Track market-moving stories before they get noisy

Uniswap Labs has rolled out a new hook for its v4 protocol designed to make stablecoin trading meaningfully better for both traders and liquidity providers. The tool, developed in collaboration with Spark, uses dynamic fees and yield-generating vaults to tackle the notoriously thin margins of stablecoin pair trading.

The concept is deceptively simple: instead of letting stablecoin liquidity sit idle in a pool waiting for swaps, the hook parks those assets in ERC-4626 yield vaults. When a swap actually happens, the liquidity gets pulled out atomically to fill the trade, then goes right back to earning yield.

How the hook actually works The hook changes that calculus by enabling dual revenue streams. LPs collect swap fees when trades execute, and their capital earns lending yields the rest of the time. The ERC-4626 vault standard handles the yield-bearing side of the equation.

Concentrated liquidity distributions are customizable under this setup, optimized specifically for stable pairs. That means tighter liquidity bands around the 1:1 peg, where the vast majority of trades happen, with lighter coverage at price points further from parity.

OpenZeppelin conducted the security audit for the hook, with no critical findings reported. The code has been open-sourced, meaning any team can deploy their own instances and integrate them with Uniswap’s existing interfaces and routers.

Spark’s $150 million liquidity migration The collaboration with Spark brought significant capital to the table before the hook even launched. Spark migrated $150 million in stablecoin liquidity to Uniswap v4 in June 2026, one of the largest single movements of stablecoin liquidity in DeFi’s history.

The supported stablecoin pairs include USDC, USDT, USDS, and PYUSD, covering the major stablecoins that dominate trading volume across DeFi.

The broader v4 hook ecosystem is heating up By early September 2026, over 90,000 hook instances had been initialized across the Uniswap v4 ecosystem. Uniswap Labs unveiled updated infrastructure on September 8, 2026, including registries, APIs, and security tools aimed at making it easier for developers to build, deploy, and manage hooks.

The open-source nature of the hook introduces a wrinkle worth watching. Any team can fork and deploy their own version, potentially with modifications. OpenZeppelin’s clean audit covers the canonical implementation, not every derivative that follows.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Leading asset management firm Bitwise has sparked discussions after buying heavily into Solana despite the slow momentum in the Solana ETF market.

Latest data from Arkham Intelligence shows that the firm has made the purchase after its fund saw a steady flow of fresh capital over the past month.

Solana sees rising institutional interest With the broad crypto market consistently facing market volatility, it appears that institutional investors are utilizing the recent weakness in Solana's price as an entry point to access the Solana investment product.

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Notably, the data shows that Bitwise has bought a massive $107.4 million of SOL after its Solana ETF recorded steady modest inflows over the last 20 trading sessions.

Although the fund did not see a complete stretch of steady inflows all month, only two of those sessions saw outflows. As such, the Bitwise Solana ETF saw positive flows on most trading days during the period.

Bitwise's Solana holdings near $1 billion Following this substantial Solana purchase, the asset management firm is approaching a major milestone in its Solana holdings as institutions continue to demand its product.

Further data shows that the recent purchases have boosted Bitwise's holdings while expanding its Solana exposure. As of Thursday, September 10, Bitwise now holds over 9,030,000 SOL.

Per Solana's current trading price of around $101, the Bitwise Solana holdings are currently worth about $918 million, suggesting that it may soon reach a massive $1 billion milestone in its Solana holdings.

The Solana network reached an all-time high in daily token issuance, surpassing the number of new coins issued during the peak of the memecoin cycle in late 2024.

More than 263,000 new Solana Program Library (SPL) tokens were minted on the Solana blockchain on Wednesday, marking a new record high, according to Solscan. Some 40,000 to 50,000 daily tokens were issued on Solana at the peak of the memecoin cycle in December 2024. 

Of the total 40,360 tokens issued through launchpads, memecoin platform Pump.fun accounted for the majority, or 34,184 coins, according to Blockworks’ dashboard.

A launchpad enables creators to easily design, launch and trade memecoins without needing extensive technical skills. They automate the token creation process and provide immediate liquidity and visibility for new tokens.

Pump.fun ranks as the leading Solana-native protocol by daily revenue, with $1.8 million generated in the past 24 hours, according to DefiLlama. Last Friday, Pump.fun’s daily revenue was briefly overtaken by trading app Fomo, which combines cryptocurrency trading with social features resembling a social media feed.

Pump.fun accounted for one-third of Solana’s first-quarter revenue in 2026, or $124 million out of the total $342 million, despite cooling memecoin activity.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

BAM Preconfirmations are now live on Solana via Helius and Triton, bringing low-latency data to the network’s high frequency traders and applications.

Preconfirmations bring a new revenue stream for validators running BAM, joining the Maker Priority Plugin that launched in Q2 2026.

Amassing over $15.95B in network stake, BAM has emerged as Solana’s validator client of choice, constituting 34.1% of all staked $SOL.

BAM Preconfirmations Go Live Solana validators have just unlocked another revenue stream. Jito BAM, Solana’s leading validator client by committed stake, has introduced proconfirmations, a mechanic giving programmatic traders, applications, and searchers faster access to critical market data.

Preconfirmations are effectively a forecast of the transactions a leader can expect to see in incoming shreds. They task validators with streaming out the transactions a leader has already committed to executing.

For Solana’s arbitrageurs and market makers, accessing low-latency transaction data can be the difference between capturing the spread and turning a profit, or getting picked off by toxic flow and suffering losses. 

The BAM Verifier checks finished blocks against what was streamed, and validators caught deviating can be disconnected from the network.

On top of giving operators a competitive edge, BAM preconfirmations also unlock a new revenue stream for Solana infrastructure providers. The payout splits 30% to distributors, 35% to BAM validators and 35% to the Jito DAO, delivered as a stake-weighted priority fee each month.

Over Half of Solana’s Validators Running BAM Since the beginning of 2026, BAM has almost tripled its share of network stake. According to Blockworks data, the BAM client is now being run on 34.1% of staked $SOL, up for just 12% in January.

Of Solana’s 665 active validators, 383 have opted in to running BAM, representing over 50% of the network’s operators. BAM’s popularity among operators is likely driven by its value-add plugins and competitive rewards. 

According to Jito CEO Lucas Bruder, BAM consistently offers the highest compute units and user transactions per block, meaning that validators are able to process more network activity through BAM than rival clients. 

BAM MPP Plugin Proven to Increase Maker Efficiency Since its Q2 launch, the BAM Maker Priority Plugin has made a considerable impact on the efficiency of Solana’s micro market structure. As outlined in a recent article by Jito’s magicdhz, 17 operators, including top prop AMMs like BisonFi, Tessera, and SolFi are now running MPP.

Onchain data indicates the oracle updates running through BAM MPP witness higher success rates in slots led by other clients. In practice, this translates to more landed transactions, more predictable, tighter quoting, and better trade execution for the end user.

After a strong start, the engineers behind BAM MPP now turn their attention to further improving the product. Alongside rolling out MPP usage to more markets, the plugin is expected to introduce an intra-slot clock, offering another countermeasure against toxic flow.

Disclaimer: SolanaFloor is a subsidiary of the Jito Network

Read More on SolanaFloor Long live the Solana launchpad wars

Stonk Flips Pump in Launchpad Revenue, Sets Next Target at Robinhood’s Pons

Crypto is at a Critical Inflection Point

Get access to the Crypto.com ecosystem’s EVM chain thanks to the latest 1inch integration.

Cronos already offers fast, low-cost transactions. Now it gets the full 1inch experience. 

1inch has integrated Cronos, the EVM chain from the Crypto.com ecosystem, across the 1inch dApp, 1inch Wallet, 1inch Aqua and all 1inch APIs.

Intent-based swaps come with no gas fees for users and built-in MEV protection. Cross-chain swaps connect Cronos to every supported 1inch chain without requiring a traditional bridge.

What is Cronos?Cronos combines full EVM compatibility with sub-second performance. Blocks take around 0.5 seconds, transactions reach single-block finality and transfers can cost less than $0.001.

The network holds around $258.7 mln in TVL, as of early September, according to DefiLlama.

But when it comes to aggregation, there is still a significant gap. Aggregators currently route around $100,000-$150,000 per day, or roughly 2%-3% of DEX volume. Now, 1inch is stepping in, adding its aggregation infrastructure.

Swap on Cronos with 1inchYou can now trade Cronos assets directly through the 1inch dApp and 1inch Wallet.

Intent-based swaps let you specify the outcome you want while resolvers compete to fill the order. For users, that means gasless swaps with built-in MEV protection.

Key Cronos assets available across the ecosystem include:

CRO and wrapped CRO (WCRO)USDC and EURCBridged WETH and WBTCCDCETHEcosystem tokens including VVS, TONIC, LCRO, VNO and FULNative USDC is particularly important. Cronos moved to native USDC via Circle CCTP in June 2026, and USDC now represents around 99.9% of the network’s stablecoin base.

Move assets to Cronos smoothlyMoving capital to another chain often means finding a bridge first and making the trade afterwards.

1inch cross-chain swaps combine those steps.

You can swap an asset on another supported network directly for an asset on Cronos in one cross-chain swap. There is no need to interact with a traditional bridge, and the process remains self-custodial end to end.

Native USDC via Circle CCTP also gives users a clean stablecoin rail for moving liquidity into and out of the Cronos ecosystem.

Connect to the Crypto.com ecosystemCronos combines fast execution, low fees and a growing connection to the broader Crypto.com ecosystem. 1inch adds aggregation, intent-based execution, cross-chain swaps, Aqua and API access from day one.

