Metal Pay (Metallicus, Inc.) develops blockchain payment products for digital assets. The company was founded in 2016, with its headquarters in San Francisco, California. Metal's flagship product, Metal Pay, is an FDIC insured bank account which allows for the purchase, sale, and P2P transfer of over 40 cryptocurrencies. Metal Pay allows people to instantly send money to friends, family and businesses with just a phone number and rewards them with some cryptocurrency for each transaction.

Metal DAO

Kate Irwin

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



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Could “Gaming Capital Markets” spur interest in crypto gaming?



Zynga co-founder Justin Waldron is behind the <a href="https://x.com/ogprotocol/status/1975715526967239154">upcoming launch</a> of the Open Game Protocol, a chain-agnostic app layer that aims to reward players of any game in any token — and reward developers with tokens, too.



“We think the most important thing for players is that they get rewarded, and even more so, that they believe in the rewards they get. And the most important thing for developers is that they get more players, and that at the end of the day, they can make a living making games,” Waldron told me in an interview.



But it’s not exactly easy for game developers — who are not blockchain engineers — to reward players with any token already on the market, because that would involve buying large amounts of that token upfront and then writing smart contracts to distribute it.



“For most game developers, all that stuff is a non-starter,” Waldron said.



<h2 class="wp-block-heading">Conflicting incentives</h2>



Crypto gaming has had an identity crisis for years as disparate genres like narrative games and casino games are lumped together. Many crypto game developers, investors, and influencers have touted the importance of “good games first” before all else.



But perhaps they failed to realize why anyone would play a crypto game in the first place: a player can win something of real financial value. Otherwise, big-budget games like Fortnite and League of Legends — backed by multibillion-dollar studios — offer a better gaming experience overall.



Some indie devs have realized that crypto gaming’s advantage is the financialization that makes it different, but we’ve yet to see any title break out into the mainstream. This year, we’ve seen casino games, hypercasual titles, and “Ponzi-esque” titles come and go, all trying to tap into a more token-forward approach.&nbsp;



<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">GCM is next. Gaming Capital Markets&mdash; justin waldron (@jtwald) <a href="https://twitter.com/jtwald/status/1975435878614073788?ref_src=twsrc%5Etfw">October 7, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Marketing around crypto games has emphasized what blockchains are being used, touting them like big-name brands. This is often because it’s the L2s themselves who are doing the marketing.



But L2 blockchains’ motivations and interests may actually be in opposition to what game developers actually need.&nbsp;



“Their own incentives are kind of getting in the way,” Waldron told me. “They’re like, ‘I want to drive a certain type of TVL and transactions on my chain.’ So they’ve become less aligned with the games that they’re working with, to some extent.”



<h2 class="wp-block-heading">How it works</h2>



Waldron likened OG Protocol to Stripe, because any game developer can get token rewards set up for their game as quick as setting up credit card payments.



But there’s also a community component, and tokens can be staked.



“We built a system to create these reward pools so that the token communities can decide which games get how much rewards,” he said. “Instead of the games making the assets, it’s assets pairing with existing games.”



Traders are able to support the tokens and games they like.&nbsp;



All of this is possible because of what Waldron calls “gamecoins,” which are attached to existing tokens. He used FARTCOIN as an example.&nbsp;



“The FARTCOIN gamecoin is not used inside of the games. Actually, it’s a governance token that just determines where the rewards of FARTCOIN go. And so it’s a way of speculating on how big is the game ecosystem for FARTCOIN going to become.”



Game developers outside of crypto might ultimately use the protocol for their non-crypto games as an alternative to traditional advertising, Waldron suggested.



“It becomes like another way to acquire users that’s cheaper and more effective than ads,” Waldron said, adding that developers could also buy gamecoins and stake them against their own titles.



The OG Protocol is using Solana to start, but plans to expand to EVM chains in the future. It’s being incubated by <a href="https://x.com/pixiekate13/status/1976013310593319257">ICMrun</a>, a Solana-forward group focused on applications for tokenization.



At some point, OG Protocol hopes to offer its app layer as an integration for existing crypto wallets via a “play button” of sorts that lets traders see any token and then have “play” beside it as an option to play games that use that token in addition to existing wallet options like buy, sell, or swap.&nbsp;



“We probably have 30 or 40 wallet partners that are already interested in doing it,” Waldron said.



This could certainly help crypto wallets achieve their <a href="https://blockworks.co/news/robinhood-trading-apps-going-social">super-app</a> dreams.



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Gaming

OGP wants to pair any token with any game

Blockworks

Crypto exchange Kraken is expanding access to traditional derivatives markets by connecting U.S. traders directly to CME Group’s futures products, including energy, metals, equities, and foreign exchange.



Originally <a href="https://www.theblock.co/post/373899/kraken-expands-access-to-traditional-cme-contracts-like-oil-and-gold">reported</a> by the Block on Thursday, the company confirmed that its regulated futures commission merchant, Kraken Derivatives US, will facilitate trading in CME contracts such as oil, gold, silver, the S&amp;P 500, and other major FX pairs like EUR, GBP, and JPY.



