This Week's Review | The issuance rights of the USDH stablecoin have sparked competition among multiple institutions; Nasdaq has submitted an application to the SEC for listing tokenized stocks.

BlockBeats will organize the key industry news content of the week (9.8-9.14) in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
The issuance rights of the USDH stablecoin under Hyperliquid have sparked competition among multiple institutions, with Paxos, Frax, and others submitting bidding proposals.
On September 5, Hyperliquid officially announced that it will soon launch an auction for the 'USDH' Ticker. This is a native stablecoin designed specifically for the Hyperliquid ecosystem. Currently, multiple institutions including Paxos, Ethena, Frax, Agora, and Native Markets have submitted proposals, competing for the issuance rights of USDH. The winner will be selected through validator voting and will obtain the rights to purchase the token code and issue the token.
On September 12, according to usdhtracker data, Hyperliquid stablecoin USDH bidding currently supports 70.59% of staked shares for Native Markets, with 10 out of 19 node validators indicating that they will support Native Markets. Paxos Labs ranks second, currently securing 16.49% support for staked shares, with 5 node validators indicating they will support Paxos Labs. On the same day, in light of the current situation, Ethena Labs announced its withdrawal from the USDH stablecoin issuance bid. Related reading: (Timeline | Various parties competing for USDH issuance rights, Native Market’s winning probability skyrockets to 93%)
Nasdaq submits an application to the SEC for the listing of tokenized stocks; BlackRock plans to tokenize stock funds
On September 8, according to market news, Nasdaq submitted a proposal to the US Securities and Exchange Commission, suggesting adjustments to the rules to allow listed stocks and exchange-traded products (ETPs) to be traded in 'traditional digital or tokenized forms' on Nasdaq's main market. The answers to these questions will determine whether tokenization technology stops at the edges of cryptocurrencies or truly integrates into Wall Street's financial infrastructure. If approved, regulated exchanges in the US could include tokenized stocks in their systems, allowing cryptocurrency technology to connect directly with the most actively traded stock varieties globally.
On September 12, BlackRock plans to tokenize funds that hold real-world assets and stocks and put them on the blockchain.
Related reading: (If you can't beat them, join them? Nasdaq executives share why they actively 'embrace' tokenization), (BlackRock's crypto footprint expands again: wants to bring traditional ETFs on-chain)
South Korea's largest trading platform Upbit will launch the 'GIWA' blockchain
On September 8, according to market news, South Korea's largest trading platform Upbit will launch the 'GIWA' blockchain. The GIWA chain is built on OP Stack, positioned as an Ethereum Layer 2, aiming to lower the threshold for using Web3. On September 9, GIWA has already launched its testnet and plans to soon release the 'GIWA wallet'. Related reading: (What local advantages does Upbit's own blockchain Giwa have?)
OKX Boost Phase I X Launch goes live, with the first project being Linea (LINEA)
This week, OKX Wallet has officially launched the first phase of the X Launch event on OKX Boost, which is a channel for high-quality projects to enter OKX DEX and also rewards real DEX users. Based on real DEX data, OKX will select qualified Boost projects to launch on the CEX spot and derivatives markets. On September 8, the OKX Wallet officially launched the first phase of the X Launch event, with this phase's project being Linea (LINEA). Eligible users can participate in sharing a prize pool of 162,022,478 LINEA tokens. It is reported that Linea is developed and operated by ConsenSys and is a layer 2 scaling solution based on zkEVM, compatible with Ethereum development tools and smart contracts, boasting low transaction costs and Ethereum-level security.
Gemini raised $425 million in its IPO, and reports indicate it received more than 20 times oversubscription
On September 12, according to Bloomberg, the cryptocurrency company Gemini Space Station Inc. (referred to as Gemini) raised $425 million through an initial public offering (IPO), with an estimated valuation of about $3.3 billion, with the issue price above the marketed range and reduced the issuance scale. Reports indicate that the company's stock has received more than 20 times oversubscription.
An informed source, speaking on condition of anonymity due to the information not being made public, stated that the billionaire Winklevoss twin brothers-led Gemini sold approximately 15.2 million shares at $28 per share on Thursday, previously marketed at a price range of $24 to $26 per share. Bloomberg News had earlier reported that the company informed investors that it planned to set the IPO base size limit at $425 million with more than tenfold oversubscription. The prospectus shows that Nasdaq has agreed to privately subscribe to $50 million worth of stock at the IPO price. Gemini will reserve up to 10% of the IPO shares for long-term users, management, employees, and friends and family, and allocate up to 30% of the shares to retail investors participating through self-operated investment platforms such as Robinhood Markets Inc., SoFi Technologies Inc., and Webull Corp.