Whether you are already active on Cronos, moving assets there from another chain, providing liquidity or integrating the network into an app, Cronos is now part of the 1inch experience.

Explore Cronos on 1inch.

Disclaimer: This content is provided for informational purposes only. Nothing in this material constitutes financial, investment, legal or tax advice, or a recommendation to enter into any transaction. Providing liquidity involves risk, including the possible loss of all funds involved. Fees are not guaranteed.

Spark Finance is pulling the plug on its Gnosis Chain lending deployment. As of September 14, 2026, SparkLend on Gnosis will be fully deprecated, and any outstanding loans will become eligible for liquidation once a Sky governance spell executes.

For users still holding positions on the Gnosis instance, the message is simple: repay your debt before the cutoff, or face forced liquidation.

How we got here SparkLend launched on Gnosis Chain in September 2023, marking the protocol’s first expansion beyond Ethereum.

Spark began the wind-down process in early 2026, freezing new deposits and borrows on the Gnosis instance to limit further capital exposure. The protocol also raised the reserve factor to 50% across all assets on the Gnosis deployment, a move designed to accelerate the drawdown of outstanding positions by making the cost of staying in the market progressively less attractive.

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The assets affected span the full range of what was available on the Gnosis instance: WXDAI, sDAI, WETH, wstETH, EURe, USDT, USDC.e, GNO, and USDC.

The mechanics of the shutdown SparkLend operates under Sky governance as a permissionless, non-custodial money-market protocol, meaning protocol-level decisions like this one require a governance spell to execute on-chain. Once that spell goes live, the liquidation flag flips and undercollateralized or post-deadline positions become fair game for liquidators.

Existing positions technically remain active until September 14. DeFi liquidations are automated and indifferent to personal circumstances. A position that looks fine at the current collateral ratio could still become liquidatable if market conditions shift before a borrower gets around to closing it.

The practical advice from Spark is straightforward: repay loans now, withdraw collateral, and exit the Gnosis deployment entirely before the governance spell executes.

Liquidation penalties reduce the net value a borrower recovers from their collateral. Users who wait until the final days risk compounding that loss with any adverse price movement in their collateral assets.

Why Gnosis specifically The core reason for the shutdown is utilization, or more precisely the lack of it. Gnosis Chain was never able to generate the kind of lending volume that would make the deployment economically self-sustaining for Spark. Low usage translates directly to low interest revenue, which in turn means the operational overhead of maintaining a separate deployment, managing risk parameters, and monitoring positions produces a negative return on resources.

Spark has been explicit about this calculus. The Gnosis deployment contributed negligible revenue relative to its Ethereum counterpart, and the risk of maintaining exposure to a low-liquidity environment without commensurate reward was the deciding factor.

The decision also fits a pattern Spark established earlier in 2026, when the protocol took similar risk-reduction steps against certain Ethereum-based assets that were not performing at acceptable efficiency thresholds.

Spark left the door open to returning if market conditions on Gnosis improve materially.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

3 hours ago

On-chain risk coverage platform OpenCover has announced it is expanding its institutional-grade risk protection to the Solana network. Eligible positions can now access coverage, with the initial rollout covering Kamino, Raydium, Orca, and Jupiter. Specific coverage scope, limits, and terms vary by protocol and position. OpenCover primarily provides on-chain risk protection for DeFi users, connecting them to underwriters including Nexus Mutual. Following this expansion, Solana ecosystem users can now purchase coverage for risks such as smart contract vulnerabilities, oracle failures or manipulation, liquidation failures, and governance attacks. According to a prior announcement from Nexus Mutual, it has now launched four coverage products on Solana for Kamino, Raydium, Orca, and Jupiter, covering nearly 90% of the Solana lending market’s total funds. Of these, Kamino and Jupiter hold over $1 billion and $925 million in lending deposits respectively. OpenCover noted that this launch marks the start of its further expansion of risk transfer infrastructure on Solana, and it will subsequently partner with protocols, asset management firms, and liquidity providers to expand the range of positions eligible for coverage.

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An unlabeled blockchain address has withdrawn more than 125 billion Shiba Inu from a wallet affiliated with BitGo.

According to Arkham data, 125,334,083,223 (125.33 billion) Shiba Inu tokens, worth $678,060 at the time of the transaction, moved from the BitGo-affiliated address to a newly created wallet. 

New Wallet Receives 125.33 Billion SHIB Arkham data shows that the receiving address had no prior on-chain activity before the transfer, suggesting that the wallet was newly created before receiving the massive SHIB transaction.

The wallet still holds the entire 125.33 billion SHIB in the hours leading up to press time. Although the owner’s identity and intentions remain unknown, moving such a substantial amount of SHIB away from an exchange could suggest an intention to hold the tokens rather than sell them immediately.

However, the transfer alone does not confirm a long-term holding strategy, as the owner could move the tokens to another address or exchange at any time. 

Shiba Inu Whale Balance Withdrawal Reverses Recent SHIB Deposits The latest transaction stands out because BitGo has recently received several large SHIB transfers that fueled concerns about potential selling activity.

Earlier this month, an early Shiba Inu whale transferred 600 billion SHIB to the exchange. Several days later, another transfer involving 408 billion SHIB also reached BitGo.

Against this backdrop, the latest 125.33 billion SHIB withdrawal represents a reversal of the recent pattern of large SHIB transfers flowing into the exchange.

160 Billion SHIB Leaves Exchanges Meanwhile, the latest withdrawal comes as Shiba Inu records broader exchange outflows.

According to CryptoQuant data, 160.06 billion SHIB left exchanges over the past 24 hours. The figure reflects roughly 425.51 billion SHIB in withdrawals against 269.89 billion SHIB in deposits, resulting in a net outflow of about 160.06 billion SHIB.

Despite these recent withdrawals, exchanges still hold a substantial amount of SHIB. Approximately 87.25 trillion tokens remain on exchanges, representing around 14.8% of the cryptocurrency’s total supply. Consequently, a large amount of SHIB remains potentially available for trading or selling. 

Shiba Inu Exchange Reserve Data SHIB Faces Top-30 Ranking Risk Meanwhile, Shiba Inu faces renewed pressure in the cryptocurrency rankings.

SHIB currently ranks 30th by market cap, with a market cap of approximately $3.04 billion. Bittensor (TAO), ranked 31st, has a market cap of about $2.86 billion, leaving only a relatively narrow gap between the two assets.

At press time, SHIB traded at $0.000005167, down 5.74% over the past 24 hours, while TAO has only fallen 2.91% in the same timeframe. Therefore, a continued decline in SHIB’s market value could put its position among the top 30 cryptocurrencies at risk.

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.

XStable, a decentralized perpetual trading platform built for real-world assets, has partnered with the Sui Network to bring on-chain trading for gold, silver, platinum, and foreign exchange pairs. The integration, which went live around September 8 with a formal announcement on September 10, adds Sui Wallet connectivity and USDC deposit and withdrawal support to a platform that originally launched on Solana.

What XStable actually does XStable operates as a decentralized perpetual futures platform focused exclusively on real-world assets rather than the usual parade of crypto tokens. The platform uses a central limit order book, commonly known as a CLOB, which mimics the order-matching mechanics of traditional exchanges rather than relying on the automated market maker model that most DeFi protocols favor.

Currently in public beta, XStable supports perpetual contracts for gold (XAUUSD), silver (XAGUSD), platinum (XPTUSD), and palladium (XPDUSD). All settlements happen in stablecoins, which means traders get exposure to commodity price movements without ever touching the physical assets or dealing with the custody headaches that come with them.

The non-custodial angle matters here. Users maintain control of their funds throughout the trading process, a meaningful differentiator from centralized platforms where counterparty risk is always lurking in the background. The platform also touts programmable risk controls, giving traders and developers the ability to set automated parameters around their positions.

Why Sui, and why now XStable’s original home was Solana, a chain known for its high throughput and low transaction costs. The decision to expand to Sui rather than replace Solana suggests a multi-chain strategy aimed at capturing users wherever they already hold assets.

XStable’s backers appear to agree with this thesis. The platform has secured multi-million-dollar funding from a roster that includes Amber Group, KuCoin Ventures, and YZi Labs. It was also selected for the Solana Solaris Accelerator 2026.

The RWA opportunity and competitive landscape Precious metals and FX markets together represent over $9 trillion in average daily trading volume globally. XStable is not the only project chasing this opportunity. Synthetix has offered synthetic commodity exposure for years. Ondo Finance and Centrifuge have carved out positions in tokenized treasuries and credit. But few platforms have taken the approach of building a dedicated order book exchange specifically for precious metals perpetuals with stablecoin settlement.

The platform has signaled plans to move beyond precious metals into a broader set of FX pairs and potentially indices. The addition of what the team describes as “AI-native features” hints at automated trading tools and intelligent order routing, though the specifics of those capabilities remain to be seen in practice.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Table of contents

Quick Take 1. ZEC trades at $1,223.52, up 47.05% on the week, after reaching a record $1,254.01 on September 6 and clearing $1,000 for the first time since 2016.

2. Grayscale’s spot Zcash ETF, listed on NYSE Arca on August 25 under ZCSH, has reached roughly $463 million in assets, one of the fastest-growing crypto ETFs on record.

3. Short sellers have been the fuel: about $45.32 million in ZEC short liquidations in a single day, the largest of any asset, on top of $34.5 million when price broke $1,000.

Zcash trades at $1,223.52, down 1.69% on the day but up 47.05% across the week, on a session where 88 of the QC 100 constituents declined. Its market capitalization near $20 billion has pushed it past Dogecoin into the top ten.

