Grayscale offers actively managed crypto income strategy, MetaMask launches mUSD

Headlines

▌Grayscale: Now Offers Actively Managed Cryptocurrency Income Strategies to Financial Professionals through iCapital Marketplace

Digital asset management platform Grayscale Investments announced that its first actively managed investment strategy is now available to financial professionals through iCapital Marketplace, expanding Grayscale's reach to a wider network of financial advisors and providing qualified investors with non-traditional investment opportunities such as cryptocurrency staking. It is reported that the strategy aims to monetize staking rewards and distribute them to investors in US dollars on a quarterly basis.

▌MetaMask Launches Its Native Stablecoin mUSD

MetaMask officially launched its native stablecoin MetaMask USD (mUSD). MetaMask said Thursday that mUSD will be issued by Bridge, Stripe's stablecoin issuance platform, and minted through M0's decentralized infrastructure.

Market

As of press time, according to CoinGecko data:

BTC price is $112,345, up or down -1.7% in the past 24 hours;

ETH price is $4,224.06, up or down -2.6% in the past 24 hours;

BNB price is $840.38, up or down -3.7% in the past 24 hours;

-3.4%; the price of DOGE is $0.2152, with a 24-hour increase or decrease of -3.1%; the price of XRP is $2.85, with a 24-hour increase or decrease of -3.6%. The price of TRX is $0.3534, with a 24-hour increase or decrease of -0.3%. Acting Chairwoman Caroline D. Pham of the U.S. Commodity Futures Trading Commission (CFTC) announced on August 21st the launch of the next phase of its Crypto Sprint initiative to implement the recommendations of the President's Task Force on Digital Asset Markets. The initiative focuses on promoting spot trading of digital assets at the federal level and will work in conjunction with the Securities and Exchange Commission's (SEC) "Project Crypto," echoing President Trump's call for U.S. leadership in the crypto space. Pham stated that the CFTC will solicit broad stakeholder input, covering topics such as leverage, margin, and retail trading financing, and will open public comment until October 20th. Pennsylvania lawmakers propose banning public officials from trading cryptocurrencies. U.S. Democratic Congressman Ben Waxman of Pennsylvania has introduced a bill (HB1812) that would prohibit public officials and their immediate family members from profiting from cryptocurrencies while in office, including issuing, promoting, or trading digital assets in which they hold a financial interest. The bill prohibits public officials from trading more than $1,000 in cryptocurrencies during their term of office and within one year of leaving office, and requires them to liquidate all holdings within 90 days of the bill's entry into force. Aggravated violations could result in penalties of up to five years in prison or a fine of up to $50,000. Waxman proposed the bill in response to allegations that Trump and his family have profited from their public office. The latest version of the US House of Representatives' National Defense Authorization Act (NDAA) includes a new provision prohibiting CBDCs. The Anti-CBDC Surveillance State Act, previously introduced as a standalone bill by House Majority Whip Tom Emmer, aims to prohibit the Federal Reserve from directly issuing central bank digital currencies (CBDCs) to individuals. The US OCC has rescinded its regulatory approval requirements for Anchorage Digital, signaling a more friendly regulatory stance. The Office of the Comptroller of the Currency (OCC) announced the rescission of its approval letter for Anchorage Digital. The letter was originally issued in 2022 during the Biden administration due to deficiencies in anti-money laundering (AML) and customer due diligence (KYC). The OCC stated that the bank's soundness and compliance no longer warranted the requirement. During the Trump administration's first year in office, US regulators have gradually shifted toward a more friendly stance toward cryptocurrencies. The Federal Reserve has withdrawn its previous guidance restricting banks' involvement in crypto businesses and issued a joint statement with the OCC clarifying how existing rules apply to banks' custody of customers' crypto assets. Blockchain Applications: Uniswap's Unichain Trading Volume Exceeds $50 Billion. According to a chart released by @Uniswap, Unichain's trading volume on the Uniswap protocol has exceeded $50 billion. Coinbase CEO: All Asset Classes Will Migrate to the Blockchain. According to market news released by @Cointelegraph, Coinbase's CEO stated that all asset classes will migrate to the blockchain. Gemini Obtains MiCA License in Malta - According to @Cointelegraph, cryptocurrency trading platform Gemini has obtained a license from Malta's Markets in Crypto-Assets (MiCA) to support its continued expansion in Europe. State Street Bank Connects with JPMorgan's Digital Debt Service to Promote Blockchain-Based Debt Securities Custody - State Street Bank announced it has become the first third-party custodian to connect with JPMorgan's Digital Debt Service, offering blockchain-based debt securities custody services to institutional clients. JPMorgan's Digital Debt Service supports the issuance, settlement, and lifecycle management of bonds through the Kinexys digital asset platform, leveraging blockchain technology for precise T+0 settlement and automated operations. The first transaction, completed by State Street Investment Management, involved the purchase of $100 million in commercial paper, marking a milestone in the modernization of the short-term debt market.

