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Robinhood co-founder, chairman, and CEO Vlad Tenev posted on X that everyone, regardless of where they are, should have access to high-quality financial assets. Tokenization will unlock the advantages of the U.S. capital markets and make them available globally.He stated that the industry is still relatively small compared to global finance, but its advantages are increasingly hard to ignore. Traditional market infrastructure is built around fixed trading hours, closed networks, and multiple intermediaries, and is not designed for 24/7 execution, programmable assets, composability, or self-custody. The changes in investor demand are outpacing the underlying infrastructure, and the team is working hard to change this situation.Tenev expressed confidence in seeing founders, LPs, traders, and infrastructure teams driving industry development. The industry is still in its early stages, and there is a lot of work to be done. The old system needs time to adapt, but it is worth the effort.

Coinbase, the cryptocurrency exchange, submitted Form 1-N and Form BD-N to the U.S. Securities and Exchange Commission (SEC) on September 1 through Coinbase Derivatives and Coinbase Financial Markets, respectively, intending to launch single-stock perpetual contracts in the U.S. Coinbase's Chief Policy Officer Faryar Shirzad stated that the next step for the related products still requires approval from the U.S. Commodity Futures Trading Commission (CFTC).The two documents pertain to registration as a securities futures exchange and a limited-purpose securities futures broker. Since March 20, Coinbase has been offering 10x perpetual contracts for stocks such as Apple, Nvidia, and Tesla to non-U.S. users, settled in USDC and supporting 24/7 trading. U.S. users were previously explicitly excluded from this product.

According to Gate market data, the U.S. non-farm payrolls in August exceeded expectations, and U.S. stocks opened mixed, with the Dow Jones down 0.38%, the S&P 500 down 0.13%, and the Nasdaq up 0.02%.The performance of star tech stocks was mixed, with Tesla (TSLA.O) down 3.5%; Oracle (ORCL.N) up 3.7%, ASML (ASML.O) up nearly 2%, and Nvidia (NVDA.O) and AMD (AMD.O) both up over 1%.

The yield on the U.S. 2-year Treasury note rose to 4.416%, the highest level since January 2025.

The unemployment rate in the United States for August is 4.1%, expected 4.1%, previous value 4.10%.The seasonally adjusted non-farm payroll employment in the United States for August is 162,000, expected 56,000, previous value revised from -23,000 to 21,000.

According to Cointelegraph, the U.S. website traffic for the prediction market platform Kalshi has increased by over 1500% in the past year. Data from Similarweb shows that in July, traffic from the U.S. reached 15.4 million visits, a growth of about 1520% compared to less than 1 million visits in August 2025, with U.S. traffic accounting for nearly 80% of its total traffic. Meanwhile, Kalshi's nominal monthly trading volume in August reached approximately $40 billion, a growth of about 4500% compared to $874 million a year ago.The nominal monthly trading volume for the entire prediction market industry increased from about $2 billion to $50.7 billion during the same period, with Kalshi accounting for nearly 79%. According to Barron's, sports contracts accounted for 83% of Kalshi's trading volume in July. Kalshi is currently facing increasing legal challenges, with New Jersey having submitted the dispute to the U.S. Supreme Court, and Michigan authorities continuing to seek to block its operations.In terms of restricted jurisdictions, Canada brought about 450,000 visits to the Kalshi website in July, a significant increase from about 50,000 in August 2025; traffic from the UK also rose from 31,000 to 296,000. Although both countries are regions where Kalshi's membership agreement prohibits direct access or trading, Kalshi partnered with Canadian financial services company Wealthsimple in June to provide access to nearly 4,000 eligible contracts through a standalone application.