Live price data via CoinGecko. Total crypto market capitalization sits at $2.63 trillion with Bitcoin at $77,809, essentially flat on the week at plus 0.30%.

How far has Zcash come since this coverage began? Roughly 161%, and every level named along the way has resolved.

This site published its first structural assessment of Zcash on July 8, when ZEC traded at $469.57. The two markers set then were $440 as the support whose loss would negate the advance and $500 as round-number resistance likely to require multiple attempts. Support never came under threat and resistance cleared. On August 22, with the token at $821.79 after passing $800 for the first time since January 2018, we identified $1,000 as the round number the market had begun openly discussing. That has now been taken as well.

The July analysis also flagged the specific catalyst. We wrote that Grayscale had filed to convert its Zcash Trust into a spot product on NYSE Arca under the ticker ZCSH, with trading anticipated on or around August 25, and argued that a US-listed spot vehicle mattered more for a privacy asset than for most tokens because the sector’s dividing line is permission rather than cryptography.

What is driving the Zcash rally? Three forces, and they compound rather than compete.

The ETF. ZCSH listed on August 25 and has gathered approximately $463 million in assets in roughly two weeks, taking in more than $45 million in a single recent week. The fund’s filings and holdings are searchable through SEC EDGAR. It charges a 2.50% expense ratio and is described as the first spot ZEC exchange-traded product. For an asset that spent a decade being removed from regulated venues rather than added to them, a US-listed wrapper is a structural change in who is able to buy.

Short liquidations. ZEC recorded roughly $45.32 million in liquidations in a single 24-hour period, the largest of any individual asset, against $16.79 million for Bitcoin over the same window. A further $34.5 million in shorts was force-closed as price punched through $1,000. Liquidation data updates in near real time at CoinGlass. A short squeeze is forced buying from traders whose bearish positions are automatically closed by an exchange when price moves against them, which is real demand with a finite supply of fuel.

Shielded pool growth. Holdings in Zcash’s shielded pool rose to 4.85 million ZEC, the highest since June, up from 4.32 million the previous month. That is the on-chain measure of coins moving into private storage rather than sitting on exchanges, and it is the least speculative of the three signals. Zcash’s own network statistics are published by the Electric Coin Company.

Is the rally overextended? By most conventional measures, yes, and the drivers explain why that has not mattered yet.

ZEC has gained roughly 2,500% across 2026 and around 145% in the past month alone. A token that has done that while its sector’s second-largest asset, Monero, trades at $505.68 and is roughly flat on the week is not moving on sector beta. It is moving on its own flows.

The boundary worth stating: liquidation-driven advances stop when the shorts are gone, and they stop abruptly rather than fading. ETF inflows can continue, short covering cannot. The distinguishing question over the next fortnight is whether ZCSH keeps gathering assets at anything like its launch pace once the squeeze component is exhausted.

What are the risks? Regulation remains the risk no chart accounts for, and it has a date.

The European Union’s anti-money-laundering framework is set to restrict anonymity-enhancing tokens at regulated providers from July 1, 2027. A US-listed ETF does not bind European regulators, and Zcash’s optional-transparency design is a mitigation rather than an exemption. This site has flagged that date in every Zcash piece since July and a 161% gain does not reduce the exposure.

More immediately, a 2.50% expense ratio is high by ETF standards, and ETF assets can leave as quickly as they arrived when performance turns.

What levels matter now? $1,000 below as the reclaimed round number that now functions as support, and $1,300 above as the level analysts have identified next.

The record at $1,254.01, set on September 6, is the immediate reference overhead. Analysts have pointed to $1,300 as the next upside target with $1,500 possible if buying persists, both contingent on flows continuing rather than derived from the chart alone. Beneath $1,000, the $800 area that capped the token in January 2018 becomes the structural line.

Bottom line Zcash reached a record $1,254.01 on September 6 and trades at $1,223.52, up roughly 161% since this site’s first assessment in July, driven by a Grayscale spot ETF that has gathered $463 million since its August 25 listing and by short liquidations exceeding $45 million in a single day.

The framework this site published in July has now been fully satisfied, including the catalyst it named. What comes next requires new markers rather than old ones, and the honest version is that the ETF flow is the durable part of this story while the squeeze is not. Watch ZCSH assets, not the candle.

This article is for information only and is not investment advice. Crypto assets are extremely volatile and you can lose your entire stake. Always do your own research.

The disclosure does not separate crypto income from Witkoff’s other businesses, and it lands a week before a Senate vote Democrats have tied to conflict-of-interest rules.

Trump's peace envoy reports a $107 million year

Original Image Credits: World Economic Forum Annual Meeting / flickr.com

Posted September 10, 2026 at 6:10 am EST.

Steve Witkoff, President Donald Trump‘s special envoy for Ukraine and the Middle East, reported $107 million in 2025 income from the holding company that owned his stake in World Liberty Financial, the Trump family crypto venture he helped launch. Bloomberg first reported the figure Tuesday from a recent financial disclosure.

The disclosure reportedly does not include the value or income of the underlying assets inside Witkoff’s holding companies, so it does not show how much of the $107 million came from World Liberty Financial LLC, which issues the USD1 stablecoin and sold the WLFI token. Income from the same entity was $34 million in 2024. ABC News reported Wednesday that the filings were obtained by a government watchdog.

This story is an excerpt from the Unchained Daily newsletter.

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The number is landing in the middle of the fight over the Digital Asset Market Clarity Act. Senate Democrats have refused to advance the market structure bill without a conflict-of-interest provision covering the president and his family, and Republican senators said this week that the bill fails next Tuesday if the White House will not move on that language.

World Liberty said on X in May 2025 that Witkoff was divesting and had no operational role, no financial interest in its deals and no influence on daily decisions. White House spokesperson Anna Kelly reportedly told ABC News on Wednesday that Witkoff has now fully divested and that his prior commercial activities are unrelated to his work ending conflicts. Trump reported $526 million from World Liberty token sales in disclosures filed over the summer, plus another $65 million from selling equity in the venture’s holding company.

Witkoff and Trump were both listed as co-founders emeritus on World Liberty’s site, and the company is run by Zach Witkoff and Trump’s three sons. Senate Democrats have been circling the arrangement for a year, first calling for a probe into UAE chip export decisions that coincided with a $2 billion Emirati investment in World Liberty, then demanding hearings on Sheikh Tahnoon bin Zayed Al Nahyan‘s purchase of a 49% stake. World Liberty recently secured preliminary approval from the administration to operate as a bank.

Related Listen: Why the Question Over How to Regulate Perps Has Turned Into a Fight

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

Open interest (OI) on Hyperliquid, a decentralized perpetuals exchange, has surged to $14.669 billion, reaching levels not observed in almost eleven months. According to DefiLlama data, OI crossed the $14 billion threshold on September 4 and has continued to climb steadily.

Steady growth since FebruaryHyperliquid’s open interest bottomed at approximately $4.76 billion in February 2026. Over the past seven months, OI has grown by about 210%. The increase has been gradual, with no single surge period, setting it apart from the rapid leverage build-up that occurred in October last year. Charts confirm this steady climb began in March, marking a shift toward sustained market participation rather than sudden influxes of capital.

Recent catalysts: Coinbase partnership, CFTC talks, token unlockSeveral developments in recent weeks have contributed to Hyperliquid’s momentum. On August 19, Coinbase announced that its Base app would start routing transactions through Hyperliquid-powered perpetual futures, giving users access to more than 290 perpetual markets, including those in crypto, commodities, and equities. This move opened Hyperliquid to a broader audience and deepened its market presence.

Coinbase introduced Hyperliquid’s perpetual futures to its Base app, allowing users to access hundreds of perp markets across various asset classes in a single interface.

A day later, US President Donald Trump brought regulatory attention to Hyperliquid by stating that the Commodity Futures Trading Commission (CFTC) was actively working to bring the platform onshore. On September 6, an unlock event released 9.92 million HYPE tokens, valued at around $820 million. Despite concerns that such a significant unlock could affect market stability, open interest reached a new local high the following day, reflecting strong trader confidence.

Shift from HIP-3 to core perpetuals marketsThe composition of open interest within Hyperliquid has shifted over the past month. Earlier in the year, builder-deployed HIP-3 markets were responsible for much of the growth, rising from 18% of OI to over 34% and surpassing $4 billion by August. However, recent data indicates that HIP-3 open interest has declined by approximately $200 million in the last month, while total OI increased by $3.8 billion.

Currently, growth is driven mainly by Hyperliquid’s core perpetuals markets. These core markets contribute about 99% of fees to HYPE token buybacks, while builder markets allow deployers to retain up to half of their generated fees. This shift means that recent expansion benefits the HYPE token more directly.

Mini dictionary: HIP-3 refers to builder-deployed markets on the Hyperliquid platform, allowing third-party developers to launch new trading pairs directly. These markets differ from core perpetuals, which are operated and curated by Hyperliquid itself.

Recent data from Artemis, as of September 8, shows that total open interest across tracked perpetuals DEXs stands at $19.2 billion, with Hyperliquid accounting for $14.6 billion. Its nearest competitors are Aster with $2.5 billion, Lighter at $1.1 billion, and edgeX at $598.6 million. Every other perpetual DEX on the list has under $210 million in open interest.

Perpetual DEXOpen InterestHyperliquid$14.6 billionAster$2.5 billionLighter$1.1 billionedgeX$598.6 millionOthersUnder $210 millionThis consolidation represents a significant change from late 2025, when competition among perpetual DEXs was more pronounced. The majority of positions currently open on Hyperliquid would previously have been found on centralized exchanges, indicating a shift in trader preferences toward decentralized venues.

