on-chain

On-chain liquidity protocol Arrakis Finance released a study tracking the on-chain buying records of 10 tokenized dollar yield products, using Ethena's sUSDe as a benchmark. The study covered 71,697 buyers with a total buying amount of 91.3 billion dollars. Of the 12.4 billion dollars in categorized demand, about two-thirds came from protocols and DAO treasuries, while the remainder came from individuals, exchanges, market makers, and crypto funds, with no purchases clearly traceable to traditional financial institutions such as pensions, asset management firms, or banks.Wallets with single purchases of 1 million dollars or more accounted for about 4% of buyers but held approximately 93% of the funds; among them, 2,586 buyers contributed over 90% of the nominal purchase amount. The median purchase amount for institutional buyers of Centrifuge's JAAA was about 29.1 million dollars, nearly three times that of the next product. About 80%, totaling 17.4 billion dollars, was settled in USDC, while USDT accounted for about 4.4 billion dollars, almost all of which was used for syrupUSDT. Primary subscriptions were the main pathway, with secondary market purchases accounting for less than 6%, and only sUSDe had 55% obtained through decentralized exchanges.The median first activity time for buyer wallets concentrated around mid-2024, described as new entrants of crypto-native funds. By time zone, Europe, the Middle East, and Africa accounted for 42%, Asia-Pacific for 40%, and the Americas for 18%. After tracing back two hops for 5.17 billion dollars of unmarked institutional-level funds, exchange sources accounted for 40% (Binance 1.12 billion dollars, Coinbase 970 million dollars), DeFi native funds accounted for 38%, and another 22% could not be identified.

European Central Bank Executive Board member Isabel Schnabel stated that central bank money must be on-chain; otherwise, the tokenized market will increasingly rely on private or foreign currency settlement assets.CoinDesk cited her viewpoint, stating that in the absence of on-chain central bank money, the settlement of the tokenized market will shift more towards privately issued assets or foreign currency-denominated assets. Schnabel believes that bringing central bank money on-chain helps maintain the settlement anchor role of public money in a tokenized environment.

According to The Block, the European Central Bank has proposed three models for introducing central bank digital currency on the blockchain, including direct issuance, establishing bridging mechanisms, and implementation through private intermediaries.These models can provide settlement support for transactions such as tokenized securities, bank deposits, and stablecoins on distributed ledger technology networks.

Renzo Finance responded to the MetaMask infrastructure security incident, stating that the risks and liquidity of its latest product, Renzo Basis, will not be concentrated in stablecoins or vaults and can be fully verified through on-chain data. Therefore, users do not need to rely on trust in Renzo to confirm that they are not affected by the incident.Renzo stated that ezETH will only be supported by native ETH starting from April 2026. Currently, there are only 214.75 stETH in the withdrawal queue (accounting for 0.5%) with valid claims.Previously, MetaMask indicated that it is handling a security incident affecting some infrastructure, and no immediate threat to MetaMask wallets has been identified. As a precaution, MetaMask is coordinating with customers, partners, and security consultants to proactively withdraw affected validators from its non-custodial staking business and will provide further updates in due course.

Bloomberg has launched a stablecoin data dashboard on its Terminal, providing financial professionals with on-chain data to track stablecoin supply, issuance, and trading activity. This dashboard is supported by the blockchain data platform Allium and covers stablecoins with a circulation of over 100 million dollars, accounting for more than 98% of the overall market.Users can compare various stablecoins based on supply, minting, burning, transfer volume, and turnover rate, and segment activity data by blockchain network and anchoring type (including fiat and commodities). The dashboard is accessible to all Bloomberg Terminal users through the RWAS feature and is displayed alongside the platform's existing fixed income, foreign exchange, and money market tools.Bloomberg Terminal is widely used by financial professionals such as banks and asset management institutions for real-time market data, news, analysis, trading, and communication. Since 2014, Bloomberg has provided Bitcoin quotes on the platform and currently offers pricing, reference data, identifiers, and benchmarks for 50 cryptocurrencies. According to DeFiLlama data, the total market capitalization of stablecoins has risen to over 30.6 billion dollars, with Tether's USDT accounting for about 60%.

According to The Block, Jeff Yan, co-founder of the decentralized perpetual contract trading platform Hyperliquid, stated during a fireside chat at the Korea Blockchain Week 2026 that around-the-clock trading is not the essential difference between on-chain trading venues and traditional exchanges. He pointed out that cryptocurrencies do not need to adhere to traditional market opening hours because these assets inherently possess international attributes, and some traditional exchanges have already begun to actively extend their trading hours.Yan emphasized that the more enduring value of on-chain finance comes from allowing users to retain control and custody of their funds, which helps to avoid a common single point of failure risk. In his view, once a counterparty, intermediary, or even custodian encounters issues, the ability to self-custody becomes particularly crucial.In addition, transparency constitutes another distinct feature of on-chain trading. Although it does not have a strong appeal in serving ordinary consumers, it is essential for building trust in the entire system. In a system controlled solely by a private organization, users cannot obtain the same level of trust and neutrality guarantees.He also mentioned that for assets lacking publicly available prices during the closing hours of traditional exchanges, continuous trading remains necessary. He cited commodities, stocks, and Pre-IPO targets that had already traded on Hyperliquid before the reference market opened as examples to illustrate that the demand is indeed real.

