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Tether plans to raise $15–20 billion via issuing new shares, potentially valuing it near $500 billion to expand into AI, commodities, energy, media.

Internal challenges include limited reserve transparency, volatile asset allocation, and weak governance—raising doubts about liquidity and regulatory resilience.

Outside threats: rivals (Circle, PayPal, Hyperliquid, Robinhood), regulatory scrutiny, and possible zero-sum stablecoin market growth threaten Tether’s dominance.

Tether aims for a $500 billion valuation via raising $15–20 billion, but faces internal risks (reserve opacity, governance, complex diversification) and external pressures from competitors and tighter regulation.

 

Global stablecoin issuer Tether is considering raising $15–20 billion via private placements, representing about 3% of its shares. If successful, the move could value the company at nearly $500 billion—comparable to OpenAI. The funds would be used to massively scale its presence in existing and new business areas, including stablecoins, distribution ubiquity, AI, commodities, energy, communications, and media.

 

This financing would be done by issuing new shares, not via existing shareholders selling. However, the deal is still in early negotiation, and key terms may change. Tether CEO Paolo Ardoino confirmed the intention and said the expansion would “exponentially amplify” its strategic footprint.

 

 

Though its USDT stablecoin market cap recently exceeded $172 billion—well ahead of the second-place rival, Circle (with USDC ~ $74 billion)—Tether’s dominance does not guarantee immunity.

 

Internal Challenges

 

Reserve transparency and structure: Tether claims full backing for USDT, but lacks continuous third-party audit and only publishes quarterly reports. The public still questions its reserve composition and liquidity.

Risky asset allocation: Reserves include not only USD cash and Treasury bonds, but also Bitcoin, gold, and other volatile assets. Diversification may boost yield but raises valuation and liquidity risks under stress.

Governance & compliance gaps: To comply with new regulatory regimes like the GENIUS Act, Tether needs stronger internal controls, audit mechanisms, and risk governance. Its current structure lacks full transparency and standardization.

Complex expansion: Tether’s strategy now spans AI, energy, commodities, and more. While strategically ambitious, this diversification increases operational complexity and could divert attention from its core stablecoin business.

 

External Threats

 

Intensifying competition: While Tether leads, rivals like Circle, PayPal (with PYUSD), Hyperliquid (USDH), and Robinhood are aggressively expanding via better compliance, innovation, or integrated services.

Regulatory pressure: As regulators worldwide tighten rules around stablecoins, Tether will face scrutiny over reserve backing, risk controls, and governance.

Market structure constraints: JPMorgan research suggests stablecoins’ growth may be zero-sum, meaning new issuance mostly shifts share rather than expands total market. Tether must defend share amid a stagnant aggregate market.

 

In summary, Tether’s plan to raise capital and expand could place it among the most valuable private firms. But its supremacy is challenged by internal transparency and governance weaknesses—and by external competitors and regulatory headwinds. Its ability to sustain leadership will hinge on its internal discipline and regulatory strategy.

〈Stablecoin powerhouse Tether seeks a $500B valuation: what internal and external challenges lie ahead?〉這篇文章最早發佈於《CoinRank》。

YieldBasis, created by Curve founder Michael Egorov, removes impermanent loss with leveraged AMM, offering sustainable BTC yield and institutional-grade DeFi infrastructure.

The protocol leverages BTC with crvUSD, auto-rebalances positions, and issues ybBTC, providing stable returns and Curve ecosystem synergy without value erosion.

Backed by Curve DAO and Kraken launchpad, YieldBasis launches with strong adoption, promising 20% APR and reshaping BTC yield markets in 2025.

 

YieldBasis (YB) is an innovative decentralized finance (DeFi) protocol. It aims to provide sustainable on-chain yield for holders of major assets such as Bitcoin (BTC), while fully removing impermanent loss (IL) for liquidity providers (LPs). The project was started by Michael Egorov, the founder of Curve Finance. It focuses on a new automated market maker (AMM) design that turns BTC into a “value-protected” yield asset.

 

Unlike traditional AMMs, YieldBasis uses leverage and auto-rebalancing. This keeps LP value stable through price swings and lets LPs capture trading fees. In the 2025 DeFi recovery, many view YieldBasis as the “ETH staking moment” for BTC yield. Its recent launch and fundraising news have added confidence to the market.

