CoinShares verzeichnet 32,4 Mio. US-Dollar Gewinn im Q2 und peilt einen baldigen Börsengang an, denn dank starker Krypto-Kurse geht der Vermögensverwalter von weiterem Wachstum aus.
Tether reverses USDT freezing on 5 chains, allows transfers, but ends issuance
- Tether has said that while USDT transfers on the five blockchains remain possible, no new USDT will be issued or redeemed.
- Tether is shifting its focus to Ethereum, Tron, and other high-demand networks.
- The stablecoin market is projected to reach $2T by 2028 amid rising US support.
Tether has adjusted its earlier plan to freeze USDT smart contracts on five blockchains, opting instead to let users continue transferring tokens while halting issuance and redemption.
The change affects Omni Layer, Bitcoin Cash SLP, Kusama, EOS, and Algorand, networks that now represent only a fraction of USDT circulation.
A shift from freezing to phasing out
In July 2024, Tether announced it would cease redemptions and freeze tokens on the five chains starting September 1, 2025. However, in an August 29 communication, the company seems to have reversed the freeze, opting for a halt to issuance and redemption.
However, following feedback from the communities tied to those blockchains, the company has revised its approach.
While transfers will remain possible, Tether will no longer mint or redeem tokens on these chains, effectively leaving them unsupported.
This move marks the end of an era for Omni Layer in particular, once the foundation for USDT issuance, now holding just under $83 million.
EOS trails with a little over $4 million, while the remaining chains each carry less than $1 million.
In contrast, Ethereum and Tron dominate the stablecoin’s footprint, with more than $150 billion issued between them.
Focus shifts to high-demand ecosystems
The decision underscores Tether’s strategy of consolidating around chains with strong liquidity and developer activity.
Ethereum, Tron, and BNB Chain remain the company’s priority networks, while newer platforms such as Arbitrum, Base, and Solana are gaining traction, particularly for rival USDC.
By reducing attention to legacy blockchains, Tether aims to streamline resources toward ecosystems that promise scalability, user demand, and integration with broader digital finance.
Stablecoins entering a new policy era
Tether’s recalibration highlights the balancing act between legacy commitments and future opportunities.
While tokens on Omni, EOS, and other discontinued chains remain transferable, the company’s attention is firmly fixed on larger, more dynamic ecosystems.
At the same time, traditional finance players such as Western Union are exploring stablecoins to modernise remittances and improve currency conversion, pointing to a broader wave of adoption.
Additionally, the timing of Tether’s move coincides with growing policy support for stablecoins in the United States.
The recent GENIUS Act, signed by President Trump, provides regulatory backing for dollar-pegged assets as a tool to extend US currency influence in digital markets.
In addition, the US Treasury projects that the stablecoin sector could exceed $2 trillion by 2028, up from its current $285.9 billion.
Ripple’s chief executive has suggested growth may accelerate even faster, potentially reaching that mark within just a few years.
As stablecoins expand into payments, savings, and global transfers, Tether’s shift reflects both market realities and the demands of a sector rapidly preparing for trillion-dollar growth.
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PUMP token price gains momentum amid aggressive buybacks by Pump.fun
- Pump.fun buybacks have offset over 4.2% of the PUMP token supply.
- PUMP’s market cap has rebounded past $1.29B with volumes above $335M.
- Pump.fun has reclaimed Solana dominance with 38k daily active users.
The PUMP token has returned to the spotlight, gaining momentum after a wave of aggressive buybacks by Pump.fun, the Solana-based memecoin launchpad.
Pump.fun’s latest moves have shifted market sentiment, with traders showing renewed confidence in the project’s ability to sustain its position at the heart of Solana’s retail-driven activity.
Buybacks fuel price recovery
Pump.fun has spent heavily on buybacks in August, with more than $62 million worth of PUMP tokens repurchased since the start of the month.
Between August 20 and 26 alone, the platform allocated $10.66 million — equivalent to more than 99% of its revenue that week — towards token repurchases.
Over a two-week stretch earlier in the month, Pump.fun spent an additional $19.26 million to scoop up nearly three billion tokens, trimming the circulating supply by almost 1%.
These buybacks have offset more than 4.2% of PUMP’s total circulating supply to date.
Each repurchase reduces selling pressure and reassures investors that the platform is backing its native asset with revenue generated from its surging activity.
This approach has already lifted PUMP’s price by more than 30% in the past month, helping the token recover from its late July lows.
PUMP market cap rebounds beyond $1 billion
The impact of these moves has been visible in market capitalisation figures.
