Weekly Recap: Tether Unveils 'American' Stablecoin
Happy weekend Defiers!
Crypto markets rallied this week after data showed U.S. inflation cooled in August, setting the stage for the Fed to cut interest rates next week. SOL surged to an 8-month high above $240, fueled by DAT speculation.
The stablecoin sector continues to sizzle, with Tether unveiling USAT, a new GENIUS-compliant token for the U.S. market.
Ethereum Layer 2 Linea finally launched its token this week, and Consensys’ Joe Lubin has teased ‘future rewards’ for LINEA holders.
Meanwhile, DeFi heavyweights are competing to develop Hyperliquid’s in-house stablecoin.
Finally, PUMP is making a comeback, surging to its highest price since launch week.
Enjoy!
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Top stories this week
Tether Unveils USAT 'American' Stablecoin
Tether unveiled a new stablecoin for American users, dubbed USAT, during an event in New York City on Friday.
USAT will be U.S.-regulated and pegged 1:1 to the U.S. dollar. Bo Hines will serve as Tether USAT’s future CEO.
Linea Token Launches at $500 Million Market Capitalization
More than two years after launching its mainnet, Ethereum Layer 2 network Linea has finally dropped its token.
LINEA launched at a $550 million market capitalization, but has struggled so far as airdrop recipients claim and sell their tokens.
Amid the lackluster price action, Consensys founder Joe Lubin teased future airdrops for LINEA holders.
SOL/BTC Ratio Reaches Highest Level Since LIBRA Scandal in February
SOL is outperforming again, fueled by digital asset treasury (DAT) speculation.
The SOL/BTC ratio touched 0.002 on Friday, its highest level since February 16. The ratio is now up nearly 54% from its low in June.
Dragonfly Partner Suggests Hyperliquid Stablecoin Competition is Rigged
As Hyperliquid seeks to develop an in-house stablecoin, some of the largest protocols in DeFi are courting governance voters in an effort to secure the USDH ticker and manage the ecosystem’s stablecoin.
PUMP Soars to Highest Price Since Opening Week
After a rocky start, pumpfun’s PUMP token is leading the altcoin market and is one of crypto’s top trending tokens, fueled by the protocol’s token buybacks.
PUMP has rallied 133% off the lows and is currently changing hands at a $5.6 billion valuation, 40% above its ICO price.
Trending
- Tether Unveils USAT 'American' Stablecoin
- Avalanche TVL Doubles Since April to $2.1 Billion
- SOL/BTC Ratio Reaches Highest Level Since LIBRA Scandal in February
- OpenSea Quietly Increases NFT Fees by 100% Ahead of SEA Token Launch
- Pendle’s Kinetiq Markets Surpass $1 Billion
- MegaETH Names Lombard as Primary Bitcoin Partner Ahead of Mainnet Launch
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