According to a report by Reuters, the Japanese Ministry of Finance announced the establishment of the "On-Chain Correspondence Research Group," focusing on the feasibility study of real-time settlement for government bond transactions, with the first meeting scheduled for October 8.The research group will systematically analyze the advantages and disadvantages of blockchain real-time settlement around the current next-day settlement practice, with members including professors from the University of Tokyo, Waseda University, and other universities, as well as private strategists, and will involve the Bank of Japan and the Financial Services Agency for opinion exchange.Ministry officials pointed out that the United States already has MMF products that trade on the blockchain with government bonds as the underlying asset, which will serve as an important reference case. The research group plans to complete the organization of discussion points within the year.

Paul Atkins, the Chairman of the U.S. Securities and Exchange Commission (SEC), stated that although the CLARITY Act was not passed by Congress, the SEC will still clarify on-chain financing rules within its statutory authority. The U.S. Senate failed to advance the CLARITY Act on September 15 with a vote of 49 to 50, not reaching the required threshold of 60 votes. Atkins has not disclosed what form the relevant guidance will take, whether it will be an exemption, a registration path, or in the form of staff guidance.The SEC previously paved the way for tokenized stocks on September 17 and released nine frequently asked questions on September 25, explaining the impact of commitments by token issuers on the determination of securities. Commissioner Hester Peirce will leave office on October 2, at which point the SEC will only have Atkins and Mark Uyeda remaining as sitting commissioners.

According to Arkham monitoring, the on-chain address @pointfarmcap has accumulated an investment of 1.49 million dollars in STONK through 1,896 buy operations since the beginning of August this year, when the market capitalization of the coin was only about 2.65 million dollars.Currently, the market capitalization of STONK has risen to 22.2 million dollars, and the value of the holdings at that address has reached 9.97 million dollars, having only cashed out 91.6 thousand dollars, with an unrealized profit exceeding 10 times.

R25 today announced that its core product R25 Studio, based on the 2 architecture, has officially launched public testing. R25 Studio is dedicated to realizing the vision of "everyone can become an asset manager," fully opening up the capabilities for the establishment, operation, and distribution of institutional-level funds. By abstracting cumbersome legal documents, backend systems, and compliance processes into configurable smart contracts, R25 Studio has successfully compressed the fund establishment cycle from several months to just 10 minutes.The platform revolves around Build, Manage, Earn, and Distribute, covering Vault creation, subscription and redemption, investment management, fee earning, and distribution; asset managers can autonomously set investment parameters, management fees, and performance fee rates on-chain without building complex fund structures from scratch, generate exclusive Vault Tokens/Shares, and list the Vault on channels such as Dapp and Topnod. The platform also provides performance data such as NAV, APY, cumulative returns, and maximum drawdown, helping asset managers monitor strategy performance in real-time.Previously, in Phase 1, Axil launched a private credit Vault on R25 and successfully surpassed $130 million in TVL, validating the reliability of this infrastructure. The registration channel for the first batch of managers is now open.

Concrete, the on-chain financial operating system, announced that its native governance and utility token CT will have its Token Generation Event (TGE) on September 30, 2026. CT is issued by Concrete Network, Ltd., with a fixed total supply of 1 billion tokens and no inflation mechanism. The products cover Earn, Vaults, Enterprise, and AssetCX, with official disclosures showing deposits exceeding $1.2 billion, a cumulative trading volume of over $23 billion, and more than 54,000 depositors. The development company is Blueprint Finance.Eligible holders who lock CT can participate in governance matters related to supported strategies, collateral classifications, fee frameworks, and module operation methods. Staking users may receive adjustments to protocol-side fees based on their interactions with supported modules and may qualify for rewards based on their level of participation and protocol rules; as the protocol expands, more defined protocol decisions will gradually transition to token governance.The distribution ratio of CT is 35% for the ecosystem, 15% for the foundation, 22% for the team, and 28% for investors. The ecosystem portion is used for community distribution, ecosystem participation, liquidity, and ecosystem growth, with contributors and investors subject to long-term vesting arrangements. The Cayman Islands foundation company Concrete Foundation is responsible for coordinating protocol governance and managing the CT treasury, while its British Virgin Islands subsidiary Concrete Network, Ltd. is the issuer. CT has deployed contracts on Ethereum and BNB Chain, with trading times, trading pairs, and qualifications determined by each platform.

