Morning News | Base is exploring the issuance of network-native tokens; Doge ETF and XRP ETF are expected to launch this Thursday
Overview of Important Market Events on September 15整理：Zhou，ChainCatcher
Important News:
- Coinbase's Base blockchain exploration launches new cryptocurrency, network token
- Bloomberg ETF analyst: Doge ETF and XRP ETF expected to launch this Thursday
- SOL treasury company Forward Industries plans to deploy funds into Solana's DeFi protocols
- Ethereum's on-chain stablecoin supply reaches $166 billion, a historic high, solidifying its position as DeFi's settlement infrastructure
- Last week, global listed companies net purchased $69.47 million in BTC, Strategy increased its holdings by 525 bitcoins, Metaplanet did not purchase bitcoins last week
- pump.fun's protocol revenue surpassed Hyperliquid in the past 24 hours
What important events happened in the past 24 hours?
According to ChainCatcher, Robinhood Markets Inc. (HOOD) plans to launch the "Robinhood Ventures Fund I" public listing fund, providing U.S. retail investors with opportunities to invest in private companies. CEO Vlad Tenev stated that for decades, the wealthy and institutions have been able to invest in private companies while retail investors have been shut out, and the new fund will allow ordinary people to access investment opportunities that were previously exclusive to the elite. Previously, Robinhood allowed EU users to purchase tokenized stocks tracking well-known private companies like OpenAI. This new fund focuses on the U.S. market and will make long-term investments through IPOs and subsequent stages across multiple industries.
According to ChainCatcher, Standard Chartered's head of digital asset research, Geoffrey Kendrick, stated that as digital asset treasury companies (DATs) rise, Ethereum may benefit more than Bitcoin and Solana. In his report, he noted that the recent decline in the market net asset value (mNAV) of DATs will force companies to differentiate and may drive consolidation among Bitcoin treasury companies. In contrast, Ethereum and Solana treasury companies may have higher mNAV due to their ability to generate staking yields, and Ethereum treasury companies are more mature, giving them a clearer advantage. Currently, DATs hold 4% of Bitcoin, 3.1% of Ethereum, and 0.8% of Solana, and their holdings significantly impact token prices.
According to ChainCatcher, crypto supporters, including Strategy co-founder Michael Saylor and Marathon Digital Holdings CEO Fred Thiel, gathered in Washington, D.C. on Tuesday to promote legislation that could lead to the U.S. acquiring a million bitcoins. On Tuesday morning, over a dozen crypto supporters participated in a roundtable hosted by Republican Senator Cynthia Lummis and Congressman Nick Begich, who are co-sponsors of the "Strategic Bitcoin Reserve" bill.
Coinbase's Base blockchain exploration launches new cryptocurrency, network token
According to ChainCatcher, as reported by Jin10, the public blockchain Base initiated by Coinbase is exploring the launch of a new cryptocurrency called "network token," which may help raise funds for the projects it supports. Network tokens are typically used to pay for the fees associated with in-app transactions on the blockchain ledger. Coinbase CEO Brian Armstrong stated that this yet-to-be-launched token could help achieve payment decentralization and encourage developer participation, but the idea is still in its early stages.
MetaMask officially launches stablecoin MetaMask USD (mUSD)
According to ChainCatcher, MetaMask, a cryptocurrency wallet service provider, announced the launch of the stablecoin MetaMask USD (mUSD). According to the official introduction, this stablecoin operates on the Linea blockchain, providing fiat deposit services, supporting MetaMask Swap and Bridge transactions, and can be used globally through the MetaMask card.
Coinbase CEO: Exploration of its own network token is still in the early stages
According to ChainCatcher, Coinbase co-founder and CEO Brian Armstrong stated on social media that the Base network is exploring the possibility of launching its own network token, which could become "an excellent tool to accelerate decentralization and expand the growth of creators and developers in the ecosystem." Currently, the Base team is still in the early exploration phase and has not disclosed specific timelines, designs, or governance mechanisms regarding the token.
