Headlines
▌Federal Reserve to Hold Payment Innovation Conference Next Month
Market News: The Federal Reserve will hold a Payment Innovation Conference on October 21st, which will discuss stablecoins, artificial intelligence, and tokenization.
▌Ondo Finance Announces the Launch of Ondo Global Markets
Ondo Finance and the Ondo Foundation jointly announced the launch of Ondo Global Markets. The platform enables non-US investors to seamlessly access over 100 tokenized US stocks and ETFs on Ethereum, with plans to expand to hundreds or even thousands of assets within the year. The platform is currently live on the Ethereum mainnet and will soon be expanded to BNB Chain, Solana, and Ondo Chain. Retail and institutional users worldwide, regardless of US jurisdiction, can instantly mint and redeem tokenized US stocks and ETFs 24 hours a day, five trading days a week (subject to jurisdictional and other restrictions). These tokenized assets provide exposure to the full economic returns of the underlying US stocks and ETFs, fully backed and guaranteed 1:1 by actual stocks and ETFs, and cash in transit, held in custody at one or more US-registered broker-dealers.
Market
As of press time, according to Coingecko data:
BTC price is $111,724, up or down 0.5% in 24 hours;
ETH price is $4,456.05, up or down 3.1% in 24 hours;
BNB price is $854.90, up or down 0.4% in 24 hours;
Policy
▌ECB President Lagarde: EU should fill loopholes in stablecoin regulation
ECB President Lagarde said on Wednesday that EU lawmakers should require foreign stablecoin issuers to adopt "safeguards" and "strong equivalent regulatory systems" to prevent the risk of reserve runs within the EU. "European legislation should ensure that such schemes cannot operate within the EU unless they are supported by strong equivalence systems in other jurisdictions, as well as safeguards relating to asset transfers between EU and non-EU entities," she said at a regulatory conference. She added: "This also highlights why international cooperation is essential. Without a level global regulatory environment, risks will always seek out the weakest links." Hong Kong Legislative Council member Ng Kit-chung revealed that Hong Kong has strict stablecoin regulations and expects to issue its first stablecoin license in early 2026. He stated that the Hong Kong Legislative Council will also initiate legislative procedures for offline over-the-counter (OTC) transactions next year to further enhance the Web3 ecosystem. Ng believes that digital assets are a major trend, with many countries already holding digital assets such as Bitcoin in their reserves. He emphasized that Hong Kong has unique advantages in developing the Web3 sector, including its lack of foreign exchange controls, low tax rates, and access to the mainland market. ECB President Lagarde: EU legislation should ensure stablecoins cannot operate in the EU unless backed by strong, equivalent systems in other jurisdictions, as well as safeguards related to the transfer of assets between EU and non-EU jurisdictions. With regard to stablecoins, the EU's Markets in Crypto-Assets Regulation (MiCAR) seeks to address this risk in two ways. First, stablecoin issuers must allow EU investors to always redeem their holdings at par. Second, stablecoin issuers must hold a significant portion of reserves in bank deposits. As the crypto-asset industry has demonstrated, the shadow of risk remains: liquidity constraints, leverage, sudden losses of confidence, and hidden interconnectedness. Trump: Tariffs are 'critical' to America's success. US President Trump has stated that tariffs are "critical" to America's success. If we lose the tariff case, our country could once again fall into incredible poverty. The Supreme Court will hear the international tariff case. The future of the US economy depends on the court's decision, and the future could be richer or poorer than it is now. Furthermore, according to market news, US President Trump has hinted that tariffs could replace income tax in the future, potentially changing tax policy. Pakistan's Central Bank Withdraws Warning on Cryptocurrency Trading Pakistan's Ministry of Finance stated: The Central Bank of Pakistan will withdraw its warning on cryptocurrency trading. The Central Bank of Pakistan is working to launch a digital currency. Blockchain Applications American Bitcoin, a Bitcoin mining company linked to the Trump family, has been listed on the Nasdaq. According to the Wall Street Journal, American Bitcoin, a Bitcoin mining company linked to the Trump family, has been listed on the Nasdaq under the ticker symbol "ABTC." Polymarket, a prediction market, has received CFTC approval to re-enter the US market. Following the termination of the Commodity Futures Trading Commission (CFTC) investigation, the crypto prediction market platform Polymarket received a joint "no action" letter from the CFTC's Division of Market Regulation and Division of Clearing and Risk, allowing it to re-enter the US market under certain conditions. CEO Shayne Coplan stated at X that the approval process was completed in record time. American Bitcoin, a Bitcoin mining company affiliated with the Trump family, has applied to raise up to $2.1 billion through an at-the-market offering. American Bitcoin Triggered a Temporary Trading Halt Due to Volatility. American Bitcoin, a Bitcoin mining company linked to the Trump family, triggered a temporary trading halt