TLDR CRYPTO 2025-09-23

CHINA ASKS BROKERS TO PAUSE RWA TOKENIZATION IN HONG KONG

China's securities regulator (CSRC) has informally advised some domestic brokerages to halt their real-world asset (RWA) tokenization business in Hong Kong, citing risk management concerns. The move comes as Hong Kong positions itself as a global hub for digital assets, with 77 firms expressing interest in stablecoin licenses, even while Beijing maintains a cautious stance. The CSRC's pause reflects worries about firms making claims without sufficiently strong backing, amid a booming RWA market that could reach $2 trillion by 2030.

UNREPORTED ATTACK ON CRYPTO.COM LEAKED USERS' PERSONAL DATA

A teenage hacker named Noah Urban from the cybercriminal gang Scattered Spider, along with an accomplice called Jack, successfully gained access to a Crypto.com employee account through phishing attacks targeting telecommunications, technology, and cryptocurrency company staff. The breach occurred before March 2023, when Urban was targeted in an FBI raid that seized $4 million worth of cryptocurrency plus hundreds of thousands in cash and jewelry. Urban was later arrested in January 2024 and sentenced to 10 years in prison after pleading guilty to involvement in hacks of 13 companies. Crypto.com confirmed to Bloomberg that the breach affected "a very small number of individuals" with no customer funds accessed. Blockchain sleuth ZachXBT criticized the exchange for failing to disclose the breach and noted that it has been breached several times.

PLASMA ONE: THE APP FOR YOUR MONEY

Plasma One is a stablecoin-native neobank and card that addresses the friction in current stablecoin usage, where people globally rely on generic crypto wallets and struggle with cash conversion. Targeting markets like Istanbul, Buenos Aires, and Dubai, where exporters, store owners, and traders use USDT for trusted currency access, the application offers spending directly from stablecoin balances while earning 10%+ yields, up to 4% cash back rewards, borderless coverage across 150+ countries and 150 million merchants, zero-fee USDT transfers, and fast onboarding with virtual cards available in minutes. Plasma One serves a dual purpose as both a distribution mechanism to provide financial inclusion for underserved markets and as a testing ground for Plasma's onchain payments infrastructure. It will allow the team to iterate quickly and prove their technology under real demand before offering it to external institutions and developers.

BARUNSON MOVIE STUDIO BRINGS IP TO STORY PROTOCOL

PREDICTION MARKETS, EXPLAINED SIMPLY

Prediction markets like Polymarket let users bet on real-world events, from elections to crypto prices, and earn if their predictions are right. Built on blockchains like Polygon, they're decentralized (no single company controls funds), transparent (all bets are on-chain), and easy to access using stablecoins like USDC. Smart contracts handle payouts automatically, while oracles feed real-world data to settle outcomes, making them a fast-growing onchain use case.

MARKETS RECEIVE RISK-ON SIGNAL

The Federal Reserve's 25 basis point rate cut, accompanied by guidance for further easing, has bolstered risk-on sentiment and created a supportive environment for risk assets in the near term through this dovish monetary policy stance. Digital Asset Trusts are showing signs of mid-to-late cycle maturation as market Net Asset Values compress and confidence wavers despite new product launches, indicating that premiums are increasingly dependent on overall market momentum rather than fundamental value propositions. Ethereum is experiencing improved demand dynamics coupled with constrained sellable supply, as the Kiln-driven exit queue is temporarily trapping staked ETH and creating long-biased positioning in the market. The potential introduction of a Base token is under consideration, which could have significant implications for the Coinbase L2 ecosystem and broader market dynamics.

SOL TRADING BOTS LOSE $96M IN 6 WEEKS

Trading bot wallets on Solana have reduced their SOL holdings by 435K tokens (~$96M) over the past six weeks, marking a 24.6% decline. The sharpest drop came from Axiom, down to 390K SOL, while Photon and GMGN also saw significant decreases. This shift suggests bots may be deleveraging or reallocating capital, raising questions about liquidity dynamics in Solana's high-frequency trading ecosystem.

THE NEXT BIG CATEGORY: NEW WAYS TO EARN ONLINE

New college graduates are struggling to find traditional entry-level jobs as AI encroaches on sophisticated positions earlier than expected, creating more free time and a greater desire for creative monetization methods, including increased financial market participation, entertainment financialization, and expanded online creation opportunities. Crypto provides optimal infrastructure for these emerging earning models through inexpensive global money rails that create near-limitless customer reach, with anyone able to build and earn using just a wallet and internet connection, regardless of age or location. Companies like Zora enable creator monetization tools, Remix helps gamers create and distribute monetizable games, and The Clearing Co expands tradable market options, demonstrating the wide-open design space for products helping people earn online through content, ideas, investments, and entertainment.

AAVE LIQUIDATIONS HOLD STEADY AMID MARKET DROP

Aave's liquidation systems functioned smoothly across 14 networks despite today's sharp crypto market downturn.

METAMASK'S MUSD STABLECOIN SUPPLY TOPS $65M IN FIRST WEEK

MetaMask's new mUSD stablecoin, issued through Stripe's Bridge and backed 1:1 by liquid dollar-equivalent assets, has grown from $15M to $65M in supply within a week of launch.

ETHEREUM STABLECOIN DOMINANCE GROWS

Ethereum leads the stablecoin market with $167B market cap, up 12.3% over 30 days, representing 58.7% market share (+5.45% growth).

CRYPTO MARKET SEES $1.7B IN LIQUIDATIONS AS BTC AND ETH DROP

The crypto market saw $1.7 billion in liquidations over 24 hours, with $1.62 billion coming from longs and $1.09 billion wiped out in just four hours.