Binance Bridged USDT (BNB Smart Chain)

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forward-guidance">subscribe</a>.



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We focused on bitcoin’s trajectory yesterday. But I didn’t want to leave out ether and how <a href="https://blockworks.co/news/record-crypto-product-inflows-july-eth">institutional interest</a> in the asset has driven recent momentum.



Just look at the pace at which companies are buying ETH and the simultaneous influx of capital into ETFs holding the asset, particularly compared to BTC.



US bitcoin ETFs last week restored order, so to speak — tallying about $2.3 billion of net inflows, compared to ~$640 million for ether ETFs. This is a turnaround from several recent weeks, during which ETH ETFs rather surprisingly welcomed the lion’s share of new money into crypto investment products.



Blockworks Research <a href="https://app.blockworksresearch.com/analytics/crypto-etfs">data</a> shows how ETH ETF inflows surged in July and August — with those products seeing more inflows (or less outflows) than bitcoin ETFs for six straight weeks:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="898" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-126.png?w=1024&amp;h=1024" alt="" class="wp-image-107884" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-126.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-126.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-126.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-126.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-126.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-126.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-126.png?w=465 465w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-126.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-126.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The ETH ETF inflows have come as several crypto treasury companies have been buying ether at scale.&nbsp;



Within roughly the same period as the ETH ETF inflow momentum, companies have bought more ETH than BTC in nine of the last 10 full weeks (we’re still early in the most recent week displayed):



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="916" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=1024&amp;h=1024" alt="" class="wp-image-107885" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=456 456w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=383 383w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Touting the largest ETH treasury is BitMine Immersion Technologies, which said Monday it now holds more than 2.1 million ETH (worth nearly $10 billion). It’s not hard to find BitMine Chair Tom Lee on television talking about ETH’s potential. For those who don’t know what television is, you can catch his CNBC interviews on the <a href="https://x.com/AltcoinDaily/status/1967760079241032076">internet</a>, too.



Of course, companies like BitMine and <a href="https://blockworks.co/news/bitcoin-treasury-strategies-sharplink-eth">SharpLink Gaming</a> are buying ETH itself, not the ETFs. So why exactly are we seeing the ETF inflows and corporate ETH buying coinciding?



It’s perhaps as simple as there being a clearer narrative for Ethereum now, Bloomberg Intelligence’s James Seyffart told me. He noted Tom Lee’s interviews as likely contributing to the demand.&nbsp;



“Combined with the fact that ETH bottomed and took off like a rocket ship and people are piling on,” Seyffart said. “Throw in the [digital asset treasury companies’] narrative and it’s all contributing to the price and flows for ETH and ETH ETFs.”



ETH holds the YTD return edge over BTC, 35% to 25%. Here’s what <a href="https://app.blockworksresearch.com/assets/eth?interval=1m">ETH price</a> has done in the last month, as of 2 pm ET:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="916" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=1024&amp;h=1024" alt="" class="wp-image-107886" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=456 456w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=383 383w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-127.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



But bitcoin ETFs are likely to remain dominant in the flow category in the long term given their simpler proposition as a digital store of value, Seyffart added. Even with the recent ETH ETF momentum, global BTC products have the net inflow edge in 2025: ~$24 billion to ~$12 billion.



“That said, if [ETH] gets to a point where its market value surpasses bitcoin, it&#8217;s likely the ETF side of things would follow suit,” he noted.&nbsp;



Currently at $2.3 trillion for BTC and $540 billion for ETH, that would take a lot.&nbsp;



<h2 class="wp-block-heading">Near- and long-term ETH expectations&nbsp;&nbsp;</h2>



I’ve written how industry watchers expect a 25bps rate cut from the Fed tomorrow, given soft labor market data. Lower rates generally support risk assets like BTC and ETH.&nbsp;



That said, the bar for a positive surprise is now high, said LMAX Group’s Joel Kruger. “With aggressive Fed easing already priced in, any indication that the committee is less dovish than anticipated could disappoint markets, lifting yields and weighing on equities and crypto alike,” he told me.



Longer-term, Hashdex CIO Samir Kerbage <a href="https://hashdex.com/en-US/insights/crypto-s-sleeping-giant-is-waking-ethereum-s-current-investment-case">wrote</a> that ETH’s role as “global plumbing” strengthens as infrastructure scales and tokenization explodes. He expects ETH to surpass $10,000 “once we start to see stablecoin solutions being implemented for US payments.”



As per usual, time will tell.



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bitcoin etf

ETH’s run vs. BTC: Finished, or early days?

Blockworks

Keyrock announced its acquisition of Luxembourg-registered alternative investment fund manager Turing Capital for nearly $30 million.



