The digital asset adoption conversation now centers on institutional and enterprise organizations. Governments are also increasing their involvement in crypto, aligning interests with national priorities.
The headlines:
- Nasdaq wants in on tokenization;
- Figure and Gemini’s IPOs took off;
- Tether is back in the United States with a new stablecoin;
- American regulators now officially lead global crypto discussions;
- Avalanche may soon achieve a billion-dollar crypto treasury status;
- Additionally, Cantor Fitzgerald executives may have identified a solution to mitigate Bitcoin’s volatility;
- And much more!
As always, these are your Decentralized Diaries!
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Bitcoin is at $114k (as of 9/15/25)
Geopolitical tensions contributed to Bitcoin’s price fluctuations, from a low of $110,776.70 to a high of $116,767.38, before settling at $114,814.67.
Altcoins also experienced notable volatility.
Ethereum (ETH) is at $4,534.89, Solana (SOL) is at $236.37, Chainlink (LINK) is at $23.41, Avalanche (AVAX) is at $28.78, Polkadot (DOT) is at $4.20, Hedera (HBAR) is at 0.2337, and Litecoin (LTC) is at $113.50.
Nasdaq Reveals Tokenization Plans
A September 8 filing uncovered plans by Nasdaq to extend its foray into tokenized assets. The initiative aims to enable faster settlement, broaden access, and enhance transparency.
Nasdaq has yet to reveal further details about the move.
CoinShares will Trade on Nasdaq After a $21 Billion SPAC Deal
Prominent European digital asset manager CoinShares revealed its US-focused IPO plans. CoinShares will execute the deal through a $1.2 billion SPAC merger with Vine Hill Capital Investment Corp.
Subsequently, the IPO will transition CoinShares from its current listing on Nasdaq Stockholm to the US Nasdaq exchange.
Figure’s IPO Yields $787.5 Million
Blockchain lender Figure’s September 10 IPO raised $787.5 million. The debut sold 31.5 million shares at $25 each.
Consequently, the event raised the firm’s value to $5.29 billion.
Gemini’s IPO Raises $425 Million
Similarly, the Winklevoss-owned Gemini executed its IPO to raise $425 million. Gemini sold 15.2 million shares at $28 each.
Furthermore, Gemini now has a non-diluted value of $3.33 billion (according to Reuters).
Fidelity Partners With Ondo to Launch a Money Market Fund
Tokenization-focused Ondo teamed up with Fidelity to unveil an on-chain money market fund. The Ondo Short-Term US Treasuries Fund (OUSG) underpins the Fidelity Digital Interest Token (FDIT).
OUSG currently owns a majority (99%) of FDIT’s assets.
Tether Launches a Compliant Stablecoin
Following the passage of the GENIUS Act, Tether moved forward with the USAT stablecoin. The business and institutional-focused token operates under American regulatory frameworks.
Anchorage Digital serves as USAT’s issuer, and Cantor Fitzgerald is the reserve custodian and preferred primary dealer. Tether built the token on its Hadron tokenization platform.
The FDIC Unveils a New Crypto-Friendly Framework
At the September 2025 FSOC event, acting FDIC Chairman Travis Hill revealed the agency’s reversal of previous policies. Hill also indicated that the regulator is deploying new rules based on the GENIUS Act.
Banks can now engage in permitted digital asset operations.
The CFTC Pushes for Digital Asset Regulatory Progress
On September 8, at a United Kingdom parliamentary event, CFTC Chairman Caroline Pham outlined regulatory advancements. Pham revealed that the agency will work with current cross-border mechanisms to improve international token operations.
Moreover, Pham identified several compliance frameworks, including the EU’s MiCA, as examples of workable templates.
Cboe Announces Ten-Year Bitcoin, Ethereum Futures Plans
On September 9, Cboe revealed plans to launch continuous Bitcoin and Ethereum futures for US customers. The new offerings have ten-year lifespans.
Moreover, the contracts will be cash-settled and align with real-time spot prices.
Binance Unveils Tokenization Partnership with Franklin Templeton
Premier exchange Binance and Franklin Templeton joined forces to improve the tokenization of securities. The move combines Franklin Templeton’s compliance-focused asset tokenization expertise with Binance’s global trading infrastructure.
Franklin Templeton plans to leverage its Benji Technology Platform, while Binance will provide the reach and ecosystem to support global adoption.
Circle Introduces Autonomous Stablecoin Capabilities
Stablecoin issuer Circle launched a new capability that allows AI agents to pay for online services using USDC autonomously. Developer-Controlled Wallets (by Circle) and Coinbase’s x402 protocol power the feature.
Additionally, the deployment enables AI agents to interact with digital services, including API access and payments, without human intervention.
Ledger Reveals an Enterprise-Focused Mobile App
Leading hardware wallet Ledger unveiled a new mobile app tailored for enterprise clients. The offering enables secure transaction approvals on the go.
Furthermore, the app pairs exclusively with the Ledger Stax hardware wallet via Bluetooth and leverages Clear Signing technology to combat blind signing. The app also supports biometric authentication and push notifications.
Avalanche Foundation Has Billion-Dollar Treasury Plans
September 10 reporting from the Financial Times revealed plans by the Avalanche Foundation to create two treasury firms worth $1 billion. The nonprofit is reportedly in talks with other firms to establish two digital asset treasury firms.
Moreover, the Avalanche Foundation plans to offer the AVAX token to the involved entities at a discount.
Cantor Fitzgerald Debuts a Bitcoin-Gold Linked Fund
Investment behemoth Cantor Fitzgerald launched the Cantor Fitzgerald Gold Protected Bitcoin Fund. The hybrid investment vehicle offers exposure to Bitcoin’s upside while mitigating volatility through gold-backed insurance.
The fund spans five years and aims to balance risk and reward by combining the growth potential of Bitcoin with the historical stability of gold.
The SEC’s Crypto Task Force Wants to Host Another Roundtable
On September 8, the SEC’s crypto task force revealed its focus on financial surveillance and privacy with a new roundtable. The task force will host the event on October 17 in Washington, D.C..
Furthermore, this is the sixth such event since the departure of former SEC Chair Gary Gensler. The roundtable will also explore developments in privacy-preserving technologies and their digital asset (regulatory) implications.
Paxos Unveils a PayPal-Linked USDH Stablecoin Proposal
On September 10, blockchain infrastructure firm Paxos updated its proposal to issue the USDH stablecoin for the Hyperliquid decentralized exchange. The proposal unveiled a strategic partnership with PayPal and Venmo.
Additionally, the plan includes USDH integrations with PayPal’s checkout system (with free on- and off-ramps), and Hyperliquid’s native HYPE token listings. PayPal plans to incorporate USDH into Venmo and Xoom for broader payment functionality. All fees earned will be in HYPE tokens.
Digital Asset ETFs Continue to Show Promise
Events in the crypto ETF space continued moving at a fast pace. On September 10, the SEC delayed its decision on staking for Ethereum ETFs issued by BlackRock, Fidelity, and Franklin Templeton.
Similarly, September 9 filings by Grayscale reveal intentions to launch Bitcoin Cash (BHC), Hedera (HBAR), and Litecoin (LTC)-linked ETFs. Rex-
Osprey’s XRP-linked ETF is set for a September 18 launch.
ProShares also unveiled several stock-focused ETFs. They include the ProShares Ultra COIN (COIA), the ProShares Ultra NVDA (NVDB), the ProShares Ultra PLTR (PLTA), and the ProShares Ultra TSLA (TSLI).
The offerings target 2X daily returns of their indicated stock values.