Bloomberg ETF analyst: Doge ETF and XRP ETF expected to launch this Thursday
According to ChainCatcher, Bloomberg ETF analyst Eric Balchunas stated that the Doge ETF ($DOJE) and the 40 Act spot XRP ETF ($XRPR) are expected to launch this Thursday. Both ETFs have been disclosed in the same effective prospectus, and Trump and Bonk-related ETFs are also mentioned, but specific launch dates have not yet been announced.
Base is exploring the issuance of a network native token
According to ChainCatcher, Jesse Pollack, head of the Coinbase protocol, stated on social media that Base is exploring the issuance of a network token.
France may ban crypto companies licensed in other EU countries from operating domestically
According to ChainCatcher, as reported by Cointelegraph, the French Financial Markets Authority (AMF) stated that it may prohibit cryptocurrency companies licensed in other EU countries from operating in France, citing concerns that some jurisdictions have overly lenient regulatory requirements, leading to enforcement gaps under the MiCA framework.
According to ChainCatcher, based on SoSoValue data, as of September 15, 2025, global listed companies (excluding mining companies) net purchased a total of $69.47 million in Bitcoin last week. Strategy (formerly MicroStrategy) invested $60.2 million last week, acquiring 525 bitcoins at an average price of $114,562, bringing its total holdings to 638,985 bitcoins. The Japanese listed company Metaplanet paused its Bitcoin purchases last week. Additionally, three other companies made new Bitcoin purchases last week.
According to ChainCatcher, as reported by Globenewswire, Nasdaq-listed company Linkhome announced the launch of a cryptocurrency real estate trading platform, currently supporting payments in BTC, ETH, and USDC. At this stage, the service only supports transactions in certain areas of the U.S., with plans to gradually expand nationwide. It is reported that the company's real estate transaction volume has exceeded $185 million.
According to ChainCatcher, as reported by stocktitan, Helius Medical Technologies (Nasdaq: HSDT) announced a major strategic transformation, transitioning into a SOL treasury company through a private placement investment of over $500 million. This PIPE (private investment in public equity) led by Pantera Capital and Summer Capital has been oversubscribed, including common stock sold at $6.881 per share and warrants at $10.134 each, with the total amount expected to exceed $1.25 billion if all warrants are exercised.
According to ChainCatcher, as reported by FORTUNE CRYPTO, Stripe's head of crypto business John Egan announced his departure and will join Polygon Labs as Chief Product Officer (CPO) on Tuesday. Egan has led several major crypto acquisitions and business initiatives at Stripe, including the $1.1 billion acquisition of the stablecoin startup Bridge (completed in February this year), the acquisition of crypto wallet company Privy, and the collaboration with Paradigm to develop its own blockchain, Tempo. He stated that he chose to join Polygon because he is optimistic about its leading position in stablecoin micropayments. According to Artemis Analytics data, in July this year, there were 4.5 million active addresses on Polygon using stablecoins for transactions, surpassing Ethereum's 2.9 million, bringing users closer to "everyday payment" scenarios.
Forward Industries spends $1.58 billion to acquire over 6.82 million SOL
According to ChainCatcher, as reported by businesswire, Forward Industries announced the acquisition of 6,822,000 Solana (SOL) at an average price of $232 per coin, totaling approximately $1.58 billion. This transaction marks the first deployment of the company's $1.65 billion PIPE financing, led by Galaxy Digital, Jump Crypto, and Multicoin Capital. All SOL acquired by Forward Industries have been staked, with some transactions completed through the Solana on-chain platform DFlow. The company plans to enhance the per-share value of SOL through active management and on-chain operations.
Strategy spends $60.2 million to increase holdings by 525 bitcoins
According to ChainCatcher, Michael Saylor announced on social media that his company Strategy has purchased an additional 525 bitcoins, with a total value of approximately $60.2 million, at an average price of $114,562 per coin. As of September 14, 2025, Strategy has accumulated a total of 638,985 bitcoins, with a total investment of approximately $47.23 billion and an average cost of $73,913 per coin. The company's Bitcoin yield for 2025 so far has reached 25.9%.