ICBC Asia and HSBC express intention to apply for stablecoin licenses to the Hong Kong Monetary Authority
On September 8, according to (Hong Kong Economic Journal), China Construction Bank's Hong Kong subsidiary, China Construction Bank (Asia), has expressed intention to apply for a stablecoin license to the Hong Kong Monetary Authority, making it another major Chinese-funded bank to take similar action following Bank of China Hong Kong. HSBC has also expressed intention to apply for a stablecoin license to the Hong Kong Monetary Authority, and it is currently unclear whether HSBC will formally submit its application by the end of this month. The Financial Supervisory Commission has repeatedly stated that it will only issue a few stablecoin licenses in the first phase, but as of the end of last month, as many as 77 institutions had expressed their intention to apply to the authority.
Yunfeng Financial: Approved by the Hong Kong Securities and Futures Commission to provide virtual asset trading services
On September 9, according to official news, Yunfeng Financial Group Limited (stock code: 376.HK) announced that its wholly-owned securities subsidiary Yunfeng Securities Limited has officially obtained approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade its existing securities trading license (Type 1 license) to provide virtual asset trading services. After this upgrade, Yunfeng Financial will be able to provide virtual asset trading services to retail and professional investors, allowing customers to directly trade digital assets (such as Bitcoin, Ethereum, etc.) on Yunfeng Financial's trading platform.
Ant Group CEO: Firmly will not issue virtual currencies, will not participate in any form of speculation
On September 11, during the 2025 Inclusion Beach Conference, Ant Group CEO Han Xinyi stated that while exploring the path of tokenization, the exploration of the value of token economics and risk control should be placed on an equal footing. He emphasized that 'compliance is the lifeline of innovation'. From the very beginning of exploration, Ant Group has clearly defined its boundaries: 'We will not issue virtual currencies, nor participate in any form of speculation; we focus on technological infrastructure, serving industries rather than disrupting them; striving to create new value rather than fighting over the old cake.'
SOL Strategies has been listed on Nasdaq, stock code STKE
On September 10, according to an official announcement, Canadian blockchain company SOL Strategies received approval for listing and has listed common shares on Nasdaq's Global Select Market, with the stock code STKE. According to Strategic SOL Reserve data, SOL Strategies currently holds 432,000 SOL, valued at approximately $94.9 million.
Meteora announced that it will conduct TGE in October
On September 10, Solana ecological liquidity protocol Meteora announced that it will conduct TGE in October and is now in 'TGE preparation mode', striving to complete TGE preparations as soon as possible, with the token being MET. Meteora has previously opened the first season score inquiry, with the first season snapshot taken on June 30, and the second season activities are underway.
Trump's second son was removed from the board of WLFI treasury company ALT5 Sigma
On September 10, according to (Forbes), WLFI treasury company Alt5 Sigma disclosed in documents submitted to the US Securities and Exchange Commission (SEC) that after discussions with Nasdaq, in order to comply with its listing rules, Trump's son Eric Trump will change to serve as a board observer, while Folkman will assume the role of director after obtaining approval from shareholders. On the same day, Eric Trump responded that being removed from the board of WLFI treasury company ALT5 Sigma does not mean withdrawing from ALT5 Sigma, but rather he was reassigned to the board observer position as required by Nasdaq, which is a necessary step to comply with listing rules. Eric Trump stated: 'I will be 1000% committed to WLFI, driving the future of redefining finance and giving my all.'
Trump's political ally Charlie Kirk was shot dead, and the US flags were half-masted in sorrow
On September 11, well-known conservative activist and political ally of President Trump, Charlie Kirk, was shot dead during a speech at Utah Valley University in Orem, Utah, on the 10th, at the age of 31. About three hours after the incident, Trump posted on social media that Kirk had died and extended condolences to his wife and family. Trump also ordered national flags to be flown at half-mast in mourning. Charlie Kirk is best known as the co-founder and executive director of 'Turning Point USA'. Related reading: (Once garnered the attention of millions of young people towards Bitcoin, Trump’s close ally Charlie Kirk was assassinated)
Caixin reported that after 'The Internet Giants Collective Exit from Cryptocurrency', the report was deleted that evening
On September 11, according to Caixin, major domestic internet companies may gradually exit cryptocurrency-related businesses, with several state-owned enterprises and Chinese banks potentially absent from the ongoing Hong Kong stablecoin license application. Additionally, internet platforms participating in overseas investments in cryptocurrencies and cryptocurrency trading platforms will also face restrictions, with a focus on developing the real economy. That evening, Caixin deleted the article for unknown reasons.
