BlackRock plans to tokenize RWA and equity funds. The US CPI annual rate in August was 2.9%.

Headline

▌BlackRock plans to tokenize its funds holding real-world assets and stocks

Following the success of its Bitcoin ETF, BlackRock plans to tokenize its funds holding real-world assets and stocks and put them on the blockchain.

▌The U.S. unadjusted CPI annual rate for August was 2.9%, in line with market expectations

The U.S. unadjusted CPI annual rate for August was 2.9%, the highest since January, in line with market expectations. The U.S. seasonally adjusted CPI monthly rate for August was 0.4%, in line with expectations of 0.30% and the previous value of 0.20%.

Market

As of press time, according to Coingecko data:

BTC price is $115,362, up or down 1.3% in 24 hours;

ETH price is $4,460.89, up or down 2.6% in 24 hours;

BNB price is $901.30, up or down 0.8% in 24 hours;

-1.7%.

Policy

▌Study Times published an article titled "The Technical Principles and Trust Logic of Stablecoins": Stablecoins are gradually integrated into the mainstream financial system.

The Study Times official account, sponsored by the Central Party School, published an article titled "The Technical Principles and Trust Logic of Stablecoins." The article pointed out: "Against the backdrop of the accelerated penetration of digital finance into the global trade system, cryptocurrencies represented by Bitcoin and Ethereum have attracted widespread attention. However, due to their drastic price fluctuations, they are unable to serve as mainstream payment functions. Stablecoins represented by Tether (USDT) and US Dollar Stablecoin (USDC) establish an anchor mechanism with legal tender. This not only retains the advantages of efficient circulation and low costs of blockchain-based payments, but also avoids the unfavorable factors such as instability of traditional cryptocurrencies. As a result, they have become a hot spot for current digital financial innovation. Recent legislation and regulations introduced in the United States, the European Union, and Hong Kong, China, have laid a compliant foundation for the development of stablecoins. Stablecoins are gaining favor with compliant investors worldwide and are gradually integrating into the mainstream financial system. According to TASS, Russian Council of State member Evgeny Morozov has proposed establishing a national crypto bank, following the example of Belarus. He stated that this would help bring shadow settlements, amounting to hundreds of billions of rubles, into the legal framework, increase federal budget revenue, and combat remote fraud and criminal financing. Crypto banks could also provide Russian miners with compliant channels for selling their mining proceeds. Belarus has already established crypto exchanges and brokerages in high-tech parks to decriminalize digital currencies and increase tax revenue.

Blockchain Applications

▌Gemini Raised $425 Million in IPO

According to market news, Gemini raised $425 million in its IPO, issuing approximately 15.2 million shares at $28 per share. The previous pricing range was $24 to $26 per share, and the number of shares issued was also reduced.

▌Sei: U.S. Department of Commerce Data Will Soon Be Connected to the Sei Network

Layer1 public chain Sei announced that U.S. Department of Commerce data will soon be connected to the Sei network. The Chainlink data standard will transmit U.S. GDP and other U.S. government macroeconomic indicators to Sei, empowering institutional-level markets with secure and reliable data.

▌Ueno Bank, the largest bank in Paraguay, is the first to deploy a quantum-resistant blockchain security system

Ueno Bank, the largest bank in Paraguay, announced the use of quantum-resistant electronic signatures and tamper-proof timestamps, taking the lead in introducing post-quantum security technology into actual production environments. The bank's quantum-resistant Layer-1 hybrid blockchain based on QANplatform, combined with the SignQuantum signature extension, provides mathematically verifiable and tamper-proof records for electronic documents and business archives. This move complies with the post-quantum encryption standards led by the National Institute of Standards and Technology (NIST) of the United States, and provides a replicable model for the financial industry to cope with the risks of future quantum computing cracking. Industry insiders said that this is the world's first bank to deploy this type of combined technology on a production scale, establishing a "quantum security" paradigm for financial institutions in Latin America and even the world.