According to ChainCatcher, OKX Star emphasized on social media that the core goal of OKX Boost is to connect real DEX users with quality token projects. We will not support wash trading behavior solely for OKX Boost, nor will we support professional wash trading studios. Star stated that the participation threshold and reward amounts for each event are uncertain, and there are no fixed profit expectations, so please participate rationally.
BitMine: Last week increased holdings by over 82,200 ETH, total holdings reach $10.771 billion
According to ChainCatcher, as reported by PR Newswire, BitMine Immersion Technologies (BMNR) announced today that its total holdings of crypto assets + cash + "moon landing plan" have reached $10.771 billion. As of 6 PM Eastern Time on September 14, the company's crypto asset holdings include 2,151,676 ETH (unit price $4,632, based on market news), 192 bitcoins, $214 million worth of Eightco (Nasdaq: ORBS) equity (from the "moon landing plan" holdings), and $569 million in unrestricted cash. This means BitMine increased its holdings by 82,233 ETH last week.
London Stock Exchange launches blockchain private fund platform, completes first transaction
According to ChainCatcher, the London Stock Exchange Group (LSEG) announced that its blockchain-based private fund platform Digital Markets Infrastructure (DMI) has completed its first transaction. The first clients are investment management company MembersCap and digital asset exchange Archax, with the transaction being the fundraising for MembersCap's MCM Fund 1. LSEG stated that DMI covers the entire asset lifecycle, improving efficiency from issuance to settlement, and will be compatible with existing blockchain and traditional financial services.
Gate GUSD minting volume exceeds $120 million, backed by real assets such as U.S. Treasury bonds
According to ChainCatcher, as per the latest data from CoinGecko, the recently launched RWA yield-bearing stablecoin GUSD by Gate has surpassed $120 million in minting volume since its official launch. As an investment certificate backed by real assets such as U.S. Treasury bonds, GUSD not only provides stability but also has the characteristic of appreciating over time, allowing users to redeem both principal and accumulated earnings in one go.
According to ChainCatcher, as reported by Caixin, the shocking $10 billion Bitcoin money laundering case involving Qian Zhimin will be heard at the Southwark Crown Court in London on September 29, 2025. The case involves cross-border money laundering and the recovery of crypto assets and is seen as a milestone test for the regulation and governance of cross-border financial crimes in the digital currency era. Qian Zhimin (alias "Yadi Zhang" or "Hua Hua") is accused of illegally raising approximately 43 billion yuan through Ponzi scheme-like "investment and financial management" products via Tianjin Lantian Ge Rui Electronic Technology Co., Ltd. between 2014 and 2017, affecting 130,000 victims. This case is not only one of the landmark events in China's illegal fundraising history but also the largest cryptocurrency money laundering case in British judicial history. Previously, it was reported that Qian Zhimin, the main suspect in the 60,000 Bitcoin money laundering case, denied all criminal charges in the UK.
pump.fun's protocol revenue surpassed Hyperliquid in the past 24 hours
According to ChainCatcher, as per Defillama data, pump.fun's revenue reached $3.12 million in the past 24 hours, surpassing Hyperliquid's revenue of $2.48 million in the same period. It ranks just behind Tether ($21.7 million) and Circle ($7.62 million).
According to ChainCatcher, Hong Kong Financial Reporting Council Chairman Sun Deji stated in a recent interview that under the "Stablecoin Ordinance" effective August 1 in Hong Kong, stablecoin license holders must undergo independent audits annually to ensure transparency and compliance. It is expected that Hong Kong may only introduce comprehensive stablecoin audit and accounting guidelines in the next 1 to 3 years. Sun also revealed that the Hong Kong Financial Reporting Council may indirectly participate in the regulation of stablecoins, and the prudent regulatory strategy for stablecoins is expected to be similar to the licensing of virtual banks (now referred to as digital banks), clarifying how to audit licensed institutions and how to recognize, measure, and disclose in financial statements.