The firm also <a href="https://keyrock.com/launching-asset-wealth-management/">revealed</a> that it will launch a dedicated Asset &amp; Wealth Management division, led by Turing co-founder Jorge Schnura.



The firm has submitted a MiCA application with Liechtenstein’s Financial Market Authority to expand into portfolio management and advisory services, a filing now under review. The move extends Keyrock’s core market making, OTC and options business toward longer-term investment strategies and on-chain wealth products, adding Turing’s fund structure and systematic strategies to Keyrock’s trading infrastructure.



Kevin de Patoul, CEO of Keyrock, stated: “We’re proud to officially launch Keyrock Asset and Wealth Management and welcome the Turing Capital team into our fold.” He added: “This expansion positions us to better serve our institutional partners across the full spectrum of digital assets, from liquidity provision to long-term investment strategies.”



MiCA has been <a href="https://www.fma-li.li/en/financial-intermediaries/asset-management-and-markets-division/activities-under-micar/crypto-asset-service-providers?utm_source=chatgpt.com">pre-implemented</a> in Liechtenstein, with the FMA accepting applications since February 2025, positioning the principality as a gateway for EEA-wide permissions. Keyrock already holds TVTG registration in Liechtenstein and enhanced PSAN status in France, milestones it flagged in late 2024 as it prepared for MiCA.



Regulatory approvals for any new MiCA-scoped services remain pending, and product details were not provided. As with new launches, risks include licensing timelines, custody and valuation controls, and strategy execution in volatile markets.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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M&amp;A

Keyrock buys Turing Capital for nearly $30M, launches asset arm

Binance Holdings Ltd. is reportedly in discussions with the US Department of Justice over whether it can shed a key oversight condition from its record $4.3 billion settlement.



Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-09-16/binance-nears-deal-to-escape-compliance-monitor-imposed-by-doj?taid=68c99a7c4a6caf0001de34c0&amp;utm_campaign=trueanthem&amp;utm_content=business&amp;utm_medium=social&amp;utm_source=twitter">reported</a> Tuesday that prosecutors are considering whether to relax the three-year monitorship, which was imposed after Binance admitted in 2023 that it failed to prevent money laundering. The Justice Department has yet to reach a decision, but revisiting the deal could reflect a broader recalibration of how corporate monitorships are applied.



For decades, <a href="https://www.reuters.com/sustainability/boards-policy-regulation/us-judge-questions-doj-decision-drop-boeing-independent-monitor-2025-09-03/">outside monitors</a> have been a standard tool in DOJ settlements involving bribery, sanctions violations and financial fraud. While they are meant to prevent repeat misconduct, critics argue that the cost and disruption often outweigh the benefits.&nbsp;



In a memo earlier this year, Matthew Galeotti, who heads the department’s Criminal Division, <a href="https://www.justice.gov/criminal/media/1400036/dl">acknowledged</a> the tension, noting both the advantages and burdens of mandatory oversight.



The Binance case is exceptional for both the scale of the penalty and its intersection with US politics. Founder Changpeng Zhao served four months in prison after entering a guilty plea.



The exchange has also worked on a stablecoin project with World Liberty Financial, a venture tied to Trump’s family. Since returning to office, Trump has advanced crypto-friendly policies, and the Securities and Exchange Commission has paused or abandoned several investigations, including some that involved Binance.



Binance remains under dual oversight, with a second monitor still required by the Treasury’s Financial Crimes Enforcement Network. Whether the DOJ will follow its recent pattern and terminate the monitorship is uncertain, but any change would mark a major development in the largest enforcement action ever against a crypto exchange.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Binance

Binance in talks with DOJ to end compliance monitor: Bloomberg

The UK government is preparing to announce expanded cooperation with the United States on cryptocurrency regulation, the Financial Times reported on Tuesday.



The move would <a href="https://www.ft.com/content/3b814ced-16f5-45f4-815d-cbfb8d2c63a6">align</a> oversight frameworks and strengthen supervision of digital asset markets, which have grown significantly in both jurisdictions. Coordination will likely focus on market conduct, anti-money laundering (AML) standards, and stablecoin regulation, areas where fragmented approaches have raised concerns among policymakers.



The UK has positioned itself as a potential global hub for digital assets, with recent legislation covering stablecoins and digital settlement assets. The nation’s draft crypto-asset regime, <a href="https://www.addleshawgoddard.com/en/insights/insights-briefings/2025/financial-regulation/financial-regulation-in-the-know-payments-june-2025/long-awaited-draft-framework-uk-regulatory-regime-cryptoassets-has-arrived/">published</a> in April 2025, is a key piece of the <a href="https://assets.publishing.service.gov.uk/media/680f6387faff81833fcae94b/0302425_draft_RAO_SI.pdf">backdrop</a> to these US-UK coordination talks.



