Polkadot's native stablecoin, PUSD, has entered the proposal discussion stage and may be minted solely with DOT collateral. Gavin Wood's proposal for Polkadot's native stablecoin, PUSD, has entered the proposal discussion stage. His basic idea is that block producer rewards can be distributed in stablecoins, rather than the highly volatile DOT. Therefore, the Polkadot protocol itself (most likely on AssetHub) will issue a new stablecoin, named PUSD, which will be collateralized solely with DOTs. Similar to the HOLLAR stablecoin, users can borrow PUSD by pledging DOTs. However, the community believes that if this stablecoin becomes large in scale, it will trigger correlation risks. For example, a drop in the DOT price could trigger liquidations, which would require the sale of DOTs in the vault.
▌Crypto.com has obtained approval from the CFTC for a margin derivatives brand license
According to an official announcement, Crypto.com has obtained approval from the U.S. Commodity Futures Trading Commission (CFTC) to obtain a margin derivatives brand license in the United States.
Market
As of press time, according to Coingecko data:
BTC price is $109,595, up or down -0.1% in the past 24 hours;
ETH price is $4,017.03, up or down -0.4% in the past 24 hours;
BNB price is $968.41, up or down +0.9% in the past 24 hours;
-0.5%;
DOGE price is $0.2308, with a 24-hour increase or decrease of -0.6%;
XRP price is $2.81, with a 24-hour increase or decrease of +0.8%;
TRX price is $0.3369, with a 24-hour increase or decrease of -0.5%;
Policy
▌Trump orders troops to be sent to Portland
U.S. President Trump ordered troops to be sent to Portland, Oregon on Saturday, and said he would authorize "full force" to fight crime if necessary. In a post on the social media platform Truth Social, Trump wrote: "At the request of Secretary of Homeland Security Kristi Noem, I have directed Secretary of War Peter Hagseth to deploy all necessary forces to protect the war-torn city of Portland, and any ICE (Immigration and Customs Enforcement) facilities under attack by Antifa and other domestic terrorists. I am also authorizing full force and effect, if necessary." The post did not specify whether he was referring to the National Guard or regular military. TeraWulf Seeks $3 Billion in Debt Financing for Data Center Construction According to Bloomberg, Bitcoin mining company TeraWulf (NASDAQ: WULF) expects to raise approximately $3 billion to support the construction of its data center. Morgan Stanley is arranging the potential transaction for TeraWulf, which could begin as early as October, with financing potentially coming from high-yield bonds or leveraged loan markets. Google is expected to provide backstop support for the transaction, a move that could result in the debt receiving a higher rating. Rating agencies will assign the transaction a credit rating in the BB to CCC range. Hyperdrive: Confirms two accounts were compromised, all money markets suspended. According to Hyperdrive, positions on two accounts in the thBILL market were compromised. As a precautionary measure, Hyperdrive has suspended all money markets for further investigation. This issue does not affect $HYPED. Earlier news reported that Hyperdrive was suspected of having suffered a theft of approximately $700,000. Hyperdrive clarified that there is no vulnerability in thBILL itself, and the investigation is ongoing. Hyperdrive issued a statement on the X platform to clarify that there is no vulnerability in thBILL itself, but rather that two wallet positions using Theo's thBILL as collateral in HyperdriveTreasuryMarket appear to have been attacked. The investigation is still ongoing. Euphoria's official Twitter account has been hacked, please do not interact with it. The official X account of Euphoria, a crypto derivatives trading application based on MegaETH, has been hacked and has now released a phishing link in a tweet. The account currently remains under the control of the hacker. Trump's second son, Eric Trump, once again posted on the X platform: "Buy the dips." Eric Trump had previously posted several times in early and mid-August when the cryptocurrency market was declining, supporting the community and saying the community should embrace volatility and "if you're smart, you'll buy the dips like I said." Bloomberg Analyst: BlackRock's Bitcoin Premium Yield ETF is an Extension of a Spot Product and IBIT. Bloomberg Senior ETF Analyst Eric Balchunas wrote on the X platform that the iShares Bitcoin Premium ETF, a Bitcoin premium yield ETF (ETF) filed by BlackRock, is a spot product under the 1933 Act. It employs a covered call strategy for Bitcoin, aiming to generate returns on Bitcoin investments and is an extension of another Bitcoin exchange-traded fund (ETF). Data: Bitcoin needs to rise 1.26% to close a $3 billion short position. According to a chart released by Cointelegraph, Bitcoin needs to rise 1.26% to close a $3 billion short position.
▌Currently, there are 2,168,091 Ethereum in the unlocking waiting period.
According to a chart released by Cointelegraph, there are currently 2,168,091 Ethereum (ETH) in the unlocking waiting period, and it will take 37 days to complete the unstake.
