Crypto Morning Brief: Hyperliquid's native stablecoin USDH launches, Binance Alpha-listed token GAIN plunges over 90%
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Crypto Morning Brief: Hyperliquid's native stablecoin USDH launches, Binance Alpha-listed token GAIN plunges over 90%
The U.S. Senate Finance Committee will hold a digital assets tax hearing on October 1.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
U.S. Senate Finance Committee to hold digital asset tax hearing on October 1
Mike Crapo, Chairman of the U.S. Senate Committee on Finance, announced a hearing titled "Examining Digital Asset Taxes" will be held in the Senate on the morning of October 1. Industry executives including Lawrence Zlatkin, Vice President of Tax at Coinbase Global, and Jason Somensatto, Policy Director at Coin Center, will testify. The hearing will be livestreamed on finance.senate.gov and Mike Crapo's X account.
U.S. Treasury Secretary Belton: Fed rates have been too high for too long; we're entering a loosening cycle
According to Jinshi Data, U.S. Treasury Secretary Belton stated that Federal Reserve interest rates have remained too high for too long, and that the U.S. is now entering a monetary easing cycle.
Belton also said that Fed Chair Powell should have signaled a rate cut of 100 to 150 basis points, expressed uncertainty about why Powell has hesitated, emphasized the need to lower rates at least back to neutral levels, and mentioned they are seeking an open-minded individual to serve as Fed Chair.
GSR files innovative ETF application with the SEC, aiming to invest in crypto treasury companies
According to Decrypt, market maker GSR filed an application with the U.S. Securities and Exchange Commission (SEC) on Wednesday to launch an innovative ETF. The ETF will focus on investing in corporate treasuries of public companies holding cryptocurrencies, with at least 80% of assets allocated accordingly. The initial plan includes 10–15 investment positions, primarily targeting U.S.-listed firms.
SBF’s X account clarifies: Posts made by a friend on his behalf
The SBF Twitter account posted: "No, SBF is not posting from prison himself. I'm a friend, posting on his behalf."
Binance Alpha-listed token GAIN plunges over 90%, currently trading at $0.007
Market data shows that GriffinAI (GAIN), the token listed yesterday on Binance Alpha, has dropped over 90%, currently priced at $0.007. On-chain data suggests that 5 billion GAIN tokens may have been minted this morning around 7 a.m.
Hyperliquid’s native stablecoin USDH officially launches
According to The Block, USDH, the stablecoin issued by Native Markets, has officially launched trading on Hyperliquid, with the USDH/USDC trading pair now available.
USDH is the first dollar-pegged token selected through Hyperliquid’s validator voting process, natively issued on HyperEVM and bridged into the Hyperliquid ecosystem. Native Markets previously won the vote against proposals from Paxos, Frax, Agora, and others.
Reportedly, USDH reserves are fully backed by cash and short-term U.S. Treasuries, managed via an off-chain/on-chain hybrid model, with transparency provided through oracles. The issuer plans to use a portion of reserve earnings for HYPE token buybacks.
Mira unveils tokenomics: 1 billion total supply, 6% allocated for initial airdrop
According to an official announcement, Mira has revealed its tokenomics: total supply of 1 billion tokens on the Base network, with an initial circulating supply of 19.12% at TGE. The detailed allocation is as follows:
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6% for initial airdrop;
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16% allocated for future node rewards;
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26% allocated for ecosystem reserves;
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20% allocated for core contributors;
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14% allocated for early investors;
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15% allocated for the foundation;
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3% for liquidity incentives.
Previously reported, Binance Alpha will list Mira Network (MIRA) on September 26.
Bitlight Labs hints at upcoming TGE
According to an official post, RGB protocol infrastructure developer Bitlight Labs tweeted: "Let there be $LIGHT; and there was $LIGHT. September 27." This may hint at an imminent TGE.
Shared computing protocol Bless announces airdrop claim is now open
According to an official announcement, shared computing protocol Bless has opened airdrop claims, with staking functionality simultaneously launched.
Earlier news: Binance Alpha and Binance Futures have listed Bless (BLESS) today.
CZ reveals early investment in cryptocurrency wallet SafePal
According to CZ’s social media disclosure, cryptocurrency wallet SafePal is part of his investment portfolio, which he invested in very early, shortly after his investment in Trust Wallet.
DeFi Development board approves increasing stock buyback authorization from $1 million to up to $100 million
According to GLOBE NEWSWIRE, DeFi Development Corp. (Nasdaq: DFDV), a publicly traded SOL treasury company, announced its board has approved significantly increasing the existing stock buyback program authorization from $1 million to up to $100 million.
The buyback program allows the company to repurchase shares of common stock in the open market under Rule 10b-18 of the Securities Exchange Act of 1934. The company has set an initial threshold of $10 million, requiring management to report to the board before executing additional purchases. All repurchased shares will either be canceled and returned to authorized but unissued status or held as treasury stock. The timing, method, and quantity of repurchases will be determined by management based on market conditions and other factors, and the program may be modified, suspended, or terminated at any time.
Market Updates
Suggested Reading
Hype, Fall, and Escape: The Disillusionment of Traditional VCs in Web3
This article explores the rise and fall of traditional venture capital (VC) in the cryptocurrency and Web3 space, detailing the shift from initial enthusiasm to eventual disillusionment and the trend of capital moving toward AI. It analyzes the cyclical nature of the crypto industry, changes in VC investment logic, and potential future directions.
Hyperliquid Korea Hackathon concludes: A quick look at 13 winning projects
This article covers the conclusion of the Hyperliquid Korea Hackathon, a 48-hour developer marathon that attracted global builders and awarded 13 projects from a prize pool exceeding $50,000. Spanning AI trading assistants, cross-chain infrastructure, and risk management tools, these projects highlight Hyperliquid’s potential evolution from a trading platform into a full-fledged ecosystem.
Delphi Digital Report: Plasma, targeting opportunities in a trillion-dollar market
This article focuses on Plasma, a zero-fee public chain designed specifically for stablecoins, aiming to become core infrastructure for global dollar settlements. It details Plasma’s technical architecture, economic model, competitive positioning, and its strategy of attracting traffic through zero fees while generating revenue.
DeFiance Capital: Everything you need to know about Mantle
This article provides an in-depth analysis of Mantle ($MNT)'s strategic transformation and integration with Bybit, emphasizing its significant potential as an exchange utility token. It examines MNT’s investment thesis, demand drivers, token economics, comparisons with other exchange tokens, and highlights current market opportunities and potential risks.
This article discusses how to avoid a digital dystopia when technology governs all aspects of life. Vitalik argues that openness and verifiability are crucial to ensuring technological safety, fairness, and transparency, while empowering individuals and society with greater autonomy.
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