Understanding open interest and its implicationsOpen interest reflects the total notional value of open positions on the platform. It does not represent net capital inflow, nor indicate whether market participants are holding long or short positions. High OI means greater potential for liquidations if prices change significantly, as occurred during volatility in October 2025.

Open interest is best understood as a measure of where traders are willing to maintain large positions, regardless of direction. The willingness to commit capital on Hyperliquid, specifically, has visibly increased.

The evolving landscape underscores growing confidence in decentralized derivatives, as traders continue to move substantial portfolios onto Hyperliquid.

US-listed spot Bitcoin ETFs experienced significant outflows on Wednesday, recording a net withdrawal of $120.2 million, according to data from Farside Investors. This brings the two-day total for the holiday-shortened week to $166.8 million in outflows.

Key ETF withdrawals and inflowsAmong the funds, the ARK 21Shares Bitcoin ETF (ARKB) saw the largest single-day withdrawal, losing $78 million. Grayscale’s Bitcoin Trust ETF (GBTC) followed with $27.2 million in outflows, while BlackRock’s iShares Bitcoin Trust ETF (IBIT) registered $19.5 million in net redemptions.

Morgan Stanley’s Bitcoin Trust (MSBT) stood out as the only spot Bitcoin ETF reporting inflows on Wednesday, adding $4.5 million.

Mini dictionary: Farside Investors, a financial analytics firm, tracks and reports on the net flows of cryptocurrency exchange-traded funds across major markets, providing data for institutional and retail investors.

The midweek outflows followed $46.6 million in net redemptions from Tuesday, marking the first consecutive days of outflows for US spot Bitcoin ETFs since a three-day streak ended on August 14. Over the two sessions, GBTC lost a total of $92.7 million, while ARKB posted $69.9 million in redemptions and IBIT reported $8.8 million in net withdrawals.

ETFNet Flow (Wednesday)2-Day Net FlowARK 21Shares Bitcoin ETF (ARKB)-$78 million-$69.9 millionGrayscale Bitcoin Trust ETF (GBTC)-$27.2 million-$92.7 millionBlackRock iShares Bitcoin Trust (IBIT)-$19.5 million-$8.8 millionMorgan Stanley Bitcoin Trust (MSBT)+$4.5 millionN/AImpact on cumulative fund flowsThe two-day decline erased around 4.4% of the $3.8 billion net inflow accumulated during the ETFs’ strongest three-week period of 2026. While total cumulative net inflows for Bitcoin ETFs now stand at approximately $55 billion since launch, aggregate net flows for 2026 show an outflow of about $1.07 billion.

Ether and Solana ETF activityIn contrast to the Bitcoin ETF pullback, US spot Ether ETFs rebounded with $34.7 million in net inflows on Wednesday, offsetting Tuesday’s $24.3 million in outflows and resulting in $10.4 million in weekly net inflows. BlackRock’s ETHB led the pack, attracting $22.9 million, with its ETHA fund following at $9.7 million. The 21Shares TETH fund added $2.1 million, and other Ether ETFs recorded no notable flows.

Spot Solana ETFs also reversed course, bouncing back from a $700,000 outflow on Tuesday to post $11.2 million in inflows on Wednesday. This pushed their two-day net inflow to $10.5 million, entirely led by Bitwise’s BSOL fund.

Meanwhile, Hyperliquid ETFs logged their second consecutive day of withdrawals, losing $5.3 million Wednesday after a $13 million outflow on Tuesday, for a total net outflow of $18.3 million for the week.

Cryptocurrency price trendsAs ETF flow trends fluctuated, Bitcoin traded near $78,000 on Thursday, down from about $79,700 when the previous three-week net inflow data was reported. Ether was priced around $2,470, while Solana traded close to $101, according to CoinGecko figures.

US spot Bitcoin ETFs saw $120.2 million in outflows on Wednesday, with ARK 21Shares, Grayscale, and BlackRock funds all experiencing significant withdrawals. Morgan Stanley’s Bitcoin Trust remained the only ETF to attract new investments during the session.

XRP Ledger (XRPL) developers have announced a plan to achieve full quantum resistance for the network by 2028, placing XRP Ledger ahead of several major blockchain rivals pursuing the same milestone. The move was confirmed by Vet, a contributor at the XRPL Foundation and validator on the decentralized Unique Node List (dUNL). Vet outlined that significant advancements are expected by 2027, including the initial deployment of new security protocols through a hybrid system.

XRPL’s technological strategy and key featuresThis newly revealed timeline positions XRPL as a front-runner in the race to secure blockchains against the potential threat of quantum computing, with its projected transition set for one year before Ethereum‘s scheduled 2029 upgrade.

Developers have highlighted three critical architectural innovations underpinning the XRPL quantum security transition. First, the native key rotation feature will enable cryptographic keys to be updated without changing users’ existing r-addresses. This secure and seamless transition is expected to minimize confusion and operational risks for asset custodians. In contrast, most competing blockchains require users to manually transfer assets to new wallets when adopting post-quantum standards.

Second, XRPL and RippleX developers have established a “Quantum-Day” emergency response protocol. In the event of rapid advances in quantum computing threatening current cryptographic schemes, this protocol allows vulnerable accounts to be instantly isolated and secured without interrupting the overall functioning of the ledger.

Third, the network has already begun actively testing quantum-resistant cryptographic algorithms. Developers intend to roll out new security measures gradually, using a hybrid deployment that runs alongside existing protocols. This approach aims to ensure robust protection while maintaining the stability of the network during the transition phase.

Mini dictionary: Unique Node List (dUNL): A decentralized list of trusted validators used in XRP Ledger to ensure agreement on the true state of the network and maintain consensus securely.

Significant enhancements in quantum-resistant security are anticipated by 2027, which will see the launch of a hybrid deployment model operating alongside the network’s existing security structure. This aims to allow a smoother transition and scalability for users and custodians alike.

Competition with Algorand, and comprehensive XRPL auditThe race for quantum resistance has brought renewed focus on comparisons between XRPL and Algorand. Algorand recently announced the development of quantum-secured accounts utilizing Falcon-1024 signatures, a cryptographic scheme resistant to attacks by quantum computers. However, Vet cautioned the community against overestimating this achievement, pointing out that Algorand still primarily depends on the Ed25519 standard for most routine operations. Full integration of quantum-resistant technologies, including the consensus protocol, is not scheduled for completion until 2027.

Mini dictionary: Falcon-1024: A post-quantum digital signature algorithm designed to remain secure against quantum computer attacks.

NetworkQuantum Protection StartFull Quantum Protection TargetCurrent Key StandardXRP Ledger2027 (Hybrid Phase)2028Native key rotationEthereum–2029To be upgradedAlgorandIn progress2027Falcon-1024 (partial), Ed25519Meanwhile, the scope of Ripple’s Project Eleven includes a thorough security audit of XRP Ledger, covering components from validator nodes to the underlying network infrastructure. The audit is part of a broader initiative to validate and update every layer of security before the mainnet’s transition to quantum resistance.

Ripple’s rollout plan features a staged approach, beginning with comprehensive testing. A hybrid deployment of legacy and post-quantum signatures is planned for 2027, leading to a full upgrade in 2028 for the mainnet environment.

As part of its industry-leading strategy, XRP Ledger’s transition roadmap incorporates hybrid cryptographic solutions, system-wide audits, and responsive emergency protocols designed to protect user assets in the face of rapidly evolving quantum technology threats.

PancakeSwap has hit a notable milestone in its token supply management strategy, recording 36 consecutive months in which $CAKE burns exceeded new token issuance. The streak began in September 2023 and ran through August 2026, marking three full years of unbroken net deflation.

August Burns Outpace Issuance by a Wide Margin In August alone, PancakeSwap burnt 2.75 million CAKE while generating only 674,316 new tokens, resulting in a net supply reduction of more than 2 million CAKE for the month. Cumulatively, nearly 59.7 million CAKE has now been removed from peak supply.

For context, the 33rd consecutive month of supply reduction, reported in May 2026, showed a cumulative removal of 51,046,024 CAKE since September 2023, illustrating how quickly the pace of burns has accelerated over the summer months.

How the Burn Mechanism Works The burn process is fueled by protocol activity, with fees collected from spot trading, perpetual contracts, IFOs, prediction markets, and lotteries regularly used to buy back and burn CAKE. Burned tokens are sent to a dead wallet, permanently removing them from circulation.

In April 2023, PancakeSwap voted to transition to a deflationary token model called "Ultrasound CAKE," passing a proposal called CAKE Tokenomics v2.5 to create a structure combining real yield and reduced token emissions. The veCAKE staking system was later retired, daily emissions were cut from around 40,000 tokens to 22,500, and more revenue streams were redirected into buybacks.

PancakeSwap's target is an annual deflation rate of at least around 4% and a total CAKE supply reduction of around 20% by 2030. CAKE now has a hard cap set at 400 million, following a proposal put forward in January 2026 to decrease the cap from 450 million to 400 million, which was successfully passed.

The three-year streak adds weight to PancakeSwap's case that its deflationary model is self-sustaining, driven by real protocol usage rather than one-off treasury actions. Whether that supply discipline translates into lasting price support will depend on how demand holds up across the broader DeFi market.