due to volatility, after rising 31% prior to the halt. Ethereum Infrastructure Company Etherealize Secures $40 Million in Funding. According to Fortune, Ethereum infrastructure startup Etherealize announced the completion of a $40 million funding round led by Electric Capital and Paradigm, with initial funding from Ethereum founder Vitalik Buterin and the Ethereum Foundation. Founded in January 2025 by Vivek Raman, a former Morgan Stanley and Deutsche Bank veteran, the company aims to develop Ethereum blockchain products and infrastructure for Wall Street financial institutions. Etherealize plans to use blockchain technology to tokenize financial assets such as mortgages, credit, and fixed income, replacing the "Stone Age" technology currently used on Wall Street. Coinbase: AI-generated code accounts for 40%, aiming to exceed 50% by October. Jinse Finance reported that Coinbase CEO Brian Armstrong stated that approximately 40% of Coinbase's daily code is currently generated by AI, and his goal is to increase this proportion to over 50% by October. He emphasized that this AI-generated code must be reviewed and understood, and that while AI code is not suitable for all areas of the business, the company should apply AI as responsibly and broadly as possible. U.S. Bank Launches Institutional Bitcoin Custody Service and Supports Bitcoin ETFs. U.S. Bank (headquartered in Minnesota) now offers Bitcoin custody services to institutional investors and has added support for Bitcoin ETFs. Bitcoin's dominance has fallen to 55%, with signs of altcoin rotation emerging. According to The Block's data and insights report, Bitcoin's share of the crypto market has fallen from a peak of 62% to 55%, indicating that the market is entering the early stages of a capital rotation from Bitcoin to altcoins. Ethereum (ETH) and Solana (SOL) are attracting renewed attention from institutional and retail investors, while multiple digital asset treasuries are raising funds and purchasing assets through publicly traded entities, supporting the potential rise of altcoins. The report indicates that if the market continues to favor high-risk assets, altcoins have further room for growth in the fourth quarter, but the key lies in whether real physical demand can be generated, rather than relying solely on short-term trends driven by derivatives.
▌Ethereum validators have over 860,000 ETH to stake, a two-year high
The number of Ethereum validators joining the team has reached a two-year high, with over 860,000 ETH (approximately US$3.7 billion) waiting to be staked.
▌The top three companies holding Ethereum reserves purchased US$1.1 billion in Ethereum
According to market news released by CoinBureau, the top three companies holding Ethereum reserves purchased US$1.1 billion in Ethereum. Bitmine, SharpLink, and EtherMachine purchased a total of over 263,000 Ethereum (ETH) in a single day.
▌Digital health company CIMG Inc purchased 500 Bitcoin
According to a chart published by Cointelegraph, digital health company CIMG Inc purchased 500 Bitcoin. According to Bitcoin Treasuries (a Bitcoin financial data platform), the company is currently ranked 60th on the list of "Top 100 Bitcoin Holders."
▌Galaxy Digital will issue tokenized equity on Solana
Crypto financial services company Galaxy Digital plans to issue its equity tokens, which have been registered with the U.S. Securities and Exchange Commission (SEC), on the Solana blockchain. 15 XRP-focused ETF applications await review by the US SEC. According to WF Market News, 15 Ripple (XRP)-focused ETF applications are currently awaiting review by the US Securities and Exchange Commission (SEC). Publicly listed company AlphaTON Capital plans to acquire $100 million in TON tokens. Publicly listed company AlphaTON Capital Corp. (formerly Portage Biotech Inc.) announced today its plans to acquire approximately $100 million in TON tokens and launch a digital asset finance strategy specifically for the Telegram ecosystem. The company will change its name and ticker symbol from "PRTG" to "ATON" effective September 4, 2025. Brittany Kaiser, an expert in data protection and digital assets, has been appointed CEO. The company will focus on TON token management, network validation, and ecosystem development. AlphaTON has raised approximately $38.2 million in private placements and signed a $35 million loan agreement with BitGo Prime to support token acquisitions. SUI Group Increases SUI Holdings by 20 Million, Bringing Total Holdings to Over 100 Million. Nasdaq-listed SUI Group Holdings (formerly Mill City Ventures) announced that its holdings of SUI tokens have exceeded 100 million, with a total value of approximately $344 million. This increase of approximately 20 million tokens represents a significant increase in the company's holdings. Chief Investment Officer Stephen Mackintosh stated that the company will continue to create value for shareholders by increasing its capital to purchase discounted locked-up SUI tokens. The company currently has approximately $58 million in cash reserves, which can be used to further increase its SUI token holdings.
▌Pineapple Financial, a listed company, launches a $100 million Injective digital asset library strategy
According to Newsfilecorp, Pineapple Financial (NYSE American: PAPL), a listed company, announced the launch of a $100 million private placement plan, becoming the world's first publicly traded INJ token holder.