Under the draft Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025, the government would formally bring “qualifying cryptoassets” and “qualifying stablecoins” under the regulatory perimeter of the Financial Conduct Authority (FCA). The reforms include proposals for conduct and prudential requirements for firms issuing stablecoins and for custodians safeguarding cryptoassets.



In the US, meanwhile, the passage of the GENIUS Act in July 2025 sets out one of the first comprehensive federal regulatory frameworks specifically for stablecoins, including detailed rules on reserve backing, audits, and transparency.



A coordinated transatlantic approach could reduce regulatory arbitrage, where firms exploit gaps between jurisdictions. The announcement comes at a time when several countries, including members of the EU and Asia-Pacific, are finalizing their own crypto rulebooks. Alignment between the US and UK may pressure other jurisdictions to harmonize standards.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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arbitrage

UK set to announce closer crypto cooperation with US: FT

Filecoin and Akave Cloud have introduced an S3-compatible object storage service designed to ease enterprise and DePIN adoption of blockchain-based storage.



According to a Filecoin blog post <a href="https://filecoin.io/blog/posts/akave-cloud-x-filecoin-s3-compatible-object-storage-for-enterprise-and-depin/">published</a> on Tuesday, the launch addresses a long-standing barrier for institutions: the cost and complexity of migrating from centralized cloud providers such as Amazon Web Services or Google Cloud.



By offering compatibility with S3 application APIs, Akave Cloud allows organizations to integrate decentralized storage without overhauling existing systems.



The platform combines Filecoin’s Proof-of-Replication, which verifies that archives are correctly stored, with Proof of Data Possession, a new mechanism that proves hot data is immediately accessible.



This dual-layer model supports both archival and “warm” data use cases, enabling regulated backups as well as real-time applications such as AI training and analytics pipelines. All storage actions are immutably recorded onchain, providing auditability for compliance.



For DePIN projects and enterprises, Akave said that the four drivers of migration are lower storage costs, plug-and-play compatibility with cloud tools, onchain audit trails, and jurisdictional data sovereignty. The system employs encrypted, erasure-coded storage with redundancy designed to reach “11 nines” of durability.



The development comes as decentralized storage networks seek to differentiate from centralized hyperscalers by emphasizing cryptographic guarantees and regulatory alignment. While Filecoin has long been positioned as a decentralized storage marketplace, Akave’s drop-in S3 interface marks a strategic step to broaden institutional adoption.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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blockchain

Filecoin partners with Akave to launch S3 storage layer

Macauley Peterson

The Ethereum Foundation (EF) and audit platform Sherlock have launched a $2 million audit contest to harden the code for Ethereum’s upcoming <a href="https://blockworks.co/news/ethereum-fusaka-upgrade-delay">Fusaka upgrade</a>. The four-week competition began Sept. 15 and invites security researchers worldwide to find vulnerabilities before the final testnet phase.



“The Protocol Research Security Team specifically wants to encourage all security researchers to join the competition, which is why the contest pot is so attractive,” an EF Protocol Research Security Team spokesperson told Blockworks. “Making [Ethereum] secure, no matter the cost, is crucial for the entire ecosystem. We’ve seen that large contest pots attract top security researchers, and they often clear their schedules in advance to make sure they can participate.”



The call for robust testing echoes a broader industry recognition that Ethereum security is systemic risk management. A <a href="https://x.com/Etherealize_io/status/1967664295342424209">report</a> from Etherealize, released Monday, argued that Wall Street needs a blockchain like Ethereum.



“The question is not whether financial markets will move onchain: that outcome is increasingly certain,” the report said, citing Ethereum’s track record of 100% uptime since genesis and validator decentralization as good reasons for global finance to standardize around it.



<h2 class="wp-block-heading">Test, test, and retest</h2>



Monday also marked the 3-year anniversary of <a href="https://blockworks.co/tag/ethereum-merge">The Merge</a>, one of the most significant software engineering feats in history. Three years and three mainnet <a href="https://ethereum.org/history/">forks</a> later, efforts like Fusaka’s audit contest are a critical layer of assurance to keep the network&#8217;s spotless upgrade record going.



The contest launch coincided with Monday’s All Core Devs Testing (ACDT) call, where developers <a href="https://www.youtube.com/watch?v=CC5XZ834xIc">reported</a> mixed results from Devnet-5 — the final devnet for Fusaka before testnet forks begin. Barnabás Busa of the EF said the network is unusual in that it’s being relaunched daily, raising blob limits aggressively in stages throughout this week. The goal is to stress-test <a href="https://blockworks.co/news/ethereum-fusaka-fork-pectra-devs-call">PeerDAS</a>, Fusaka’s new data availability sampling mechanism.



