A leading figure in the crypto space has outlined how the tokenization strategy from Ripple could push XRP to a new all-time high.
In a detailed post on X, Austin King, co-founder of Omni Network, discussed how the XRP Ledger (XRPL) can capitalize on real-world asset (RWA) tokenization to drive long-term growth.
Recall that Ripple CTO David Schwartz suggested in 2023 that the firm was pivoting to RWA tokenization, highlighting their desire to expand into the industry. Notably, Ripple acquired custody and tokenization firm Metaco in May 2023 to pursue this vision.
Interestingly, King’s recent disclosure suggests that combining Ripple’s institutional partnerships with blockchain-driven liquidity expansion could bolster XRP’s utility and demand, pushing it to a new ATH.
Tokenization is a Multi-Trillion-Dollar Opportunity According to King, the tokenization potential within XRPL is massive, reaching into the trillions. However, he believes many people overlook how this could occur.
He explained that the XRP Ledger, despite being the third-largest crypto network, has yet to fully integrate into the decentralized finance (DeFi) space. Unlike Ripple’s success in onboarding financial institutions, there hasn’t been a dedicated effort to expand XRPL assets across multiple blockchain networks.
King’s Omni Network wants to fill this gap by linking XRPL’s tokenized assets to a broader on-chain economy. King revealed that RLUSD, Ripple’s stablecoin, has already added over $38 billion in liquidity across multiple networks on devnet.
He also pointed to Ondo Finance’s move to bring tokenized U.S. Treasury bills onto XRPL, a development expected to create a ripple effect across financial markets. Recall that last month, Ondo Finance brought its tokenized Treasury fund to the XRPL.
The Two-Part Strategy to Elevate XRP King described a feedback loop that could bolster adoption in two parts. First, Ripple is helping banks tokenize assets like bonds and securities onto XRPL. Then, Omni Network ensures those tokenized assets flow across various blockchain ecosystems, increasing their accessibility.
Because there is a powerful feedback loop:
1) Offchain: Ripple helps banks tokenize assets from traditional finance on $XRP Ledger.
2) Onchain: @OmniFDN expands those tokenized assets across the onchain economy.
This incentivizes more institutions to tokenize assets on $XRP. pic.twitter.com/Gvf3zGSacV
— Austin King (@0xASK) February 10, 2025
Notably, the model incentivizes more institutions to tokenize assets on XRPL, making XRP a major asset in the growing RWA market. King believes XRP’s role will expand as traditional finance integrates more blockchain-based assets. This is capable of pushing XRP price to greater heights.
Recent XRPL Developments Around Tokenization Ripple is actively pursuing the tokenization industry. In June 2024, the company deepened its collaboration with Archax. This partnership looks to tokenize hundreds of millions of dollars in RWAs on the XRPL. Together, they launched the UK’s first tokenized money market fund on the XRPL last November.
In September 2024, Ripple introduced Multi-Purpose Tokens (MPTs), a new standard allowing easy tokenization of financial instruments like Treasury Bills. This will help the XRPL accommodate complex financial assets, making it attractive for institutions.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Beyond PENGU, airdrops from Dymension, Omni Network, zkSync, and LayerZero boosted Pudgy Penguins holders' earnings significantly throughout 2024.
Pudgy Penguins NFT holders have amassed significant rewards from a series of lucrative airdrops over the past year.
The latest data suggest that this figure could be around $137,000 per NFT at peak valuations.
Pudgy Penguins Holders Score Big According to CoinGecko’s latest report, the largest contributor to these gains was the PENGU airdrop, which alone accounted for $116,365 per NFT and represented 86.3% of the total airdrop value received.
The launch of PENGU in December 2024 marked a significant milestone in the Pudgy Penguins ecosystem, with each NFT receiving 1.7 million tokens. The initial price of $0.05 quickly surged to an all-time high of $0.07, which managed to amplify the financial benefits for holders.
Additionally, the distribution extended beyond Pudgy Penguins to include Lil Pudgys, Pudgy Rods, and even holders of prominent NFT collections like Doodles, Cool Cats, and Moonbirds. This strategic move helped broaden the Pudgy Penguins community and further cement its influence within the NFT space.
Beyond the PENGU airdrop, Pudgy Penguins holders also benefited from various ecosystem-driven distributions, including the Dymension, Omni Network, zkSync, and LayerZero airdrops.
The Dymension airdrop, conducted in early 2024, granted holders 1,313 DYM tokens per NFT, which reached an all-time high of $8.50. This translated to a peak valuation of $11,160 per NFT. As part of the Cosmos ecosystem, Dymension’s focus on modular roll apps highlighted the broader trend of integrating NFTs into blockchain infrastructure beyond just Ethereum.
Meanwhile, the Omni Network airdrop rewarded each holder with 37 OMNI tokens, which initially traded at $27.06 but later peaked at $53.81, bringing in an additional $1,984 per NFT at its highest value. This airdrop aligned with Omni Network’s mission to enhance cross-chain interoperability, reinforcing the evolving role of NFTs in blockchain utility.
zkSync’s ZK token airdrop, on the other hand, in June 2024 provided holders with 8,721 ZK tokens, which, at its peak price of $0.32, delivered $2,791 in value per NFT. As a leading Ethereum Layer 2 solution, zkSync’s inclusion of Pudgy Penguins in its airdrop reflected the growing synergy between NFTs and blockchain scalability projects.
Lastly, the LayerZero airdrop in July 2024 further boosted holder gains, allocating 100 ZRO tokens per NFT. With an all-time high of $7.47, this airdrop contributed $747 per NFT, reinforcing the Pudgy Penguins ecosystem’s reputation as a hub for high-value blockchain integrations.
NFT Market Faces Its Weakest Year Since 2020 Zooming out, the NFT market experienced one of its weakest years since 2020, with a 19% decline in trading volume and an 18% drop in sales. Despite a strong start in 2024, trading volumes plummeted from $5.3 billion in the first quarter of the year to $1.5 billion in the third quarter, recovering slightly to $2.6 billion by year-end.
The decline suggests that NFTs were traded at higher prices due to rising token values. However, the gaming sector thrived as it dominated NFT sales as players embraced digital ownership and decentralized economies.
Omni Network has integrated Superstate’s tokenized U.S. Treasuries fund, adding it to its balance sheet as part of efforts to optimize treasury management.
The interoperability protocol announced the partnership with Superstate on Feb. 17.
Its plan is to leverage Superstate’s Short Duration U.S. Government Securities Fund USTB as part of its treasury management strategy. Omni Network, powered by the OMNI token, will use the tokenized treasuries asset to grow its balance sheet.
This will help the team optimize their treasury management strategies “while maintaining liquidity and flexibility.”
Superstate’s USTB, currently a $274 million tokenized treasuries product, provides investment exposure to short-duration U.S. Treasuries. The fund allows holders to manage capital efficiently, with idle assets deployed to earn yields.
Capital inefficiency and fragmentation remain key challenges across the crypto space, making tokenized assets like USTB a valuable tool. Omni Network, for instance, will benefit from real-time liquidity, continuous pricing, and multi-chain access.
Omni’s integration of USTB comes just days after Superstate expanded multi-chain access, starting with real-world asset finance platform Plume Network.
Earlier this year, Omni Network and Plume announced a collaboration aimed at developing an efficient distribution engine for real-world assets.
Additionally, Omni Network partnered with decentralized AI network Allora to leverage artificial intelligence in optimizing pricing and management of real-world assets.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Austin King, a cofounder of the Omni chain, has published a tweet with a major crypto prediction. His tweet shows that he has just taken part in the XRP Las Vegas event, returning from it with a bullish mood on the future of crypto.
In his tweet, King shared several key points where, he believes, big changes regarding the crypto space will be made.
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"The next 2 years will change crypto forever"King believes that positive changes will certainly transform the cryptocurrency space because he expects the U.S. government to establish clarity in this industry.
The fact that financial institutions are beginning to embrace Bitcoin, Ethereum and other altcoins both directly and via ETFs and/or Michael Saylor’s Strategy. Besides, he added, adoption and growth of the space are also “about to accelerate stability.”
XRP Las Vegas confirmed one thing: the next 2 years will change crypto forever.
Regulatory clarity is coming. Institutions are leaning in. Adoption and growth are about to accelerate substantially.
For those who missed it, here's an overview -- first off, the most important… pic.twitter.com/UBn0pzvg5h
— Austin King (@OnchainAustin) June 2, 2025 For those who missed his talk at XRP Las Vegas, King offered a quick overview about the aforementioned bullet points. Over the past decade, he said, the crypto industry had to defend itself against various attacks from central banks, regulators and financial institutions, which overall did not believe in crypto’s future and opposed it.
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Radical change from just marketing to adoption comingNow, the largest financial institutions, such as BlackRock, Fidelity and even Tesla and SpaceX, have begun to appreciate the benefits of blockchain and crypto and allocate large amounts of funds into it. BlackRock has launched Bitcoin and Ethereum ETFs, and Tesla bought $1.5 billion in 2021 but has sold a lot of this stash by now.
King has called this stunning pivot a chance to create “by far the biggest opportunities” that he has seen over his eight years in the crypto space as a founder.
100% -- so much opportunity right now to really scale this tech throughout the global financial system for the first time.
— Austin King (@OnchainAustin) June 2, 2025 The Omni chain cofounder predicted that while, until now, crypto companies have been using good marketing, it has “failed to drive adoption.” Now, he says, crypto networks are starting to “lean into these new 100x mainstream opportunities,” and it gives them an immense advantage over those networks that still rely only on marketing.
“Over the next 2 years you'll see a significant amount of liquidity rotate from marketing based companies to projects that are clearly driving real world impact,” King predicted. “The global financial system is being rebuilt before our eyes,” he believes.
Omni Network took the cryptocurrency market by storm on Friday, with the native token pumping a staggering 200% as it outpaced the top 500 coins by market capitalization.
As the crypto market revelled in the wake of Bitcoin (BTC) touching a new all-time high above $118k, the Omni Network (OMNI) crypto bid to steal the show.
The altcoin, currently ranked 277 by market cap at just over $135 million, outpaced cryptocurrency peers as its price rose from lows of $1.53 to hit $5.40 across major exchanges.
Data shows its daily trading volume shot up by more than 6,000% to $971 million, a staggering figure that suggests a major exchange flow as holders eyed gains.
Binance Wallet support While price is back at support levels around $4.00, OMNI remains one of the top gainers overall in the past 24 hours. A range of positive developments contributed to the upside action, among them an announcement by the world’s largest cryptocurrency exchange, Binance.
The exchange revealed new integrations for Binance Wallet, allowing users to access and stake coins via multiple decentralized applications. Omni Network is one of the top dApps Binance Wallet outlined support for, alongside others including Momentum, Aarna AI, Elderglade, Paintswap, Silo Finance, and Meta Pool.
New integrations are now live on #BinanceWallet!
Check out the newly added dApps: Momentum, Aarna AI, Sleepless AI, Gaia, Reva AI, Elderglade, Paintswap, Meta Pool, Omni, Silo Finance.
Discover them now! ⤵️
— Binance Wallet (@BinanceWallet) July 11, 2025 Omni Network integration means Binance Wallet users now have access to OMNI staking directly from within the wallet’s mobile app. Those who stake tokens to help secure the Omni Network have an opportunity to earn rewards at an annual percentage rate of 11%.
OMNI price spiked amid explosion in derivatives volume Omni Network pumped hard in the last 24 hours.
But notable is the huge spot volume on exchanges – over $195 million on Binance and $238 million on MEXC. Also massive for the small cap token is the level of leveraged trades it sported, with derivatives volume exploding exponentially to over $1.46 billion.
Per data from Coinglass, the open interest in OMNI jumped nearly +300% to $34 million.
However, as an analyst Wise Advice pointed out on X, funding hovered negative to suggest increased shorting as the price rose.
In this case, Omni Network has seen more than $5.69 million in 24-hour liquidations. About $3.35 million of this accounts for liquidated shorts, with $2.68 million in the past 12 hours coinciding with OMNI price skyrocketing.
HTX, a leading global crypto exchange, is thrilled to announce the exceptional performance of its newly listed assets, coinciding with Bitcoin‘s groundbreaking surge past $120,000. In a period of renewed market optimism and significant capital rotation, HTX’s latest listings have once again showcased substantial wealth-generating potential. This solidifies the platform’s reputation as a go-to destination for investors looking to capitalize on emerging market trends. Between July 7 and 14, new listings across the Meme, NFT, and Infrastructure sectors achieved impressive gains. These remarkable results highlight HTX’s strategic ability to identify and list high-potential assets, providing significant wealth creation opportunities for its global user base.
Meme Coin Resurgence Led by M and MOG The resurgence of meme coins saw two prominent assets deliver significant returns:
● Memecore ($M) surged an astounding 482% in just days, firmly topping the gainers’ list. Positioned as the first Layer 1 blockchain designed for the Meme 2.0 era, $M is set to become an engine driving meme culture, value creation, and community collaboration.
● MOG Coin ($MOG), another prominent meme coin, recorded a remarkable 112% increase. This Ethereum-based asset has recently garnered significant attention and discussion across social platforms.
The surge in meme coin assets reaffirms the market logic that “emotion is value”. As one of the first platforms to list these tokens, HTX has effectively transformed community sentiment into trading activity, delivering tangible returns for users.
Infrastructure and Cross-Chain Narratives Regain Momentum with Strong Performances from OMNI and TANSSI Technologically driven assets also performed well this week.