According to ChainCatcher, as monitored by HyperInsight, Huang Licheng has increased his long position in PUMP by 375 million in the past hour, adding $2.539 million to his position; currently, the PUMP position is approximately $15.674 million, with a floating loss of $1.05 million. His current holdings mainly consist of ETH, HYPE, and PUMP long positions, totaling $131 million. Two hours ago, it was reported that Huang Licheng's address had shorted 25 BTC for a net profit of about $14,700. Earlier this morning around 9:36 AM, he had also increased his positions in HYPE and PUMP, adding a total of about $14.41 million.
SOL treasury company Forward Industries plans to deploy funds into Solana's DeFi protocols
According to ChainCatcher, Kyle Samani, chairman of crypto asset management company Forward Industries, stated that the company plans to deploy funds into decentralized finance protocols on Solana. Last week, this asset management company focused on the Solana ecosystem successfully raised $1.65 billion in a private financing round led by Multicoin Capital, Galaxy Digital, and Jump Crypto. Today, analysts stated that Forward Industries has utilized $1.5 billion of its total treasury of $1.6 billion to purchase SOL.
According to ChainCatcher, the total stablecoin supply on Ethereum has surged to a historic high of $166 billion, up from $149 billion a month ago, solidifying its position as the settlement infrastructure for DeFi. Among them, USDT's supply on the Ethereum chain is $87.8 billion, and USDC is $48 billion. The Chief Investment Officer of Kronos Research stated, "The historic high in Ethereum's stablecoin supply marks its transition from a speculative asset to a pillar of dollarization in the DeFi ecosystem, indicating that Ethereum's liquidity is now strong enough to absorb market fluctuations and support the market during macroeconomic downturns."
According to ChainCatcher, as reported by the Financial Times, cryptocurrency institutions are urging the Bank of England to abandon its plan to limit stablecoin holdings, which would make the UK's regulation of this rapidly growing market stricter than that of the U.S. or EU. The Bank of England plans to impose holding limits on all systemic stablecoins: individual holding limits will be set at £10,000 to £20,000, and corporate holding limits at £10 million.
Binance to list Avantis (AVNT) and add seed label for it
According to ChainCatcher, Binance will list Avantis (AVNT) at 13:00 on September 15, 2025, and open spot trading pairs AVNT/USDT, AVNT/USDC, and AVNT/TRY. The AVNT deposit channel is now open, and withdrawals are expected to open at 14:00 on the same day. The seed label will apply to AVNT, and users must pass a quiz every 90 days to gain trading access.
According to ChainCatcher, as reported by LiveBitcoinNews, MicroStrategy Executive Chairman Michael Saylor stated on social media that the company's Bitcoin-centric strategy has outperformed the seven major tech stocks. Saylor compared that MicroStrategy's annualized return is about 91%, higher than Nvidia's 72% and Tesla's 32%, while other companies, including Alphabet, Meta, Microsoft, Apple, and Amazon, have much lower returns. Additionally, data shows that the top 100 listed companies collectively hold over one million bitcoins (worth over $117 billion).
Multicoin co-founder: Forward Industries intends to deploy funds into Solana DeFi protocols
According to ChainCatcher, well-known trader Ansem posted on X, stating, "Compared to Ethereum, Solana's weak point lies in DeFi ecosystem activities. If Kyle Samani and his team can deploy funds from DAT into DeFi protocols, it will be a significant positive." Subsequently, Multicoin co-founder and Forward Industries board chairman Kyle Samani responded, "That's our game plan."
Dora Vota completes third round of mainnet staking, staking rate increases to maximum supply of 5.5%
According to ChainCatcher, Dora Factory's decentralized governance blockchain Dora Vota has completed its third phase of mainnet delegated staking. Currently, the network has 25 professional validation nodes distributed across different geographical areas with diverse professional backgrounds. The number of tokens staked in the Dora Vota network has increased to 5.5% of the maximum supply.
Faraday Future splits off Web3 company CXC10, approved by the board
According to ChainCatcher, as reported by market news, Faraday Future founder and global co-CEO Jia Yueting released a performance update, disclosing that the company has officially launched the spin-off plan for its cryptocurrency flywheel and will expedite the establishment of a second independent publicly listed Web3 company, "CXC10," initially controlled by Faraday Future. This spin-off plan has been approved by the board. Additionally, Faraday Future disclosed that its crypto treasury C10 Treasury has completed approximately $10 million in crypto asset allocation.
