Thank you @trondao for the large thermal box and mooncakes, great companions for early autumn camping (*＾ڡ＾*)/🥮

We will see 1000 types of stablecoins (and why most will fail)
This stablecoin analysis and forecast suggests that as platforms seek to monetize user balance, we will see up to 1000 new stablecoins emerge.
However, most will fail because liquidity and network effects are deeply entrenched in the open market, making it difficult for USDC and USDT to be shaken. New stablecoins are likely to succeed mainly within closed or custodial systems (such as wallets and centralized exchanges), becoming profitable "walled gardens."
In these systems, the operators have sufficient control and leverage to enf

Racing Against Time: Money, Crypto Assets, and the Endless Pursuit
[Plain Language Introduction] The author of this article delves into the extreme desire for wealth and risk addiction that modern individuals experience in the wake of the accelerating waves of AI and encryption. The article reflects on the emptiness of chasing high net worth, citing the views of Tolstoy and Naval, and emphasizes redefining the meaning of "enough" and retirement.
The author believes that the crypto world has shifted from the inclusive "WAGMI" to a high-threshold, fast-paced game. He discusses the pros and cons

Encryption industry "coming of age ceremony": SEC opens the floodgates, Wall Street "ETP feast" officially begins.
[Plain Language Guide] On September 17, 2025, the SEC approved the "Universal Listing Standards" for cryptocurrency spot ETPs, marking the entry of the cryptocurrency market into the "ETPalooza" era.
The new regulations will shorten the listing process from 240 days to 60-75 days, covering assets such as Bitcoin and Ethereum, releasing a capital potential of hundreds of billions. ETP provides a convenient entry channel for traditional investors, synchronizing the rhythm of the enc

What is DAT?
[Plain Language Guide] Digital Asset Trusts (DATs) are an emerging method of managing cryptocurrency assets, achieving capital appreciation and market access by having publicly traded companies hold digital assets such as Bitcoin or Ethereum.
DATs are not a Ponzi scheme, but rather the managers of the future crypto ecosystem. Ethereum has become the preferred asset for DATs due to its potential for value storage and on-chain yield opportunities. DATs optimize shareholder value through the "market capitalization to net asset value ratio" game, achieving premiums through capital ope

Why artificial intelligence and tokenization may trigger the biggest financial revolution since banking.
[Plain Language Introduction] The integration of artificial intelligence and tokenization is triggering the largest financial revolution since the banking industry, potentially unlocking $500 billion in illiquid assets.
Tokenized assets reached $24 billion in June 2025, growing by 380%, while artificial intelligence will autonomously manage these assets, creating unprecedented economic autonomy. Three major forces – the awakening of artificial intelligence, the explosion of tokenization, an

Tether's Compliance Adventure
[Plain Language Guide] Tether has launched USAT to meet the compliance requirements of the U.S. "GENIUS Act", with reserves limited to cash and short-term U.S. Treasury bonds, audited monthly and fully regulated.
However, its main stablecoin USDT is backed by assets such as Bitcoin and gold, operates offshore, and has never been fully audited. The two stablecoins, with completely different strategies, reflect Tether's dual-track layout in the global and US markets.
USAT challenges Circle's USDC. With Tether's vast network and $13.7 billion annual p

The imminent critical point for Crypto Assets users
[Plain Language Introduction] The growth rate of Crypto Assets users surpasses that of the internet, reaching 300 million users in 12 years, and is expected to reach 4 billion by 2030, far exceeding the early growth rate of the internet.
Companies hold over 1 million coins, stablecoins reshape cross-border finance, institutional funds surge in, regulatory barriers fade, and these three forces converging may trigger the largest wealth transfer in history. Traditional finance faces a survival crisis, and banks may become "luxury services."
In t

Base Token Guess: Airdrop or ICO, who will get the big cake?
[Plain Language Guide] This article focuses on the significant news of Base announcing the exploration of issuing tokens, with host Laura Shin discussing its meaning and impact with guests Ryan and Ico Beast.
The move by Base may be due to unclear regulations and market strategies, with token allocation potentially held by Coinbase at 20%-40%, combining airdrops and ICOs to prevent witch attacks. The tokens may be used for sequencer revenue, DeFi liquidity, and future governance. Base adheres to the Ethereum ecosystem while integrati