● Omni Network ($OMNI) jumped 260%, driven by renewed interest in inter-chain interoperability. As an Ethereum-native interoperability protocol, Omni Network enables low-latency communication across all Ethereum rollups and offers a secure, high-performance, and globally compatible architecture — positioning Ethereum as a single, unified operating system for both users and developers.
● Tanssi Network ($TANSSI) climbed the ranks with an 82% increase. As an appchain infrastructure protocol built on Polkadot’s shared security framework, Tanssi offers the ContainerChain parachain solution, providing appchains with essential services such as block production, data availability, cross-chain messaging, and external bridging. Its ecosystem also includes management tools, ready-to-use templates, and key integrations like wallets, indexers, RPC endpoints, block explorers, and oracles.
HTX’s early identification of the infrastructure trend empowered previously overlooked assets to gain significant momentum on the platform, showcasing the precision of its listing strategy.
$PENGU Surges on Enterprise NFT Buzz, NFT Sector Stages Strong Comeback Recently, the rise of the “enterprise NFT” narrative has sparked growing interest, with both established brands and new IPs leveraging NFTs to broaden community engagement. As a result, NFT assets are experiencing a resurgence, demonstrating strong wealth potential in this new context.
● Pudgy Penguins ($PENGU) witnessed an impressive 89% surge in a short period. This collection of 8,888 NFTs drives Web3 innovation through IP licensing and community-driven empowerment. Each holder gets exclusive access to experiences, events, IP licensing opportunities, and more. $PENGU has distinguished itself as one of the few NFT projects to achieve both substantial traffic and high trading volume.
Popular Assets Rally as XLM and KNC Maintain Resilience Beyond the newly listed assets, established popular assets also saw significant movement:
● XLM (Stellar) rose 88%, benefiting from heightened payment activity and growing stablecoin clearing needs. As an open payment network, Stellar bridges diverse financial systems, empowering anyone to create low-cost financial services for their communities. This interconnectedness enhances individual access, reduces banking costs, and boosts business revenue.
● Kyber Network ($KNC) recorded a 65% gain, emerging as a standout in the DEX sector. The surge was driven by the release of new DeFi versions and liquidity incentive programs. Kyber Network aims to build a system that supports instant trading and seamless conversion of diverse digital assets. It offers robust payment APIs and next-generation contract wallets, enabling smooth token-to-token payments for all users.
The rise of these assets also signals a broader market shift from pure emotional speculation to projects backed by real-world applications and strong liquidity support.
About HTX Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.
As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.To learn more about HTX, please visit https://www.htx.com/ or HTX Square , and follow HTX on X, Telegram, and Discord.
OMNI surged by over 150% in a short period of time, possibly due to Upbit's launch of Korean won trading pairs.
PANews reported on July 29 that according to Binance market data, OMNI rose by more than 150% in a short period of time, and is now quoted at $6.5, with a maximum increase of $7.27.
Previously, Omni Network (OMNI) was launched on Upbit's Korean won market.
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US Three Major Indexes Mixed, HOOD Down Over 6.11%
OMNI price went parabolic on July 29 after it secured a listing on Upbit. A breakout from a falling wedge now points to massive potential gains in the coming weeks.
Summary
OMNI surged 170% on July 29 following its KRW trading pair listing on South Korea’s Upbit exchange. Daily trading volume spiked over 2,100% to $904 million, with Upbit accounting for the largest share at $290 million. A breakout from a falling wedge pattern now targets a 120% upside, though RSI readings above 70 suggest a short-term cooldown may follow. According to data from crypto.news, Omni Network (OMNI) skyrocketed 170% on Tuesday, July 29, before settling at $4.84 as of press time, still up 84% in the past 24 hours.
The altcoin, currently ranked 337 by market cap at just over $182 million, outpaced its peers among the top 500 cryptocurrencies by market cap in gains today.
Data shows OMNI’s daily trading volume surged over 2,100% to reach $904 million, highlighting a sharp increase in market activity as investors rushed to capitalize on the rally.
Why did OMNI price soar? OMNI price surged sharply after South Korea’s largest crypto exchange, Upbit, introduced a KRW trading pair for the token early yesterday.
The listing substantially increased OMNI’s exposure to Korean retail investors, a market known for fueling speculative rallies. Upbit’s dominant position in the region likely lent institutional credibility to the token, prompting a surge in investor interest and trading activity.
According to data from CoinGecko, Upbit accounted for the majority of OMNI’s trading volume over the past 24 hours, recording approximately $290 million, significantly higher than Binance, which registered $192.7 million during the same period.
OMNI price also gained traction as open interest surged to an all-time high of over $75 million, rising more than 370% in the past 24 hours per CoinGlass data. Despite a persistently negative weighted funding rate, indicating a market skewed toward short positions, the sharp buildup in open interest likely fueled a short squeeze, driving prices higher as traders rushed to cover their positions.
Omni Network recorded over $10.62 million in liquidations within the past 24 hours, with approximately $7.66 million attributed to liquidated short positions as bearish traders faced significant losses amid the unexpected price rally.
OMNI price action The recent Upbit listing has acted as a major catalyst for OMNI, pushing the token above a key resistance level on the daily chart that had previously capped its rallies.
Since early June 2024, OMNI had been trading within a falling wedge pattern, a bullish reversal formation characterized by converging downward-sloping trendlines. The token attempted to break out of this pattern twice, once in December 2024 and again on July 11 this year, but failed to sustain momentum on both occasions.
OMNI price, 50-day and 200-day SMA chart — July 30 | Source: crypto.news This time, however, OMNI decisively broke above the upper trendline of the wedge at $4.77 on July 29. The breakout was followed by a successful retest of the same level, which has now turned into a support zone, further validating the pattern.
Technical indicators continue to back the bullish case for OMNI. The price has moved firmly above its 50-day and 200-day simple moving averages, which market watchers often view as a confirmation of a developing uptrend.
OMNI MACD and RSI chart — July 30 | Source: crypto.news Addilonally, the Moving Average Convergence Divergence lines are trending upward, with growing green histogram bars indicating that bulls are still in control.
Given the strength of the breakout, the next major target lies at $10.70, which represents a 120% upside from current levels and aligns with its immediate path of least resistance. If bullish momentum continues, the full upside projection from the wedge pattern places the long-term target around $21.75.
However, with the RSI reading above 70, OMNI is currently overbought, which is not uncommon for a crypto asset that is within a strong uptrend. As such, a short pull-back shouldn’t be ruled out, especially as momentum cools and profit-taking sets in.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
On July 29, 2025, OMNI (Omni Network) stunned the crypto market with a spectacular 200% price surge, triggered by its listing on Upbit, South Korea’s largest cryptocurrency exchange. This move opened the token to a highly speculative investor base, resulting in a trading volume explosion of over $900 million in just 24 hours.
In a recent tweet, Renowned trader Michaël van de Poppe (@CryptoMichNL) highlighted OMNI’s performance, revealing that his altcoin portfolio jumped from $35,000 to $60,000, driven by timely trades and strategic exposure to OMNI.
Despite ongoing corrections in major tokens like BTC and ETH, OMNI’s rally shows how altcoins can thrive in selective pockets of market volatility.
OMNI's price trends to the upside on the daily chart following a massive spike in trading volume. Source: OMNIUSDT on Tradingview Why OMNI is Gaining Attention Beyond the Hype OMNI’s breakout is fueled by a combination of factors. The Upbit listing attracted significant retail demand, while Binance Wallet’s 11% APY staking incentive encouraged long-term holding. Fewer circulating tokens created scarcity, driving the price up rapidly.
Beyond speculation, OMNI’s integration with platforms like Aarna AI and PaintSwap strengthens its real-world utility in DeFi and crypto payroll solutions. These use cases provide substance to the rally, suggesting OMNI could sustain interest if development continues.
Is Another OMNI Rally in the Cards? With OMNI trading at $5.40 and showing a 234% gain in July, traders are eyeing a potential continuation. However, resistance near $7.08 could be a critical level. Analysts urge caution: speculative pumps can reverse sharply.
Still, the token’s performance serves as a case study in how listings, staking, and use cases can align for explosive returns. Traders seeking similar opportunities should track volume spikes, on-chain wallet activity, and BTC dominance shifts to identify the next breakout.
In a market full of uncertainty, this crypto’s rally offers both inspiration and a reminder of the risks that come with chasing high-flying altcoins.
Omni Network (OMNI) continues to ride a powerful bullish wave one week after its debut on South Korea’s top exchange, Upbit.
As of now, the token trades at approximately $5, marking a 276% surge over the past 30 days, with the listing acting as a major catalyst in drawing global investor attention.
Launched to tackle fragmentation in Ethereum’s growing rollup ecosystem, Omni Network is fast becoming a favorite among both retail and institutional investors. The network’s promise of seamless interoperability between Ethereum rollups, powered by OMNI as a universal gas token, has boosted its bullish momentum.
Why OMNI Is Outperforming the Market OMNI’s remarkable ascent began with its July 29 listing on Upbit. Within hours, the token surged from $2.50 to over $7.80, before stabilizing around $5. High trading volumes exceeding $580 million supported the magnitude of investor demand.
Technical indicators remain bullish. The MACD line continues to trend above the signal line, while RSI levels, though overbought, suggest sustained momentum.
Analysts view $4.36 as a crucial support level, with $5.98 and $6.94 serving as key resistance points. A breakout above these could pave the way to $10 and beyond in the coming months.
Beyond speculative interest, the token’s utility adds long-term value. Its dual staking model, which includes both the token and restaked ETH, combined with its universal gas marketplace, makes it a foundational infrastructure layer in Ethereum’s modular future.
OMNI's price trends to the upside on low timeframes breaking out of a downtrend and hinting at further profits. Source: OMNIUSD on Tradingview Outlook: Can This Crypto Keep the Momentum Going? Omni Network’s design aligns well with the Ethereum roadmap, and its market performance reflects strong confidence in its value proposition. With just over 10 million OMNI tokens currently in circulation, and most allocations under long-term vesting, supply remains constrained, adding to upward price pressure.
If adoption among Ethereum rollups continues and trading volumes hold, the token could hit $10–$30 within the next 12–24 months, according to mid-to-long-term forecasts.
For now, the Omni Network story is one of strong fundamentals, positive technicals, and a market narrative centered on blockchain support, place OMNI as one of 2025’s most promising Layer 1 tokens.
Cover image from ChatGPT, OMNIUSD chart from Tradingview
PANews reported on August 26th that Coinbase International has officially announced support for GMT, Omni Network, and Synthetix perpetual contracts on Coinbase International Exchange and Coinbase Advanced. The GMT-PERP, OMNI-PERP, and SNX-PERP markets will open on or after 5:30 PM Beijing Time on August 28th.
The cryptocurrency markets experienced a downturn recently due to the tensions between the Federal Reserve and former President Trump’s actions. Despite this, Coinbase continues to list new altcoins, following the general trend of an upward trajectory. More listings mean higher trading volume, making this news favorable for three specific altcoins.
Breaking News on Altcoin ListingsAccording to an announcement from Coinbase Global Exchange’s official platform, three new perpetual pairs—GMT-PERP, OMNI-PERP, and SNX-PERP—will be activated on August 28th. This support for GMT, Omni Network, and Synthetix is expected to boost liquidity for these altcoins in the futures markets.
Following the announcement, the altcoins showed some movement. The price of SNX rose from $0.65 to above $0.66, demonstrating a slight increase after the recent market drop, which is a positive sign influenced by the news.
Market Impact and SentimentGMT, once a prominent altcoin that has since fallen out of favor, hit a short-term peak of $0.0406 thanks to this announcement. On the other hand, OMNI Coin briefly rose to $3.49 before quickly retracting to $3.47, indicating minimal impact from the news.
If market sentiment improves by August 28th, the activation of these perpetual pairs could lead to a positive divergence for these three altcoins.
Investors and traders should keep a close watch on these developments as new listings like these may offer opportunities for strategic trading given the volatile nature of the cryptocurrency markets.
The announcement reflects Coinbase’s ongoing focus on expanding its offerings, supporting a broader range of altcoins, and thereby strengthening its position in the dynamic and competitive crypto exchange landscape.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
PANews reported on May 9th that Aave released an update on its X platform stating that the second phase of its rsETH recovery plan has made progress. On May 6th, the attacker's eight positions on Aave V3 were liquidated, and the recovered rsETH collateral has been transferred to Recovery Guardian. Governance proposals from both Mantle DAO and Arbitrum DAO have been passed. The court has approved the transfer of frozen ETH to Aave LLC via an on-chain vote on Arbitrum DAO, and the restraining order will take effect simultaneously with the asset transfer. As a contingency plan, funds will be borrowed to cover the shortfall until the frozen ETH is returned.
The next phase of the plan includes: burning the liquidated rsETH on Arbitrum; Kelp will retract the corresponding LayerZero data packet on Ethereum to eliminate the fraudulently minted rsETH supply. On Ethereum, the recovered rsETH will be sent to the bridge staking contract, combined with ETH raised by the DeFi United consortium, to restore the asset backing of rsETH. After the bridge is restored, rsETH withdrawals will reopen, and temporary configuration adjustments on Aave will be reversed. The WETH loan-to-value ratio on Aave V3 Ethereum Core will soon recover.
Rubio: US and Iran to continue technical consultations at the end of this month
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Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
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Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
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US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
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According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
PANews reported on May 12th that, according to SoSoValue data, the crypto market saw a general pullback, with the Layer 2 sector falling 2.62% in the last 24 hours. Within the Layer 2 sector, Starknet (STRK) fell 5.54%, Optimism (OP) fell 4.25%, and Mantle (MNT) fell 3.15%. Only the CeFi sector remained relatively resilient, rising 0.42%, with Cronos (CRO) rising 4.46% and Binance Coin (BNB) rising 0.82%.