The move marks a significant step in Kraken’s push to bridge digital and traditional finance, positioning it alongside brokerages such as Robinhood, which have also expanded into conventional asset classes.



Kraken, reportedly exploring an initial public offering at a valuation near $20 billion, has been preparing this expansion since acquiring US retail futures platform NinjaTrader earlier this year for $1.5 billion — the largest crypto–TradFi acquisition to date. The firm launched CME-listed bitcoin and ether futures on Kraken Pro over the summer and now plans to extend its coverage to commodities, equities, fixed income, and FX markets.



CME, the world’s largest derivatives marketplace, recently reported record crypto derivatives volume exceeding 340,000 contracts per day. The firm is also set to debut options on Solana and XRP futures on October 16.



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>



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



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



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



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

kraken

Kraken expands CME derivatives access to oil, gold and FX

Bybit says it has become the first cryptocurrency exchange to receive a full Virtual Asset Platform Operator License from the Securities and Commodities Authority (SCA) of the United Arab Emirates (UAE).&nbsp;



It’s a regulatory first for the Gulf nation and a significant step in the country’s bid to establish itself as a global hub for compliant digital finance.



The license, <a href="https://www.bybit.com/press/post/bybit-secures-uae-s-first-virtual-asset-platform-operator-license-from-securities-and-commodities-authority-blte25e6cd2d822b03a?channel=pr_&amp;medium=organic_social&amp;source=twitter&amp;sa_utm_ci=107&amp;pid=Social_twitter&amp;dtpid=17600209308403560&amp;campaign=enannouncement_17600209308403560&amp;c=enannouncement_17600209308403560&amp;utm_source=twitter&amp;utm_medium=organic_social&amp;sa_utm_tcn=17600209308403560&amp;sa_utm_channel=pr_&amp;is_retargeting=true">announced</a> on Thursday, grants Bybit authorization to operate regulated trading, brokerage, custody, and fiat conversion services for both retail and institutional clients across the UAE.



Bybit’s achievement follows its In-Principle Approval (IPA) from the SCA in February 2025, obtained with guidance from the Blockchain Center in Abu Dhabi, which helped the exchange navigate the SCA’s compliance framework.



The SCA’s approval makes Bybit the first exchange officially <a href="https://x.com/Bybit_Official/status/1976297822103245111">recognized</a> under the UAE’s Virtual Asset Service Provider (VASP) rules, <a href="https://x.com/adbc_ae/status/1976313261105741894">reflecting</a> the nation’s push to align with Vision 2031 and international financial standards.



Co-founder and CEO Ben Zhou said the license demonstrates Bybit’s commitment to “building trust through compliance and transparency.” The company will now expand its regional headquarters in Abu Dhabi, planning more than 500 local hires and launching education and Web3 innovation programs in partnership with local institutions.&nbsp;



Co-CEO Helen Liu credited the SCA’s “clear, well-structured regulatory framework” for enabling compliant innovation in digital assets.



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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Bybit

Bybit secures UAE’s first SCA virtual asset license

CipherOwl, a crypto compliance startup founded by former Coinbase and Cruise engineers Leo Liang and Ming Jiang, has raised $15 million in seed funding led by General Catalyst and Flourish Ventures, with participation from Coinbase Ventures and Enlight Capital.



Originally <a href="https://fortune.com/crypto/2025/10/09/cipherowl-crypto-compliance-seed-round-general-catalyst-flourish-ventures/">reported</a> by Fortune, the San Francisco–based firm develops artificial intelligence-driven tools to help financial institutions monitor blockchain transactions for suspicious activity as traditional banks and fintechs expand into digital assets.



Liang and Jiang, who previously worked on Coinbase’s internal compliance systems, launched CipherOwl in 2024 to address what they describe as the “dark forest” of crypto — the web of pseudonymous and cross-chain transactions that challenge conventional anti-money-laundering tools.



The company’s software uses generative AI to automatically flag risky transactions and generate plain-language reports explaining why an alert was triggered, streamlining manual reviews and lowering compliance costs.



Despite competition from established firms such as Chainalysis, Elliptic, and TRM Labs, CipherOwl has already onboarded clients including Coinbase, OKX, and several undisclosed law enforcement agencies.



With only eight employees, the startup aims to differentiate itself as “AI-native,” embedding machine learning into every layer of its detection process. According to General Catalyst managing director Marc Bhargava, this approach could give CipherOwl an edge as the compliance landscape matures and global regulators tighten oversight of crypto markets.



The company has not disclosed its valuation. The new capital will fund hiring and product expansion amid growing institutional demand for crypto risk and compliance infrastructure.



