PA Daily | Tether seeks to raise up to $20 billion at a valuation of $500 billion; Aster's 24-hour revenue surpasses Circle, second only to Tether.

Today's News Highlights:

Aster's 24-hour income surpasses Circle, second only to Tether.

SBF's X account clarification: the account is managed by a friend.

The Binance HODLer airdrop is now live Plasma (XPL), with a total airdrop amount of 75 million coins.

Tether seeks to raise up to $20 billion at a valuation of $500 billion.

Mira announced its tokenomics: the initial circulation of TGE is 19.12% of the total supply, with an initial airdrop accounting for 6%.

Base prediction market Limitless will launch TGE during the Q2 points program period.

UPbit lists FLUID, supporting KRW, BTC, and USDT trading pairs.

Binance will distribute Plasma USDT fixed product user XPL rewards on September 25, with a total reward amount of 1% of XPL tokens.

Macro

SBF's X account clarifies: the account is being operated by a friend.

SBF (Sam Bankman-Fried) just posted on his X account that all content is currently being posted by his friends, and SBF himself is not personally operating the account in prison.

Digital asset management company ReserveOne submitted an S-4 registration statement for a proposed listing on Nasdaq.

According to Globenewswire, digital asset management company ReserveOne has disclosed that it has submitted an S-4 registration statement to the U.S. Securities and Exchange Commission, planning to go public on the Nasdaq Stock Exchange through a merger with M3-Brigade Acquisition V Corp., with an expected stock code of “RONE”. The company previously announced its intention to establish a cryptocurrency reserve worth over $1 billion, centered on Bitcoin, covering assets with staking and lending yield potential such as Ethereum and Solana.

FTX Trust sues Genesis Digital to recover $1.15 billion investment.

According to The Block, the FTX Recovery Trust has sued Bitcoin mining company Genesis Digital Assets in a U.S. bankruptcy court, accusing former FTX CEO Sam Bankman-Fried (SBF) of using mixed funds to invest $1.15 billion in the company, of which $550 million went to co-founders Rashit Makhat and Marco Krohn. The lawsuit claims that Genesis Digital did not provide true financial statements and that the company's valuation was severely inflated. The FTX trust is seeking to recover the related funds from the court. SBF has been sentenced to 25 years in prison for misappropriating customer assets.

The CFTC is soliciting public comments on the application of stablecoins and other tokenized collateral in the derivatives market.

The U.S. Commodity Futures Trading Commission (CFTC) is soliciting feedback from various parties on the application of tokenized collateral, such as stablecoins, in the derivatives market. The solicitation includes recommendations for GMAC 2024, the CFTC's observer status on industry initiatives, pilot projects in the digital asset market, suggestions for regulatory revisions based on the President's Working Group report (pages 52-53), and other related topics. The deadline for submitting comments is October 20, 2025.

Tether seeks to raise up to $2 billion at a valuation of $500 billion.

According to Bloomberg, citing two informed sources, Tether is in talks with investors to raise $15 billion to $20 billion through a private placement, planning to sell about 3% of new equity, with the transaction led by Cantor Fitzgerald. If this ratio holds, Tether's valuation could reach $500 billion, placing it among the most valuable private companies in the world (alongside OpenAI and SpaceX). Tether's USDT market capitalization has reached $172 billion, with a profit of $4.9 billion in the second quarter and a profit margin of 99%. The transaction is expected to be completed by the end of the year, and the final amount may vary.

Sources: Republican senators in the U.S. planned to advance the agenda for amending the market structure bill on September 30 or postpone it.

According to crypto journalist Eleanor Terrett, a consensus among several sources on Capitol Hill is that the Senate Banking Committee Republicans' originally targeted agenda for amending the market structure bill on September 30 is now effectively stalled. Democrats have yet to provide feedback on the bill, stating that they wish to reach an agreement on the process before negotiations on the details begin. Reports indicate that the impending government shutdown will also make it nearly impossible to hold the amendment meeting on the 30th. A possible new target date is the week of October 20, but it has not been confirmed. It is understood that since the Senate Agriculture Committee also plans to amend its bill related to the Commodity Futures Trading Commission (CFTC) in October, theoretically, this delay should not affect the possibility of submitting the bill for Senate consideration before the end of the year.

Opinion

Analysis: The 21-week moving average of Bitcoin is considered the dividing line between bull and bear markets, and this moving average is at $109,900.

