Aave's Risk Management Averts $4.5 Billion Liquidation Event

Oct 14 2025, 20:00

Figure Deploys SEC-Registered YLDS Token on Sui Blockchain

Executive Summary Figure Technology Solutions has deployed its SEC-registered, yield-bearing security token, YLDS, on the Sui blockchain. This strategic move integrates a regulated financial instrument, backed by short-term Treasurys and repurchase agreements, into Sui’s native ecosystem. The deployment, a first for YLDS beyond the Provenance blockchain, primarily targets Sui's leading limit order book, DeepBook, to provide yield, power upcoming margin trading capabilities, and facilitate direct fiat on- and off-ramps for users. The Event in Detail On October 14, 2025, Figure Certificate Company, a subsidiary of Figure Technology Solutions, Inc. (Nasdaq: FIGR), announced the deployment of its YLDS token natively on the Sui blockchain. YLDS is an SEC-registered debt security instrument designed to offer yield from tokenized short-term U.S. Treasury securities and repurchase agreements. This marks the initial Layer 1 deployment of YLDS outside of the Provenance blockchain, where Figure has previously operated. The integration centers on DeepBook, Sui's primary liquidity layer and largest trading venue. Under the partnership, stablecoins on DeepBook will be automatically swapped into YLDS, converting user holdings into yield-bearing assets. This mechanism is intended to support DeepBook's forthcoming margin trading system, utilizing an isolated stablecoin lending pool that generates yield from trading activity, borrowing fees, and liquidation events. Additionally, the native minting of YLDS on Sui is expected to provide users with direct fiat on- and off-ramps, reducing reliance on traditional crypto exchanges for USD access. Mike Cagney, Co-Founder and Executive Chairman of Figure, stated that this deployment is part of a broader strategy to introduce SEC-compliant, yield-bearing security tokens across various blockchain networks, aiming to democratize access to institutional-grade financial products by removing traditional intermediaries. Financial Mechanics and Product Structure YLDS is structured as an SEC-registered debt security. Its yield is calculated as the Secured Overnight Financing Rate (SOFR) minus 35 basis points (0.35%), with accruals on a daily basis and payments distributed monthly. The underlying assets backing YLDS are short-term Treasury securities and repurchase agreements involving Treasury securities. This structure provides a transparent, regulated yield mechanism for digital assets. The automatic conversion of stablecoins into YLDS on DeepBook means that users' stablecoin holdings will actively generate yield. This financial architecture is designed to maximize capital efficiency within the Sui ecosystem by providing a foundational yield layer for DeepBook's operations, particularly for its margin trading infrastructure. Business Strategy and Market Positioning Figure Technology Solutions, which recently went public on Nasdaq (FIGR), is pursuing a strategy focused on expanding the reach of regulated financial products into the blockchain space. By deploying YLDS on Sui, Figure positions itself at the forefront of tokenized Real-World Assets (RWAs) within decentralized finance (DeFi). This move aligns with Figure's stated goal of democratizing access to institutional-grade financial instruments by leveraging blockchain technology to remove intermediaries. For Sui, this partnership significantly bolsters its appeal in the RWA and DeFi sectors. Integrating an SEC-compliant, yield-bearing token like YLDS enhances Sui's infrastructure, attracting institutional interest and capital. The ability to provide regulated yield directly within the blockchain's ecosystem differentiates Sui and strengthens its competitive standing as a platform for compliant, scalable digital financial services. The collaboration also explores further integrations, including the potential use of the SUI token as a collateral asset in Figure's lending platform, indicating a deeper strategic alignment. Market Implications This deployment carries significant implications for both the Sui network and the broader Web3 ecosystem. For Sui, the integration of YLDS is expected to boost liquidity and activity on DeepBook, enhancing its utility and attractiveness for users and developers. The provision of a regulated, yield-generating asset directly within the network creates a robust yield layer that could drive increased adoption and capital inflow into the Sui ecosystem. More broadly, the partnership between Figure and Sui sets a precedent for the integration of SEC-compliant traditional financial products into Layer 1 blockchains. This move accelerates the blurring of lines between traditional finance (TradFi) and DeFi, potentially increasing institutional engagement in blockchain-based financial services. The availability of regulated yield-bearing tokens on-chain can foster greater trust and facilitate a larger migration of capital from traditional markets into the digital asset space. Evan Cheng, Co-Founder & CEO of Mysten Labs, the original contributor to Sui, emphasized that this move represents a "significant upgrade for regulated DeFi," allowing institutions access to compliant and dynamic assets with the speed and security of Sui. This development is likely to be viewed bullishly for the RWA and DeFi tokenization narratives, potentially increasing overall investor sentiment and encouraging further tokenization initiatives across other blockchain networks.

