Morning News | PayPal's USD Stablecoin (PYUSD) Launches on Aptos; Over 100 Crypto ETFs May Be Listed in the Next 12 Months
Overview of Important Market Events on September 18整理：Zhou，ChainCatcher
Important News:
- White House considers more CFTC chair candidates as nomination process stalls
- PayPal's USD stablecoin (PYUSD) launches on Aptos
- JPMorgan: US rate cut expectations support emerging market assets
- Data: Total BNB contract positions exceed $2 billion, hitting a new high
- Market Analysis: BOJ expected to keep rates unchanged, watch for October rate hike signals
- Bloomberg ETF analyst: Over 100 crypto ETFs may launch in the next 12 months
What important events happened in the last 24 hours?
JPMorgan: Circle faces fierce competition from Tether, Hyperliquid, and fintech companies
According to ChainCatcher, JPMorgan analysts report that Circle is facing intense competition as Tether, Hyperliquid, and several fintech companies prepare to launch new stablecoins. However, unless the cryptocurrency market expands significantly, the stablecoin space may ultimately resemble a zero-sum game for US issuers.
White House considers more CFTC chair candidates as nomination process stalls
According to ChainCatcher, the White House is considering other candidates for the chair of the Commodity Futures Trading Commission (CFTC) as the confirmation process for Brian Quintenz has stalled. Insiders suggest potential competitors include government officials focused on cryptocurrency policy. The CFTC oversees trillions of dollars in swap trading and may gain greater influence in the digital asset space as legislation is currently under consideration in Congress.
PayPal's USD stablecoin (PYUSD) launches on Aptos
ChainCatcher reports that PayPal's USD stablecoin (PYUSD) has expanded to Aptos via LayerZero and Stargate Hydra, launching in the form of PYUSD0. Aptos is the only Move public chain currently supporting PYUSD0. The stablecoin market on Aptos has surpassed $1.2 billion and supports three major global stablecoins: native USDC, USDT, and USDe.
Citi raises target price for crypto exchange Bullish to $70 and reaffirms buy rating
ChainCatcher reports that Citi has raised its target price for crypto exchange Bullish to $70 due to better-than-expected Q2 performance, strong IPO momentum, and accelerated SS&O growth. Citi noted that the long-awaited approval of the New York Department of Financial Services (NYDFS) BitLicense has removed a key regulatory hurdle, boosting investor confidence, and reaffirmed its buy rating, stating that the company has attractive operational leverage.
Data: Total BNB contract positions exceed $2 billion, hitting a new high
ChainCatcher reports that Coinglass data shows total BNB contract positions have increased to 2.0906 million, with a market value exceeding $2 billion, currently reported at $2.077 billion, setting a new historical high with a 24-hour increase of 13.91%. Among them, Binance's BNB contract positions reached 982,300, ranking first with a market value of $976 million, and a 24-hour increase of 9.67%.
USDC Treasury burns nearly 70 million USDC on Ethereum chain
ChainCatcher reports that according to Whale Alert, at 20:00 Beijing time, USDC Treasury burned 69,980,000 USDC on the Ethereum chain, valued at approximately $69,959,006.
ChainCatcher reports that STBL's CEO Avtar Sehra announced that the protocol's next goal includes minting 100 million USST stablecoins using Franklin Templeton's BENJI token and establishing partnerships with several companies, including a US payment company. The protocol is expected to open to the public in the fourth quarter.
Binance launches Lombard (BARD) and opens multiple features
ChainCatcher reports that Binance will launch Lombard (BARD) related products on September 18, 2025, at 19:00. This includes BARD principal-protected earning products from Binance Wealth Management, one-click coin purchase, flash exchange trading platform, and leveraged trading. Binance contracts will launch BARD USDT perpetual contracts with a maximum leverage of 75 times. Users can participate in trading through various methods, with specific information to be announced later.
Analyst: Fed member disagreements increase market uncertainty
ChainCatcher reports that according to Jinshi, the Fed's dot plot shows differing directions, with one policymaker expecting an end-of-year rate of 4.4%, higher than the new range of 4%-4.25%, while another has lowered the end-of-year policy rate to 2.9%. Vanguard's senior US analyst Josh Hirt stated that the disagreements among committee members have made it difficult for the market to digest information, increasing uncertainty and potentially raising volatility.
Binance Wallet exclusively launches Aspecta BuildKey model TGE, first phase launches River (RIVER)
ChainCatcher reports that Binance Wallet has exclusively launched the Aspecta BuildKey model TGE, with the first phase launching River (RIVER). Unlike traditional token generation events (TGE), this model first allocates quotas to users through BuildKey. BuildKey is a certificate obtained by users after depositing BNB through Aspecta, representing the user's token allocation quota.
