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Major stablecoin issuers compete for Hyperliquid's USDH, Upbit launches an Ethereum Layer-2 network, and the first US Dogecoin ETF prepares for trading, highlighting significant Web3 market evolution. Executive Summary The cryptocurrency market experienced a week of significant developments, marked by an intense competition among major stablecoin issuers for Hyperliquid's native stablecoin, the launch of an Ethereum Layer-2 solution by South Korea's largest exchange, Upbit, and the impending debut of the first US Dogecoin exchange-traded fund. These events underscore the continuous evolution of DeFi infrastructure, the expansion strategies of centralized exchanges, and the increasing integration of digital assets into traditional financial markets, set against a backdrop of anticipated shifts in US regulatory oversight. The Event in Detail Hyperliquid's USDH Stablecoin Competition Intensifies Hyperliquid is moving to replace its reliance on bridged assets like USDC with its own native stablecoin, USDH, a strategic pivot designed to internalize the value generated by its ecosystem. A high-stakes "bidding war" is underway, with at least six major stablecoin issuers—Paxos, Ethena, Frax Finance, Sky (formerly MakerDAO), Agora, and Native Markets—competing for the right to issue USDH. The winning proposal will be determined by a stake-weighted validator vote. Each contender presents distinct financial mechanics and operational models: Ethena Labs proposes USDH backed by USDtb, a stablecoin linked to BlackRock's BUIDL tokenized fund. Ethena pledges to return 95% of net reserve revenue to the Hyperliquid community through HYPE token buybacks and ecosystem funding. Their proposal also includes a $75 million ecosystem incentive fund, potentially scaling to $150 million, and the launch of a Hyperliquid-native synthetic dollar, hUSDe. Frax Finance offers a decentralized finance approach, backing USDH 1:1 with its frxUSD stablecoin, collateralized by US Treasuries. Frax commits to passing 100% of the underlying Treasury yield programmatically to Hyperliquid users, retaining zero fees. Paxos, known for regulatory rigor, submitted a proposal for a USDH compliant with both the US Stablecoins Act (GENIUS Act) and the EU's Markets in Crypto-Assets (MiCA) framework. Paxos initially proposed allocating 95% of reserve yield to HYPE buybacks. Sky (formerly MakerDAO) offers a direct yield of 4.85% to all USDH holders on the Hyperliquid platform. Its proposal involves USDH functioning similarly to DAI and USDS, backed by a diversified, overcollateralized pool of crypto and real-world assets (RWAs), including $2.2 billion in USDC within its Peg Stability Module (PSM) for instant redemptions. Native Markets pledged to mint USDH directly on HyperEVM and evenly split reserve yield between HYPE buybacks and ecosystem growth, utilizing Stripe's tokenization platform, Bridge. Agora, backed by VanEck and MoonPay, proposed returning 100% of USDH reserve revenue to the Hyperliquid community. The potential for USDH to disrupt the stablecoin market has prompted Circle to announce plans for deploying native USDC and its Cross-Chain Transfer Protocol (CCTP) on Hyperliquid, signaling its intent to retain market share. Upbit Launches Ethereum Layer-2 GIWA Chain Dunamu, the parent company of South Korea's largest cryptocurrency exchange Upbit, has launched the testnet for Giwa, an Ethereum Layer-2 solution. Built on Optimism's OP Stack, Giwa aims to achieve one-second block times and full Ethereum Virtual Machine compatibility, enabling faster transactions and lower fees for decentralized applications. This initiative positions Upbit as an infrastructure provider, akin to Coinbase's Base network and Binance's BNB Chain, as it seeks to expand beyond its core exchange operations and foster a broader Web3 ecosystem. The network plans to support a Korean won stablecoin project, aligning with national currency sovereignty initiatives. MYX Token Experiences Meteoric Rise Amid Manipulation Concerns The MYX token saw an extraordinary 27,000% price increase over three months, reaching an all-time high of $18.93 and a market capitalization of $3.53 billion. However, analysts have raised concerns, characterizing the surge as a potential "orchestrated exit-liquidity game." Research suggests that MYX whales allegedly manipulated spot prices to trigger perpetual futures' mark prices, leading to significant short squeezes, including $11 million in liquidations on September 8. A 39 million MYX token unlock was reportedly timed with peak market hype, facilitating insider exits. The token has since experienced a pullback, falling 10.34% in 24 hours due to profit-taking, extreme overbought signals (RSI above 98), and worries about insider selling. Story Protocol's IP Token Surges with Significant Funding Story Protocol's IP token has surged 8x since its listing. This performance is bolstered by an ecosystem fund in collaboration with OKX Ventures and a substantial $2.2 billion PIPE funding round for an IP token reserve, which includes participation from a16z crypto. The protocol is designed to revolutionize intellectual property management by making IP programmable and tradeable on the blockchain, focusing on attribution, licensing, and royalty