Coinbase has announced a new feature that allows users to lend their USDC stablecoins on-chain. The service is powered by the decentralized lending protocol Morpho, with allocations managed through an on-chain vault curated by Steakhouse Financial on Base, the Ethereum Layer 2 network incubated by Coinbase. When users deposit USDC, Coinbase creates a smart contract wallet that routes funds between different lending pools to optimize returns. Coinbase states that users can start earning yields immediately and can withdraw them at any time, subject to liquidity.
▌Plasma will hold TGE on September 25
Plasma released a video trailer. The Beta version of the Plasma mainnet, a Layer 1 stablecoin payment project supported by Bitfinex, will be launched on September 25. The network's native token XPL will also be launched together with the Layer1 blockchain. By then, the total locked value of Plasma will exceed US$2 billion, and it will have integrated more than 100 DeFi protocols, including Aave, Ethena, Fluid, and Euler. From the date of release, users will be able to transfer USDT at zero fees through authorization-based transfers on the network's Plasma BFT consensus. Previously, Plasma received an oversubscribed commitment of US$373 million in its 10-day token sale in July.
Market
As of press time, according to Coingecko data:
BTC price is $116,989, up or down 0.3% in 24 hours;
ETH price is $4,583.72, up or down -0.1% in 24 hours;
BNB price is $982.71, up or down -0.6% in 24 hours;
+0.8%;
DOGE price is 0.2781 U.S. dollars, with a 24-hour increase or decrease of -1.3%;
XRP price is 3.08 U.S. dollars, with a 24-hour increase or decrease of -0.1%;
TRX price is 0.3501 U.S. dollars, with a 24-hour increase or decrease of +1.8%;
▌Financial Times: Eric Trump downplays the economic benefits of his family's cryptocurrency-related businesses
In an interview with the Financial Times (FT), Eric Trump downplayed the economic benefits of his family's cryptocurrency-related businesses and defended the launch of the two memecoins MELANIA and TRUMP earlier this year, saying it was just "for fun." Natixis: Gains $240 Million in Bitcoin Exposure Through MicroStrategy (MSTR) According to market news, Natixis, a major investment bank with $1.4 trillion in assets under management, has just disclosed that it has gained $240 million in Bitcoin exposure through MicroStrategy (MSTR). Boyaa Interactive: Completes HK$370 Million Bitcoin Purchase, Acquiring Approximately 411 Bitcoins Boyaa Interactive (00434.HK) announced that the Group has completed its plan to purchase approximately HK$370 million in Bitcoin using proceeds from a placement, totaling approximately 411 Bitcoins at an average price of approximately US$115,400 per coin. This purchase aims to deepen its Web3 business layout and achieve long-term sustainable development in the gaming ecosystem. As of the date of this announcement, the Group held approximately 4,091 bitcoins at a total cost of approximately US$279 million, with an average cost of approximately US$68,100 per bitcoin. The Company reminds shareholders and investors to be aware of the volatility of the cryptocurrency market. REX-Osprey's DOGE and XRP ETFs, offering spot exposure, have been listed. According to US ETF provider REX Shares, the first crypto ETFs issued in partnership with Osprey Funds, offering spot exposure to XRP and DOGE, were listed on the CBOE on September 18th, providing investors with access to these digital assets through an ETF structure. It is worth noting that the REX-Osprey DOGE and XRP ETFs are not typical spot ETFs. They do not directly hold DOGE and XRP tokens, but also other assets such as cash, US Treasury bonds, and even other ETFs. The approval process for these products is distinct and does not require explicit approval from the US SEC. The ETFs automatically take effect 75 days after application. According to REX-Osprey's SEC filing, the two ETFs will invest at least 80% of their net assets in the reference assets and other assets that provide exposure to them, with at least 40% invested directly in shares of other ETFs and ETPs, including non-U.S. ETPs. Nasdaq-listed Brera Holdings has changed its name to Solmate and raised $300 million to launch the SOL Treasury. Nasdaq-listed Brera Holdings announced it has changed its name to Solmate and raised $300 million to launch the SOL Treasury. Investors include Pulsar Group, a UAE-based technology and blockchain consulting firm; the Solana Foundation; RockawayX; and ARK Invest. Former Kraken Chief Legal Officer Marco Santori will serve as Solmate's CEO. Solmate expects to enter into a definitive agreement with the Solana Foundation following the signing of a letter of intent. This agreement will lower the starting price of the SOL secondary offering, enabling Solmate to significantly increase the rate of growth in SOL per share in the future. Stablecoin protocol STBL: 100 million USST stablecoins will be minted based on Franklin Templeton's BENJI token. Avtar Sehra, CEO of the stablecoin protocol STBL, announced that the protocol's next steps include minting 100 million USST stablecoins using Franklin Templeton's BENJI token and has announced partnerships with several companies, including a US payments company. The protocol is expected to be open to the public in the fourth quarter. USDC Treasury mints 200 million USDC on the Ethereum chain. According to Whale Alert, at 9:01 PM and 9:08 PM Beijing time yesterday, USDC Treasury minted 100 million USDC on the Ethereum network, respectively, for a total of 200 million USDC. Coinbase will list Lombard (BARD). The token will be available for trading against USD once liquidity conditions are met. Important Economic Developments: White House Economic Advisor: The Fed's rate cut is in the right direction of significant rate cuts. White House Economic Advisor Hassett stated that the Fed's rate cut is in the right direction of significant rate cuts, and that inflation over the past three months has been more severe than previously seen.
