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Welcome to the Token Metrics Research | Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors.
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In Today's Edition
Solana Treasuries Surge with Major Funding
Solana Upgrade Fuels Bullish Outlook
Stablecoin Adoption Hits New Highs
Ethereum Faces ETF Outflows Amid Tokenization
Today's edition of Token Metrics Research | Daily Newsletter is brought to you by Pacaso.
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Now let's get back to the top stories of the day.
1. Solana Treasuries Surge with Major Funding

Forward Industries, a Nasdaq-listed firm, has raised $1.65B in a PIPE deal to launch a Solana-focused digital asset treasury, marking a significant institutional push into the ecosystem.
The funding, comprising cash and stablecoins, involves key players like Galaxy Digital, Jump Crypto, and Multicoin Capital, who will provide strategic support and board representation. Kyle Samani of Multicoin is slated to become chairman, with Galaxy's Chris Ferraro and Jump's Saurabh Sharma as observers.
This positions Forward as a major public Solana participant, aiming to capitalize on SOL's growth through staking and DeFi yields. Shares surged 128% pre-market on the news, reflecting market enthusiasm for Solana treasuries amid a trend where only 1% of SOL supply is held by such vehicles, far below BTC's 3.4% or ETH's 2.9%.

Separately, SOL Strategies (formerly Cypherpunk Holdings) secured Nasdaq approval to list under ticker STKE, starting September 9, 2025, after a reverse stock split. With $90M in SOL holdings, it focuses on staking via acquired validators and partnerships like Pudgy Penguins, enhancing Solana's visibility to U.S. investors despite trailing larger treasuries like Upexi's $413M NAV.

These developments underscore growing conviction in Solana's long-term potential. As treasuries compete for dominance, institutional inflows and ecosystem participation could be boosted.
2. Solana Upgrade Fuels Bullish Outlook

Solana's Alpenglow upgrade, approved by 99.6% of validators, is set to slash consensus finality to 100-150 milliseconds from 12.8 seconds and boost throughput beyond 100,000 TPS, rivaling Web2 systems like Visa.
Features include a flat validator "Admission Ticket" (~$1,000/year, down 98% from current costs), a 20+20 fault-tolerance model for resilience, and reduced consensus overhead.
The testnet launches at Breakpoint in December 2025, with the mainnet in Q1 2026. It will unlock real-time DeFi, HFT, and institutional use cases.
This aligns with bullish on-chain signals: 3.79M SOL left exchanges since early September, equating to $770M in accumulation, signaling HODLer conviction. RSI holds above 50, not yet overbought, supporting potential rallies past $206 resistance toward $221 if $195 support holds.

Combined with ETF prospects and corporate treasuries shifting to SOL, Alpenglow positions Solana as a top Ethereum contender in the next cycle, with analysts eyeing institutional flows amid its edge in speed and decentralization.
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Let's continue with the rest of the stories.
3. Stablecoin Adoption Hits New Highs

Retail stablecoin transfers under $250 hit a record $5.84B in August 2025, driven by emerging markets like Nigeria and India seeking low-fee remittances. BSC captured 40% of activity, Ethereum gained ground with 70% cheaper fees, while Tron slipped, highlighting accessibility shifts. Surveys show 70% increased usage, with 75% expecting more growth.

In regulatory news, Hong Kong's upcoming stablecoin licensing regime by late 2025 will invite banks like ICBC Asia and HSBC, fostering TradFi-crypto ties and diversifying Asia's digital economy.
Meanwhile, Hyperliquid's USDH proposal sparked community backlash against Stripe's Bridge due to conflicts with its Tempo L1 and Privy wallet control.
A bidding war ensued: Paxos offers 95% reserve yield to HYPE buybacks and GENIUS compliance; Frax proposes 100% yield passthrough, full HYPE governance, and cross-chain integration; Agora's coalition (with Rain, LayerZero, MoonPay, Ether.fi, Centrifuge) commits 100% net revenue to HYPE/Assistance Fund, $10M Day 1 liquidity, and institutional backing from State Street ($49T AUM) and VanEck ($130B).

Native teams like Native Markets leverage Bridge for rails but emphasize alignment. Validators vote September 14, with USDH poised to replace $5.5B USDC on Hyperliquid, dominating DeFi derivatives, potentially growing into a top stablecoin if aligned issuance prevails. Circle's late USDC native push adds competition.
4. Ethereum Faces ETF Outflows Amid Tokenization

Spot Ether ETFs bled $952M over five days ending September 6, 2025, amid recession fears from weak U.S. jobs data and Fed rate cut odds (89% for 25 bps). Friday alone saw $446.71M exit, contrasting Bitcoin ETFs' $246.4M inflows.

On a brighter note, Fidelity launched FDIT, a tokenized share of its FYOXX Treasury fund on Ethereum, backed by U.S. Treasuries and cash (> $200M AUM, 0.20% fee, custodied by BNY Mellon). This competes in the $7B tokenized Treasury market against BlackRock's BUIDL ($2B+), signaling RWA growth; McKinsey forecasts $2T by decade's end.

These moves highlight Ethereum's DeFi-TradFi bridge potential despite macro pressures, with outflows pressuring sentiment but tokenization unlocking yields.
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That's all for today. Let's talk tomorrow.