After tumbling sharply in mid-July, PUMP has climbed back above the billion-dollar mark, reaching around $1.29 billion as of the latest CoinGecko data.
The fully diluted valuation now sits above $3.6 billion, reflecting the scale of long-term potential if buybacks and adoption continue at pace.
Trading activity has also strengthened. In the past 24 hours, PUMP recorded volumes exceeding $335 million, highlighting robust liquidity in a period where broader Solana decentralised exchanges have seen declining participation.
This rebounds positions Pump.fun as one of the most active and profitable applications on Solana, rivalling well-established DeFi players.
Pump.fun dominance draws traders back
Pump.fun’s resurgence is not only tied to buybacks but also to a significant recovery in its market share.
At the start of August, the launchpad accounted for just over 11% of Solana coins.
Within weeks, that share had surged above 90% before stabilising around 62% of sector revenue.
Daily active users on Pump.fun have jumped above 38,000, leaving rivals like LetsBonk with only a fraction of the activity.
This resurgence has been amplified by the success of tokens like $TROLL, which soared 250% in August and reinforced the speculative energy fueling Pump.fun’s ecosystem.
The sheer number of tokens created, more than 293,000 in just two weeks, underscores how the platform has captured the imagination of retail traders seeking quick exposure to memecoin plays.
Outlook remains cautious despite bullish momentum
From a technical perspective, the PUMP token has broken above its short-term moving averages, with indicators such as the Relative Strength Index (RSI) and MACD being bullish.
In addition, the current price of $0.003625 is pressing against the $0.00375 resistance level, a key threshold that traders are watching closely.
A clear break past the resistance at $0.00375 could open the door to a return above $0.004, levels last seen before July’s selloff.
However, there are questions about the sustainability of the aggressive buybacks that cast a shadow on the long-term outlook for PUMP.
Notably, more than half of the circulating supply is still concentrated in early holders, and sudden exchange inflows could spark renewed volatility.
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Wormhole price outlook turns bearish after rallying on HyperEVM integration
- The Wormhole (W) price surge has faded as Bitcoin weakness drags the crypto market lower.
- Technical analysis shows bearish momentum with support at $0.08 under pressure.
- HyperEVM launch on Wormhole expands cross-chain liquidity and developer adoption.
Wormhole’s cryptocurrency, W, has faced a sharp bearish pullback after briefly rallying on the news of HyperEVM’s integration into its ecosystem.
The much-anticipated integration connected Wormhole to Hyperliquid’s high-performance blockchain, opening new cross-chain liquidity channels.
However, despite the promising expansion of utility, bearish signals across technicals and derivatives have cast a shadow over its price outlook.
HyperEVM integration expands Wormhole’s reach
The HyperEVM launch represents a milestone for Wormhole’s long-term ecosystem strategy.
Notably, HyperEVM brings EVM compatibility directly into Hyperliquid, a performant L1 blockchain capable of processing 200,000 orders per second with billions in daily trading volume.
By integrating with Wormhole, HyperEVM enables cross-chain liquidity access while allowing developers to deploy ERC-20s and interact with HyperCore’s deep on-chain order books.
Users can now move assets seamlessly between HyperEVM and Wormhole’s 40+ supported blockchains through the Wormhole Portal.
Developers, on the other hand, can integrate token transfers into their applications with just a few lines of code using Wormhole Connect.
A rally cut short
The initial market reaction to the HyperEVM announcement was strong.
On August 29, Wormhole surged more than 33% in just a few hours, climbing from $0.079 to $0.106 as traders rushed in to bet on a longer-term upside as the integration unlocked asset transfers between HyperEVM and over 40 blockchains.
However, the enthusiasm was short-lived.
As Bitcoin (BTC) slipped below $110,000, Wormhole lost momentum and began to slide back toward the $0.08 support zone.
By the close of trading, much of its intraday gains had evaporated. The sharp rejection at the $0.085 mid-range resistance underscored how fragile the rally had been.
Technical analysis flash warning signs
Price charts confirm that Wormhole (W) remains under heavy bearish pressure.
On the weekly timeframe, the token has been unable to break past its swing highs, with resistance set near $0.104 and support at $0.054.
Since April, it has made new swing lows, leaving its broader market structure tilted to the downside.
The daily chart highlights a defined trading range between $0.071 and $0.098. While volatility has picked up, momentum indicators are pointing in the wrong direction for bulls.
The Chaikin Money Flow (CMF) remains negative at -0.21, suggesting consistent capital outflows from the market.
