Morning News | The supply of USDT on the Ethereum chain reaches 80 billion USD; Zhao Changpeng: The era of Perp DEX is coming, and quality projects will win in the long run
Overview of Important Market Events on September 24整理：Zhou，ChainCatcher
Important News:
- Data: The supply of USDT on the Ethereum chain has reached $80 billion
- Franklin Templeton expands its self-developed tokenization platform Benji to BNB Chain
- Data: The total value of tokenized RWA on the Solana chain has risen to $671 million, a record high
- Zhao Changpeng: The era of Perp DEX is coming, and quality projects will win in the long run
- Analyst: BTC needs to break the key resistance level of $115,000 to have a chance to restore the upward trend
- Hyperliquid's native stablecoin USDH has officially launched
What important events happened in the past 24 hours?
According to ChainCatcher, data from Coinglass shows that there was a cumulative net outflow of 80,100 ETH from CEX in the past 24 hours, with the top three CEXs by outflow being: Binance with 41,400 ETH; OKX with 23,400 ETH; Bybit with 14,100 ETH. Additionally, Bithumb saw an inflow of 7,830.77 ETH, ranking first in inflows.
Daly: Further rate cuts may be needed in the future to support the economy
According to ChainCatcher, San Francisco Fed President Daly stated that she "fully supports" the Fed's decision to cut rates last week and indicated that further cuts may be necessary in the future. She noted that economic growth, consumer spending, and the labor market are slowing, while inflation increases are below expectations, mainly concentrated in industries affected by tariffs. Daly emphasized that economic risks have shifted, and further policy adjustments may be needed to restore price stability and support the labor market.
Athena Bitcoin accused of stealing AML's Bitcoin ATM source code
According to ChainCatcher, Bloomberg reports that AML has accused Bitcoin ATM operator Athena Bitcoin Inc. in a federal lawsuit of orchestrating a "fraud scheme" to steal the computer source code used for Bitcoin ATMs from AML Software Inc., constituting copyright infringement and misappropriation of trade secrets.
According to ChainCatcher, CoinDesk reports that prediction market startup Melee has completed a $3.5 million funding round, co-invested by Variant, DBA, and angel investors, to launch its innovative "viral prediction market" platform.
According to ChainCatcher, US Senator Warren has called for an investigation into the Trump family's overseas cryptocurrency transactions.
Trump aide involved in massive cryptocurrency and chip deals raises ethical scrutiny
According to ChainCatcher, The New York Times reports that two Democratic senators have requested the inspectors general of the Commerce Department and the State Department to investigate whether Trump administration officials violated ethical guidelines in two multi-billion dollar deals involving the United Arab Emirates.
One deal involves a US plan to allow the UAE to import American-designed AI chips. The other deal involves a company backed by the UAE government transferring $2 billion to a cryptocurrency company created by the Trump family and one of its advisors, Steve Witkoff. Witkoff served as a State Department employee for the first six months of this year before moving to the White House.
According to ChainCatcher, CoinDesk reports that Bitwise Asset Management stated in its latest treasury report that the previous digital asset treasury strategy was primarily Bitcoin-centric, but now companies are massively allocating ETH.
Analyst Max Shannon pointed out that ETH treasuries are no longer a fringe topic but are becoming a structural pillar of the cryptocurrency capital market. ETH is not just a hedging or speculative tool, but a programmable financial asset that connects corporate financing with on-chain economies.
According to ChainCatcher, official news states that Solana ecosystem perpetual contract DEX BULK has completed an $8 million seed round financing, led by 6th Man Ventures and Robot Ventures, with participation from Big Brain Holdings, Wintermute, and Solana co-founder Anatoly Yakovenko.
Data: The supply of USDT on the Ethereum chain has reached $80 billion
According to ChainCatcher, The Block reports that Ethereum has regained its status as the primary network for USDT supply, reaching $80 billion, surpassing Tron after lagging behind 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 transfer volume on Ethereum is approaching 1 million transactions, which not only shows a substantial static holding of USDT but also reflects its active application in payment and settlement.
According to ChainCatcher, SolanaFloor posted on X platform that the Solana ecosystem liquidity protocol Meteora announced a new proposal after strong opposition to the JUP staker allocation plan.