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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</ul>

CipherOwl raises $15 million to advance AI-driven crypto compliance

Casey Wagner

The Senate on Wednesday once again rejected both plans to fund the federal government and end the shutdown, which now enters its ninth day.&nbsp;



Senators have so far voted six separate times on partisan measures to extend funding.&nbsp;



Republicans, with 53 Senate seats, need eight Democrats to cross the aisle.&nbsp;



Without a budget, the crypto policy agenda remains in limbo, but Washington insiders insist that momentum isn’t completely lost.&nbsp;



While the House remains in a shutdown-induced recess, the Senate appears to be in session for both budgetary and crypto matters.



Two people familiar with the matter told Blockworks that the Senate Banking Committee remains committed to moving crypto market structure policy along, even if that means holding a markup hearing mid-shutdown. Regardless of whether a budget is passed, Committee leadership hopes to markup the Responsible Financial Innovation Act before the end of the month, they added.



To recap, the House passed the CLARITY Act in July. The Senate Banking and Agriculture Committees have since been working on their own versions of the bill, which will eventually have to merge with each other and CLARITY.



Senate Banking Committee Republicans released a revamped version of their bill last month. Democrats responded with a list of principles they’d like to see in the legislation.&nbsp;



The Agriculture Committee has yet to release its draft, which will focus mainly on the Commodity and Futures Trading Commission’s role in crypto market regulation.&nbsp;



Pre-shutdown, a person familiar with the matter said the draft bill was “close,” but now, with federal agencies operating with limited staff, it’s going to take <a href="https://blockworks.co/news/etf-sec-govt-shutdown">more time</a>.&nbsp;



Agency staffers working with Congressional committees on policy — like cryptocurrency market structure — are largely furloughed during the shutdown, lowering the odds that we’ll see a draft soon, according to a person familiar.&nbsp;



With federal agencies operating with limited personnel, new spot crypto ETFs are not expected to be approved until the shutdown ends. In its shutdown operations plan, the SEC said it will <a href="https://blockworks.co/news/capitol-gains-shutdown-blues">not review or approve</a> registration statements or issue notices of effectiveness.&nbsp;



Given the SEC’s new generic listing standards and the extensive work issuers and agency staff put in ahead of the shutdown, two issuers who spoke with Blockworks said they are confident that new products will get the green light quickly after federal operations resume.&nbsp;



The issuers added that they have not received communication from the SEC since the shutdown began last week.



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Capitol Gains

Capitol Gains: Crypto hearings expected to continue mid-shutdown

Ripple has entered a strategic partnership with Bahrain Fintech Bay, the Kingdom’s leading fintech hub, marking a significant expansion of its Middle East presence.



<a href="https://ripple.com/ripple-press/ripple-expands-into-the-kingdom-of-bahrain-through-strategic-partnership-with-bahrain-fintech-bay/">Announced</a> Thursday, the collaboration will focus on strengthening Bahrain’s digital asset and blockchain ecosystem through pilot projects, educational initiatives, and ecosystem events.&nbsp;



Ripple’s Managing Director for the Middle East and Africa, Reece Merrick, said the company aims to help Bahrain advance its blockchain infrastructure while preparing to offer Ripple’s digital asset custody solution and Ripple USD (RLUSD) stablecoin to local institutions once approved.



Bahrain Fintech Bay Chief Operating Officer Suzy Al Zeerah emphasized the Kingdom’s growing role as a digital finance hub, noting that the partnership aligns with Bahrain’s long-standing position as a regional financial center.



Ripple’s involvement includes showcasing blockchain use cases such as cross-border payments, stablecoins, and tokenization, underscoring its focus on institutional-grade digital asset infrastructure.



Ripple’s renewed momentum comes on the heels of major regulatory and strategic wins — notably securing a DFSA licence in Dubai to offer regulated crypto payments from the DIFC, the acquisition of prime broker Hidden Road for $1.25 billion, and fresh institutional tie-ups tied to its RLUSD stablecoin, such as the DBS / Franklin Templeton integration.



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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Bahrain

Ripple partners with Bahrain Fintech Bay to boost digital asset innovation

Sharps Technology Inc. announced on Thursday that it is expanding its Solana digital asset treasury strategy through a partnership with Coinbase Global.



The <a href="https://www.prnewswire.com/news-releases/sharps-technology-expands-digital-asset-treasury-strategy-with-coinbase-302579160.html">collaboration</a> will enable Sharps Technology to use Coinbase Prime for custody, liquidity, and over-the-counter (OTC) trading as it manages more than 2 million SOL — currently valued at roughly $400 million with SOL trading above $210.



According to strategic advisor James Zhang, the partnership gives Sharps Technology institutional-grade infrastructure and deep liquidity to support its growing treasury initiative. The company, traditionally focused on medical device sales and distribution, has adopted an unusual digital asset strategy aimed at leveraging blockchain-based yield generation within the Solana ecosystem.



The decision aligns Sharps Technology with a broader trend of public firms incorporating digital assets into balance sheet strategies, echoing earlier moves by Tesla and MicroStrategy. While Coinbase provides regulatory-grade custody, Sharps Technology’s pivot into crypto introduces volatility risk tied to SOL price fluctuations and evolving US oversight of corporate digital asset holdings.