Reuters survey: The Federal Reserve is expected to cut rates by 25 basis points in September, with three rate cuts anticipated within the year.
On September 12, a Reuters survey showed that nearly all of the 107 economists predicted that the Federal Reserve would implement a 25 basis point rate cut on September 17, with most experts expecting further rate cuts in the first quarter of next year. The market has fully digested the expectations for a rate cut in September, and is currently anticipating three rate cuts within the year, while just a few weeks ago, only two were expected. The median of the survey indicates that the Federal Reserve will cut rates by another 75 basis points next year, bringing the federal funds rate down to 3.00%-3.25%.
Circle executive: USDC's asset reserves are approximately 90% held by BlackRock
On September 13, according to Caixin, at the 'Asian Vision Forum 2025' held in Singapore, David A. Katz, Vice President of Strategy and Public Policy for Circle Asia Pacific, stated that cross-border business is an important application scenario for stablecoins, and therefore, issuing a renminbi stablecoin will help promote the internationalization of the renminbi. Katz emphasized that the issuance of digital assets must meet two core requirements: first, ensure network security and prevent hacker attacks; and second, digital assets must be one-to-one anchored to real, high-quality, and highly liquid assets, and be held by appropriate institutions. He revealed that USDC's asset reserves are approximately 90% held by BlackRock.
This week saw a large-scale supply chain attack, and on-chain users are trading cautiously
On September 9, Ledger CTO Charles Guillemet stated, 'A large-scale supply chain attack is currently underway: an NPM account of a well-known developer has been hacked. The affected package downloads have exceeded 1 billion times, meaning the entire JavaScript ecosystem may be at risk.
The working principle of the malicious code is to silently tamper with cryptocurrency addresses in the background to steal funds.
If you are using a hardware wallet, please carefully verify every signed transaction; you are secure.
If you are not using a hardware wallet, please temporarily avoid conducting any on-chain transactions.
It is currently unclear whether the attacker has already directly stolen the mnemonic words of software wallets.
Detailed report. If you are using Ledger or another hardware wallet that supports clear signatures, you will not be affected. My previous tweet was a reminder: users who have not used hardware wallets that support clear signatures are at risk. Please be sure to carefully check every transaction before signing.
This week large financing: Inversion Capital, Eightco Holdings, BiFinance
On the 8th, blockchain-focused private equity firm Inversion Capital announced the completion of a $26.5 million seed round of financing, led by Dragonfly Capital, with participation from VanEck, Lightspeed Faction, ParaFi Capital, Portal Ventures, Mirana Ventures, Metalayer Ventures, Volt Capital, HashKey Capital, Race Capital, and other individuals and institutions.
On the 10th, the new WLD treasury company Eightco Holdings (OCTO) announced that its recently announced $270 million private placement has been successfully completed, and the funds will be used to implement the Worldcoin treasury strategy.
On the 10th, BiFinance completed a $10 million Series B financing with a valuation of $200 million. The round was led by the Libera National Sovereign Fund and Sunfund Fortuna Global Opportunities, with Victus Global participating.
This week's popular articles
(Dialogue with HYPE whale: After the historical new high, what miracles can Hyperliquid create?)
As HYPE reaches a historic new high, Hyperliquid has brought on-chain perpetuals to speeds and depths close to CEX with CLOB+HLP, with August protocol revenue exceeding $100 million and annualized over $1 billion, with a market value of approximately $12 billion. Centered around the USDH issuance bid and HIP-3 (white-label perpetual), the platform attracts funds and topics with 'low fees + on-chain transparency + whale-following'. Its advantages lie in rapid iteration and a strong community, while its shortcomings include mobile and fiat inflow/outflow, as well as trust issues arising from pre-event occurrences. The next phase is whether the team can transform USDH and HIP-3 into sustainable liquidity and ecological expansion, crossing the next cycle.
