Morning News | SoftBank's PayPay to acquire 40% stake in Binance Japan; BSC daily Gas usage exceeds 50 trillion, setting a new historical high
Overview of Important Market Events on October 9整理：Zhou，ChainCatcher
Important News:
- Federal Reserve Governor Barr: Should be cautious about rate cuts, focus on inflation risks
- Short-selling firm Kerrisdale Capital announces short position on Ethereum treasury company BitMine
- Monad announces airdrop claim will open on October 14
- BNB Smart Chain (BSC) daily Gas usage exceeds 5 trillion, setting a new historical high with 24 million Swap transactions in a single day
- CoinShares: Global digital asset fund inflows have exceeded last year's total, reaching $48.67 billion
- SoftBank's PayPay to acquire 40% stake in Binance Japan
What important events have occurred in the past 24 hours?
According to ChainCatcher, Fortune magazine reported that Coinbase and Mastercard are in advanced talks to acquire London-based stablecoin infrastructure company BVNK, with a price range of approximately $1.5 billion to $2.5 billion. Currently, Coinbase has the upper hand, but the deal has not yet been finalized. If completed, it would become the largest stablecoin acquisition to date.
Federal Reserve Governor Barr: Should be cautious about rate cuts, focus on inflation risks
According to ChainCatcher, Barr stated on Thursday that the Federal Reserve should remain cautious about further rate cuts, clearly leaning towards inflation risks. He acknowledged potential vulnerabilities in the "fundamentally balanced" labor market and emphasized that the Federal Open Market Committee should proceed cautiously when adjusting policies to gather more data, update forecasts, and better assess risk balances. Although Barr supported last month's decision to cut rates by 25 basis points, he suggested that he does not see the need for a series of rate cuts.
According to ChainCatcher, Binance Wallet posted on the X platform stating: "Following community reports, the token (CA: 0x444******************ffdfe) has been found to engage in malicious price manipulation for point farming, and the trading volume points for this token will not count towards Alpha points. We will continue to monitor to ensure fair point rules and reserve the right for further action."
According to ChainCatcher, MLM monitoring shows that after making a profit of $44 million on September 19, "Brother Ma Ji" Huang Licheng's address has now almost completely given back the entire account's earnings, with only $1 million in floating profit remaining. In 20 days, he has lost $42 million but still holds nearly $150 million in long positions, with an overall leverage of 14.7 times.
Binance futures suspected outage, unable to place orders, liquidation prices not displayed
According to ChainCatcher, community feedback indicates that the Binance futures platform has suspected outages, with users unable to place orders normally, and liquidation prices also not being displayed, making fund transfer operations unable to be completed normally.
According to ChainCatcher, Zhao Changpeng posted on the X platform stating: "I have been attending offline meetings in Bahrain all day, including a fireside chat on stage. The cryptocurrency market is really tumultuous. I'm not quite sure what exactly happened, but I feel the situation originated from a piece of FUD about Alpha not listing certain tokens in the future, which was quickly proven to be incorrect. However, this FUD has already caused damage. When enough people are blinded by FUD, it creates this unfortunate effect. Regardless of whether the market is good or bad, people often praise me, but I actually haven't done anything. I've been busy all day. I often see headlines like: 'BlackRock sells Bitcoin', 'Binance sells Bitcoin'. The correct headlines should be 'BlackRock's clients sold Bitcoin', 'Binance's users sold Bitcoin'. In the end, I support using decentralized self-custody wallets to access meme coins or any cryptocurrency. Manage risks properly. Keep building."
Short-selling firm Kerrisdale Capital announces short position on Ethereum treasury company BitMine
According to ChainCatcher, short-selling firm Kerrisdale Capital announced on the X platform that it has shorted the stock of Ethereum treasury reserve company Bitmine, believing that the so-called DAT (Digital Asset Treasury) model has become mediocre and unoriginal: as nearly identical copy projects flood the market, premiums are collapsing, and the ability to issue shares above net asset value (NAV) to enhance per-share ETH content is also disappearing.