According to a report by The Block, CryptoQuant's research director Julio Moreno pointed out that Bitcoin's closing price last week was above the 365-day moving average, confirming the start of a new bull market. However, Moreno stated that after Bitcoin reached an eight-month high of $87,400, several indicators show that upward momentum is weakening, and a market correction may follow.The report noted that the on-chain unrealized profit margin for short-term traders has risen to 33%, the highest level since December 2024. Historically, when profit margins are at similar levels, it often prompts traders to take profits. Data shows that on September 22, Bitcoin holders realized profits of 25,700 BTC in a single day, setting a record for the highest daily profit since 2026; the altcoin market also showed signs of selling pressure. The seven-day cumulative number of altcoin transactions rose to 76,000, the highest level since October 17, 2025. Meanwhile, spot demand continues to shrink, and the growth of futures demand has significantly slowed.After Bitcoin previously reached an eight-month high of around $87,400, the upward momentum has shown signs of fatigue. Julio Moreno indicated that if a correction occurs, the 365-day moving average (around $80,000) will serve as the primary support, followed by the 200-day moving average (around $71,000) and the on-chain realized price for traders (around $67,000). Provided that the support levels hold, this correction is more likely to be a healthy consolidation in a young bull market rather than a trend reversal.

During a live interview with CNBC, Paul Atkins, the Chairman of the U.S. Securities and Exchange Commission (SEC), stated that he hopes to promote the stock market's transition to on-chain operations and mentioned that the entire financial system is moving towards Bitcoin and cryptocurrencies.The SEC has previously launched an "Innovation Exemption," allowing eligible trading venues to conduct on-chain trading of tokenized U.S. stocks.

BNB Chain announced the appointment of Thomas Chen as Chief Business Officer. This appointment will drive BNB Chain to further focus on institutional, capital, and chain listing market activities.Thomas has deep experience in traditional finance and digital assets, with 15 years of industry experience, including over 7 years focused on team building in the digital asset infrastructure sector, possessing extensive experience in capital markets, custody, trading, and business growth.After joining BNB Chain, he will focus on bringing institutions and capital on-chain, deepening liquidity, increasing trading volume, and enhancing the long-term value of the ecosystem.

Bitget has officially opened BTC withdrawal services today at 16:00 (UTC+8). Bitget CEO Gracy shared the latest progress on the recovery during a community live stream: currently, the BTC withdrawal channel is running smoothly, and the first batch of applications has been processed and credited.According to real-time data disclosed during the live stream, as of 16:50 (UTC+8), the platform has processed approximately 7,683 BTC withdrawal applications, with a total amount processed of about 3,609 BTC, and there are no order backlogs. Among them, the first batch of about 6,946 withdrawal applications has received blockchain confirmation, and the related applications are still being processed in an orderly manner.According to the previously announced timeline, the ETH-related network will open for withdrawals on September 29 at 16:00 (UTC+8), and the USDT-related network will open for withdrawals on September 30 at 16:00 (UTC+8); withdrawals for other tokens, fiat, and C2C services will gradually resume starting from October 2 at 16:00 (UTC+8).

Analysis released by a16z crypto on September 23 shows that the total transaction volume of real-world asset perpetual contracts in August 2026 is $11.73 billion, with on-chain platform transaction volume accounting for about $10.1 billion, or 86%; centralized exchange transaction volume is about $16 billion, an increase of 44 times compared to the same period last year. A year ago, the on-chain platform transaction share was only one-third or lower.As of the end of August, the open interest size is $4.8 billion, expanding about 30 times from $161 million in July 2025. In terms of transaction volume, stocks account for 48%, commodities for 28%, and indices for 18%, indicating a shift in transaction structure from being commodity-dominated previously. a16z states that the HIP-3 protocol launched by Hyperliquid in October 2025 simplifies the creation of new perpetual markets and enhances liquidity sharing.

Cryptocurrency trader Ansem stated that airdrops remain one of the strongest catalysts for driving users and trading activities back on-chain. In the last cycle, trading terminals saw a significant amount of trading volume, but many of those platforms have yet to offer rewards to users.Ansem believes that as competition among platforms for traders intensifies, rewarding early users will become an effective way to build user loyalty and retain liquidity. Past experiences show that timely airdrops can unleash a large amount of on-chain activity, and he expects this strategy to reappear in this cycle.

The privacy blockchain network Zano disclosed that an inflation vulnerability involving Gateway Addresses has forced it to propose rolling back the blockchain by about 24 hours of history and requires users to immediately cease economic activities related to ZANO and Confidential Assets. Zano has promised to compensate for the losses caused by the rollback but has not yet announced the target block height for the rollback, the fix version, the compensation process, the vulnerability mechanism, and the number of unauthorized created assets.Gateway Addresses went live on August 26 with Hard Fork 6.