In other sectors, the Layer 1 sector fell 0.22% in the last 24 hours, but Canton Network (CC) rose 3.98%; the PayFi sector fell 0.28%, with Telcoin (TEL) rising 14.14%; the AI sector fell 0.41%, with Billions Network (BILL) surging 19.21% intraday; the Meme sector fell 0.42%, but BUILDon (B) surged 54.09%; and the DeFi sector fell 1.68%, with Curve DAO (CRV) bucking the trend and rising 8.86%.
In November 2017, an ex-Lazada payments builder was sitting in front of central-bank regulators across Southeast Asia trying to convince them that a QR code could safely move money. He had moved over to Alipay to lead its push to export the Chinese payments playbook abroad. “I had the experience, frontline experience of going to Southeast Asia, convincing banks, regulators, that you could let your people scan a QR code and money will move safely,” Neo now runs the onchain neobank UR, said on the On The Margin podcast. "It was crazy. I was in boardrooms. I was in front of the regulator. I'm trying to tell them that this little piece of QR contains enough information to switch payments from one account to the other and you could trust it."
Eight and a half years later, that same operator is running the consumer face of UR’s bet that on-chain banking will do to digital fiat what QR did to cash. UR first launched in June 2025 on Mantle Network, a Layer-2 blockchain that began life as BitDAO with backing from Founders Fund and crypto exchange Bybit, as the world’s first fully blockchain-based neobank. The job of explaining what that actually means at the operational layer falls to Neo.
What UR actually isUR sits on a Swiss banking charter 1B license, regulated by FINMA. Every fiat dollar, euro or Swiss franc deposited into a Swiss IBAN issued by UR is mirrored one-to-one as an on-chain tokenized deposit. The bank holds the underlying fiat fully reserved and does not lend or invest it. "It's a fully reserved banking model," Neo said. "We don't lend or invest this fiat that you send into this bank account, and we issue this on-chain representation."
The on-chain mirror is permissioned. Only KYC-verified wallets can receive or move the asset, which is how UR satisfies the Travel Rule on its blockchain rail. FINMA audits the bank quarterly by reading the chain directly. "FINMA audits, regulates the entity. They read the blockchain to see different wallet addresses, how much money is in, as it's moved over the quarter. And that's how they say, okay, you're free to operate in the next quarter," Neo said. UR can issue the same Swiss IBAN to citizens of more than 40 nationalities, with another 100 in the pipeline. Sanctioned-list nationalities are excluded. US citizens are not served. "Large parts of Asia, Latin America, we serve. And this is where most of our partners are asking us about anyway."
The product wraps the bank in an API so that a fintech can call UR to issue a real bank account to a user, on-ramp fiat through SEPA, SWIFT or SIC, mint the on-chain mirror, swap into USDC or another stablecoin, and reverse the flow on off-ramp. The fiat layer and the on-chain layer behave like the same balance.
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Why the career arc mattersNeo's resume reads like a checklist of every Asian payments revolution of the last fifteen years. Lazada was the first job, when Rocket Internet was hiring ex-consultants to bet that Southeast Asia would skip cash-on-delivery for cards and wallets. "We got lucky with the hypothesis on payments, that it would go digital," Neo said. "Back then cash on delivery was the main way people paid on Lazada. We bet that it would be cards and e-wallets and all that." The Lazada push got the company acquired by Alibaba; Neo moved to Alipay to run the QR rollout abroad.
Grab was next. "I came back to Southeast Asia to join Grab who was building out a bank, but early days it was just called a digital wallet," Neo said. "I saw how building this digital wallet impacted lives across Southeast Asia. It brought a lot of the unbanked or underserved people into finance, finally, as simple as giving them digital money, allowing them to transact." Tencent followed, working with portfolio companies including Maya Bank in the Philippines. Then his own checkout startup, four years.
The pattern repeated. "Most of my time was spent moving people from what we call Web 1 money to Web 2 money," Neo said. "Cash to cashless transactions, or digital money. So we've seen how that shift happens, how we get adoption, how that adoption creates or unlocks value in society or in economies, especially underserved ones. And then what's capable after." UR is the next leg, the move from Web 2 money to Web 3 money for the same constituency.
What actually changed the timing is the regulatory clock. "The key thing for me was regulation. Regulation always plays a big part. Once the governments, the regulators take notice and start policing, that's when things get serious. That's when proper companies get built," Neo said. The Swiss FINMA charter is the moment that opens the door for him. Without it, UR would be another orchestration layer dressed up as a bank.
Where the customers come fromUR's clients are not retail at the front. They are fintechs and crypto-native projects that need a regulated account layer they cannot build themselves. The latest live example Neo described is TopNod, a self-custodial wallet focused on tokenized real-world assets that, in Neo's account, "just crossed the 1 million mark, the user count mark recently." The Topknot use case is concrete. A retail customer wants to deploy 10,000 dollars into a money-market fund tokenized on-chain. With a traditional onramp, the conversion fee can swallow most of the year's 4 to 5 percent yield. With a UR-issued segregated bank account on-ramping at one-to-one, the fee shrinks to a wire charge and the yield survives.
The advice Neo gives to founders sounds like the lesson from his Lazada-Alipay-Grab triangle. If a project does not hold balances for long, "you're not a neobank," he said. "Orchestration platforms where you pay to just move money, those fit because your balance doesn't stay." The account layer becomes valuable only when funds sit. "When you do become some kind of account-holding layer where funds or fiat actually sits in, let's say, your bank for long periods of time, maybe because you are building some kind of financial super app or you are building some kind of investment app, then I think it pays to invest in an account or infrastructure provider." That is the segment UR is courting.
The long-tail currency problem, central to the Asia-and-Latin-America thesis, is solved with a hybrid approach. UR uses correspondent banking through partners like Wise and Tunes for exotic corridors, then opens local banking relationships when volume justifies them. "If that becomes the main channel, then we see the data, then maybe we'll go to a bank in that country and start, hey, maybe a local banking relationship makes sense and we'll start to hold currency. The business case totally makes sense."
What this looks like next to ICE-Polymarket and Stripe-BridgeThe institutional thesis Mantle is testing is the same one ICE bet $2 billion on at Polymarket and Stripe paid $1.1 billion to test through Bridge. Each acquisition or partnership is a vote that the next leg of consumer fintech will run on something more programmable than ACH. Where Stripe's Bridge plays the corridor and Polymarket plays the speculation venue, UR plays the account, which is the layer most fintechs assumed they could rent forever from a sponsor bank.
Neo's read is that the rented-bank model is what blockchain dissolves. "It's all these use cases that have been built on the limitations of the old system that persists," he said. "But then now with the maturity of policy and regulation, and also of in general people building in blockchain and the technology itself, this becomes a viable technology where the old world can be rebuilt on. I see it happening with different players in the system. Aave is rebuilding lending in that way. And then now at UR, we're rebuilding the account layer."
Tokenization of Wall Street assets needs an account layer to live in. Mantle is betting that layer is a Swiss IBAN that mirrors itself on a public chain, that the customers are in Asia and Latin America, and that the operator running it should look more like an Alipay graduate than a Wall Street one. The card-and-app version of crypto neobanking has been tried often enough that the bar has moved. As Neo put it, “everyone's taking the easy way out in Web 3, Web 2 world today. Easy USDC stable coins, you issue a card, suddenly you're neobank, and you can spend, and it's very cool. But structurally at its core, nothing's really changing.”
In November 2017, an ex-Lazada payments builder was sitting in front of central-bank regulators across Southeast Asia trying to convince them that a QR code could safely move money. He had moved over to Alipay to lead its push to export the Chinese payments playbook abroad. “I had the experience, frontline experience of going to Southeast Asia, convincing banks, regulators, that you could let your people scan a QR code and money will move safely,” Neo now runs the onchain neobank UR, said on the On The Margin podcast. "It was crazy. I was in boardrooms. I was in front of the regulator. I'm trying to tell them that this little piece of QR contains enough information to switch payments from one account to the other and you could trust it."
Eight and a half years later, that same operator is running the consumer face of UR’s bet that on-chain banking will do to digital fiat what QR did to cash. UR first launched in June 2025 on Mantle Network, a Layer-2 blockchain that began life as BitDAO with backing from Founders Fund and crypto exchange Bybit, as the world’s first fully blockchain-based neobank. The job of explaining what that actually means at the operational layer falls to Neo.
What UR actually isUR sits on a Swiss banking charter 1B license, regulated by FINMA. Every fiat dollar, euro or Swiss franc deposited into a Swiss IBAN issued by UR is mirrored one-to-one as an on-chain tokenized deposit. The bank holds the underlying fiat fully reserved and does not lend or invest it. "It's a fully reserved banking model," Neo said. "We don't lend or invest this fiat that you send into this bank account, and we issue this on-chain representation."
The on-chain mirror is permissioned. Only KYC-verified wallets can receive or move the asset, which is how UR satisfies the Travel Rule on its blockchain rail. FINMA audits the bank quarterly by reading the chain directly. "FINMA audits, regulates the entity. They read the blockchain to see different wallet addresses, how much money is in, as it's moved over the quarter. And that's how they say, okay, you're free to operate in the next quarter," Neo said. UR can issue the same Swiss IBAN to citizens of more than 40 nationalities, with another 100 in the pipeline. Sanctioned-list nationalities are excluded. US citizens are not served. "Large parts of Asia, Latin America, we serve. And this is where most of our partners are asking us about anyway."
The product wraps the bank in an API so that a fintech can call UR to issue a real bank account to a user, on-ramp fiat through SEPA, SWIFT or SIC, mint the on-chain mirror, swap into USDC or another stablecoin, and reverse the flow on off-ramp. The fiat layer and the on-chain layer behave like the same balance.
MORE FOR YOU
Why the career arc mattersNeo's resume reads like a checklist of every Asian payments revolution of the last fifteen years. Lazada was the first job, when Rocket Internet was hiring ex-consultants to bet that Southeast Asia would skip cash-on-delivery for cards and wallets. "We got lucky with the hypothesis on payments, that it would go digital," Neo said. "Back then cash on delivery was the main way people paid on Lazada. We bet that it would be cards and e-wallets and all that." The Lazada push got the company acquired by Alibaba; Neo moved to Alipay to run the QR rollout abroad.
Grab was next. "I came back to Southeast Asia to join Grab who was building out a bank, but early days it was just called a digital wallet," Neo said. "I saw how building this digital wallet impacted lives across Southeast Asia. It brought a lot of the unbanked or underserved people into finance, finally, as simple as giving them digital money, allowing them to transact." Tencent followed, working with portfolio companies including Maya Bank in the Philippines. Then his own checkout startup, four years.
The pattern repeated. "Most of my time was spent moving people from what we call Web 1 money to Web 2 money," Neo said. "Cash to cashless transactions, or digital money. So we've seen how that shift happens, how we get adoption, how that adoption creates or unlocks value in society or in economies, especially underserved ones. And then what's capable after." UR is the next leg, the move from Web 2 money to Web 3 money for the same constituency.
What actually changed the timing is the regulatory clock. "The key thing for me was regulation. Regulation always plays a big part. Once the governments, the regulators take notice and start policing, that's when things get serious. That's when proper companies get built," Neo said. The Swiss FINMA charter is the moment that opens the door for him. Without it, UR would be another orchestration layer dressed up as a bank.
Where the customers come fromUR's clients are not retail at the front. They are fintechs and crypto-native projects that need a regulated account layer they cannot build themselves. The latest live example Neo described is TopNod, a self-custodial wallet focused on tokenized real-world assets that, in Neo's account, "just crossed the 1 million mark, the user count mark recently." The Topknot use case is concrete. A retail customer wants to deploy 10,000 dollars into a money-market fund tokenized on-chain. With a traditional onramp, the conversion fee can swallow most of the year's 4 to 5 percent yield. With a UR-issued segregated bank account on-ramping at one-to-one, the fee shrinks to a wire charge and the yield survives.
The advice Neo gives to founders sounds like the lesson from his Lazada-Alipay-Grab triangle. If a project does not hold balances for long, "you're not a neobank," he said. "Orchestration platforms where you pay to just move money, those fit because your balance doesn't stay." The account layer becomes valuable only when funds sit. "When you do become some kind of account-holding layer where funds or fiat actually sits in, let's say, your bank for long periods of time, maybe because you are building some kind of financial super app or you are building some kind of investment app, then I think it pays to invest in an account or infrastructure provider." That is the segment UR is courting.
The long-tail currency problem, central to the Asia-and-Latin-America thesis, is solved with a hybrid approach. UR uses correspondent banking through partners like Wise and Tunes for exotic corridors, then opens local banking relationships when volume justifies them. "If that becomes the main channel, then we see the data, then maybe we'll go to a bank in that country and start, hey, maybe a local banking relationship makes sense and we'll start to hold currency. The business case totally makes sense."
What this looks like next to ICE-Polymarket and Stripe-BridgeThe institutional thesis Mantle is testing is the same one ICE bet $2 billion on at Polymarket and Stripe paid $1.1 billion to test through Bridge. Each acquisition or partnership is a vote that the next leg of consumer fintech will run on something more programmable than ACH. Where Stripe's Bridge plays the corridor and Polymarket plays the speculation venue, UR plays the account, which is the layer most fintechs assumed they could rent forever from a sponsor bank.
Neo's read is that the rented-bank model is what blockchain dissolves. "It's all these use cases that have been built on the limitations of the old system that persists," he said. "But then now with the maturity of policy and regulation, and also of in general people building in blockchain and the technology itself, this becomes a viable technology where the old world can be rebuilt on. I see it happening with different players in the system. Aave is rebuilding lending in that way. And then now at UR, we're rebuilding the account layer."