Monad announces airdrop claim will open on October 14
According to ChainCatcher, Monad has announced that airdrop claims will open on October 14.
JPMorgan: Solana ETF inflows may be lower than Ethereum and remain moderate
According to ChainCatcher, despite potentially receiving approval from the U.S. Securities and Exchange Commission, JPMorgan still expects Solana ETF inflows to remain moderate, estimating that the inflow for Solana's exchange-traded fund (ETF) in its first year may reach about $1.5 billion, lower than Ethereum.
According to ChainCatcher, BNB Chain recently achieved a new milestone: daily Gas usage exceeded 5 trillion, primarily driven by 24 million Swap transactions, accounting for 77% of the total network transaction volume. Meanwhile, a standard Gas price of 0.05 Gwei has been fully adopted across the entire BNB ecosystem.
YZi Labs-backed prediction market Opinion hints at launching mainnet point program
According to ChainCatcher, Opinion Labs, a prediction market service backed by YZi Labs, hinted at launching a mainnet point program soon. According to Opinion's tweet, before the mainnet trading incentives launch, users can join the X-ray Army and earn social points by posting quality content on social media and engaging actively; or participate in the pioneer program, where participants can upgrade their roles based on contributions while unlocking points and potential mainnet incentives.
According to ChainCatcher, CoinShares research director James Butterfill stated on the X platform that as of now, global digital asset fund inflows have reached $48.67 billion, surpassing last year's total. Currently, funds flowing into altcoins seem limited to SOL and XRP.
Analysis: Bitcoin buying demand has reached 29,670 BTC, supporting BTC price to rise further
According to ChainCatcher, on-chain data analyst Murphy stated that since BTC began its rebound on September 26, it has been almost entirely driven by U.S. capital, similar to the situation in May this year when BTC broke $100,000 and Asian capital began to gradually withdraw while U.S. capital continued to flow in.
U.S. investors are the most important participants and decision-makers in this cycle, with U.S. capital being the core driving force for the market most of the time. However, as BTC's market capitalization grows larger, to continue pushing upwards, other sources of capital should also join in. Historical data shows that if Asian capital continues to be absent, once U.S. capital runs out, BTC and other mainstream coins will gradually weaken.
Currently, U.S. capital remains active, with spot ETFs being one important reference factor. With continuous net inflows over the past two weeks, the spot exposure (buying demand) between ETFs and CME open contracts has reached 29,670 BTC. This scale is on par with April and June 2025, slightly lower than October 2024. From this perspective, the sentiment of U.S. investors and net capital inflows have reached the preconditions to support BTC price to rise further.
Data: Plasma network DeFi TVL surpasses Tron network, daily increase over 17%
According to ChainCatcher, data from DefiLlama shows that Plasma network's DeFi TVL has surpassed Tron network, currently reported at $6.372 billion, with a daily increase of 17.77%.
SoftBank's PayPay to acquire 40% stake in Binance Japan
According to ChainCatcher, Binance Japan has signed a commercial alliance cooperation agreement with PayPay, which is controlled by the SoftBank consortium, to acquire a 40% stake in Binance Japan; both parties will integrate PayPay balances for purchasing crypto assets and cashing out in Japan, promoting the integration of cashless payments and digital assets.
He Yi teases new product launch, community speculates Binance will test new meme with Four, Meme
According to ChainCatcher, He Yi teased on the X platform that a new product will be launched soon, saying "something big is coming." Additionally, crypto KOLs like WTF Academy founder 0xAA stated on social media that there will be a Binance wallet exclusive meme internal discussion in the afternoon, with the following key points:
According to ChainCatcher, BitMEX co-founder Arthur Hayes stated that the new popular narrative in TradFi is "devaluation trading." They took nearly twenty years to notice this. Don't think they will forget about it because of Bitcoin's "four-year cycle." Now it's the bankers' turn to sell gold, cryptocurrencies, and tech stock derivatives to their clients.