Oct 14 2025, 17:48

Stripe Expands Crypto Payments with USDC Subscriptions on Base and Polygon Networks

Executive Summary Stripe has expanded its crypto offerings, enabling businesses to accept recurring USDC payments on the Base and Polygon networks, a move signaling broader stablecoin adoption for everyday transactions. This strategic enhancement allows customers to pay with over 400 supported wallets, while merchants receive automatic fiat settlements through Stripe's integrated billing system. The initiative positions stablecoins, particularly USDC, as a more viable and efficient payment rail for recurring revenue models, which constitute approximately 30% of Stripe's user base. The Event in Detail On February 5, 2025, Stripe announced the launch of USDC-powered recurring subscription payments on the Base and Polygon networks. This update reintroduces cryptocurrency support into Stripe's core operational framework, building on prior engagements with digital assets. A key technical innovation is Stripe's custom-developed smart contract, which eliminates the traditional blockchain payment friction of requiring manual re-signing for each transaction. This allows customers to save their wallet as a payment method and authorize ongoing payments seamlessly. The stablecoin subscription service is fully integrated into the existing Stripe Dashboard, offering compatibility with Stripe Billing and the Optimized Checkout Suite. This provides businesses with a unified view of their cash flows across both traditional fiat and emergent crypto payment rails, streamlining financial management and reporting. The announcement follows regulatory clarifications from the U.S. Securities and Exchange Commission regarding the legal status of stablecoins, which has reduced uncertainty for platforms handling digital assets and contributed to Stripe's renewed embrace of crypto. Financial Mechanics and Innovation The financial mechanics underpinning Stripe's new offering center on efficiency and cost reduction. By leveraging stablecoins like USDC and Layer-2 networks such as Base and Polygon, the platform aims to significantly reduce transaction costs and improve settlement speeds. For instance, early adopter Shadeform reported cutting transaction costs by half and dramatically improving settlement speeds after shifting up to 20% of its payment volume to stablecoins. Stripe's monthly USDC transfers have consistently exceeded $15 million, with a peak of over $17 million in September 2025. Cumulatively, Stripe's Global Financial Accounts service has processed over $100 million in USDC transfers across Polygon ($51 million), Ethereum ($48 million), and Base ($3 million). The reliance on Paxos for managing the technical aspects of stablecoin integration underscores the infrastructure behind these transactions. This shift towards stablecoin payments addresses pain points in traditional finance, particularly for cross-border transactions, where blockchain-based payments can offer reduced fees, with an average transaction fee reduction of 70% to 80% compared to traditional channels, and processing times of 3 to 10 seconds. Business Strategy and Market Positioning Stripe's re-entry and expansion into cryptocurrency payments represents a strategic positioning as a fintech automation layer for forward-compatible ecosystems. The company is not merely a payment processor but an infrastructure provider, evidenced by its acquisition of stablecoin platform Bridge and the launch of Open Issuance. This platform enables businesses to launch and manage their own stablecoins with minimal coding, supporting initial tokens like Phantom's CASH, Hyperliquid's USDH, and MetaMask's mUSD. This strategy reflects a belief in "business of choice," where Stripe supports various stablecoin issuers based on market demand. The move also solidifies Stripe's commitment to supporting automated financial systems. Stablecoin support becomes a strategic asset in an environment where smart contracts, machine-executed settlements, and decentralized ledgers are increasingly replacing traditional, delay-prone intermediaries. This enables businesses, especially those with recurring revenue models, to deploy payment logic across APIs, marketplaces, and cross-border flows more efficiently, and for entrepreneurs in countries with volatile currencies to hedge against inflation. Broader Market Implications Stripe's integration of stablecoin subscriptions carries significant implications for the broader Web3 ecosystem and corporate adoption of digital assets. By lowering the barrier to entry for businesses to accept recurring crypto payments, it is expected to accelerate the adoption of stablecoins and Layer-2 solutions like Base and Polygon for everyday commerce. This could lead to increased demand for USDC and drive innovation in crypto payment infrastructure, reinforcing the narrative of crypto as a viable, efficient payment rail beyond speculative assets, particularly for international transactions. The broader market context indicates a maturing shift towards blockchain-based payments. A recent report projects blockchain-based cross-border payments to reach $3 trillion by 2025, growing at an annual rate of 45%. Over 120 countries are developing central bank digital currencies (CBDCs) to streamline international transactions, and nearly 40% of global remittance firms already rely on blockchain solutions. In the US, approximately 85% of banks are either piloting or fully integrating blockchain-based solutions. Major card networks, including Visa and Mastercard, have processed over $5 billion in cryptocurrency transactions this year through partnerships with blockchain startups. The total stablecoin market supply stands at $310 billion, reflecting their growing importance in the global financial landscape and their increasing role in automated finance and high-speed programmable payments across global B2B, supply chain, and subscription-based transactions.

