On September 24, The Information reported (by reporters Yueqi Yang and Michael Roddan) that some of Tether's funds are trapped in its partner bank EQIBank, which is facing liquidation risks due to an asset seizure by U.S. authorities. EQIBank is a licensed digital bank in Dominica; U.S. law enforcement has seized approximately $89 million in assets related to it, reportedly accounting for about 80% of the bank's currency holdings, stemming from a securities fraud lawsuit involving payment processor Capstone Ltd. EQIBank has warned that it may be forced to liquidate. Tether responded that its exposure at the bank is limited, accounting for less than 0.034% of its total assets, but did not disclose a specific dollar amount or directly confirm the report. There has not yet been a noticeable panic in the market regarding de-pegging.
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Tether's Partner Bank EQIBank Faces Asset Seizure, Funds Frozen
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DeepSeek Harness Launches Official Desktop Version, Apple Notarized but Not Yet Officially Announced
On September 25, as reported by Wall Street Insights citing Machine Heart, DeepSeek Harness has launched its official desktop version, which supports a graphical interface, DeepSeek account login, and API Key, significantly lowering the usage threshold compared to the previous web version that required command line initiation. This client has passed Apple notarization, with the signing entity being 'Hangzhou DeepSeek Artificial Intelligence Co., Ltd', pointing to DeepSeek company, but it is a nightly build and has not been officially announced. The version includes six official plugins (Agent Team, Voice Input, Terminal, Agent Loop, Subagent, Web Search) and offers four working modes: Standard, PTC, Minimalist, and Creative, continuing the composable architecture concept of 'Everything is a Plugin'. Currently, this client does not support Linux. -
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On September 25, according to Arkham Explorer data, Morgan Stanley's on-chain entity currently holds assets valued at approximately $775 million (775,015,895.63 USD), with a change of +0.34%. Nearly all of its holdings are in Bitcoin: approximately 9,218 BTC, valued at about $775.02 million based on a unit price of around $84,074. The page also indicates that this entity transferred several small amounts of ETH to Coinbase Prime Custody about 8 months ago, with each transfer being less than $100. -
Bitcoin May Achieve Zcash-like Privacy Transactions Without Soft Forks, Team Builds 'Shielded Bitcoin'
On September 25, Unchained reported that Misha Komarov, founder of the [alloc] init team, stated that they are developing 'shielded Bitcoin'—a privacy fund pool that mimics Zcash and operates on the existing Bitcoin network without the need for a soft fork or company operation. The solution, named Bitcoin PIPEs, utilizes witness encryption to lock a Bitcoin key, which can only be unlocked upon proving compliance with the rules. The team plans to release the second version of their research in February 2026. Komarov mentioned that each shielded transaction is approximately 700 vbytes (compared to about 100-200 vbytes for regular transactions), with fees around four times higher than conventional transactions, which he described as 'not catastrophic'; the more it is used, the stronger the privacy. He acknowledged that witness encryption is still in the experimental stage, and while the related cryptographic files have been compressed from about 300 TB last year to around 8 TB, they remain quite large. The team plans to reuse audit tools and conduct repeated audits. No launch date has been provided, and users are encouraged to participate in the protocol design discussions early. -
Japan's 30-Year Government Bond Yield Rises to 4.21%, Highest Since 1999
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NYSE Partners with Blockchain.com to Establish Tokenized Securities Channel Targeting $55 Trillion Market
On September 24, CryptoSlate reported that the New York Stock Exchange (NYSE) Group signed a memorandum of understanding with Blockchain.com on September 23. The agreement aims to allow Blockchain.com users to access NYSE's planned digital trading platform for trading tokenized U.S. stocks and ETFs, pending regulatory approval. The two parties will also establish a bidirectional market data relationship between stocks and crypto assets. NYSE's digital platform, disclosed in January this year, is set to offer 24-hour trading of tokenized U.S. stocks and ETFs, on-chain instant settlement, and stablecoin funding. This move comes as Wall Street seeks to capitalize on on-chain assets, with Citigroup's research estimating that the size of tokenized financial assets could reach $55 trillion by 2030 under a baseline scenario, and $82 trillion in an optimistic scenario. The relevant trading functionalities are still awaiting regulatory approval, and the timeline for launch, tradable securities, and applicable jurisdictions have yet to be determined. -
SEC Commissioner Peirce Calls for Reduced Personal Data Collection and Promotes Privacy Protection Technologies
On September 24, Bitcoin Magazine reported that Hester Peirce, a U.S. SEC commissioner known as 'Crypto Mom', who will be leaving her position in November, urged at the SIFMA Digital Assets Conference in New York for a rethinking of how the financial system is monitored. She advocated for collecting less personal data rather than more. Peirce criticized KYC/AML regulations, stating that the increasing data collection and intermediary monitoring are turning the financial landscape into a 'panopticon prison'. She argued that accumulating data on compliant customers does not help in tracking down criminals; instead, it makes it harder to find the 'needle' in the 'haystack' and increases the risks of data breaches and misuse. She proposed the use of zero-knowledge proofs (ZKP) and attribute-based credentials to verify age, accredited investor status, or whether someone is on a sanctions list without exposing personal information. Additionally, she urged the SEC to allow companies to rely on identity verifications completed by other regulated entities. Peirce identified herself as a 'libertarian' rather than an industry spokesperson. -
Jensen Huang: If Frontier Labs Can't Control AI, They Must Be Shut Down
On September 25, in an interview with The New York Times, NVIDIA CEO Jensen Huang stated that if frontier labs cannot ensure AI safety, "we must shut down these labs." Referring to the jailbreak attacks on frontier AI models from companies like OpenAI, Anthropic, Meta, and Google, Huang emphasized that if these labs cannot control their AI experiments, those experiments must cease. He warned that uncontrolled AI agents could lead to civil and criminal liabilities, and the labs must bear the consequences. Currently, concerns surrounding frontier AI labs are seen as "distractions" that deviate from the core issues, and there should not be widespread anxiety; instead, the focus should be on the controllability of the experiments. -
USD/JPY Short-Term Decline of Over 20 Points
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Multicoin Capital: The Arrival of DeFi 2.0 Era Driven by RWA Onboarding
On September 25, news emerged from a research article by Multicoin Capital, stating that as real-world assets (RWA) such as U.S. Treasury bonds, stocks, and foreign exchange accelerate their onboarding to blockchain, DeFi is transitioning from phase 1.0 to 2.0. Multicoin pointed out that the primitives of DeFi 1.0 (AMM, perpetual contracts, floating rate lending, over-collateralization) were designed for high-volatility, long-tail crypto assets. RWA features low volatility, narrow spreads, duration, high-quality collateral, and institutional participation, which have given rise to DeFi 2.0 primitives such as CLOB order books, RFQ pricing, fixed-rate lending, options, dark pools, and portfolio margining. Many of these primitives have existed for some time but previously lacked suitable assets. Value will be captured along the tech stack: L1/L2 public chains, core financial primitives, DeFi-native prime brokers, and application and order flow layers. Key targets include Pendle, Morpho Midnight, Project 0, and Renegade. -
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