Tokenization of Wall Street assets needs an account layer to live in. Mantle is betting that layer is a Swiss IBAN that mirrors itself on a public chain, that the customers are in Asia and Latin America, and that the operator running it should look more like an Alipay graduate than a Wall Street one. The card-and-app version of crypto neobanking has been tried often enough that the bar has moved. As Neo put it, “everyone's taking the easy way out in Web 3, Web 2 world today. Easy USDC stable coins, you issue a card, suddenly you're neobank, and you can spend, and it's very cool. But structurally at its core, nothing's really changing.”
PANews reported on May 15th that, according to a Kelp DAO announcement, the rsETH protocol has fully resumed operation. Deposits and withdrawals on the mainnet and L2 network are now reopened, and rsETH asset backing has also been fully restored. The official statement indicated that the accumulated staking rewards during the suspension period were updated at 22:45 Beijing time (16:45 CET) on May 15th, and related EIGEN rewards are now available for collection. Kelp DAO stated that this restoration effort received assistance from several ecosystem projects, including Aave, Consensys, Mantle, ether.fi, and Lido. Previously, Kelp DAO experienced a security incident involving nearly $300 million, raising concerns about liquidity risks at Aave.
TLDR: Aave has restored WETH LTV ratios to pre-incident levels across all six affected V3 network deployments. Users can now borrow against WETH again, including through collateral and debt swap functions on Aave. The restoration covers Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea networks. Aave founder Stani Kulechov confirmed the milestone, noting the phased rsETH recovery plan is progressing. Aave has completed a major step in its rsETH technical recovery plan by restoring WETH loan-to-value ratios across all affected networks.
The update allows users to borrow against WETH once again, including through collateral and debt swap functions.
The restoration covers Aave V3 deployments on Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea. This move brings WETH back to normal operating conditions across the protocol’s key deployments.
WETH Borrowing Resumes Across Multiple Networks Aave’s restoration of WETH LTV ratios marks a clear turning point in the protocol’s recovery process. Users across six major networks can now access WETH borrowing functions without restrictions. The change directly affects those who rely on collateral and debt swap features within the Aave ecosystem.
Aave’s official account confirmed the update on X, stating that WETH LTVs on Aave V3 Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea have returned to pre-incident values.
In accordance with the rsETH technical recovery plan, WETH LTVs on Aave V3 Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea have been restored to their pre-incident values.
WETH now operates as normal across all affected V3 deployments.
— Aave (@aave) May 17, 2026
The post further noted that WETH now operates as normal across all affected V3 deployments. This confirmation provided users with clarity on the current status of the protocol.
The networks covered in this update serve a broad base of DeFi participants. Arbitrum, Base, Mantle, and Linea are among the most active Layer 2 ecosystems in the space. Restoring LTV ratios across all of them at once reflects a coordinated and structured recovery approach.
Aave Founder Confirms Recovery Milestone Aave founder Stani Kulechov addressed the community directly following the update. He confirmed that the next step in the rsETH technical recovery plan had been completed successfully. His statement reinforced confidence in the protocol’s ability to manage and resolve technical challenges.
Kulechov noted that users can now borrow against WETH on Aave, including through collateral and debt swaps. This brings back key functionality that had been restricted during the incident period. The restoration of these features is a practical benefit for active Aave users managing their positions.
The recovery plan itself reflects the structured way Aave approaches protocol-level incidents. Rather than rushing fixes, the team implemented phased steps to restore operations responsibly.
As each phase completes, users regain access to features in a controlled and transparent manner.
PANews reported on May 18th that Aave founder Stani Kulechov announced on the X platform that the next step of the rsETH technical recovery plan has been completed, and the WETH loan-to-value (LTV) ratio for all affected networks has returned to pre-event levels. Users can now borrow and lend on Aave again using WETH as collateral, including through collateral and debt swaps. According to the Aave announcement, this recovery involves the deployment of networks including Aave V3 Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea.
Aave has restored WETH loan-to-value ratios on Ethereum, Arbitrum, Base, Mantle, and Linea, re-enabling borrowing against the asset following a technical incident.
Aave has restored WETH loan-to-value (LTV) ratios across six blockchain networks, re-enabling users to borrow against WETH collateral and use debt swap functions. The update applies to Aave V3 deployments on Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea. Aave founder Stani Kulechov described the restoration as the next phase of the protocol's rsETH technical recovery plan.
The LTV restoration represents a key milestone in Aave's response to a prior rsETH-related incident. By restoring WETH borrowing capacity, the protocol allows depositors to unlock liquidity against their ether-based collateral, a core DeFi function that had been restricted during the recovery period.
The rollout across multiple chains underscores the breadth of the incident's impact and the coordination required to restore full functionality. Aave's multi-chain deployment means the recovery plan touched assets and users across Ethereum mainnet and layer-2 networks including Arbitrum, Base, Mantle, and Linea.
Sources: Wu Blockchain on X
This article was produced with the help of AI flows.
TLDR: A one-of-one DVN configuration on the Kelp rsETH bridge created a single point of failure that attackers exploited. The attacker borrowed 82,650 WETH and 821 wstETH using 89,567 stolen rsETH across eight Aave V3 positions. DeFi United coordinated over $300 million in recovery commitments from Lido, Ethena, Mantle, and other contributors. Aave’s LayerZero OFT adapter was fully refilled across five tranches, restoring 116,131 rsETH backing in full. The April 18, 2026 rsETH incident exposed a critical vulnerability in third-party bridge infrastructure connected to Aave’s markets.
A forged cross-chain message on the Kelp rsETH LayerZero V2 bridge released 116,500 rsETH on Ethereum without any matching burn on Unichain.
The attacker then used those tokens as collateral across Aave V3 positions. A coordinated recovery effort later restored full backing and returned all affected markets to normal.
The Bridge Vulnerability That Triggered the Exploit The Kelp rsETH LayerZero V2 bridge from Unichain to Ethereum relied on a single verifier to sign all inbound cross-chain messages.
That configuration, known as a one-of-one Decentralized Verifier Network, created a single point of failure. When that verifier was targeted by an RPC-poisoning attack, the attacker manipulated its view of the source-chain state entirely.
At 17:35 UTC on April 18, the Ethereum endpoint accepted inbound nonce 308 and released 116,500 rsETH from the RSETH_OFTAdapter.
At that same moment, Unichain’s source endpoint still showed only outbound nonce 307. No burn had occurred on the source chain, yet the Ethereum side processed the message as legitimate.
The root cause was not a flaw in Aave’s smart contracts. Instead, it was the bridge’s reliance on a single verifier and that verifier’s susceptibility to external manipulation. That dependency sat entirely outside the Aave protocol.
How the Attacker Moved Through Aave’s Markets Once the 116,500 rsETH was released, the attacker moved fast. The stolen tokens were dispersed across seven recipient addresses within minutes of the exploit. From there, 89,567 rsETH was deployed across eight Aave V3 positions on Ethereum Core and Arbitrum.
Against that collateral, the attacker borrowed 82,650 WETH and 821 wstETH. Health factors across the eight positions were kept between 1.01 and 1.03, just above liquidation thresholds. That positioning allowed the attacker to hold the borrowed assets while avoiding automatic liquidation.
Aave’s exposure came from rsETH being listed as collateral on its markets under standard overcollateralization terms. That listing created a direct dependency on the bridge’s verification path, infrastructure that Aave does not control.
The Immediate Containment Steps That Followed The Aave Protocol Guardian responded within hours. By 19:00 UTC on April 18, rsETH and wrsETH were frozen across Aave V3, and LTV was set to zero.
On Aave V4, the Kelp Spoke was fully frozen across both WETH and rsETH reserves, and WETH borrowing on the Spoke was deactivated immediately.
Between 18:00 and 19:00 UTC, Kelp paused 43,373 rsETH connected to the exploit. That action prevented further movement of those specific tokens and limited additional damage during the early response window.
Over the following two days, additional protections were layered across the affected markets. WETH was frozen across Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea on April 20.
The Arbitrum Security Council then froze 30,766 ETH linked to the attacker on April 21. By April 23, rsETH reserves were fully paused across multiple deployments, preserving the ability to liquidate attacker positions and recover assets for affected users.
Mantle, the premier distribution layer connecting traditional finance and on-chain liquidity, today announced the listing of SPCXx, the tokenized SpaceX equity issued by xStocks, available for 24/7 on-chain trading and liquidity provision on Mantle from the day SpaceX completes the largest initial public offering in history.
The listing brings on-chain access to one of the most anticipated equity events in history through two of the ecosystem’s flagship venues, Fluxion and Merchant Moe, and opens what is expected to be a strong season of high-demand tokenized equity listings on Mantle.
Institutional-Grade Execution via Atomic RFQ
Fluxion supports native minting of SPCXx directly from the issuer, powered by xStocks’ Atomic Request for Quote (RFQ). The mechanism bypasses AMM slippage entirely, anchoring pricing to the underlying security through issuer-direct minting and redemption at live market quotes. Fluxion’s hybrid AMM and RFQ infrastructure delivers stable, issuer-direct execution with minimal liquidity requirements.
Project X: 100K MNT incentives for Tokenized IPOs
Alongside the listing, Merchant Moe, the cornerstone liquidity hub of the Mantle ecosystem, has launched Project X, deploying up to 100,000 MNT in rewards for liquidity providers for this summer’s wave of tokenized IPOs, starting with the SPCXx/USDT0 pool. Users can bridge SPCXx assets via xBridge or other cross-chain routes, and provide liquidity to start earning incentives.
“Through Project X, Merchant Moe is proud to support the launch of SPCXx on Mantle,” said DavideFi, General Manager at Merchant Moe. “As the ecosystem’s cornerstone DEX, we are excited to back tokenized IPOs with deep liquidity and strong incentives.”
Project X extends beyond the SPCXx listing. Subsequent high-demand xStocks listings will be added to the campaign as they launch, with Merchant Moe serving as a primary liquidity venue for each new listing.
The Distribution Layer in Practice
The Mantle ecosystem gives users multiple avenues to acquire, trade, and provide liquidity for SPCXx directly on Mantle. The simultaneous on-chain availability of SPCXx alongside SpaceX’s traditional market debut marks a milestone for tokenized finance: the most anticipated listing of the decade reaching on-chain markets with no delay between the two.
The pairing reflects how Mantle approaches distribution for real-world assets. Fluxion provides institutional-grade execution through issuer-direct pricing, while Merchant Moe provides incentive-backed liquidity depth for retail participation. Together, they give a single tokenized asset both the execution quality institutions require and the accessibility a global user base expects.
With a pipeline of high-demand tokenized listings expected through the remainder of the year, the infrastructure assembled for SPCXx is designed to repeat: issuance through xStocks, execution through Fluxion, and incentivized liquidity through Merchant Moe, with each new listing arriving on Mantle the day it reaches traditional markets.
“SpaceX has been one of the most anticipated IPOs in history, and its simultaneous arrival on-chain signals how far the RWA market has come,” said Emily Bao, Key Advisor at Mantle. “Mantle’s ecosystem supports seamless execution and deep liquidity for users from day one, which marks a significant milestone for the distribution layer for real-world assets.”
About Mantle
Mantle positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with on-chain liquidity and access real-world assets, powering how real-world finance flows. With over $4B+ in community-owned assets, Mantle combines credibility, liquidity, and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle Network’s partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, and OP-Succinct.
For more information, visit mantle.xyz.
For more social updates, please follow: Mantle Official X & Mantle Community Channel
About xStocks
xStocks is the industry benchmark for tokenized equities, bringing publicly listed U.S. stocks and ETFs onchain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional equities on blockchain infrastructure, expanding access to U.S. capital markets with extended availability, global reach, and seamless digital-native settlement.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and onchain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks is powering billions of dollars in transaction volume across multiple blockchain ecosystems and anchors a rapidly expanding global network shaping the future of tokenized markets.
For more information, visit https://xstocks.fi.
Contact Marketing Lead at Mantle
Jessy
Mantle
[email protected]
The race to dominate crypto-native betting platforms is accelerating as the 2026 FIFA World Cup draws closer. Mantle, a blockchain network positioning itself as a bridge between traditional finance and on-chain liquidity, has entered the arena with InsightX—a prediction market it claims is the first built from the ground up with artificial intelligence at its core. The move, detailed in a launch announcement on June 12, underscores how L2 networks are chasing user growth by tying their infrastructure to major cultural events.
Prediction markets have proven to be one of the stickiest use cases in crypto. Platforms like Polymarket attracted billions in volume during the 2024 US election cycle, and sports betting remains a massive offline habit that many in Web3 see as low-hanging fruit for on-chain migration. The World Cup, expected to draw over $100 billion in global wagers across all channels, is a natural target. Mantle’s InsightX aims to differentiate itself by using AI not just for odds-making but for market creation and risk management. The exact mechanics remain vague—the press release does not detail the AI model or data sources—but the framing suggests a product designed to reduce the friction and bias common in human-curated markets.
The Bet on AI as Market Infrastructure Integrating AI into a prediction market goes beyond adding a chatbot. In theory, an AI-native system can continuously synthesize news, sentiment, player stats, and on-chain signals to adjust odds in real time, and even auto-generate event contracts. This could lower the barrier for market proposers and make the platform more responsive. However, the real test will be whether Mantle’s implementation delivers accuracy and user trust. AI models are only as good as their training data, and in high-stakes betting, even a marginal edge in pricing can lead to huge losses for liquidity providers.