mechanisms for digital assets. CoinShares to List on Nasdaq CoinShares, a leading European digital asset manager with approximately US$10 billion in Assets under Management (AuM), announced its intention to go public in the United States through a merger with Vine Hill Capital Investment Corp. The transaction, valued at US$1.2 billion on a pre-money equity basis, includes a $50 million institutional investment. This listing on Nasdaq will make CoinShares the first European Web3 company on a major US stock exchange, facilitating its international expansion and providing US investors direct access. CoinShares currently holds the number one market position in EMEA with a 34% market share and is among the top four managers globally by crypto ETP AuM, alongside BlackRock, Fidelity, and Grayscale. Anticipated Shift in US Crypto Regulatory Landscape The US crypto regulatory landscape is poised for a systematic shift in 2025, moving away from "regulation by enforcement" towards more structured oversight. SEC Chair Paul Atkins has signaled a focus on promoting innovation while ensuring investor protection. Key legislative efforts include the Digital Asset Market Clarity Act (CLARITY Act), which seeks to classify digital assets as securities or commodities, and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, signed into law in July 2025, providing a clear legal framework for fiat-backed digital assets. The Anti-Central Bank Digital Currency Surveillance State Act also passed the House, prohibiting the Federal Reserve from issuing a retail CBDC. First US Dogecoin ETF Nears Launch The Rex-Osprey Dogecoin ETF (DOJE) is scheduled to begin trading around September 18, 2025, marking the first US exchange-traded fund dedicated to a memecoin. Approved under the Investment Company Act of 1940, this ETF provides investors with regulated exposure to Dogecoin. The anticipation surrounding the launch has fueled a 20% price surge in Dogecoin over the past week, with institutional interest, exemplified by CleanCore Solutions acquiring over 500 million DOGE, suggesting a potential shift in the memecoin's status towards a more legitimate financial instrument. Market Implications These developments carry significant implications for the broader Web3 ecosystem and traditional financial markets. The intense competition for Hyperliquid's USDH highlights the evolving landscape of stablecoin design, with issuers actively competing on yield generation, collateralization mechanisms, and regulatory compliance. This competitive dynamic could lead to a decentralization of stablecoin issuance control and a shift in revenue capture from traditional centralized entities to community-aligned protocols. Upbit's launch of the Giwa chain signifies a growing trend among major centralized exchanges to expand their influence into decentralized infrastructure. By developing proprietary Layer-2 solutions, exchanges like Upbit, Coinbase, and Binance aim to create integrated ecosystems, fostering developer activity and user adoption while potentially fragmenting liquidity across different chains. This strategy reflects a broader move to capture more of the Web3 value chain. The MYX token's volatile price trajectory, coupled with allegations of market manipulation, underscores the persistent risks within the highly speculative segments of the crypto market. It serves as a reminder of the potential for "exit-liquidity games" and the importance of robust on-chain analysis for investors. Conversely, the substantial funding and surging performance of Story Protocol's IP token indicate continued venture capital confidence in innovative Web3 applications, particularly those addressing fundamental issues like intellectual property rights in the digital age. The CoinShares Nasdaq listing and the Rex-Osprey Dogecoin ETF represent pivotal milestones for the integration of digital assets into mainstream finance. CoinShares' entry into a major US stock exchange provides traditional investors with regulated exposure to the burgeoning digital asset management sector. Similarly, the DOJE ETF legitimizes memecoins within regulated product offerings, potentially broadening their investor base and altering their investment profile from speculative novelty to accessible financial instrument. These developments signal a maturing market where traditional financial structures increasingly accommodate and validate crypto assets. Broader Context Collectively, this week's events illustrate a multi-faceted and dynamic progression within the Web3 space. The convergence of DeFi innovation, centralized exchange expansion into infrastructure, and the growing embrace of crypto assets by traditional finance indicates a maturing industry seeking both efficiency and legitimacy. The anticipated shift in US regulatory strategy, moving towards systematic oversight through legislation like the CLARITY Act and GENIUS Act, is critical for long-term stability and fostering institutional confidence. This regulatory clarity, alongside continued institutional investment and product innovation, is essential for mainstream adoption and the sustained growth of the digital asset economy. The diverse nature of these events—from core stablecoin infrastructure to meme coin ETFs—highlights the expansive and varied frontiers of the Web3 landscape.