The collaboration highlights Coinbase’s continued expansion into institutional services amid a more moderate regulatory posture by the SEC in 2025. Sharps Technology said it views this partnership as a cornerstone for advancing decentralized finance participation.



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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Coinbase

Sharps Technology expands Solana treasury with Coinbase partnership

Binance Japan and PayPay announced on October 9, 2025, that they have entered a capital and business alliance aimed at merging cryptocurrency services with Japan’s leading cashless payment platform.



As part of the <a href="https://prtimes.jp/main/html/rd/p/000000037.000126862.html">agreement</a>, PayPay acquired a 40% equity stake in Binance Japan, signaling a strategic effort to integrate digital assets into mainstream financial ecosystems. The collaboration seeks to create seamless user experiences that bridge crypto and fiat transactions across PayPay’s network of over 70 million users in Japan.



Initial initiatives under discussion include allowing purchases of cryptocurrencies through “PayPay Money” within the Binance Japan app and enabling crypto-to-fiat withdrawals into PayPay accounts. The companies described the move as a step toward a “new financial experience” that unites blockchain infrastructure with everyday digital payments.



Binance Japan CEO Takeshi Chino said the partnership marks “an important step toward Japan’s digital finance future,” highlighting plans to expand Web3 adoption through accessible payment tools. PayPay’s Financial Strategy Head Masayoshi Yanase emphasized the firm’s focus on offering secure, user-friendly solutions for crypto transactions integrated into PayPay’s platform.



Binance Japan has operated under the registration of the Kanto Local Finance Bureau as a licensed crypto asset exchange since August 2023, providing spot trading and lending services.&nbsp;



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

PayPay takes stake in Binance Japan to merge crypto and cashless payments

Citigroup has invested in BVNK, a London- and San Francisco-based startup building payments infrastructure for stablecoins.



The company <a href="https://www.cnbc.com/2025/10/09/biti-bvnk-stablecoin-banks-crypto.html">told</a> CNBC on Thursday that the investment, made through Citi Ventures, underscores the growing interest of major US banks in crypto-based settlement systems following regulatory advances like the GENIUS Act, which established clearer rules for dollar-pegged digital assets.



Stablecoins are increasingly being used for cross-border transfers because of faster settlement times and lower transaction costs compared with traditional systems. BVNK’s platform enables clients to move seamlessly between fiat and stablecoins, supporting global payments for merchants, contractors and digital banks.



Co-founder Chris Harmse said BVNK’s valuation now exceeds its prior $750 million round, though the company declined to disclose Citi’s investment amount. Harmse noted that the US is BVNK’s fastest-growing market over the past 18 months, attributing this to the GENIUS Act’s regulatory clarity and surging institutional demand for compliant infrastructure.



CEO Jane Fraser said in June that the bank is exploring issuing its own stablecoin and offering crypto custody services. Other Wall Street firms are following suit — JPMorgan launched its JPMD token, and Bank of New York Mellon and HSBC are developing tokenized deposit products.



BVNK, already backed by Coinbase and Tiger Global, competes with Alchemy Pay, TripleA and Ripple in the cross-border stablecoin market. Harmse said BVNK expects to reach profitability next year.



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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<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<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>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



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



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Banking

Citi invests in stablecoin startup BVNK as banks deepen crypto ties

Bullish, the institutionally focused digital asset platform, announced a partnership with Deutsche Bank on Wednesday, set to expand fiat banking integration for its global exchange clients.



The <a href="https://www.bullish.com/news-insights/bullish-and-deutsche-bank-partner-to-deliver-seamless-fiat-integration-for-institutional-crypto-trading">collaboration</a> will see Deutsche Bank provide corporate banking services, including real-time fiat deposits, withdrawals, and reconciliation tools, for Bullish’s operations regulated by the Hong Kong Securities and Futures Commission (SFC) and Germany’s BaFin. The integration will leverage APIs for instant payments and enhanced reporting, aligning with growing institutional demand for secure and compliant crypto–fiat infrastructure.



Bullish President Chris Tyrer said the deal strengthens the company’s banking network and offers clients more efficient on- and off-ramp access. Deutsche Bank’s Head of Merchant Solutions, Kilian Thalhammer, described the move as part of the bank’s strategy to act as a “Global Hausbank” for digital finance, emphasizing security and transparency.



Since launching in 2021, Bullish has processed over $1.5 trillion in cumulative volume and currently ranks among the top ten global exchanges by spot volume in Bitcoin and Ether. Its regulatory reach spans the US, EU, Hong Kong, and Gibraltar, positioning it as a leading exchange bridging traditional and digital finance.



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.



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



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<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>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



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



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Bullish

Bullish partners with Deutsche Bank for institutional fiat access

Fiserv, Inc. and the Bank of North Dakota are set to launch Roughrider Coin, the first state-backed stablecoin.