(The USDH competition has begun, stablecoins + Hyperliquid concepts are tempting everyone)
Hyperliquid will determine the issuer of the native stablecoin USDH through on-chain voting from 10:00 to 11:00 UTC on September 14, 2025. Paxos, Frax, Agora, Native, etc. are competing: Paxos promises to use 95% of reserve interest for secondary buybacks of HYPE; Frax focuses on returning 100% of underlying returns to the community on-chain; Agora emphasizes 'neutral alliances' and full profit-sharing; Native breaks through with its local ecology and fiat channels. The winning party will recover stablecoin interest and minting taxes from external to on-chain, alleviating reliance on USDC and strengthening the value loop of HYPE; however, execution transparency, compliance, and asset migration efficiency will determine the final outcome.
(Hyperliquid stablecoin's hammer is about to fall: Why did the new team Native Markets secure USDH?)
Hyperliquid's native stablecoin USDH bidding enters its final phase: the Ticker auction started on 2025-09-05, with Paxos, Ethena, Frax, Agora, and Native competing; Native is leading with approximately 97%. Its proposal is co-managed by BlackRock (off-chain) + Superstate (on-chain) reserves, with interest divided: half repurchased HYPE through an aid fund, and the other half invested in HIP-3 and the HyperEVM ecosystem. CoreRouter has been audited and open-sourced, with minting, redeeming, and fiat deposits relying on Bridge, and promises compliance with US GENIUS standards. Despite disputes over procedural preferences, validators and ecosystem leaders have largely shifted to support. If the 'returns to the community' closed loop operates smoothly, USDH may reshape the landscape of stablecoins in trading platforms and become a model for 'stablecoin 2.0'.
(Hyperliquid airdrop project overview, which ones are worth participating in?)
Hyperliquid ecosystem airdrop opportunities are tiered—S tier: Unit, Kinetiq (low threshold, clear link); A tier: Liminal, Hyperbeat (steady returns and multi-protocol points aggregation); B tier: Hyperlend, Felix, Project X, Ventuals (strategies more complex/uncertain). Practical advice: concentrate limited funds on 3-4 synergistic projects, prioritizing S+A, with B as an option position.
(Nine years ago, Sun Yuchen's lecture went viral on the internet: Why not buy a house, a car, or get married?)
Nine years ago, Sun Yuchen suggested (The Path to Financial Freedom Revolution) to 'not buy a house, a car, or get married before the age of 30'. This is not a denial of value, but a personal strategy: to invest funds and time in compounding abilities, networks, and entrepreneurial opportunities, avoiding being locked into liquidity by high-leverage real estate and familial obligations. Looking back today, the differentiation in housing prices and cities, the maturity of shared travel and home services, and the rise of women's economic independence partially validate his judgment. Key points for blockchain practitioners: prioritize holding 'options' (learning, code, networks), allocate capital to high volatility and larger upward tracks rather than superficial assets; make life asset allocation with 'strategy first, tactics second', replacing emotional decisions with data and cash flow.
(Why can't Chinese people remain rich for three generations? Nine years ago, Sun Yuchen gave a cruel answer)
From the old order of 'family-sex-power' to the new paradigm of 'individual-ability-network/capital (including crypto assets)'. Sun Yuchen emphasizes 'money is about freedom' as the core, highlighting the sanctity of property rights, asset sovereignty, and long-termism, explaining why 'wealth doesn't last, and wealth doesn't last beyond three generations', and providing an analysis of the systemic and cultural root causes. Looking back at his judgment made nine years ago in (The Path to Financial Freedom Revolution), the shifts in the era, industry migration, and individual rise have been validated in practice; thus understanding his logic of not buying houses and cars, not marrying, and early support for Trump.
(RWA's next milestone, is Nasdaq really considering tokenizing stocks?)
Nasdaq has submitted a rule proposal to the SEC to introduce 'tokenized settlement' within the existing NMS: matching will still use the same order book, with settlement being minted and distributed on-chain by DTC, aiming for implementation as early as Q3 2026. Within two years, RWA securities are expected to explode, with on-chain stocks amounting to approximately $440 million (RWA.xyz). This move shifts tokenization from marginal experimentation to the core of Wall Street: maintaining NBBO and compliance monitoring, equal shareholder rights, in exchange for faster settlement, potential 24/7 trading, and programmable governance. For on-chain users: compliance entry + equal rights assets + lower counterparty risks; for institutions: completing 'on-chain' upgrades without rewriting rules.