Developers also flagged real-world issues that underscore the importance of additional security review. “We currently see quite some orphan blocks,” Busa said, attributing part of the spike to a misconfigured MEV builder rate limit that was fixed just hours before the call. Nimbus and Nevermind engineers said they are also patching minor issues encountered during the tests.



Running an open contest on protocol-level code introduces new challenges for Sherlock.



“One of the main challenges of having a contest for such a protocol is the guidelines, which are designed to cover dApps, and require adjustments to fit the contest for a chain,” Sherlock CEO Jack Sanford told Blockworks. “Other challenges also include working with several teams at the same time, while regular contests require working with only one team.”



Sherlock emphasized that the contest is structured to encourage full-scope coverage across Fusaka’s new features, including PeerDAS, a higher gas limit, secp256r1 precompile, and blob-parameter-only forks.



“All the features are equally incentivized for auditors to look at, and it doesn&#8217;t matter where exactly auditors find an issue, but the severity of the issues they find,” Sanford explained.



Findings will be triaged quickly to maximize the time available for fixes. “Once the issues are submitted, they&#8217;re judged by the Lead Judge, picked specifically for this contest, and by the <a href="https://blockworks.co/tag/ethereum-foundation">Ethereum Foundation</a>, and then assigned to the specific team that is responsible for this part of the code,” Sanford said. “Additionally, the issues are graded by severity and issues that have higher impact on the code have higher priority in fixing.”



Sponsors including <a href="https://blockworks.co/tag/gnosis">Gnosis</a> and <a href="https://blockworks.co/tag/lido">Lido</a> have contributed $125,000 to the rewards pool, signaling broad ecosystem support. The <a href="https://sherlock.xyz/ethereumfusakacontest">contest</a>, which concludes in mid-October, offers researchers a chance to help harden Ethereum’s most ambitious upgrade yet, before it hits mainnet in November.



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Ethereum

Ethereum puts Fusaka code under Sherlock’s magnifying glass

Luke Leasure

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch">subscribe</a>.



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Whether or not Base would have a token has long been a discussion point ever since the L2 launched in mid-2023. On Monday at BaseCamp 2025, Jesse Pollak <a href="https://x.com/base/status/1967602096360063341">disclosed</a> that Base is exploring the possibility of launching a token for the L2.&nbsp;



By all metrics, Base is the leading L2. It consistently accounts for over 70% of L2 gross profit, 70% of L2 transaction activity, $4.4 billion in stablecoins, and ~$20 million in monthly application revenue.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="500" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-122.png" alt="" class="wp-image-107853" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-122.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-122.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-122.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-122.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-122.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-122.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-122.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



In August, Base generated $6.2 million in network REV, annualized out to $75 million. Base remains one of the only L2s without a token.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="500" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-123.png" alt="" class="wp-image-107854" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-123.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-123.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-123.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-123.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-123.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-123.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-123.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



As the largest L2 generating the most in profits, what could the Base token be worth? Examining some competitor L2s (Arbitrum, Optimism, and ZKsync), show these tokens trade at lofty price-to-sales ratios of 280x, 820x, and 1600x, respectively. This puts the sector mean at a P/S of 900x.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="900" height="500" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-125.png" alt="" class="wp-image-107856" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-125.png?w=900 900w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-125.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-125.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-125.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-125.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-125.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-125.png?w=80 80w" sizes="auto, (max-width: 900px) 100vw, 900px" /></figure>



Applying this 900x multiple to Base’s $75 million in annualized REV puts a potential FDV on a Base token at $67 billion. To be priced in line with ARB at a 280x multiple, this would price Base’s token at a $21 billion FDV. Are these projections “fair-value” for a Base token? Absolutely not. But it does go to show the market value it could command is consistent with the sector’s multiples.&nbsp;



The napkin math forecasts are dramatic. Could launching a token really create tens of billions in market value for stakeholders? Coinbase equity is trading at a $84 billion market cap. This puts Coinbase at 7x last quarter’s sales, annualized, while revenues from Base account for less than 1% of the company’s topline sales. Would reattributing this revenue stream from equity holders to an L2 token really deserve a 100x higher multiple? Unlikely; the multiples in the sector are outrageous to begin with.



It’s worth mentioning also that the implications of a Base token would be rife with regulatory scrutiny. Currently, the cash flows of Base’s operations are owned by COIN shareholders, a publicly-listed, registered security. Could a Base token reasonably have a claim on the L2’s cash flows without rugging existing shareholders? And, if the token has no claim, what is it really for?



