Hyperliquid launches USDH as Australia releases draft encryption regulation legislation

Headlines

▌The USDH stablecoin has been launched on the Hyperliquid platform

The USDH stablecoin issued by Native Markets has been launched on the Hyperliquid platform, and the USDH/USDC trading pair is now open for trading. USDH is the first dollar-pegged token issued based on the selection process running on Hyperliquid's verification nodes. It is a stablecoin natively issued on HyperEVM and can circulate across chains within the entire Hyperliquid ecosystem. Native Markets won the bid earlier this month, defeating proposals from several companies including Paxos, Frax, and Agora. The plan requires a phased rollout, with the first USDH/USDC spot market going live “within days” after the vote is passed.

▌Australia drafts legislation to strengthen regulation of digital asset platforms

Australia has released a legislative draft to regulate digital asset platforms, aiming to extend the Financial Services Act to cryptocurrency businesses to enhance consumer protection and provide clarity for the industry. Assistant Treasurer Daniel Mulino announced these reforms on Wednesday at the Australia Global Digital Assets Regulatory Summit. He described the bill as the “cornerstone” of the digital asset roadmap released by the government in March and stated that it would align Australia with international counterparts.

Market

As of the time of writing, according to data from CoinGecko:

The price of BTC is $113,319, with a 24-hour change of +1.1%;

The price of ETH is $4,148.41, with a 24-hour change of -0.4%;

The price of BNB is $1,017.85, with a 24-hour change of +0.1%;

The price of SOL is $211.58, with a 24-hour change of -1.3%;

The price of DOGE is $0.2407, with a 24-hour change of +1.2%;

The price of XRP is $2.93, with a 24-hour change of +3.5%;

The price of TRX is $0.3383, with a 24-hour change of +0.6%;

The price of WLFI is $0.1977, with a 24-hour change of +0.2%.

Policy

▌The U.S. SEC announces the agenda and participants of the SEC-CFTC regulatory coordination roundtable meeting

The U.S. Securities and Exchange Commission (SEC) announced the agenda and participants for the joint roundtable meeting on regulatory coordination with the U.S. Commodity Futures Trading Commission (CFTC) held on September 29. The main topics reportedly include discussing the relationship between the SEC and CFTC, how regulatory coordination can continue to protect investors while unleashing the economic value of platforms, and how regulatory coordination can increase choices for market participants and reduce costs for investors. Former CFTC Chairman J. Christopher Giancarlo and SEC Division of Trading and Markets Director Jamie Selway will be among the attendees.

▌US Senator Warren: Calls for Investigation into Trump's Family's Overseas Cryptocurrency Transactions

US Senate Democrat member Warren: Calls for an investigation into the Trump family's overseas cryptocurrency transactions.

▌The U.S. Senate committee will hold a hearing on digital asset taxation on October 1

Market news: A U.S. Senate panel will hold a hearing on digital asset taxation on October 1.

▌Hong Kong Monetary Authority: There are currently no offshore RMB stablecoins issued in Hong Kong

The Hong Kong Monetary Authority (HKMA) has reminded that there has been recent circulation on social media claiming that the world's first stablecoin pegged to the offshore RMB has been issued in Hong Kong. Please note that this information is false news. The “Stablecoin Ordinance” will officially take effect on August 1, 2025, and anyone issuing fiat stablecoins in Hong Kong or actively promoting their issuance to the public in Hong Kong must obtain a stablecoin issuer license issued by the HKMA. Please note that the HKMA has not yet issued any stablecoin issuer licenses. Therefore, anyone conducting stablecoin issuance or promotional activities is acting illegally. If someone promotes stablecoins to you, please remain vigilant. The HKMA will monitor the market for stablecoin trading activities, and if any behavior is found to violate the “Stablecoin Ordinance”, further follow-up actions will be considered based on relevant facts and evidence.

Blockchain Applications

▌Franklin Templeton Expands Its Self-Developed Tokenization Platform Benji to BNB Chain

According to The Block, Franklin Templeton is expanding its Benji technology platform to the BNB Chain, aiming to broaden investors' access to tokenized investment products. The Benji platform is a tokenization platform developed by Franklin Templeton to support the trading, management, and operation of token-based investment products. This platform was used in 2021 to launch the world's first on-chain registered U.S. mutual fund, and it currently supports multiple tokenized products for the company, serving both retail and institutional clients.

▌Tether's latest valuation will make its chairman the fifth richest person in the world

A transaction currently under discussion, if completed, would make the stablecoin issuer Tether Holdings one of the most valuable private companies in the world, while also pushing the wealth of its owners to new heights. According to the Bloomberg Billionaires Index, if Tether successfully reaches a valuation of $500 billion, the company's chairman Giancarlo Devasini would see his net worth approach $224 billion, making him the fifth richest person in the world.