Sources:
PancakeSwap Blog: May 2026 CAKE Burn Report
PancakeSwap Docs: CAKE Tokenomics
KuCoin: PancakeSwap Cuts CAKE Max Supply to 400M

PANews, September 10 – According to The Block, Solana treasury company SkyAI will hold its annual general meeting on September 18. Ahead of the meeting, the company faces dual pressure from shareholders and potential acquirers, both calling for the rejection of the re-election of all directors. Shareholders including Bastion Trading, which holds a 9.99% stake, and others, filed a document with the SEC on September 3, stating they will vote "against" all five director candidates, citing reasons such as amendments to the company's articles of association that weaken shareholder rights, the adoption of a "poison pill" without a shareholder vote, and the existence of related-party transactions. Forward Industries, also a Solana treasury company, issued an open letter on Wednesday, similarly calling on shareholders to vote against all five directors and to oppose the company's proposed 2026 equity incentive plan, which would issue 5.145 million new shares (a dilution of approximately 7.2%). SkyAI, formerly known as Sharps Technology, is currently positioned as "agency finance for the Global South," holding approximately 2.0095 million SOL (about $207 million), making it the fifth-largest publicly listed Solana treasury company; Forward Industries is the largest such company, holding approximately 7.0135 million SOL (over $722 million). In June of this year, Forward proposed acquiring SkyAI in an all-stock deal at $1.55 per share (a 20% premium to the then-current stock price), which was unanimously rejected by SkyAI's board in July; since then, Forward's stock price has risen over 50%, while SkyAI's stock price has remained roughly flat at $1.35. Forward also pointed out that SkyAI has transactions involving a company affiliated with the brother of director and Chief Information Officer Alice Zhang, with one such transaction involving a warrant valued at over $100 million. Forward stated it remains open to reaching a "strategic transaction" with SkyAI. SkyAI has not responded to a request for comment.

AI Agents Get Scoped Wallet Access on SuiSui Network is pushing further into autonomous on-chain operations with the integration of the Human Tech Wallet Protocol (WaaP). The setup allows AI agents to operate wallets directly, but within clearly defined limits, keeping ultimate control with the user.

The protocol, built by Human Tech and powered by the Ika Network, provides embedded wallets designed for both humans and their agents. Its architecture relies on Two-Party Computation (2PC), meaning no single party, including Human Tech itself, can unilaterally move funds. A user's key share stays local, while a decentralized network handles the co-signing share under zero-trust conditions.

As Ika Co-Founder Omer Sadika put it: "The hard part of agentic payments isn't speed, it's authority. Software acting on someone's behalf needs bounded permission, not an omnipotent private key."

Gas Abstraction and Liquidity Pool Access via CetusOne of the more practical elements of the integration is gas abstraction. Agents can fund wallets with any token and transact across chains without needing to hold native fee tokens, removing a common friction point in automated DeFi workflows.

From there, agents can enter liquidity pools and pursue on-chain opportunities through Cetus Protocol, the leading decentralized exchange on Sui. Cetus uses a Concentrated Liquidity Market Maker (CLMM) model, which allows liquidity providers to allocate assets within specific price ranges for improved capital efficiency.

The WaaP CLI gives agents orchestration across EVM, Sui, and Solana, while developers can configure granular policies through the SDK, including custom webhooks for additional security. The result is a permissioned but automated agent layer, one that can act independently without exposing full wallet control.

For Sui, the integration marks another concrete step toward a network where software can execute DeFi strategies end-to-end, autonomously and within defined guardrails.

Sources:
Human Tech Launches Wallet Protocol on Ika Network (Investing.com)
WaaP Launches on Sui with First Truly Decentralized Embedded Wallet Layer (Chainwire)
Cetus Protocol TVL and Fees (DefiLlama)

Table of contents

Zamanat, a worldwide Digital Shariah Assets market, has announced the launch of an exclusive private credit fund. In this respect, Zamanat has introduced the Zamanat Fund CEIC Limited to cope with the SME financing gap in the Gulf Cooperation Council (GCC) region.

As Zamanat disclosed in its official announcement, the development underscores the initial live instance of the platform’s compliant fund tokenization through ZIGChain. Hence, the fund attempts to facilitate professional users and merges blockchain-based settlement and issuance with a regulated investment framework.

Zamanat Aims to Fill SME Financing Gap in GCC Via Private Credit Fund With Zamanat Fund CEIC Limited’s launch, Zamanat intends to let institutional users connect their capital to the established GCC firms looking for alternative growth financing sources. Medium- and small-sized enterprises are crucial across GCC economies; however, they continue to face difficulties while securing significant financing via traditional banking methods.

So, in this region, just 11% of all SMEs can access credit, underscoring a notable structural challenge posed to businesses focused on capital to broaden their activities. Specifically, this situation is prominent in the UAE, as SMEs contribute over half of the region’s gross domestic product.

Additionally, it also employs the majority of the workforce in the private sector. Irrespective of their economic significance, such businesses obtain even less than 10% of the total bank lending. This leaves a huge space for alternative private funding markets and financing providers. Keeping this in view, the Zamanat Fund CEIC Limited is set to invest in diverse private credit opportunities in the GCC region.

Leveraging ZIGChain Tokenization to Expand GCC-Based Private Credit Zamanat Fund CEIC Limited is directing capital toward well-established regional entities whose funding needs remain underserved by conventional lending firms. This strategy goes in line with the wider economic diversification endeavors, taking into account the Vision 2030 of Saudi Arabia and the Centennial 2071 of the UAE, emphasizing private-sector advancement and more SME participation.

The new fund combines a DIFC fund model, blockchain-powered digital issuance, institutional administration, and a local private credit plan. According to Zamanat, the investment interests of the platform will be released as ZM1 Investment Tokens through the ZIGChain in a whitelisted and regulated environment.

The Dubai Financial Services Authority (DFSA) is regulating the fund in the form of a closed-ended Exempt Fund under the category of credit funds. Zamanat’s CEO, Umair Tariq, said, “With a target size of up to USD 100 million and interests issued as Investment Tokens, it is our first live proof point for bringing GCC private credit into a regulated digital structure for Professional Clients.”

AUTHOR

Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.

SWIFT introduced a new blockchain-based ledger, aiming to provide always-on, regulated cross-border payments for its network of global banks. Backed by 17 early-adopter financial institutions, the blockchain product was designed in collaboration with the financial community to enhance the efficiency of tokenized deposits inside the existing regulated infrastructure.

SWIFT’s blockchain ledger and banking partnersThe Society for Worldwide Interbank Financial Telecommunication (SWIFT), a cooperative that connects over 11,000 financial institutions worldwide, is targeting transparent and interoperable cross-border flows through its latest product. The blockchain ledger records and settles tokenized bank deposits on a shared, permissioned network.

SWIFT’s Digital Assets Lead Avalon Ingram described the initiative as focusing on continual payment capability. Ingram explained that SWIFT is moving toward “coordinated, transparent flows across the global financial ecosystem,” aiming for seamless, compliant transactions between institutions in different countries.

Avalon Ingram emphasized the vision of “always-on payments” and redefining cross-border payments with interoperability and compliance at the core of the platform.

Major banks onboard early include HSBC, Standard Chartered, Citi, BNP Paribas, and Lloyds. These institutions have also engaged with blockchain and digital asset technologies through established partners, demonstrating broad industry interest in tokenized payments via regulated rails.

Impact on Ripple’s payment network and XRPRipple, a San Francisco-based fintech company, had previously positioned itself as an alternative to SWIFT by offering its On-Demand Liquidity (ODL) service, which uses the XRP cryptocurrency for instant cross-border settlement. ODL operates by converting fiat to XRP, transferring it across the XRP Ledger, and converting it back to local currency, allowing banks to avoid parking idle funds in foreign accounts.

Ripple’s existing integrations mean that a payment can still start via SWIFT messaging and settle through ODL in certain corridors, often facilitated by partners like Thunes. However, if SWIFT’s deposit tokens function effectively across major currency pairs, Ripple’s ODL may lose its comparative advantage in these corridors.

RouteCurrency ConversionSettlement SpeedCurrent Use CaseSWIFT LedgerTokenized fiat onlyAlways-on (24/7)Major banking corridorsRipple ODLFiat-XRP-FiatSecondsHigh-cost remittance marketsDemand for XRP may continue in regions with expensive remittance costs and limited weekend settlement. In these situations, pre-funding can be costly, and instant liquidity remains valuable. Despite this, analysts noted that most XRP trading activity currently revolves around ETF flows, large-volume traders, and broad crypto market sentiment, rather than fundamental growth in messaging or settlement adoption.

Reframing Ripple’s strategyThe arrival of SWIFT’s blockchain ledger shifts the competitive landscape for cross-border settlement. The historical narrative of XRP directly replacing SWIFT is giving way to a coexistence model. Ripple is now pursuing enhanced integration, such as ISO 20022 compatibility and efforts like Ripple Treasury’s dashboard service, intending to sit alongside SWIFT rather than supplant it.

As banks now move tokenized dollars on a private ledger without direct reliance on a public asset like XRP, Ripple’s ODL must prove its relevance through volume growth in public on-chain data and by offering cost or speed advantages over tokenized bank rails.

For the broader banking sector, SWIFT’s launch of regulated, 24/7 blockchain-supported payments is a tangible development. For XRP, the challenge is to demonstrate clear optional liquidity benefits or risk fading to a headline asset as banks favor proprietary tokenized deposit solutions.

Upcoming events, such as Ripple’s participation in the Sibos conference and advances in dashboard technologies, signal ongoing efforts to secure a complementary role in the evolving cross-border payments ecosystem.

Mini dictionary: On-Demand Liquidity (ODL), Ripple’s payment solution using the XRP cryptocurrency to provide instant liquidity for cross-border transactions without pre-funding accounts.

Ripple’s stablecoin has grown 1,278% this year while XRP shed more than a quarter of its value. The network is busier than ever, but the token capturing that activity has a dollar sign and a peg.