Polymarket founder becomes the youngest self-made billionaire tracked by Bloomberg Index
According to ChainCatcher, Bloomberg reported that Shayne Coplan, the founder of prediction market platform Polymarket, at just 27 years old, has entered the ranks of billionaires with a pre-financing valuation of $8 billion after receiving up to $2 billion in investment from the parent company of the New York Stock Exchange, Intercontinental Exchange (ICE), becoming the youngest self-made billionaire tracked by Bloomberg Billionaires Index.
According to ChainCatcher, data from validatorqueue.com shows that the current number of Ethereum (ETH) waiting to be unstaked is 2,422,657 (approximately $10.933 billion), with an estimated waiting time of about 42 days; the number of ETH waiting to be staked is 1,377,477 (approximately $6.216 billion), with the difference further narrowing to 1,045,180 ETH (approximately $4.717 billion).
Previously, it was reported that the two Ethereum spot ETFs managed by Grayscale continue to stake 857,600 ETH (approximately $3.88 billion), totaling 1,161,600 ETH staked since being allowed to stake.
Meme Popularity Rankings
According to meme token tracking and analysis platform GMGN, as of October 10, 08:40,
The top five popular tokens on ETH in the past 24 hours are: sUSDe, USDe, LINK, PEAS, APEX
The top five popular tokens on Solana in the past 24 hours are: BSC, TRUMP, BNBHolder, T4, BNB人生
The top five popular tokens on Base in the past 24 hours are: ZORA, EURC, ZEN, wstETH, HOPELESS
What are some noteworthy articles to read in the past 24 hours?
Tether's Next Chapter: From Offshore Issuance to Global Compliance Infrastructure Ambitions
Tether's USDT is undoubtedly the leader in global stablecoins today, accounting for about 60% of the approximately $300 billion market. USDT was once primarily a trading tool, but its significance has transcended the cryptocurrency market, becoming a key channel for emerging economies to access dollars and gaining increasing geopolitical importance in the U.S. domestic market. Meanwhile, Tether has become one of the most profitable companies in the industry, with quarterly profits reaching billions of dollars and is undergoing a $20 billion financing round that could make it one of the most valuable private companies globally.
However, regulation and intensifying competition are reshaping the stablecoin landscape, and Tether's next chapter depends on its ability to maintain its network effects and extend its long-term dominance. Based on our recent observations of dynamics in the stablecoin space post-GENIUS Act, we examine Tether's market position as it balances its current dominance with an increasingly competitive future. We explore how USDT's market share has evolved, how its activities differ across various blockchains, and how emerging channels will shape its growth in the next phase of stablecoins.
IOSG: Understanding Stablecoin Public Chains in One Article
Artemis's research report for 2025 indicates that the economic scale settled through stablecoins has reached approximately $26 trillion in 2024, matching the scale of mainstream payment networks. In contrast, the fee structure in traditional payment sectors resembles an "invisible tax": about 3% in fees, plus foreign exchange spreads and ubiquitous wire transfer fees.
Stablecoin payments compress these costs to just a few cents or even lower. When the cost of transferring funds drops sharply, business models will be completely reshaped: platforms will no longer rely on transaction commissions for survival but will compete on deeper value—such as savings yields, fund liquidity, and credit services.
What Will Be the Peak of Ethereum?
Tom Lee recently proposed at the Korea Blockchain Week that Ethereum's mid-term target price is $60,000, stating that Ethereum is in a super cycle lasting 10-15 years.
If his judgment is correct, this super cycle will progress in waves, spanning multiple cycles, accompanied by alternating bull and bear markets.
Currently, we are in a bull market, but bull markets do not last forever.
Looking back at history, Ethereum fell by 94% in 2018 and by 80% in 2022, so we have reason to anticipate another significant correction in the future.
Opinion: The Era of Stablecoin Duopoly is Coming to an End
Circle's equity valuation has reached $30.5 billion. Reports indicate that Tether's (USDT issuer) parent company is raising funds at a valuation of $500 billion. Currently, the total supply of these two major stablecoins has reached $245 billion, accounting for about 85% of the entire stablecoin market. Since the inception of the stablecoin industry, only Tether and Circle have consistently maintained a significant market share, while other competitors have struggled to catch up:
Risk warning
