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IBM announced that customers of its digital asset management platform IBM Digital Asset Haven can now connect to permissioned blockchain networks, including the blockchain-based shared ledger from Swift. A new beta version of the ISO 20022 message adapter allows financial institutions to initiate tokenized deposit transactions through this ledger using standard payment messages. IBM stated that financial institutions participating in Swift-related programs have tested tokenized deposits on this ledger using Digital Asset Haven. The ledger supports tokenized deposits issued by banks, enabling participating IBM clients to transfer digital assets around the clock, with final settlement still completed through existing systems.Swift first announced this ledger at Sibos 2025, based on a prototype developed in collaboration with Consensys, with over 40 financial institutions involved in its design, 17 of which are participating in the tokenized deposit pilot. Swift currently connects over 12,500 financial institutions across more than 200 markets worldwide. The aforementioned message adapter allows banks to continue using existing payment message formats and operational processes without adopting blockchain-specific workflows.IBM is also expanding Digital Asset Haven to a localized deployment beta version, which can be installed on IBM Z and IBM LinuxONE in the client's own data center for managing digital assets such as stablecoins and tokenized deposits, without relying on public cloud infrastructure. IBM stated that the platform and key management layer are fully retained within the client's own environment, with keys protected by IBM Crypto Express hardware security modules.

The Federal Register of the United States published today a rule filing notice from KalshiEX LLC (Kalshi), stating that the prediction market platform has submitted a proposed rule change to the SEC, claiming immediate effectiveness. The content is the addition of Chapter 14 to the rules manual, aimed at listing "Perpetual Securities Futures Products" (Perpetual SFPs).The contracts have no fixed expiration date, and the contract price is anchored near the spot price of the underlying U.S. stocks or ETFs through periodic funding fees from both long and short parties. Kalshi qualifies it as a securities future, planned to be cleared by its clearing platform Kalshi Klear. The listing threshold is relatively high, requiring the underlying to have a deliverable supply of over 20 million shares, a market capitalization of at least $100 billion, and an average daily trading volume of at least $450 million over the past six months, with contract units mostly being 100 shares.

According to CNBC, the prediction market platform Kalshi has submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) through its clearing agency Kalshi Klear, seeking to introduce margin trading for certain event contracts, allowing eligible traders to use leverage.Currently, event contracts on U.S. regulated exchanges require full collateral, and while Kalshi has offered leverage in its perpetual futures business, it has not yet been authorized to apply this to the prediction market. Kalshi stated that this feature aims to attract more institutional liquidity and, if approved, will only be available to self-clearing members that meet capital requirements, excluding sports, cultural, and "mention-type" markets. The company also plans to increase margin requirements as contracts approach expiration.

In episode 166 of the BidClub podcast, chip designer Bubble boi stated that high-bandwidth flash is technically attractive but lacks decisive data center use cases. The information he provided indicated that the main customers he heard about are Chinese clients who find it difficult to obtain or produce high-end HBM.Bubble boi mentioned that HBF and high-end AI flash have a latency of about 5 microseconds, lower bandwidth than HBM, a lower cost per bit, but the total cost may be comparable. He believes the clearest customers are entities unable to obtain HBM, which aligns with the Chinese demand he heard from two to three people, as they cannot adequately manufacture accelerators or are willing to accept non-leading specification products.

