Are stablecoins really the bathwater that’s being thrown out? A dinner gathering sparked a debate. Some argue that China’s biggest regret is betting on the central bank digital currency and suppressing stablecoins. As a result, US dollar stablecoins have infiltrated groups that were previously unreachable; with just a phone and a wallet, they can be used easily. No matter how hard the renminbi tries to internationalize, it can’t catch up. Opposing voices are just as direct: without an exchange ecosystem, stablecoins won’t be used even if issued; compliant stablecoins and central bank digital currencies may not have fundamental differences. The argument isn’t about technology but about which came first, the chicken or the egg. In cross-border payments and remittances, stablecoins are already meeting real demand. How regulators respond will determine whether they can remain in the spotlight. This debate belongs within the industry. The infiltration of US dollar stablecoins is visible to the naked eye.

The non-farm payrolls have flipped the rate hike script again: 162,000 new jobs added in August, while the market expected only 56,000. The probability of a rate hike in September jumped from around 50% to 58.6% within a day. US stocks closed lower on Friday, Bitcoin was hammered down from 82,000 to below 80,000, and is now hovering around 79,900. Money hasn’t stopped flowing. BTC spot ETFs saw a net inflow of $987 million last week, totaling $3.8 billion over three weeks, with $731 million on September 3rd alone—the strongest day this year. Prices are being suppressed by macro factors, but institutional funds are still coming in. This divergence is more noteworthy than daily price swings. Next Friday’s CPI is the next gatekeeper. UNI is the strongest altcoin today, up 17% in 24 hours to $7.18. The driving force isn’t just sentiment: Robinhood Chain’s stock token trading pairs route liquidity to Uniswap, with nearly 80% of protocol revenue in the last day coming from the RH chain; monthly fees doubled month-over-month, breaking $30 million; over 100 million UNI have been burned, about 10% of total supply. This morning Arthur Hayes bought 244,000 UNI OTC again. The market is starting to price it as protocol revenue exposure. The downside is also clear: 80% of revenue depends on one RH chain, which was down for 14 minutes the night before last, and AMC is still opposing stock tokens. Single-point dependency is the biggest risk in this rally. HYPE unlocked 9.92 million tokens today, worth about $800 million at current prices, with the price hovering between 85 and 87 near previous highs. The historical actual claim rate during windows is only about 1.75%, and the foundation’s repurchased portion is directly burned. Whether the unlock represents paper pressure or real selling pressure will depend on today’s announced claim volume.

The "take profit and run" I experienced before and the later "hold to the death" are actually two extremes of the same problem. It's not as simple as one being timid and the other greedy. Their common underlying factor is: Price changes → pain arises → immediately take action to relieve the pain. When the price rises, selling can relieve the anxiety of "profits disappearing." After learning the lesson, when the price falls, not selling can relieve the pain of "admitting you were wrong." The actions are completely opposite, but the psychological structure is the same. The market moves, your emotions move, and your principles move along with them. This is where you are truly repeatedly educated by the market.

Three young people with little mountaineering experience entrusted the itinerary of Mount Shasta to Gemini. AI said it would take about 8 hours, and the supplies were prepared with simple carbohydrates. In reality, it took 16 hours just to climb up the mountain. After dark, they got lost, their phones ran out of battery, one person injured their knee from a fall, and they finally had to rely on rescue to get down. The local authorities' recommended latest turnaround time was 12 noon, which they had no idea about.

Last night, the crypto market priced the Fed's hesitation as a positive. Fed Governor Waller said: As long as the August inflation data cools down, he supports no rate hike in September. Initial jobless claims were worse than expected again, so traders cut the probability of a September rate hike from 63% to 50%. The dollar index first broke 98 then pulled back to 99, US Treasury yields fell, the three major US stock indexes rose more than 1%, Bitcoin climbed from 77,000 to 82,300, now around 81,000, up 4% in 24 hours. Concept stocks went even crazier: Strategy +17.6%, Robinhood +16.6%, Coinbase +10%. The rebound logic is not that fundamentals changed, but that the easing of rate hike expectations led shorts to cover. So tonight's 8:30 nonfarm payrolls report is a hard test; the market expects an increase of 56,000-58,000 jobs and an unemployment rate of 4.1%. If the data is strong, the 80,000 level will be retested; if weak, then it might hold. There is an abnormal signal in the funding side: ETH spot ETF net inflows ended after 12 days and turned to outflows (estimates range from 48 million to 88 million), and BTC ETFs have also been fluctuating these days. The ETF money hasn't entered the market yet, but prices have already risen. This round seems more driven by macro sentiment rather than institutional incremental funds, so don't confuse the two. The project with the most stories today is HYPE: 9.92 million tokens will unlock on September 6, worth about 860 million USD at current prices, yet today it rose 6% to 87 USD, close to its previous high. Hashdex's NCIQ ETF just included it in its holdings at the beginning of the month, and a whale bought 430,000 tokens in a single transaction before the unlock. New demand and unlock selling pressure collide; on the 6th, the actual withdrawal volume will reveal who is naked. On the LINK side, Bottomline, which handles $16 trillion in cross-border payments, has onboarded over 600 banks for on-chain settlement, pushing LINK up 6% to 11.9 USD. Also a reminder: the AAVE buyback automation frenzy spreading these days is actually old news confirmed activated at the end of June; the media just recycled it today. Before rushing in, check the timeline first.

