on-chain

Founder of Strategy, Michael Saylor, posted on platform X stating that the U.S. Securities and Exchange Commission's innovation exemption policy allows qualified trading platforms to provide around-the-clock tokenized on-chain trading for U.S. investors. This is undoubtedly a significant breakthrough in the field of digital credit and the U.S. capital markets.

Commissioner Hester M. Peirce of the U.S. Securities and Exchange Commission (SEC) made a statement regarding the committee's approval of the "innovation exemption."This exemption is a temporary, conditional arrangement that allows "tokenized securities venues" (TSV) to trade NMS "National Market System" stocks on-chain: TSV provides automated market maker liquidity pools and sets participant admission standards, and is exempt from the definition of "exchange" under the Securities Exchange Act; specific suppliers providing liquidity to TSV are exempt from the definition of "dealer." If issuers do not wish for their stocks to trade on TSV, they can choose to opt-out. The exemption is aimed at U.S. entities, and both existing institutions and new entrants can participate.Peirce emphasized that the committee does not presuppose that parties relying on this exemption necessarily fall under the definitions of "exchange" or "dealer," but rather hopes to first observe who is using it and how it is being used before making regulatory judgments.Peirce clearly delineated the boundaries of this order: it is not about decentralized finance. Systems that are driven by automated software and are truly decentralized do not raise fundamental concerns of securities regulation, namely that intermediaries trusted by investors may be foolish, careless, or compromised; investors using permissionless smart contracts for peer-to-peer transactions do not fundamentally require an exemption. TSV is merely one model of on-chain securities trading, and the committee is open to other models, as on-chain trading models that can comply with existing Securities Exchange Act requirements may not require an exemption at all.

SEC Chairman Paul Atkins issued a statement regarding the committee's approval of the "innovation exemption." He pointed out that more than a week ago, Congress failed to advance the CLARITY Act, thus the SEC today took significant steps within its statutory authority to bring the U.S. capital markets into the digital age by promoting on-chain trading of specific tokenized stocks.The order grants two types of temporary, conditional exemptions under Section 36(a)(1) of the Securities Exchange Act: first, it exempts "Tokenized Securities Venues" (TSV) from the definition of "exchange" under the Securities Exchange Act; second, it exempts specific liquidity providers ("regulated companies") from the definition of "dealer." Atkins emphasized that the anti-fraud and anti-manipulation provisions of federal securities laws fully apply to all securities activities in these markets, without exception.The exemption comes with several investor protection conditions: TSV must be U.S. entities and comply with OFAC sanctions; access standards must be set for a licensing system, allowing only specific participants to trade; synthetic products cannot be used—tokenized NMS "national market system" stocks must be tokenized by the issuer of the underlying stock or its representative, or by a third party not affiliated with the issuer, and holders must enjoy the same rights as traditional securities (including dividends and voting rights); issuers have the right to oppose and prevent their securities from being traded on TSV.Atkins stated that the committee is not solidifying current technology as future standards but rather allowing the market to evolve, monitoring its development, and using this as a basis to establish a more flexible, future-oriented regulatory framework. This exemption is a temporary measure, and the committee is seeking public input on all aspects, emphasizing that this transitional arrangement must be followed by the establishment of permanent rules to ensure that on-chain markets maintain a viable path as capital markets evolve.

The U.S. Securities and Exchange Commission (SEC) stated that tokenization is expected to reduce costs in market infrastructure aspects such as issuance, trading, transfer, settlement, and ownership records, while enhancing transparency and liquidity. The SEC approved a temporary, conditional "Innovation Exemption," allowing tokenized NMS stocks to be traded in a limited manner on certain on-chain venues—tokenized securities trading venues (TSVs).It is reported that TSVs meeting the exemption conditions can conduct approved trading through automated market makers and liquidity pools, but must meet requirements for public disclosure, trading transparency, circuit breaker coordination, record keeping, and technical safeguards, while also being subject to limits on the number of stock codes and trading volume.The SEC indicated that this move aims to observe the operation of on-chain trading venues and market participants, providing data for the formulation of long-term regulatory rules in the future.