According to Money Today on September 21, Samsung Electronics is advancing the expansion of advanced process capacity in wafer foundry due to the growth of the HBM market. To meet the rising demand for HBM4 base chips, it is evaluating the expansion of its 4-nanometer process. Samsung's HBM4 consists of 10-nanometer 6th generation (1c) DRAM core chips and 4-nanometer logic base chips, with the base chips responsible for high-speed data exchange with AI accelerators such as GPUs.Unlike SK Hynix, which uses TSMC's 12-nanometer process for HBM4 base chips, Samsung employs its own 4-nanometer process. This production line is operating at full capacity and has taken on orders from companies like Nvidia and Groq for 3 LPU, and the company has recently raised its prices for new 4-nanometer orders and HBM4 base chips. Samsung expects HBM4 revenue in the third quarter to increase more than threefold quarter-on-quarter, with HBM4 accounting for significantly more than 60% of HBM revenue in the second half of the year. The additional expansion at P4 in Pyeongtaek will mostly be used for 1c DRAM for HBM, with more than half of the wafer foundry's 4-nanometer capacity allocated to HBM4 base chips.HBM4E also uses 4-nanometer base chips, and Samsung provided samples to customers in May. The company is also evaluating the construction of a new 2-nanometer production line for HBM5, aiming for a GAA structure 2-nanometer process and increasing TSV density to improve operating speed by more than 50% compared to HBM4E. Samsung started the first generation of 2-nanometer mass production in the second half of last year and is advancing the second generation of products in the second half of this year. Citigroup expects global HBM bit demand to reach 75.2 billion Gb next year, a year-on-year increase of 62%, with supply around 59.4 billion Gb and a gap of about 21%.

According to a report by Seoul Economic Daily, Samsung Electronics plans to increase the production of the sixth-generation high bandwidth memory HBM4 and the seventh-generation HBM4E, among other HBM4 series, by at least more than double compared to this year. The company intends to outsource the cleaning volume of glass substrates required for thinning HBM DRAM from 20,000 pieces per month this year to 50,000 pieces per month next year, an increase of 2.5 times compared to this year. Last year, the monthly demand for these substrates was about 10,000 pieces, which has already doubled this year compared to last year.The HBM4 and HBM4E that Samsung Electronics is focusing on expanding production are primarily high-stacking products with 12 layers or more. The company began mass production and shipment of HBM4 using sixth-generation 10nm (1c) DRAM and 4nm process-based chips in February this year, and provided 12-layer samples of HBM4E to customers such as Nvidia in May. The industry expects that, based on monthly wafer input, Samsung Electronics' HBM production capacity will increase from about 180,000 pieces this year to about 250,000 pieces next year, an increase of nearly 40%; the shipment proportion of the HBM4 series may rise from about 40% this year to about 80% next year.

The prediction market Kalshi has submitted proposed rule changes to the U.S. Securities and Exchange Commission and filed for approval with the CFTC to launch perpetual futures contracts anchored to individual U.S. stocks. This proposal echoes the application submitted by Coinbase on the same day, as both companies aim to introduce popular perpetual futures products from the crypto market into the traditional stock market.According to the proposal, the relevant contracts will not have a preset expiration date and will maintain price consistency with the underlying stocks through periodic funding payments between long and short positions. Kalshi stated that these contracts will be treated as securities futures products and will be cleared through its CFTC-registered clearinghouse, Kalshi Klear. Previously, Kalshi has offered perpetual futures anchored to Bitcoin, Ethereum, Solana, and XRP in the U.S., with its Bitcoin perpetual contract receiving CFTC approval in May of this year.The competition for U.S. stock individual perpetual futures is expanding. Kraken's parent company Payward has also submitted an application through its Bitnomial Exchange, planning to initially offer perpetual futures anchored to 10 U.S. stocks, including Tesla, Nvidia, Apple, Microsoft, and Amazon, and is committed to achieving trading five days a week, 24 hours a day. These applications were submitted after the CLARITY Act failed to advance in the Senate on September 15, with SEC Chairman Paul Atkins stating that regardless of legislation, the agency will act decisively within its existing statutory authority to provide regulatory certainty for investors and entrepreneurs.

AI infrastructure company NScale submitted an IPO application in the United States, planning to list on the New York Stock Exchange under the code "NSCL".

