Weekly丨Wall Street has become the node, the Senate is still counting votes
On September 16, Circle's Arc mainnet went live. The list of founding validators looks like an old-money roster: BlackRock, DTCC, ICE, Visa, Mastercard, Standard Chartered, MoneyGram. The testnet ran for a year, with 244 million transactions, and the token presale in May set the valuation at $3 billion. Running nodes for blockchain is now a core job for Wall Street.
Banks are not just acting as validators. On September 1, 21 banks, including Bank of America, Citi, Goldman Sachs, Wells Fargo, UBS, and Deutsche Bank, announced the formation of a stablecoin joint venture, with equity spanning five continents: launching a USD stablecoin first, listing in the first half of 2027, followed by Euro and other G7 currencies, compliance with GENIUS and MiCA in parallel tracks. A year-long research project turned into a company. Circle was targeted by institutional alliances for the second time in a quarter.
VC money is heading in the same direction. This week, crypto funding reached $292 million, with 93% flowing into payment and banking infrastructure—Latin America remittance platform Félix secured $200 million, tokenized deposit network Cari was jointly funded by seven US banks, and OpenReserve, with an OCC license pre-approved, completed its seed round. For the first time, licensing became part of seed round financing materials.
The two matters that emphasize ritual significance collectively missed the deadline. The probability of passing the CLARITY Act dropped from 58% to below 20% before the vote on September 15, with seven Democratic senators holding onto ethical clauses. Anthropic's public S-1 slipped from "end of August" to "end of September," and OpenAI's "listing in September" went silent. The $2 trillion story cannot meet its own timeline.
The market has found a new hot source. On September 5, Robinhood Chain's DEX daily trading volume surged to $3.7 billion, with daily fees of $3.75 million, surpassing the combined amount of Ethereum and Base. Two months ago, it was still a meme chain; now it is the main exchange for tokenized stocks.
UNI has risen 134% in 90 days, and the fee switch has been turned on for six weeks; the first performance verification week has arrived. The lending side is also shifting gears, with Morpho active loans reaching a historical high of $5 billion, nearing Aave. However, Centrifuge poured cold water on this, with a report on September 2 indicating that only 12% of tokenized assets truly integrated into DeFi portfolios. There are more on-chain, but still a minority on the market.
The machines are fighting for positions. Visa's payment connection with OpenAI allows agents, with user authorization, to place orders directly in conversations; Visa’s Chief Product Officer stated: "This transformation is more profound than that of the internet and mobile."
Anthropic is heading in the opposite direction, open-sourcing the Claude Commerce Agents blueprint, with agents embedded in merchants' own apps, allowing merchants to choose payment methods. One is fighting for the entry point, while the other stands with merchants. In the same week, x402 began to see dilution: a total of 165 million transactions and 69,000 active agents, with about half of the transaction volume suspected to be testing traffic. The first audit of the machine economy’s volume boost.
Wall Street has already become validators, while the Senate is still counting votes.
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