Oct 14 2025, 17:13

Eightco Holdings Invests in Mythical Games' Series D, Integrating Worldchain for Web3 Gaming Identity

Executive Summary Eightco Holdings Inc. (NASDAQ: ORBS) has formalized a strategic investment in Web3 gaming pioneer Mythical Games, participating in its Series D financing round alongside ARK Invest and World Foundation. This collaboration aims to integrate Worldchain, an ERC-20 compatible blockchain, and World ID into Mythical Games' ecosystem, establishing a framework for Proof of Human (PoH) verification and streamlined digital identity across its gaming titles. The initiative underscores Eightco's corporate strategy to become a foundational authentication layer for the post-AGI economy, focusing on enhancing trust and interoperability within digital environments. The Event in Detail The investment, announced on October 13, 2025, is poised to close the week of October 20. Eightco's participation in Mythical Games' Series D financing round aligns with its strategic roadmap to allocate up to 1% of its treasury assets towards venture-style investments in breakthrough authentication technologies. Mythical Games, led by former Call of Duty studio head John Linden, operates a portfolio of Web3 gaming franchises such including NFL Rivals, Pudgy Penguins' Pudgy Party, and FIFA Rivals. The company reports over 10 million combined game installs and 9.6 million funded wallets, with an annual NFT sales volume of approximately $400 million. The integration will see Mythical Games' marketplace expanding to leverage Worldchain for secure, verifiable gaming infrastructure, enabling seamless interoperability of gaming assets and identities. Financial Mechanics of the Investment Eightco Holdings Inc.'s involvement in Mythical Games' Series D financing represents a direct equity investment into a growth-stage company. While specific financial terms such as convertible note structures or precise valuations were not disclosed, Series D financing typically indicates a mature startup stage with established products and a clear path to market expansion. The investment structure reflects a strategic allocation from Eightco's treasury, earmarked for advancing authentication technologies. This contrasts with debt financing or public market equity raises, instead focusing on direct capital injection into a privately held entity to foster technological integration and market synergy. Other participants in the Series D include institutional investor ARK Invest, managed by Cathie Wood, and the World Foundation, highlighting a diversified investor base with a shared interest in Web3 and digital identity. Business Strategy and Market Positioning Eightco positions itself as the "authentication and trust layer for the post-AGI world," working in coordination with the Worldcoin ecosystem. Its investment in Mythical Games is a direct execution of this vision, extending its authentication capabilities into the rapidly growing Web3 gaming sector. Chairman Dan Ives stated, "This investment marks another key step in our mission to become the authentication layer of the post-AGI economy," emphasizing the company's focus on enterprise and gaming authentication. Mythical Games, with its existing user base and substantial NFT sales volume, provides a robust platform for the implementation of Worldchain's Proof of Human and single sign-on capabilities. This strategic alignment aims to create a unified trust framework that scales globally, leveraging World ID's over 17 million verified users and Mythical's 9.6 million funded wallets. This strategy parallels early corporate adoption trends seen in companies like MicroStrategy, which strategically invested in Bitcoin to align its treasury with a new digital asset class, though Eightco's approach is focused on leveraging its treasury for venture investments to integrate its core technology. Broader Market Implications The integration of Proof of Human verification and digital identity solutions within Web3 gaming is anticipated to have significant implications for the broader Web3 ecosystem. It addresses critical issues such as fraud reduction, enhanced user onboarding, and verifiable ownership of digital assets. By establishing a robust identity layer, the partnership could foster greater trust and security, driving mainstream adoption of blockchain-based identity within the gaming sector. This move may set a precedent for secure digital economies, particularly as the industry navigates the complexities of AI integration. The scalable real-world identity and on-chain utility facilitated by Worldchain and World ID could transform gaming into a more inclusive and secure digital economy. Expert Commentary Dan Ives, Chairman of Eightco Holdings Inc., articulated the strategic imperative: "Worldchain's Proof of Human and single sign-on capabilities make it the ideal foundation for the next era of gaming and AI integration." He further added, "Mythical's 9.6 million wallets represent an installed base of users that can build on World ID's over 17 million verified user count. We expect this partnership and future deals to drive positive step-change functions in the World verified customer base." John Linden, CEO of Mythical Games, commented on the partnership's impact: "Mythical is integrating with Worldchain to bring identity and trust into the next era of gaming. Our vision is to make every player... part of a verified, global economy where digital ownership and fair play are guaranteed." Linden emphasized the goal of connecting billions of players through secure, human-verified accounts that function seamlessly across various gaming platforms and rewards systems.

Aave's Risk Management Averts $4.5 Billion Liquidation Event

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Figure Deploys SEC-Registered YLDS Token on Sui Blockchain

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Eightco Holdings Invests in Mythical Games' Series D, Integrating Worldchain for Web3 Gaming Identity