Decision makers at Coinbase have likely already surveyed the valuation landscape amongst L2s, and they know full well they are sitting on the cash cow of this sector. The decision to launch a token presents tradeoffs, and tradeoffs that may actually favor shareholders. Consider this thought experiment: Say the Base token had a claim on 100% of Base’s gross profit. Coinbase could allocate itself, arbitrarily, two thirds of the Base token supply, with the remainder allocated to ecosystem users and builders. In doing so, Coinbase would forgo $25 million in annual revenue in exchange for a balance sheet asset that perhaps may be worth $14-$44 billion. Forgo $25 million annually in exchange for a one time receipt of tens of billions in token value? I’d take that trade.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="820" height="533" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-124.png" alt="" class="wp-image-107855" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-124.png?w=820 820w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-124.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-124.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-124.png?w=395 395w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-124.png?w=402 402w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-124.png?w=337 337w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-124.png?w=80 80w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



While the moonpath on a Base token, its market value, the potential wealth effect of a sizable airdrop, and the implications for ecosystem applications like Aerodrome (which traded 10% higher on the news) present a fun exercise, <a href="https://polymarket.com/event/will-base-launch-a-token-in-2025-341?tid=1757958766721">Polymarket’s</a> line on a Base token is pricing the under that it will launch this year. This market has the probability that Base will launch a token in 2025 at just 16%, suggesting these are matters for next year. 



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0xResearch Newsletter

Why would Base need a token?

PostFinance, Sygnum Bank and UBS executed what they and the Swiss Bankers Association (SBA) describe as the first legally binding interbank payment using bank deposits on a public blockchain.



The feasibility study, <a href="https://www.swissbanking.ch/_Resources/Persistent/7/9/e/a/79ea024daa9834c99fc299db5d5f69c4317525a2/20250916_Ergebnisbericht%20PoC%20Deposit%20Token_EN_FINAL.pdf">coordinated</a> by the SBA, tested a “deposit token” — a blockchain-based representation of a payment instruction — for cross-bank payments and delivery-versus-payment–style settlement of tokenized assets.



Settlement finality occurred in Swiss Interbank Clearing (SIC), while on-chain smart contracts coordinated the process on a public chain with permissioned access, according to the official results report.



Legally, the token is not a new form of money. Rather, it standardizes a Swiss-law payment instruction that debits one bank account and credits another off-chain; on-chain transfers never move claims but do trigger SIC-backed settlement.



The results <a href="https://www.sygnum.com/news/milestone-for-the-swiss-financial-center-deposit-token-proof-of-concept-successfully-completed/">document</a> describes how a single shared Ethereum smart contract with role-based controls enabled multi-bank fungibility, and compliance checks for AML/CTF and sanctions were integrated. Two use cases passed: a customer-to-customer payment across institutions and an escrow-like exchange of deposit tokens for tokenized assets with automatic execution.&nbsp;



The report <a href="https://www.swissbanking.ch/en/media-politics/news/swiss-banks-reach-milestone-deposit-token-makes-blockchain-based-payments-fit-for-the-future">flags</a> limits, including reliance on off-chain core banking, manual integrations and non-native design. It also maps next steps, such as exploring “native” on-chain master records, potential linkage to wholesale CBDC or an automated RTGS trigger, and broader bank and authority participation to scale.



UBS said the proof shows that interoperability of bank money via public blockchains “can become a reality,” aligning with Switzerland’s multi-year push into tokenization.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Banking

Swiss banks pilot first blockchain-based interbank settlement

Kintsu launches sHYPE on Hyperliquid

Google has released a new open-source payments protocol designed to let AI applications transfer money between each other, including through stablecoins, according to a report by Fortune on Tuesday.



The framework, which <a href="https://fortune.com/crypto/2025/09/16/google-ai-payments-protocol-stablecoins-coinbase-salesforece-ethereum-foundation/">extends</a> Google’s earlier standard for AI agent communication, supports both traditional methods like credit cards and emerging digital assets pegged to the US dollar. James Tromans, head of Web3 at Google Cloud, told Fortune that the system was built to integrate legacy payment rails alongside future-facing technologies such as stablecoins.



To develop stablecoin compatibility, Google collaborated with Coinbase, which has been building its own AI and crypto payments scheme, as well as the Ethereum Foundation and other industry players.



More than 60 organizations — including Salesforce, American Express, and Etsy — contributed to the broader initiative. Coinbase’s Erik Reppel noted that the companies ensured interoperability between their systems to enable smooth agent-to-agent value transfer.



The move underlines Google’s growing public stance on stablecoins, an area that has attracted attention from firms like Apple, Meta and Shopify. The adoption of lower-volatility blockchain assets marks a broader shift toward AI-driven commerce, where digital agents may negotiate payments and fees without direct human involvement.



While the protocol could lower frictions in AI-to-AI payments, risks remain around security, regulation, and unintended transfers. Stablecoins have been a flashpoint for U.S. regulators, though the landscape is shifting.



In April 2025, the SEC clarified that fully backed, redeemable stablecoins generally fall outside securities laws, and Congress passed the GENIUS Act in July to establish reserve and audit standards.



