Top Stories
Ethereum Reclaims USDT Lead Over Tron
Ethereum has overtaken Tron as the leading network for USDT supply, climbing back to $80B after trailing earlier in 2025. While both chains have maintained stable ranges around $75–80B, Ethereum’s resurgence reflects user preference for its mature DeFi ecosystem and institutional-grade infrastructure over Tron's lower fees. Daily USDT transfers on Ethereum now approach 1M, underscoring its role in payments and settlements as traditional finance increasingly adopts stablecoin rails. With institutions like PayPal embracing Ethereum-based stablecoins, the network appears poised to strengthen its position as the primary settlement layer for global stablecoin flows.
Source: DeFiLlama
Cloudflare to Launch NET Dollar Stablecoin
Cloudflare CEO Matthew Prince revealed plans for the company to introduce NET Dollar, a fully dollar-collateralized stablecoin aimed at enabling automated, machine-to-machine payments in a world increasingly shaped by AI agents. While no launch date was given, the move positions Cloudflare alongside financial giants and crypto leaders like JPMorgan, Bank of America, Société Générale, Tether, Circle, and PayPal in the intensifying stablecoin race. With Citi projecting stablecoin issuance could reach $1.9–4 trillion by 2030, Cloudflare’s global infrastructure of 330+ cities and 78 million HTTP requests per second offers a strong distribution base for adoption.
South Park Roasts Prediction Markets
In its latest episode “Conflict of Interest,” South Park lampooned prediction markets, explicitly naming Polymarket and Kalshi while showing kids obsessing over betting on everything. Ironically, users on those very platforms failed to predict the cameo, with only ~20% on Kalshi and Polymarket and 27% on Myriad forecasting mentions ahead of airtime. Dastan CEO Loxley Fernandes argued the miss shows prediction markets are not truth machines but “financialized consumer sentiment aggregation,” with users expecting generic satire rather than brand callouts. The episode adds Polymarket and Kalshi to South Park’s long list of corporate targets, alongside past parodies of Apple, Disney, and SpaceX.
Plasma Mainnet Launch Becomes Stablecoin Magnet
Plasma, a Tether-backed stablecoin-focused L1, launched Sept. 25 with LayerZero’s OFT + Stargate bridge stack and immediately drew ~$3.5B in inflows, helping LayerZero hit a $4.6B ATH in daily volume. Since Sept. 23, Plasma has seen ~$6.03B in inflows against just ~$0.62B in outflows, netting ~$5.41B—about 8.6% of all LayerZero USD inflows—across 9K+ wallets and 17 active OFTs. With 100+ DeFi integrations at launch, including Aave, Ethena, Binance Earn, Maple, and Plume × Nest, Plasma is already emerging as a leading hub for stablecoin liquidity, institutional credit products, and yield-bearing assets.
Source: Dune
Regulation
Ethereum ETFs Gain Ground in Market Share
Spot Ethereum ETFs now account for 15% of ETH spot market volume, up from just 3% at launch in late 2024, signaling rising demand for regulated exposure over direct token ownership. This shift has fueled ETH’s 30% YTD rally to ~$4,500, but also concentrates large amounts of ETH in ETF custodians rather than decentralized wallets. While ETFs broaden access and institutionalize Ethereum investment, they risk sidelining DeFi activity unless providers win approval to stake their holdings for yield. The trend points to ETFs becoming a dominant force in ETH markets, balancing mainstream adoption with Ethereum’s decentralized ethos.
Source: The Block
Vanguard May Allow Client Access to Crypto ETFs
Vanguard is considering giving brokerage clients access to third-party crypto ETFs, a potential reversal of its long-standing refusal to offer digital asset products. The $10T asset manager had rejected spot bitcoin ETFs at launch in 2024, calling crypto too volatile for long-term investors, but growing client demand and regulatory shifts under the Trump administration are prompting a rethink. Vanguard still has no plans to launch its own crypto ETF, but Bloomberg’s Eric Balchunas said allowing access would be a smart move given the popularity of bitcoin and ether ETFs and Vanguard’s 50M U.S. investor base.
Crypto Adoption Outpaces Early Internet
Comparing wallet addresses to internet IPs shows faster crypto growth, but the analogy isn’t perfect since IPs are often shared by multiple users. A better comparison is email addresses, where each user typically manages several accounts independently—similar to crypto wallets. Even under this lens, crypto wallet adoption is outpacing email adoption in the early internet era, reinforcing the narrative that crypto is spreading faster than the web did in its early days.
Source: Crypto.com, World Bank, Global Macro Investor
World Liberty Financial Prepares Debit Card Launch
World Liberty Financial will soon release a debit card with Apple Pay integration tied to its USD1 stablecoin, co-founder Zak Folkman announced at Korea Blockchain Week. The card will be paired with a retail app that combines peer-to-peer payments and trading, described as “Venmo meets Robinhood.” Folkman emphasized the project’s chain-agnostic approach, ruling out launching its own blockchain, and said WLFI’s long-term value lies in stablecoin adoption despite the token falling 37% since debut. He framed the effort as a decades-long build focused on durable financial products.
Other Domestic Regulation Updates
- Vivek Ramaswamy's Strive to buy Semler Scientific in bitcoin treasury firm merger
- White House eyes year-end finish line for crypto market structure bill
- SEC Chair Atkins pushes 'innovation exemption' to fast-track crypto products
- US Senate sets hearing on crypto taxation
- SEC Chair Atkins responds to crypto conflict of interest concerns
Other International Regulation Updates
- Metaplanet buys $632 million in bitcoin, largest BTC acquisition to date
- FTX Trust sues Genesis Digital, seeks $1.15 billion over 'reckless' SBF investment
- South Korea’s Upbit to merge under internet giant Naver via stock swap: report
- Strive Asset Management to Acquire Semler Scientific, $567 Million in Bitcoin in All-Cash Deal
Pain & Gain
Pain
- Liquidations sweep crypto markets as bitcoin slides
- DeFi protocol Hypervault vanishes after $3.6 million suspected rugpull
- Bubblemaps to airdrop 30 million BMT tokens to users uncovering crypto scams
Gain
- Tether seeks to raise at a $500 billion valuation
- Franklin Templeton Taps BNB Chain for BENJI Expansion After Binance Team-Up
- BNB’s Perps Boom
Important Legal Notices
This reflects the views MJL Capital LLC (“MJL”), but it should in no way be construed to represent financial or investment advice. Nothing in this correspondence is intended to constitute or form part of, and should not be construed as, an issue for sale or subscription of, or solicitation of any offer or invitation to subscribe for, underwrite, or otherwise acquire or dispose of any security, including any interest in any private investment fund managed by MJL. Any such offer may only be made pursuant to a formal confidential private placement memorandum of any such fund, which may be furnished to potential investors upon request and which will contain important information to be considered in connection with any such investment, including risk factors associated with making any investment in any such fund. Further, nothing in this correspondence is, or is intended to be treated as, investment or tax advice. Each recipient should consult their own legal, tax and other professional advisors in connection with investment decisions.
Domenic Salvo is a Managing Partner at MJL Capital, helping lead Portfolio Research and Investor Relations.