▌Former U.S. Treasury Secretary Summers: The Fed’s policy is “too loose” and inflation remains the primary issue
Former U.S. Treasury Secretary Summers said that the Fed’s policy is tending to be “too loose” and stressed that the biggest risk facing the U.S. economy comes from inflation, not the job market. Summers said: "If I were in Chairman Powell's position, my biggest concern would definitely be inflation." Speaking of the Fed's interest rate cut, Summers said: "I don't think they are doing this under political pressure, but I think that at this moment, (the Fed) must 'do everything' (maintain an anti-inflation stance). And I'm not sure if they have done the 'everything' I expected."
▌Trump: We will invest more than $17 trillion in the country this year
According to market news, President Trump said, "We will invest more than $17 trillion in the country this year."
▌The Fed's interest rate cut ignited Wall Street's enthusiasm and U.S. stocks reversed wait-and-see sentiment
On Thursday, the Federal Reserve announced its first interest rate cut in 2025 and hinted at further interest rate cuts in the future. Risk appetite permeated Wall Street and U.S. stocks rose sharply. Thursday's gains in U.S. stocks marked a reversal from traders' initial reaction to the Federal Reserve's decision the previous day, which saw profit-taking on over-performing tech stocks. "The Fed cutting rates at a time when the stock market is at record highs and the economy is still growing is a very unique backdrop, as Fed rate cuts are typically associated with economic issues. This dynamic is bullish for the stock market," said Robert Schein, chief investment officer at wealth management firm Blanke Schein. Trump asks Supreme Court to approve the removal of Federal Reserve Governor Tim Cook. U.S. President Donald Trump took his bid to remove Federal Reserve Governor Tim Cook to the Supreme Court on Thursday, asking the justices to remove Cook from the powerful board. The request came a day after the Fed cut its first interest rate in months. Trump's emergency appeal puts the question of Federal Reserve independence, a matter of great significance to the U.S. economy, on the Supreme Court's docket. Trump's attempt to remove Cook raises new legal theories that could find support on the Court, which is composed of six conservatives and three liberals. If Trump succeeds in removing Cook, it would mark the first time in the 111-year history of the Federal Reserve that a governor has been dismissed by the president. Is Sui the future of the decentralized internet? Sui was launched in May 2023 by Mysten Labs, founded by former Meta engineers who worked on Facebook's Diem project (formerly Libra). Sui aims to provide a decentralized solution capable of processing large volumes of transactions with minimal latency. One of Sui's standout features is its parallel transaction processing. While other networks like Solana and Avalanche use similar technology, Sui stands out by reducing the complexity of coordination between validators. This streamlined approach makes the network more efficient and scalable, maintaining high throughput even under heavy traffic without the bottlenecks that typically plague other blockchains. As part of this, Sui introduces an object-centric model. This not only allows for more fine-grained transaction processing; it also allows digital assets to evolve and change over time, rather than remaining static. This makes the platform well-suited for applications involving non-fungible tokens (NFTs), GameFi, and decentralized finance (DeFi), where assets frequently need to be updated or modified. In contrast, blockchains like Solana and Avalanche are optimized for speed but lack this flexibility when it comes to handling dynamic data. From DeFi to gaming and supply chain management, Sui's architecture supports fast and efficient transactions, making it an attractive platform for developers looking to build on cutting-edge blockchains.
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