past 24 hours;
BNB price is $1,017.04, up or down +2.4% in the past 24 hours;
-3.0%;
DOGE price is $0.2373, with a 24-hour increase or decrease of -1.8%;
XRP price is $2.83, with a 24-hour increase or decrease of -1.0%;
TRX price is $0.3362, with a 24-hour increase or decrease of -1.2%;
The price of WLFI is $0.1984, with a 24-hour change of -6.2%. The U.S. Securities and Exchange Commission (SEC) plans to introduce an innovation exemption mechanism for crypto companies by the end of the year. The U.S. Securities and Exchange Commission (SEC) plans to formulate new rules by the end of the year to allow crypto companies to launch products in the United States without complying with previous regulatory requirements, which will be called the innovation exemption. The U.S. SEC Chairman released the latest progress on the Cryptocurrency Market Structure Bill. According to market news, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins released the latest progress on the Cryptocurrency Market Structure Bill. Paul Atkins stated, "It's crucial that the Market Structure Act be passed... We hope to see it ultimately passed." White House Crypto Commission Member: Expects Crypto Market Structure Act to Pass Before the End of the Year Patrick Witt, Executive Director of the White House Digital Asset Advisory Council, stated at the Impact Conference at Korea Blockchain Week 2025 on Tuesday that he expects the Crypto Market Structure Act to pass before the end of the year. Witt stated that the council is working with the House and Senate to get the bill to President Trump's desk as soon as possible. The so-called Crypto Market Structure Act refers to a collection of U.S. legislation aimed at establishing a comprehensive regulatory framework for digital assets. Trump: The U.S. is ready to impose tariffs if Russia is unwilling to reach an agreement. U.S. President Trump stated that the U.S. is ready to impose tariffs if Russia is unwilling to reach an agreement. Europe must immediately halt all energy purchases from Russia. FTX Trust sues Bitcoin mining company Genesis Digital, seeking $1.5 billion. The FTX Restructuring Trust filed a lawsuit against Bitcoin mining company Genesis Digital Assets in the U.S. Bankruptcy Court for the District of Delaware, alleging that former FTX CEO Sam Bankman-Fried invested $1.15 billion in the company through Alameda using commingled and misappropriated funds, calling it "one of his most reckless investments." The lawsuit seeks $1.5 billion in recovery. FTX Restructuring Trust alleges that Genesis Digital, based in Kazakhstan, was significantly overvalued and provided unaudited financial statements that were "unrealistic," while the region was facing power shortages, new taxes, and energy restrictions. A Genesis Digital spokesperson declined to comment.
▌Revolut: will invest $13 billion in five years to support its international expansion
Digital banking giant Revolut said on Tuesday that it will invest $13 billion in five years to support its international expansion, aiming to compete with traditional global banks. The company said it plans to create 10,000 jobs and enter more than 30 new markets by 2030.
▌Aster's 24-hour perpetual contract trading volume exceeded $12.5 billion, surpassing Hyperliquid
DeFiLlama data shows that Aster's 24-hour perpetual contract trading volume has exceeded $12.5 billion, currently reaching $125.4, surpassing Hyperliquid (US$9.829 billion) to rank first.
▌U.S. crypto mining company CleanSpark obtains $100 million credit line from Coinbase
According to The Block, U.S. Bitcoin miner CleanSpark announced that it has obtained an additional $100 million credit line through an expanded Bitcoin-backed loan agreement with Coinbase's institutional arm, Coinbase Prime. CleanSpark said in a statement released on Monday that the company plans to use the additional funds for capital expenditures in three key areas: expanding energy infrastructure, expanding Bitcoin mining operations, and developing high-performance computing capabilities at specific facilities. According to AFP, European authorities have successfully cracked a major cryptocurrency scam that defrauded over 100 victims of at least €100 million (approximately $118 million). Eurojust, the EU's agency for judicial cooperation, coordinated the operation. Police raids in Spain, Portugal, Italy, Romania, and Bulgaria led to the arrest of five suspects, including the mastermind behind the scheme. The scammers allegedly promised victims huge returns on cryptocurrency investments through a professionally designed online platform, then laundered the funds in Lithuania. When victims attempted to withdraw their investments, the scammers demanded additional fees, after which the fraudulent website disappeared, leaving investors with little or no funds. The scam has been operating since 2018 and involves 23 countries, with victims primarily from Europe, including Germany, France, Italy, and Spain. The main suspect faces charges of large-scale fraud and money laundering. Societe Generale Selects Bullish Europe as First Listing Platform for USDCV Stablecoin According to CoinDesk, Societe Generale's cryptocurrency subsidiary, SG-FORGE, announced that it has selected Bullish Europe as the first trading platform for its USDCV stablecoin. The stablecoin, previously launched on the Ethereum and Solana networks, is currently only available to non-US investors. Notably, the bank's euro stablecoin, EURCV, currently boasts a daily trading volume of €40 million. The company stated that it will consider opening its services to US investors once the US regulatory environment becomes clearer.
▌Aster CEO: The token repurchase plan will be announced in a few weeks, and the specific plan is being determined.
Aster CEO Leonard said during an AMA event that the token repurchase plan will be announced in a few weeks. After all, competitors are very aggressive in this regard, and the community has a lot of expectations. We will refer to their practices and design the best plan after considering long-term sustainability.
