Global Weekly Top 10 Crypto News (Sept 22 to Sept 28)

1. South Korea's Largest Portal Naver Acquires Upbit Operator, Enters Stablecoin Market

Naver's financial subsidiary and Dunamu, the operator of crypto exchange Upbit, are proceeding with a comprehensive equity swap.

This partnership will integrate Naver's payment business, which handles 80 trillion Korean won in annual transactions, with the strengths of Upbit, the world's fourth-largest crypto exchange, to jointly develop Korean won stablecoin business and expand into overseas markets.

2. Plasma: Stablecoin Supply Surpasses $7 Billion

On September 28, Plasma announced on social media that "In just 2 days, stablecoin supply on Plasma has surpassed $7 billion."

Plasma is a Layer 1 blockchain optimized for stablecoins, powered by XPL tokens through its staking-based consensus mechanism.

Prior to this milestone, Plasma conducted its TGE on September 25 this week, distributing $8,390 worth of XPL tokens for free to all users who participated in the ICO pre-deposit program, even if these users ultimately did not purchase tokens through the ICO.

3. Hyperliquid Native Stablecoin USDH Officially Launches, Issuer Native Markets Stakes and Locks 200,000 HYPE for 3 Years

On September 24, the stablecoin USDH issued by Native Markets officially launched trading on Hyperliquid, with the USDH/USDC trading pair now available.

On September 27, Native Markets announced that it has staked and locked 200,000 HYPE tokens (approximately $8.7 million) for a 3-year period, making USDH the first permissionless spot denomination asset added to Hyperliquid.

USDH is the first USD-pegged token issued through Hyperliquid's validator voting selection process, natively issued on HyperEVM and bridged to the Hyperliquid ecosystem. Native Markets previously defeated proposals from companies including Paxos, Frax, and Agora in the voting process.

USDH reserves are fully backed by cash and short-term US Treasury securities, utilizing a combined model of off-chain management and on-chain components, with transparency provided through oracles. The issuer plans to use a portion of reserve yields for HYPE token buybacks.

4. UXLINK Multi-Sig Wallet Hacked, Large Amount of Crypto Stolen

Web3 social platform UXLINK issued a security announcement on September 23, stating that its multi-signature wallet suffered a security breach, resulting in large amounts of crypto being illegally transferred to centralized and decentralized exchanges.

The team has contacted major exchanges to freeze suspicious deposits and filed a police report. The platform has implemented two emergency measures:

• First, urgently contacting major centralized exchanges to suspend UXLINK trading;

• Second, launching a token swap program to ensure token economic integrity.

On September 25, UXLINK completed new contract deployment and will provide token replacement for legitimate holders at a 1:1 ratio. The official on-chain user exchange portal will go live within 5 business days, while a special compensation plan will be launched for users affected by the stolen tokens.

On September 28, UXLINK released the latest status update on token migration and security upgrades. Token migration will launch next week, with UXLINK covering gas fees for on-chain user migration.

5. August Core PCE Data Supports Gradual Easing, Fed Rate Cut Pace to Remain Unchanged

The US August core PCE price index annual rate came in at 2.9%, matching expectations of 2.90% and the previous value of 2.90%.

The US August core PCE price index monthly rate was 0.2%, in line with expectations of 0.20%, with the previous value revised from 0.30% to 0.2%.

US initial jobless claims for the week ending September 20 totaled 218,000, below expectations of 235,000, with the previous value revised from 231,000 to 232,000.

The US Commerce Department reported that despite the Federal Reserve's 2% inflation target, these data points are unlikely to alter policymakers' approach, as they indicated last week their expectation for two additional 25 basis point rate cuts before year-end.

6. Tether Seeks Up to $20 Billion Funding at $500 Billion Valuation

Tether Holdings, the issuer of the world's largest stablecoin, is in talks with investors to raise up to $20 billion in a deal that could make the crypto company one of the most valuable private companies globally, two people familiar with the matter said.

Tether is looking to raise $15 billion to $20 billion through a private placement for approximately 3% of the company. The negotiations are still in early stages. Based on the proposed equity stake, the deal could value Tether at around $500 billion, putting it on par with OpenAI and SpaceX. Its closest competitor Circle had a market cap of approximately $30 billion as of Tuesday afternoon.

Tether is at the forefront of stablecoins, with its USDT token pegged to the US dollar commanding a $172 billion market cap as the largest stablecoin, while Circle's second-largest stablecoin USDC has a market cap of about $74 billion.

7. SBF's X Account Posts for First Time in Six Months, Later Clarifies Friend Posted on His Behalf

On September 24, FTX founder SBF's account posted "gm" for the first time in six months. Possibly influenced by this, FTT surged over 40% in a short period, reaching $1.19.

Two hours later, SBF's Twitter account posted again, stating "No, SBF is not posting himself from prison. I'm a friend posting on his behalf." FTT then experienced a sharp decline shortly after.

8. Faraday Future Partners with Blockchain Firm Sign to Explore US Stock and Digital Asset Integration

"Faraday Future (NASDAQ: FFAI), the electric vehicle company founded by prominent Chinese entrepreneur Jia Yueting, who previously built a $7.8 billion business empire in China, announced today a strategic partnership with leading blockchain infrastructure company Sign. Sign, a blockchain infrastructure company once valued at $1.35 billion, is backed by top-tier institutions including Sequoia Capital and IDG, and is currently listed on Binance and Upbit.

The partnership will focus on:

Advancing Enterprise Artificial Intelligence (EAI) innovation Accelerating digital asset ecosystem development Exploring new models for integrating traditional finance with Web3 This collaboration marks another significant strategic move following FFAI's announcement of a $41 million investment in CXC10 (formerly Qualigen Therapeutics).

9. Chow Tai Fook Founder's Great-Grandson Establishes ALMAD Group, Investment Areas Include Digital and Virtual Assets

Adrian Cheng, former CEO of New World Development and great-grandson of Chow Tai Fook founder Cheng Yu-tung, has gradually stepped down from various family business positions since last year and has now announced the establishment of ALMAD Group.

This comprehensive enterprise group will focus on Web3 financial innovation, exploring investments in digital assets, real-world asset (RWA) tokenization, and other areas, while also exploring applications of blockchain technology and immersive digital experiences across different industries.

10. Chinese EV Retailer Jiuzi Holdings Announces $1B Cryptocurrency Investment Plan

Jiuzi Holdings Inc. (NASDAQ: JZXN), a leading Chinese electric vehicle retailer, has announced a major strategic move into cryptocurrency investments. The company's board has approved a policy to invest up to $1 billion in digital assets, focusing initially on Bitcoin, Ethereum, and BNB.

The Shenzhen-based company, which operates 31 franchise stores across China, will utilize third-party custodial services for asset management. This decision follows the recent appointment of Dr. Doug Buerger as COO and marks one of the largest cryptocurrency investments announced by a Chinese-based public company.

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