(The first person in the domestic stablecoin space, passively holding Tether equity and Bitcoin in prison for 5 years)
Veteran in the crypto space Zhao Dong reportedly resurfaced in Crypto Valley, and the matter of his release from prison has been debunked; however, his trajectory and asset structure still provide references for stablecoins and the OTC market. Once a co-founder of Moji, entered the space through Garage Coffee, he accumulated coins at low prices early on, later turned to OTC to repay debts after a crash; after the Bitfinex hack in 2016, he held BFX shares and was closely related to Tether, once viewed as the 'USDT window' in the Chinese-speaking region. It is rumored that at his peak, he held about 10,000 BTC (currently worth about $1.2 billion). In June 2020, he went missing and was sentenced. Guo Hongcai's photo sparked discussions, with its authenticity unclear. If he still holds Tether equity and BTC, his passive income and influence may not have diminished, potentially impacting trust in USDT and OTC liquidity in the Chinese-speaking region.
(Loss-making meme coin players are flooding into prediction markets)
Memecoin tide recedes, loss-making Degens are shifting their chips to prediction markets: Kalshi saw a surge after winning in court last September and the regulatory withdrawal in May this year; Polymarket has been approved to return to the US; trading heat has returned to levels seen during elections. In contrast, Solana DEX traders have significantly retreated from their peak this year, with the meme wealth effect diminishing. Prediction contracts provide an objective settlement and encompass broader underlying assets (politics/macroeconomics/sports), enhancing the thrill of 'jokes and odds', combined with leverage, hedging, and cross-platform arbitrage, forming a more engaging information game for on-chain players. This marks a migration from PVP surfing to 'pricing probabilities with money'.
(Latest speech by SEC Chairman: The crypto era has fully arrived, and the US will lead innovations in crypto and AI)
SEC Chairman Paul S. Atkins stated on September 10 that 'the crypto era has arrived', announcing the promotion of Project Crypto to bring the US market on-chain: regulation shifts from enforcement to clear rules, providing predictable pathways for token attributes and on-chain financing; encouraging platforms to merge trading/lending/staking under a single regulatory framework and supporting diverse custodians, unleashing 'super application' competition; and collaborating with international partners to draw on MiCA. At the same time, the SEC will re-examine conveniences for foreign issuers, emphasizing the importance of high-quality accounting and finances, while being wary of deviations from core missions. Combined with AI-driven financial services, the US aims to lead innovations in crypto and AI during this golden period.
(PUMP hits a new high, anonymous co-founder discusses the reasons behind it)
On September 11, PUMP landed on Upbit, attracting attention. Anonymous co-founder Noah expressed for the first time that the platform will use nearly 100% of daily revenue for secondary buybacks, combined with changes to creator fees and live streaming, upgrading Pump from a 'meme launcher' to a 'social + trading' super application. The team focuses on mobile-first and built-in private messaging to strengthen retention, prioritizing long-tail streamers; and plans to launch new products such as stablecoins in broader scenarios. Data side: fee reform allocated approximately $2 million on the first day of launch; buyback strategy refers to Hyperliquid's 'almost full revenue buyback'. Highlights and risks: sustainability of Korean traffic, creator monetization efficiency, and sustainability of buybacks and revenue cycles.
(Has the September rate cut been priced in, and how will the market move afterwards | Trader's observation)
The expectation of a rate cut in September has been highly priced in, and 'easing' cannot conceal 'recession trades'. In August, non-farm payrolls were only +22,000, with an unemployment rate of 4.3%, and the market is betting primarily on a 25bp cut. On the market level, as long as BTC holds above the 110,000 structure, targets are 113,400 / 115,400 / 117,100; ETH momentum weakens, and funds may rotate to lighter positions with new narratives. Scenarios: if FOMC cuts rates moderately and subsequent data does not worsen, risk appetite in Q4 is expected to recover; if it falls below 110,000, watch for a dip to 100,000 (93–98K). This week, focus on three things: ETF net flow, turnover rate, and dot plot guidance—if one is distorted, avoid chasing highs.
(Over 2 million ETH are queued to exit staking, what exactly happened)
Ethereum's exit queue briefly surged to 2.04 million, waiting for about 35 days; the main reason is not a massive whale sell-off, but rather staking service provider Kiln's orderly exit of all ETH validators as a security precaution after SwissBorg SOL was stolen. Kiln stated that customer assets are secure, the exit period still accrues interest, and withdrawals are completed about 9 days after exiting; approximately 1.6 million ETH may restart staking after a key change. The entrance queue still has 808,000 ETH waiting, with a queue time of about 14 days. Withdrawals are automatically processed by the protocol, with data sourced from Validator Queue. Conclusion: This is an on-chain queuing effect triggered by risk control, which may disturb liquidity, but the probability of systemic sell pressure is low; attention should be paid to the review and restaking rhythm.