<a href="https://investors.fiserv.com/newsroom/detail/2868/bank-of-north-dakota-and-fiserv-partner-to-launch-roughrider-coin-north-dakotas-first-stablecoin">Announced</a> on Wednesday, the US dollar-backed token will operate on the Fiserv digital asset platform, with a rollout to North Dakota banks and credit unions expected in 2026. The initiative makes North Dakota the first U.S. state to issue its own stablecoin through a private fintech partnership, signaling a notable shift toward state-level digital asset experimentation.



Named in homage to Theodore Roosevelt’s Rough Riders, the Roughrider Coin aims to enhance settlement efficiency across financial institutions, facilitate cross-border payments, and drive merchant adoption.&nbsp;



The Bank of North Dakota, established in 1919 as the country’s only state-owned bank, described the stablecoin as a continuation of its mandate to modernize financial infrastructure while supporting local commerce and industry.



Fiserv’s digital asset platform — introduced earlier this year alongside its FIUSD stablecoin — provides tokenized payment rails designed for interoperability and compliance with existing financial regulations.&nbsp;



Fiserv’s chief operating officer, Takis Georgakopoulos, said the project merges “the reliability of traditional finance and the innovation of blockchain” for faster digital payments. North Dakota Governor Kelly Armstrong emphasized the program’s role in keeping state banks competitive in a “new financial frontier.”



Although Roughrider Coin’s structure mirrors other dollar-backed stablecoins, details on custodial safeguards, audit frequency, and regulatory oversight were not disclosed.



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.



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



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<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>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



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



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

stablecoin

Bank of North Dakota and Fiserv to launch Roughrider Coin stablecoin

Byron Gilliam

This is a segment from The Breakdown newsletter. To read more editions, <a href="https://blockworks.co/brand/the-breakdown">subscribe</a>



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



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&#8220;We never made the error that so many others have: mistaking their product for the device that delivers it.”&nbsp;&nbsp;



— Michael Bloomberg
</blockquote>



I’m old enough to remember when a Bloomberg Terminal was a stand-alone box wedged onto a cluttered trading desk between a dual-receiver phone and a clacking machine for time-stamping order tickets.



The chunky keyboard had colorful buttons for the most-used functions, a squawk-box speaker, and a fun roller ball that made navigating the Terminal feel like playing Missile Command (an arcade game found in 1980s bowling alleys and pizza parlors that I was extremely good at).



Soon, though, the Bloomberg “terminal” was just software, displayed on the same screen as your trading system, using the same keyboard you used for everything else.



That made it seem less special to me, which I thought would make it less valuable, too — if all the financial news and market prices could be displayed directly on my regular computer screens, surely anyone could provide it?



Michael Bloomberg knew otherwise.&nbsp;



Bloomberg never confused the product he was selling (information) with the device that delivered it (a chunky, colorful box) — so when a better delivery mechanism came along, he was quick to embrace it.



As a result, Bloomberg Terminals soon became as ubiquitous on trading desks as empty coffee cups and Patagonia vests.



There are many counterexamples.



Kodak thought its product was rolls of film, so it ignored the digital camera (despite inventing it, even). Its actual product, it turned out, was preserving memories, and digital cameras (and now phones) are better devices to deliver it.



Newspaper publishers thought their product was a physical paper delivered to your door, but that was just the delivery mechanism. The real product was news and ads, which the internet was much better at delivering.



Record labels thought their product was CDs, but that was just a delivery mechanism. The real product was music, and MP3s (and then streaming) delivered it better.



In each case, once-dominant companies mistook the means of delivery for the thing being delivered — like Amtrak confusing a desire to get somewhere with a desire to ride over railroad tracks.



Could the crypto industry be making the same mistake?



The risk of confusion seems unusually high in crypto, because it’s unusually difficult to know what the product is.



Michael Saylor, Larry Fink, and every ETF investor will tell you the product that Bitcoin sells is a store of value — bitcoin — the sole purpose of which is to go up.



Others think Bitcoin’s product is decentralization and censorship resistance, and that the token merely enables those things.



ETH investors seem equally of two (or more) minds: is Ethereum selling blockspace? A store-of-value token? A secure network to host real-world assets?



Or maybe we don’t have to choose — maybe Ethereum can be all of those things.



But that risks a lack of focus: the drive to make ETH a store of value, for example, can be at odds with selling as much blockspace as possible.



“You must keep the main thing the main thing,” Bill Gates once advised.



Solana seems better at that: its community is unified around a mission to get the chain as fast as possible while staying decentralized enough to remain permissionless.



But is that a product or a delivery device?



Delivery devices are important, too: Blockbuster and Netflix both delivered movies, but Blockbuster delivered them from stores and Netflix delivers them straight into your home.



But people go to Netflix because that&#8217;s where the movies are now, not because movies are more enjoyable if they’re delivered over the internet.



Similarly, people might continue to go to Solana because that&#8217;s where the tokens are now.