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury released an analysis and alert on Thursday, linking approximately $12.7 billion in suspicious financial activities to cryptocurrency investment scams operated by Southeast Asian parks. About 1,300 institutions submitted 33,904 suspicious activity reports covering the period from September 2023 to December 2025. Cryptocurrency-focused money service businesses submitted 55% of the reports, involving $5.5 billion; banks submitted 41%, involving $6.4 billion; and securities firms accounted for the remaining $784.5 million.The number of reports has been growing at an average monthly rate of 10.9%, with the amount involved increasing by 18%. Scammers used at least 22 types of digital assets, with Ethereum, USDT, and USDC being the most common. On-chain analysis shows that regardless of the asset victims initially purchased, the funds are almost always converted into stablecoins, with nearly all converted to USDT, and then transferred through DeFi protocols or exchanges outside the U.S. Scammers also reused collection addresses across multiple victims, which is one way some institutions identified this pattern.The report indicates that about 25% involved elderly individuals, which is comparable to the 24.4% of the population that is over 60 years old, leading FinCEN to conclude that the elderly are not disproportionately targeted. The FBI estimates that in 2024, the U.S. population over 60 lost $4.8 billion to scams. These parks are primarily located in Cambodia, Laos, and Myanmar, and U.S. authorities have seized over $25 million related to the associated scams this year.

According to Bloomberg, smart ring manufacturer Oura has submitted an IPO application in the United States. The documents show that its revenue for the nine months ending June 30 was $1.21 billion, with a net loss attributable to shareholders of $924 million (compared to a loss of $183 million in the same period last year). Oura sold approximately 3.6 million rings in the past year, with the retail price of the Oura Ring starting at $399, and over 5 million paid members.Oura secretly submitted its IPO application in May, and Bloomberg reported that the listing could raise up to $3 billion, with a valuation exceeding $16 billion, and is expected to be listed on Nasdaq under the ticker OURA. Goldman Sachs, Morgan Stanley, and JPMorgan are serving as underwriters. Oura announced on Wednesday that it is expanding its board by bringing in executives from Netflix and Robinhood.

According to Gate market data, U.S. stocks opened with the Dow Jones up 0.59%, the S&P 500 index up 0.4%, and the Nasdaq up 0.45%. Snowflake (SNOW.N) opened up 24%, with Q2 performance exceeding expectations and raising the full-year guidance. Broadcom (AVGO.O) fell over 4%, with the company's Q4 guidance below expectations.

U.S. Attorney General Todd Blanche posted on the X platform that this week cybercriminals launched password recovery attacks against hundreds of thousands of X users. The X platform successfully thwarted this attack to prevent user accounts from being hijacked, and the Department of Justice is working closely with X to track down the attackers.

Digital asset management company Grayscale stated that by the end of 2025, the proportion of company stocks held directly and indirectly by American households' financial assets will reach 46.71%, up from 43.99% a year ago. Grayscale's research director Zach Pandl pointed out that the increase in stock asset concentration and high valuations has enhanced the opportunity for cryptocurrency to be used for portfolio diversification.Grayscale indicated that the long-term earnings growth expectation for the S&P 500 index rose to over 25% on August 28, significantly higher than the historical range concentrated between 10% and 15%. The agency believes that after the market adjustment, the valuation, leverage levels, and investors' long positions in cryptocurrency assets have all decreased.Data released by Grayscale shows that the 90-day correlation between Bitcoin and the Nasdaq 100 index has dropped from over 60% to about 33%, while its correlation with gold has risen from nearly 0 to over 50%. Grayscale also noted that Bitcoin's historical volatility is higher than broad equity indexes and does not always serve as a safe-haven asset.

The U.S. Department of Justice announced that it has seized over $560,000 in cryptocurrency originally intended to fund Hamas and has taken control of the domain names and servers used by the organization for fundraising and recruiting supporters. The Department of Justice released five affidavits along with the announcement on Wednesday, three of which were signed on March 25, June 25, and October 10, 2025, regarding the seizure order for the aforementioned $560,000 in cryptocurrency.According to court documents, investigators identified and tracked rotating cryptocurrency addresses promoted through encrypted group chats and fundraising websites with the help of human intelligence sources. The first actions recovered approximately $201,400 from wallets and accounts, which have transferred over $1.5 million since October 2024, with the related addresses allegedly controlled by Hamas's military wing, the Izz ad-Din al-Qassam Brigades.Additionally, the FBI seized the domain name and servers used to operate the organization's main website Alqassam.ps, allowing them to intercept subsequent cryptocurrency donations. The Department of Justice stated that this operation enabled investigators to obtain information on thousands of individuals who contacted Hamas-related platforms, attempting to donate via cryptocurrency or traditional payment methods.