Summary

RLUSD market cap hit $2.32 billion with cumulative volume surpassing $9 billion, a 1,278% increase year to date, while XRP dropped 27% over the same period to trade near $1.39. The XRP Ledger processes 2.4 million daily transactions, up 21% year over year, and DEX volume surged 79%, yet active accounts fell 40%, pointing to fewer but larger participants. Seven spot XRP ETFs approved in March 2026 have pulled in $1.68 billion in cumulative inflows, with August alone contributing $153 million to $159 million, the best month since launch. RLUSD supply on the XRP Ledger jumped from 18.4% of total issuance at the start of 2026 to 58.9% today, with $963 million now sitting on XRPL and $1.1 billion on Ethereum. Institutional integrations, including JPMorgan, Mastercard, Convera, and Interactive Brokers, have overwhelmingly adopted RLUSD for settlement, not XRP, raising the question of whether the token is becoming a sidecar to its own ecosystem. The numbers tell two contradictory stories about the same network. XRP started 2026 near $1.90, slid to a July low of $1.06, bounced to $1.55 in August, and then drifted back to $1.36. Down 27% on the year. That is the kind of chart that makes retail traders close their apps and check back in six months.

But the infrastructure underneath that falling price is having its best year. The XRP Ledger is settling more transactions than at any point since the 2021 bull run. RLUSD, barely seven months old, already ranks among the ten largest stablecoins by market capitalization. Ripple signed deals with payment processors that move $190 billion per year. The Bank for International Settlements published a working paper using the XRP Ledger for cryptographic proof of integrity.

None of this lifted the token price. And that contradiction is the story worth unpacking, because it reveals something about XRP that the community has been reluctant to confront: the network’s success and the token’s performance may no longer be the same story.

The stablecoin that ate the narrative RLUSD launched in late 2025 as a compliance-first stablecoin designed to slot into existing banking infrastructure. Ripple positioned it as the settlement layer for cross-border payments, the exact use case that XRP was supposed to own. The company argued the two assets were complementary. Seven months of market data suggest otherwise.

The growth curve speaks for itself. RLUSD crossed $1 billion in market cap in the spring, then $2 billion on August 25, and sits at $2.32 billion today. Cumulative trading volume has passed $9 billion. The growth rate, 1,278% year to date, is the kind of number that would dominate crypto headlines if it belonged to a token people could speculate on. But a stablecoin pegged to one dollar does not generate the same excitement, even when it is quietly absorbing the utility that once justified XRP’s existence.

The listing trajectory tells its own story. Binance added RLUSD in January 2026. OKX followed on April 29. Gate.io on June 15. All four Korean Big 4 exchanges, Upbit, Bithumb, Coinone, and Korbit, now carry it. That is not a niche product limited to Ripple’s partner network. That is distribution at scale, across every major trading region, in under a year.

More revealing is where the supply lives. At the start of 2026, only 18.4% of RLUSD existed on the XRP Ledger, with the rest on Ethereum. Today that figure has flipped to 58.9%, with $963 million on XRPL and $1.1 billion on Ethereum. The stablecoin is migrating to XRP’s home chain at an accelerating pace, which means the ledger’s growing transaction volume is increasingly denominated in dollars, not in XRP. Every mint on the XRPL is a vote of confidence in the chain and a vote of indifference toward the token.

The institutional playbook that skipped XRP When JPMorgan ran its treasury settlement using Ripple infrastructure, it chose RLUSD for the cash leg. Not XRP. That single decision captures the entire institutional logic in one sentence.

The pattern repeated across every major deal Ripple closed in 2026. Convera, the payment company processing $190 billion per year in cross-border volume, integrated RLUSD for its corridor settlements. LMAX Digital signed a $150 million deal to bring RLUSD into its institutional trading infrastructure. Mastercard connected through Ripple’s payment APIs. BlackRock’s BUIDL fund interacted with the Ripple ecosystem through RLUSD rails. Flutterwave, fresh off a $3.2 billion Series E, partnered for African payment corridors where dollar-denominated settlement reduces friction for remittance senders. Interactive Brokers and B2C2 added RLUSD support for their institutional client bases.

Count the names. JPMorgan. Mastercard. BlackRock. Convera. These are not speculative crypto plays. These are the largest financial institutions on earth, and every single one chose the stablecoin over the token. The reasoning is not complicated. A bank treasury desk managing overnight positions in multiple currencies does not want to hold an asset that dropped 27% in eight months. A dollar-pegged token eliminates the volatility risk entirely. The parade of institutional names signing with Ripple is real, but the parade is marching toward RLUSD, and XRP is watching from the sidewalk.

This is not a conspiracy or a failure of strategy. It is the predictable result of building a stablecoin that does the same job as XRP but without the price risk. Ripple created a better product for the exact customer it spent a decade courting. The irony is thick enough to cut.

Consider the pitch Ripple made to banks from 2015 to 2023: use XRP as a bridge asset, settle in three seconds, save 40% to 70% on corridor costs compared to SWIFT. Banks listened politely and mostly declined. The volatility objection was consistent across every boardroom. Now Ripple walks into the same boardrooms with RLUSD, which offers the same three-second settlement on the same ledger with the same cost savings, minus the volatility. Banks are signing. The product-market fit that eluded XRP for a decade arrived the moment Ripple removed the token from the equation.

Fewer, larger hands Here is the number that nobody is talking about. Active accounts on the XRP Ledger dropped 40% year over year. At the same time, daily transactions rose 21% to 2.4 million, and DEX volume surged 79%.

Read those three data points together. Fewer wallets. More transactions. Much higher volume per wallet. The network is concentrating into a smaller number of participants who each move significantly more money.

This is the “fewer, larger hands” paradox, and it reframes the entire XRP story. Retail traders, the ones who drove the 2017 rally and the 2021 echo, are leaving. The 40% drop in active accounts is not a rounding error or a seasonal blip. It is a structural shift that has persisted across multiple months. The people who bought XRP hoping it would hit $10 are gone, or at least dormant, their wallets sitting idle while the network they once championed rewires itself around institutional flows.

Who replaced them? Institutional players routing payments through RLUSD on high-throughput corridors. Market makers filling order books with larger individual trades that generate the same volume from a fraction of the accounts. Treasury operations that do not need thousands of wallets because they consolidate flows into a handful of accounts with API-driven execution and batch settlement. The ledger did not get quieter. It got more efficient, which is the polite way of saying it got more institutional and less retail.

This matters because XRP’s price has always been a retail phenomenon. Institutions did not buy XRP to hold. They used it as a bridge asset, in and out in seconds, which created transaction volume but not sustained buy pressure. The token’s market cap was built on the belief that retail holders and institutional utility would eventually converge, that the network effect would grow large enough to lift the price floor permanently.

Instead, institutions found a way to use the network without the token, and retail left when the price stopped cooperating. The convergence thesis collapsed not because it was theoretically wrong, but because RLUSD offered institutions a better path that did not require XRP exposure at all. The bridge asset became optional the moment the bridge itself could carry dollars natively.

No competitor has published this analysis. The bullish XRP content focuses on ETF inflows and partnership announcements. The bearish content points to price decline and escrow dilution. Neither side has connected the account data to the RLUSD migration to explain what is actually happening on the ledger at a structural level.

The ETF paradox Against all of this, spot XRP ETFs are having a quietly strong year. Seven funds launched after SEC approval in March 2026, and they have pulled in $1.68 billion in cumulative inflows. August was the best month yet, with $153 million to $159 million in net new capital.

That is real money entering real custody wallets, managed by real fund managers with real fiduciary obligations. It validates XRP as an investable asset class in the eyes of traditional finance. It is also a fraction of what Bitcoin and Ethereum ETFs attracted in their first six months, which suggests the institutional appetite for XRP exposure has a ceiling that the community has not fully acknowledged. More critically, it creates its own paradox. ETF buyers are accumulating XRP in a wrapper that removes it from active circulation. They are not sending XRP across borders. They are not providing liquidity on the DEX. They are not participating in the network’s growing transaction volume. They are buying exposure to a price chart that has moved against them all year, warehousing tokens in cold storage vaults while the chain underneath operates on a different asset.

The ETF inflows have not translated into sustained price appreciation because the buy pressure from funds is offset by the sell pressure from escrow unlocks and the broader market’s indifference to XRP’s fundamental story. On September 1, Ripple unlocked three escrow tranches totaling 1 billion XRP: 100 million, 400 million, and 500 million tokens. The remaining escrow holds 32.6 billion XRP, with 1 billion tokens released every month. That is a monthly supply expansion that institutional ETF buyers cannot absorb at current flow rates, especially when the use case those institutions care about now runs on RLUSD.

The structural imbalance between inflows and outflows is the ETF story that the headline numbers obscure. One billion XRP at $1.39 equals roughly $1.39 billion in potential monthly sell pressure. August ETF inflows of $159 million represent 11.4% of that figure. Even assuming Ripple relocks most of each monthly unlock, the escrow mechanism creates a persistent overhang that works against price appreciation.

The ETFs prove that financial products can exist around XRP. They do not prove that XRP needs to appreciate for the Ripple ecosystem to succeed. That distinction is the quiet earthquake at the center of this story.

Regulatory clarity arrived and the price did not care The SEC case is resolved. Japan’s FSA approved RLUSD on June 25. The EU granted MiCA preliminary authorization in Luxembourg on June 23. The BIS published a working paper using the XRP Ledger for cryptographic proof of integrity.

Two years ago, any one of these headlines would have sent XRP up 30% in a day. All four happened in 2026, and XRP is down 27% on the year.