Cryptocurrency

▌Bank of America: Stablecoins Will Compete Against Money Market Funds

A recent Bank of America research report indicates that stablecoin demand for U.S. Treasury securities is expected to grow by $25 billion to $75 billion over the next 12 months. However, this increase will not significantly alter Treasury market dynamics, but will instead pose a greater competitive challenge to money market funds (MMFs). The report indicates that some MMF clients are actively exploring tokenization as a defensive measure against stablecoin competition. In July of this year, BNY Mellon and Goldman Sachs launched blockchain-based technology to record ownership of specific MMF shares, marking the first successful transfer of tokenized MMF shares. Since stablecoins are currently limited by their inability to pay returns, money market funds face a limited window to complete tokenization and offer competitive yields in anticipation of potential future regulatory changes or innovative breakthroughs in the stablecoin industry.

▌Ethereum Treasury Companies Currently Hold More Than 4.1 Million Ethereum

According to a chart released by @BTCTN, according to CoinMarketCap data, Ethereum Treasury Companies currently hold more than 4.1 million Ethereum, worth $17.6 billion, of which BitMine tops the list with 1.5 million ETH.

▌DDC Enterprise Increases Holdings by 100 BTC, Total Holdings Reach 688

NYSE-listed DDC Enterprise announced that it has increased its holdings by 100 BTC, bringing its current Bitcoin holdings to 688. SOL Strategies announced on social media that its treasury currently holds 400,909 SOL tokens. The company stated that its validators generate SOL revenue daily and choose to reinvest these revenues rather than dilute shareholder equity, thereby expanding the treasury at a cost below market price. Verb Technology (to be renamed Ton Strategy): Holds $713 Million in TON and $67 Million in Cash Verb Technology Company, Inc. (NASDAQ: VERB, to be renamed Ton Strategy Company) announced that its treasury assets have exceeded $780 million, including $713 million in Toncoin (TON) and $67 million in cash. This follows the completion of a $558 million private placement on August 8th, with participation from over 110 institutional and crypto-native investors. The company used the majority of the proceeds from the private placement to purchase TON as its primary treasury reserve asset, with the goal of accumulating over 5% of TON's circulating supply. Coinbase's cbBTC supply exceeds 30,000, while wBTC's market share declines. Coinbase's synthetic Bitcoin product, cbBTC, has grown rapidly since its launch in September 2024, with supply exceeding 30,500 to date, representing a cumulative increase of over 160% in 2025. Meanwhile, wBTC supply has declined by 17% since cbBTC's launch and by 4% for the full year. Notably, despite cbBTC's significant growth, the total supply of synthetic Bitcoin on Ethereum has only increased by approximately 3%, indicating that cbBTC's expansion is primarily driven by internal market share substitution rather than an overall influx of new funds. cbBTC's growth is driven by Coinbase's ability to directly attract BTC holders through its own custody and exchange channels, reducing operational friction and making it more convenient than third-party minting. Coinbase will add support for World Liberty Financial USD (USD1) on the Ethereum network. Trading will begin later today, subject to liquidity conditions being met. Cleveland Fed President Hammack said she would not support a September rate cut if Fed officials were to make a policy decision tomorrow. "Inflation is too high and has been rising over the past year," Hammack said in an interview Thursday. "Based on the information I have, I don't see a reason to lower interest rates if we had a meeting tomorrow." She acknowledged concerns about the labor market but noted that the unemployment rate remains close to her estimate of full employment. "On the overall balance, I believe it is important to maintain a moderately tight policy stance in order to continue to bring inflation back to target." A senior Justice Department official urged Powell to remove Cook from the Board of Governors. A senior U.S. Justice Department official wrote to Federal Reserve Chairman Jerome Powell on Thursday, stating that the department plans to investigate Fed Governor Tim Cook and urging him to remove Cook from the Board of Governors. Justice Department official Ed Martin said in the letter that Cook's case "requires further review." Martin, who previously led similar investigations into California Senator Adam Schiff and New York Attorney General Letitia James, said in the letter. "I urge you to remove Ms. Cook from the Board of Governors. Act today before it is too late! After all, no American would believe it is appropriate for her to continue serving under such a cloud of suspicion." Cook had expressed her intention to remain at the Fed the day before, after Trump called for her resignation.

