Stablecoins Clash, Solana Soars: Rate Cut Rally Incoming

Happy Monday, TM Family!

Welcome to the Token Metrics Research | Daily newsletter, where we cover key market movements, regulatory updates, and early alpha for our readers and investors. 

Let's dive in! 

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Now let's get back to the top stories of the day.

Solana's momentum is undeniable, with SOL surging 22% weekly to $246.91, breaking eight-month resistance at $220 and hitting $240 for the first time since January.

This isn't retail hype; it's institutional firepower, as Galaxy Digital scooped 1.24M SOL ($300M) in 24 hours via Coinbase and Binance. This was part of a broader 6.5M SOL ($1.57B) accumulation over five days tied to a $1.65B Forward Industries treasury with Jump Crypto and Multicoin Capital.

Mike Novogratz calls it the "season of SOL," praising its scalability for 14 billion daily transactions, enough for global equities, fixed income, and FX, amid pro-blockchain regulations like Nasdaq's tokenized securities push.

On-chain strength supports it: TVL is at a record $15.78B, with 37% more daily active addresses and 17% transaction growth.

Stablecoins are battlegrounds for DeFi liquidity, and Hyperliquid's vote just redrew the map: Native Markets clinched USDH with 70% validator support, topping Paxos, Ethena, and Frax in a democratized way.

Launch in days: ERC-20 on Ethereum and HyperEVM, starting capped at $800 mints/redemptions, then uncapped with USDH/USDC pairs.

Reserves split BlackRock off-chain and Superstate on-chain via Stripe's Bridge, yields fueling HYPE buybacks and growth, potentially generating $220M in annual revenue from a $6B USDC siphon.

Tether counters with USAT, a GENIUS Act-compliant U.S. stablecoin launching year-end. It is backed by traceable reserves via Cantor Fitzgerald and issued by Anchorage.

Bo Hines, ex-White House Crypto Council, leads the Charlotte-based division in a "hedge-and-expand" play, challenging Circle's $73B USDC amid oversight-privacy tensions. USDT holds a $170B dominance.

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Let's continue with the top stories of the day.

Ethereum thrives in paradox: 50 million monthly transactions and multi-year active address highs, yet fees at cycle lows (1-3 gwei) via Dencun/Pectra blobs and L2 migration.

DEX volumes cycle top, stable swaps dominate Uniswap, and value flows to L2s like Base and Arbitrum, not L1. Institutions have doubled to 6.5M ETH since April, whales hold 20M+, staking at a record 36.15M ETH (slashing supply), and daily smart contract calls top 12 million.

Privacy seals the deal: The PSE (Privacy Stewards for Ethereum) rebrand (from Privacy Team) unveils an end-to-end roadmap, private writes (PlasmaFold by Devconnect), reads (surveillance-free queries), and proves (zk on devices). It tackles Vitalik's surveillance risks with Kohaku wallet zk-recovery and institutional task forces for compliant DeFi.

Fed's September 17 cut looms, 93% odds for 25bps, 7% for 50bps, easing to 4-4.25% amid 2.9% CPI and soft jobs, sparking short jitters but long supercharge via dollar weakness and liquidity flood.

Arthur Hayes sees money printing, Trump's fiscal policies, geopolitics, an extended crypto cycle to 2026, and BTC outperforming debasement.

Bulls bet cuts drop yields, rotating $7T money markets to risk, though deficits harden longs. Corporate BTC slowed to 47k ($5.2B) in August, but treasuries topped 1M BTC. Post-cut: BTC/ETH grind higher, surprise 50bps could ignite rallies.

Alts surge: Memecoins are up 7% on cut/ETF bets, outpacing BTC. Bittensor's TAO ecosystem hits a $4B total cap, with 128 subnets in AI fraud/on-device models and institutional custody via BitGo. PEAQ rallied 68% in the last seven days to $0.11, with 3M+ on-chain machines eyeing a $10B+ sector.

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That's all for today. Let's talk tomorrow.