1.Bitwise: The Ethereum treasury strategy is becoming mainstream, and ETH is no longer limited to hedging or speculative tools;
2. Hong Kong Monetary Authority: Currently, there are no offshore renminbi stablecoins issued in Hong Kong, beware of fake news;
3. Stablecoin startup Bastion completes a new round of funding of $14.6 million, led by Coinbase Ventures;
4. Deutsche Bank: The U.S. government may face its first shutdown since the winter of 2018-19;
5. Tether's latest valuation will make its chairman the fifth richest person in the world.
6. The U.S. SEC and CFTC will hold a joint roundtable next Monday to coordinate cryptocurrency regulatory policies;
7. Coinbase will launch a stablecoin supporting local currencies in Australia and Singapore;
8. Trump's aide involved in massive chip and cryptocurrency transactions triggers ethical scrutiny;
9.GAIN maliciously increased

The article mainly reports on the dynamics of the crypto market, including the asset freezes of multiple projects, supply adjustments, market liquidation situations, and related regulatory trends. In addition, the market capitalization of important functional tokens has reached an all-time high, and the increase the position of whales is evident, reflecting an increase in market activity.

Compiled: Vernacular Blockchain
On September 19, 2025, Bo Hines resigned from his position on the White House Cryptocurrency Committee to become the CEO of Tether's new U.S. department. His mission is to launch USAT, a stablecoin that fully complies with the GENIUS Act. USAT will undergo monthly audits, with reserve assets limited to cash and short-term U.S. Treasury securities, operating under the supervision of the Federal Reserve.
At the same time, Tether's other stablecoin USDT has a monthly trading volume exceeding $1 trillion, with reserve assets that include Bitcoin, gold, and collateralized loans, managed by offshore entities, and has never undergone a comprehensive audit.
The same company, two completely different stablecoin strategies.
Tether earned an astonishing profit of $13.7 billion last year by adopting the "move fast and ask for forgiveness later" model. In comparison, Circle has taken a rigorous approach.

The growth rate of Crypto Assets users has surpassed that of the internet, expected to reach 659 million by 2024 and possibly 4 billion by 2030. This phenomenon, accompanied by the rise of stablecoins, the influx of institutional funds, and improvements in the regulatory environment, could trigger a fundamental transformation of the global financial system. Financial Institutions need to adapt quickly to cope with the impending wealth transfer and market changes.

The U.S. House of Representatives passed a temporary spending bill, and the Senate may face intense debates; the probability of a Fed rate cut is as high as 91.9%; FTX has started creditor repayments; Grayscale launched a new ETF; MetaMask plans to launch Futures Trading; the U.S. Treasury has initiated a consultation on stablecoin regulation; Tether issued more USDT.

The EU Commissioner plans to advance pension and cryptocurrency reforms, while the Bank of Canada advocates for a stablecoin framework. Kalshi's volume is rising, and PayPal's stablecoin expands to multiple chains. CEOs of Consensys and Bitwise predict a rise in the crypto market, with Trump expecting large-scale investments. NBA players launch a token platform.

Compilation: Vernacular Blockchain
This episode of "Unchained" discusses the major news from Base Camp: Base announced the exploration of issuing a Token for decentralization, causing a stir in the industry. Host Laura Shin is joined by guests Ryan and Ico.

CZ updates X account information may indicate a return to Binance; Sui becomes one of the first partners for Google's new AI payment protocol; new Fed governor sworn in; Ethereum developers' salaries are high; BlackRock makes large purchases of Bitcoin and Ethereum; BNB price hits an all-time high; high probability of Fed interest rate cuts; JuCoin Platform Token experiences a big dump; EU to propose new sanctions against Crypto Assets.

Standard Chartered Bank believes that Ethereum will benefit from the buying frenzy of listed companies. The Fed's September interest rate decision has been finalized, and Milan has been confirmed as a council member. Regulatory authorities in various countries are calling for the EU to strengthen cryptocurrency regulation, MetaMask has launched the stablecoin mUSD, and a live broadcast by crypto KOLs caused the platform to crash. Coinbase CEO states that token exploration is still in its early stages, and Doge and XRP ETFs are expected to go live this week. The Ethena Foundation announced that ENA fee switching will soon be activated.

Current market dynamics show that the altcoin season index is approaching alt season, while Hong Kong's Cyberport launches a stablecoin pilot. Forward Industries has made a large purchase of SOL, and the Polkadot DAO is adjusting the total cap of DOT. Expectations for Fed rate cuts are strengthening, and the European Central Bank will also decide on the direction of CBDC. The market capitalization of SOL has jumped to 162nd place globally.

Compilation: Vernacular Blockchain
Airdrops are no longer as generous as they used to be.
But you can still make good money through them.
For example, if you hold stablecoins, the yield from DeFi may be several times higher than that of fiat currency in traditional finance (TradFi).
The key is to choose the right protocol for "farming". I have personally been heavily involved in airdrop farming for more than two years, and to this day I can still earn a considerable income from it, so I believe it is still worth it.
Here are the 25 airdrop lists I am currently working on:
Lighter
Lighter is the first zero-fee perpetual contract decentralized trading platform (DEX) launched a few months ago, and it quickly became one of the fastest-growing perpetual DEXs.
If I could only choose one airdrop to farm, I would choose Lighter.
My strategy: I trade perpetual contracts on Lighter.

1. Slow Fog CISO: A well-known developer's NPM account was compromised, and multiple popular third-party packages were injected with malicious code;
2. The probability of the Federal Reserve lowering interest rates by 25 basis points in September is 89.4%, and the probability of a 50 basis points cut is 10.6%;
3. OpenSea CMO: The foundation will announce the SEA token TGE details in early October;
4. The U.S. Congress requests the Treasury Department to formulate a Bitcoin strategic reserve custody plan;
5.Sky joins the competition for the issuance rights of the USDH stablecoin under Hyperliquid;
6. The U.S. SEC Cryptocurrency Working Group will hold a roundtable on financial regulation and privacy on October 17.
7. The withdrawal of Bitcoin has slowed down, with a net inflow of 3,057.57 Bitcoins in the past 24 hours on CEX.
8.Tom

This week, Bitcoin Mining Difficulty reached an all-time high, while coin addresses increased their holdings, and Ethereum ETF saw significant net outflows. Economic growth is slowing, and expectations for Fed easing are rising, leading to a sharp decline in NFT trading volume.