The USDH stablecoin, issued by Native Markets, has been listed on the Hyperliquid platform, with the USDH/USDC trading pair now open for trading. USDH is the first dollar-pegged token issued through the Hyperliquid validator selection process. It is a stablecoin natively issued on the HyperEVM and can be traded across the Hyperliquid ecosystem. Native Markets won the bid earlier this month, beating out proposals from several companies, including Paxos, Frax, and Agora. The plan calls for a phased rollout, with the first USDH/USDC spot market launching "within days" of approval.
▌Australia drafts laws to strengthen regulation of digital asset platforms
Australia has released draft legislation to regulate digital asset platforms, a framework that aims to extend financial services laws to cryptocurrency businesses to strengthen consumer protection and provide clarity for the industry. Assistant Treasurer Daniel Mulino announced the reforms at the Australian Global Digital Asset Regulatory Summit on Wednesday. He described the bill as a "cornerstone" of the government's digital asset roadmap released in March and said it would bring Australia into line with its international peers.
Market
As of press time, according to Coingecko data:
BTC price is $113,319, up or down 24 hours by +1.1%;
ETH price is $4,148.41, up or down 24 hours by -0.4%;
BNB price is $1,017.85, up or down 24 hours by +0.1%;
-1.3%;
DOGE price is $0.2407, with a 24-hour increase or decrease of +1.2%;
XRP price is $2.93, with a 24-hour increase or decrease of +3.5%;
TRX price is $0.3383, with a 24-hour increase or decrease of +0.6%;
Policy
▌U.S. SEC Announces Agenda and Participants for the SEC-CFTC Regulatory Coordination Roundtable
The U.S. Securities and Exchange Commission (SEC) announced the agenda and participants for the joint regulatory coordination roundtable meeting with the U.S. Commodity Futures Trading Commission (CFTC) on September 29. It is reported that the main topics will include discussions on the relationship between the SEC and CFTC, how regulatory coordination can unlock the economic value of platforms while continuing to protect investors, and how regulatory coordination can increase choices for market participants and reduce costs for investors. Former CFTC Chairman J. Christopher Giancarlo, Director of the SEC's Division of Trading and Markets Jamie Selway, and others will attend the meeting.
▌US Senator Warren: Calls for an Investigation into the Trump Family's Overseas Cryptocurrency Transactions
US Senate Democratic Member Warren: Calls for an Investigation into the Trump Family's Overseas Cryptocurrency Transactions.
▌US Senate Panel to Hold Hearing on Digital Asset Taxation on October 1st
▌Hong Kong Monetary Authority: No Offshore RMB Stablecoins Currently Issued in Hong Kong
▌Hong Kong Monetary Authority: No Offshore RMB Stablecoins Currently Issued in Hong Kong
The Hong Kong Monetary Authority reminds that recent social media rumors claiming that the world's first stablecoin pegged to the offshore RMB has been issued in Hong Kong are false. The Stablecoin Ordinance will come into effect on August 1, 2025. Anyone who issues a fiat-denominated stablecoin in Hong Kong during the course of their business, or actively promotes such an issuance to the Hong Kong public, will need to obtain a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA). Please note that the HKMA has not yet issued any stablecoin issuer licenses. Therefore, any activity related to the issuance or promotion of stablecoins is illegal. If you are approached by someone promoting stablecoins, please remain vigilant. The HKMA will monitor market activity involving stablecoins and, if suspected violations of the Stablecoin Ordinance are identified, will consider taking further action based on the relevant facts and evidence.
Blockchain Applications
▌Franklin Templeton Expands Self-Developed Tokenization Platform Benji to BNB Chain
According to The Block, Franklin Templeton is expanding its Benji technology platform to BNB Chain, aiming to broaden investors' access to tokenized investment products. The Benji platform is a tokenization platform independently developed by Franklin Templeton to support the trading, management and operation of token-based investment products. The platform was used to launch the world's first chain-registered US mutual fund in 2021, and currently supports the company's multiple tokenized products, serving retail and institutional clients. Tether's latest valuation would make its chairman the world's fifth-richest person. A discussed deal, if completed, would make stablecoin issuer Tether Holdings one of the world's most valuable private companies and boost the wealth of its owners to new heights. According to the Bloomberg Billionaires Index, if Tether successfully reaches a $500 billion valuation, Chairman Giancarlo Devasini's net worth would be close to $224 billion, making him the world's fifth-richest person. CZ: The era of Perp DEX has arrived, and high-quality projects will prevail in the long run. Binance founder CZ stated that everyone wants to build a Perp DEX now. More participants will accelerate market expansion, raising all boats. In the long run, the best builders will prevail. The era of Perp DEX has arrived.
