gm 20/09

Summary
gm, Rex-Osprey's XRP and Dogecoin ETFs debuted to exceptional trading volumes, collectively surpassing $54 million on their first day and setting a record for the highest Day One monetary volume for any 2025 ETF launch. Coinbase expanded its DeFi integration by partnering with Morpho to offer USDC lending with yields up to 10.8%, though analysts note these elevated rates include a temporary promotional boost. Meanwhile, institutional interest in Solana continues to grow, highlighted by Brera Holdings rebranding as Solmate after securing $300 million in funding to build a Solana-based treasury, causing the stock to surge over 225% while SOL trades around $240. Additionally, the FTX Recovery Trust announced its third major distribution of approximately $1.6 billion to creditors scheduled for September 30, furthering its efforts to return funds to victims of the exchange's collapse.

News Headlines
🔄 Plasma to Launch Mainnet Beta Blockchain for Stablecoins Next Week

• Plasma, a purpose-built blockchain for stablecoins, will launch its mainnet beta on September 25 with over $2 billion in expected stablecoin liquidity from more than 100 partners and its native token, XPL.
• The platform's PlasmaBFT architecture enables fast and fee-free USDT transfers, positioning itself as a foundational infrastructure for global monetary movement rather than just another general-purpose blockchain.

🏗️ Google Cloud taps EigenLayer to bring trust to agentic payments

• Google Cloud has integrated EigenLayer's verification infrastructure to enhance its universal payment layer for AI agents (AP2), supporting both traditional and crypto payment methods across different networks.
• This collaboration introduces the concept of "sovereign AI agents" that operate autonomously with programmed constraints, using EigenCloud's cryptographic verification to create accountability in financial transactions between AI systems.

💵 PayPal's $1.3B Stablecoin Expands to 9 New Blockchains

• PayPal's PYUSD stablecoin is expanding beyond Ethereum, Solana, Arbitrum, and Stellar to nine additional blockchains through LayerZero's interoperability protocol, creating a permissionless PYUSD0 version.
• Since its 2023 launch, PYUSD has grown its supply from $520 million to $1.3 billion, with corporate adoption surpassing other stablecoins like Ethena's USDe according to recent surveys, positioning PayPal as a significant player in the growing stablecoin market.

👨‍💻 Ethereum Devs Set December Date for Fusaka Upgrade

• Ethereum developers have scheduled the Fusaka upgrade for December 3, which will be followed by two capacity increases on December 17 and January 7 to enhance scalability for layer-2 networks.
• The upgrade introduces PeerDAS to improve data sampling efficiency and will incrementally increase blob limits from 6/9 to 10/15 and then to 14/21, aimed at reducing transaction costs while maintaining network security.

🌐 Grayscale ETF Tracking XRP, Solana and Cardano to Hit Wall Street After SEC Pause

• Grayscale's Digital Large Cap Fund is set to debut on the NYSE as the first multi-asset crypto ETF in the US, tracking Bitcoin (72%), Ethereum (17%), Solana (5.6%), XRP (4%), and Cardano (1%).
• This approval follows the SEC's introduction of new standards for commodity-based trusts that streamline the ETF approval process, marking a significant step toward broader acceptance of cryptocurrencies in traditional finance.

Market Metrics

Fundraising & VC
1. Finary (Series B, $29.4M) - All-in-one wealth management platform
2. GRVT (Series A, $19M) - Self-custodial exchange and on-chain investing network

Regulatory
🔍 Senate Democrats Probe Binance-Trump Administration Ties

• Senator Elizabeth Warren and other Democratic lawmakers are questioning the DOJ about Binance's compliance with its 2023 settlement and potential ties to the Trump administration.
• The inquiry highlights concerns about Binance's attempts to terminate its external compliance monitoring obligations and speculation regarding a potential pardon for founder Changpeng Zhao.

🏦 Bank of Canada Calls for Stablecoin Regulation

• The Bank of Canada's payments head urged federal regulators to establish a regulatory framework for stablecoins to prevent the country from falling behind in payment modernization.
• Current remittance costs in Canada can reach up to 10%, while stablecoins could potentially reduce fees to under 1%, improving financial inclusion for immigrant communities.

🏛️ Michigan Bitcoin Reserve Bill Advances After Lengthy Delay

• Michigan's House Bill 4087, which would allow the state treasurer to allocate up to 10% of state funds into cryptocurrency, has advanced to the Government Operations Committee after a seven-month delay.
• This initiative reflects a growing trend toward state-level Bitcoin adoption, potentially inspiring neighboring states to pursue similar legislation.

👨‍⚖️ CFTC Appoints Crypto Industry Leaders to Advisory Committee

• The CFTC appointed executives from Uniswap, Aptos Labs, BNY, and Chainlink to its Digital Asset Markets Subcommittee to enhance engagement with the crypto sector.
• These appointments highlight growing connections between traditional finance and digital assets, reflecting Wall Street's increased interest in tokenized assets and stablecoins.

💱 EU Finance Ministers Agree on Digital Euro Holding Limits

• EU finance ministers reached an agreement to impose holding caps on the upcoming digital euro, establishing procedures for setting limits on individual holdings.
• The ECB emphasized that the digital euro aims to ensure all Europeans have access to reliable payments during disruptions while preserving user privacy.

Technical Analysis
Bitcoin - Bitcoin has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. The currency has support at points 107700 and resistance at points 117600. The currency is assessed as technically positive for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency is between support at points 4300 and resistance at points 4800. A definitive break through of one of these levels predicts the new direction. The currency is assessed as technically slightly positive for the short term.