▌Federal Reserve's Goolsbee: Hopefully, the dangerous inflation data is only temporary

Federal Reserve's Goolsbee said that while some recent inflation data have been better than expected, there is also a "dangerous" data point, which he hopes is only temporary. "The last inflation report showed that service sector inflation did start to soar, which may not be driven by tariffs," he said. "This is a dangerous data point, and I hope it's just a blip." He said the Fed's September policy meeting "seemed to me like a real-time meeting." Goolsbee's remarks come at a time when the Fed is facing greater scrutiny and calls for lower interest rates from the Trump administration. Fed's Collins: If the labor market outlook deteriorates, a rate cut may be appropriate in the short term. Fed's Collins said that if the labor market outlook deteriorates, a rate cut may be appropriate in the short term; rate cuts cannot be considered until inflation becomes fully clear; inflation is expected to continue to rise until the end of the year before resuming its earlier downward trend in 2026. Bank of America: Rate Cuts and High Inflation Will Depress the Dollar. Alex Cohen of Bank of America said in a report that the dollar could weaken further as the Federal Reserve appears ready to resume rate cuts despite remaining high inflation. He noted that worse-than-expected July non-farm payroll data and concerns about the Fed's independence have pushed the market to expect faster and larger rate cuts, even though inflation continues to show signs of being sticky. "Potential rate cuts amid rising inflation create fertile ground for a devaluation of the dollar." Bank of America predicts the euro/dollar exchange rate (EUR/USD) will rise from its current level of 1.1620 to 1.20 by the end of the year and further to 1.25 by the end of 2026. Trump: We'll know the progress on the Russia-Ukraine issue in about two weeks. US President Trump: (Regarding the Russia-Ukraine issue) We'll know the progress in about two weeks, and after two weeks, we may have to adopt a different strategy. What are tokenized commodities? Tokenized commodities represent fractional ownership of real-world assets using digital tokens on a blockchain, while retaining their tangible value. Tokenized commodities are digital versions of real-world items (such as gold, oil, or crops) recorded on a blockchain. Each token represents a portion or all of a commodity, making it easier to divide and trade. This simplifies the buying and selling of small portions of commodities for investors, provides greater liquidity, and offers access to markets that are typically difficult to trade. Instead of purchasing the entire commodity (which can be very expensive and impractical), you can divide it into smaller pieces called tokens. Each token represents a small portion of the commodity. Blockchain technology can help tokenize a variety of commodities, including energy resources, real estate, precious metals, and agricultural products. Commodity-backed cryptocurrencies are digital assets designed to be more stable than volatile cryptocurrencies. This stability is achieved by tying their value to a tangible commodity such as real estate, gold, or oil. Commodity tokenization clarifies ownership, enables fractional ownership, simplifies transactions, and facilitates market activity. While promising, tokenizing commodities also presents challenges. Regulations are not always clear, and existing rules may not fully cover them. The technology behind tokenized commodities must be properly tested to handle the complexities of creating and trading these tokens.