This product launch also feeds into a broader narrative of AI infrastructure intersecting with Web3. Across the ecosystem, projects are racing to embed machine learning into everything from decentralized finance to data storage. A recent partnership between UXLINK and Origins Network highlighted the push for scalable AI-driven applications using decentralized computing. Mantle’s move fits that pattern, attempting to deliver a consumer-facing product where AI is the backend differentiator.
The Legal Grey Zone That Can’t Be Ignored Prediction markets operate in a fragile regulatory environment, especially in the United States. The Commodity Futures Trading Commission has repeatedly challenged event contracts, and even successful platforms have faced geofencing requirements or outright bans. The recent legislative battle over a major crypto bill, where banks pushed to kill the measure just days before a Senate vote, shows how quickly the political winds can shift. Mantle has not disclosed whether InsightX will be geo-restricted or how it will handle compliance across jurisdictions.
That silence will worry some potential users. A World Cup prediction market without access to US bettors—or one that launches and then faces enforcement action—would instantly lose the volume that makes these platforms viable. Mantle’s team, which has deep experience in DeFi, likely understands this risk, but the press release steers clear of any mention of licenses, regulatory approvals, or legal strategy. In the absence of clarity, the market’s initial traction may depend more on whether it can operate without interference than on the sophistication of its AI.
Liquidity and Ecosystem Effects Beyond the product itself, InsightX could serve as a liquidity magnet for the Mantle network. Prediction markets require deep order books and a steady stream of bettors and liquidity providers. If the World Cup draws significant activity, it could lift on-chain volume for MNT, the network’s native token, and attract developers to build other applications on Mantle. That is the textbook playbook for an L2: use a flagship dApp to bootstrap a network effect. The risk, however, is that prediction markets are seasonal and event-driven. After the tournament ends, engagement could plummet unless Mantle can extend the use case to politics, entertainment, and niche events.
The broader market for AI-augmented prediction markets is still undefined. No major comparable product exists to benchmark against, so Mantle is essentially building its own category. That carries first-mover advantage but also the burden of educating users and proving that AI-generated markets are more attractive than human-curated ones. Months before the World Cup kicks off, the question is not just whether InsightX works technically, but whether bettors will trust a machine to run their book.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
The race to dominate crypto-native betting platforms is accelerating as the 2026 FIFA World Cup draws closer. Mantle, a blockchain network positioning itself as a bridge between traditional finance and on-chain liquidity, has entered the arena with InsightX—a prediction market it claims is the first built from the ground up with artificial intelligence at its core. The move, detailed in a launch announcement on June 12, underscores how L2 networks are chasing user growth by tying their infrastructure to major cultural events.
Prediction markets have proven to be one of the stickiest use cases in crypto. Platforms like Polymarket attracted billions in volume during the 2024 US election cycle, and sports betting remains a massive offline habit that many in Web3 see as low-hanging fruit for on-chain migration. The World Cup, expected to draw over $100 billion in global wagers across all channels, is a natural target. Mantle’s InsightX aims to differentiate itself by using AI not just for odds-making but for market creation and risk management. The exact mechanics remain vague—the press release does not detail the AI model or data sources—but the framing suggests a product designed to reduce the friction and bias common in human-curated markets.
The Bet on AI as Market Infrastructure Integrating AI into a prediction market goes beyond adding a chatbot. In theory, an AI-native system can continuously synthesize news, sentiment, player stats, and on-chain signals to adjust odds in real time, and even auto-generate event contracts. This could lower the barrier for market proposers and make the platform more responsive. However, the real test will be whether Mantle’s implementation delivers accuracy and user trust. AI models are only as good as their training data, and in high-stakes betting, even a marginal edge in pricing can lead to huge losses for liquidity providers.
This product launch also feeds into a broader narrative of AI infrastructure intersecting with Web3. Across the ecosystem, projects are racing to embed machine learning into everything from decentralized finance to data storage. A recent partnership between UXLINK and Origins Network highlighted the push for scalable AI-driven applications using decentralized computing. Mantle’s move fits that pattern, attempting to deliver a consumer-facing product where AI is the backend differentiator.
The Legal Grey Zone That Can’t Be Ignored Prediction markets operate in a fragile regulatory environment, especially in the United States. The Commodity Futures Trading Commission has repeatedly challenged event contracts, and even successful platforms have faced geofencing requirements or outright bans. The recent legislative battle over a major crypto bill, where banks pushed to kill the measure just days before a Senate vote, shows how quickly the political winds can shift. Mantle has not disclosed whether InsightX will be geo-restricted or how it will handle compliance across jurisdictions.
That silence will worry some potential users. A World Cup prediction market without access to US bettors—or one that launches and then faces enforcement action—would instantly lose the volume that makes these platforms viable. Mantle’s team, which has deep experience in DeFi, likely understands this risk, but the press release steers clear of any mention of licenses, regulatory approvals, or legal strategy. In the absence of clarity, the market’s initial traction may depend more on whether it can operate without interference than on the sophistication of its AI.
Liquidity and Ecosystem Effects Beyond the product itself, InsightX could serve as a liquidity magnet for the Mantle network. Prediction markets require deep order books and a steady stream of bettors and liquidity providers. If the World Cup draws significant activity, it could lift on-chain volume for MNT, the network’s native token, and attract developers to build other applications on Mantle. That is the textbook playbook for an L2: use a flagship dApp to bootstrap a network effect. The risk, however, is that prediction markets are seasonal and event-driven. After the tournament ends, engagement could plummet unless Mantle can extend the use case to politics, entertainment, and niche events.
The broader market for AI-augmented prediction markets is still undefined. No major comparable product exists to benchmark against, so Mantle is essentially building its own category. That carries first-mover advantage but also the burden of educating users and proving that AI-generated markets are more attractive than human-curated ones. Months before the World Cup kicks off, the question is not just whether InsightX works technically, but whether bettors will trust a machine to run their book.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
PANews, June 23 – Mantle announced the launch of USPXx, a tokenized product of the Franklin U.S. Equity Index ETF, providing approximately $200 million in U.S. equity exposure accessible through on-chain trading. The token is issued by xStocksFi and is tradable 24/7 on Fluxion Network, a decentralized trading platform within the Mantle ecosystem.
Mantle, the premier distribution layer connecting traditional finance and on-chain liquidity, today announced the listing of USPXx, xStocks’ tokenized representation of Franklin Templeton’s Franklin U.S. Equity Index ETF (USPX), now available for 24/7 on-chain trading and liquidity provision via Fluxion, Mantle’s native decentralized exchange.
With $1.98 billion in assets under management, USPX tracks the top 85% of the US equity market by market capitalisation, one of traditional finance’s most widely held passive equity vehicles. Its arrival on Mantle opens continuous, around-the-clock access to that exposure, without market hours constraints or intermediaries.
Expanding the Distribution Layer for Tokenized Capital Markets
As one of the first Ethereum Layer 2 networks to bring a tokenized ETF from one of the world’s largest asset managers on-chain, Mantle’s distribution layer now extends beyond individual equities to broad-market index products. USPXx joins a growing lineup of xStocks tokenized equities on Mantle, including the recent listing of SPCXx, xStocks’ tokenized SpaceX equity which went live on Mantle on the same day as the SpaceX IPO.
For investors already allocated to USPX through conventional brokerage accounts and for a global audience without access to US markets, USPXx on Mantle removes the constraints of traditional market infrastructure entirely. Via Fluxion, USPXx is tradeable and available for liquidity provision at any hour, without intermediaries, settlement delays, or geographic restrictions. Underpinning this is xChange, xStocks’ Atomic RFQ, which ensures every transaction is executed at institutional precision regardless of when or where a user trades.
Institutional-Grade Execution via Atomic RFQ and AMM on Fluxion
USPXx is natively minted on Mantle through xStocks and trades exclusively on Fluxion, powered by xChange, xStock’s Atomic RFQ system. Where conventional on-chain trading relies on automated market makers that introduce slippage and pricing deviations, xChange sources every transaction directly from the issuer at live market quotes, enabling users to transact at the real price, not one approximated through a liquidity pool all around the clock.
This sets the standard for institutions as this translates to execution precision that meets the requirements of meaningful capital deployment at scale. While for retail investors, it means access to broad US equity market exposure at fair, verifiable prices, at any hour, globally. Fluxion is the only decentralised exchange on Mantle listing USPXx at launch.
“Franklin Templeton’s USPX represents the mainstream of global equity investing, the kind of exposure that anchors institutional and retail portfolios alike,” said Emily Bao, Key Advisor at Mantle. “Every listing like this closes the distance between where the capital sits today and where it can move tomorrow.”
About Mantle
Mantle positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with on-chain liquidity and access real-world assets, powering how real-world finance flows. With over $4B+ in community-owned assets, Mantle combines credibility, liquidity, and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by $MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle’s partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, and OP-Succinct.
For more information, visit mantle.xyz.
For more social updates, please follow: Mantle Official X & Mantle Community Channel
xStocks is the industry benchmark for tokenized equities, bringing publicly listed U.S. stocks and ETFs on-chain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional equities on blockchain infrastructure, expanding access to U.S. capital markets with extended availability, global reach, and seamless digital-native settlement.
Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and on-chain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks is powering billions of dollars in transaction volume across multiple blockchain ecosystems and anchors a rapidly expanding global network shaping the future of tokenized markets.
Franklin Templeton’s USPX ETF is no longer confined to brokerage accounts and traditional exchanges. Through a new listing on Mantle, the asset manager’s exposure is now accessible as a tokenized representation on an Ethereum layer-2 network, as announced in the original report. The listing, executed via the xStocks platform under the ticker USPXx, marks one of the earliest instances of a major traditional ETF moving on-chain through an Ethereum L2 specifically positioned for institutional distribution.
Mantle has carved out a niche as a network that bridges traditional capital markets and on-chain liquidity, rather than competing as a general-purpose rollup. The decision to host a Franklin Templeton product reinforces that identity. For xStocks, which specializes in tokenized equities and funds, bringing a well-known issuer’s ETF onto Mantle is a proof point that regulated financial products can sit on public blockchain infrastructure without sacrificing compliance or investor familiarity. The move comes at a time when tokenization volumes are accelerating. Just weeks ago, the tokenization of real-world assets crossed $20 billion on-chain, with major institutions settling live transactions against tokenized Treasuries.
Why a Layer-2 Play Matters Ethereum mainnet remains the most secure and decentralized smart contract platform, but gas costs have long made frequent trading or small-position exposure to tokenized funds impractical. Layer-2 rollups like Mantle solve that by compressing transactions and settling batches on Ethereum, driving fees down while retaining the underlying security guarantees. That cost structure makes on-chain ETFs viable for a broader range of users, not just whales. Mantle’s approach is specifically tuned for institutional and distribution-layer use cases: the chain offers native yield on bridged assets and an ecosystem fund designed to bootstrap liquidity for high-quality RWA products.
The USPXx listing demonstrates that ETF issuers are no longer waiting for a perfect regulatory wrapper. Instead, they are working with crypto-native infrastructure to make existing fund exposure tradeable on-chain under existing frameworks. Franklin Templeton is not new to digital assets—the firm runs a spot Bitcoin ETF and has explored tokenized money market funds. Extending that strategy to an equity or blended ETF through an Ethereum L2 signals that institutional comfort with public blockchains is maturing rapidly.
What’s Still Unclear While the listing is a milestone, several uncertainties remain. Liquidity depth for tokenized ETF shares is still thin compared to centralized exchange and brokerage order books. The on-chain version of USPX may trade at a premium or discount to its net asset value if sufficient arbitrageurs do not step in early. Mantle and xStocks will need to demonstrate that market makers can support tight spreads, otherwise the product risks becoming a novelty rather than a liquid alternative.
Regulatory treatment of tokenized funds also sits in a gray zone. The USPXx token likely represents a beneficial ownership claim on the underlying ETF, structured to comply with securities laws in the jurisdictions where it is offered. How regulators view the secondary trading of that token on decentralized venues or through permissionless wallets is still being tested. Recent pushback from banking interests against crypto legislation, as seen in the Senate, underscores that the path for on-chain financial products is not settled.
For Mantle, the timing works in its favor. As TradFi asset managers search for scalable on-chain distribution, networks that can prove low-cost, secure, and institutionally friendly infrastructure are likely to capture early RWA flows. The USPXx listing is not just a product launch—it is a bet that the next wave of ETF distribution will run through Ethereum rollups, not just traditional platforms.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
On September 9, 2025, Binance announced the listing of Ethena USDe (USDE), introducing new trading pairs USDE/USDC and USDE/USDT for its users, effective immediately. Users can also begin depositing USDE coins to their Binance accounts as of today. This move highlights Binance’s effort to provide diversified trading options to its global user base, thus enhancing liquidity on its platform.
Details on Ethena USDe’s Trading InitiationBinance will activate spot trading pairs for USDE on September 9, 2025, from 3:00 PM local time. Withdrawals will become available on September 10, 2025, starting at 3:00 PM. Impressively, the exchange has set the listing fee for USDE at zero BNB, further lowering the barrier for user transactions and engagement within the ecosystem.
Ethena USDe stands out as the largest non-fiat-backed dollar asset with a supply exceeding $12 billion. Backed by delta-hedged assets of cryptocurrencies like Bitcoin $62,426 and Ethereum $1,663, along with stablecoins, USDE holds its ground as the third-largest stablecoin pegged to the US dollar. This stature reflects its robustness and reliability in the stablecoin market.
