The industry shifted quickly as regulatory movements dictated increased flows. Stablecoins took center stage, and tokenization integrations continued to feature prominently.
The headlines:
- CME Group wants to launch Solana and Ripple futures options in October;
- The NYDFS pushed for the inclusion of blockchain analytics in compliance frameworks;
- 40% of Americans want to engage in the DeFi segment;
- Michigan’s Bitcoin reserve bill moved forward;
- MetaMask debuted its stablecoin;
- Plus, the SEC okayed ETP-linked generic commodity share trust listing rules (more on that later);
- And much more!
As always, these are your Decentralized Diaries!
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Bitcoin is at $112k (as of 9/22/25)
It’s bearish season for Bitcoin, as the token has moved from a high of $117,564.88 to its current low of $112,489.49.
The altcoins are also shaky at the moment.
Ethereum (ETH) is at $4,179.89, Solana (SOL) is at $220.65, Chainlink is at $22.64, Avalanche (AVAX) is at $30.85, Polkadot (DOT) is at $3.97, and Ripple (XRP) is at $2.82.
CME Group Reveals Solana, Ripple Futures Options Plans
On September 16, CME Group announced plans to offer options on Solana (SOL) and Ripple (XRP) futures. These new products have an October 28 launch date (subject to regulatory approval).
Additionally, the new options will have underlying Solana and XRP futures as their basis for value.
Coinbase Unveils a New USDC On-chain Lending Offering
Premier crypto exchange Coinbase launched a new USDC on-chain lending program. The initiative allows institutional clients to lend USDC directly on the blockchain and earn yields.
Moreover, the deployment operates via smart contracts, enabling secure, automated lending without intermediaries.
PayPal’s PYUSD Stablecoin Has Improved Support Across Eight Blockchains
E-commerce giant PayPal expanded its PYUSD stablecoin across eight new blockchains, including Tron, Avalanche, Aptos, Abstract, Ink, Sei, and Stable. The firm enabled support through integration with LayerZero’s Stargate Hydra bridge.
Additionally, the setup creates a permissionless version of the token, called PYUSD₀, which is fully fungible with the original PYUSD and interoperable across different chains. PayPal also announced that PYUSD is now live on the Stellar network.
Circle Enables Cross-Chain Interoperability on Stellar
Similarly, on September 18, the Stellar Foundation revealed plans to integrate the Circle Cross-Chain Transfer Protocol (CCTP) V2 into its ecosystem. The setup enables improved USDC transactions across 15 blockchains, including Base, Solana, and Ethereum.
Furthermore, the deployment enables seamless operations for developers, providing options and flexibility.
The NYDFS Wants Banks to Deploy Enhanced Blockchain Analytics
On September 17, the NYDFS issued a directive to banks under its purview to integrate blockchain analytics into their compliance frameworks. The instruction applies to state chartered banks and financial institutions licensed by the regulator.
Moreover, the NYDFS hasn’t formalized the rule, but it expects banks and FIs to exercise flexibility as the industry evolves.
DBS, Franklin Templeton, Ripple Cooperate to Launch Tokenized Lending
Financial trio DBS, Franklin Templeton, and Ripple joined forces to introduce tokenized trading and lending services on the XRP Ledger. The collaboration centers on sgBENJI, a tokenized version of Franklin Templeton’s U.S. Dollar Short-Term Money Market Fund, and Ripple’s RLUSD stablecoin.
Through the DBS Digital Exchange, clients can shift, swap, and rebalance between RLUSD and sgBENJI at any time. In the next phase, DBS will enable sgBENJI to be used as collateral for credit, either through repo agreements with banks or through third-party lending platforms, with DBS acting as the collateral agent.
40% of Americans Want to Engage in DeFi with Laws-Survey
Over 40% of Americans expressed interest in engaging with decentralized finance (DeFi) protocols. According to a September 18 survey by the crypto lobby association, the DeFi Education Fund (DEF), Americans show a decline in trust in traditional financial ecosystems.
Consequently, the DEF-Ipsos poll indicated that 42% of respondents are likely to test the DeFi space once adequate laws are in place.
Polkadot Restricts Its Market Cap
Niche blockchain Polkadot’s Decentralized Autonomous Organization (DAO) approved a hard cap of 2.1 billion DOT tokens. Previously, Polkadot followed an inflationary model, minting around 120 million new DOT annually.
The new framework introduces a gradual reduction in issuance every two years.
MetaMask Launches its Stablecoin
Premier Web3 wallet MetaMask officially rolled out its mUSD stablecoin on September 15. Stripe-owned Fintech Bridge issued the token, and M0’s decentralized infrastructure mints the asset.
Moreover, the mUSD is fully backed 1:1 by high-quality, liquid dollar-equivalent assets, with real-time visibility into its reserves.
The SEC Okays Commodity Share Trust General Listing Rules
In a September 17 press release, the SEC announced its approval of generic listing standards for commodity-linked ETPs. The move follows a request by three unnamed exchanges.
Consequently, the exchanges may list and trade Commodity-Based Trust Shares without submitting rule changes to the regulator.
Michigan’s Bitcoin Reserve Bill Progresses Despite Setbacks
The State of Michigan’s long‑delayed effort to establish a Bitcoin reserve is back in motion after months of stagnation. Lawmakers advanced House Bill 4087 to the Government Operations Committee.
The move revives a proposal first introduced in February that would allow the state treasurer to allocate up to 10% of Michigan’s general and stabilization funds to Bitcoin.
Gemini, SEC Reach Deal to End Crypto Lending Lawsuit
America’s top financial regulator and Gemini agreed to end their three-year-long legal tussle over the Gemini Earn program. According to a court filing dated September 15, both parties agreed to jointly stay all actions indefinitely.
Additionally, the decision is subject to approval by the court and the SEC.
Binance Wants to Operate Without a Compliance Monitor
Premier exchange Binance is reportedly in discussions with the Department of Justice (DOJ) to remove an oversight condition from its 2023 $4.3 billion settlement. According to a September 16 Bloomberg report, the DOJ is considering lifting the requirement for a compliance monitor.
The DOJ has yet to (officially) confirm the arrangement.
Kraken’s Backed xStocks Supports Trust Wallet for Tokenized Equities
Boutique exchange Kraken partnered with Trust Wallet to expand access to tokenized equities via Backed’s xStocks offering. The deployment aims to bring these assets to up to 200 million users worldwide.
Trust Wallet users can buy, hold, and trade up to 60 different tokenized equities. The setup also supports multi‑chain deposits and withdrawals across networks, including Ethereum, Solana, BNB Chain, and Tron.
Crypto ETFs Continue Making Progress
The digital ETF space continued to expand with new developments everywhere. On September 18, Defiance ETFs launched the Defiance Leveraged Long + Income Ethereum ETF (ETHI).
Similarly, a September 17 filing revealed the SEC’s approval of a Grayscale multi-asset ETP. The Grayscale Digital Large Cap Fund (GLDC) provides exposure to five primary tokens: Bitcoin, Ether, Solana, XRP, and Cardano.
On September 18, REX Shares and Osprey Funds jointly launched XRP and DOGE-linked ETFs. Bitwise also unveiled the “Stablecoin & Tokenization ETF” in a September 15 filing.