Against this backdrop, Google’s framework positions it as one of the first Big Tech firms to openly integrate stablecoins into core infrastructure, while peers like Apple and Meta have moved more cautiously.



This is a developing story.



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Google announces AI payments protocol with stablecoin support: Reports

Circle announced on Tuesday that it has taken a direct stake in the Hyperliquid ecosystem, marking its first purchase of HYPE tokens and hinting at an expanded governance role in the future.



The <a href="https://www.circle.com/blog/circle-and-usdc-expansion-with-hyperliquid">move</a> comes alongside the launch of native USDC and cross-chain transfer protocol CCTPv2 on HyperEVM, which will allow users to move Circle’s stablecoin seamlessly across the exchange’s infrastructure. Circle also disclosed that it is considering becoming a Hyperliquid validator, a step that would position the company as an active participant in network security and consensus.



“Circle is open for business with the Hyperliquid Ecosystem – if you are a developer, our public SDKs and APIs are available for you today; if you are a financial institution, trading and markets firm, or enterprise looking to build on Hyperliquid, you can engage with Circle BD, onboard with Circle Mint, access and mint and redeem USDC for Hyperliquid,” Circle wrote in a blog post.



The decision reflects Circle’s strategy to go beyond integrating USDC into trading venues and toward influencing protocol development and governance. Validators in proof-of-stake systems are responsible for verifying transactions and maintaining the network’s integrity, often shaping its future direction.



Circle framed the investment as part of a broader plan to support HyperEVM and HIP-3 developers with dedicated incentive programs and new on-chain tools. The company has also emphasized its regulatory standing and global liquidity base, citing more than $1 trillion in cumulative USDC minting and redemption to date.



The entry into Hyperliquid governance raises questions about how traditional firms navigate roles typically held by decentralized actors.



This is a developing story.



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Circle

Circle invests in HYPE and eyes validator role

Openbank, the digital banking arm of Grupo Santander, has introduced cryptocurrency trading for customers in Germany.



<a href="https://www.santander.com/en/press-room/press-releases/2025/09/openbank-launches-cryptocurrency-trading-service">According</a> to a company press release, the service will allow clients to buy, sell and hold Bitcoin, Ether, Litecoin, Polygon and Cardano directly within their existing accounts, without transferring funds to external platforms. The company said that the launch will also extend to Spain in the coming weeks.



The rollout is backed by the European Union’s Markets in Crypto-Assets (MiCA) regulation, which provides a standardized framework for investor protection across the bloc. Openbank secured its MiCA license earlier this year, joining peers such as BBVA and Cecabank in leveraging the new regime. Blockworks previously <a href="https://blockworks.co/news/mica-euro-stablecoin-renaissance">reported</a> that MiCA is accelerating the entry of traditional European banks into digital assets. The regulation, which harmonizes rules for custody, trading and issuance across the EU, is designed to reduce fragmentation and give institutions legal certainty. Openbank’s rollout builds on that trend, showing how incumbent banks are now positioning themselves against crypto-native exchanges under a common regulatory framework.



Customers will pay a 1.49% transaction fee, with a minimum of €1 per operation, while custody remains free of charge. Over the coming months, Openbank suggested that it plans to add more tokens and enable crypto-to-crypto conversions. This new initiative follows the bank’s broader expansion into digital investment tools, including its AI-driven brokerage platform and access to thousands of equities, funds and ETFs.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Openbank launches crypto trading in Germany under MiCA

Kate Irwin

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/the-drop">subscribe</a>.



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Miss collecting stamps in your passport? American Express is now giving US cardholders onchain travel “stamps” for each country visited around the world.&nbsp;



Each digital “stamp” within the Amex Passport feature has an associated piece of art that will be an ERC-721 token on Base, Colin Marlowe, VP of emerging partnerships at Amex Digital Labs, explained to me in an interview.&nbsp;



Obviously, it’s not a real passport though, so don’t bother showing the customs officer your app full of NFTs when you’re jetting off to a new locale.



Stamps are viewable within the existing Amex mobile app, which is separate from the upcoming Amex Travel app that’s launching Sept. 18.&nbsp;



Amex is backdating stamps to get cardholders started with their collections, and will add stamps from the countries users have visited in the past two years to start.&nbsp;



A crypto wallet for each Amex mobile app user, custodied and operated by Amex, is spun up on the backend when users access the feature. Stamps are minted as tokens behind-the-scenes as cardholders use their Amex cards at different locations around the world.



“We’re trying to do it in such a way that that’s not so in someone&#8217;s face,” Marlowe said of Amex’s approach to blockchain integrations.