U.S. crypto legislation, betting starts on September 15. The CLARITY Act faces its first hurdle in the Senate: a procedural vote to end debate, requiring sixty votes to pass. The majority leader submitted the motion before the summer recess, scheduling it for the day after senators return. To be clear, this vote is not for passage, just to allow the debate to begin. After that, there will be battles over amendments, a final sixty-vote threshold, and reconciling with the House version—all to be completed before the end of the year, leaving the Senate just over two weeks of effective working days. The chips on the table are already set: the White House crypto advisor treats the 15th as a hard deadline; prediction markets give less than a 20% chance of passage this year, down from 30% a week ago and steadily falling. The three sticking points are clear: ethics rules for crypto officials, how deeply anti-money laundering rules should reach into DeFi, and whether stablecoin yields will be allowed. The procedural vote determines whether the bill lives or dies, not its ultimate success. If sixty votes are reached on the 15th, real negotiations begin; if not, the industry’s decade-long wait for jurisdictional rules resets to square one. To follow this story, just watch three things: the vote count on voting day, how the DeFi provisions are handled, and whether there is a full window before year-end.

MiniMax's open-source video model H3 has sped up again. Some tests show a five-second video can be generated in just three seconds, so fast it's hard to comprehend. Now some are using it for live streaming, with generation speed faster than human viewing speed. The engineering details behind it are even more worth noting: the vLLM team created an open-source service path, and the distilled FastH3 version reduced the denoising process from forty-nine steps to four. On eight B300 GPUs, a ten-second audio-video clip is generated in 8.7 seconds, and a fifteen-second clip completes in about fourteen seconds. In other words, "generating a complete video segment" can already run ahead of its own playback duration. But don't rush to call it real-time. This test proves the output speed of the entire file, not frame-by-frame streaming output. For interactive games or true real-time live streaming, first-frame latency still matters. Another practical constraint: its community license excludes the US, EU, UK, and South Korea, but Chinese developers are unaffected. Open-source video generation is shifting from "waiting minutes for a clip" to "generating while watching," and Chinese developers are the biggest beneficiaries of this wave.

Bitcoin native staking officially launched on Stacks on September 10th, and the pilot just completed one round: over 22 BTC were distributed to 1,044 participants, and the on-chain sBTC deployment peak exceeded 5,000. The mechanism is not complicated: BTC stays on the Bitcoin mainnet, locked with a six-month timelock, while a proportional amount of STX is locked simultaneously. The yield comes from real BTC issued by miners in the PoX consensus, targeting an annualized return of about 3%, with no slashing. Don't treat the term "self-custody" as a free pass just yet. It addresses custody risk but does not eliminate protocol risk: rewards and reserves are automatically bridged into sBTC, the signer set, contract implementation, and STX price volatility remain variables, and liquidity cannot be accessed within six months. My judgment: this product is designed for those who can hold for six years or more. If you enter aiming for a 3% annualized return, first carefully consider the cost of principal volatility.

ASTER｜September 17: Original team cliff start (official announcement postponed to after 2027/9/17 requires on-chain verification) Official statement: The team’s 400 million tokens are all locked until 2027/9/17; pending verification: CoinLaunch 174.7M (about $120 million, accounting for 2.2% of the max supply) whether it is a non-team batch, if it belongs to other allocations, some will still unlock on 9/17.

HYPE｜September 6: Core Contributor Monthly Unlock (9.92M, approximately $797 million) 9.92M counted as stable (CoinLaunch 6.43M coexist). Based on the closing price on 9/2 of ~$80.3, approximately $797 million; based on Tokenomist's $59.39 count, approximately $589 million. New details within the window: Hyperliquid Labs unstaked 433,000 on 8/30 as reserve for the 9/6 team distribution; Multicoin's 261,600 transferred to Coinbase is an independent exchange inflow. Historical claim rate anchor: only about 1.75% was actually claimed in March, so actual selling pressure is very likely lower than nominal volume. Verification action: on 9/6, on-chain verification of actual claims and exchange net inflows, separately counting team claims and ecosystem party transfers. HYPE｜September 29: Next major monthly unlock (approximately 14.176 million level) Same scale as 8/29, with the 9/6 claim rate as a prior reference. HYPE｜October 3: First AQAv2 payout (repurchase direction) Approximately $20 million USDC reserve income payout, directed towards repurchase and burn; actual repurchase volume and execution method will test the HYPE repurchase narrative.