▌Ant Group CEO: We will resolutely not issue virtual currencies and will not participate in any form of speculation

During the 2025 Inclusion Summit, Ant Group CEO Han Xinyi, while discussing the token economy, stated that in exploring the tokenization process, exploring its value and mitigating risks should be given equal priority. He emphasized that "compliance is the lifeline of innovation," and from the outset, Ant Group clearly defined its boundaries: resolutely not issuing virtual currencies or engaging in any form of speculation; focusing on technological infrastructure, serving the industry rather than disrupting it; and striving to create new value rather than competing for existing gains. "Today, our understanding of both value and risk may be far from sufficient, and we still need continuous long-term exploration and research. Steady progress is far more important than simply pursuing speed and innovation," said Han Xinyi.

Cryptocurrency

▌The US DTCC Now Lists FSOL, HBR, and XRPC

According to market news, the Depository Trust & Clearing Corporation (DTCC) has listed the Fidelity Solana ETF (FSOL), the Canary HBAR ETF (HBR), and the Canary XRP ETF (XRPC). While this does not indicate any regulatory approval or a definitive approval process for the ETFs, listing them on the DTCC website is a "standard procedure" for launching new ETFs.

▌Coinbase: The Crypto Bull Market is Expected to Continue into the Fourth Quarter, Supported by Funding and Policies

Coinbase analysts believe the cryptocurrency bull market still has room to continue into the fourth quarter. The report states that strong market liquidity, a favorable macroeconomic environment, and positive regulatory signals will continue to support the market. Although Bitcoin has often experienced declines in September, this seasonal pattern has not reappeared in 2023 and 2024, making it of limited statistical significance. Coinbase emphasizes that the more important factor is the holdings of digital asset treasuries (DATs). Currently, publicly disclosed treasuries hold over 1 million BTC (approximately $110 billion), 4.9 million ETH ($21.3 billion), and 8.9 million SOL ($1.8 billion), providing solid support for prices. Coinbase also noted that the return of retail investors may signal the arrival of an "Altcoin Season." Against the backdrop of a stable macroeconomic environment and continued capital inflows, large crypto assets will continue to benefit, while smaller tokens may face consolidation pressure. Strategy currently holds 3% of the total Bitcoin supply, according to a chart released by unfolded.

▌The market value of BlackRock IBIT's Bitcoin holdings exceeds $85 billion

According to official data, BlackRock's Bitcoin exchange-traded fund IBIT's Bitcoin holdings have reached 754,163.2077, and its holdings have a market value exceeding $85 billion, reaching $85,881,232,723.45.

▌Robeco Institutional Asset Management purchased $18 million worth of Strategy shares in Q2

According to BitcoinTreasuries.NET, Robeco Institutional Asset Management, with a scale of $62 billion, purchased $18 million worth of Strategy shares ($MSTR) in the second quarter and currently holds 125,650 shares, worth more than $41.3 million. Forward Industries Completes $1.65 Billion Funding Round to Purchase Solana (SOL) According to market news, Forward Industries has completed a $1.65 billion funding round led by Galaxy Digital, Jump Crypto, and Multicoin Capital. This PIPE financing round generated approximately $1.65 billion in gross proceeds for the company. The company plans to use the net proceeds primarily to purchase Solana's native token, SOL. Multicoin, Jump Crypto, and Galaxy each invested over $100 million in Forward Industries, the company's SOL treasury. Kyle Samani, Managing Partner of Multicoin Capital, announced today that he has successfully led a $1.65 billion PIPE financing round for Forward Industries. Multicoin Capital, Jump Crypto, and Galaxy each committed over $100 million. Kyle Samani personally invested an additional $25 million on top of Multicoin's commitment. In addition, he will serve as Chairman of the Board of Forward Industries. Galaxy Digital withdrew 1.4523 million SOL, valued at $326 million, from CEX in the past 12 hours. According to Lookonchain, Galaxy Digital is assisting Forward Industries in acquiring $1.65 billion worth of SOL. In the past 12 hours, Galaxy Digital withdrew 1,452,392 SOL (valued at $326 million) from the exchange. On September 8, Forward Industries, Inc. (NASDAQ: FORD) announced that it had raised $1.65 billion in cash and stablecoin subscriptions through a private public equity (PIPE) round. Galaxy Digital, Jump Crypto, and Multicoin Capital led the investment to launch its digital asset treasury strategy centered on Solana. BIT Mining Increases Holdings by 17,221 SOL, Bringing Total Holdings to 44,000 SOL Cryptocurrency infrastructure company BIT Mining Limited (NYSE: BTCM) announced the purchase of an additional 17,221 SOL to add to its growing SOL reserve. This brings the company's reserves to over 44,000 SOL, valued at approximately $9,950,000. USDC Treasury Mints 250 Million USDC, Golden Finance reports. According to Whale Alert, at 03:56 Beijing time today, the USDC Treasury minted 250,000,000 USDC.