Matt Hougan <a href="https://x.com/Matt_Hougan/status/1974471208751276072">says</a> “Solana is the new Wall Street,” citing its technical merits: speed, throughput, finality.&nbsp;



But what makes Wall Street, Wall Street isn’t how fast NYSE and Nasdaq are — it’s because that’s where the best stocks are.



The technology those exchanges run on isn’t particularly valuable, and the blockchain that Solana and other ecosystems run on might not be either.



“If you don’t have a native digital asset on the chain,” Figure co-founder <a href="https://pca.st/tjhdvr3y?t=33m50s">Mike Cagney</a> says, “it’s basically worthless technology.”



Most chains have tokens, of course, but why would they have value if the chain itself is “basically worthless”?



Presumably because they’re the best way to deliver some kind of product.



Michael Bloomberg would likely remind us that blockchains are just delivery devices.



The product is what they deliver: ownership, coordination, and permissionless access.



If so, those are the things the industry should keep as the main thing.



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



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/the-breakdown">The Breakdown</a>: Decoding crypto and the markets. Daily.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<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>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



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



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

The Breakdown Newsletter

What product do blockchains deliver?

Kunal Doshi

Boccaccio

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



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



The market rally hit its first resistance yesterday, with every sector except gold closing in the red. BTC fell 2.6%, mirroring weakness in traditional markets as the S&amp;P 500 and Nasdaq slipped 0.28% and 0.44%, respectively. Gold was the lone standout, gaining 0.97% as investors continue rotating toward safety as the metal continues setting new ATHs.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="850" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=1024&amp;h=1024" alt="" class="wp-image-108793" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-29.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



The pullback followed a New York Fed <a href="https://www.reuters.com/business/ny-fed-finds-rising-worry-about-state-job-market-september-2025-10-07/">consumer expectations survey</a> that showed worsening sentiment and higher inflation forecasts. After seven straight sessions of gains for the S&amp;P 500, a correction was arguably overdue.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="857" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=1024&amp;h=1024" alt="" class="wp-image-108795" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-31.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Amid the broader selloff, the AI sector showed surprising resilience, falling just 4.2% — relatively mild for a group that typically reacts sharply to market moves. IP, ICP, NEAR, and TAO all posted small declines, suggesting dip buyers may already be circling.



At the other end of the spectrum, memecoins were the hardest hit, sliding 7.7% on the day. The weakness was compounded by the ongoing meme season on BNB, which has siphoned liquidity from existing names as traders chase quick returns in new launches.



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



BNB has been on an absolute tear, climbing 27.5% over the past week and 45.5% over the last month. For the third-largest token by MC, those are staggering numbers in such a short span. The fundamentals back it up, too. BNB’s share of total network revenue has surged from 6.5% at the end of August to 24% today, recently overtaking Solana and even matching Hyperliquid in daily network revenue.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="788" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=1024&amp;h=1024" alt="" class="wp-image-108794" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-30.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



So what’s fueling this run? It started with Aster, hyped as the next Hyperliquid, which pulled traders and capital into BNB in hopes of farming a lucrative airdrop. But momentum has since shifted to a new memecoin wave sweeping across the BNB ecosystem. Since early October, CZ has <a href="https://x.com/cz_binance/status/1975595775540257262">subtly</a> leaned into the movement, with memes like 4 and GIGGLE getting listed on Binance Alpha. The frenzy hit new heights when PALU, a small-cap coin with a $3 million market cap, pumped over 3200% after being added to Binance Alpha.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1322" height="587" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=1024&amp;h=1024" alt="" class="wp-image-108791" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=1322 1322w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-27.png?w=80 80w" sizes="auto, (max-width: 1322px) 100vw, 1322px" /></figure>



These explosive returns have supercharged activity on Four.meme, BNB’s native meme launchpad, as traders rush to buy the next viral token. Interestingly, this isn’t the first time we’ve seen this move. A similar meme season hit earlier this year and each wave lasted roughly a month before fading.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="739" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=1024&amp;h=1024" alt="" class="wp-image-108797" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-33.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



Bridging data shows capital rotating from Solana and Ethereum into BNB over the past week, signaling fresh inflows chasing the trend. The open question is sustainability. With the Aster drop still to come, this wave could run longer than the last. The simplest way to ride it is through tokens like BNB, CAKE, and FORM, which directly benefit from rising activity.



But history offers a word of caution. Past BNB meme seasons have been highly reflexive, with sharp drawdowns once liquidity rotated to the next narrative. While we’d all like to believe that this time will be different, it probably won’t. Manage risk accordingly.



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



<h2 class="wp-block-heading">Prediction markets battle it out</h2>



The past few days have again been dominated by prediction markets, which have now become increasingly focused on publicity, dominating CT narratives and mindshare.&nbsp;



Kalshi has turned on its badging funnel, going above and beyond in terms of recruiting influencers and Twitter personalities. This came after the announcement of its new crypto focus (onboarding John Wang as head of crypto).