The Ethena protocol boasts more than $14 billion in total locked value (TVL), a testament to its broad acceptance and trust amongst users. Through integrations with centralized exchanges and DeFi applications, the protocol successfully reaches a vast audience, establishing itself as a significant player in the crypto ecosystem.
Launch of the USDe Reward ProgramIn conjunction with the listing, Binance has announced a reward program for USDE holders. Accounts holding at least 0.01 USDE are eligible for regular rewards, encouraging user participation. The initial reward distribution is slated for the end of this month, with weekly distributions to follow.
Reward calculations will consider minimum USDE balances across Spot, Futures, Margin, and Funding accounts, including balances used as collateral. Daily balance recording times will be randomly determined, ensuring fairness. Detailed information regarding reward rates and Annual Percentage Rate (APR) will be provided by Binance in due course.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Binance, one of the leading crypto exchanges (CEXs) has dropped big news. Apparently, it is listing Ethena USDe (USDE), a stablecoin that is growing fast in the crypto arena. Trading of the token opens today, September 9, 2025. Spot trading pairs USDE/USDC and USDE/USDT are expected to go live at 12:00 (UTC). So, why are traders closely keeping an eye on this USDe stablecoin listing?
A Smooth Ethena USDe (USDE), Launch With Zero Fees According to Binance’s announcement, Users are allowed to start depositing Ethena USDe (USDE) into their Binance accounts, ahead of the launch. Binance listed USDE without charging a fee, making the launch completely free. Withdrawals are expected to open a day later on September 10, although the leading crypto exchange noted the time may change, as it depends on network conditions.
Binance will list Ethena USDe (USDe).
More information 👉 https://t.co/xUrY0OAhLc pic.twitter.com/otHEZ4yHus
— Binance (@binance) September 9, 2025
What Makes USDe Stablecoin Stand Out USDE is not just a mere stablecoin. It is the largest-backed crypto asset that is not tied directly to any fiat reserves. With a circulating supply of around $12 billion, it is backed by a mix of delta-hedged cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and standard stablecoins.
With this model, USDE has managed to rise, becoming the third-largest USD-denominated digital asset in history. Ethena, its parent protocol, now boasts over $14 billion in total value locked (TVL), and has become a central player in top DeFi platforms and centralized exchanges.
Rewards for Holding USDE on Binance Users holding at least 0.01 USDE are eligible for a rewards program, a strategy Binance is using to encourage adoption. Every day, rewards will be calculated across Futures, Funding, Margin, and Spot accounts and paid out directly. To begin with, all rewards in September will be distributed as a lump sum at the end of the month. Thereafter, payouts will switch to weekly, starting in October.
Why Traders Are Watching Ethena USDe Binance Listing The listing of Ethena USDe (USDE) on Binance is drawing attention for good reasons. Compared to other stablecoins in history, the token has experienced quick growth. By arriving on one of the most trusted exchanges, it gains a massive new audience. For traders and investors, the USDE listing is not just another token listing, but an opportunity to get hold of one of the most talked-about crypto projects in DeFi right now.
Final Thoughts Will Ethena USDe keep building the momentum? While that question remains open, it is clear that its influence in the stablecoin market is only set to grow, with the backing of Binance.
Frequently Asked Questions (FAQs)
It’s a non-fiat backed stablecoin supported by BTC, ETH, and stablecoins, with over $12B in supply.
Trading opens on September 9, 2025, at 12:00 (UTC) with USDE/USDC and USDE/USDT pairs.
Yes. Holding at least 0.01 USDE earns rewards, with payouts starting September and weekly from October.
PANews reported on September 23 that according to official news from Ethena Labs, the total locked value (TVL) of its stablecoin products Ethena USDe and USDtb continued to grow and has now exceeded US$16 billion, setting a new historical high.
Earlier yesterday, it was reported that Binance launched the USDe rewards program with an annualized yield of up to 12% .
Author: PA一线
This content is for market information only and is not investment advice.
Key Takeaways Why is USDe still a risk despite the isolated Binance de-peg? The isolated de-peg triggered a broader contagion and can still happen without proper risk management.
Will the industry learn from Friday’s flash crash? It was a necessary stress test, sparking discussion among crypto leaders on the way forward.
OKX founder Star Xu has called for a reassessment of some of the risks that triggered the crypto crash on 10 October.
In a statement, Xu singled out Ethena’s USDe, adding that its de-pegging risk can cause market-wide contagion like the Friday bloodbath. As a result, it should be treated as a ‘tokenized hedge fund,’ not a stablecoin.
“It’s important to remind the market that USDe should not be viewed as a 1:1 pegged stablecoin — it’s a tokenized hedge fund.”
Although he is an early investor in Ethena, Xu believes that USDe isn’t designed to hold a hard peg to USD. Hence, robust risk controls are needed, or else everything could go bust in minutes.
“Treating USDe as a simple 1:1 stable asset could introduce systemic risks to the entire crypto industry in the future.”
Source: X A painful lesson for leveraged traders Xu’s statement was a response to a report by Ethena founder Guy Young. According to Young, last Friday’s USDe price dislocation was “not a true de-peg,” but an isolated case in Binance.
USDe is designed to track the U.S dollar. However, it de-pegged and dropped by 35% on the Binance exchange and took a while before regaining the peg.
The aftermath? Collateral swiftly fell below risk levels, triggering an escalated bloodbath for leveraged traders. It was a painful lesson on thin order books and microstructure. A whopping $19 billion worth of positions were wiped out in minutes – The largest in history, dwarfing the FTX collapse and the Covid events.
Altcoins dropped by over 90% and access to Binance fluctuated, blocking market makers (MM) from coming to the rescue (bringing liquidity to solve the depeg).
Haseeb Qureshi, Partner at VC Dragonfly, described the situation better. He equated it to a fire breakout, with MMs as firefighters.
“It’s like a fire broke out on Binance, but all of the roads were blocked and firefighters couldn’t make their way in. This caused a wildfire to break out on Binance, but pretty much everywhere else.”
On-chain venues like Hyperliquid reacted with ruthless efficiency via auto-deleveraging (ADL). Positions were forcefully closed at punitive rates to ensure the platform is free from debt.
At the time of writing, Binance had repaid over $280M to victims during the USDe de-peg. Especially traders that had coin margins (Who set USDe, and other coins as collateral).
That being said, ENA recovered by over 10% like the rest of the market, with key players betting on further recovery. However, the overall market sentiment was still red at press time – A sign of short-term market caution.
TLDREthena Targets Growth After Years of Steady Team SizeNew Products Poised to Match USDe in ScopeGet 3 Free Stock Ebooks Ethena is expanding its team by approximately 50 percent with 10 new job openings. The new hires will support the development of two upcoming products expected to match USDe in scale. The company has maintained a team size of around 20 to 25 members for the last two years. Roles include positions in backend engineering, DeFi, trading, product design, and security. The new products are expected to launch within the next three months. Ethena plans a major hiring round to support its upcoming product launches and team growth. The company aims to expand its team by 50%, targeting about 10 new roles. These positions will focus on engineering, security, and business development.
Ethena Targets Growth After Years of Steady Team Size Ethena has operated with a lean team of 20–25 contributors over the past two years, according to co-founder Guy Young. However, the company now seeks to increase its workforce meaningfully to support two new product lines. Young stated,
“We are expanding the team meaningfully for the first time with 10 new roles.”
The team’s growth will help accelerate development and scale new offerings expected to match USDe in impact. Ethena’s hiring push includes roles in backend engineering, DeFi, trading, and product design. This move comes as the platform prepares to introduce two new stablecoin-related products within the next three months.
Ethena has stayed roughly flat at ~20-25 contributors for the last 2 years.
We are expanding the team meaningfully for the first time with 10 new roles across engineering and product for two entirely new business lines and products launching in the next ~3 months.
Both of these…
— G | Ethena (@gdog97_) October 20, 2025
These new roles reflect Ethena’s commitment to advancing its product suite while maintaining strong development capabilities. The company emphasizes engineering talent and product expertise to drive both innovation and security. Ethena’s job board also lists a head of security and a business development associate.
New Products Poised to Match USDe in Scope Ethena plans to launch two major products designed to complement its current stablecoins, USDe and USDtb. Young noted both initiatives “have the potential to be the size of USDe.” These products are expected to go live in the next quarter.
The upcoming launches represent the largest product expansion since Ethena introduced its USDe synthetic dollar. The company also supports USDtb, which extends its stablecoin offering and utility across platforms. Ethena will continue focusing on product-led growth in the stablecoin market.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
5 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
5 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
5 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
5 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
Rubio: US and Iran to continue technical consultations at the end of this month
Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)
5 hours ago
Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.
According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.
5 hours ago
Bitcoin falls below $60,000
According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.
5 hours ago
US Treasury Secretary: AI boom may boost productivity and help curb inflation.
US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.
5 hours ago
US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.
According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.
5 hours ago
During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.
According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.
The synthetic stablecoin’s market capitalization has shed over $5 billion in just three and a half weeks.
Ethena Labs’ synthetic dollar-pegged token Ethena USDe (USDE) has lost over $5 billion of its market capitalization since the Oct. 10 market crash, after the asset experienced a major stress test.
Before the “Black Friday” flash crash — which wiped out over $19 billion in leveraged positions across the market, becoming the largest liquidation event in crypto to date — USDE’s market cap stood above $14.6 billion.
Ethen USDe's market cap fell sharply by about $2 billion on Oct. 10-11 as investors rushed to redeem their USDE, exchanging their tokens for the underlying collateral. According to Ethena Labs’ documentation, each USDE redemption burns the returned USDE, which can reduce the overall token supply, and thus the market capitalization.
As Blockworks analysts noted in an Oct. 15 Ethena governance forum post, “approximately $1.9 billion in USDe redemptions were processed between the 10th and the 11th of October.” The analysts added that the large redemption volume was processed quickly, noting Ethena’s mechanism showed “extreme resilience”:
“While it [redemption volume] was for $1.6B in a single day and $1.9B in the two days before and after the crash, it is likely realistic to consider that the bulk of this redemption happened in less than a few hours.”Ethena USDe lost another $3 billion in market cap over the rest of October, reaching about $9.2 billion at press time.
Ethena USDe market cap in October. Source: CoinGeckoThe Binance Flash-Crash The nearly 40% drop in market cap is the sharpest one since Ethena USDe’s launch in late 2023. While it’s hard to say what the exact reasons for the massive redemptions are, the token did come under increased scrutiny after Oct. 10, when its price on crypto's largest centralized exchange (CEX) Binance briefly plunged to about $0.65.
As The Defiant reported earlier, USDE's dramatic price crash below $1 on Binance — which didn’t occur on other platforms — led to a wave of liquidations on the CEX, resulting in widespread criticism of Binance’s pricing oracle setup. Notably, on Curve Finance and other decentralized protocols, USDE’s price stayed close to its $1 peg during the market volatility.
In a blog post on Oct. 12, Binance distanced itself from those accusations, saying instead that the exchange’s core futures and spot matching engines and API trading “remained operational” during the crash.
Sam MacPherson, CEO and co-founder of Phoenix Labs, suggested in an X post on Nov. 2 that part of USDe’s decline could also be linked to excessive leverage, noting that the token had become “over-leveraged at 15 billion.”
“As I said the more organic size for USDe is around 6-7b and so when the market turns it was always going to reflexively drop to the organic size," MacPherson wrote.
The Defiant reached out to Ethena Labs for comment on the shift, but hasn’t heard back by press time.
As The Defiant reported earlier, in late September, USDE deposits on Binance surged to reach $735 million just a day after the CEX began offering 12% APR on USDE via its Binance Earn product.
Crypto markets are showing signs of strain as several key measures of capital flow turn negative. Recent data points to a broad cooling of demand across Bitcoin ETFs, stablecoins, and corporate treasury activity. And as expected, this trend has raised concerns that the rally’s core drivers have stalled.
In brief Spot Bitcoin ETFs see billions in outflows as redemptions accelerate and demand cools across major investment products. Stablecoin supply contracts for the first time in months, with USDE losing nearly half its circulating supply after October’s shock. Corporate DAT structures flip from premiums to discounts, pushing firms from BTC accumulation toward selling assets or buybacks. October’s $19B liquidation event set off a feedback loop that continues to pressure prices despite large institutional purchases. Spot Bitcoin ETFs Shed Billions as Stablecoin Supply Falls Across the Market According to NYDIG’s latest report, the current pressure is tied less to sentiment and more to structural changes that began in early October. Persistent outflows from spot Bitcoin ETFs have become one of the most notable shifts in market behavior this year. These products, which absorbed billions in the first half of 2024, are now experiencing steady redemptions.
Data from SoSoValue shows that November outflows reached $3.55 billion, just shy of the $3.56 billion record set in February. Weekly figures tell a similar story, with about $1.2 billion leaving the market over just seven days—one of the sharpest retreats since these products went live.
A harsh 24-hour window on Thursday saw more than $900 million pulled out as Bitcoin fell to $81,000, its lowest point since April.
Stablecoin activity mirrors the downturn. Total supply has declined for the first time in months after the Oct. 10 liquidation shock. USDE, once a rapidly growing algorithmic token, has lost nearly half its supply.
Greg Cipolaro, global head of research at NYDIG, said the rapid contraction in USDE signals that money is leaving the system altogether, especially after the token fell to $0.65 on Binance during the selloff.
Outflows Deepen as DAT Structures Reverse and Stablecoin Supply Falls Corporate treasury activity tied to DAT share premiums is also unwinding. Earlier in the year, many firms issued shares to accumulate Bitcoin when share prices traded above net asset value.