▌Stablecoin startup Bastion completes $14.6 million financing round, led by Coinbase Ventures
According to Fortune, stablecoin startup Bastion announced that it has completed $14.6 million in financing, led by Coinbase Ventures. Other participants in this round of financing include Sony Venture Capital, Samsung Venture Capital, Andreessen Horowitz Crypto Department and Crypto Venture Capital Hashed.
Cryptocurrency
▌Trump: Bitcoin "will surpass gold" one day in the future
According to Cointelegraph, US President Trump said that Bitcoin "will surpass gold" one day in the future. Coinbase CEO: Bitcoin Could Reach $1 Million Around 2030 Coinbase CEO Brian Armstrong stated, "I believe based on current conditions and progress, Bitcoin could reach $1 million around 2030. In the long term." Tom Lee: Ethereum is Wall Street's Preferred Blockchain Tom Lee, co-founder of Fundstrat and chairman of BitMine, stated that Ethereum is a "truly neutral chain" that will be favored by Wall Street and the White House. Lee further explained that he has observed that the White House and Congress have become more supportive of cryptocurrencies under the Trump administration, and are now primarily turning to Ethereum. Lee stated that he sees the possibility of Ethereum entering a "super cycle" lasting 10 to 15 years. According to a chart published by Cointelegraph, the total market capitalization of stablecoins has reached a new all-time high (ATH) of $291 billion. Ethereum's USDT supply has reached $80 billion, regaining its dominant position. Ethereum has regained its position as the primary network for USDT supply, reaching $80 billion, surpassing Tron after lagging behind in early March. Ethereum's recovery demonstrates that users value its mature DeFi ecosystem and institutional-grade infrastructure over Tron's lower transaction costs. Currently, daily stablecoin transfers on Ethereum are approaching 1 million, demonstrating not only the significant static holdings of USDT but also its active application in payments and settlements. According to market news, the audit of the US Strategic Bitcoin Reserve is overdue for 172 days. According to BitcoinTreasuries.NET, publicly listed companies have purchased a total of 37,828 bitcoins in the past 20 days, with a total value of approximately US$4.27 billion. Jiuzi Holdings' Board of Directors Approves Cryptocurrency Investment Policy Allowing Deployment of Up to $1 Billion Jiuzi Holdings Limited (NASDAQ: JZXN) today announced that its Board of Directors has formally approved and adopted a cryptoasset investment policy. The policy authorizes the company to allocate a portion of its cash reserves to specific cryptoassets within a prudent risk management framework. This strategic move follows the recent appointment of Dr. Doug Buerger, a renowned crypto expert, as Chief Operating Officer (COO), following thorough research and careful evaluation. The policy's core framework includes: 1. Clear Investment Mandate and Cap: The Board has authorized the company to deploy up to $1 billion in cryptoassets to ensure controlled risk exposure. 2. Strict Asset Selection Criteria: Initially, investments will be limited to Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). Any future expansion into other assets will be subject to re-evaluation and approval by the Board's Risk Committee. 3. Highest Custody Standards: The company will not self-custody acquired crypto assets. 4. Professional Oversight and Governance Structure: A "Crypto Asset Risk Committee" has been established, led by the Chief Financial Officer, to oversee the implementation of various policies and report regularly to the Board of Directors. SOL Strategies Plans to Raise $25 Million Through a Rights Issue to Support Increased SOL Holdings. Solana Treasury Company SOL Strategies announced that it has raised $25 million in a private placement through the sale of common shares and common share warrants pursuant to the listed issuer financing exemptions granted by the Canadian Securities Administrators. Canaccord Genuity Corp. will serve as lead agent and sole bookrunner. The proceeds will be used for general corporate purposes and digital asset investments to drive the growth of the SOL Treasury. Binance HODLer Airdrop Launches Plasma (XPL) Binance announced it will list the Layer 1 public blockchain project Plasma (XPL) at 21:00 (UTC+8) on September 25th, opening trading pairs with USDT, USDC, and BNB. This is Binance's 44th HODLer airdrop, and users who participated in BNB Simple Earn or On-Chain Yields between September 10th and 13th will be eligible for the airdrop. XPL has an initial total supply of 10 billion, with a circulating supply of 1.8 billion at launch, of which 75 million will be allocated for the airdrop. Coinbase will list Centrifuge (CFG) and TROLL (TROLL) for spot trading. Coinbase will list Centrifuge (CFG) and TROLL (TROLL) for spot trading. CFG-USD and TROLL-USD trading pairs will be available in supported regions on or after 9:00 AM PT on September 25, 2025, subject to liquidity conditions. Binance will delist UXLINK USDT perpetual contracts, according to an official announcement.