According to Cointelegraph, a report by Chainalysis shows that in the past 12 months, the number of times attackers stored malware instructions or infrastructure information on public blockchains has surged by 420%, with state-sponsored hackers contributing about two-thirds of the new activity each quarter. Chainalysis linked previously unattributed activities on Tron, Aptos, and BNB Smart Chain to the North Korean-backed organization UNC5342.The report points out that the encoded pointers in Tron and Aptos transactions direct infected devices to the same BSC transaction, which contains encrypted server addresses and configuration data used to connect to remote access and data theft infrastructure. Information on public blockchains remains accessible even after domain names, servers, or code repositories are shut down, enhancing the persistence of malware activities. In 2025, North Korean hackers used similar technology called EtherHiding to implant coin theft code into smart contracts.Additionally, since July 2025, the volume of malicious blockchain writes has increased by 440%, when high-capacity open-source Chinese AI models began to have the ability to generate malicious code. Eric Jardine, head of cybercrime research at Chainalysis, stated that a clear temporal correlation was found, but it could not be proven that the attackers used these models.Chainalysis also identified threat actors suspected of being linked to the Iranian Ministry of Intelligence, writing encoded command and control routing data into the Bitcoin blockchain and sending small payments to well-known addresses historically associated with Satoshi Nakamoto, which are unrelated to the attackers and serve only as a permanent public location for infected devices to receive update instructions.

According to GMGN market data, the on-chain token Musebook from Robinhood briefly surpassed a market capitalization of 16 million USD, currently reported at 14.25 million USD, with a 384% increase over the past 6 hours and a trading volume of 25.8 million USD in the last 24 hours.Musebook is a social community aimed at AI Agents, designed to facilitate interactions between Agents and between Agents and humans. The platform has a low entry barrier, allowing users to post without needing an account, email, or verification, and also provides an API for reading content and publishing information. The community was founded by @wyn_eth, with the real-time interaction account being @musebooklol. Yesterday, this interaction account announced that it would collect transaction fees generated from Musebook tokens, with funds allocated for platform development.According to market news, the related token has a small market capitalization and significant price volatility, with bottom chips having already made substantial profits, indicating potential selling pressure in the short term; users should invest cautiously.

ESS Frontier LLC filed a lawsuit on September 4, 2026, in the United States District Court for the Southern District of New York, case number 1:26-cv-07645, against Ostium Foundation, Ostium Labs Co., Deltax LTD., DX Group Limited, Ostium co-founder and CEO Kaledora Kiernan-Linn, and John Doe Transferees 1-10. The nature of the case is arbitration matters under other statutes, with the cause of action being a petition for a mandatory arbitration order and the appointment of an arbitrator pursuant to 09 U.S.C. § 206.The plaintiff also submitted a complaint, a motion for a temporary restraining order, a motion to seal limited materials, and related declarations. Public reports indicate that the lawsuit involves approximately $15 million in crypto loans, with ESS Frontier LLC suing as the assignee of the debt owed by Hong Kong lender Minghui Zheng. On September 14, the plaintiff submitted the first amended complaint, adding Minghui Zheng as a co-plaintiff. The court is scheduled to hold a hearing on September 17. Ostium is an on-chain perpetual contract protocol deployed on Arbitrum, providing leveraged trading for stocks, commodities, foreign exchange, and crypto assets.

According to on-chain analyst Yu Jin's monitoring, a certain whale transferred 15 million USDC to Hyperliquid in the past 2 hours, purchasing 197.35 BTC at a price of 76,007 dollars, and then moved the BTC to the Bitcoin blockchain.

According to CoinDesk, the on-chain financial platform Theo announced the launch of a yield-bearing tokenized silver product thSLVR, supported by over $40 million in active leases, expanding its commodity financing business from gold to silver. This token allows holders to maintain exposure to silver prices while passing on the lease income paid by institutional borrowers to the holders.Theo stated that the silver supporting thSLVR will be leased to mature institutional counterparties under standard market terms, with credit exposure guaranteed by the parent company. The product is launched in a beta version, initially targeting institutions and whitelist investors, with plans to expand access later. Silver has experienced significant volatility this year, reaching a historical high of $121.79 per ounce in January, followed by a 41% drop over three days, and falling to a low of $54.74 in July, recently hovering around the mid-$60 range.Theo was founded by former traders from Optiver and IMC and has previously offered yield-bearing tokenized gold and U.S. Treasury products. The silver leasing will also expand the underlying assets of its yield-bearing stablecoin thUSD. According to RWA.xyz data, the market size for tokenized commodities is approximately $4.9 billion, covering 130 products. The London 1-month silver lease rate briefly rose to about 39% in October 2025, while the historical norm is below 1%; the market expects a supply gap in silver for the sixth consecutive year in 2026, with a gap of approximately 46.3 million ounces.

Kraken's parent company Payward plans to offer on-chain perpetual futures to U.S. customers through the decentralized perpetual contract platform Hyperliquid. Bitnomial will deploy and clear the HIP-3 market, while NinjaTrader Clearing will host customer accounts.Payward stated that this will be the first registered U.S. exchange and clearinghouse to deploy a market on Hyperliquid.