A group of Senate Democrats introduced a seven-pillar framework for U.S. crypto market regulation, aiming to establish clear rules and consumer protections through bipartisan legislative efforts. Executive Summary Twelve Senate Democrats have released a comprehensive seven-pillar framework detailing their conditions for supporting a digital-asset market-structure bill in the United States. This initiative signals a willingness by the Democratic party to engage in bipartisan negotiations with Republicans to establish a durable regulatory framework for the nearly $4 trillion global crypto market. The proposal emphasizes investor protections, closing regulatory gaps, and curbing potential illicit finance activities, aiming to reduce future regulatory uncertainty and foster innovation. The Event in Detail The framework, introduced on Tuesday, outlines a detailed approach to regulating U.S. crypto markets. It proposes granting the Commodity Futures Trading Commission (CFTC) new powers over spot markets for non-security tokens, while establishing a clear process to determine if a digital asset falls under the Securities and Exchange Commission (SEC)’s jurisdiction as a security. This aims to provide jurisdictional clarity for the sector. The framework also mandates disclosure requirements for token issuers and calls for crypto-specific rulemaking for exchanges and custody providers. Strict anti-manipulation and consumer protection standards are central to the proposal. Additionally, all digital asset platforms serving U.S. users would be required to register with FinCEN as financial institutions, subjecting them to Bank Secrecy Act (BSA), Anti-Money Laundering (AML) rules, and sanctions enforcement. Decentralized Finance (DeFi) is identified as a key vector for illicit finance, with the framework calling for new oversight tools to prevent its misuse. It also seeks to prohibit interest or yield paid by stablecoin issuers, whether directly or indirectly. A politically charged section targets ethics, barring elected officials and their families from launching or profiting from crypto projects while in office, and mandating disclosure of their digital asset holdings. The Democrats called for increased funding for financial regulators and a guarantee of bipartisan representation in their rulemaking processes. Market Implications The introduction of this framework could lead to more predictable regulation for the crypto industry in the U.S., potentially fostering innovation and institutional adoption. The bipartisan effort suggests a path towards regulatory clarity, which could mitigate the current state of market uncertainty. However, failure to reach a consensus between the Democratic and Republican proposals could prolong regulatory ambiguity, hindering further growth and investment within the Web3 ecosystem. Expert Commentary In their proposal, the senators stated: > "Digital asset technology has the potential to unlock new businesses and spur American innovation. But questions about digital assets place in the U.S. regulatory framework have hobbled both innovation and consumer protection." This sentiment underscores the legislative intent to address the regulatory void that has constrained both innovation and consumer safeguards. Regarding the ethics provisions, Democrats have alleged, as per their framework, that certain actions by elected officials have undermined confidence in the broader digital asset industry, emphasizing the need for robust ethics rules. Broader Context The Democrats’ framework sets the stage for negotiations with Republicans, who have also introduced their own market structure bill drafts. The bipartisan approach is deemed essential for any legislation to advance through Congress. The objective is to create "clear rules of the road that protect consumers and safeguard our markets" and to ensure that digital assets are not exploited for illicit activities or personal gain by public officials. The overarching goal is to define how cryptocurrencies fit into current or future regulatory frameworks, thereby solidifying the U.S. position in the evolving global digital asset landscape.