▌Circle issues an additional 250 million USDT on the Solana network
According to Whale Alert monitoring, Circle has issued an additional 250 million USDT on the Solana network.
▌Paxos mints an additional 150 million PYUSD on Ethereum
According to Whale Alert monitoring, Paxos mints an additional 150 million PYUSD on Ethereum.
Important Economic Developments
▌U.S. Treasury Secretary Benson said that the Federal Reserve's interest rates have been too high for too long and will enter an easing cycle.
U.S. Treasury Secretary Benson said that the Federal Reserve's interest rates have been too high for too long and that we will enter an easing cycle. He was surprised that Fed Chairman Powell has not yet hinted at an interest rate target.
▌U.S. Treasury Secretary Benson said it is unclear whether there will be a government shutdown next week.
U.S. Treasury Secretary Benson said it is unclear whether there will be a government shutdown next week. Interest rates are too tight and need to be lowered.
▌Deutsche Bank: The U.S. government may be facing its first shutdown since the winter of 2018-19
Traders are cautiously awaiting Thursday's initial jobless claims data and Friday's PCE inflation data, while closely watching for thorny developments that could trigger a U.S. government shutdown. U.S. President Trump canceled a key meeting with Senate Minority Leader Schumer and House Minority Leader Jeffries, which had been expected to avert a government shutdown before the September 30 deadline. Deutsche Bank analyst Jim Reid wrote in a note to clients Wednesday morning: "The cancellation of the meeting has sparked renewed concerns that funding could run out by next week's deadline and we could see the first government shutdown since the winter of 2018-19." Fed's Goolsbee warns against aggressive rate cuts, saying a slowdown in employment doesn't equate to a recession. According to the Financial Times, Fed's Goolsbee warned against a series of rate cuts, saying a sharp slowdown in the job market doesn't mean a recession is imminent. Goolsbee supported a 25 basis point rate cut at last week's Federal Open Market Committee meeting. But he recently indicated that he may be less willing to support further rate cuts in the upcoming policy vote. "I would be concerned about prematurely cutting rates on the assumption that [inflation] is likely to be temporary and will subside on its own," he said, adding that many Midwestern businesses remain concerned that inflation is not yet under control. Goolsbee said a new set of labor market statistics compiled by the Chicago Fed, which integrates several economic reports to produce real-time data, showed only a "modest" cooling in the job market and did not indicate that the U.S. economy was in the midst of a sharp slowdown. "Our job market remains generally solid and reliable," Goolsbee said. Goolsbee said he supported last week's decision to cut interest rates because there were signs that Trump's trade war was having less of an impact on inflation than many economists had feared, in part because many of the United States' major trading partners were less interested in retaliating against the White House.
▌Federal Reserve Bank Daly: Further rate cuts may be needed
San Francisco Fed President Mary Daly said on Wednesday that she "fully supports" the Federal Reserve's decision to cut interest rates last week and said further rate cuts may be needed in the future. Commenting on the Fed's rate cut last week, Daly said: "Economic growth, consumer spending, and the labor market have all slowed, while inflation has been below expectations and remains concentrated in sectors directly exposed to tariffs. Economic risks have shifted, and the time to act is now. Looking ahead, further adjustments to policy may be needed to provide necessary support to the labor market while restoring price stability." However, she added that the Fed's forecasts are not commitments, and its goals remain to maintain maximum employment and price stability. Daly previously said that two 25 basis point rate cuts this year were a reasonable forecast, a view she did not update on Wednesday. The probability of a 25 basis point Fed rate cut in October is 91.9%. According to CME's "Fed Watch": The probability of the Fed keeping interest rates unchanged in October is 8.1%, and the probability of a 25 basis point rate cut is 91.9%. The probability of the Federal Reserve keeping interest rates unchanged in December is 1.5%, the probability of a cumulative 25 basis point rate cut is 24.1%, and the probability of a cumulative 50 basis point rate cut is 74.4%. How to Use ChatGPT to Research Cryptocurrencies 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 such as white papers, GitHub repositories, and community sentiment. Failure to conduct proper research may 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 is 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 provide relevant research questions for both beginners and experienced investors, acting as a research guide. While ChatGPT is a powerful research assistant, it's important to understand its limitations: it doesn't have real-time data unless integrated with tools like web browsing or an API; it doesn't provide investment advice or guaranteed forecasts; and it may generate outdated or incorrect information (always verify the facts). But 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 your critical thinking and due diligence.
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