News & Research

USDT and USDC circulating volumes hit new all-time highs this week, providing continued fuel for the cryptocurrency rally, CoinDesk reports. USDC market cap has grown by $1.3 billion since July, while USDT has grown by $1.4 billion.

Nasdaq-listed e-commerce company Upexi, which has added Solana (SOL) to its treasury assets, announced that it has raised about $200 million through private sales of stock and convertible notes to institutional investors, management and its CEO, according to GlobeNewswire press release. Around $50 million came from an equity offering and $150 million from convertible notes backed by SOL. Proceeds will fund business operations and significantly increase its Solana treasury, which is expected to exceed 1.65 million SOL after the deals close next week.

Coinbase hired decentralized options protocol Opyn’s CEO Andrew Leone and head of research Joe Clark to strengthen its on-chain derivatives business, according to The Block. The move does not include Opyn’s protocol itself. Opyn, known for DeFi options and products like Squeeth, had previously settled charges with U.S. regulators and saw its co-founders step down.

Justin Sun, founder of Tron (TRX), announced on X that the Tron ecosystem has officially partnered with the Binance Alpha ecosystem. Earlier, Binance Alpha confirmed its support for the Tron blockchain.

Tether, the issuer of the USDT stablecoin, announced on its official website that it plans to end support for USDT redemptions and freeze all remaining tokens on five older blockchains: Omni Layer, Bitcoin Cash SLP, Kusama, EOS and Algorand. This change, effective September 1, is part of the company’s strategy to simplify its operations, adapt to evolving user demand and concentrate on blockchains with higher activity and engagement.

Sentora, formerly known as IntoTheBlock, said on X citing Tokenomist that more than 9% of the total TRUMP token supply, worth over $900 million, is scheduled to unlock next week.

Just before Pump.fun, a Solana (SOL)-based memecoin issuance platform, announced its acquisition of Kolscan, a Solana-based wallet-tracking system, wallets allegedly linked to insiders purchased large amounts of Kolscan tokens, according to DL News, citing on-chain data. These wallets reportedly made over $3 million in profits as Kolscan’s token value surged dramatically from $500,000 to $22 million within an hour of the announcement, before pulling back sharply to $4 million.

Bloomberg ETF analyst Eric Balchunas reported on X that BlackRock’s Bitcoin spot ETF (IBIT) surpassed $80 billion in assets in just 374 days, making it the fastest ETF to reach that milestone — about five times quicker than the previous record held by VOO, which took 1,814 days. IBIT’s AUM now stands at $83 billion, ranking it as the 21st largest ETF.

On-chain analytics firm Glassnode reported on X that while Bitcoin (BTC) surpassed $118,000, marking a new all-time high (ATH), the Long-Term Holder Net Unrealized Profit and Loss (NUPL) remains below the euphoria zone at 0.69. The current cycle has seen only around 30 days above the 0.75 threshold, compared to 228 days in the previous cycle.

Plasma, a stablecoin project, said on X that it has regained control of its official account following a recent hack, adding simply, “We’re back.”