3% of MET TGE reserves will be distributed to Jupiter stakers in the form of liquidity position NFTs based on a time-weighted model, providing liquidity exposure for stakers at the time of token launch.
Hong Kong Monetary Authority: No offshore RMB stablecoins have been issued in Hong Kong at present
According to ChainCatcher, the Hong Kong Monetary Authority issued a reminder stating that recent social media reports claiming that the world's first offshore RMB-pegged stablecoin has been issued in Hong Kong are false news.
The Stablecoin Regulation will officially take effect on August 1, 2025, and anyone issuing fiat stablecoins in Hong Kong or actively promoting their issuance to the public must obtain a stablecoin issuer license issued by the Monetary Authority. Currently, the Hong Kong Monetary Authority has not issued any stablecoin issuer licenses.
According to ChainCatcher, on-chain analyst @ai_9684xtpa monitored that the suspected ENA treasury company StablecoinX has again withdrawn 11.87 million ENA from Binance in the past 3 hours, valued at $7.2 million, and the total amount of ENA held has increased to 104 million, with a total value of $63.67 million.
Data: The total value of tokenized RWA on the Solana chain has risen to $671 million, a record high
According to ChainCatcher, SolanaFloor data shows that the total value of tokenized real-world assets (RWA) on the Solana chain has risen to $671 million, setting a new historical high. Previously, over $150 million flowed into BlackRock's BUIDL fund on the Solana chain.
Franklin Templeton expands its self-developed tokenization platform Benji to BNB Chain
According to ChainCatcher, The Block reports that Franklin Templeton is expanding its Benji technology platform to BNB Chain, aiming to broaden investors' access to tokenized investment products.
The Benji platform is a self-developed tokenization platform by Franklin Templeton, designed to support the trading, management, and operation of token-based investment products. The platform was previously used in 2021 to launch the world's first on-chain registered US mutual fund and currently supports multiple tokenized products for retail and institutional clients.
According to ChainCatcher, Cryptonews reports that Brazil's central bank has proposed new regulations for the foreign exchange industry, which may further restrict cryptocurrency exchanges.
It has released a public consultation document to gather feedback, and although the proposal does not directly mention cryptocurrency trading and exchanges, the rules will affect platforms that allow customers to make international transfers or sell cryptocurrencies for currencies other than the Brazilian real. The new regulations aim to bring the largely unregulated foreign exchange industry under supervision, requiring foreign exchange providers to apply for licenses and submit customer transaction data, using designated entry/exit points for deposits and withdrawals, with a limit of $10,000 per transaction.
According to ChainCatcher, CoinDesk reports that FxPro senior analyst Alex Kuptsikevich stated, "Whether Bitcoin can break the key resistance levels of $113,500 and $115,000 will determine the future trend. If the bulls succeed in breaking through, there will be a chance to restore the upward trend; if they fail to break through, the risk of Bitcoin retracing will increase."
Zhao Changpeng: The era of Perp DEX is coming, and quality projects will win in the long run
According to ChainCatcher, Binance co-founder Zhao Changpeng stated on social media, "Everyone wants to do Perp DEX now. More participants will expand the market size faster, and the tide will rise. In the long run, only the best builders will win. The era of Perp DEX has arrived."
Hyperliquid's native stablecoin USDH has officially launched
According to ChainCatcher, The Block reports that the USDH stablecoin issued by Native Markets has launched on the Hyperliquid platform, and the USDH/USDC trading pair is now open for trading. Initial trading volume shows a cautious but active market start, with trading volume reaching approximately $2.2 million as the market kicks off.
USDH is the first dollar-pegged token issued based on the Hyperliquid verification node operation selection process. It is a stablecoin natively issued on HyperEVM and can circulate across chains within the Hyperliquid ecosystem.
According to ChainCatcher, Caixin reports that various institutions have been asked to shrink their cryptocurrency asset businesses in Hong Kong, with internet platforms, Chinese brokers, and Chinese banks in Hong Kong being asked to pause all types of businesses involving cryptocurrency assets, including investment, trading, issuing RWA, stablecoins, etc.