The Awesome Oscillator has also tilted toward weak bearish momentum, while the Stochastic RSI is approaching overbought conditions that could signal another downward move.
Short-term action is equally cautious. On the two-hour chart, Wormhole (W) is hovering above the $0.08 order block, a level that recently provided the base for its rally.
If the support at $0.08 gives way, the path toward the lower end of the range near $0.071 becomes more likely.
Wormhole derivatives show retail optimism, but risk looms
Data from Coinglass reveals an interesting split between retail traders and top accounts.
The overall W derivatives trading volume has fallen sharply by 48% to $532 million, even as open interest rose slightly to $75 million.
In addition, the global long-to-short ratio stands below parity at 0.95, reflecting a mild short bias.
However, on Binance and OKX, account ratios showed a clear lean toward longs, with retail traders heavily positioned for a rebound.
In contrast, top traders’ positions were almost evenly balanced, hinting at a hedging stance rather than conviction.
This divergence leaves retail longs vulnerable if the broader bearish trend continues.
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21Shares launches Hyperliquid ETP on Swiss Exchange amid surging DeFi volumes
- 21Shares lists first Hyperliquid ETP on SIX, offering regulated exposure to HYPE token.
- Hyperliquid hits $319B monthly trades, capturing 35% of blockchain revenue in July.
- Market concerns linger, but analysts see long-term growth in DeFi derivatives demand.
21Shares, a Switzerland-based asset manager and issuer of crypto exchange-traded products (ETPs), has listed the Hyperliquid ETP on the SIX Swiss Exchange.
The new product provides institutional and retail investors with exposure to Hyperliquid’s native token (HYPE) without the need for wallets or on-chain custody.
The listing represents the first institutional-grade investment vehicle offering direct exposure to the Hyperliquid protocol.
It arrives just days after HYPE reached an all-time high of $50.99, reflecting the platform’s growing influence in the decentralized finance (DeFi) derivatives sector.
Mandy Chiu, head of financial product development at 21Shares, praised Hyperliquid’s trajectory, stating that its “growth has been nothing short of extraordinary, and the underlying economics are among the most compelling we’ve seen in the space.”
Founded in 2018, 21Shares has a record of launching regulated digital asset products.
Its portfolio includes the first physically backed crypto ETP, as well as spot Bitcoin and Ether ETFs in the US.
In Europe, the firm has built a suite of crypto ETPs spanning single-asset offerings like Solana (SOL) and Dogecoin (DOGE) to diversified baskets and staking-focused funds.
Hyperliquid’s rapid rise in DeFi
Hyperliquid launched in late 2022 as a layer-1 blockchain with a decentralized exchange specializing in perpetual futures.
Unlike many DeFi platforms that rely on automated market makers, Hyperliquid uses a traditional onchain order book to match buy and sell orders directly.
Trades are cleared in under a second without reliance on oracles or off-chain infrastructure.
The exchange’s fee structure funnels transaction costs into daily buybacks of its native HYPE token, supporting demand for the asset.
This model has helped fuel explosive growth across trading volumes, revenues, and user adoption.
In July, Hyperliquid processed $319 billion in trades—the highest monthly volume ever for a DeFi perpetuals platform.
That activity contributed to a total of nearly $487 billion in decentralized perpetual trading volume, according to DefiLlama.
The platform also captured 35% of all blockchain revenue that month, surpassing competitors on Solana, Ethereum, and BNB Chain.
Hyperliquid has since emerged as the seventh-largest derivatives exchange globally by daily trading activity, with more than 600,000 registered users as of July.
While a 37-minute outage on July 29 briefly disrupted trading, the protocol reimbursed $2 million in losses, winning support from its community for its quick response.
Balancing growth and market concerns
Despite its momentum, questions remain over market integrity.
On Wednesday, four large traders allegedly manipulated the market for Plasma’s XPL token, briefly driving its price 200% higher to $1.80 before smaller participants absorbed heavy losses.
The suspected manipulation generated $48 million in profits for the traders involved.
Still, optimism for Hyperliquid’s long-term trajectory remains strong.
At the WebX 2025 conference in Tokyo, BitMEX co-founder Arthur Hayes projected that the HYPE token could rise 126-fold over the next three years, citing the exchange’s robust fee revenue and the broader expansion of stablecoins.
As institutional-grade products such as the 21Shares Hyperliquid ETP launch, investor access to emerging DeFi infrastructure continues to expand.
While governance and market risks persist, Hyperliquid’s rapid ascent underscores the growing demand for decentralized derivatives and the financial instruments designed to track their performance.
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