According to Bloomberg, the U.S. Commodity Futures Trading Commission (CFTC) is fulfilling its earlier commitment to rapidly advance cryptocurrency regulatory rules. Previously, a landmark digital asset bill failed to progress in the U.S. Senate this week.As the futures and swaps regulatory agency that was originally set to become the main regulatory body for the cryptocurrency market under the CLARITY Act, the CFTC has submitted a new proposal aimed at regulating cryptocurrency asset trading and markets for White House review. Information released by the Office of Management and Budget (OMB) on Friday indicates that the proposal was accepted on Thursday.

a16z and DeFi Education Fund (DEF) submitted a proposal to the U.S. Securities and Exchange Commission (SEC) on September 14, suggesting a "safe harbor" from exchange registration requirements for eligible decentralized exchanges (DEX) and their front-end applications (DEX Apps).The proposal suggests that eligible DEX should possess four characteristics: non-custodial, automated, permissionless, and trustlessly neutral; DEX Apps should maintain non-custodial status, present market data based on objective and verifiable parameters, not exercise discretion over trade execution, and limit developer activities to specific technical functionalities.

Uniswap founder Hayden Adams retweeted a comment letter from U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce supporting autonomous decentralized systems, pointing out that the most favorable news for automated market makers (AMM) today is Hester Peirce's view that truly decentralized systems driven by autonomous software do not need to obtain exemptions, which corresponds to the permissionless nature of Uniswap.Adams stated that the SEC's innovative exemption applies to permissioned liquidity pools on Uniswap v4, providing a pathway for assets and users with relevant compliance needs to conduct transactions in the U.S., which is expected to promote the adoption of AMM. Uniswap will submit a comment letter with suggestions for improvements.

According to on-chain analysts, a certain address withdrew 4,827 ETH from Coinbase at 1:35 AM today, worth 11.52 million USD, when the ETH price was 2,416.14 USD.Subsequently, ETH dropped to a low of 2,358.88 USD, and the position once incurred a loss of 276,000 USD, but has now returned to profit as the coin price rebounded.

According to The Block, the UK Treasury has submitted amendments to cryptocurrency regulations, including exemptions for certain stablecoin transactions, custody arrangements, and technical services related to DeFi protocols, which require parliamentary approval.Katie Harries, Coinbase's Head of European Policy, welcomed these changes but noted that regulated exchanges still face barriers in seeking access to DeFi.

On September 15, local time, U.S. Congressman Thomas Massie submitted articles of impeachment against Secretary of Defense Lloyd Austin, accusing him of abusing his power by ordering hostile military action against Iran without congressional approval.This impeachment resolution has little chance of passing, but Massie's move may force the House of Representatives to hold a vote on the matter. Massie submitted the articles of impeachment under privileged motion procedures, meaning the House must consider the impeachment within two legislative workdays and cannot postpone or delay it.

KB Securities released a report on September 11, indicating that Samsung Electronics' HBM market share is expected to increase from 33% in the second quarter to 40% in the fourth quarter, mainly due to HBM4 sales in the third quarter growing more than three times quarter-on-quarter, and HBM4 is expected to account for over 60% of its total HBM sales in the second half of the year.Samsung Electronics has established comprehensive mass production of HBM4, supplied HBM4E samples to core customers, adopted the HBM5 architecture with 1c core bare chips and 2-nanometer base bare chips, and outlined the roadmap for the next-generation ZHBM. In terms of its foundry business, the 4-nanometer yield has stabilized above 80%, and the 2-nanometer GAA yield has rapidly increased to over 70%. KB Securities analyst Kim Dong-Won stated that the foundry business is expected to turn profitable starting in the third quarter, and the 2-nanometer yield may help it secure orders from major U.S. clients within the year.