▌Galaxy Digital CEO: The Fed's dovish policy will push the price of Bitcoin to $200,000
According to market news, Galaxy Digital CEO Novogratz said that the Fed's dovish policy will push the price of Bitcoin to $200,000 and help gold prices hit new highs. According to market news, the UAE royal family has invested over $700 million in Bitcoin mining companies. Analysis: Ethereum treasury firm BitMine received over 200,000 ETH during the recent market decline. According to Arkham monitoring data, during the recent market decline, BitMine, an "Ethereum microstrategy platform," received approximately 232,520 ETH, valued at over $900 million, through various over-the-counter (OTC) and trading platforms such as Coinbase and FalconX. Previously disclosed information indicated that BitMine only purchased approximately 260,000 ETH in the entire week of last week, but the recent market decline has accelerated the company's ETH purchases. NativeMarkets: 200,000 HYPE tokens have been staked and locked for three years. NativeMarkets, which won the Hyperliquid stablecoin USDH issuance bidding process, announced on the X platform that it has staked and locked 200,000 HYPE tokens for a three-year lockup period, aiming to make USDH the first permissionless spot-quoted asset added to Hyperliquiquid. Furthermore, NativeMarkets is seeking partnerships to promote USDH minting and redemption, as well as integration with other entities. According to market news, the 18 entities that established the Solana Treasury currently hold a total of 20.921 million SOL, valued at $42.1 billion, representing 3.64% of the current total supply of SOL. Of this, approximately 12.468 million SOL are staked, with an average staking yield of 7.7%, representing 2.168% of the total supply. The entities with the largest holdings are as follows: 1. Forward Industries (FORD) ranks first, currently holding 6.822 million SOL, worth approximately US$1.69 billion; 2. Sol Strategies (CFRF) ranks second, currently holding 3.55 million SOL, worth approximately US$853.7 million; 3. Sharps Technology (STSS) ranks third, currently holding 2.14 million SOL, worth approximately US$400 million; 4. DeFi Development (DFDV) ranks fourth, currently holding 2.096 million SOL, worth approximately US$421.9 million; 5. Upexi (UPXI) ranks fifth, currently holding 2 million SOL, worth approximately US$377.6 million. Companies holding cryptocurrency face risks similar to the dot-com bubble burst of the early 21st century. Ray Youssef, founder of the NoOnes app, noted in an interview that even with the entry of financial institutions into the cryptocurrency sector, the "overzealous investor mentality" that led to excessive investment in early internet and technology companies during the dot-com bubble burst remains. He said: "The cryptocurrency holding narrative has become a prominent feature of the current market cycle, which is very similar to investor sentiment during the dot-com era of the late 1990s and early 2000s, when the dot-com bubble caused the stock market to plummet by approximately 80%." Ace Digital, a Norwegian Bitcoin holding company, has been approved for listing. According to BitcoinTreasuries.NET, Ace Digital, a Norwegian Bitcoin holding company, has been approved for listing on Euronext Growth Oslo.
▌GalaxyDigital-associated addresses once again hoarded 6.34 million ASTER, worth $12.94 million
According to on-chain analyst @ai_9684xtpa, GalaxyDigital-associated address 0xFB3...22833 is still hoarding ASTER, and has once again withdrawn 6.34 million tokens from Gate, worth $12.94 million; the address currently holds a total of $61.344 million worth of ASTER, with a total value of $122 million, accounting for 3.7% of the total liquidity.
▌1.583 million UNI were transferred to the market maker GSR's address and finally entered Binance
According to on-chain analyst Yu Jin's monitoring, 1.583 million UNI (US$11.94 million) transferred from Uniswap's UNI timelock contract half a month ago was transferred to the market maker GSR (@GSR_io) address and then entered Binance.
▌Binance now supports USDT withdrawals on the Plasma network
According to the official website, Binance now supports USDT withdrawals on the Plasma network. Binance Alpha will list Bitlight Labs (LIGHT) with an airdrop requirement of 190 points. Binance Alpha is the first platform to list Bitlight Labs (LIGHT). Trading on Alpha will begin at 19:00 on September 27, 2025 (UTC+8). After trading begins, users holding at least 190 Binance Alpha points will be eligible to claim an airdrop of 150 LIGHT tokens. This will be on a first-come, first-served basis. The minimum score will automatically decrease by 15 points every hour while the promotion is ongoing. Claiming the airdrop will cost 15 Binance Alpha points. Users must confirm their claim within 24 hours on the Alpha promotion page; otherwise, they will forfeit the airdrop.
▌Hyperliquid has launched the HYPE/USDH spot trading pair
According to the official website, Hyperliquid has launched the HYPE/USDH spot trading pair, having previously launched USDH/USDC.
▌Tether Treasury has minted an additional 1 billion USDT on the Ethereum chain
According to the on-chain data tracking service Whale Alert, Tether Treasury minted an additional 1 billion USDT on the Ethereum chain at around 9:55 am Beijing time yesterday.
Important Economic Developments
▌ECB Governing Council member Slepen: Price stability is important, and we will try to adopt a monetary policy that can achieve the price stability target
ECB Governing Council member Slepen did not indicate whether he was a hawk or a dove, but said that "price stability is my job." He said: "The ECB has a very clear mission, which is price stability. This is the most important thing to me, and I will be committed to adopting a monetary policy consistent with this." When asked whether the ECB's deposit rate would remain at 2% for the time being as investors and most economists expected, Slepen did not make a commitment. The probability of a 25 basis point Fed rate cut in October is 87.7%. According to CME's "Fed Watch," the probability of the Fed keeping interest rates unchanged in October is 12.3%, and the probability of a 25 basis point rate cut is 87.7%. The probability of the Fed keeping interest rates unchanged in December is 3.1%, the probability of a cumulative 25 basis point rate cut is 31.5%, and the probability of a cumulative 50 basis point rate cut is 65.4%. 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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