But cardholders won’t see the wallet that’s spun up (that’s abstracted away), won’t be directly engaging with the blockchain at all, and won’t be able to trade stamps.&nbsp;



The stamps aren’t introducing cardholders to crypto, per se. They’re supposed to be a way to feel just a little bit more fulfilled about global travel in an increasingly digital age.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-121.png?w=1024&amp;h=1024" alt="" class="wp-image-107802" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-121.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-121.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-121.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-121.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-121.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-121.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-121.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-121.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-121.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Amex chose to put the stamps onchain as NFTs because blockchain assets can give a greater sense of permanence, Marlowe explained, like the ink of a physical stamp.



“We really are hoping again to capture a customer at the end of their journey, when they’re commemorating and thinking about where they’ve gone, in the hopes that they get inspired again and do something new with us next time,” he said.&nbsp;



It’s not surprising that Amex is minting the travel stamps on Base. In June, Coinbase <a href="https://blockworks.co/news/coinbase-amex-shopify-card-payments">revealed</a> the Coinbase One card, which uses Amex and promises 2-4% back in bitcoin rewards on every purchase made.&nbsp;



As I’ve said before, both Coinbase and Amex are positioning themselves as premium brands — though that means using them comes with higher fees compared to other options on the market.&nbsp;



The Amex Passport feature is now available for US cardholders within the Amex mobile app, and can be accessed by going to Account &gt; Settings &gt; Try New Features.



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Base

American Express launches travel stamp NFTs on Base

Symbiotic has partnered with Chainlink and Bitcoin DeFi protocol Lombard to introduce a new cryptoeconomic security layer for cross-chain transfers of Lombard Staked Bitcoin (LBTC).



According to the announcement, the collaboration <a href="https://blog.symbiotic.fi/symbiotic-lombard-and-chainlink-collaborate-to-enhance-cryptoeconomic-guarantees-of-cross-chain-lbtc-transfers-via-ccip/">integrates</a> Chainlink’s Cross-Chain Interoperability Protocol (CCIP) with Symbiotic’s restaking framework to safeguard LBTC as it moves across blockchains. Lombard, which has more than $1.5 billion in total value locked (TVL), is also preparing to launch its native token BARD, <a href="https://thedefiant.io/news/defi/symbiotic-partners-with-chainlink-and-lombard-for-cross-chain-lbtc-transfers">according</a> to initial reporting by The Defiant.



As part of the rollout, Symbiotic unveiled two staking vaults: a $100 million LINK vault and a 20 million BARD vault. 



The system uses a Symbiotic-powered monitoring network to verify transfers, adding a second layer of protection alongside CCIP’s modular security design.



The development positions Symbiotic, currently the third-largest restaking platform with $1.28 billion in TVL, as a direct competitor to EigenLayer and Babylon in the growing restaking sector. Lombard co-founder Jacob Phillips said the integration provides “stronger economic guarantees through staking.”



Symbiotic’s Misha Putiatin emphasized that “Symbiotic turns passive crypto assets into modular, active security infrastructure.” She noted that the integration “showcases how decentralized collateral can be deployed quickly and permissionlessly to reinforce cross-chain value flows and deliver tangible benefits to end users.”



Updated 9/15/25 at 3:30 p.m. ET to remove incorrect APY figures.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



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Bitcoin

Symbiotic teams with Chainlink, Lombard for cross-chain Bitcoin security

The Fellowship PAC, a newly registered super political action committee (super PAC), announced on Sept 15 that it is launching with more than $100 million committed to supporting candidates who promote transparency, digital asset innovation, and entrepreneurship.



According to its statement, the Fellowship PAC <a href="https://x.com/Fellowship_PAC/status/1967619490482643135">positions</a> itself as a pro-crypto, pro-innovation committee designed to ensure the United States maintains its global leadership in digital assets.



The group, which <a href="https://docquery.fec.gov/cgi-bin/forms/C00915181/1910480/">registered</a> with the Federal Election Commission under ID C00915181, emphasizes trust and accountability as its differentiators. Its stated mission is to align the interests of crypto entrepreneurs, investors, and policymakers while reinforcing America’s role in shaping the future of blockchain-based finance and entrepreneurship.



The PAC said it would focus on backing candidates who commit to transparent and predictable digital asset rules, safeguard the country’s competitive edge in technology, and provide regulatory clarity to prevent talent and companies from moving offshore. Political committees of this type cannot coordinate directly with candidates or parties, but they can raise and spend unlimited amounts on independent expenditures.



 There have been several other crypto-focused PACs launched in recent months. Fairshake, one of the largest crypto-aligned super PACs, raised more than $100 million across the 2024 cycle with support from Coinbase, Ripple, and various venture firms. Back in August, Politico <a href="https://www.politico.com/news/2025/08/20/winkelvoss-millions-crypto-super-pac-00516653">reported</a> that Cameron and Tyler Winklevoss had also contributed millions to the Digital Freedom Fund PAC.