The obvious explanation is that regulatory clarity was already priced in. Markets anticipated the SEC resolution for over a year. The less obvious explanation is more important: regulatory clarity benefited RLUSD more than XRP. A stablecoin needs regulatory approval to function as a payment instrument in a given jurisdiction. A speculative token needs regulatory approval to avoid being delisted. The same event has different implications for different assets, and the market figured that out faster than the community did.

Japan’s FSA approval opened RLUSD to the third-largest economy by GDP, a market where dollar-denominated stablecoin settlement can replace costly yen conversion in cross-border flows. MiCA authorization covers the entire European Economic Area, granting RLUSD legal standing as an electronic money token across 30 countries. These are not theoretical markets. They are jurisdictions where RLUSD can now legally serve as a settlement currency for banks and payment processors.

XRP already traded in these markets before any of these approvals landed. Japanese retail investors have been among the largest XRP holders since 2017. European exchanges listed XRP years ago. The approvals changed nothing about XRP’s accessibility but changed everything about RLUSD’s commercial viability as a regulated payment instrument. Every regulatory win expanded the addressable market for the stablecoin while doing little more than confirming the status quo for the token. The community celebrated each headline as an XRP catalyst. The market priced each one as an RLUSD catalyst. The price chart settled the argument.

The cannibalization thesis Put it plainly. RLUSD is cannibalizing XRP’s primary use case, and Ripple is the one doing it.

This is not accidental. Ripple spent years arguing that XRP’s volatility was a feature, that a three-second settlement window meant the price swing during transit was negligible. That argument worked when the competition was SWIFT, which took days and charged 3% to 7% in corridor fees. It does not work when the competition is RLUSD, which settles on the same ledger in the same three seconds with zero price risk and lower integration complexity.

A payment processor choosing between a bridge asset that lost 27% this year and a stablecoin pegged to one dollar will choose the stablecoin every time. Not because XRP is broken, but because the stablecoin removes a category of risk that no amount of speed can compensate for. The conditions for XRP recovery exist, but they require something beyond Ripple’s core payment business to drive demand.

The bull case for XRP now rests on three pillars that have nothing to do with cross-border payments. First, speculative demand driven by ETF flows and retail re-entry during the next broad market rally. Second, DEX activity on the XRP Ledger creating organic demand for XRP as a base trading pair, a function that grows with on-chain DeFi development. Third, burn mechanics and escrow reductions gradually tightening supply over a multi-year horizon, eventually making the monthly unlocks negligible relative to circulating supply.

None of those pillars requires RLUSD to fail. They coexist. But they also mean that XRP’s investment thesis has quietly shifted from “utility token for global payments” to “speculative asset on a chain that settles stablecoin payments.” That is a meaningful downgrade in narrative, even if the price eventually recovers. It is the difference between owning a toll bridge and owning a house near a toll bridge. The traffic still passes by. The economics are entirely different.

What Ripple gains and what XRP holders lose Ripple the company is having an exceptional year by every metric that matters to a private enterprise. RLUSD generates revenue through minting and redemption fees. Institutional partnerships create recurring payment volume that compounds over time. Regulatory approvals open new markets with each jurisdiction. The Ripple ecosystem, measured by transaction throughput, partner count, and stablecoin adoption, has never been stronger.

XRP holders do not automatically benefit from any of that. Ripple holds billions of XRP in escrow, and the company’s success does not create a direct mechanism for that XRP to appreciate. There is no revenue share. There is no buyback program. There is no on-chain fee distribution. The link between Ripple’s business performance and XRP’s market price was always assumed by the community and never formally codified. In 2026, the data suggests that link is weaker than the community believed.

This is the uncomfortable truth that the “fewer, larger hands” data illuminates. The XRP Ledger is becoming an institutional payment rail denominated in RLUSD. The token that gave the ledger its name is becoming less relevant to the ledger’s primary function with each integration that chooses the stablecoin over the token. The network can thrive while the token stagnates, and 2026 is the first year where both of those things are happening simultaneously and measurably.

That does not mean XRP goes to zero. Plenty of tokens trade on narratives decoupled from their network’s primary utility, and some of them do very well over multi-year cycles. But it means the token needs a catalyst that is independent of Ripple’s payment business. Smart contract functionality expanding on the ledger could attract DeFi protocols that require XRP for gas fees and collateral. A DeFi ecosystem built on XRPL could generate organic trading demand that puts sustained buy pressure on the token through AMM pools and lending markets. Or a supply shock driven by sustained ETF accumulation combined with escrow reduction could tighten the float enough to move the price even without a fundamental use case shift.

Something has to create demand for XRP specifically, not for the XRP Ledger generally. Until that distinction narrows, the great disconnect will persist. And every month that RLUSD grows while XRP stagnates makes the distinction harder to close, because it proves to the next institutional prospect that the ledger works perfectly well without the token.

What to watch RLUSD monthly mint rate versus XRP escrow unlocks. If new RLUSD issuance consistently outpaces the dollar value of monthly escrow releases, the stablecoin is growing faster than the token supply. That ratio tells you which asset the market is choosing in real time. Active account trend reversal. The 40% drop in active accounts is the clearest signal of retail departure. A sustained increase over two consecutive months would indicate fresh participants entering the network, not just existing institutions adding wallets. XRP ETF flow acceleration. August’s $153 million to $159 million was strong but not sufficient to offset escrow sell pressure at current prices. Monthly inflows above $250 million would begin to matter for price. DEX volume composition. The 79% surge in DEX volume is bullish for network activity, but tracking how much of that volume is XRP-denominated versus RLUSD-denominated will reveal whether the token or the stablecoin is driving on-chain trading growth. Institutional settlement currency disclosure. When the next major bank or payment processor announces a Ripple integration, watch whether the press release names RLUSD, XRP, or both. That language is the clearest forward indicator of which asset institutions are choosing to build on. What is the current price of XRP? XRP trades near $1.39 as of early September 2026, down approximately 27% from its January high near $1.90. The token hit a year-to-date low of $1.06 in July before rallying to $1.55 in August, then pulling back again.

What is RLUSD and how big has it gotten? RLUSD is Ripple’s dollar-pegged stablecoin launched in late 2025. It has grown to a $2.32 billion market cap with cumulative trading volume exceeding $9 billion, representing 1,278% growth year to date. It is listed on Binance, OKX, Gate.io, and all four major Korean exchanges.

Why is XRP falling while the network grows? The XRP Ledger’s growing activity is increasingly driven by RLUSD settlement and institutional payment flows that use the stablecoin instead of XRP as the value transfer layer. Network utility and token price have decoupled because the utility does not require the token.

How many spot XRP ETFs exist? Seven spot XRP ETFs launched following SEC approval in March 2026. They have attracted $1.68 billion in cumulative inflows, with August generating $153 million to $159 million, the strongest single month since launch.

Is RLUSD replacing XRP for payments? Institutional integrations in 2026, including JPMorgan, Convera, Mastercard, and Interactive Brokers, have adopted RLUSD for settlement. Banks and payment processors prefer a dollar-pegged asset over a token carrying a 27% annual drawdown for the same three-second settlement speed.

How much XRP remains in escrow? Ripple holds 32.6 billion XRP in escrow with monthly unlocks of 1 billion tokens. On September 1, three tranches of 100 million, 400 million, and 500 million XRP were released. The escrow creates persistent monthly sell pressure.

Why did regulatory wins not boost XRP price? The SEC resolution, Japan FSA approval of RLUSD, and EU MiCA authorization were largely priced into XRP before they occurred. More significantly, these events disproportionately benefited RLUSD by opening new jurisdictions for regulated stablecoin use while changing little for XRP’s existing market access.

Should I buy XRP based on this analysis? This article examines the structural relationship between XRP price action and RLUSD adoption. Individual investment decisions depend on personal risk tolerance, time horizon, and financial situation. This is educational analysis, not investment advice.

Disclaimer: This article is for informational and educational purposes only. It does not constitute financial, investment, or trading advice. Cryptocurrency markets carry significant risk. Always conduct your own research before making investment decisions. Published September 9, 2026.

@Zcash is putting the shape of its next major protocol upgrade to a community vote, with coinholders and an advisory panel poll set to close on Monday at 19:00 UTC. The outcome will determine the scope of Network Upgrade 7 (NU7),

Five Questions on the BallotVoters are being asked to weigh in on five distinct questions. The first two concern the Network Sustainability Mechanism: whether to smooth $ZEC issuance rather than keep the current halving schedule, and when the reissuance of previously removed funds should begin. A third question covers retiring the deprecated Sprout pool, and a fourth asks whether to cut block target spacing from 75 seconds to 25, effectively tripling transaction throughput.

The fifth question is arguably the most consequential for timing.

@Zcash has confirmed that the total $ZEC supply is unaffected regardless of the outcome, and that the advisory panel vote is non-binding.

How the Vote Works

Sources:
Zcash Official: Network Upgrade 7
Zcash Community Forum: NU7 Coinholder Vote
U.Today: Zcash NU7 Coinholder Vote Explained

Wed 09 Sep 2026 ▪ 4 min read ▪ by Luc Jose A.

Summarize this article with:

During the session on September 8, XRP ETFs recorded $1.55 million in net inflows. Such a result places XRP ahead of bitcoin, Ethereum, and Solana for one day, without calling into question the cumulative dominance of Bitcoin funds.

In Brief XRP ETFs capture $1.55 million, alone in the green on September 8. Bitcoin, Ethereum, Solana, and Hyperliquid record net outflows in the same session. XRP’s lead remains punctual, far behind Bitcoin on cumulative and weekly flows. XRP climbs back around $1.43, with an increase close to 3%. Several positive sessions will be needed to confirm a lasting capital rotation. XRP ETFs Alone Attract New Capital In the United States, listed XRP ETFs resumed inflows after a session with no flow at all. Net subscriptions reached approximately $1.55 million.

