KVANTS DAILY NEWSLETTER - 25TH SEPT
Aster Leads Perp DEX Surge to $70B Daily Trading Volume; Curve DAO Supports $60M in crvUSD Credit for New Protocol; Australian Fitness Firm Tanks 21% on Solana Treasury Gamble; Korean Internet Giant Naver to Acquire Upbit, Eyes Stablecoins; Circle Taps Crossmint to Expand Stablecoin Rails for Humans and AI; Hyperliquid Stablecoin Goes Live After Fierce Bidding for Issuance Rights; ING, UniCredit Join Banks Developing Euro Stablecoin Under MiCA; Australia Drafts Law to Tighten Oversight of Crypto Exchanges; US Senators Signal Resistance to Market Structure Over ‘Foreign Crypto Deals’; Digital Euro Unlikely to Launch Before 2029, ECB Board Member Says.
Aster Leads Perp DEX Surge to $70B Daily Trading Volume
Aster has emerged as the top perpetual DEX, driving daily volumes to $70B. This milestone reflects surging trader demand for decentralized derivatives platforms. Rivals are now racing to scale infrastructure to keep pace. LINK
IMPORTANCE Perp DEXs are increasingly rivaling centralized exchanges in liquidity and activity. Aster’s rise highlights the shift toward on-chain trading infrastructure. Sustained volumes strengthen DeFi’s role in global derivatives markets.
Curve DAO Supports $60M in crvUSD Credit for New Protocol
Curve DAO approved $60M in crvUSD credit allocation to a new DeFi protocol. The move expands Curve’s footprint into yield-generating Bitcoin pools. This credit line underscores DAO-led governance in funding market innovation. LINK
IMPORTANCE
Curve’s credit support showcases the growing role of DAOs as financiers. It reinforces crvUSD’s utility beyond Curve’s ecosystem. Such moves highlight decentralized governance as a funding engine in DeFi.
Australian Fitness Firm Tanks 21% on Solana Treasury Gamble
An Australian fitness company saw its shares drop 21% after disclosing a Solana treasury allocation. The bet was framed as a diversification strategy into digital assets. Investors reacted sharply, questioning risk management. LINK
IMPORTANCE
The episode highlights risks when corporates gamble treasuries on volatile assets. Market backlash shows skepticism toward non-financial firms pursuing crypto. It illustrates the tension between diversification and fiduciary responsibility.
Korean Internet Giant Naver to Acquire Upbit, Eyes Stablecoins
South Korea’s Naver Financial is set to acquire Upbit, the country’s largest crypto exchange. The deal also positions Naver to enter stablecoin development. This marks a significant expansion into digital assets by a tech major. LINK
IMPORTANCE
The acquisition strengthens institutional participation in Korea’s crypto sector. Naver’s interest in stablecoins reflects the growing corporate embrace of tokenized payments. It could reshape Asia’s digital finance landscape.
Circle Taps Crossmint to Expand Stablecoin Rails for Humans and AI
Circle has partnered with Crossmint to expand USDC payment infrastructure. The collaboration aims to integrate stablecoin rails for both human and AI-driven transactions. This expansion targets developers and enterprises seeking scalable solutions. LINK
IMPORTANCE
Expanding USDC rails broadens adoption across fintech and AI-driven applications. Partnerships like this reinforce Circle’s bid for global stablecoin leadership. It signals ongoing innovation in payment use cases.
Hyperliquid Stablecoin Goes Live After Fierce Bidding for Issuance Rights
Hyperliquid launched its native stablecoin following a heated bidding process for issuer roles. The rollout aims to strengthen liquidity across its DEX ecosystem. Early market response will determine adoption trajectory. LINK
IMPORTANCE
The launch showcases innovation in stablecoin issuance via competitive auctions. Hyperliquid is using stablecoins to cement its position in the DEX landscape. Success here could differentiate its ecosystem amid heavy competition.
ING, UniCredit Join Banks Developing Euro Stablecoin Under MiCA
Nine European banks, including ING and UniCredit, are collaborating on a euro-denominated stablecoin under MiCA guidelines. The initiative aims to provide a compliant settlement asset for cross-border transactions. Early pilots will test interoperability with existing payment systems. LINK
IMPORTANCE
Bank-led stablecoins could reshape Europe’s digital payments landscape. Alignment with MiCA ensures compliance and strengthens adoption potential. This project signals the banking sector’s push to stay relevant in blockchain-based finance.
Australia Drafts Law to Tighten Oversight of Crypto Exchanges
Australia has introduced a draft law to impose stricter regulations on crypto exchanges. The framework includes licensing, custody standards, and AML rules. Lawmakers seek to align with international best practices. LINK
IMPORTANCE
Tighter oversight could reshape how exchanges operate in Australia. It may raise compliance costs but improve investor protections. The draft reflects growing regulatory convergence across jurisdictions.
US Senators Signal Resistance to Market Structure Over ‘Foreign Crypto Deals’
US senators expressed concern over proposed market structure bills, citing risks tied to foreign crypto entities. Lawmakers warned about national security and competitiveness. The resistance may delay regulatory clarity for digital assets. LINK
IMPORTANCE
Senatorial pushback underscores geopolitical sensitivities in crypto regulation. Resistance complicates efforts to pass comprehensive digital asset frameworks. It highlights the intersection of crypto policy and foreign relations.
Digital Euro Unlikely to Launch Before 2029, ECB Board Member Says
An ECB board member stated that a digital euro is unlikely before 2029. Technical, legal, and policy hurdles remain unresolved. The comments temper expectations for Europe’s CBDC rollout. LINK
IMPORTANCE
A delayed timeline signals caution in Europe’s approach to CBDCs. It contrasts with faster-moving Asian and emerging market pilots. The gap may affect Europe’s competitiveness in digital finance.
