Today’s crypto news to know
Aster gains steam, Hyperliquid launches stablecoin
Aster, a new DEX on Binance’s BNB Chain, has seen its open interest explode by almost 33,500 percent this week, increasing to US$1.2 billion at the time of this writing, according to CoinGlass data.
Aster has also accumulated US$2.01 billion TVL and over US$29 billion in perp volume over 24 hours, more than its biggest competitor, Hyperliquid, whose volume has reached US$10.09 billion in the same period.
Aster’s rapid growth challenges Hyperliquid, a top DEX for decentralized perpetual futures, which has seen the value of its HYPE token fall from US$59 to around US$45 in less than two weeks. Hyperliquid’s late 2024 token launch fueled a 2025 surge in decentralized perpetual futures trading, surpassing US$4.5 trillion.
Meanwhile, Hyperliquid launched its own stablecoin on Wednesday, with issuance rights awarded to Native Markets following a competitive governance bidding process. The 24 hour volume reached approximately 1.94 million.
Issuing its own stablecoin allows Hyperliquid to offer users a reliable digital dollar to use within its ecosystem for trading, lending and other financial activities, strengthening its position in the market.
SEC opens door to new wave of crypto ETFs
The US Securities and Exchange Commission has streamlined its rules for launching crypto exchange-traded funds (ETFs), paving the way for a flood of new products. Asset managers are already filing for ETFs tied to Solana, XRP and other tokens, which could arrive as early as October. Under the new framework, issuers no longer face a lengthy case-by-case review, cutting approval times from up to nine months to as little as 75 days.
Industry leaders say this will accelerate competition and lower barriers for investors seeking exposure to digital assets.
Grayscale was first to move, debuting a multi-coin ETF just two days after the rule change. Analysts anticipate that more launches will be announced before the year ends.
Record raise could give Tether US$500 billion valuation
Stablecoin giant Tether is reportedly seeking as much as US$20 billion from private investors in what could be one of the largest funding rounds in financial history, according to Bloomberg. The raise would give the company a valuation near US$500 billion, putting it in the same league as global tech leaders like SpaceX and OpenAI.
Executives say the capital would fuel expansion beyond the company’s core USDT stablecoin, into energy, AI, commodities trading and communications. Tether’s flagship token dominates the sector with a market capitalization above US$173 billion, more than twice that of its nearest competitor, USDC. The firm is also preparing to relaunch a compliant US dollar stablecoin, USAT, under the country’s new regulatory framework.
Ethereum co-founder warns against “closed tech” in public systems
Ethereum co-founder Vitalik Buterin has raised concerns that closed, proprietary technologies are consolidating power in ways that threaten open innovation. In a recent blog post, he argues that closed systems across healthcare, identity and civic infrastructure create environments ripe for monopolies and abuse.
Buterin urged wider adoption of “full-stack openness,” including stronger copyleft licensing that forces companies to share improvements to open-source software. He also called for transparency in hardware and biological monitoring, citing pandemic-era vaccine distribution as an example of inequality driven by centralized control.
His comments come as the Ethereum Foundation and Solana Policy Institute collectively pledged US$1 million in legal support for Tornado Cash developer Roman Storm.
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