Weekend Recommended Reading: U.S. Government Shutdown, Plasma Sweeps the DeFi Market

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4 hours ago

整理：Nona

This Week's Focus

[

On September 24, 2025, the Digital Renminbi International Operation Center (referred to as "Digital Currency Center"), established and operated by the central bank's digital currency research institute, was officially unveiled in the Shanghai Lingang New Area. At the same time, the center launched three business platforms: digital payment platform, blockchain service platform, and digital asset platform, which are highly anticipated as the infrastructure of the new era of financial payment industry.

]( Is domestic issuance possible?

<p class=)

[]( Is domestic issuance possible?

<p class=)[

However, "Bitcoin must rise during a government shutdown" is not a law. The longest government shutdown in U.S. history occurred from December 22, 2018, to January 25, 2019, lasting 35 days. During this period, the price of Bitcoin fell by 6% from $3,802.22, dropping to $3,575.85 by the end of the shutdown.

](<p class=)

[](<p class=)[

]( $6 billion, Plasma ignites the DeFi money grab war


Unlike Ethereum or Solana, which pursue high-performance universality, Plasma is positioned more as a "financial operating system," primarily focusing on the lending, earning, and cross-protocol liquidity management of stablecoins.

<p class=)

[]( $6 billion, Plasma ignites the DeFi money grab war


Unlike Ethereum or Solana, which pursue high-performance universality, Plasma is positioned more as a "financial operating system," primarily focusing on the lending, earning, and cross-protocol liquidity management of stablecoins.

<p class=)[](<p class=)

[As Novogratz said, "The political situation" makes predicting the peak of the Bitcoin cycle unprecedentedly difficult. The personnel changes at the Federal Reserve are never just a bureaucratic procedure; they are catalysts that reshape the entire crypto landscape.](<p class=)

[Featured Recommendations

]( Where is the next battleground for order book exchanges?

With the self-reinforcement of concentrated liquidity, the market is expected to consolidate into 3-5 core platforms. Mid-level protocols face pressure from the scale advantages of upper-level platforms and must also contend with challenges from specialized competitors at the lower level. The practices of the first-generation platforms indicate that merely having technical feasibility, without distribution capability and sustained user retention, is insufficient to establish a foothold in the market.

<span style=)

[]( Where is the next battleground for order book exchanges?

With the self-reinforcement of concentrated liquidity, the market is expected to consolidate into 3-5 core platforms. Mid-level protocols face pressure from the scale advantages of upper-level platforms and must also contend with challenges from specialized competitors at the lower level. The practices of the first-generation platforms indicate that merely having technical feasibility, without distribution capability and sustained user retention, is insufficient to establish a foothold in the market.

<span style=)

[]( Where is the next battleground for order book exchanges?

With the self-reinforcement of concentrated liquidity, the market is expected to consolidate into 3-5 core platforms. Mid-level protocols face pressure from the scale advantages of upper-level platforms and must also contend with challenges from specialized competitors at the lower level. The practices of the first-generation platforms indicate that merely having technical feasibility, without distribution capability and sustained user retention, is insufficient to establish a foothold in the market.

<span style=)

[]( Where is the next battleground for order book exchanges?

With the self-reinforcement of concentrated liquidity, the market is expected to consolidate into 3-5 core platforms. Mid-level protocols face pressure from the scale advantages of upper-level platforms and must also contend with challenges from specialized competitors at the lower level. The practices of the first-generation platforms indicate that merely having technical feasibility, without distribution capability and sustained user retention, is insufficient to establish a foothold in the market.

<span style=)

[]( Where is the next battleground for order book exchanges?

With the self-reinforcement of concentrated liquidity, the market is expected to consolidate into 3-5 core platforms. Mid-level protocols face pressure from the scale advantages of upper-level platforms and must also contend with challenges from specialized competitors at the lower level. The practices of the first-generation platforms indicate that merely having technical feasibility, without distribution capability and sustained user retention, is insufficient to establish a foothold in the market.

<span style=)[Only DAT that is purely financial will always be treated as macro allocation; while DAT that can reach products and operations will form the compounding value of synergy.

]( The survival path under dual scrutiny of regulation and market

<p data-start=)

[]( The survival path under dual scrutiny of regulation and market

<p data-start=)[

Cathie discussed the recent strong performance of gold and its potential impact on the cryptocurrency market and the overall financial market. She provided valuable insights for investors to navigate challenges in this rapidly changing field, helping them better grasp market trends and investment opportunities.

](

From July 2022 to June 2025, the Asia-Pacific region has shown strong growth in cryptocurrency activity, with estimated data on on-chain transaction value showing a significant upward trend. The monthly on-chain transaction volume grew from approximately $81 billion in July 2022 to a peak of $244 billion in December 2024, tripling in 30 months.

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[](

From July 2022 to June 2025, the Asia-Pacific region has shown strong growth in cryptocurrency activity, with estimated data on on-chain transaction value showing a significant upward trend. The monthly on-chain transaction volume grew from approximately $81 billion in July 2022 to a peak of $244 billion in December 2024, tripling in 30 months.

Recently, every week feels familiar—another stablecoin launch, another attempt to change the direction of value. First, we saw the bidding war for USDH launched by Hyperliquid; then we discussed the vertical trend to capture U.S. Treasury yields. Now, it's the native mUSD from MetaMask. What connects all these strategies?

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[

  • The first personal loan for Hong Kong residents in the mainland was issued in Shenzhen, using blockchain technology to solve cross-border financing difficulties.

  • The Secretary-General of the Thai SEC: Plans to expand the scope of cryptocurrency ETFs beyond Bitcoin.

  • The Hong Kong Monetary Authority: As of September 30, has received stablecoin license applications from 36 institutions.

  • Beijing's first digital renminbi secured loan has been implemented.

]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=)

[]( Combining with mobile: The next wave of consumer applications is on the way

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

In recent months, there has been a significant increase in mobile trading + DeFi applications aimed at retail consumers, most of which are built on Hyperliquid infrastructure. This article aims to delve into this vertical field, analyze the currently dominant market applications, and provide relevant insights.

<span style=) is implementing a blockchain stock trading plan.

  • The European Systemic Risk Board plans to ban "multi-region issuance" of stablecoins.

  • Xu Zhengyu: The first batch of stablecoin licenses will be issued as scheduled early next year.

  • The Hong Kong Securities and Futures Commission: In the first half of 2025, reported a total virtual asset trading commission income of HKD 127.9 million.

  • Bloomberg ETF analysts: In October, 16 cryptocurrency ETFs will be pending approval from the U.S. SEC.

  • Qatar National Bank adopts JPMorgan's blockchain platform Kinexys for U.S. dollar payments.

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