 

RECENT NEWS AND DEVELOPMENTS

 

In September 2025, YieldBasis arrived with a tight series of events. These moves marked its shift from testnet to mainnet and drew fast attention through ecosystem integrations. On September 24, the Curve DAO passed a proposal for a crvUSD credit line for YieldBasis by a wide margin.

 

There was some debate on risk details, but the decision injected $60 million of liquidity. This cemented YieldBasis as a core part of the Curve ecosystem. The proposal said YieldBasis’s leverage model will route BTC back into Curve’s stablecoin pools, lift the value of CRV, and grow DAO revenue. The topic sparked heavy discussion on X. Many saw it as a milestone for Michael Egorov’s return to DeFi.

 

Two days later, on September 26, the mainnet went live. It launched three pools first: WBTC, cbBTC, and tBTC. Each had a $1 million cap, for a total $3 million TVL potential. These pools aim to remove IL for BTC LPs. Users deposit BTC and receive ybBTC. They can earn on-chain yield with 2x leverage.

 

Media outlets such as CoinDesk called it a “BTC DeFi milestone.” The reason: it brings Curve AMM expertise while avoiding value erosion from market volatility. On launch day, the contracts were audited and deployed on Aragon OSx. TVL climbed fast, and some pools neared their caps within hours. Backtests suggested about 20% APR potential. This fueled community excitement.

 

On September 29, the presale started on Kraken and Legion Launchpad. The target raise was $5 million, with a $200 million FDV, and 100% TGE unlocking. As a first launch project, it combined Legion Score (priority for scores > 350) and Kraken compliance. Users could join after KYC.

 

 

The soft cap was $25 million. Tutorials flooded X, from invoice proofs to score tips. The community called it the start of a new “ICO season.” Kraken’s $15 billion valuation drew institutional interest. The presale opened at 2:00 p.m. UTC, with FCFS on October 1. A proposal to extend cbBTC on Base also went to a vote. The path to $100 million TVL looked clear. These events linked together and brought fresh momentum to YieldBasis, continuing the run from Hemi and Merlin into October.

 

PROJECT BACKGROUND AND TEAM

 

YieldBasis targets a long-time DeFi pain point: IL for LPs in AMMs. IL causes LPs to lose value during price moves versus simple holding. Michael Egorov, founder of Curve Finance, helped set industry standards for stablecoin and liquidity pools. His AMM expertise carries over to YieldBasis. The project started in early 2025. It quickly won support from the Curve DAO and several funds, and it integrated with Coinbase’s cbBTC. The team is strong. Egorov leads development with engineering talent from Curve. The protocol is deployed on Ethereum and Base. In February 2025, YieldBasis raised $5 million at a $50 million token valuation from veteran DeFi investors. The official website (yieldbasis.com) and X account (@yieldbasis) are active. The message is “turn crypto assets into productive assets.” Recently, the protocol worked with Kraken and Legion to launch a new user channel through a launchpad.

 

TECHNICAL MECHANISM ANALYSIS

 

The core innovation is its AMM design. Users deposit BTC, and the protocol issues ybBTC. ybBTC represents a right to a 2x leveraged BTC/crvUSD Curve LP position. The protocol borrows crvUSD to lever the LP position to 2x. An auto-rebalancing algorithm tracks the BTC price. It keeps the LP exposed 1:1 to BTC instead of price volatility risk. This leveraged, self-balancing AMM (LEVAMM) is different from Uniswap’s x*y=k. When price rises, the protocol borrows more crvUSD to buy more BTC. When price falls, it sells some assets to repay debt. This keeps debt at 50% of LP value at all times. The LP curve then moves with the asset price and avoids IL. Historical backtests showed about 20% APR in both bull and bear markets (based on real trading fees, not guaranteed). ybBTC can plug into money markets and DEXs on Ethereum and Base. The roadmap includes ETH and other tokenized assets. Governance uses a veYB model. Lock YB to earn voting power and fee share. This gives long-term holders control. The protocol passed audits and is deployed on Aragon OSx. This improves governance robustness. YieldBasis looks closer to institutional-grade infrastructure than an experimental protocol.