Heritage Distilling Company's strategic adoption of the IP token as a treasury asset, backed by a $220 million PIPE financing, has fueled a significant surge in altcoin markets, signaling evolving institutional digital asset strategies. Executive Summary Heritage Distilling Holding Company, a Nasdaq-listed firm, has strategically adopted the IP token as a treasury asset, backed by a substantial $220 million Private Investment in Public Equity (PIPE) financing round. This move has propelled the IP token's value and stimulated broader interest in altcoins, marking a pivotal moment in institutional digital asset adoption. The Event in Detail Heritage Distilling announced its "IP Strategy," making it the first Nasdaq-listed company to integrate the IP token, native to Story Protocol's intellectual property-focused Layer 1 blockchain, into its treasury reserves. This initiative is supported by a $220 million PIPE financing round, completed in August, which attracted significant investment from entities including a16z crypto, Arrington Capital, dao5, Hashed, Polychain Capital, and Selini Capital. Cantor Fitzgerald and Roth Capital Partners served as placement agents for the round. The IP token subsequently surged, reaching an all-time high of $11.84 before stabilizing around $10.20, accompanied by a 650% increase in trading volume, totaling $650 million within 24 hours. Financial Mechanics and Business Strategy The $220 million PIPE financing underpins Heritage Distilling's novel treasury strategy, providing capital and institutional validation for its adoption of the IP token. This move positions the company to gain exposure to the burgeoning $80 trillion intellectual property economy, particularly as the focus shifts to rights-cleared data within artificial intelligence development. The strategy offers public market investors a pathway to engage with AI-era IP without directly managing crypto infrastructure. This approach contrasts with, yet builds upon, prior corporate treasury strategies that primarily focused on Bitcoin, demonstrating a broadening scope of digital asset integration by publicly traded companies. Other companies, such as Bit Origin holding DOGE, Interactive Strength with FET, and Lion Group Holding with HYPE, SOL, and SUI, have also diversified their balance sheets with various altcoins. Market Implications Heritage Distilling's adoption of the IP token has contributed to a broader "altcoin season," evidenced by the CoinMarketCap Altcoin Season Index climbing to 62 out of 100. This indicates a capital rotation from Bitcoin into more speculative altcoin assets, with Bitcoin's dominance slipping to 57.3 percent. While Bitcoin was trading around $111,468, altcoins like MYX Finance saw gains of nearly 40 percent, and others, including Pyth Network (PYTH), Mantle (MNT), and Pump.fun (PUMP), recorded increases of up to 20 percent. Expert Commentary and Data Insights Despite a "bearish" market sentiment noted by Santiment, altcoins such as MNT and PYTH have exhibited significant gains, suggesting a rotation of capital into these tokens. Santiment data highlights substantial whale transactions in MNT, signaling both accumulation and redistribution phases. In the derivatives market, Bitcoin futures open interest on the CME remains subdued, although options activity has intensified, with open interest reaching 47,230 BTC, equivalent to $5.21 billion in notional value. For Ethereum, open interest in USDT and dollar-denominated perpetual contracts has declined to a four-week low of 1.93 million ETH. On Deribit, Bitcoin and Ethereum puts continue to trade at a premium to calls, indicating lingering downside concerns among traders, despite bullish funding rates in certain segments. Broader Context: Macroeconomic Landscape The crypto market is navigating a period of high volatility, influenced by macroeconomic factors, notably the anticipation of upcoming U.S. inflation data. The August Consumer Price Index (CPI) report, scheduled for release on September 11, is a critical inflection point. While a 0.3 percent monthly increase is expected (2.9 percent year-over-year), core CPI's resilience, projected at 3.1 percent, could temper the Federal Reserve's easing path. Analysts suggest that moderate inflation data could bolster risk assets, whereas higher inflation might strengthen the U.S. dollar and exert downward pressure on Bitcoin and Ethereum. The market also widely anticipates a 25 basis point rate cut by the Federal Reserve on September 17, with a high probability already priced in. However, the exact impact on Bitcoin remains contingent on the CPI outcome, with scenarios ranging from a potential test of $90,000 by year-end to a retreat to $65,000 if inflation is hotter than anticipated. Ethereum and other altcoins are expected to exhibit greater short-term volatility compared to Bitcoin in this environment.