According to official analysis from Matrixport, this round of the Bitcoin cycle is driven by institutional players, which is different from the previous five bull markets. Overall, there have been three phase bull markets during the upward trend, while the cycle from 2020 to 2021 only had two. It is worth noting that the 21-week moving average, as an effective indicator of trend strength, is seen as the boundary between bull and bear markets. Currently, this moving average is at $109,900. If the Bitcoin price maintains above this level, the bull market trend is expected to continue; if it falls below, it may enter a more challenging phase.

Project Updates

Binance will distribute Plasma USDT fixed-term product user XPL rewards on September 25, with a total reward amount of 1% of XPL tokens.

According to Binance's announcement, the Plasma project has announced the issuance of the XPL token (TGE). Binance Chain's Earn program will distribute XPL rewards to all eligible Plasma USDT fixed-term product users. The total reward amount is 100 million XPL, accounting for 1% of the total token supply. Rewards are calculated based on the daily snapshot records of user holdings from August 20, 2025, to September 24, 2025, and will be distributed proportionally. XPL rewards will be airdropped to users' spot accounts who subscribed to the products starting from September 25, 2025, Beijing time, without any additional operation required. Users can confirm the reception status through the asset overview or Binance airdrop page. At the same time, Binance is upgrading the Plasma USDT fixed-term products, and more details will be announced separately. Users who redeem early will not lose their accumulated XPL rewards, and USDT balances will be returned to spot accounts within three days. Binance Chain's Earn program aims to help users easily participate in on-chain protocols and earn profits without complex setups or technical knowledge.

Binance futures will launch the FLUIDUSDT U-based perpetual contract.

According to the official announcement, the Binance Futures platform will launch the FLUIDUSDT perpetual contract on September 24, 2025, at 18:15 (UTC+8), with a maximum leverage of up to 75 times.

Mira announces token economics: the initial circulation of TGE is 19.12% of the total supply, with an initial airdrop accounting for 6%.

Mira announces MIRA token economics: The total supply of MIRA is 1 billion tokens, based on the Base network, with an initial circulation of 19.12% at TGE. The use cases for the token include API access and value capture, consumer application integration, foundational assets for the AI ecosystem Mira Network, staking, and governance. The token distribution is as follows: 6% for the initial airdrop, 16% for future node rewards, 26% for ecosystem reserves, 20% for core contributors, 14% for early investors, 15% for the foundation, and 3% for liquidity incentives. At TGE, the initial airdrop is immediately 100% unlocked, except for Kaito ecosystem Stakers (unlocked after 2 weeks); a portion of the ecosystem reserves unlock on day 1, with the remaining portion vesting linearly over 35 months; all other distributions are fully locked at TGE and will be gradually released according to the vesting schedule.

Aster CEO confirms that Aster Chain is about to launch and has entered the testing phase.

According to Solid Intel, the CEO of Aster has confirmed that Aster Chain is about to be launched and has entered the testing phase. The chain features sub-second transaction finality, native perpetual contract integration, low fees, and a token buyback plan.

Holding at least 210 Binance Alpha points can claim 800 Griffin AI (GAIN) airdrop.

According to official news from Binance, Binance Alpha has become the first platform to launch Griffin AI (GAIN). Alpha trading will begin at 19:00 Beijing time on September 24, 2025. After trading starts, users holding at least 210 Binance Alpha points can claim an airdrop of 800 GAIN tokens, with the activity being on a first-come, first-served basis. If the activity has not ended, the points threshold will automatically decrease by 15 points every hour.

Uniswap Labs launches the Compact v1 system to address cross-chain liquidity fragmentation.

According to a blog released by Uniswap Labs, Uniswap Labs has launched “Compact v1”, which is a non-ownership ERC-6909 contract designed to reduce liquidity fragmentation across blockchains by managing “resource locks”. This system allows for secure and reusable resource locks between cross-chain networks, providing developers with a shared framework to build customizable and composable systems. Compact v1 includes four core components: the distributor prevents double usage of resources, the arbiter verifies whether the commitment conditions are met, the court acts as the settlement engine for cross-chain exchanges, and the messenger provides backup verification for smart contract wallets. This system will be used to support cross-chain exchanges on UniswapX and has been adopted by the LI.FI and Rhinestone teams. Uniswap states that the main challenge faced by cross-chain applications is the asynchrony of different execution environments, which prevents atomic transactions. Compact v1 has undergone multiple independent security audits, and a complete audit report is expected to be released soon, and it has been incorporated into the Uniswap bug bounty program.