With those premiums gone—and in some cases turning to discounts—several companies have reversed course. Sequans recently sold BTC to reduce debt, which shows how quickly these structures can shift when market conditions change.
The report cites several key mechanical pressures:
ETF redemptions are replacing earlier inflows. Contraction in stablecoin supply indicating capital exit. USDE’s supply drop is reducing liquidity in trading pairs DAT structures are shifting from premium to discount. Firms are moving from BTC accumulation to asset sales or buybacks. Large purchases by Strategy and El Salvador during Bitcoin’s slide toward $84,000 offered little support. Cipolaro said the inability of significant buys to slow the decline suggests that deeper forces are at work. He noted that the Oct. 10, $19 billion liquidation event set off a feedback loop that continues to pressure prices as mechanisms that once supported the rally now work in reverse.
Cipolaro cautioned that investors should prepare for near-term volatility, even as longer-term views remain intact. Market cycles often repeat familiar patterns, and current conditions point to another uneven stretch ahead. Still, he maintains that long-term conviction carries weight, even as capital outflows reshape the short-term outlook.
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James G.
James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Stablecoins are proliferating. Almost every week, a new initiative arises in the crypto-sphere. Their promise? Stability backed by the US dollar, but blockchain-style. While the United States multiplies economic fronts, these digital tokens backed by (more or less) solid reserves present themselves as the new guardians of digital financial balance. And what if, behind this explosion of stablecoins, there was a geopolitical asset? Or, to put it more bluntly: are stablecoins a golden parachute for the dollar?
In brief JupUSD is backed 90% by the BUIDL fund via USDtb, and 10% in USDC. Jupiter unifies its crypto products around a native stablecoin usable everywhere on Solana. Ethena Labs orchestrates the JupUSD reserve, with transparent management and traceable on-chain flows. The approach appeals to institutions and traders: a home stablecoin becomes a strategic liquidity lever. JupUSD: the Trojan horse of the dollar in the DeFi universe Jupiter, one of the DeFi locomotives on Solana, has just pulled out JupUSD, a native stablecoin of its ecosystem. The main ingredient of this new recipe? BlackRock’s BUIDL fund, via the USDtb stablecoin. 90% of JupUSD’s reserves are backed by this regulated asset, the rest being in USDC to guarantee immediate liquidity via Meteora.
The JupUSD token was designed as an SPL token, Solana’s native standard, with a clear intention: “to unify the user experience” across all bricks of the Jupiter ecosystem. From perpetuals to market prediction, including mobile and limit orders, everything aligns around the home digital dollar.
Transparency? It materializes through institutional custody ensured by Porto (via Anchorage Digital), with multiple audits before launch. Jupiter emphasizes this point:
JupUSD was designed with a security-centered approach. This implies institutional-level self-custody ensured via Porto by Anchorage Digital. Furthermore, the source code is fully open source, with three independent audits conducted by Offside Labs, Guardian Audits, and Pashov Audit Group before launch.
Ethena Labs: the craftsman of the JupUSD stablecoin mechanisms Behind the facade of JupUSD lies Ethena Labs, a discreet but strategic player. They orchestrate reserve operations, flow management, and asset allocation. Their expertise has already been proven with USDe and USDtb. For JupUSD, Ethena uses distinct and public on-chain addresses, ensuring traceability of operations.
The goal is clear: to create a stable token that is resilient, flexible, and productive. Thanks to Jupiter Lend, users can deposit their JupUSD and receive jlJupUSD, a token offering unique promotional rewards, in addition to classical lending gains. This strategy incentivizes long-term holding and strengthens liquidity.
Ethena doesn’t hide its ambitions:
We believe that JupUSD will demonstrate how protocols, by mastering the economics of their stablecoin integrations, can: 1. make their products more efficient, 2. increase the value redistributed to their ecosystem and their users.
Crypto and digital dollar: towards a backstage war of stablecoins? The multiplication of so-called “native” stablecoins seems to be turning into a global strategy. MetaMask, Klarna, SoFi, Hyperliquid… all want their own dollar-parity token. Why rely on a USDT or USDC when you can hold the key to your own liquidity?
At Jupiter, the narrative is clear: it is about unifying dollar liquidity across the entire infrastructure. Result: 500 million dollars in USDC will gradually migrate to JupUSD, notably in the Jupiter Perps pool.
And this trend appeals beyond individual traders. Institutions can strike or buy JupUSD at any time via single transactions on Solana, with capacities published in advance.
The current dynamic shows that every DeFi player wants to control their flows, margins, and currency. Decentralization no longer excludes hyper-integration. Perhaps this is the real turning point of the crypto industry: no longer depending on the stablecoin “sacred cows.”
Some key figures and facts 90% of JupUSD reserves are in USDtb, backed by BlackRock’s BUIDL fund; 500 million dollars of USDC are in the process of being converted to JupUSD; JUP, Jupiter’s native token, soared 18% in one week; JupUSD is an SPL token, natively compatible with the entire Solana ecosystem; The global stablecoin market is worth about 308 billion dollars. As the year closes, USD1, the stablecoin supported by Donald Trump, surpasses 3 billion dollars in market capitalization. Another piece in the American digital monetary puzzle. While the world wonders who will dominate the next era of the crypto-dollar, some have already placed their tokens.
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Mikaia A.
La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Upbit, one of South Korea’s leading cryptocurrency exchanges, has announced new trading support for USDe (Ethena USDe), a digital asset developed by Ethereum.
According to the announcement, USDe will begin trading in KRW, BTC, and USDT pairs. Trading support is scheduled to open on January 14th at 6 PM, while deposits will begin approximately 1.5 hours after the announcement is published.
Upbit emphasized that USDe transactions will only be supported via the Ethereum network, warning that transfers from other networks will not be accepted. Users were also advised to carefully check the official smart contract address designated for USDe before making any transfer.
To ensure a smooth start to trading, some temporary restrictions will be implemented after listing. Accordingly, buy orders will not be accepted for the first approximately 5 minutes. During the same period, sell orders below 10% of the previous day’s closing price will also be blocked. Furthermore, only limit orders will be allowed for approximately 2 hours following the opening of trading.
Ethereum USDe stands out as a synthetic stablecoin built on a delta-neutral structure, unlike classic fiat-backed stablecoins. USDe aims to balance price fluctuations by holding crypto assets like ETH and BTC as collateral while taking short positions in futures contracts of the same nominal value. Through this structure, USDe aims to provide value stability close to $1 against market volatility.
Developed by Ethereum, this model is supported by automated risk management, custody solutions, and reserve mechanisms that balance funding costs. USDe is expected to see increased use as a collateral instrument in DeFi applications, on-chain payments, and derivatives markets.
*This is not investment advice.
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On January 6, 2026, Kraken formalized a major partnership with Ethena Labs. The American exchange becomes one of the institutional custodians of assets backed by USDe, the synthetic dollar that rose to be among the three largest stablecoins in the world. This selection, validated by the Ethena Risk Committee (ERC), marks a decisive step in the institutionalization strategy of the DeFi protocol.
Why this partnership is significant USDe is not a classic stablecoin. Unlike USDT or USDC backed by fiat reserves, it is based on a delta-neutral strategy combining long positions on crypto assets (ETH, BTC, stETH) and equivalent short positions on derivatives markets. This complex architecture requires custody infrastructure adapted to intensive operational flows.
Kraken Custody meets these requirements. Operated by Kraken Financial, a special purpose depository institution (SPDI) chartered bank of Wyoming, the service offers cold storage with total asset segregation. Funds held for Ethena are kept one to one, in isolated vaults protected from custodian bankruptcy risk – a crucial requirement for DeFi protocols managing several billion dollars.
Guy Young, founder of Ethena, explained the logic of this choice in the official statement: Kraken’s selection reflects the Risk Committee’s commitment to evolving USDe on infrastructures meeting institutional expectations. The depth of the US regulatory framework, operational controls, and Kraken’s security architecture correspond to the standards defined by the protocol.
A rigorous selection by the Risk Committee The Ethena Risk Committee is an independent body elected by the DAO governance. Its role: to assess and validate every decision likely to affect the protocol’s risk profile. For January 2026, its members notably include Blockworks Advisory, Kairos Research, Llama Risk, and Steakhouse Financial.
To integrate new custodians, the committee applies a 50-criteria evaluation process structured in three areas. Security and custody operations account for 40% of the final score, with a minimum of 8/10. Operational capacity represents 30% (minimum 7/10). Protocol requirements complete the evaluation at 30% (threshold 8/10). Any candidate with a history of customer fund losses or availability under 99.9% is automatically excluded.
Kraken thus joins Copper and Ceffu, Ethena’s historic custodians specialized in off-exchange settlement of derivative positions. Unlike them, Kraken will focus on custody of reserve stablecoins: USDT, USDC, PYUSD, USDtb, and yield-bearing tokens deployed on Aave.
Kraken Custody’s security architecture Kraken’s value proposition is based on multiple layers of protection. The infrastructure combines hardware security modules (HSM) and multi-party computation (MPC) for managing private keys. The internal cybersecurity teams oversee the entire system.
Gurpreet Oberoi, head of Kraken Institutional, highlighted that this partnership demonstrates the exchange’s ability to manage complex institutional workflows while maintaining high standards of security and compliance. Kraken Financial’s regulated structure offers institutional clients an environment comparable to traditional finance standards.
The service currently supports over 200 digital assets and targets a wide range of institutional clients: listed companies, venture capital funds, asset managers, and hedge funds. In 2025, Kraken expanded its geographic coverage to the UK, Australia, and the European Economic Area through obtaining a MiCA license from the Central Bank of Ireland.
Enhanced transparency starting January 2026 The agreement foresees Kraken Custody’s participation in Ethena’s transparency mechanisms. Practically, this translates to monthly signed attestations and weekly Proof of Reserves reports published as of January 2026.
This requirement is part of a broader trend. Since the passage of the GENIUS Act in July 2025 in the United States, stablecoin issuers face increased obligations regarding reserves, audits, and financial integrity. Although USDe is a synthetic dollar and not a fiat-backed stablecoin (thus technically outside the direct scope of the law), Ethena voluntarily adopts these good practices to reassure institutional investors.
The protocol also demonstrated the robustness of its infrastructure during the Bybit hack in February 2025. Approximately 30 million dollars of latent gains were exposed on the exchange at the time of the incident. Thanks to the separation between custody (handled by Copper) and trading, no reserve assets were compromised. Only unsettled P&L required handling, with no impact on users.
Context: USDe facing a turbulent period This infrastructure strengthening comes as USDe goes through a correction phase. After peaking at nearly 15 billion dollars in TVL in October 2025 – making Ethena the fastest protocol in history to reach 10 billion capitalization for a stablecoin – metrics have significantly declined.
In January 2026, TVL dropped back to around 6.5 billion dollars, a 55% decrease over three months. Capital outflows exceeded 8 billion dollars during this period, reflecting an allocation adjustment amid less favorable funding rates and increased competition with other protocols like Sky ex MakerDAO.
USDe’s capitalization remains around 6.47 billion dollars, maintaining its position as the third-largest stablecoin globally behind Tether (USDT) and Circle (USDC). The ENA token shows marked volatility with a price fluctuating around $0.18 to $0.22.
What this means for users For holders of USDe and sUSDe (the staked version generating yield), adding Kraken as custodian brings several concrete guarantees.
Diversification of counterparty risks reduces exposure to a potential default of a single custodian. Kraken Financial’s bankruptcy-remote structure means Ethena’s assets are legally protected from the exchange’s creditors in case of distress.
Frequency of attestations (weekly for Proof of Reserves) allows near real-time monitoring of the adequacy between circulating USDe and reserve assets. This visibility is essential for a synthetic stablecoin whose hedging mechanism relies on derivative instruments.
Finally, Kraken Financial’s American regulatory anchoring can facilitate USDe’s access to certain institutional markets still hesitant about offshore or unregulated custody solutions.
What is Ethena's USDe? USDe is a synthetic dollar built on Ethereum. Unlike traditional stablecoins backed by fiat reserves, it maintains its peg through a delta-neutral strategy combining long crypto asset positions and short derivative contracts.
Why did Ethena choose Kraken Custody? The Ethena Risk Committee selected Kraken after an evaluation based on 50 criteria covering security, operational capabilities, and protocol requirements. Kraken Financial’s regulated structure (Wyoming chartered bank) and its segregated cold storage architecture meet the sought institutional standards.
What are the risks of USDe? The main risks include volatility of funding rates in derivative markets, counterparty risk on exchanges used for hedging, and potential vulnerabilities of smart contracts. Ethena’s reserve fund aims to absorb periods of negative funding.
Is USDe affected by the GENIUS Act? USDe, as a synthetic dollar not backed by fiat reserves, does not fall directly within the scope of the GENIUS Act which targets payment stablecoins. However, Ethena voluntarily adopts transparency practices aligned with these standards.
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The Cointribune editorial team unites its voices to address topics related to cryptocurrencies, investment, the metaverse, and NFTs, while striving to answer your questions as best as possible.
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Investment in digital financial assets carries risks.
Veera has officially introduced its Ethena USDe Vault, and this is a new move in generating yield-generating opportunities for users of stablecoins. Stated in a social media post, the live vault will enable the USDe, Ethena synthetic dollar, to work directly in the onchain neobank system of Veera. The merger enhances the positioning of Veera as a platform aimed at earning, investing, borrowing, and spending digital assets in a single interface.
Bringing USDe to Veera’s Onchain Neobank USDe is an artificial dollar created by Ethena Labs and supported by delta-neutral trades in Bitcoin, Ethereum and other key crypto-assets. Instead of using conventional fiat reserves only, USDe adopts hedged measures that aim at ensuring the price remains constant and yields. USDe has also been launched on Veera, and the user is able to deploy and receive returns generated according to perpetual funding rates, as well as stablecoin rewards.