The Kalshi team has also increasingly become further integrated across financial information services, brokerages and news. Most recently, Kalshi has been integrated into Bloomberg. It’s also started working closely with Robinhood. In addition, both Polymarket and Kalshi have increasingly been cited across media, including TBPN and MSM.



While Kalshi has been focused on integrations and publicity, Polymarket recently announced that Intercontinental Exchange (ICE), the parent company of NYSE, made a $2 billion strategic investment at a $9 billion post-money valuation. It also announced a $150 million round (at $1.2 billion) led by Founders Fund, and a $55 million round (at $350 million) led by Blockchain Capital. It seems that thus far, with the exception of regular, non-institutional capital, everyone has found ways to gain exposure to Polymarket, Kalshi and the growing prediction market sector.



Kalshi and Polymarket are in a fight to dominate prediction markets. This initially became apparent in earlier leaks that Kalshi had attempted to sabotage Polymarket&#8217;s (using Antonio Brown, amongst others to <a href="https://x.com/PirateWires/status/1860080475899080965?lang=en">disparage Polymarket and Shayne Coplan</a>).&nbsp;



Although we in crypto have historically been more aware of Polymarket, it’s led us to assume it&#8217;s the largest prediction market, and this isn&#8217;t true.&nbsp;



Kalshi&#8217;s notional prediction market volumes are significantly higher compared to those of Polymarket. Over the past week, Kalshi saw $956 million (nearly 66% of all volume) in weekly volume, while Polymarket saw only $464 million (32% of all volume).



Notably, the majority of Kalshi&#8217;s volume comes from sports betting. Sports made up $877 million of the $956 million over the past week (around 92%). This has been an ongoing shift, following Kalshi’s partnership with Robinhood to launch NFL and College Football markets. Excluding sports, Kalshi&#8217;s market share (15%) compared to Polymarket&#8217;s (85%) was significantly lower.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="668" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=1024&amp;h=1024" alt="" class="wp-image-108796" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-32.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



We’ve seen that sports on Polymarket have similarly historically been dominant (barring weeks involving important geopolitical or election news). Over the past week, 50% of volumes have been sports-related.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="829" height="412" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png" alt="" class="wp-image-108792" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=829 829w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-28.png?w=80 80w" sizes="auto, (max-width: 829px) 100vw, 829px" /></figure>



In terms of politics, Polymarket captures more than 90% of the volume between the two. Unfortunately for Polymarket, sports betting is much more widespread compared to political betting, and is less influenced by seasonality.&nbsp;



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="831" height="413" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png" alt="" class="wp-image-108790" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=831 831w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-26.png?w=80 80w" sizes="auto, (max-width: 831px) 100vw, 831px" /></figure>



Going forward, we’ll have to see whether Polymarket is able to match the distribution that Kalshi gets with Robinhood. Historically, many have commented (including us at Blockworks Research) on how sports betting through prediction markets is not as entertaining or optimized as it is through traditional apps, like DraftKings. However, it’s clear that it has allowed Kalshi to gain mindshare and market share despite Polymarket announcing large, impressive raises and backers.



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0xResearch Newsletter

Prediction markets boom as crypto pulls back

Jupiter, the Solana-based decentralized exchange aggregator, announced on Oct. 8, that it will launch its own native stablecoin, JupUSD, in partnership with Ethena Labs.



The new token will serve as the core liquidity and collateral asset across the entire Jupiter ecosystem, including its perpetual futures, lending, and spot trading platforms. <a href="https://x.com/JupiterExchange/status/1975929208049463384">According</a> to Jupiter, JupUSD is slated to go live in the fourth quarter of 2025, pending multiple security audits of its Solana-native mint-and-redeem contracts.



JupUSD will be initially backed 100% by USDtb, a stablecoin nearly fully collateralized by BlackRock’s BUIDL fund, before incorporating USDe, Ethena’s delta-neutral stablecoin, to optimize yield for holders. The partnership extends Ethena’s Stablecoin-as-a-Service model, which allows protocols to create bespoke digital dollars using its infrastructure.



Ethena, which has issued over $16 billion in stablecoins to date, <a href="https://x.com/ethena_labs/status/1975924462152495602">positions</a> JupUSD alongside other ecosystem-native assets such as Frax’s USDe integrations and MegaETH’s USDm.



The collaboration mimics a growing trend among major DeFi protocols toward self-issued stablecoins to retain liquidity and fee revenue internally — a path also taken by Aave’s GHO and Curve’s crvUSD.&nbsp;



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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Ethena

Jupiter launches JupUSD stablecoin with Ethena Labs on Solana

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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The decentralized content delivery network (CDN) Pipe launched on Solana mainnet today alongside the token generation event of its PIPE token.



Pipe is integrating Jito&#8217;s Node Consensus Network (NCN) as its economic security layer, effectively restaking a pool of already staked SOL without standing up its own validator set. Pipe node operators will stake PIPE tokens to participate in the network.