 

TOKEN ECONOMICS AND SALE DETAILS

 

The total YB supply is 1 billion. The initial circulating supply is 87.91 million. The price is $0.20. The distribution favors the community. Forty percent goes to rewards and airdrops, and veYB holders capture fees. The sale has two phases. The presale (September 29) uses Legion Score (X/GitHub/on-chain activity). Users with scores > 350 get priority. The soft cap is $25 million. The FCFS round (October 1) runs on Kraken and Legion. It is first-come, first-served. The cap is $10,000 USDC per person. Community feedback says a Kraken debut, as a U.S. compliant exchange, should draw institutions. Backtests show YB holders may earn 15–20% sustainable yield.

 

MARKET ANALYSIS AND POTENTIAL

 

In 2025, DeFi TVL is over $200 billion. Demand for BTC yield is rising. After BTC ETFs, holdings exceeded $50 billion. YieldBasis fills a gap. Traditional BTC LPs (such as WBTC/ETH pools) can see IL up to 20%. YB’s design targets zero IL. It competes with Pendle and Aave, but it is unique in its focus on BTC leverage. Potential drivers include Kraken’s user base (over 10 million) and Curve ecosystem synergy. TVL could reach $100 million within six months. High APR (20%+) attracts retail users. Institutions like compliance features. Community momentum is strong. Discussion on X is rising, and the Legion sale is seen as the start of a new “ICO season.”

 

CONCLUSION

 

YieldBasis is not a simple yield protocol. It is an upgrade to DeFi infrastructure. Through Egorov’s AMM design, it turns BTC from “digital gold” into “productive gold.” The recent mainnet launch, DAO support, and a Kraken debut show the project is entering a breakout phase. For investors who believe in BTC DeFi, joining the sale could be a low-bar way to start. But watch Legion Score and gas fees. In the future, YieldBasis may reshape a $100 billion BTC liquidity market. It is worth long-term tracking.

〈YieldBasis Project In-Depth Research Report〉這篇文章最早發佈於《CoinRank》。

Plasma has relaunched as a payment-focused Layer 1, aiming to make USDT transfers free while anchoring security to Bitcoin.

 

Its tokenomics combine declining inflation, fee burns, and a unique “reward slashing” model that lowers staking risk and could tighten supply.

 

Heavy exchange subsidies and the Plasma One neobank app are driving early adoption, but long-term success hinges on decentralization, audits, and sustainable yields beyond promotions.

Stablecoins have shifted from being a trading tool to becoming everyday money. That change reshaped the battlefield. The winners are no longer those with the flashiest DeFi tricks but those who solve four basic problems: fees, speed, compliance, and yield. Plasma is betting everything on these fundamentals. Its promise of “zero-fee USDT transfers” marks a break with its past as a DeFi aggregator and a full reset into a purpose-built Layer 1 for payments. The question is not whether the hook works—it clearly does—but whether Plasma can turn this head start into lasting adoption, sustainable economics, and real defenses against rivals like Tron, Arc, and Tempo.

 

FROM PPAY TO XPL: A FULL RESET

 

Plasma began life under a different name and mission. Back in 2017, founder Ilia Maksimenka launched PlasmaPay, a fiat on-off ramp and wallet. Plasma Finance followed soon after, positioned as a DeFi aggregator with its ERC-20 token PPAY. At that time, the biggest problem was fragmented protocols and clunky interfaces. A single dashboard that could manage Uniswap, SushiSwap, and others felt like the answer.

 

That model lost relevance. PPAY’s market cap collapsed, the brand drifted, and the aggregator pitch faded. The real pivot came in September 2025, when Plasma Blockchain went live with its mainnet beta. A new CEO, Paul Faecks—formerly with Tether’s institutional business—took over. The token became XPL, a native Layer 1 asset. The domain switched to plasma.to. The old product had been about retail-friendly investing. The new one is about making stablecoin payments faster and cheaper at scale.

 

The technology matches the ambition. Plasma is fully EVM compatible, built on the Reth client for performance, and runs PlasmaBFT consensus to hit sub-second finality. Its standout feature is protocol-level paymasters and a dedicated “economic channel” that makes USDT transfers free for end users. To deliver this from day one, the network launched with permissioned validators and a foundation-operated free channel. To anchor trust, it regularly commits state to Bitcoin, tying Plasma’s ledger to the most secure chain in the world.