It’s unclear who’s behind the new PAC. The Fellowship PAC did not return a request for comment by the time of publication.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



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PACs

The Fellowship PAC launches with $100M for pro-crypto candidate

Donovan Choy

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



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In early 2021, the video game streaming platform Twitch faced a major PR problem.



Female streamers scantily clad in bikinis started streaming themselves hanging out with cocktails in jacuzzis — what viewers dubbed the “hot tub meta.”



Unsurprisingly, Twitch’s advertisers pushed back. Twitch responded by quickly tightening its policies, and <a href="https://x.com/Amouranth/status/1394699454654124033?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1394699454654124033%7Ctwgr%5Ebc8c994b17fa8f6c504b37ff0728acaef26c7d8d%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.theverge.com%2F2021%2F5%2F18%2F22442733%2Famouranth-twitch-ads-suspended-indefinitely">top streamers</a> saw ad monetization get deactivated overnight.



That category of streaming continues to exist today, but in a quarantined corner operating under highly permissioned <a href="https://twitchsupport.my.site.com/s/article/pools-hottubs-beaches?language=en_US">rules</a> most advertisers opt out of.



From a business standpoint, it was the right move for Twitch.&nbsp;



A significant chunk of Twitch’s revenue comes from advertisers, and brands aren&#8217;t interested in associating their names with risky content. The economics of Twitch don&#8217;t align with shock value.



That’s the market space Pump is leaning into.



Take, for instance, the 4-day-old BAGWORK memecoin.&nbsp;



Over the weekend, a creator duo ran the classic “do anything for attention” playbook: streaking across a live baseball game, getting slapped by famous fitness influencers, threatening to jump off the Santa Monica pier, shaving their heads…you get the idea.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Day 2 – From Jail to Twitch Fresh out (bailed out by creator fees), he crashes Bradley Martyn’s gym stream. Snatches Martyn’s hat, flashes the CA. Bradley slaps him on stream → 5M+ views in hours. That single slap = $40K in creator fees. <a href="https://t.co/tFag3TCcZu">pic.twitter.com/tFag3TCcZu</a>&mdash; maanav ⚡️ (@maanavjporwal) <a href="https://twitter.com/maanavjporwal/status/1967077859773870430?ref_src=twsrc%5Etfw">September 14, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The strategy worked. BAGWORK is trading at a <a href="https://dexscreener.com/solana/fbzsqpaygqjpmrt8l33qngwv6bcatx6xcjmtpvcw3gdz">$27 million</a> market cap now and the duo behind the token has pocketed a tidy $169K within four days of the token being live.



That’s thanks to Pump’s revamped <a href="https://pump.fun/docs/fees">fee model</a> in early September that lets token creators earn a cut every time their token is traded.&nbsp;



(Creators earn a 0.95% take-rate fee at a 420 SOL market cap, which scales down to 0.05% at a 98240 SOL market cap.)



This presents unusual incentives for Pump’s streamer creators.&nbsp;



Creators get paid on volume, not loyalty. If traders don’t see upside, volume dies, so creators are incentivized to keep the spectacle rolling to drive more trades. That’s very different from Twitch streamers or OnlyFans models who monetize from one-time gifts, tips or subscriptions from a dedicated fanbase.



It’s easy to see how Pump’s fee model incentivizes creators to supply not only shockbait content, but a constant stream of it.



Pump’s business model also only works because it isn’t beholden to advertisers (unlike Twitch). The platform takes a 0.05% protocol fee for every token traded on its platform.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="662" height="527" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png" alt="" class="wp-image-107781" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=662 662w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=323 323w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=328 328w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=275 275w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-118.png?w=80 80w" sizes="auto, (max-width: 662px) 100vw, 662px" /></figure>



What makes Pump so unique compared to traditional streaming platforms is that the addressable “stunts for attention” surface area is basically infinite.&nbsp;



There are only so many video game streamers or OnlyFans models willing to strip for the camera, but there are endless ways to manufacture buzz that moves a memecoin and, by extension, creator fees.



Before you get any ideas, Pump creators don&#8217;t have it that easy. Only 819 addresses — ~0.094% of all wallet addresses that have created a Pump token — have earned more than $10K in creator rewards, according to Blockworks Research <a href="https://app.blockworksresearch.com/analytics/pumpfun">data</a>.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1045" height="562" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=1024&amp;h=1024" alt="" class="wp-image-107782" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=1045 1045w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/09/image-119.png?w=80 80w" sizes="auto, (max-width: 1045px) 100vw, 1045px" /></figure>



Creators literally have to “work for their bags” (hence BAGWORK, get it?), and only a small sliver of them see a lucrative payday.



The only question is what else creators would be willing to do for their bags.



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<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



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