The Base prediction market Limitless will launch its TGE during the Q2 points program period.

The Base ecosystem's prediction market Limitless announced on Twitter that its Token Generation Event (TGE) will take place during the second quarter points program, rather than afterwards. According to the points program, users earn points through activities, and the points determine the scale of airdrop token distribution. Points can be earned through trading, providing liquidity, inviting other traders, etc., with a ranking and bonus mechanism in place. The second quarter points program started on September 22, 2025, and will last until January 26, 2026. More details regarding token distribution and announcements will be released soon.

HEMI will be listed on the Bithumb Korean Won trading market.

According to Bithumb's announcement, the HEMI token will have additional support for the Korean Won trading market. The specific arrangements are as follows: the supported network is Ethereum (other networks are not supported for deposits).

UPbit has listed FLUID, supporting KRW, BTC, and USDT trading pairs.

UPbit announced support for the digital asset FLUID (FLUID) and opened trading on KRW, BTC, and USDT markets, based on the Ethereum network.

UPbit lists IN and B3, adding BTC and USDT trading pairs.

UPbit has announced support for the new trading pairs Infinite (IN) and B3 (B3). IN will be traded on the BTC and USDT markets, based on the Ethereum network; B3 will be traded on the USDT market, based on the Base network.

Binance HODLer airdrop is now live Plasma (XPL), with a total airdrop amount of 75 million coins.

The Binance HODLer airdrop has launched its 44th project Plasma (XPL), which is a blockchain compatible with Layer 1 EVM, designed for high-capacity, low-cost global stablecoin payments. Users who participate in capital-protected or on-chain earning products through BNB from September 10, 2025, 08:00 to September 14, 2025, 07:59 (Beijing Time) will receive airdrop allocations. Binance will list XPL on September 25, 2025, at 21:00 (Beijing Time) and open trading pairs for USDT, USDC, BNB, FDUSD, and TRY. Additionally, the deposit and withdrawal function for Tether (USDT) on the Plasma Network will open on September 24 at 18:00. The total supply of Plasma genesis tokens is 10 billion, with a total amount of 75 million for the HODLer airdrop, accounting for 0.75% of the genesis supply. The circulating supply at listing will be 1.8 billion, which is 18% of the genesis supply. Furthermore, Binance will inject 50 million and 150 million XPL for market activities 6 months after the spot listing. More details can be found in the upcoming research report.

Binance Alpha will launch Mira Network (MIRA) on September 26.

Binance Alpha will launch Mira Network (MIRA) on September 26. Eligible users can receive airdrops using Binance Alpha points on the Alpha event page after trading opens.

Binance Alpha and contracts will be launched on the Hana Network (HANA)

Hana Network (HANA) will be listed for trading on the Binance Alpha platform on September 26, 2025, at 11:00 (UTC). In addition, the Binance contract trading platform will launch the HANAUSDT perpetual contract on September 26, 2025, at 11:30 (UTC), with a maximum leverage of 50 times. Eligible Binance users will receive an exclusive token airdrop. Eligible users must claim the airdrop using Binance Alpha points on the Binance Alpha event page between September 26, 2025, 11:00 (UTC) and September 27, 2025, 11:00 (UTC).

Binance: The Alpha point threshold for ZBT is 218

Users with Binance Alpha points greater than or equal to 218 can participate in the ZEROBASE (ZBT) TGE event through the Alpha event page. Participating in this TGE event will consume 10 points. Previously reported, the Binance wallet will launch the ZEROBASE token presale and Booster event on September 24.

UXLINK has completed a smart contract security audit and announced a token migration plan.

UXLINK announced that the new smart contract has passed security audits and will be deployed on the Ethereum mainnet, removing the original burn function while retaining cross-chain features through cross-chain partners. The token code “UXLINK” remains unchanged, and the relevant contract details and migration plans have been submitted to CEX partners. The official has frozen a large number of addresses related to hacking and is working with law enforcement and third parties to promote asset recovery. All community losses will be handled transparently and used for community compensation and development.

Important Data

Aster's 24-hour income surpasses Circle, second only to Tether.