Barclays: Fed rate cuts are a foregone conclusion, but future policy direction remains uncertain
According to ChainCatcher, as reported by Jin10, the market widely expects the Fed to cut rates by 25 basis points this week, but the guidance direction after the policy implementation remains uncertain. Barclays Chief U.S. Economist Marc Giannoni stated that against a backdrop of moderate inflation data, the FOMC will determine that the downside risks to achieving employment goals are increasing. He added that the Fed's economic forecast report has changed little, but the dot plot will show three rate cuts this year (each by 25 basis points) and one cut each in 2026 and 2027, while the long-term median interest rate forecast remains at 3%.
Moody's: 48% probability of U.S. recession in the next 12 months, economy at a critical point
According to ChainCatcher, as reported by Finbold, Moody's Analytics Chief Economist Mark Zandi stated that the agency's latest machine learning leading indicators show that as of August, the probability of a recession in the U.S. within the next year is 48%. He noted that while this reading is below the 50% threshold, historically, when the probability approaches or exceeds the 40% range, it often coincides with or follows a recession. Zandi also mentioned that the slowdown in employment and continuous downward revisions of data have put the economy at a critical point.
OKX Star: In the coming weeks, top DApp infrastructure will be introduced for X Layer
According to ChainCatcher, OKX CEO Star stated on social media that top DApp infrastructure will be introduced for X Layer in the coming weeks. He mentioned that the company is committed to making X Layer a launchpad for builders, helping developers achieve scalable growth freely.
Coinbase: DATs have entered a competitive inflection point, easy profit period is coming to an end
According to ChainCatcher, as reported by The Defiant, Coinbase Institutional's September "Monthly Outlook" report indicates that digital asset treasury companies (DATs) have transitioned from the early easy profit phase to a more competitive period; as the number of DATs increases this year, regulatory constraints and enforcement risks rise, the scarcity premium that benefited early participants is dissipating, and the market value/crypto asset net value ratio (mNAV) of related companies is compressing, with only participants possessing strategic discipline and execution capability likely to survive.
According to ChainCatcher, analyst Emmett Gallic reported that of the $1.6 billion in funds held by SOL treasury company Forward Industries, $1.5 billion has already been used to buy SOL. Previous data also showed that Galaxy Digital increased its holdings of SOL worth $400 million for Forward Industries yesterday, and the amount of SOL held in the Coinbase Prime Custody account has reached approximately $1.1 billion.
Amazon reportedly hiring "Crypto Ecosystem Lead" with an annual salary of about $500,000
According to ChainCatcher, @Pete Rizzo posted on X that Amazon has posted a job for "Crypto Ecosystem Lead" with an annual salary of about $500,000. Rizzo stated that Bitcoin is moving towards the mainstream.
Native Markets wins Hyperliquid USDH bidding, plans to enter testing phase "within days"
According to ChainCatcher, as reported by market news, Hyperliquid's validator community has selected Native Markets to receive the long-reserved USDH trading code, concluding a week-long competition that attracted many stablecoin and cryptocurrency infrastructure giants to bid. In the announcement post, Native Markets stated that it will immediately launch a phased rollout plan, starting with small-scale minting and redemption testing, followed by opening USDH/USDC spot trading pairs, and finally lifting the limits. The team views the limits as a safety check before full rollout and states that related activities should "start within days."
Meme Popularity Rankings
According to the meme token tracking and analysis platform GMGN, as of September 16, 08:50,
The top five popular ETH tokens in the past 24 hours are: weETH, PEPENODE, HYPER, USDe, T3
The top five popular Solana tokens in the past 24 hours are: PUMP, StrSzn, BARD, VLR, TRUMP
The top five popular Base tokens in the past 24 hours are: ZORA, EURC, AERO, $BANANAGUY, Freedom
What are some interesting articles worth reading in the past 24 hours?
