Global Weekly Top 10 Crypto News (Sept 8 to Sept 12)

1. The competition for the issuance rights of the USDH stablecoin sees a major twist as Ethena withdraws, making Native Markets the biggest winner

In the race for the USDH stablecoin issuance rights organized by Hyperliquid, a significant development has occurred.

The project initially attracted bids from as many as eight institutions, but one of the main competitors, Ethena Labs, has officially announced its withdrawal from the competition.

This decision positions Native Markets as the most likely candidate to secure the issuance rights. The final vote will take place on September 14.

2. CPI Meets Expectations, PPI and Jobless Claims Surprise Markets

The United States reported a decline in its PPI for August, with the monthly rate at -0.1 percent, falling short of the expected 0.3 percent and significantly lower than the prior value of 0.9 percent. On an annual basis, the PPI increased by 2.6 percent, also below expectations of 3.3 percent and down from the previous reading of 3.3 percent.

CPI data for August showed a year-over-year increase of 2.9 percent, in line with market expectations and up from the prior value of 2.7 percent. Meanwhile, the seasonally adjusted CPI monthly rate rose by 0.4 percent, exceeding the forecasted 0.3 percent and higher than the previous month's 0.2 percent.

Additionally, initial jobless claims for the week ending September 6 reached 263,000, marking the highest level since the week ending October 23, 2021. This figure surpassed market expectations of 235,000, signaling potential challenges in the labor market.

3. South Korean cryptocurrency exchange Upbit will launch the "GIWA" chain, built on OP Stack

The GIWA chain is built on OP Stack and positioned as an Ethereum Layer 2 solution, aiming to lower the barriers to Web3 adoption.

The GIWA chain features one-second block generation and full EVM compatibility, allowing developers to directly migrate Solidity contracts and continue using Ethereum tools.

4. U.S. SEC Chair: Ensuring Entrepreneurs Can Raise Funds On-Chain Without Legal Uncertainty

Paul Atkins, Chair of the U.S. Securities and Exchange Commission, delivered a keynote speech at the OECD Global Financial Markets Roundtable held in Paris, announcing the launch of Project Crypto. This initiative aims to fully modernize securities regulations to support the development of on-chain markets.

Atkins stated that the SEC will no longer set policy through ad hoc enforcement actions but will instead provide clear and predictable regulatory rules. He emphasized that "most crypto tokens are not securities," and the SEC will delineate boundaries to ensure entrepreneurs can raise funds on-chain without facing legal uncertainty.

The project supports innovation in "super-app" trading platforms, allowing platforms to offer trading, lending, and staking services under a unified regulatory framework. Atkins pointed out that regulators should provide the "minimum effective dose" of regulation necessary to protect investors, avoiding excessive regulatory burdens.

During his speech, Atkins also mentioned the integration of artificial intelligence and blockchain as a driver for the development of "proxy finance." He expressed that the U.S. will collaborate with international partners such as the European Union to jointly advance the modernization of digital asset regulation.

5. Binance to Collaborate with Franklin Templeton to Launch Digital Asset Products

Binance and Franklin Templeton have announced a partnership to develop blockchain investment products aimed at bridging traditional markets with the cryptocurrency sector.

The collaboration will combine Franklin Templeton's expertise in securities tokenization with Binance's trading infrastructure and global investor base. The goal is to create products for a broad range of investors that offer efficient settlement, transparent pricing, and competitive returns.

Sandy Kaul, Head of Innovation at Franklin Templeton, stated that blockchain is not a threat to traditional systems but an opportunity to reimagine them. Catherine Chen, Binance's Head of VIP and Institutional Clients, said the partnership is part of Binance's efforts to connect cryptocurrency with traditional markets.

6. Ant Group Launches Tokenization Solution and "AntChain Xin" for Green Asset Management

Ant Group has introduced the DT Tokenization Suite, a solution designed to digitize physical assets and promote the standardization and scaling of RWA tokenization.

Built on AntChain technology, the suite integrates Web2 and Web3 functionalities and utilizes the Jovay blockchain platform, capable of processing 100,000 transactions per second with a 300-millisecond response time. It ensures transaction security through TEE and Zero-Knowledge Proof mechanisms, supports cross-chain asset transfers, and offers services such as asset tokenization, issuance, circulation, and risk management, with licensed institutions providing financial services.

Additionally, Ant Group and Longshine Technology Group announced the formation of "AntChain Xin" at the New Energy Digital Asset Community Autumn Summit. The company will focus on green asset management and dynamic rating services using blockchain, IoT, and AI technologies.

Bian Zhuoqun, Vice President of Ant Group, highlighted the goal of transforming fragmented green assets into "measurable and tradable" digital assets, while Xu Changjun, Chairman of Longshine Technology, emphasized leveraging advanced technologies for new energy asset digitization.

7. South Korea Opens Doors to Venture Capital for Crypto Firms After 7-Year Ban

South Korea will lift its 7-year ban on venture capital investment in crypto firms starting September 16, signaling a major shift in its approach to the blockchain and digital asset industry.

The policy reversal allows crypto businesses to access institutional funding, tax breaks, and regulatory benefits, aiming to foster innovation and global competitiveness.

Industry leaders, including DAXA and Dunamu, view this as a turning point, though debates continue over crypto’s intrinsic value and regulatory oversight. The move positions Korea as a key player in advancing Web3 innovation globally.

8. Bitcoin Mining Difficulty Increases by 4.89% to 136.04T, Setting a New Record

Bitcoin mining difficulty was adjusted at block height 913,248, increasing by 4.89% to 136.04T, marking a new all-time high.

9. Industrial and Commercial Bank of China (Asia) and HSBC have expressed their intention to apply for stablecoin licenses to the Hong Kong Monetary Authority

The Monetary Authority plans to issue only a few stablecoin licenses in the first phase, and as of the end of last month, seventy-seven institutions have expressed their intention to apply.

It is reported that Industrial and Commercial Bank of China (Asia) has expressed its intention to apply to the Monetary Authority, becoming another major Chinese-funded bank to make a statement after Bank of China Hong Kong.

Additionally, HSBC, the largest bank in Hong Kong, has also expressed its intention. Industry insiders believe that Standard Chartered Bank and Bank of China Hong Kong have a higher likelihood of being among the first to receive licenses.

10. Yunfeng Financial: Approved by Hong Kong Securities and Futures Commission to Provide Virtual Asset Trading Services

Yunfeng Financial Group (00376.HK) announced that it has received approval from the Hong Kong Securities and Futures Commission to upgrade its existing Type 1 (dealing in securities) regulated activity license to provide virtual asset trading services under the arrangement of opening integrated accounts on licensed platforms regulated by the Securities and Futures Commission.

Connect with us:

- Telegram: t.me/blockflownews

- Twitter: x.com/BlockFlow_News