▌CZ: The era of Perp DEX is here, and quality projects will prevail in the long run

Binance founder CZ stated that everyone wants to create a Perp DEX now. More participants will accelerate the market scale expansion, making all boats rise with the tide. In the long run, only the best builders will prevail. The era of Perp DEX has arrived.

▌Stablecoin startup Bastion completes $14.6 million funding round, led by Coinbase Ventures

According to Fortune, the stablecoin startup Bastion announced the completion of a $14.6 million financing round led by Coinbase Ventures, with other participants including Sony's venture capital arm, Samsung's venture capital arm, Andreessen Horowitz's crypto division, and the crypto venture capital firm Hashed.

Cryptocurrency

▌Trump: One day in the future, Bitcoin “will surpass gold”

According to Cointelegraph, U.S. President Trump stated that one day Bitcoin “will surpass gold.”

▌Coinbase CEO: Bitcoin could reach $1 million around 2030

Coinbase CEO Brian Armstrong stated, “I believe that based on the current situation and progress, Bitcoin may reach 1 million dollars around 2030. In the long run.”

▌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 the White House and Congress becoming more supportive of cryptocurrencies under the leadership of the Trump administration, now primarily turning toward Ethereum. Lee indicated that he sees the possibility of Ethereum entering a “super cycle” lasting 10 to 15 years.

▌The total market capitalization of stablecoins reached a historic high of 291 billion USD

According to a chart released by Cointelegraph, the total market value of stablecoins has reached a historic high (ATH) of $291 billion.

▌USDT supply on the Ethereum chain reaches $80 billion, reclaiming dominance

Ethereum has regained its status as the primary network for USDT supply, with a supply scale reaching $80 billion, surpassing TRON in early March. Ethereum's recovery indicates that users value its mature DeFi ecosystem and institutional-grade infrastructure more than TRON's lower transaction costs. Currently, the daily stablecoin transaction volume on Ethereum is close to 1 million transactions, which not only shows a considerable static holding of USDT but also reflects its active applications in payment and settlement.

▌The audit of the U.S. Strategic Bitcoin Reserve is overdue by 172 days

According to market news, the audit of the US Strategic Bitcoin Reserve has been overdue for 172 days.

▌Public companies have purchased a total of 37,828 Bitcoins in the past 20 days, with a total value of approximately $4.27 billion

According to monitoring by BitcoinTreasuries.NET, publicly listed companies have purchased a total of 37,828 bitcoins in the past 20 days, with a total value of approximately $4.27 billion.

▌The Board of Directors of Jiuzi Holdings has approved the deployment of a cryptocurrency asset investment policy of up to $1 billion

Jiuzi Holdings Limited (NASDAQ stock code: JZXN) today announced that the company's board of directors has formally approved and adopted a cryptocurrency asset investment policy. This policy authorizes the company to allocate a portion of its cash reserves into specific cryptocurrency assets within a prudent risk management framework. After thorough research and careful evaluation, this strategic initiative was taken following the recent appointment of renowned cryptocurrency expert Dr. Doug Buerger as Chief Operating Officer (COO). Core framework of the policy: 1. Clear investment authorization and limits: The board has authorized the company to deploy up to $1 billion for the purchase of cryptocurrency assets, ensuring control over risk exposure. 2. Strict asset selection criteria: In the initial phase, the investment scope is limited to Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). Any future plans to expand to other assets must undergo re-evaluation and approval by the board's risk committee. 3. Highest level of custody standards: The company will not self-custody the acquired cryptocurrency assets. 4. Professional oversight and governance structure: A “Cryptocurrency Asset Risk Committee” has been established, led by the Chief Financial Officer, responsible for overseeing the implementation of various policies and regularly reporting to the board of directors.

▌SOL Strategies plans to raise $25 million to support increased holdings of SOL

Solana Treasury Company SOL Strategies announced that it has completed a private placement financing of $25 million by selling common shares and common share purchase warrants in accordance with the listing issuer financing exemption requirements of the Canadian Securities Administrators. Canaccord Genuity Corp. will act as the lead agent and exclusive bookrunner, and the proceeds will be used for general corporate purposes and digital asset investments to drive the growth of the SOL Treasury.

▌Binance HODLer Airdrop Launch Plasma (XPL)

Binance announced that it will launch the Layer 1 public chain project Plasma (XPL) on September 25 at 21:00 (UTC+8), and open trading pairs for USDT, USDC, BNB, and others. As Binance's 44th HODLer airdrop project, users who participated in the BNB Simple Earn or On-Chain Yields products from September 10 to 13 will qualify for the airdrop. The initial total supply of XPL is 10 billion, with a circulating supply of 1.8 billion at launch, of which 75 million is allocated for airdrop rewards.