 

The message is simple: Plasma is no longer a dashboard for DeFi. It wants to be the rail for money itself.

 

ENGINEERING AND ECONOMICS: TURNING FREE INTO VALUE

 

Nothing in crypto is truly free. Plasma’s model works because it limits what is free. Only simple USDT transfers cost nothing. Every other action—smart contracts, lending, trading—still runs on XPL. Users don’t need to hold XPL directly; they can pay in USDT or BTC thanks to “custom gas,” or have protocols cover costs through sponsored fees. That keeps onboarding smooth while still pushing demand for XPL.

 

The tokenomics are designed for sustainability. XPL’s supply is capped at 10 billion, with 1.8 billion live at launch. Forty percent funds ecosystem growth, while team and investors each hold 25% on long lockups. Inflation starts at 5% and drops to 3% over time. Like Ethereum’s burn model, base fees are destroyed. If activity grows, these burns could offset inflation.

 

One unique feature is “reward slashing.” When validators fail, they lose only their unclaimed rewards, not their principal stake. Delegators’ capital remains safe. This is unusual in proof-of-stake and makes staking accessible to risk-averse users. The likely outcome: higher staking participation, tighter circulating supply, and stronger network security.

 

The value loop is clear. Free payments bring people in. DeFi usage drives transactions. Fees are burned. Inflation gets balanced. But the loop only works if users actually move into DeFi and if the ecosystem produces enough activity. Without that, Plasma risks being seen as nothing more than a free transfer rail—popular with users but failing to feed value back into XPL.

 

THE COLD START ENGINE: SUBSIDIES AND THE PLASMA ONE FUNNEL

 

Every new chain needs a spark. Plasma chose brute force: massive subsidies. Binance offered a 75 million XPL airdrop and a deposit program that pulled in $250 million in an hour. Bitget launched a pool worth 2.2 million XPL. Bybit stacked on with a 9 million XPL “Tokensplash,” free USDT withdrawals, and staking yields as high as 100% APR for new users. The effect was instant—within days, Plasma’s TVL passed $2 billion, putting it among the most liquid stablecoin networks overnight.

 

But subsidies burn out quickly. Real adoption depends on product. Plasma’s flagship is Plasma One, pitched as a stablecoin-native neobank. It advertises double-digit APY on deposits and cashback on card spending. The app looks like a simple fintech wallet, while in the background deposits flow into Aave, Ethena, and staking derivatives. The pitch: you don’t need to understand DeFi—you just get yield and payments that work.

 

The design is a funnel. Free transfers bring in traffic. Plasma One converts them into sticky users. DeFi back-ends generate the yield. The catch: more than 10% APY is not sustainable in normal conditions—it comes from the growth fund. Once the subsidies fade, the strength of the funnel will be measured by whether Plasma One can keep users with real, market-driven returns.

 

Reward slashing again plays a role. Because staking feels safe, more users may lock XPL even after promotions end, keeping supply tight and the network secure. If the funnel and staking system hold together, Plasma could make the leap from subsidized hype to a self-sustaining economy.

 

THE BATTLEFIELD AND THE ROAD AHEAD

 

The stablecoin settlement race is splitting into two camps. On one side sits Tron, powering cheap USDT transfers across emerging markets. On the other, institutional rails are forming around Circle’s Arc and Stripe-backed Tempo, designed for compliance-heavy USDC use cases. Plasma is trying to straddle both. Its zero-fee USDT design targets Tron’s base, while its investors, compliance stack, and Bitcoin anchoring story appeal to institutions.

 

It is a bold but risky two-front strategy. Success means capturing both ends of the market. Failure means being stretched too thin.

 

The milestones to watch are clear. First, decentralization: when will validators open, when will the free channel be trustless, when will the paymaster move under governance? Second, security transparency: Plasma has yet to publish a full audit from a top-tier firm, a glaring gap for a network holding billions. Third, post-subsidy yields: what APYs will Plasma One and on-chain DeFi deliver once the growth fund stops covering the difference? Fourth, complex activity: only if payments lead to real DeFi usage will burns balance inflation and XPL avoid dilution.

 

Plasma has already shown how to run a textbook launch: clear hook, pragmatic tech, strong partners, heavy liquidity, and aggressive incentives. But the long game is harder. It must prove decentralization, deliver real yields, and survive without subsidies.