Important Economic Developments

▌Bessant met with three Federal Reserve chair candidates this week; the selection process continues

CNBC, citing sources from the U.S. Treasury Department, reported that Treasury Secretary Bessant met with Warsh, Lindsay, and Bullard this week, and the selection process for the Federal Reserve chair candidate continues. Bessant is waiting for the Fed's quiet period to end before speaking with current Fed officials. Bessant favors a long-term balance sheet reduction.

▌The U.S. Senate will hold a full vote on Milan's Fed nomination next Monday

▌The U.S. Senate has left the door open for Federal Reserve Board nominee Milan to attend next week's Fed meeting. According to the Senate schedule set by Republican leaders, the next step is for the full Senate to vote to confirm his nomination, which is scheduled for Monday evening (Tuesday morning Beijing time). Lawmakers will first hold a procedural vote, which, if approved, will pave the way for the Republican-controlled Senate to confirm Milan's appointment. The Federal Reserve will begin a two-day meeting next Tuesday local time and vote on the interest rate decision on Wednesday.

▌Trump asks for permission to fire Cook before the next Federal Reserve meeting

Trump asks the appeals court to allow him to fire Federal Reserve Governor Lisa Cook before the next Federal Reserve meeting.

▌The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 93.9%

According to CME's "Federal Reserve Watch": The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 93.9%, and the probability of a 50 basis point cut is 6.1%. The probability of the Federal Reserve cutting interest rates by 25 basis points in October is 7.6%, the probability of a 50 basis point cut is 86.8%, and the probability of a 75 basis point cut is 5.6%. Can quantum computers really crack Bitcoin? Bitcoin uses the SHA-256 hash algorithm, an encryption algorithm developed by the National Security Agency (NSA). SHA-256 protects against brute force attacks on the Bitcoin network, as decryption using existing hardware would take decades. However, a new threat to SHA-256 is quantum computing, a computational method that exploits the principles of quantum physics and is far faster than conventional computing. Fundamentally, quantum computing utilizes quantum bits (qubits), which can exist in multiple states. This contradicts binary (traditional) computing, which uses binary bits (1 and 0). In 1994, mathematician Peter Shor proposed an algorithm that enables quantum computers to solve complex algorithms in seconds, while conventional hardware would take decades. Quantum computing combined with Shor's algorithm could break Bitcoin's cryptography as we know it. When creating a crypto wallet, two important items are generated: a private key and a public key. The private key is a secret code, similar to a password, that must be kept secret. The public key is derived from the private key, and the wallet address (similar to a bank account number) is derived from the public key. The private key acts like a master password to control the crypto wallet. Using this private key, the wallet can create multiple public keys, each of which generates a wallet address. While deriving a public key from a private key is simple, deriving the private key from the public key is extremely difficult—nearly impossible—which ensures the wallet's security. It is believed that quantum computing could reverse this process, deriving a private key from a public key. There are concerns that this could cause many Bitcoin holders, particularly those with large Bitcoin wallets and those from the Satoshi era, to lose their funds.