According to a Reuters exclusive report on September 10, Chinese AI chip manufacturers have significantly raised prices due to a shortage of high-bandwidth memory. Huawei has raised the indicated price of the Ascend 950DT accelerator card to over 250,000 yuan, an increase of 20% to 50% compared to two months ago. Cambricon has raised the indicated price of its planned 690 chip by 20% to 30%, and both Muxi and Tian Shu Zhi Xin have also implemented similar price increases.The report states that the reasons include U.S. export controls and the high costs of high-bandwidth memory supplies in the gray market. Prices for earlier Huawei products such as the Ascend 950PR and 910C have also increased by about 30%. These price increases have raised the construction costs of AI computing power in China. Huawei, Cambricon, and other companies did not comment.

According to industry news, NVIDIA is considering adjusting the high bandwidth memory solution for the next-generation Rubin Ultra artificial intelligence accelerator from a 12-layer stack to an 8-layer stack.Against the backdrop of rising storage costs, NVIDIA is placing greater emphasis on unit bandwidth costs and overall system economics.

According to Hyperliquid News, the Hyperliquid Policy Center has submitted a legal opinion to the federal court in Washington, D.C., seeking to dismiss the lawsuit filed by the Chicago Mercantile Exchange (CME) against the U.S. Commodity Futures Trading Commission (CFTC).The lawsuit involves the CFTC's prior approval of the launch of regulated cryptocurrency perpetual contracts in the U.S. through Kalshi. CME had previously filed a lawsuit regarding the related regulatory decision, while the Hyperliquid Policy Center supports the CFTC's side, arguing that the court should dismiss CME's lawsuit.

According to the Chosun Ilbo, China's largest DRAM manufacturer Changxin Memory Technologies (CXMT) has launched trial production of the fourth-generation high bandwidth memory HBM3, with initial yield stagnating at 25%, about one-third of the golden mass production yield of 80%. SK Hynix has been mass producing similar products since 2022, with a yield exceeding 90%.The front-end yield of Changxin Memory's HBM3 8-layer stacked products is about 30%, while the back-end yield is approximately 70%, resulting in final good products. The company supplies a small number of samples to Chinese companies such as Alibaba's Pingtouge and Cambricon, and continues to improve yields. Its G4 (17-nanometer) process ordinary DRAM has no major issues, but the DRAM chips used for HBM have larger areas and stricter electrical specifications.The industry attributes the reasons to the insufficient maturity of Through-Silicon Via (TSV) technology. Nomad Semi's analysis shows that Samsung's HBM2 has over 5,000 TSVs per chip, SK Hynix's HBM3 has over 8,000, while Changxin Memory has about 3,000. There is a gap of 4 to 5 years compared to Samsung and SK Hynix.

Samsung Electronics' wafer foundry division has recently surpassed 50% in the allocation of production capacity for the sixth-generation high bandwidth memory HBM4 substrate chips in the 4-nanometer process. The industry states that this division will invest more than half of its 4-nanometer wafers into HBM4 substrate chip manufacturing in the second half of this year to expand supply to companies like NVIDIA, Broadcom, and AMD.Samsung initiated mass production and shipment of HBM4 in February this year and plans to increase supply starting from the third quarter, significantly increasing the related wafer input since mid-year. This chip is based on Samsung's wafer foundry 4-nanometer (SF4) process. As of last month, over 50% of its total 4-nanometer capacity has been allocated to HBM4 substrate chips. According to insiders, Samsung's 4-nanometer process is currently at full capacity, with HBM4 substrate chips accounting for about 50% to 60%, and this high proportion will be maintained in the second half of the year.Samsung's wafer foundry production lines at Pyeongtaek Plant 2 and Plant 3 are mass-producing processes ranging from 4 to 7 nanometers, with a monthly capacity of about 30,000 wafers for the 4-nanometer process. Based on this, the wafer input related to HBM4 substrate chips is estimated to be about 15,000 wafers per month. During the second quarter earnings call, Samsung stated that it expects HBM4 revenue to increase more than threefold quarter-over-quarter in the third quarter, with HBM4 revenue in the second half expected to exceed 60% of the company's overall HBM revenue.