▌El Salvador transfers $678 million in Bitcoin to deal with quantum computing risks
According to a chart released by Cointelegraph, El Salvador has transferred approximately $678 million in Bitcoin to 14 independent wallets. This move is to guard against potential quantum computing risks.
▌OranjeBTC, a Brazilian listed company, bought 3,650 Bitcoins
OranjeBTC, a Brazilian listed company, purchased 3,650 Bitcoins for $385 million, becoming the largest publicly traded Bitcoin treasury company in Brazil. OranjeBTC also plans to launch a financial education platform for Bitcoin and cryptocurrencies, and has received support from the Winklevoss brothers, Bitcoin pioneer Adam Back, and several institutional investors.
▌The U.S. SEC approved Grayscale's Ethereum ETF under the "universal listing" framework
The U.S. Securities and Exchange Commission (SEC) approved Grayscale's Ethereum ETF under the new "universal listing" framework. Data: Retail investors holding less than 1 BTC hold 1.6 million Bitcoin, representing 8.4% of the total supply. Cryptoquant analyst Axel Adler Jr. released a market analysis, stating that data shows that retail investors holding less than 1 Bitcoin have reached 1.6 million Bitcoin, representing 8.4% of the total supply, and their holdings are continuing to increase. Binance Alpha will launch Plasma (XPL) on September 25th. According to an official announcement, Binance Alpha will launch Plasma (XPL) on September 25th. Eligible users can claim the airdrop using Binance Alpha Points on the Alpha event page. Claims will be available once trading opens. More details will be announced soon.
▌Paxos mints 150 million new PYUSD on Ethereum
According to Whale Alert, Paxos minted 150 million new PYUSD on Ethereum.
Important Economic Dynamics
▌Federal Reserve Chairman Powell reiterated that there is no risk-free policy path ahead
Federal Reserve Chairman Powell reiterated that there is no risk-free policy path ahead. He said that the policy stance remains moderately restrictive and the country is fully prepared to respond to potential developments; the interest rate cut is another step towards a more neutral policy stance; long-term inflation expectations are consistent with the 2% target, and "one-off" price increases may occur in the coming quarters; the rise in commodity prices largely reflects tariff factors rather than broader price pressures. Powell: The Fed's Beige Book shows moderate economic growth, but the pace of growth is not rapid. Federal Reserve Chairman Powell stated that the Fed's Beige Book showed moderate economic growth, but the pace of growth was not rapid; the Beige Book did not reveal significant regional differences; the risks facing employment and inflation require different responses, and the Fed must weigh the pros and cons. At the next meeting, the Fed will review labor market, economic growth, and inflation data to determine whether policy is on the right track. Federal Reserve Governor Bowman: Three interest rate cuts are expected in 2025. Federal Reserve Governor Bowman stated that three interest rate cuts are expected in 2025. It is much easier to support the labor market through interest rate cuts now than to wait until the market collapses to repair it. Fed's Powell: Interest Rates Remain Tight, Possibly Opening the Way for Further Cuts Nick Timiraos, a Fed spokesperson, recently wrote: Federal Reserve Chairman Jerome Powell said that even after last week's rate cut, he still believes the Fed's interest rate stance is "still somewhat tight," suggesting there's room for more rate cuts this year if officials continue to judge that recent labor market weakness outweighs inflation setbacks. Powell largely reiterated his comments at the press conference following last week's rate cut. He emphasized the challenges the Fed faces in achieving its twin goals of maintaining low and stable inflation and fostering a healthy labor market. "Two-way risks mean there is no risk-free path," Powell said. "Cutting rates too much, too quickly could keep inflation close to 3% rather than the Fed's 2% objective, while maintaining a restrictive policy stance for too long could unnecessarily weaken the labor market." Powell also reiterated his view that slowing job growth this summer warranted last week's policy shift, which focused more on the labor market than earlier this year. The slightly tighter interest rate setting puts the Federal Reserve in a favorable position to respond to potential economic developments. There's a 93% probability of a 25 basis point Fed rate cut in October. According to CME's "FedWatch," there's a 7% probability of the Fed keeping interest rates unchanged in October, and a 93% probability of a 25 basis point rate cut. The probability of the Fed keeping interest rates unchanged in December is 1.3%, with a 22.5% probability of a cumulative 25 basis point rate cut and a 76.2% probability of a cumulative 50 basis point rate cut. Golden Encyclopedia: How to Research Cryptocurrencies Using ChatGPT Unlike traditional stocks, which are backed by financial reports and regulatory filings, crypto assets generally lack standardized financial data. You need to sift through information like white papers, GitHub repositories, and community sentiment. Failure to conduct proper research can lead to investing in overhyped or even fraudulent projects. ChatGPT can simplify complex crypto projects by summarizing white papers, explaining use cases, and analyzing token economics. Before investing in any crypto token, it's crucial to research the team, partners, and security risks. Comparing a project with competitors can highlight its strengths and weaknesses, helping you make better decisions. ChatGPT can act as a research guide by providing relevant research questions for both beginners and experienced investors. While ChatGPT is a powerful research assistant, it's important to understand its limitations: unless integrated with tools like web browsing or APIs, it doesn't have real-time data; it doesn't provide investment advice or guaranteed predictions; and it may generate outdated or inaccurate information (always verify facts). However, AI tools like ChatGPT now make it easier than ever to gather insights, organize information, and ask the right questions. It's crucial to use ChatGPT as a supplement to your research process, not a replacement for critical thinking and due diligence.
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