Polymarket is booming, understand 10 ecosystem projects in one article
Polymarket has almost become synonymous with prediction markets. Public information shows that since the beginning of this year, Polymarket's monthly trading volume has repeatedly exceeded $1 billion, creating a gap with the second-ranked Kalshi. The project has not only received tens of millions of dollars in investment from Donald Trump's son but is also preparing to return to the U.S. market while advancing a new round of financing, with the market even suggesting its valuation could reach $10 billion.
Against this backdrop, a number of third-party ecosystems have emerged around Polymarket, including data/dashboard, social experiences, front-end/end, insurance, and AI agents. On September 12, RootData included some representative projects in the "Polymarket Ecosystem Projects" compilation, and this article will introduce them one by one.
Bottom rebound over 4 times, what changes has Pump.fun made?
Pump is the most successful crypto casino of all time, boasting an endless loyal user base.
This is a casino where you can profit because it has a buyback mechanism.
Every gambler, every streamer, every speculator generates fees. And these fees do not disappear into some venture capital black hole; they are directly cycled back into the buyback of PUMP.
You are not betting against the house. You are the house.
ETF inflows slow, BTC is at a crossroads
Bitcoin has fallen from its historic high in August and is currently still in the "gap" range of $110,000 to $116,000. The rebound from $107,000 has received support from dip buyers, but the selling pressure from short-term holders has so far limited the upward momentum.
Profit-taking by 3 to 6-month holders and loss realization by recent high buyers have created resistance. To maintain the rebound, prices need to stabilize above $114,000 to rebuild confidence and attract inflows.
On-chain liquidity remains constructive but is on a downward trend. Meanwhile, ETF inflows have slowed to about ±500 BTC per day, weakening the traditional financial demand that previously drove the rise in March and December 2024.
With spot demand weak, derivatives have become the main driving force. Futures basis and trading volume remain balanced, while options open interest is rising, indicating a more risk-oriented market structure.
The market is at a crossroads; reclaiming $114,000 could trigger new upward momentum, while falling below $108,000 could expose the next cluster's lower limit of about $93,000.
Native Markets wins USDH bidding, Hyperliquid strides towards "on-chain Binance"
On September 5, Hyperliquid announced in its Discord group that it would issue its native stablecoin USDH and announced an 80% reduction in fees for spot trading pairs.
Subsequently, several institutions bid to become the issuer of USDH, including Sky (formerly MakerDAO), Ethena, Frax, Agora, and Native Markets. The direct beneficiary of this behavior, Circle's CEO, responded with "Don't Believe the Hype."
However, as of September 15, Hyperliquid's native token HYPE has continuously broken new highs, rising to $53.64. According to CoinGecko data, its price has increased by 7.77% in the past 7 days.
Currently, the Native Markets team has won the Hyperliquid USDH stablecoin bidding and plans to enter the testing phase "within days."
Founded by the Winklevoss twins and focusing on compliance and security, the cryptocurrency exchange Gemini has recently officially listed on Nasdaq (code: GEMI), becoming the third cryptocurrency exchange in the U.S. to go public after Coinbase and Bullish, raising approximately $425 million, with a relatively enthusiastic market response. On its first day of trading, GEMI's stock price surged by 45%, ultimately closing up over 14%, with a market capitalization of $3.8 billion.
Gemini has positioned itself as "compliance-first," but now faces sharp realities: a net loss of $282.5 million in the first half of 2025 and long-term negative operating cash flow, with the IPO's fundraising cap of about $317 million resembling a "debt repayment priority" defensive battle. Although its product matrix spans spot/institutional custody, offshore perpetual contracts, GUSD stablecoin, credit cards, and Nifty Gateway, it still lags behind Coinbase, Robinhood, and others in key metrics such as trading volume, monthly active trading users, and platform assets. "Compliance" has devolved from a premium label to an industry threshold. This article dissects key information from the S-1 filing along both product and financial lines, providing a calm assessment of Gemini's competitiveness and investment value, helping to determine whether this "compliance exchange" is worth allocating resources to.
Risk warning
Risk warning