In particular, brokers who have obtained the qualification to "provide virtual asset trading services" have become key targets, as clients can directly trade Bitcoin, Ethereum, Tether, etc., in their accounts. From the perspective of asset substance, Hong Kong categorizes virtual assets into security-type virtual assets and non-security-type virtual assets. For Chinese enterprises engaged in virtual currency-related businesses, such as investing in virtual currencies, issuing RWA for domestic assets overseas, providing virtual currency trading services, and issuing stablecoins, there are varying degrees of restrictions.
According to ChainCatcher, data from DefiLlama shows that the overall market capitalization of stablecoins has surpassed $294.5 billion, currently reported at $294.562 billion, with a 7-day increase of 1.4%. Among them, USDT accounts for a market share of 58.73%, with a market capitalization exceeding $173 billion, currently reported at $173.009 billion; USDC has a market capitalization of $73.601 billion, while USDe, DAI, and USDS rank third to fifth.
According to ChainCatcher, XWIN Research analysis indicates that Bitcoin's implied volatility has dropped to its lowest level in 2023, and this low point occurred before Bitcoin surged 325% from $29,000 to $124,000, raising concerns about whether the "calm before the storm" scenario will reappear.
On-chain data from CryptoQuant supports this: first, the exchange reserves have decreased, with total balances nearing multi-year lows, indicating a reduction in Bitcoin available for immediate sale, which historically has often been a precursor to rising demand and tightening supply.
Second, the MVRV ratio is in a neutral range, with investors neither severely trapped nor enjoying excessive profits, and there is no panic selling or profit-taking pressure, indicating a strong "wait-and-see" sentiment; third, funding rates are balanced, with no excessive long or short positions, echoing the low volatility, showing that the market is accumulating energy.
BNB Chain: Plans to enhance network performance, reducing the transaction fee to about $0.005
According to ChainCatcher, BNB Chain announced that BNB Chain validators plan to reduce the minimum Gas from 0.1 Gwei to 0.05 Gwei and shorten the block interval from 750 milliseconds to 450 milliseconds. If implemented, each transaction fee will drop to about $0.005, enhancing BSC's competitiveness with public chains like Base and Solana.
This proposal also outlines core principles: when staking yields are maintained above 0.5%, the goal should be to pursue the lowest possible Gas fees. The long-term goal is to reduce transaction fees to $0.001 per transaction.
Vitalik emphasizes the importance of full-stack openness and verifiability
According to ChainCatcher, Vitalik Buterin's latest post points out that as the internet permeates all areas of life, including applications, operating systems, hardware, and biotechnology, the openness and verifiability of technology have become crucial. Vitalik believes that only by achieving true open-source and user-verifiable software, hardware, and biological layers can security and fairness be ensured, avoiding data monopolies and trust crises. He calls for promoting full-stack openness to achieve a safer, freer, and more inclusive digital society.
According to ChainCatcher, trader Eugene cited trader Ansem's tweet, indicating that there are multiple signs in the cryptocurrency market suggesting an overall trend towards fatigue. He mentioned that after leaving the market for the past two weeks, he expected a rebound after the largest liquidation of the year, but positions continue to decline, indicating a lack of marginal buyers. In his view, the cryptocurrency market is gradually decoupling from broader risk assets and may soon break below key price levels of BTC 100,000, ETH 3,400, and SOL 160.
Ansem also distinguished between two types of large-scale long liquidations: one occurs in a bull market, where spot buying drives prices to quickly reverse and reach new highs after leverage is cleared; the other reflects a depletion of buying pressure, signaling the end of a trend.
Tether CEO: Evaluating financing plans for core investors to expand diverse business landscape
According to ChainCatcher, Tether CEO Paolo Ardoino stated that the company is evaluating financing from a group of high-profile core investors to maximize its strategic expansion across all existing and new business lines, including stablecoins, distribution channels, artificial intelligence, commodity trading, energy, communications, and media.