The testnet has delivered 60+ petabytes of data across a network of ~290,000 Point of Presence (PoP) nodes, reporting ~70% lower latency and ~100x cost efficiency than traditional CDNs, according to Pipe’s press release.



<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/2025/10/image-34.png?w=1024&amp;h=1024" alt="" class="wp-image-108807" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-34.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-34.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-34.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-34.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-34.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-34.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-34.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-34.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-34.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



About $2.5 million in PIPE testnet tokens have been burned to date.



“Our CDN is ready to go live and compete against the offerings from Cloudflare, Fastly, Akamai and Web2 stalwarts of the world,” David Rhodus, founder of Permission Labs and core contributor to Pipe Network said, emphasizing Pipe’s performance and uptime “at the edge” as a traditional weak spot for incumbents.



CDNs act as local delivery hubs for the internet, caching popular content in local data centers near users so websites, videos and apps load faster.



Pipe aims to provide the same service using a DePIN (decentralized physical infrastructure) model. Instead of owning or leasing thousands of servers, it coordinates independent node operators’ under-utilized resources to expand capacity where bandwidth is scarce and costly.



This distributed supply model gives Pipe two key advantages. One, Pipe can scale and target regions where bandwidth costs have historically been prohibitive. Based on its roadmap, Pipe’s stated expansion efforts include regions like South Korea and emerging markets like India and Egypt.



Secondly, it enables Pipe to welcome and monetize AI-agent traffic that are often <a href="https://x.com/DavidRhodus/status/1940593266946462121">default-blocked</a> by incumbent CDNs due to rising egress costs from AI crawlers, or intellectual property concerns around model training from CDN’s customers.



Pipe is estimated to be generating at least about $55 million in annualized revenues, with stated revenue targets of at least $100 million in ARR by end of 2025, according to a <a href="https://app.blockworksresearch.com/research/pipe-network-valuation-and-market-positioning">report</a> by Blockworks Research’s Nick Carpinito.&nbsp;



<h2 class="wp-block-heading">Pipe Network usage</h2>



Pipe’s flagship CDN has been used to store saved states of the Solana network’s ledger and the chain’s full Proof-of-History archival dataset, amounting to about 1.5 petabytes stored with roughly 100 terabytes of daily egress.



The PIPE token can be used to pay for CDN usage and the company’s Firestarter Storage offering, which <a href="https://blockworks.co/news/pipe-network-debuts-firestarter-storage">went live </a>in late July.



Following mainnet, Pipe plans to introduce a liquid stake delegation program with Jito, directing staked PIPE to Pop nodes based on bandwidth and uptime.



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DePIN

Decentralized content delivery network Pipe launches mainnet

Katherine Ross

375ai raised $10 million across multiple rounds, Blockworks has exclusively learned.&nbsp;



It raised $5 million in a round led by Delphi Ventures, Strobe Ventures and HackVC. 6MV, ARCA, EV3, Peaq and Heartcore also participated in rounds to bring the total to $10 million. 



The project, as CEO Harry Dewhirst explained to Blockworks, captures data in the physical world by monitoring vehicles in places like Los Angeles to better understand consumer behavior. Dewhirst said that the DePIN is also rolling out in New York, Miami and the team is eyeing an international push next year.&nbsp;



In order to track vehicles, 375ai uses 375 Edge, which has cameras, audio and environmental sensors. The team is building the network on Solana to “transform the physical world into structured intelligence,” a press release said.&nbsp;



375ai also has a partnership with Outfront Media that helps it monitor well over a million vehicles a day to collect the data.&nbsp;



For Dewhirst, the opportunity was clear: “There is so little known about what actually happens in the real world in any great fidelity or scale in comparison to that of online, where they know everything about you. Yet, 75% of commerce happens offline, not online.”



“375ai is positioned to become core infrastructure for AI,” Tommy Shaughnessy, founding partner of Delphi Ventures, said. “Its ability to compress vast amounts of raw data into actionable intelligence at scale has the power to transform entire sectors, from creating smarter mobility systems to powering more meaningful AI-driven applications worldwide.”



Generally speaking, the government has been the only one monitoring these types of habits, but 375ai seeks to democratize the data and allow the community to “buy and deploy these nodes to capture and digitize the analog,” Dewhirst explained.



The team has been busy building for the last three years, and is aiming to hold its token generation event at the end of October. It’ll also be doing a public sale to raise additional capital.&nbsp;



“Over the past year, in our test net phase, we&#8217;ve [had] 300,000 users of our mobile app, which complements our 375 Edge locations. So [we’ve had] people from all over the world, and frankly, the kind of enthusiasm and demand for using the app and engaging with it has been far beyond our wildest expectations,” Dewhirst said.



The funds raised will go towards building out 375ai’s deployments and its ability to capture real-world data, specifically in the US.



“This investment validates and accelerates our mission to drive real-world impact and reshape the way society works, as we move towards physical AI and an agentic world — from enabling smarter cities and businesses to creating safer streets and more efficient robotics and autonomous transport,” Dewhirst noted in a statement.



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