Olivia Capozzalo & Jona Jaupi
September 17, 2025

gm, Defiers!

Today’s big story:

Crypto markets are quiet this morning as traders look ahead to the Federal Reserve’s big policy decision this afternoon.

In other news:

Maple’s $200M Plasma vault fills in under a minute
Botanix launches native BTC yield token
Managed DeFi firm Tesseract gets a MiCA license
What is Whisk? Exploring the Stellar Network’s latest protocol 23 upgrade [SPONSORED]
Treehouse Finance: Bringing fixed income infrastructure to DeFi [SPONSORED]

Read more below! But first, please give our sponsors some love; they make this newsletter possible.

Stellar Core Upgrades Pave Path to 5000 TPS and 2.5 Second Block Time

The Stellar network has always been one of the cheapest, but now it looks like the network upgrades will halve block time and increase throughput by parallelizing Stellar core. With planned upgrades, the Stellar network will incorporate new core advancement protocols that bring this performance even closer to reality.

We’re back! Here’s what you need to know in web3 today

📈 Markets in the Last 24 Hours

TICKER	VALUE	24H
Bitcoin	$115,618	0.49 %
Ethereum	$4,485.07	1.02 %
XRP	$3.01	-0.18 %
BNB	$949.5	2.63 %
Solana	$234.54	0.60 %

Today’s Big Story

Crypto Markets Hold Steady Ahead of Fed Decision

Crypto markets remain quiet today, as traders look ahead to the Federal Reserve’s big policy decision, scheduled for 2 p.m. ET. The central bank is widely expected to deliver its first rate cut of the year, trimming by 25 basis points.

Still, the move has sparked debate, with some saying a rate cut is needed to support a slowing job market, and others warning inflation is still too sticky for cuts.

Bitcoin (BTC) is hovering around $115,700, up about half a percent over the past 24 hours. Ethereum (ETH) gained 1% on the day, but has slipped just below $4,500. Overall, the total crypto market capitalization is flat over the past day at $4.11 trillion.

Even as traders position for the Fed, flows across spot crypto ETFs remain mixed. Spot Bitcoin ETFs drew $292 million on Sept. 16, marking the seventh straight day of inflows, now totaling nearly $2.9 billion. Spot Ethereum ETFs, however, recorded outflows of $61.7 million on Tuesday, ending a five-day inflow streak that had totaled $1.09 billion, according to SoSoValue.

The Fed’s move comes at a tricky moment: The labor market is clearly softening, while inflation remains stubborn in parts of the economy. That tension has split policymakers, with hawks and doves openly debating how much easing is appropriate.

All eyes are on Jerome Powell, the Fed’s chair, this afternoon. His message will be crucial as he’ll need to calm markets without committing the Fed to several steep cuts, experts say.

Politics aren’t making things any easier: President Donald Trump has been pushing hard for a “substantial rate cut” for months, while recent Fed board shakeups and ongoing litigation have some investors questioning the central bank’s independence.

Most analysts think Powell will play it safe by delivering today’s cut but leaving the door open for future moves. How will it all play out? We’ll see.

Xx Jona, staff reporter at The Defiant

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🎬WATCH

Plasma’s Plan to Dethrone Tron | Paul Faecks

On the latest episode of The Defiant Podcast, Cami sat down with Paul Faecks, CEO of Plasma, to discusses the platform’s approach to stablecoin payments and its potential to reshape global financial infrastructure.

From gasless USD transfers to a $2 billion liquidity launch, Paul explains how Plasma Chain plans to compete with established players like Tron and Ethereum while focusing on emerging markets and decentralization. The conversation also touches on regulatory challenges, partnerships with Tether and Binance, and the broader future of stablecoins.

Top News in the Past 24 Hours

Maple’s $200 Million Plasma Vault Gets Filled Instantly Asset manager Maple Finance’s launch of syrupUSDT on Bitfinex-backed stablecoin blockchain Plasma got off to a fast start, with its $200 million pre-deposit vault filling up in under a minute. Why it matters: Plasma’s upcoming mainnet launch and TGE for its XPL token are highly anticipated, and Maple’s vault gives participants an allocation of XPL.
Botanix Launches Yield-Bearing Bitcoin Standard EVM-compatible Bitcoin sidechain Botanix has unveiled its yield-bearing Bitcoin standard, stBTC, with initial yield projections of up to 30% APY, generated from the chain’s Bitcoin-denominated transaction fees.Why it matters: Native BTC yield aims to provide Bitcoin holders with returns, while maintaining full utility of their Bitcoin holdings in the growing Bitcoin DeFi sector.
Managed DeFi Yield Provider Tesseract Secures MiCA License Crypto asset management firm Tesseract has secured a MiCA license from Finland’s financial regulator, offering EU investors compliant managed yield-generating services via DeFi protocols. Why it matters: While the firm positions itself as a DeFi yield provider, its Managed DeFi product, which of course requires KYC, operates like CeFi.