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of September 25, 09:20, https://gmgn.ai/trend/ukHwrycJ?chain=base
The top five popular tokens on ETH in the past 24 hours are: sUSDe, USDe, LINK, T-HEAD, HAHAYES
The top five popular tokens on Solana in the past 24 hours are: MetaMask, MetaMask, MetaMask, XPL, MetaMask
The top five popular tokens on Base in the past 24 hours are: EURC, GONNER, wstETH, BSTER, Polyfactual
What are some interesting articles worth reading in the past 24 hours?
Su Zhu makes a comeback, a deep dive into the Perp DEX project Quanto rising from the ashes of 3AC
Su Zhu, founder of Three Arrows Capital (3AC), has made a strong comeback after the bankruptcy scandal in 2022 and imprisonment in Singapore in 2023. The Solana ecosystem project Quanto (token QTO) he is involved in has surged 744% in the past week, reaching a circulating market capitalization of $30 million.
This former crypto giant who managed $10 billion in assets is redefining his entrepreneurial path through DeFi derivatives trading and meme coin investments.
AI tools like Grok and ChatGPT have become essential for traders engaging in short-term trading. This article analyzes how to apply Grok and ChatGPT to instantly detect shifts in market sentiment and turn them into actionable trading plans.
The significant price volatility brought by cryptocurrencies also presents endless opportunities for retail investors, but in practice, not everyone can sustain profits. Professional investors, hedge fund managers, and institutional traders can leverage extensive market resources to make rational decisions, while most retail investors lag behind market information and blindly follow trends in panic.
Even though trading platforms clearly list outstanding or uncompleted orders for specific trading pairs, community sentiment plays a crucial role across the entire cryptocurrency market.
According to Cointelegraph, in early June this year, DeFi activity on Solana surged, with TVL climbing above $9 billion. Traders can use Grok to detect early trend changes, combined with ChatGPT to establish trading setups, including entry plans, stop-loss settings, and profit targets.
ASTER's surge ignites the track, which unlaunched perp DEX projects are worth tracking?
Recently, ASTER launched and quickly surged, landing on multiple exchanges, with whales and KOLs frequently entering the market, driving up sentiment and trading volume. Amid this heightened interest, the market has once again turned its attention to the perp DEX track.
At the same time, Sun Yuchen's TRON ecosystem has launched a native perpetual contract platform; OKX's CEO stated that X Layer will provide its answer regarding on-chain Perps; and the decentralized derivatives protocol Synthetix has also announced that it will soon launch a Perp DEX on the Ethereum mainnet, signaling an acceleration of competition in the track.
In this context, the author has filtered some unlaunched perp projects worth attention based on the influence/popularity rankings compiled by RootData, combined with the on-chain perpetual contract transaction leaderboard from Defillama.
On September 24, Bloomberg reported that Tether is currently in early negotiations with potential investors, planning to raise $15 billion to $20 billion through private placement in exchange for about 3% equity. Cantor Fitzgerald is reportedly serving as the chief advisor for this transaction, which is expected to be completed by the end of the year.
The report also stated that this move could push Tether's valuation to around $500 billion, placing it among the world's most valuable private companies, alongside tech giants like OpenAI and SpaceX. Currently, Tether's most direct competitor, Circle, has a public market capitalization of only about $30 billion, while estimates for another crypto giant, Binance, range up to $300 billion according to various media outlets like Bloomberg and Fortune.
Since Tether has not previously engaged in public financing, this also means that Tether's first round of financing sets records in both amount and valuation for all companies globally. Previously, these records belonged to the AI company Thinking Machines Lab, which completed a $2 billion financing round at a valuation of $10 billion earlier this year.
Tether CEO Paolo Ardoino later posted on X, stating that the company is evaluating financing from a group of high-profile key investors to maximize its strategic scale in existing and new business lines (stablecoins, distribution channels, AI, commodity trading, energy, communications, media).
Is Ethereum's staking bottleneck about to arrive?
ETH holders looking to stake their tokens may need to start queuing, as there may be a significant surge in staking demand in the coming weeks.
As of September 18, there are 422,143 ETH in the Ethereum network's validator admission queue, valued at approximately $1.94 billion at current prices. Although this figure has decreased from 986,824 ETH in August, it remains at a historical high level for the network since the "The Merge" event in September 2022, when Ethereum officially enabled the PoS consensus mechanism.
Risk warning
Risk warning