According to the latest data from Defillama, Tether, Aster, and Circle ranked in the top three for revenue in the past 24 hours. Among them: Tether, as the issuer of the USDT stablecoin, had a 24-hour revenue of 21.99 million dollars; Aster, as a derivatives project, had a revenue of 8.56 million dollars; Circle, as the issuer of the USDC stablecoin, had a 24-hour revenue of 7.72 million dollars.

Or affected by Upbit's listing, FLUID briefly rose by 48%.

According to OKX market data, FLUID briefly rose by 48%, reaching a peak of about $9, and is currently priced at $7.67, possibly influenced by Upbit's listing. Previously, it was reported that Upbit listed FLUID, supporting KRW, BTC, and USDT trading pairs.

The total open interest for ASTER contracts across the network has exceeded 1.2 billion USD, setting a new historical high, with a 24-hour growth of 41.23%.

According to the latest data from Coinglass, the total open interest for ASTER contracts across the network has increased to 544 million, with a market value surpassing 1.2 billion USD, currently reported at 1.223 billion USD, setting a new historical high, with a 24-hour increase of 41.23%; among them, Binance's ASTER contract open interest reached 101 million, ranking first, with a market value of 227 million USD; Bybit's ASTER contract open interest reached 76.3428 million, with a market value of 171 million USD.

The suspected ENA treasury company StablecoinX continues to increase its holdings by 19.23 million ENA.

According to Ai Yi, the suspected ENA treasury company StablecoinX has continued to increase its holdings by 19.23 million ENA in the past 15 hours, worth approximately 11.8 million USD, with an average transaction price of 0.614 USD. Currently, the related multi-signature address holds a total of 88.26 million ENA, with a market value of about 54 million USD.

James Wynn went long on ASTER and short on HYPE after receiving over $8,000 in referral rewards.

According to Lookonchain, James Wynn(@JamesWynnReal) adopted a long position on ASTER and a short position on HYPE after receiving a referral reward of $8,032.5.

Falcon Finance community fundraising surpassed $112 million, setting a new record in Buidlpad's history.

The Falcon Finance (FF) community sale has ended, with a final subscription amount exceeding $112 million, reaching 2,821% of the original target, setting a record for over-subscription in Buidlpad's history. The official announcement states that settlement and refunds will be completed by September 26 at 16:00 (UTC).

FTT surged over 30%, possibly influenced by SBF's post.

Affected by SBF's post, FTT surged over 30%, with the price of FTT breaking through 1 dollar.

Financing / Acquisition

Scilex, a publicly traded company, plans to sell its shares in its controlling subsidiary to exchange for $200 million worth of Bitcoin.

According to Globenewswire, innovative revenue-generating company Scilex Holding Company (NASDAQ: SCLX) announced that it has signed a Securities Purchase Agreement (“SPA”) with institutional investors to exchange $200 million worth of common stock of its majority-owned subsidiary Semnur Pharmaceuticals, Inc. for $200 million worth of Bitcoin. Under the agreement, institutional investors will purchase a total of 12,500,000 shares of Semnur common stock held by Scilex at a price of $16 per share, with the closing expected to occur around September 23, 2025.

Tokenized securities infrastructure company Synthesys completes $11 million seed and strategic round financing.

According to a report by PR Newswire, the Singapore startup Synthesys (formerly known as Equitize) announced that it has completed a $11 million seed and strategic funding round to build a tokenized securities infrastructure. This round of financing was led by Mark Pui. Synthesys (formerly known as Equitize), established in 2023, has developed a global liquidity network that brings together more than 40 different primary and secondary distribution channels. Its platform enables compliance automation across jurisdictions and provides a universal liquidity layer for tokenized securities.

The third fund of the crypto venture capital firm Archetype raised $100 million.

According to Fortune magazine, the crypto venture capital firm Archetype announced the fundraising of its third fund at $100 million, which will focus on supporting early seed round financing for blockchain companies. Archetype previously raised its first fund of $55 million in 2021 and then raised its second fund of $155 million in 2022, during the peak of the previous cryptocurrency bull market. Although Archetype's third fund is smaller, at only $100 million, Egan stated that choosing the right supporters (i.e., limited partners) was a well-considered decision, bringing in only one new LP.

Cloudburst completed a $7 million Series A funding round to expand its off-chain crypto smart platform.