The U.S. primary election season is nearing its end, and the cryptocurrency industry's super political action committee (PAC) has achieved victories in several key districts. Supported by major contributors such as Coinbase, Ripple, and a16z, Fairshake has helped approximately 50 candidates win nominations, including Massachusetts Democratic Congressman Jake Auchincloss, as well as Republican Senate candidates Barry Moore from Alabama, Andy Barr from Kentucky, Kevin Hern from Oklahoma, and Harriet Hageman from Wyoming. Prediction markets Polymarket and Kalshi indicate that these candidates have a winning probability of over 94% in the general election.Fairshake spokesperson Geoff Vetter stated that the organization has reserved $122 million for the fall elections. However, Fairshake also faced its biggest setback in Illinois, spending over $10 million in an attempt to prevent Democrat Juliana Stratton from securing the nomination but was unsuccessful. Additionally, the Fellowship PAC, supported by Cantor Fitzgerald and Anchorage Digital, has actually spent about $11 million, far less than the previously claimed $100 million; the Digital Freedom Fund, funded by the Winklevoss brothers with $21 million, has yet to engage in support for specific candidates.

Ondo Finance is urging U.S. regulators to bring the business of perpetual contracts anchored to individual stocks under regulation, asserting that this product can operate in compliance under the existing securities and futures framework without new rules. In three comment letters sent to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on August 24, Ondo stated that existing rules can accommodate stock perpetual futures while considering modern margin practices and on-chain listing data. Ondo mentioned that its affiliated company in Panama has been offering stablecoin-settled perpetual contracts anchored to U.S. stocks overseas, with a cumulative trading volume reaching $8 billion as of August 14 since its launch in June.Ondo believes that regular funding rate payments can keep perpetual contracts aligned with the underlying stock prices, functioning similarly to the expiration settlement of traditional futures. In the letter, Ondo stated that there are no provisions in the statutory definition of securities futures products that require a fixed expiration date to be set. The company also pointed out that many offshore perpetual contracts have underlying stocks primarily traded on U.S. exchanges, and bringing the related business back to the U.S. should be a direction actively promoted by both agencies. According to RWA.xyz data, Ondo is one of the largest managers in the tokenized real-world assets (RWA) space, with an allocated value of approximately $2.6 billion as of Wednesday, ranking fourth.Ondo's proposal comes as U.S. regulators are re-examining the existing market rules for on-chain products, including perpetual contracts and tokenized securities. In March of this year, the SEC and CFTC signed a memorandum of understanding to coordinate regulation in overlapping areas of jurisdiction.

Bloomberg ETF analyst Eric Balchunas posted that over the past 6 months, Bitcoin's correlation with the U.S. stock market has been lower than that of gold, small-cap stocks, emerging market assets, and U.S. Treasuries.He stated that Bitcoin's historical correlation with U.S. stocks has roughly maintained around 0.4, while gold and U.S. Treasuries have seen a significant increase in their linkage with U.S. stocks recently.Balchunas noted that although this time window is relatively short, it is sufficient to refute the claim that "Bitcoin is just another QQQ."

According to Gate market data, U.S. stocks opened with the Dow Jones up 0.37%, the S&P 500 index up 0.09%, and the Nasdaq down 0.02%.Most popular Chinese concept stocks fell, with NIO Inc. (NIO.N) down nearly 4%, Bilibili Inc. (BILI.O) down over 1%, and JD.com (JD.O), NetEase (09999.HK), and Baidu Inc. (BIDU.O) down over 0.5%.