Cost of euro credit default swaps declines, risk asset investment appetite rises
ChainCatcher reports that following the Fed's 25 basis point rate cut on Wednesday, market sentiment improved, leading to a decline in the cost of credit default swaps for euro-denominated credit. This Fed rate cut has boosted global investment appetite for risk assets. S&P Global Market Intelligence data shows that the European cross-credit default swap index, which measures credit default swaps for euro high-yield bonds, fell by 3 basis points to 248 basis points.
Bloomberg analyst: DOGE spot ETF DOJE and XRP spot ETF XRPR expected to launch
ChainCatcher reports that Bloomberg ETF analyst Eric Balchunas stated on Monday that the DOGE spot ETF DOJE and XRP spot ETF XRPR issued by REX-Osprey are expected to launch this Thursday. Additionally, TRUMP spot ETF and BONK spot ETF have also been registered, but launch dates have not yet been announced.
ING: Fed rate cut will be bearish for the dollar
ChainCatcher reports that Francesco Pesole of ING stated in a report that the Fed's rate decision on Wednesday is overall bearish for the dollar. The Fed cut rates by 25 basis points as expected, but Chairman Powell did not dispel market concerns about inflation and described the rate cut as a "risk management cut." Pesole predicts two more 25 basis point cuts this year, believing that the decline in dollar financing costs will further drive down the dollar's value.
Boyaa Interactive completes HKD 370 million Bitcoin purchase, acquiring approximately 411 Bitcoins
ChainCatcher reports that Boyaa Interactive (00434.HK) announced that it has completed a plan to purchase Bitcoin using approximately HKD 370 million from the proceeds of a placement, acquiring about 411 Bitcoins at an average price of approximately $115,400 per Bitcoin. As of the announcement date, the group holds approximately 4,091 Bitcoins, with a total cost of approximately $279 million and an average cost of about $68,100 per Bitcoin. The company reminds shareholders and investors to be aware of the volatility in the cryptocurrency market.
BNB briefly breaks 1005 USDT, setting a new historical high
ChainCatcher reports that according to Binance market data, BNB briefly broke 1005 USDT, setting a new historical high, currently quoted at $1004, with a 24-hour increase of 5.62%.
UBS: Fed expected to cut rates by 75 basis points in Q1 next year
ChainCatcher reports that UBS Wealth Management's Greater China Investment Director and Asia-Pacific Macro Chief Hu Yifan stated that looking ahead, under the baseline scenario, the Fed is expected to cut rates by another 75 basis points by Q1 2026. The Fed is expected to continue prioritizing a weak labor market over the potential for temporary inflation increases. In a downside scenario, if the labor market weakness proves to be more severe or prolonged, the Fed may cut rates by 200-300 basis points, with rates potentially falling to 1-1.5%.
ChainCatcher reports that according to CryptoQuant analyst CryptoOnchain, Ethereum wallets holding between 10,000 and 100,000 ETH have seen unrealized profits rise to levels last seen in November 2021 when ETH reached its all-time high. This indicates that these whales currently hold significant paper gains, similar to the situation during the last market peak.
ChainCatcher reports that Binance co-founder Zhao Changpeng warned on the X platform that crypto project teams need to be aware of security threats from North Korean hackers. He stated that months ago, a large Indian outsourcing service company was hacked, leaking user data from a major US exchange and resulting in user asset losses exceeding $400 million.
ChainCatcher reports that CryptoQuant analyst Axel Adler Jr stated on the X platform that BTC futures are trading at a premium to spot prices, with the basis remaining positive, and the 7-day average exceeding the 30-day average, indicating a bullish state. Overheating/divergence signals appeared before the Federal Open Market Committee meeting, indicating a short-term overheating (basis rising under lighter trading volume), suggesting that this trend is in its later stages.
Barclays: Fed rate path risks lean towards delaying rate cuts
ChainCatcher reports that according to Jinshi, Barclays economists noted that the risks to the Fed's rate path are leaning towards delaying rate cuts. They stated in a research report that if inflation data continues to show strong price increases in early 2026, or if tariff policies push prices higher in non-commodity sectors amid a moderate rise in unemployment, this may occur. Conversely, if unemployment suddenly spikes, the Federal Open Market Committee (FOMC) may take more aggressive rate-cutting measures. Barclays expects the FOMC to maintain rates until signs of monthly inflation data slowing appear and is confident that inflation is returning to the 2% target trajectory.
BlackRock: Fed rate cut outlook depends on the degree of labor market weakness
ChainCatcher reports that according to Jinshi, Jean Boivin, head of BlackRock Investment Research, stated that the Fed's rate cut outlook will likely depend on whether the labor market remains sufficiently weak. He noted that Powell's statement that the Fed's latest rate cut was based on "risk management" due to worsening signs in the job market may mean that future policy actions will heavily rely on data performance. Boivin believes that further weakness in the labor market will provide justification for more Fed rate cuts.
ChainCatcher reports that according to Financefeeds, the Central Bank of Bahrain (CBB) has launched a regulatory module for stablecoin issuance and sale (SIO), becoming the first comprehensive regulatory framework of its kind in the Gulf Cooperation Council (GCC) region.