▌Coinbase will list Centrifuge (CFG) and TROLL (TROLL) spot trading

Coinbase will launch spot trading for Centrifuge (CFG) and TROLL (TROLL). If liquidity conditions are met, the CFG-USD and TROLL-USD trading pairs will begin to be available for trading in supported regions at or after 9 AM Pacific Time on September 25, 2025.

▌Binance will delist UXLINK USDT perpetual contract

According to the official announcement, Binance will delist the UXLINK USDT perpetual contract.

▌Circle issues an additional 250 million USDT on the Solana network

According to Whale Alert monitoring, Circle issued 250 million USDT on the Solana network.

▌Paxos adds the minting of 150 million PYUSD on Ethereum

According to Whale Alert monitoring, Paxos has newly minted 150 million PYUSD on Ethereum.

Important Economic Dynamics

▌U.S. Treasury Secretary Besant: The Federal Reserve's interest rates have been too high for too long, and will enter a period of easing

U.S. Treasury Secretary Bennett stated that the Federal Reserve's interest rates have been too high for too long; we will enter a loosening cycle and are surprised that Fed Chair Powell has not hinted at an interest rate target.

▌U.S. Treasury Secretary Yellen: Unclear if there will be a government shutdown next week

U.S. Treasury Secretary Becerra stated that it is unclear whether the government will shut down next week. Interest rates are too tight and need to be lowered.

▌Deutsche Bank: The U.S. government may face 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 monitoring tricky developments that could trigger a U.S. government shutdown. President Trump has canceled key talks with Senate Minority Leader Schumer and House Minority Leader Jeffries, which were expected to avert a government shutdown before the September 30 deadline. Deutsche Bank analyst Jim Reid noted in a report to clients on Wednesday morning: “The cancellation of talks has sparked a new wave of concern that funds may run out by next week's deadline, and we may see the first government shutdown since the winter of 2018-19.”

▌Federal Reserve's Goolsbee Opposes Aggressive Rate Cuts, Says Employment Slowdown Does Not Equal Recession

According to the Financial Times, Federal Reserve's Goolsbee warned against a series of interest rate cuts, stating that the sharp slowdown in the labor market does not indicate that an economic recession is imminent. Goolsbee supported a 25 basis point rate cut at last week's Federal Open Market Committee meeting. However, he recently indicated that he may be less inclined to support further rate cuts in the upcoming policy vote. He stated, “I am concerned about making a large number of rate cuts prematurely based on the assumption that (inflation) might just be temporary and will fade on its own.” He also added that many Midwest businesses are still worried that inflation is not under control. Goolsbee referred to a new set of labor statistics compiled by the Chicago Fed, which integrates several economic reports to generate real-time data, showing that the labor market has only experienced a “moderate” cooling and does not indicate that the U.S. economy is in a sharp slowdown. Goolsbee said, “Our labor market remains overall stable and reliable.” He expressed support for last week's rate cut decision, as there are signs that the impact of Trump's trade war on inflation is less than many economists feared, partly because many of the U.S.'s major trading partners are not very interested in retaliating against the White House.

▌Fed's 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 that further cuts may be needed in the future. Speaking about the Fed's rate cut last week, Daly stated, “Economic growth, consumer spending, and the labor market have all slowed, while inflation has risen less than expected, primarily concentrated in industries directly affected by tariffs. Economic risks have shifted, and it is time to take action. Looking ahead, further adjustments to policy may be necessary to restore price stability while providing the necessary support for the labor market.” However, she added that the Fed's forecasts are not commitments, and its goal remains to maintain maximum employment and price stability. Daly had previously stated that two 25 basis point cuts this year were a reasonable forecast, and she did not update that view on Wednesday.

▌The probability of the Federal Reserve lowering interest rates by 25 basis points in October is 91.9%

According to CME's “FedWatch”: The probability of the Federal Reserve 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 maintaining interest rates in December is 1.5%, with the cumulative probability of a 25 basis point rate cut at 24.1%, and the cumulative probability of a 50 basis point rate cut at 74.4%.

Golden Encyclopedia

▌How to Use ChatGPT to Research Cryptocurrencies

Unlike traditional stocks that have financial reports and regulatory filings, crypto assets often lack standardized financial data. You need to sift through information such as white papers, GitHub repositories, and community sentiment. Failing to conduct proper research may lead to investments 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 projects with competitors can highlight their 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.

Although ChatGPT is a powerful research assistant, it is important to understand its limitations: it does not have real-time data unless integrated with tools like web browsing or APIs; it does not provide investment advice or guarantee predictions; it may generate outdated or incorrect information (be sure to verify facts). However, AI tools like ChatGPT now make it easier than ever to gather insights, organize information, and ask the right questions. It is crucial to use ChatGPT as a supplement to your research process rather than a replacement for your critical thinking and due diligence.