Veera views the launch as a means to put idle stablecoins to work, as it is part of its bigger vision of a global neobank being entirely onchain. The site will make it easy to follow sophisticated crypto investment plans without necessarily having to manually coordinate them.
Yield Generated From Market Mechanics The new vault allows the generation of yields due to the use of perpetual futures funding rates, which entail trader paying or receiving fees based on their positioning in the market. Delta-neutral approach by Ethena aims at attracting these funding payments and minimizing the exposure to the price swings. Together with the payments in the form of stablecoins, the vault provides a different source of yield as opposed to the conventional lending or staking products.
This strategy can be seen as a trend in the increasing field of decentralized finance, where protocols are interested in sustainable yield models not wholly based on token emission. With the introduction of the Ethena framework, Veera will offer users the ability to access returns that are influenced by the dynamics in the market instead of short-term incentives.
Strengthening the Veera Ecosystem The USDe Vault launch is based on Veera’s desire by Veera to become a full-fledged onchain financial platform. Being promoted as a worldwide neobank, Veera enables its users to gain interest, invest in decentralized assets, lend on assets, and spend finances in one ecosystem. The Ethena assimilation builds an additional level to this production by aiding a stablecoin that is geared towards yield efficacy.
Veera has already announced that it has raised up to 10 million dollars in capital and it is supported by companies like 6th Man Ventures, Sigma VC, Folius Ventures, Cypher Capital, among others. This has provided the platform with the capacity to further speed up product development and integrate a variety of integrations in decentralized finance.
Ethena Expands USDe Utility In the case of Ethena Labs, the launch of vaults constitutes the further growth of USDe utility in the real world and in DeFi. Ethena makes USDe look like Internet Money, with the focus on scalability and generation of returns without compromising dollar stability. Such integrations as Veera enhance the distribution patterns of USDe and strengthen the role of USDe in decentralized financial infrastructure.
Collaborating with systems centered on the user experience and accessibility, Ethena plans to make their synthetic dollar more accessible to all participants of the DeFi and to new users who want to obtain passive yields.
AUTHOR
With over five years of experience in crypto, blockchain, and tech content, Ishtiyaq makes complex topics easy to understand. He simplifies blockchain and digital currency concepts for a wide audience, ensuring that beginners and experts alike can grasp key ideas. His clear and engaging writing helps readers stay informed about the latest trends, developments, and innovations in the crypto space. Whether explaining blockchain technology, digital assets, or DeFi, Ishtiyaq breaks down complicated ideas into simple, digestible content. His goal is to help people navigate the fast-changing world of cryptocurrency with confidence, clarity, and a deeper understanding.
Panama City, Panama--(Newsfile Corp. - January 30, 2026) - HTX, a leading global cryptocurrency exchange, today announced the listing of USDe (Ethena USDe), a widely adopted synthetic dollar stable, which further expands the platform's robust stablecoin offerings. USDe/USDT spot trading and USDe/USDT (10X) isolated margin trading is now available to users on HTX.
USDe is a synthetic dollar stablecoin issued by Ethena, designed to provide a decentralized and scalable alternative to traditional flat-backed stablecoins. It maintains its 1:1 peg to the U.S. dollar through a unique mechanism combining ETH staking yields and delta-neutral hedging strategies.
About HTX
Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.
As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of "Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance," HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.
To learn more about HTX, please visit https://www.htx.com/ or HTX Square. For further inquiries, please contact [email protected].
October 2025 will remain etched in crypto history as one of the most chaotic months. As markets collapsed, the USDe stablecoin lost its peg on Binance, triggering a massive wave of liquidations. Changpeng Zhao (CZ), founder of Binance, categorically rejected all responsibility. Yet, questions persist: did Binance worsen the crisis?
In brief The October 2025 crypto crash caused 19 billion dollars in liquidations, with the USDe stablecoin falling to $0.65 on Binance. Malfunctions of Binance’s internal oracle and a lack of transparency worsened the October 2025 crypto crisis. CZ denies all responsibility of Binance for the October 2025 crypto crash, but critics raise questions about centralized exchange governance. Crypto: the October 2025 crash and the USDe depeg, a multifaceted crisis On October 10, 2025, the crypto market suffered an unprecedented shock. Nearly 19 billion dollars of positions were liquidated in a few hours, plunging investors into panic. At the heart of this storm, the USDe stablecoin, issued by Ethena, lost its 1 dollar peg on Binance, falling to as low as $0.65. This depeg amplified losses and cast doubt on the stability of centralized exchanges.
Post-crisis analyses revealed that the problem was specific to Binance. While USDe maintained its parity on other platforms, its collapse on Binance triggered cascading liquidations, worsening the price crash. Crypto experts point to a malfunction of Binance’s internal oracle, which allegedly undervalued users’ collateral. A technical flaw with devastating consequences.
Binance under fire: technical malfunctions and disputed responsibility Binance, Bybit, and Hyperliquid are being blamed after the October 2025 crypto catastrophe. Criticism focuses on Binance’s internal oracle, accused of mispricing during the crash. The result: thousands of crypto accounts were wrongfully liquidated, intensifying the panic. Some experts believe Binance could have anticipated this scenario, notably by strengthening backup mechanisms for illiquid stablecoins.
Furthermore, crypto users have denounced delays in Binance’s communication, as well as a lack of clarity on the causes of the depeg. These delays reportedly worsened avoidable losses, with better risk management. The situation reminiscent of Terra/LUNA’s collapse in 2022. In both cases, stablecoins played a key role in amplifying losses. But unlike Terra, Binance had the means to limit damage. Why weren’t these measures taken in time?
Changpeng Zhao (CZ) counterattacks: denial of responsibilities and financial compensations Facing criticism, Changpeng Zhao adopted a clear strategy: deny any direct responsibility. In public statements, CZ called the accusations “absurd”, insisting that Binance had complied with regulations. For him, the crash was the result of extreme market conditions, impossible to fully predict.
To soothe users, Binance announced a $600 million compensation for those affected by the depeg of USDe. A measure praised by some but deemed insufficient by others. Critics see it mainly as a maneuver to save the crypto platform’s reputation, rather than a genuine acknowledgment of flaws.
Are centralized exchanges transparent enough to avoid new crises? While Changpeng Zhao (CZ) and Binance try to move past the October 2025 crypto crash, investors await clear answers. One thing is certain, this crisis showed that even industry giants are not immune to flaws. And you, do you still trust centralized platforms?
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
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The hemorrhage hasn’t stopped bleeding in the crypto universe. It marks an era where every pause seems to announce a new bleeding. The rebounds are there, yes, but they hardly last more than the flap of a nervous market’s wings. And for a few days now, another ailment gnaws at the beast: ETF withdrawals. These investment vehicles, once seen as the golden bridge to institutional adoption, have become the valves of massive disengagement. Bitcoin staggers, crypto investors lose hope, and liquidations make a comeback through the front door.
In brief Bitcoin ETFs lost $2.9 billion in 12 days, a sign of institutional disfavor. Crypto traders liquidate massively, unable to sustain highly leveraged positions. Binance is blamed after bugs amplified the October 10, 2025 crash. Technical levels alert: critical thresholds broken, retreat target toward $68,000. Crypto ETFs: From Adoption Dream to Stress Machine Long awaited as the Grail, spot Bitcoin ETFs today reveal themselves as a ruthless mirror of institutional sentiment. Since mid-January, cumulative outflows have exceeded $2.9 billion. This phenomenon coincides with a brutal 26% correction in BTC price. The rejection at $98,000, then the slide toward $70,000, ended the beautiful illusion of a solid upward trend.
Asset managers no longer want to wait. After a technical rebound where $561 million briefly flowed into ETFs, the trend reversal was immediate. Fidelity, Ark, Grayscale: all suffered withdrawals amounting to several hundred million within just a few hours.
And the bleeding continues. Even BlackRock, perceived as the “rock” of Wall Street crypto, could not stop the momentum. As James Seyffart (@JSeyff) highlights:
Bitcoin ETF holders are recording their biggest losses since the launch of these funds in January 2024, due to the collapse of bitcoin’s price.
These figures sound like a signal of lasting disconnection. ETFs are no longer trust relays but direct witnesses of a market that withdraws—methodically.
Behind the Liquidations: Excessive Leverage and Lack of Safety Net The October 10, 2025 event is still fresh in everyone’s memory. A black day, when $19 billion went up in smoke, due to an infernal sequence: rumors, technical bugs, macroeconomic panic. Some tried to reduce the cause to a simple “depeg” of USDe on Binance.
A too comfortable explanation for Haseeb Qureshi, partner at Dragonfly, who dismantles this simplistic version in a viral thread:
The price of USDe only diverged on Binance, it did not diverge on other platforms. Yet, the liquidation spiral affected the entire market. So, if USDe’s “depeg” did not spread to the entire market, it cannot explain why each platform experienced massive wipeouts.
The problem lies elsewhere: in poorly calibrated leverage, and a liquidation architecture that prefers to avoid losses rather than ensure stability. Market makers, deprived of real-time data due to API outages, couldn’t rebalance their books. Result: automatic liquidations chained losses one after another.
Without TradFi-type protection (circuit breakers), the crypto market found itself without a parachute.
Bitcoin and Technical Levels: Is the Compass Broken? Bitcoin is looking for a base, a solid foundation. And technical analysts all watch the same number: $68,400. This is the level of the 200-week moving average, a sacred reference for long-cycle traders. But here too, signals are blurred. Since November, BTC has lost its 50w and 100w MAs, two key thresholds. And the specter of a drop to $58,200 resurfaces.
ETFs increase the pressure. Seeing prices drift toward these fragile zones, desks switch to “sell the rip” mode. They liquidate on rebounds rather than buy on pullbacks. Even options confirm this distrust: delta skew rose to 13%, reflecting strong demand for puts and distrust of any immediate rebound.
The mechanism is ruthless: when ETFs become fast-exit tools, they worsen each fall. Entry points become capitulation zones.
Key Landmarks to Understand the Current Spiral $70,539: Bitcoin price at the time of writing; $2.9 billion: cumulative withdrawals of spot BTC ETFs over 12 days; $3.25 billion: recent futures Bitcoin position liquidations; 13%: BTC options skew, indicating strong pessimism; $68,400: 200-week EMA level, last technical bastion. Most cryptocurrencies are currently in the red, and the charts look like a stormy sea. Yet, another crypto asset class is experiencing record growth: stablecoins. These digital tokens, backed by fiat currencies, have just reached a historic trading volume of $10 trillion. As often in storms, the most stable shelters attract the crowds.
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Mikaia A.
La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
The supply of Ethena’s synthetic dollar, USDe, has experienced a notable contraction in recent weeks, retreating to levels last seen in November 2024. This trend follows a significant period of capital outflows, characterized by approximately $1.6 billion in redemptions as of late April 2026. This reduction reflects a broader cooling in the demand for Ethena’s delta-neutral yield products, as market participants reassess their positions amid shifting macroeconomic conditions, heightened sensitivity to cross-protocol risks, and evolving yield dynamics within the decentralized finance sector. The contraction marks a critical juncture for the protocol, which has seen its circulating supply decrease from its peak as investors rotate capital away from synthetic structures in search of more stable or traditionally denominated returns.
Drivers of Recent Capital Outflows The reduction in USDe supply is largely tied to a combination of factors that have collectively diminished the immediate incentive for users to maintain or increase their holdings. Yield compression serves as a primary driver, as the attractiveness of USDe and its staked counterpart, sUSDe, has been heavily dependent on the yields generated from a blend of crypto funding rates and traditional financial instruments. As the broader market matures and funding rates stabilize, the competitive edge of these yields has narrowed—with rates recently hovering near 3.5%—leading some investors to rotate capital toward more traditional, risk-free assets like T-Bills. Furthermore, the broader climate of increased caution following the April 18, 2026, KelpDAO exploit has heightened risk sensitivity among institutional and retail liquidity providers. Although Ethena has no direct exposure to the compromised assets, the incident triggered a widespread “flight to quality,” where capital moved away from newer synthetic frameworks toward more established stablecoin environments, even from pools that were not directly impacted by the security breach.
Market Implications and Strategic Outlook The supply reduction serves as a vital indicator of the current state of Ethena’s ecosystem, highlighting the challenges of maintaining demand in a maturing yield environment. While the protocol was built to offer a scalable, crypto-native money solution, its growth trajectory is now intrinsically linked to the broader DeFi liquidity cycle and the protocol’s ability to successfully diversify its collateral. In response to these headwinds, Ethena is pivoting toward a diversification strategy that includes exploring institutional lending partnerships and tokenized real-world assets, such as gold-backed instruments, to stabilize yields and reduce reliance on purely crypto-native revenue sources. As the supply of USDe finds a new equilibrium, market observers are focused on whether new integrations—such as its recent adoption by the Singapore Gulf Bank and ongoing “Stablecoin-as-a-Service” white-label partnerships—can generate enough organic demand to offset the impact of the current yield squeeze. The protocol’s ability to navigate this period of contraction while maintaining its peg stability through its delta-hedging mechanism remains the key metric for participants assessing the long-term viability of the synthetic dollar model.
About the Author: Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem. He covers token economics, L1/L2 infrastructure, DeFi protocols, wallets/custody, and the bridge between crypto and forex—broker technology, liquidity, and macro drivers. Karthik’s writing focuses on clear, practical frameworks that help professionals evaluate new products and on-chain innovation alongside FX market realities.