Wall Street's "smart money" is heavily betting on Solana: a comprehensive layout from ARK to corporate treasuries.
[Plain Language Introduction] Wall Street's "smart money" is quietly flowing into Solana, initiating a thoughtfully considered capital rotation.
CoinShares report shows that Solana ETP has seen a net inflow of $1.16 billion for 21 consecutive weeks; ARK Invest has made significant purchases of Solana ETF; corporate treasury like Forward Industries has invested $1.6 billion in SOL; the approval of the US spot ETF is approaching, boosting market confidence. With its high per

How stablecoins are reshaping the future of finance in the United States?
[Plain Language Introduction] The United States' $37 trillion debt crisis urgently needs innovative solutions.
The U.S. Treasury supported by stablecoins may reshape debt management through a four-phase strategy: first, an explosion in Treasury demand driven by stablecoins; second, the creation of digital asset reserves; third, the coordination of interest rate policies; and fourth, the reinforcement of the global dominance of the digital dollar. These phases reinforce each other, creating new sources of income and r

Based on Rollup: Ethereum's Unified Path to Overcome Fragmentation
[Plain Language Guide] Ethereum's Rollup roadmap reduces fees and increases throughput, but fragmentation issues remain, and centralized sequencers lead to dispersed liquidity between Rollups and limited composability.
Transaction ordering based on Rollup through Ethereum Layer 1 validators restores neutrality, unifies the network, and achieves synchronized interaction and liquidity concentration. Proposal-builder separation (PBS) and validator-proposer separation (APS) make Ethereum an efficient sequencer, supporting r

The crypto community has lost its strongest "sales king", as Trump ally Charlie Kirk was fatally shot on campus.
[Plain Language Introduction] On September 10, 2025, conservative media personality Charlie Kirk was shot dead at Utah Valley University, shocking the United States.
This 31-year-old Trump ally is not only a political rising star but also a key "signal booster" in the cryptocurrency community. Kirk combines the principles of personal freedom and anti-establishment with the decentralized spirit of Bitcoin, advocating for "sound money" and opposing central bank digital currencies, hel

The $5.6 billion future battle of Hyperliquid
[Plain Language Introduction] Hyperliquid, a rapidly rising DeFi perpetual contract exchange, boasts $5.6 billion in stablecoin assets and is facing a crucial game that will determine its future.
On September 14, validators will vote to decide the issuer of its native stablecoin USDH, competing for the right to a share of annual revenue distribution of up to $220 million. Competitors include the local team Native Markets, institution-backed Agora, Stripe, and others, each presenting different visions ranging from compliance to decentralization.
Thi

Trojan Horse Reappears: Stable Triggers Stablecoin Revolution
[Plain Language Guide] Stable, as a blockchain platform focused on USDT, aims to promote the mass adoption of stablecoins through zero gas fee P2P transfers, sub-second transaction confirmations, and a simplified user experience.
This report provides an in-depth analysis of how Stable has become the "Trojan Horse" in the stablecoin market, addressing the pain points of high fees, slow speeds, and complex operations. Its strategy attracts users with free transfers and gradually expands into payments, DeFi, and corporate partnerships,

From $0 to $12.4 billion in a lightning-fast battle, how Ethena built the fastest rising "money printer" in history.
[Plain Language Introduction] Ethena's USDe stablecoin has soared to a market value of $12.4 billion within 18 months, setting the record for the fastest rise of a digital dollar.
Its delta-neutral strategy brings annualized returns of 12-20% through staking ETH, earning funding fees, and reserve asset yields, attracting institutions and DeFi users. In 2025, the perpetual futures boom, leverage cycles, and SPACs will drive accelerated rise. However, negative funding rates, e

From Circle to Frax Finance: The next dark horse under the GENIUS Act
[Plain Language Introduction] In June 2025, Circle successfully went public on the New York Stock Exchange, sparking a wave in the stablecoin industry, with its vertical integration strategy attracting significant attention.
Driven by the GENIUS Act, Frax Finance has replicated Circle's successful model with the frxUSD stablecoin, FraxNet front end, and Fraxtal blockchain, becoming a rising star in the industry. The founders participated in drafting the act, showcasing policy foresight, and the North Star upgrade further