▌Data: Cryptocurrency hacker attacks in August caused $163 million in losses
According to TheDailyHodl, data from PeckShield showed that cryptocurrency hacker attacks in August caused $163 million in losses, and a digital asset exchange suffered the second attack in about a year. Coinbase will add support for Awe (AWE) on the Base network. Trading will begin on or after 9:00 AM PT on September 4, 2025, subject to liquidity conditions. Support for AWE may be limited in some jurisdictions. Important Economic Developments: Fed's Kashkari Sees Room to Cut Interest Rates. Minneapolis Fed President Neel Kashkari said on Wednesday that the Federal Reserve has some room to cut its short-term benchmark interest rate, but he did not specify when it would need to ease policy. "I'm not predicting a recession," Kashkari said. "I have every reason to believe that the cooling trend we're seeing is likely to continue and will be relatively mild," Kashkari said, adding that given the neutral federal funds rate is around 3%, "this suggests there's some room for interest rates to fall over the next few years." He also said that given the evolution of the economy, the challenges facing policy are growing. He said that inflation is still too high, but at the same time, the job market shows some signs of cooling, so the Fed is facing a tricky situation, trying to find a balance between its dual tasks.
▌Federal Reserve Board nominee Milan pledges to maintain central bank independence
The U.S. Senate Banking Committee will hold a hearing on Stephen Milan, Trump's nominee for the Federal Reserve Board, on Thursday morning local time. In his pre-submitted testimony, Milan stated, "In my view, the central bank's most important task is to prevent depression and hyperinflation. The independence of monetary policy is a key element to its success." "If confirmed, I intend to faithfully carry out my duties in accordance with the mandate granted by Congress. My opinions and decisions will be based on macroeconomic analysis and judgment about what is best for long-term management. The Federal Open Market Committee is an independent body with a significant mandate, and I intend to maintain that independence and serve the American people to the best of my ability." However, Milan also raised questions about the Fed's oversight of activities outside its dual mandate, including its balance sheet. "The Federal Reserve oversees the world's most important financial institutions," he stated. "It sets different prices for borrowers and lenders, including other central banks. The ultimate composition of the Fed's balance sheet is an open question." Federal Reserve Chairman Bostic: A rate cut is still appropriate in 2025. Atlanta Fed Chairman Bostic reiterated his view that a rate cut this year would be appropriate, but that this could change depending on inflation and the job market. "I believe that while price stability remains a primary concern, the labor market has slowed enough that some accommodation (perhaps around a quarter-point rate cut) will be appropriate for the remainder of the year." "That situation could change depending on the trajectory of inflation and the evolution of the labor market in the coming months." Regarding inflation, Bostic expressed concern that the impact of tariffs on prices could persist. "I continue to believe that the impact of tariffs on prices will not fade quickly, and in fact, will not fully materialize for several months. I would not be complacent and simply assume that expectations will remain stable and that another burst of inflation will not occur." Fed Governor Waller: A rate cut should be considered at the next meeting. Fed Governor Waller made it clear that he believes a rate cut should be considered at the next meeting. The 10-year Treasury yield has largely stabilized. We may see multiple rate cuts, whether at every meeting or every other meeting, depending on the data. There is no need for a fixed sequence of rate cuts.
▌Federal Reserve Beige Book: Most Districts Report Economic Stagnation
Federal Reserve Beige Book: Economic activity in most Federal Reserve districts showed little or no change since the previous report, with four districts reporting moderate growth. Ten districts reported moderate or moderate price increases.
▌Following the release of US employment data, the probability of a September Fed rate cut rose to 98%.
Golden Encyclopedia
▌What is a rug pull in cryptocurrency? How can you identify it? A "rug pull" occurs when a team or developer withdraws support for a project, leaving investors with worthless tokens. Crypto scams are common in decentralized finance (DeFi), where there are no regulations governing project operations. An individual or group of developers creates excitement around a crypto project to attract traders. As excitement builds, many invest by purchasing tokens or minting non-fungible tokens (NFTs). Then, the developers suddenly dump their holdings and disappear, shocking investors and leaving them empty-handed. The project's abrupt end causes its token price to plummet, and investors lose most of their money. However, understanding blockchain "rug pulls" allows you to identify red flags early on. If you know the signs of a cryptocurrency "rug pull," you can spot a potential scam before it's too late. From examining the project team to analyzing token economics and community engagement, here are the key steps to spot red flags and make informed investment decisions: 1. Unknown or unconfirmed developers; 2. Lack of locked liquidity; 3. Sell order restrictions; 4. Limited number of token holders and volatile price fluctuations; 5. Suspiciously high returns; 6. No external audits. Imagine a crowded market with stallholders selling a variety of goods. A "carpet scam" resembles an impressive stall with the promise of valuable items to attract buyers. The stallholder takes advance reservations for these items at a high price. Just as the market is bustling, the stallholder suddenly disappears, leaving behind an empty stall and worthless reservation receipts. In the context of cryptocurrency, stallholders can commit this fraud in a variety of ways. One method is for fraudulent developers to introduce hidden vulnerabilities in smart contracts to control the native token or steal cryptocurrency from investors. Second, developers can use a technique called dumping. Third, scammers may implement a "carpet scam" by restricting sell orders.
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