In a significant move bridging traditional finance with decentralized protocols, PayPal has partnered with Spark to dramatically enhance liquidity for its PayPal USD (PYUSD) stablecoin. Since its August listing on Spark’s lending platform SparkLend, PYUSD deposits have surged past $135 million, signaling both institutional confidence and a strategic push into the DeFi ecosystem by the payments giant. This collaboration leverages Spark’s $8 billion-plus liquidity layer, marking one of the most substantial integrations between a major TradFi player and decentralized finance infrastructure to date.
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UXLINK Loses $11.3M in Multi-Sig Wallet Exploit
UXLINK, a web3 social project, suffered a major security breach on September 22 when hackers exploited a vulnerability in its multi-signature wallet. The attack resulted in over $11.3 million in assets being drained and triggered a catastrophic 70% price collapse for the UXLINK token. The incident highlights ongoing security challenges in decentralized infrastructure.
read moreCrypto Hacker Loses $50M to Phishing After UXLINK Exploit
In a dramatic twist of crypto justice, the hacker who successfully exploited Web3 social platform UXLINK for millions has become the victim of an even larger theft. Just days after compromising UXLINK’s smart contract, the attacker lost approximately 542 million UXLINK tokens—valued at over $50 million—to a sophisticated phishing scheme that security experts attribute to notorious draining-as-a-service provider Inferno Drainer. The incident highlights both the sophistication of modern crypto threats and the ironic vulnerability of even successful hackers to basic security traps.
read moreGENIUS Act: Stablecoin Builders Race for Early Compliance Edge
Stablecoin issuers face a critical race against time as the GENIUS Act’s implementation approaches. Early compliance preparation could create lasting competitive advantages while competitors await full regulatory clarity. Builders who start now gain operational moats that may prove insurmountable for late entrants.
read moreCoinbase Hacker Doubles Down on $18.9M ETH Purchase
Onchain data from Arkham Intelligence reveals that a wallet associated with the $300 million Coinbase hack purchased 3,976 Ether for $18.9 million using DAI stablecoin. The transaction, executed on Saturday, involved consolidating various DAI amounts before converting them to ETH at approximately $4,756 per token. This move comes amid Ethereum’s recent price surge above $4,700 and demonstrates the hacker’s ongoing activity despite being under surveillance by blockchain analysts. The wallet has been linked to a social engineering scam that targeted Coinbase users, resulting in one of the largest crypto thefts in recent history.
read moreStablecoin Market Hits $300B Amid Data Discrepancies
The stablecoin market capitalization has reached a milestone $300 billion according to CoinMarketCap, though other leading platforms report notably lower figures—$291 billion on CoinGecko and $289 billion on DefiLlama. These discrepancies underscore the persistent challenges in accurately measuring crypto assets, particularly in fast-evolving sectors like stablecoins. Rafaela Romano of Alphractal explains that such variations are inevitable as each platform employs different calculation methodologies. This highlights the need for investors and analysts to consider multiple data sources and understand their methodological differences when evaluating crypto market metrics.
read moreArthur Hayes Buys $995K in ENA Ahead of USDH Vote
Crypto investor Arthur Hayes has aggressively accumulated $995,000 worth of Ethena’s ENA token within 48 hours, timing his purchases ahead of Hyperliquid’s Sunday vote to decide the USDH stablecoin issuer. Ethena’s proposal, collateralized through BlackRock’s BUIDL fund, pledges 95% of revenue to Hyperliquid and covers migration costs. However, prediction markets show Native Markets as the surprising frontrunner with 90% odds, despite being a new company, while Paxos revised its proposal to offer more yield sharing and secured a Kraken listing commitment. The outcome hinges on validator alignments and which proposal offers the most long-term ecosystem value.
read moreMetaMask & Stripe to Launch mmUSD Stablecoin
MetaMask, in collaboration with Stripe, is set to introduce the mmUSD stablecoin, potentially as early as Thursday, according to a deleted Aave governance proposal. The stablecoin will serve as the primary trading pair for MetaMask’s services, supported by stablecoin platform M^0. This development aligns with the booming stablecoin market, which Standard Chartered predicts could reach $750 billion by 2026. The GENIUS Act and Circle’s successful IPO have further fueled stablecoin adoption, with major financial institutions like JP Morgan and Bank of America exploring similar projects. MetaMask’s integration with Aave also allows users to earn yields from DeFi protocols, simplifying access to decentralized finance for its 100 million users.
read moreS&P Rates Sky Protocol B- in First DeFi Credit Assessment
S&P Global Ratings has issued a B- issuer credit rating for Sky Protocol (formerly Maker Protocol), the first-ever major credit rating for a decentralized finance (DeFi) platform. The evaluation, part of S&P’s stablecoin issuer assessments, focuses on governance centralization, capitalization risks, and regulatory uncertainty. Sky Protocol received a ‘constrained’ score (4 out of 5) for its USDS stablecoin’s ability to maintain its USD peg. The review also covers DAI, USDS, and their respective savings tokens (sDAI, sUSDS), reflecting broader concerns in the DeFi sector.
read moreSharpLink Raises $200M to Expand Ethereum Treasury
SharpLink Gaming announced a $200 million capital raise to expand its Ethereum treasury, backed by four institutional investors. The funds will be strategically deployed to grow its ETH holdings, potentially exceeding $2 billion, making it one of the largest ETH-heavy corporate treasuries globally. The company focuses on staking ETH for sustainable yield and increasing ETH-per-share value for shareholders. Ethereum’s role in global finance infrastructure is growing, with Vitalik Buterin highlighting ETH treasuries as valuable investment vehicles. Meanwhile, Ethereum’s on-chain activity surges, nearing all-time highs in transaction volume, and UK regulators have lifted the ban on crypto exchange-traded notes (cETNs) for retail investors, signaling a policy shift toward digital assets.
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