(Former Binance CFO plans to issue stablecoins in the Philippines)
Former Binance CFO Zhou Wei (now CEO of Coins.ph) bets on the Philippines stablecoin: pursuing peso-pegged PHPC after the central bank's pilot, targeting the annual remittance and foreign exchange settlement market of about $40 billion, positioning as a '24×7 stablecoin port'. The strategy initially focuses on compliant exchanges of USDT/USDC↔PHP and cross-border collection and payment, prioritizing solutions for weekend and cross-border timeliness, spreads, and accessibility, rather than replacing the mature domestic small payments. If more exchanges and corridors with Hong Kong/US come to fruition, the spreads related to PHPC transactions are expected to narrow and approach bank costs; otherwise, they will remain in weekend and small-scale scenarios. Readers should pay attention to: PHPC on-chain and new progress, USDT/USDC↔PHP depth and rate curves, ToB cross-border e-commerce flow-back demand, and the constraints of KYC/anti-money laundering on liquidity pool expansion.
(Multicoin co-founder: Why is SOL the best asset for DAT?)
Multicoin co-founder Kyle Samani stated: Multicoin, Jump Crypto, and Galaxy led Forward Industries (FORD) in a $1.65 billion PIPE, initiating the Solana treasury; all parties contributed over $100 million, with Samani personally adding $25 million and serving as chairman. The North Star goal is 'growth per share of SOL', iterating on Saylor's DAT framework. The rationale includes: SOL has real yields with staking + MEV; as of September 2025, the average staking yield is around 8.05% (inflation 6.19%, real 1.86%, approximately settled every 2.5 days); ETH is around 3.21% (real ~0.41%), and BTC's actual yield is zero. Strategic paths include: staking/DeFi, discounted and locked SOL acquisition, bank and DeFi capital cost arbitrage, and liquidity and yield exchange with top protocols.
(The most exciting cryptocurrency product battle in 2025, who will laugh last)
The memecoin launchpad battle has entered the phase of 'issuing + trading' integration. In early September, pump.fun regained dominance, but in July, Raydium's Letsbonk.fun had previously outperformed in fees and net income. New changes: pump.fun launched Project Ascend / Dynamic Fees V1 (the higher the market value, the lower the rate), betting CCM to retain creators and extend coin age; Letsbonk.fun leveraged Raydium's ecosystem to play a combinatorial card, launching USD1, with the leading $USELESS going on Coinbase. What this means for you: pump.fun leans towards 'content-driven mid-to-long-term retention'; Letsbonk.fun + Raydium leans towards 'liquidity and resource integration'. The current landscape = pump.fun + PumpSwap vs Letsbonk.fun + Raydium, with outcomes depending on creator retention and order book depth.
(When stablecoins start building chains, does Ethereum still have a chance?)
Stablecoin issuers are stepping into 'chain building', shifting the narrative from 'on-chain' to 'self-built clearing layers'. Circle's Arc, Stripe-led Tempo, USDT-customized Stable, Bitcoin sidechain Plasma, and Converge aimed at RWA share common features of 'stablecoins as Gas', optimizing payment clearing and compliance, seeking second-level confirmations and high throughput, and vertically integrating issuance—clearing—application to shorten 'money routes'. This will first reshape stablecoin settlement and directly impact TRON, which heavily relies on USDT; while open innovation and high security may still be carried by Ethereum/Solana, evolving into a dual-track pattern of 'payment certainty + universal innovation'. For retail investors, opportunities are concentrated in test nets/nodes/ecological incentives and long-term allocations; core observations include: settlement certainty, cross-coin liquidity, and real payment implementation.
(Is the popular stablecoin project Falcon about to launch, is it worth participating?)
Falcon Finance's token FF is about to launch on the Launchpad platform Buidlpad. This is not just another ordinary token sale, but the flagship stablecoin project under top market maker DWF Labs is making its first public appearance, as market makers enter the stablecoin space for the first time. The founder and team of Falcon Finance come from DWF Labs, and its co-founder Andrei Grachev also serves as the managing partner of Falcon. Falcon's stablecoin already has a circulating market value of $1.5 billion, with its underlying revenue strategy relying on a large number of hedging trades, similar to Ethena, distributing trading profits to users while wrapped in a yield-generating stablecoin shell. The market maker identity gives it a natural advantage in executing trading and revenue strategies. Market expectations for the future development of this stablecoin project are quite high.