At the same time, the three other categories recorded outflows. Bitcoin ETFs notably interrupted a run of three consecutive sessions in the green in the data provided by SoSoValue.

Flows obtained on September 8 are distributed as follows :

XRP ETFs received $1.55 million ; Bitcoin ETFs lost $46.65 million ; Ethereum ETFs had $24.29 million in withdrawals ; Solana ETFs recorded an outflow of $667,720. Regarding ETFs linked to Hyperliquid, they also lost $12.96 million. XRP funds are therefore the only products to have collected new capital among these five categories.

However, this first place remains relative. The amount obtained by XRP ETFs is 30 times less than the outflows observed on Bitcoin funds. Indeed, their lead mainly comes from the other products turning red.

This Lead Is Limited to One Session The five spot XRP ETFs manage $1.51 billion in assets. Thus, their cumulative net inflows approach $1.69 billion, according to reported figures.

The $1.55 million recorded on September 8 represents less than 0.1% of this historical total. These products attracted about $173 million over a month. The last session therefore accounts for only 0.9% of this amount.

Furthermore, the comparison with bitcoin is even more unbalanced. Bitcoin ETFs accumulate nearly $55.59 billion in net inflows. This amount exceeds that of XRP funds by about 33 times.

This gap is confirmed by weekly data. In the week ending September 4, Bitcoin ETFs collected $986.9 million. As for XRP funds, they collected nearly $19 million during the same period.

On a specific session, XRP outranks other cryptos. However, it does not dominate weekly flows nor cumulative subscriptions. Several positive days would be needed to confirm a lasting capital rotation.

XRP Price Rises Around $1.43 XRP moved nearly 3% up after the inflows of September 8. Its price thus returned to the $1.43 zone, after many sessions marked by weaker activity.

This simultaneous increase does not prove that ETFs triggered the rise. The $1.55 million received remain modest compared to volumes traded daily on spot and derivatives markets.

ETF flows also do not allow precise identification of final buyers. They measure creations and redemptions of shares but do not always distinguish institutional investors from other actors.

The next confirmation will depend on the regularity of subscriptions. Thus, XRP ETFs will need to maintain positive flows over several sessions, while bitcoin and Ethereum remain under pressure. Otherwise, this outperformance will remain a simple daily gap.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

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.

Sunrise, the liquidity protocol built on Solana and initiated by Wormhole Labs, just listed 20 additional tokenized stocks issued by Backpack Securities. The move continues a rapid expansion that has turned Solana into the dominant venue for decentralized trading of tokenized US equities in a matter of months.

The new batch of listings brings familiar Wall Street names onchain, with tokens representing real ownership of the underlying securities. Each tokenized stock is backed 1:1 and fully redeemable for conventional equity entitlements, including dividends.

From SpaceX to 20 new tickers The Sunrise-Backpack partnership launched its phased rollout in June 2026, starting with tokenized SpaceX equity, ticker SPCX. That token went live on June 12 to coincide with SpaceX’s Nasdaq IPO and promptly generated $439 million in trading volume during its first week alone.

By mid-July, cumulative DEX trading volume for tokenized stocks on Solana had crossed $734 million. By late August, total tokenized equity supply on the chain surged to $465 million.

The listing count has climbed steadily through the summer, moving from a handful of tickers into the mid-teens and now the low-thirties as of September. The latest 20 additions include well-known names such as Micron Technology (MU), Moderna (MRNA), and Nike (NKE), broadening the appeal beyond the tech-heavy roster that dominated early listings.

The division of labor is clean: Backpack Securities handles custody and issuance of the tokens, while Sunrise coordinates onchain listing and liquidity formation across various DEXs and wallets in the Solana ecosystem.

Why tokenized stocks keep gaining traction These aren’t synthetic exposure products or perpetual contracts that merely track a stock price. Holders of a tokenized Micron or Nike share own an actual claim on the underlying security, complete with dividend rights. If someone wants to exit the crypto rails entirely, they can redeem for the traditional stock through Backpack Securities.

Solana’s positioning in the tokenization race With $465 million in total tokenized equity supply by late August and trading volumes that crossed $734 million by mid-July, Solana has captured a significant share of the decentralized tokenized-equity market. The Sunrise protocol’s role as liquidity coordinator across multiple DEXs means new listings can find functional markets quickly rather than languishing in illiquid pools.

The risk profile isn’t trivial. Regulatory clarity around tokenized securities remains a moving target, and the custody chain, from traditional equity to blockchain token and back, introduces counterparty considerations that purely onchain assets don’t carry. If Backpack Securities faced operational disruption, the redeemability guarantee that underpins the entire model would come under stress.

Still, 20 new tickers in a single batch signals confidence that the regulatory and operational framework is holding up. With cumulative volumes approaching three-quarters of a billion dollars and supply pushing toward half a billion, the Sunrise-Backpack pipeline is no longer an experiment. It’s becoming infrastructure.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Raydium's native token $RAY jumped to a daily high of $1.46 before settling around $1.34, a gain of approximately 20% on the day and roughly 68% over the prior week, according to CoinMarketCap data.

A $640,000 Single-Day Buyback @Raydium shared a Blockworks chart on September 9 showing that around $640,000 worth of RAY was repurchased from the open market in a single day. The figure reflects the protocol's standing rule: 12% of all swap fees collected across Raydium's pools route directly into open-market RAY purchases, automatically and on a continuous basis.

The fee split varies by pool type. For CLMM and CPMM pools, 84% of swap fees go to liquidity providers, 12% fund buybacks, and 4% flow to the treasury. Standard AMM v4 pools direct 88% to liquidity providers and the remaining 12% to buybacks. All bought-back tokens accumulate at a publicly visible on-chain address, making the program fully auditable.

Structural Supply Squeeze Behind the Rally The single-day figure sits on top of a much larger cumulative picture. Raydium announced on August 31 that its fee-funded buyback program had accumulated more than 30% of RAY's circulating supply, with cumulative spending exceeding $190 million to acquire over 69 million RAY tokens, per AMBCrypto.

The pace of buybacks is tied directly to trading volume: more swaps generate more fees, and more fees send a larger share to the buyback wallet. Recent months saw a surge in activity linked to launchpad integrations, with trading volume hitting approximately $31.8 million during one notable spike, per Crypto Briefing. That combination of rising demand and a steadily shrinking float is what traders have been reacting to this week.

Raydium's fee structure and on-chain buyback mechanism set it apart from most DeFi protocols, which typically route the bulk of fee revenue to liquidity providers rather than supporting the native token directly. Whether the current pace of repurchases can sustain the price momentum will depend largely on how much trading activity the protocol continues to attract.

Sources:
Raydium Official Docs: RAY Buybacks
AMBCrypto: Raydium Buyback Program Surpasses 30% of Circulating Supply
Crypto Briefing: Raydium Token Surges Amid Solana DEX Activity Spike

Trezor said attackers breached its third-party email provider and sent customers a phishing email disguised as a critical chip security alert, the company’s third vendor failure in four weeks.

The hardware wallet company said it took down the domain behind the campaign and is investigating how attackers reached its legitimate domain. Reportedly, wallets, keys, and recovery backups were never exposed.

Trezor’s Email Provider Breach Follows the ShipMonk LeakAn August 10 incident at ShipMonk, the partner that ships Trezor orders, started the run. A September 4 update pushed the number of exposed customers above 80,000.

That leak held names, phone numbers, and home addresses. BeInCrypto reported in August that devices stayed safe while the phishing and scam risk climbed. Customers have since reported scam calls and printed letters.

The pattern is old. Trezor warned 66,000 users after a support portal breach in 2024, and rivals have stumbled too, with SafePal leaking nearly 40,000 records last month. The devices hold up. The partners holding customer data do not.

Why the Fake STM32 Alert WorksThe email arrived as a critical security alert about an “STM32 Entropy Vulnerability.” STM32 names the family of small chips inside Trezor devices.

Entropy is the randomness a wallet uses to build a recovery phrase, the backup that controls the funds. Weak randomness would be a real danger, which makes the lure credible to a worried owner.

Our third-party e-mail provider has been breached. Please be aware that the email named ‘Critical Security Alert: STM32 Entropy Vulnerability’ is not coming from us, and it’s a phishing attempt. Do not click on any link,” the team warned.

Follow us on X to get the latest news as it happens

What Trezor Users Should Do Now
Do not click links in any unexpected Trezor email, especially one citing STM32 or entropy.
Never type a recovery phrase or device passcode into a website.
Treat unexpected phone calls and physical letters as hostile until verified.
Check trezor.io or the verified Trezor account on X for real notices.
Anyone who entered a backup on a linked page should move funds to a new wallet.
Leaked contact details paired with a genuine sender domain strip away the signals users lean on.

“There are convincing phishing emails going out right now from hardware wallet companies (have heard Trezor and Bitbox at least). It’s likely that a marketing email provider was compromised. That will mean more customer emails are leaked,” one user noted.

Indeed, BitBox, a Swiss-made Bitcoin hardware wallet also reported a similar incident, only that the phishing mail was sent out to their newsletter subscribers.

Our preliminary review of the phishing mail that was sent out to our newsletter subscribers about an hour ago found that it is very likely that our newsletter provider got compromised.

Multiple other Bitcoin companies got targeted as well, and it appears that we all share the…

— BitBox (@BitBoxSwiss) September 9, 2026
According to BitBox, the phishing attacks may have targeted Bitcoin companies sharing the same newsletter provider.