JPMorgan: US rate cut expectations support emerging market assets
ChainCatcher reports that according to Jinshi, JPMorgan Asset Management strategist Kerry Craig stated that US rate cuts may support emerging market assets, noting that the Fed's 25 basis point cut aligns with market expectations. He believes that the rate cut implies a potential weakening of the dollar, which could boost the performance of stocks and local currency debt in emerging market assets. Additionally, the reduced risk of a US economic recession also means that the credit market will continue to receive good support.
Bloomberg ETF analyst: Over 100 crypto ETFs may launch in the next 12 months
ChainCatcher reports that Bloomberg ETF analyst Eric Balchunas stated on X that after the SEC implemented universal listing standards for ETFs, the number of ETF listings doubled, so it is likely that over 100 crypto ETFs will launch in the next 12 months. Additionally, market news indicates that the SEC has approved exchanges to adopt universal listing standards for crypto spot ETFs, with the shortest approval cycle being about 75 days.
Kalshi collaborates with Solana and Base to launch ecosystem, trading volume nearing Polymarket
ChainCatcher reports that according to The Block, event contract platform Kalshi announced a partnership with Solana and Base to launch KalshiEco, providing funding and technical support for developers and creators; it is reported that Kalshi's recent monthly trading volume is approximately $875 million, narrowing the gap with Polymarket's approximately $1 billion.
In June of this year, Kalshi raised $185 million in funding, led by Paradigm, with a post-investment valuation of approximately $2 billion. Additionally, Robinhood has partnered with Kalshi to launch NFL/college football prediction markets within its app.
Korean BDACS launches first KRW-backed stablecoin KRW1 on Avalanche
ChainCatcher reports that according to Cointelegraph, Korean crypto asset custodian BDACS launched the first KRW-backed stablecoin KRW1 on the Avalanche blockchain after successfully passing the proof of concept, with the stablecoin fully backed by KRW held at Woori Bank.
Market Analysis: BOJ expected to keep rates unchanged, watch for October rate hike signals
ChainCatcher reports that according to Gelonghui, observers generally expect the Bank of Japan to maintain rates at its monetary policy meeting ending on Friday, with attention on whether it will signal a rate hike in October or December. A media survey of 50 economists showed that respondents unanimously predict the BOJ will keep rates unchanged at 0.5%.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of September 19, 08:30,
The top five popular tokens on ETH in the past 24 hours are: USDe, weETH, LINK, sUSDe, PEPENODE
The top five popular tokens on Solana in the past 24 hours are: BARD, PUMP, ASTER, ASTER, ASTER
The top five popular tokens on Base in the past 24 hours are: EURC, $BANANAGUY, R, HOPELESS, Polyfactual
What are some must-read articles from the past 24 hours?
Gemini's first day of trading opened high but closed low, crypto IPO boom fades after Circle
Cryptocurrency trading platform Gemini officially listed on Nasdaq on September 12, with the stock code GEMI, marking the realization of the long-awaited listing dream of the Winklevoss twins. However, initial market enthusiasm quickly cooled due to disappointing financial data, with the stock price rapidly falling after a frenzied opening day surge, revealing that the company's fundamentals have not won the confidence of retail investors in US stocks.
The US Federal Reserve (Fed) announced a 25 basis point rate cut at 2:00 AM on September 18, lowering the rate from 4.25%-4.50% to 4.00%-4.25%. This is the first rate cut since the Fed maintained rates at five consecutive meetings this year, expected to mark the beginning of a new rate-cutting cycle.
ChainCatcher summarizes key points from the FOMC rate decision meeting, including Powell's remarks, the outlook for the US economy, and feedback from major institutions and analysts.
After the rate cut, how far can the institutional bull market go?
The driving force behind this market cycle comes from institutions.
BTC, ETH, SOL, and BNB have all set new highs, but only BTC and BNB have continued to rise over 40% after breaking historical highs. SOL broke through earlier this year due to the Trump token event, while ETH was revalued mid-year with the support of DAT buying, but neither has continued to set new highs.
Last night, the Fed cut rates; how far can this institution-led market go?
Fed rate cut makes stablecoin business harder to manage
On September 18, 2025, the Fed announced a 25 basis point cut to the federal funds rate, bringing it to 4.00%-4.25%. For most industries, this is a signal of easing, indicating lower financing costs and more abundant liquidity.
However, for stablecoin issuers, this cut means the countdown to the end of the easy profit margin model has officially begun.
The turning point of the high-interest rate era has arrived. Since March 2022, the Fed has raised rates 11 times in a row, pushing rates to a peak of 5.25%-5.50%. This high-interest rate cycle opened an unprecedented profit window for stablecoin issuers.
Now, with inflation falling, growth stagnating, and monetary policy shifting, the golden phase of the stablecoin industry is also coming to an end.
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Risk warning
Risk warning