 

If it does, Plasma could become more than Tron’s rival or Arc’s alternative. It could be the default rail for stablecoins, the invisible layer under everyday money. If not, it risks joining the long list of projects that peaked at launch.

 

The real verdict will come when users and institutions no longer ask which chain to use. If the answer is simply, “we use Plasma,” then the project will have made the leap from promise to infrastructure.

 

〈Plasma: Building Rails for the Stablecoin Era〉這篇文章最早發佈於《CoinRank》。

Hong Kong’s Stablecoins Ordinance drew strong initial interest, with dozens of entities signaling applications, but enthusiasm has cooled as regulatory challenges became clearer.

 

China’s CSRC urged brokerages to pause RWA tokenization in Hong Kong, indirectly affecting stablecoin strategies by disrupting business models and confidence across the sector.

 

The HKMA is expected to issue only a few licences in 2026, with larger institutions favored, while smaller firms may delay, withdraw, or seek other jurisdictions.

Hong Kong’s stablecoin licence regime began with strong enthusiasm, but regulatory caution and RWA restrictions have slowed momentum, creating uncertainty for applicants and the market’s future.

INTRODUCTION

 

At the outset, Hong Kong’s stablecoin policy generated significant enthusiasm.

 

Since the Stablecoins Ordinance took effect on August 1, 2025, there has been growing interest across the blockchain and financial sectors. The framework promised clarity: the issuance of fiat-referenced stablecoins would now require a licence from the Hong Kong Monetary Authority (HKMA). Within weeks, reports indicated that 77 entities had expressed interest in applying. The atmosphere was optimistic, with many anticipating Hong Kong’s potential to become a leading hub for regulated stablecoins in Asia.

 

Yet, this optimism soon met its first obstacle.

 

In late September, media reports suggested that China’s securities regulator, the CSRC, had informally advised several mainland brokerages to pause their real-world asset (RWA) tokenization projects in Hong Kong. Although this guidance was not directed at stablecoins specifically, the connection between RWA tokenization and stablecoin issuance is significant. RWA structures often underpin stablecoins by providing collateral or supporting use cases, so restrictions on RWA inevitably affect the broader ecosystem.

 

As a result of this shift in tone, confidence among potential applicants began to waver.

 

Several prospective licensees reconsidered their strategies. Some slowed their applications, while others reportedly stepped back altogether. The optimism of early August gave way to caution, as firms weighed the costs and risks of proceeding under heightened uncertainty. Smaller players, in particular, appear more vulnerable, given the higher compliance and capital requirements attached to the licensing regime.

 

FACTORS BEHIND THE SHIFT

 

The reasons for this growing hesitation are multifaceted. First, regulatory uncertainty has created anxiety. If Beijing’s informal guidance becomes a long-term policy stance, firms fear greater oversight or restrictions down the line. Second, the compliance burden is substantial. The HKMA requires robust governance, strict KYC/AML procedures, and 100 percent reserve backing, which represent significant costs. Third, investor sentiment is fragile. When well-known companies hesitate, confidence across the sector tends to weaken. Finally, some projects are exploring alternative jurisdictions, such as Singapore or the UAE, where regulatory expectations may be clearer or more flexible.

 

IMPLICATIONS FOR THE MARKET

 

Taken together, these factors have tangible consequences for the market. The number of licence applications is likely to be smaller than initially expected, and competition may be concentrated among a handful of large, well-capitalised institutions. These firms may include banks, telecoms, or major technology companies, rather than the lean startups that first viewed Hong Kong as a gateway. This concentration could ensure regulatory robustness but may limit diversity and innovation in the short term.

 

OUTLOOK AND FUTURE DEVELOPMENTS

 

Looking forward, much will depend on how the HKMA implements the new framework. The regulator has suggested that the first licences may be issued in early 2026, but only to a small number of applicants. Observers expect the HKMA to proceed cautiously, prioritizing stability over rapid expansion. The success of the first licensed stablecoins will be closely monitored, as their performance will help determine whether the framework inspires confidence or prompts further adjustments.