According to CoinDesk, Cloudburst Technologies has announced the completion of a $7 million Series A funding round, which will be used to develop its off-chain crypto intelligence platform. This round of financing was led by Borderless Capital, and since its establishment in 2022, the company's total financing has reached $11 million. Additionally, Strategic Cyber Ventures, CoinFund, Coinbase Ventures, Bloccelerate VC, and In-Q-Tel also provided further support. The funding will be used to expand Cloudburst's artificial intelligence and data science team, accelerate product development, and broaden its market coverage in financial institutions, regulatory agencies, and crypto-native enterprises. The company focuses on analyzing data sources such as chat rooms and regulatory filings to monitor fraud networks, illicit actors, scams, and social sentiment trends. The company states that its tools are designed to provide real-time intelligence and predictive insights for regulatory agencies, law enforcement, exchanges, investors, and other market participants. The company's platform collects millions of off-chain data points, covering Telegram groups, niche forums, regulatory filings, and news sources, and applies proprietary artificial intelligence models to identify emerging threats and patterns.

Cryptocurrency company Zerohash has completed a $104 million Series D funding round, with participation from Morgan Stanley and others.

According to CNBC, cryptocurrency infrastructure startup Zerohash has completed a $104 million Series D funding round, led by Interactive Brokers, with participation from financial institutions such as Morgan Stanley and SoFi, and strategic investors including Zerohash's clients, with funds from Apollo also participating in this round. Founder and CEO Edward Woodford revealed that the company is now valued at $1 billion. Zerohash was established in 2017 to provide capability support to banks and fintech companies, enabling them to launch blockchain-based products in three core areas: cryptocurrency trading, stablecoins, and tokenization. Interactive Brokers is already using Zerohash's cryptocurrency trading and custody services and will collaborate with the company to launch stablecoin products. Although Woodford was reluctant to comment on whether Morgan Stanley and SoFi are also clients, he hinted that relevant news will be announced soon.

Blockchain payment company Fnality completed a $136 million Series C funding round, led by WisdomTree.

According to TFN, London-based blockchain payment company Fnality has completed a $136 million Series C funding round, led by WisdomTree, with participation from Bank of America, Citigroup, KBC Group, Temasek, and Tradeweb. Existing investors include Santander, Barclays, BNP Paribas, DTCC, Euroclear, Goldman Sachs, ING, Nasdaq, State Street, and UBS. Fnality aims to leverage distributed ledger technology to build a regulated payment system based on central bank digital currencies, addressing the slow, costly, and lengthy settlement times of traditional wholesale payment systems. The company plans to use this funding round to expand its pound sterling system into the U.S. dollar and euro markets, targeting the cross-border payment market valued at over $120 billion.

Institutional Holdings

Raiku completes $13.5 million financing, promoting “predictable” trading on Solana

According to The Block, Web3 infrastructure startup Raiku has announced the completion of $13.5 million in seed and pre-seed funding, with investors including Pantera Capital, Jump Crypto, and Lightspeed Faction. Raiku claims that its tools can achieve “predictable” and “guaranteed” transaction execution by coordinating block space with Solana validators, addressing the issue of transaction uncertainty under high load on Solana. The product has been launched on the testnet, with the mainnet planned for release in 2026.

Public company Fitell Corporation has secured $100 million in funding to support the launch of its Solana financial strategy.

According to Globenewswire, Fitell Corporation (NASDAQ: FTEL), a global provider of fitness equipment and health solutions, has announced that it has secured up to $100 million in funding to support the launch of its Solana financial strategy, marking the introduction of Australia’s first Solana-based digital asset financial strategy. Fitell has begun its dual listing on the Australian Securities Exchange (ASX). Following the initial launch of the Solana treasury, the company plans to rename itself “Solana Australia Corporation.”

SharpLink: Did not purchase ETH last week, but obtained 509 ETH through staking rewards.

SharpLink, a Nasdaq-listed Ethereum treasury company, disclosed that it earned 509 ETH through staking rewards last week. Since the launch of this strategy on June 2, 2025, its cumulative staking amount has reached 3,749 ETH. There were no new ETH purchases or buybacks last week, so no press release will be issued today.

The Ethereum treasury company FG Nexus disclosed that its ETH holdings have reached 50,000 coins.

According to Globenewswire, FG Nexus (NASDAQ: FGNX, FGNXP) announced that its ETH holdings reached 50,000 coins on September 22, 2025. The company implemented an ETH treasury strategy in August and has been continuously increasing its ETH holdings over the past month. The total value of the company’s 50,000 ETH position is approximately $210 million, with an average purchase price of about $3,860 per ETH.