Market data shows that the XPL contract price briefly surpassed $0.80, currently trading at $0.811, a 24-hour increase of nearly 15%, likely due to Plasma's launch of a stablecoin-native financial application. This follows news that Plasma announced the launch of Plasma One, a stablecoin-native financial application that supports direct payments from stablecoin balances while earning over 10% in returns, focusing on markets with the highest demand for US dollars.

UXLINK, a Web 3 social platform, has officially disclosed a security vulnerability in its multi-signature wallet, resulting in the illegal transfer of a large amount of crypto assets to centralized and decentralized exchanges. The team is currently collaborating with security experts to investigate the cause and has urgently contacted major exchanges to freeze the relevant funds. The team has also reported the case to the police and regulatory authorities and will continue to update on any progress.

Vitalik Buterin stated in a post on the X platform that Base, as an L2 platform built on Ethereum, enhances user experience through centralized features while relying on Ethereum's decentralized underlying infrastructure for security. Base lacks custody of funds and cannot steal user assets or block withdrawals, which meets the definition of L2 beat Stage 1. He noted that if L2 ceases to operate, users can still automatically retrieve their funds through Ethereum contract logic. Furthermore, there are existing cases demonstrating that L2 can prevent operators from censoring transactions. Vitalik emphasized that L2 is an extension of Ethereum, not a custodial server. User funds are ultimately controlled by Ethereum L1 and cannot be stolen or frozen by L2 operators.

OKX market data shows that ETH has broken through 4200 USDT and is currently trading at 4200.2 USDT, a 24-hour increase of 5.59%. (This newsletter is generated by AI)

Cleveland Fed President Hammack said on Monday that with inflation still above the Fed's 2% target and remaining stubbornly high, the Fed needs to be "very cautious" in lifting restrictive monetary policy. "I think we're a short distance away from the neutral interest rate, and if we remove that constraint on the economy, I'm worried about overheating again," said Hammack, one of the most hawkish officials who has no vote this year. She did not make it clear whether she supported last week's rate cut. She stressed that inflation remains a major concern for her, while the job market remains close to the Fed's maximum employment goal. Hammack expects the unemployment rate may rise slightly this year, but will fall again soon. "On the inflation side, we've deviated even further from our target, by a full percentage point. And we've failed to meet our target for four and a half years in a row, and we expect to continue to do so for the next few years."

The U.S. Supreme Court hinted Monday that it would consider expanding the president’s power to shape independent agencies by overturning nearly a century-old precedent. The court agreed to hear the case of Rebecca Slaughter, a Democratic commissioner of the Federal Trade Commission who was reinstated by a lower court under a 90-year-old decision known as the Humphrey Execution case. At that time, the court unanimously ruled that commissioners, as independent regulators, can only be removed for misconduct or malfeasance in office. Gwen Wilcox of the National Labor Relations Board and Kathy Harris of the Civil Service Protection Board also asked that their cases be heard if the Supreme Court hears Slaughter’s case. The Supreme Court has allowed the president to temporarily fire the three commissioners but has also suggested there may be limits to the power at the Federal Reserve, which is expected to be tested in the case of former Fed Governor Tim Cook.

Bakkt (BKKT), a crypto platform listed on the New York Stock Exchange, announced the appointment of tech entrepreneur Mike Alfred to its board of directors, sending the company's stock price soaring over 40% during trading on Monday. As of 2:23 PM ET, the stock price was trading at $14.95, a 43% increase in a single day. Mike Alfred is a prominent figure in the digital asset sector. He is the founder and managing partner of investment firm Alpine Fox and serves on the board of directors of Bitcoin mining company Iren. He co-founded Digital Assets Data, a digital asset data company acquired by New York Digital Investment Group in 2020. His appointment was viewed by the market as a significant signal of Bakkt's strengthening institutional strategy, driving a sharp rebound in its stock price. Notably, the recent surge partially reversed a 40% drop in Bakkt's stock price in July of this year following the announcement of a $75 million IPO (partially used to acquire Bitcoin). Mike Alfred said that Bakkt is expected to build an institutional-level fintech platform in the next decade around the four major trends of digital asset trading, stablecoin payments, AI agents and Bitcoin.