 

Ultimately, the direction of Hong Kong’s stablecoin policy will be shaped by both local and mainland considerations. Authorities may refine certain rules, potentially offering sandboxes or pilot programs if the market demonstrates low-risk adoption. At the same time, developments in Beijing will remain critical. If mainland regulators continue to hold a cautious stance toward digital assets and tokenization, Hong Kong’s room for maneuver may be limited. Conversely, if attitudes soften, Hong Kong could see renewed momentum.

 

In summary, Hong Kong’s stablecoin licence regime began with strong enthusiasm, but recent regulatory signals have introduced a more cautious atmosphere. The industry now faces a period of adjustment, as firms balance the opportunities of being early movers against the risks of uncertain policy direction.

〈HONG KONG STABLECOIN LICENCE: FROM HYPE TO HESITATION〉這篇文章最早發佈於《CoinRank》。

Xphere’s Skyline event spotlighted PoW advancements, showcasing novel mining technologies, optimizations, and sustainability approaches to an engaged crypto audience.

The mixer facilitated networking among blockchain developers, miners, investors, and thought leaders, building bridges across the PoW ecosystem.

Attendees explored collaborative opportunities, research sharing, and partnership ideation to propel proof-of-work innovation and real-world deployment.

Xphere hosts the Skyline PoW Mixer, uniting blockchain innovators with immersive proof-of-work demonstrations, partner showcases, and community dialogue to spark collaboration and growth.

 

XP1 draws great interest as an ultra-lightweight home miner lowering the entry barrier to PoW participation

A practical turning point for blockchain mass adoption… enthusiastic response from attendees

Strengthening ecosystem security through collaboration with global partners such as Nansen, Bitmain, Ankr, and OneKey

 

Seoul, September 23, 2025 — Dual-chain mainnet Xphere successfully hosted the blockchain event “Skyline PoW Mixer” on September 23 at Hotel Cappuccino in Gangnam, Seoul.

 

The event was held as an official side event of Korea Blockchain Week (KBW) 2025, bringing together blockchain industry leaders, investors, and developers to discuss the expansion potential and technological direction of Proof-of-Work (PoW)-based blockchain ecosystems.

 

 

The highlight of the event was the first public unveiling of the XP1 home miner, co-developed with Bitmain.

XP1 is a blockchain mining device designed with an ultra-lightweight and low-power structure, enabling anyone to easily participate in mining. The physical product was revealed for the first time at the event.

 

XP1 features an intuitive user interface suitable for non-experts, as well as a compact design and low-noise operation. Attendees showed strong interest in the product, which significantly lowers the entry barrier to mining participation.

 

Xphere stated, “XP1 is a milestone for the mass adoption of PoW, realizing a structure where anyone can contribute to the security of the blockchain network.”

 

At the event, a strategic partnership between Xphere and the on-chain data analytics company Nansen was also announced.

Through this partnership, Xphere plans to strengthen the transparency and governance trust of PoW-based networks, while accelerating the realization of a data-driven, open Web3 ecosystem.

 

The event’s Gold Sponsors included Bitmain, the world’s largest mining hardware manufacturer, and Psy Protocol, a next-generation blockchain architecture developer. Silver Sponsors included Nansen, global Web3 infrastructure company Ankr, and Korea’s only hardware wallet brand D’Cent. Bronze Sponsors were open-source hardware wallet brand OneKey, the global PoW consortium PoW Alliance, and Web3 venture infrastructure company Niza Labs.

 

Xphere has recently been strengthening its blockchain security infrastructure partnerships across the full cycle, including home mining cooperation with Bitmain, RPC and validator union partnership with Ankr, and co-branded hardware wallets with OneKey. Through these efforts, Xphere aims to set the standard for a truly decentralized security ecosystem.

 

Kritesh Tripathi, Co-Founder of Xphere, said:

“The unveiling of XP1 is not merely a product launch but a milestone for the democratization of participation in blockchain security governance. Going forward, together with global partners such as Bitmain, Nansen, Ankr, and OneKey, we will continue to build a Web3 environment where anyone can safely contribute to blockchain security.”

 

Xphere plans to lead the practical mass adoption of Web3 through data-driven ecosystem operations and the expansion of global partnerships.

 

📩 Media Contact

 

Xphere Foundation
Email: [email protected]

〈Xphere Successfully Hosts Skyline PoW Mixer〉這篇文章最早發佈於《CoinRank》。