Indian Union Minister Jayant Chaudhary's continued crypto investment disclosures highlight India's ongoing regulatory paralysis in digital assets, fostering uncertainty despite high domestic adoption and talent potential. Executive Summary Indian Union Minister Jayant Chaudhary has disclosed a 19% increase in his cryptocurrency investments, reaching $25,500. This marks the second consecutive year a cabinet member has revealed digital asset holdings, occurring amidst a persistent regulatory vacuum in India's digital asset sector. This regulatory inertia continues to undermine India's potential global leadership in the digital asset space, creating an environment of uncertainty for investors and businesses. The Regulatory Landscape in Detail The Reserve Bank of India (RBI) maintains a position against comprehensive crypto legislation, citing concerns that formal regulation would grant cryptocurrencies "legitimacy" and potentially elevate the sector to a systemic risk. The RBI also fears that widespread stablecoin adoption could fragment the nation's robust Unified Payment Interface (UPI) system. Despite these concerns, a government document acknowledges that the current $4.5 billion invested in cryptocurrencies by Indians does not pose a systemic risk to financial stability due to limited regulatory clarity. However, this lack of clear regulation has led to what industry leaders describe as an "ownership crisis" within the bureaucracy, hindering the development of a cohesive regulatory framework. Adding to the pressure, the Supreme Court of India has expressed strong dissatisfaction with the federal government's delay in establishing a regulatory framework, warning that this legislative vacuum has enabled widespread abuse and financial misconduct. The court previously called for a definitive policy direction on digital currencies, emphasizing the urgent need for regulation given the growing importance of digital assets in global finance. Investor Sentiment and Taxation A recent survey by Mudrex, a prominent Indian crypto investment platform, involving over 9,000 participants, reveals significant public demand for regulatory clarity. The survey found that 93% of respondents support crypto regulation, with 56% advocating for a full framework including investor protection. However, 84% of participants believe the current 30% tax on crypto gains is unfair compared to other asset classes, with 66% identifying it as the biggest deterrent to investment. Other significant concerns include the inability to offset losses and issues related to 1% TDS (Tax Deducted at Source). Nearly 90% of investors indicated they would increase their investments if government policies became clearer, highlighting the direct link between policy and capital flow. Market Implications and Talent Flight The prolonged regulatory paralysis carries substantial economic implications. Estimates suggest India could realize annual savings of $68 billion by integrating stablecoins into international payment flows, an opportunity currently unmet due to policy inaction. The lack of regulatory certainty has also accelerated a "brain drain," with an estimated 80-85% of India's top crypto talent relocating internationally. This exodus, coupled with a cautious market sentiment, deters foreign investment and innovation within India's crypto sector. Experts emphasize that clear regulation and tax clarity are crucial to prevent further capital flight and to cement India's position as a leading fintech hub. Global Context and Future Outlook Globally, other major economies are actively developing comprehensive regulatory frameworks for digital assets. The United States has enacted the GENIUS Act, which provides a framework for "payment stablecoins," mandating 1:1 backing and prohibiting interest payments on holdings. Similarly, the European Union's MiCA regulation has progressively rolled out, with stablecoin provisions already in effect. These international advancements underscore India's increasingly isolated regulatory stance. Projections from institutions such as J.P. Morgan Global Research anticipate the global stablecoin market reaching $500-$750 billion, with ambitious forecasts suggesting issuance could hit $10 trillion by 2028. Despite India leading the Chainalysis global crypto adoption index for three consecutive years, its internal regulatory challenges impede its ability to fully capitalize on this burgeoning global digital finance landscape.
Story is a purpose-built layer 1 blockchain designed specifically to onramp intellectual property (IP) to the blockchain and make it programmable.
Story tokenizes any type of IP; whether that’s an idea, an image, a real world asset, a song, an AI model, an NFT or anything in-between. By embedding usage terms, attribution, and royalty agreements directly into the blockchain, Story provides a transparent, decentralized solution for IP management. This enables IP holders to protect their work, collaborate on IP seamlessly, and unlock revenue opportunities in an AI-powered economy. (Data from Coingecko)
Story (IP) current price is $9.82, up 1.32% today.
Story (IP) daily trading volume is $58.6M
Story (IP) current market cap is $3.0B
Story (IP) current circulating supply is 312.1M
Story (IP) fully diluted market cap (FDV) is $10.0B