AgriFORCE, formerly a Nasdaq-listed company, announced it will rebrand to AVAX One and launch a $550 million fundraising program, aiming to become the first publicly listed company dedicated solely to investing in the Avalanche ecosystem. The company plans to hold over $700 million worth of AVAX tokens and is advised by SkyBridge founder Anthony Scaramucci and Coinbase's head of institutional business, Brett Tejpaul. The fundraising plan includes $300 million in private equity investment and up to $250 million in equity-related financing, with participation from over 50 institutions, including Galaxy Digital and Kraken. The company's long-term goal is to acquire fintech companies and migrate them to the Avalanche network.

Rainbow, a non-custodial crypto wallet, announced that it will launch its native token, RNBW, by the end of the year. This announcement comes shortly after Consensys founder Joe Lubin confirmed that MetaMask is developing the MASK token. The Rainbow team stated that RNBW is part of its "Phase 3" development, which will also include DeFi portfolio management, multi-chain support, real-time price and balance updates, and perpetual contract trading powered by Hyperliquid. Rainbow launched a points program in 2023 to attract users and completed an $18 million Series A funding round in 2022, led by Seven Seven Six, a fund founded by Reddit co-founder Alexis Ohanian.

Jon Charbonneau, founder of crypto investment firm DBA and crypto blog Uncommon Core 2.0, and Hasu, head of strategy at Flashbots, have launched a proposal to reduce the total supply of HYPE by 45%. The proposal proposes the following changes to Hyperliquid's economic model: All unminted HYPE currently allocated for future unlocks and community rewards (FECR) will be revoked; all HYPE currently held in the Assistance Fund (AF) will be destroyed, along with any HYPE acquired by the AF; and the maximum supply cap of 10 HYPE will be removed. Ongoing token issuance (e.g., for staking issuance or community rewards) will increase the total supply. The proposers stated that Hyperliquid's current large number of authorized, uncirculated tokens could be problematic, and that the proposal would not impact the relative ownership of the protocol's economics by existing HYPE token holders, Hyperliquid's ability to fund value-added initiatives, or how these decisions are made. The proposal's originator disclosed that one or more investment funds managed by DBA, as well as two co-authors, hold significant positions in HYPE tokens. If this proposal proceeds to a formal governance vote and DBA, its affiliates, and/or co-authors are able to participate, all co-authors currently intend to vote in favor, as applicable.

Hyperliquid's upcoming massive token unlocking has caused market concerns.

The U.S. Treasury recently took a key step toward formalizing the Guidance and Establishment of a United States Stablecoin National Innovation Act (GENIUS Act) into a formal regulatory framework.

With the participation of traditional financial institutions around the world, the on-chain demand for government bond assets is both real and growing rapidly.

South Korean crypto exchange Bithumb has inked a strategic partnership with World Liberty Financial (WLF), a Trump-affiliated crypto venture, signaling its intent to expand its global footprint in decentralized finance (DeFi).

Bolivians are increasingly using Tether (USDT) for purchases, with a recent Toyota sale completed entirely in cryptocurrency. Stablecoins are gaining ground as a practical alternative to scarce US dollars amid rising inflation and limited cash access.

The number of transistors on a chip doubles every 18 to 24 months, and computing power rises accordingly. Don't underestimate this empirical formula; it has shaped the world for the past 50 years.

Tether is pushing back against local media reports that it is jettisoning its $500 million crypto mining project in Uruguay after the national Adminsitration of Power Plants and Eelctrc Transmission allegedly unplugged power at its facilities for failing to pay a $2 million electricity bill in May.

On September 17, the U.S. SEC officially approved the "Universal Listing Standards for Commodity Trust Units."

Hong Kong has set up a new task force to tackle the rise in crypto and virtual asset scams. Authorities have already made over 70 arrests and are pushing for stronger rules to help platforms stop suspicious transactions quickly.

OpenAI gained computing power, Oracle secured orders, and Nvidia secured sales and investment opportunities. Shareholders were delighted as their paper wealth grew.