Polymarket Vice President of Engineering Josh Stevens tweeted that the team has built an indexing system using the open-source Rust tool rindexer, allowing on-chain events to be visible up to approximately 14 blocks (about 28 seconds) in advance, and completing indexing within 0-10 milliseconds after block broadcasting, approaching real-time.He stated that transaction, position, and balance refreshes will be faster. Goldsky continues to serve as data backup, and the main path has switched to self-built infrastructure.

According to GMGN data, the on-chain token ARGUS of the Arc network has a market value exceeding 25 million USD, currently reported at 25.14 million USD, with a 24-hour increase of 688%.

The Financial Services Agency of Japan announced the "2026 Fiscal Year Financial Administrative Guidelines," proposing to clarify the issues of on-chain finance in terms of technology, systems, and regulation through verification and dialogue between the public and private sectors, while ensuring user protection and the stability of the financial system, and to build a financial infrastructure that is both convenient and competitive.The Financial Services Agency of Japan will also promote the shortening and upgrading of securities settlement processes in conjunction with the development of asset tokenization, and plans to establish an on-chain financial forum aimed at the AI era to discuss the applications of digital finance, decentralized finance, and AI technology in the financial sector.

According to GMGN data, the market capitalization of the Meme coin TOLLY on the Arc chain has surpassed 20 million USD, reaching a new high of 20.11 million USD, with a daily increase of 2,515%.Market news reminds users that the prices of Meme coins are highly volatile, and investors should participate with caution.

According to GMGN data, the market capitalization of the Meme coin LONG on the Arc blockchain has surpassed 10 million dollars, reaching a new high, currently reported at 9.97 million dollars, with a 24H increase of 251.8%. The well-known trader Bonk Guy previously sparked controversy by promoting LONG, leading community users to question the high concentration and other security issues of the protocol token.According to market news, the prices of Meme coins are highly volatile, and investors are advised to participate with caution.

FastLane co-founder Alex Watts announced that the team is building Moose, a product that serves as an on-chain aggregator, which is currently in public testing on Monad. Moose is described as the first on-chain aggregator and is currently the only router aimed at addressing the malicious quote manipulation issues from prop AMM and v4 hooks in TradFi and DeFi.Its tech stack is inverted, with quotes being instant and private, not passing through servers, TEE, RFQ, or simulation in the hot path, and routing decisions made using on-chain real-time status after the trade is included. Moose provides improvements in execution, speed, spot margin safety, and privacy by co-locating with various DEXs within the same transaction. Gas on Monad is higher but below one cent, and the upcoming threshold encrypted memory pool will offer end-to-end privacy.

The BIS research report shows that the on-chain transfer value of Bitcoin may have discrepancies of up to six times due to different statistical standards, and traditional market capitalization calculation methods may also deviate from reality by up to four times.

According to the official announcement, Gate announced that it will fully integrate with the Arc public chain on September 16, covering core Web3 scenarios such as Trenches, Gate Wallet, and on-chain market data. Gate's Trenches will exclusively offer 0 Gas transactions, allowing users to view popular and newly issued tokens on the Arc chain, access market data, and participate in trading directly without incurring additional Gas fees. Currently, Trenches supports limited-time Gas-free transactions for on-chain assets on Robinhood Chain, and with the addition of Arc, the 0 Gas coverage scenarios will further expand.Arc is an open Layer 1 network created by Circle for the financial market. This integration allows Gate users to access related assets and liquidity through Web3, wallets, and on-chain trading products, expanding coverage of emerging public chains.

Circle's public chain Arc will officially launch on September 16. Following the previous launch of the Robinhood chain, tokens represented by CASHCAT achieved returns of thousands and tens of thousands of times. The market expects a similar trend to occur on the Arc chain. Therefore, on-chain funds are actively seeking opportunities for early positioning and front-running.Currently, third-party platforms have emerged in the market that offer USDC exchanges from the Ethereum mainnet to USDC on the Arc chain. Relevant data shows that the current USDC on the Arc chain is priced nearly double that of USDC on the Ethereum mainnet. Leading platforms have facilitated 11,660 exchanges, with a total transaction volume exceeding 5 million dollars, while the platform charges a 3% service fee for these transactions.Previously, several crypto-native platforms announced that they would support the Arc chain as soon as it launches, including the NFT trading platform Opensea and the meme coin platform fomo. In response to the announcement of fomo's launch, Circle co-founder Jeremy Allaire also made a positive response immediately, serving as a potential support hint for the crypto-native community. Whether Arc can successfully continue the on-chain boom after its launch still needs to be verified by the market at that time.

According to market news, USDC officials stated on platform X that as of September 12, 2026, the total on-chain historical transaction volume of USDC has exceeded 100 trillion US dollars. For many years, it has been serving fund transfers at an internet scale.