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Quick Take The latest draft of a major market structure crypto bill in the US Senate includes several changes that would codify protections for developers, clarify regulatory treatment of airdrops, exempt DePINs from securities laws, and more. The bill also calls on the SEC and CFTC to establish a joint advisory committee for digital assets, bringing together the regulators which sometimes treat crypto assets differently from each other.
Quick Take Ethena’s native token jumped nearly 12% after StablecoinX, a treasury company associated with the synthetic dollar issuer, secured $530 million to build its ENA war chest. StablecoinX, which plans to list on Nasdaq under the ticker USDE in Q4, has raised $895 million in PIPE financing to date. StablecoinX will buy locked ENA from an Ethena Foundation subsidiary, while the subsidiary plans to buy $310 million worth of ENA tokens from spot markets over the next 6-8 weeks, the firm said. Stablecoin
Strategy Chairman has finally broken the silence on S&P 500 rejection to have his firm on the Index, citing key milestones.
- 14:22Balancer: MKR migration to SKY is scheduled to end on September 18, overdue migration may result in lossesJinse Finance reported that Balaner posted on X platform reminding that the migration deadline from MKR token to SKY token is September 18. This means that current MKR token holders have only five days left to complete the migration, otherwise they may face penalties. If governance approval is obtained, starting from September 22, overdue migrations will lose 1% of SKY tokens (increasing quarterly). This means that for each MKR token held, one may lose 240 SKY tokens.
- 12:57Tether's new stablecoin USAT is planned to launch by the end of the yearChainCatcher reported that crypto journalist Eleanor Terrett stated that Tether held the US launch event for its new stablecoin USAT in New York. Tether CEO Paolo Ardoino said the goal is to launch USAT by the end of the year. The new CEO Bo Hines announced that the new US headquarters will be located in Charlotte, North Carolina.
- 12:35DefiLlama founder: Figure TVL data authenticity is questionable, not excluded from the ranking due to X platform follower countChainCatcher reported that DefiLlama founder 0xngmi posted on social media stating that DefiLlama discovered a serious discrepancy between Figure's on-chain assets and trading volume: BTC and ETH reserves are extremely limited, its own stablecoin supply is minimal, most loans are still processed in fiat currency, and there is almost no on-chain trading. They suspect that most of Figure's TVL may simply be a mirror of an internal database rather than real, tradable assets. As part of due diligence, DefiLlama has discussed Figure's TVL data (claimed to be $12 billion) with the Figure team in a Telegram group chat and has raised several system and issuance-related questions. However, a person familiar with the entire process spread rumors on X (formerly Twitter) claiming that DefiLlama refused to list Figure due to its follower count on X, and some even implied that DefiLlama charges listing fees, which is completely untrue. In fact, DefiLlama has never refused any project due to follower count, nor has it charged any fees, and it continues to adhere to strict due diligence to ensure the authenticity and reliability of the data.